Singapore Property Scene Discussion

[therock]

It’s going to be hard for these large condos…. Laguna Park is another 

https://www.businesstimes.com.sg/real-estate/mandarin-gardens-owners-turned-nose-up-at-s3-billion-tag-will-latest-en-bloc-effort

 

[Volvobrick]

57 minutes ago, therock said:

It’s going to be hard for these large condos…. Laguna Park is another 

https://www.businesstimes.com.sg/real-estate/mandarin-gardens-owners-turned-nose-up-at-s3-billion-tag-will-latest-en-bloc-effort

 

The largest unit (3800 sqf) only gets almost 6M. Won't be able to find a similar replacement with the 6M.  No attractive for the owners. 

[Lala81]

42 minutes ago, Volvobrick said:

The largest unit (3800 sqf) only gets almost 6M. Won't be able to find a similar replacement with the 6M.  No attractive for the owners. 

enbloc disproportionately benefits smaller unit owners. So it's usually the smaller unit owners which are eager. 

My estate also has a big proportion of large unit owners, so it will be difficult in future.

[Mkl22]

3 minutes ago, Lala81 said:

enbloc disproportionately benefits smaller unit owners. So it's usually the smaller unit owners which are eager. 

My estate also has a big proportion of large unit owners, so it will be difficult in future.

depends on if its a freehold or not. if freehold, just hang on and continue with repairs.

so far no major development has reached close to 99years. have to see how much erosion of the value after 60years or how run down the place will be then.

[Lala81]

5 minutes ago, Mkl22 said:

depends on if its a freehold or not. if freehold, just hang on and continue with repairs.

so far no major development has reached close to 99years. have to see how much erosion of the value after 60years or how run down the place will be then.

not in a rush. As long as u can accept living in an old place.  Think can go enbloc before i die bah 

[Mooose]

3 hours ago, Volvobrick said:

The largest unit (3800 sqf) only gets almost 6M. Won't be able to find a similar replacement with the 6M.  No attractive for the owners. 

think there is also additional hurdles for sea side condos .. someone on a high floor with a sea view would have paid a premium when he bought, and to him that unit is probably almost irreplaceable .. 

if the distribution does not address floor height and views sufficiently especially for sea side condos, it will be hard to get 80% ..

but having said that it is also hard to pin a percentage premium on the view .. if there was a unit facing the sea and another same size/design unit facing inland, what difference in price payout would be acceptable?

[Lala81]

2 minutes ago, Mooose said:

think there is also additional hurdles for sea side condos .. someone on a high floor with a sea view would have paid a premium when he bought, and to him that unit is probably almost irreplaceable .. 

if the distribution does not address floor height and views sufficiently especially for sea side condos, it will be hard to get 80% ..

but having said that it is also hard to pin a percentage premium on the view .. if there was a unit facing the sea and another same size/design unit facing inland, what difference in price payout would be acceptable?

yup, facing and height issues etc are all negated. A 3 bedder top floor vs 2nd floor all get the same value. If it was bought at resale prices, the quantum is 5/6 digit differences. 

So enbloc really not easy to overcome all this issues.

[Mooose]

1 minute ago, Lala81 said:

yup, facing and height issues etc are all negated. A 3 bedder top floor vs 2nd floor all get the same value. If it was bought at resale prices, the quantum is 5/6 digit differences. 

So enbloc really not easy to overcome all this issues.

yes, also depends how "greedy" some owners are ..

[Lala81]

3 minutes ago, Mooose said:

yes, also depends how "greedy" some owners are ..

haha human nature lah.

top floor or just below penthouse owner sure buay gam wan that 2nd floor of same stack get same amount of $.

Either the $ is too good to refuse, or the place is chui until jialat liao, then u would accept mah.

Also if a few of the big units refuse, their Share value can easily exceed the 20% rejection.

 

Edited December 28, 2021 by Lala81

[therock]

I hope I live long enough to see the drama when some lease runs out because some chaps held out for money or didn't care and wanted to just live there until they are gone.. there will be some rather angsty scenes I reckon....

[Volvobrick]

1 hour ago, Lala81 said:

haha human nature lah.

top floor or just below penthouse owner sure buay gam wan that 2nd floor of same stack get same amount of $.

Either the $ is too good to refuse, or the place is chui until jialat liao, then u would accept mah.

Also if a few of the big units refuse, their Share value can easily exceed the 20% rejection.

 

No replacement for displacement. Or rather no replacement for floor area! No matter how new how nice, a small apt is going to be small. 

[Volvobrick]

1 hour ago, therock said:

I hope I live long enough to see the drama when some lease runs out because some chaps held out for money or didn't care and wanted to just live there until they are gone.. there will be some rather angsty scenes I reckon....

Lease runs out means govt takes it all back without compensation. Already lucky they don't ask you to reinstate to vacant land! Happened already to some landed HDB. What scenes do you expect? This is not China where the people can all block the entrance of developers/local govt to protest till the lease is extended. If not we would have already see scenes at LTA every month whenever COE runs out! 

Edited December 28, 2021 by Volvobrick

[Lala81]

7 minutes ago, Volvobrick said:

No replacement for displacement. Or rather no replacement for floor area! No matter how new how nice, a small apt is going to be small. 

yup. while i have a small family.
Other than privacy (private vs hdb), i value space the most even if it's not near amenities (but must be at least close to expressways or arterial roads).

This is even though i don't have hobbies requiring space.

[therock]

25 minutes ago, Volvobrick said:

Lease runs out means govt takes it all back without compensation. Already lucky they don't ask you to reinstate to vacant land! Happened already to some landed HDB. What scenes do you expect? This is not China where the people can all block the entrance of developers/local govt to protest till the lease is extended. If not we would have already see scenes at LTA every month whenever COE runs out! 

The drama occurs before that.. when those who have been holding out panic.. 

And what actually happens remains to be seen as I don't think these condos will last 99 yrs...  and unlike landed homes, it's a lot of people, a very large concrete structure, so it will be something to behold when the clock runs down and the stuff finally hits the fan.. 

[Volvobrick]

13 minutes ago, therock said:

The drama occurs before that.. when those who have been holding out panic.. 

And what actually happens remains to be seen as I don't think these condos will last 99 yrs...  and unlike landed homes, it's a lot of people, a very large concrete structure, so it will be something to behold when the clock runs down and the stuff finally hits the fan.. 

Some landed near rail mall will have their lease ending 2047 (about 25 years from now). Still asking for 750k, 800k.  That's 30k depreciation a year till zero not counting interests.  Still there must be people buying with their eyes open. We may live to see what happens in 2047. My guess the owners will guai guai pack up and leave! 

Condos will be the same. But I won't live long enough to see it. 

Edited December 28, 2021 by Volvobrick

[Wt_know]

agent is landlord ... lanlord is agent 

collect 48 months rental upfront ... one short ... huat ah!

kitchen can only use 1/2? 

nabei ... this kind of landlord masquerade agent sibei smelly poon pi pi

tenant also one kind la ... where got such a BIG frog hoping on the street ... 

Marina Bay leh ... $2K to rent a condo at town area? Bukit Batok also hard to find la ... 

if it is too good to be true ... you know is smelly liao

https://mothership.sg/2021/12/couple-property-agent-marina-bay/

Edited December 29, 2021 by Wt_know

[Hosaybo]

Greed on the part of the tenant..... And if that's the "agreement", should have worded it in the contract or at least in writing which is to a certain extend, some evidence of what was discussed. 

[Wt_know]

19 minutes ago, Hosaybo said:

Greed on the part of the tenant..... And if that's the "agreement", should have worded it in the contract or at least in writing which is to a certain extend, some evidence of what was discussed. 

willing to pay $48K upfront one shot …

already shows greed + stupid

a person who is willing to throw $50K one go should call the shot and make sure the agreement / contract is solid poon pi pi … 

Edited December 31, 2021 by Wt_know