Properties info

[lukeber]

Ave Size, Ave PSF and Minimum Size

- Last 10 years, average unit size is reducing
- Last 10 years, average PSF is increasing
- From 2019 onwards, minimum size is set higher
- Overall impact is higher quantum

Main Chat group at
https://t.me/SGpropertiesforum

[lukeber]

Commercial building Jalan Jalan, Parkway center

So much airspace, only if it can be used 😄

Main Chat group at
https://t.me/SGpropertiesforum

[lukeber]

Do you know? #1
IKEA Singapore fun facts

The 3rd location at Amber close, is now occupied by condos built over the same land.

Main Chat group at
https://t.me/SGpropertiesforum

 

[lukeber]

Investing in Malaysia, factors to consider

Investing in Overseas properties, other than buying the property, do plan for this 3 stages
- After purchase
- Holding onto the Property
- During Exit

Main Chat group at
https://t.me/SGpropertiesforum

[lukeber]

Do you know? #2
Singapore Development 2022 to 2030
Source: Straits times

1. Changi Region 2. GSW 3. NS Square 4. Founders Memorial 5. Tuas Mega port 6. Paya Lebar Airbase 7. PDD
8. Rail Corridor 9. Woodlands Regional Center 10. Jurong Lake District 11. NS Corridor

Main Chat group at
https://t.me/SGpropertiesforum

[lukeber]

Types of trusts
Source: Money Sense https://www.moneysense.gov.sg/articles/2018/10/estate-planning-what-is-a-trust

Setting up a trust during your lifetime

A living trust is set up during a settlor's lifetime, where the assets are transferred to the trust. Examples are inter vivos, discretionary or revocable trusts. It is done by executing a trust deed together with the transfer of assets to the trustee.

The settlor can revoke or terminate the trust at any time.

Testamentary trust

A testamentary trust is made using a Will and takes effect after the settlor's death. This is useful where you have:

Young children
Dependants with special needs
Beneficiaries who may inherit a large sum of money but are unable to manage it

Once this trust is in place, it is irrevocable.

[Victor68]

On 2/7/2022 at 7:22 PM, Estrangable said:

yeah so what is that useless shit URA doing about it? They shd fine the developers and provide refund for us. Goddamn piece of rubbish agency. Good in sucking our money and zzz.. pui ! 

I hope someone in the know can explain why developers are 'wasting' so much money building big balconies and ac ledges instead of usable space? Do these spaces equate to the same GFA you paid for your purchase of your flat? URA not aware of this trend or are part of the developer?

BCA also has a conquas rating system. Why after so many years and dispite having such a system, quality is still far from satisfactory? Government standard exceptionally low? Property is a major $$$ income for the government. Developers and government have vast interest in ensuring these income. How about citizens? 

[Mooose]

On 6/8/2022 at 3:49 PM, Victor68 said:

I hope someone in the know can explain why developers are 'wasting' so much money building big balconies and ac ledges instead of usable space? Do these spaces equate to the same GFA you paid for your purchase of your flat? URA not aware of this trend or are part of the developer?

BCA also has a conquas rating system. Why after so many years and dispite having such a system, quality is still far from satisfactory? Government standard exceptionally low? Property is a major $$$ income for the government. Developers and government have vast interest in ensuring these income. How about citizens? 

good question but this is only a very brief explanation ..

GFA (gross floor area) is what the government allows the developers to build .. so, for simplicity sake, lets say the land is 10000 sf and the plot ratio is 1.4, so in this case the developer can build 14000 sf of condo units .. if there are 14 units, each will have 1000 sf ..

but the government also allows bonus space not counted towards GFA for balconies, planter boxes, ac ledges etc, so if the bonus space allowed is 10% then the developer can build another 1400 sf of balconies, planter boxes and ac ledges into their units ..

this was if i remember correctly, to allow balconies and planter boxes to be built by the developer to beautify the facade and ac ledges to accommodate the air con compressors safely (instead of having them hanging outside the windows or hanging overhead in the balcony/wash area) .. 

assuming each has an equal sized balcony, planter box and ac ledge, then each condo unit will now be 1100 sf including the balconies, planter boxes and ac ledges ..

what the developer sells to buyers will be 14 units of 1100 sf each and not 14 units of 1000 sf each, and assuming each unit is selling at $2000 psf, then each unit can be sold for $2.2 million.

so, from this it would be clear that it is to the developers advantage, and within the planning approvals to max out the bonus balconies, planter boxes and ac ledges .. from the developers pov it is certainly not a waste of money building the big balconies , planter boxes and ac ledges ..

the gov is aware of this as all these will be shown as GFA or bonus space in plan submissions, but which is lumped together for the buyers .. it is in fact for the buyers to know this and choose accordingly .. 

[Victor68]

4 hours ago, Mooose said:

good question but this is only a very brief explanation ..

GFA (gross floor area) is what the government allows the developers to build .. so, for simplicity sake, lets say the land is 10000 sf and the plot ratio is 1.4, so in this case the developer can build 14000 sf of condo units .. if there are 14 units, each will have 1000 sf ..

but the government also allows bonus space not counted towards GFA for balconies, planter boxes, ac ledges etc, so if the bonus space allowed is 10% then the developer can build another 1400 sf of balconies, planter boxes and ac ledges into their units ..

this was if i remember correctly, to allow balconies and planter boxes to be built by the developer to beautify the facade and ac ledges to accommodate the air con compressors safely (instead of having them hanging outside the windows or hanging overhead in the balcony/wash area) .. 

assuming each has an equal sized balcony, planter box and ac ledge, then each condo unit will now be 1100 sf including the balconies, planter boxes and ac ledges ..

what the developer sells to buyers will be 14 units of 1100 sf each and not 14 units of 1000 sf each, and assuming each unit is selling at $2000 psf, then each unit can be sold for $2.2 million.

so, from this it would be clear that it is to the developers advantage, and within the planning approvals to max out the bonus balconies, planter boxes and ac ledges .. from the developers pov it is certainly not a waste of money building the big balconies , planter boxes and ac ledges ..

the gov is aware of this as all these will be shown as GFA or bonus space in plan submissions, but which is lumped together for the buyers .. it is in fact for the buyers to know this and choose accordingly .. 

Very good answer. Developer also get bonus GFA for meeting some other stuff such as Greenmark. Then plant rooms and changes to how GFA us being computed for different floors again works for developer. 

Who is looking after buyers while you select the people that screw you. 

[Mooose]

1 hour ago, Victor68 said:

Very good answer. Developer also get bonus GFA for meeting some other stuff such as Greenmark. Then plant rooms and changes to how GFA us being computed for different floors again works for developer. 

Who is looking after buyers while you select the people that screw you. 

really, no one needs to be "screwed" .. no one needs buy anything they are not happy with .. 😄

[lukeber]

https://sg.news.yahoo.com/two-third-singapore-civil-divorces-in-2021-initiated-wives-124641116.html

Overall, the number of marital dissolutions in Singapore rose 13.4 per cent to 7,890 in 2021, from 6,959 in 2020.

 

It gets more complicated when buyers use owner-occupier concept to buy 2 properties, avoiding ABSD
Do plan carefully before any property purchase.

 

[Windwaver]

Any investors here? 

https://www.todayonline.com/singapore/country-garden-danga-bay-condo-buyers-including-sporean-investors-sue-developer-fraud-and-misrepresentation-1959606

Country Garden Danga Bay condo buyers, including S'porean investors, sue developer for fraud and misrepresentation

The Country Garden Danga Bay condominium development is located in the Iskandar region in Johor Bahru. It has more than 9,000 apartments on the waterfront.

• A group of 49 buyers, including Singaporean investors, have taken out a class action lawsuit against Johor developer Country Garden Danga Bay
• The hearing starts on Wednesday 
• They are alleging that the developer's luxury condominium in Malaysia was not delivered as advertised
• Their sales and purchase contracts were also amended after buyers signed them, they claim

SINGAPORE / JOHOR BAHRU — Dozens of disgruntled owners, including Singaporean investors, are taking out a class action lawsuit against Johor developer Country Garden Danga Bay over fraud and misrepresentation, with the trial set to begin on Wednesday (Aug 3). 

The 49 buyers — from Singapore, Malaysia and China — are alleging that units of the developer's luxury condominium in South Johor's economic zone of Iskandar Malaysia were not delivered as advertised, one Singaporean investor told TODAY.

They are claiming that the developer made changes to their sales and purchase agreements after the buyers had signed them. 

The group of buyers are seeking compensation, though the sum they are seeking was not immediately clear.

The Danga Bay condo development is located in the Iskandar region in Johor Bahru, some 10 minutes' drive from the Malaysian immigration checkpoint. It has more than 9,000 apartments on the waterfront, with sizes ranging from 400 sqf to 1,400 sqf.

The sprawling development consists of amenities including a mall, a man-made beach and six yacht berths.

When the luxury development was launched in 2013, an elaborate campaign was mounted to woo Singapore buyers, featuring fun-fair rides, fireworks displays and free yacht trips at the showflat site.

During the official launch, more than 5,000 of the 7,000 units on offer were sold, with 30 per cent of them snapped up by Singaporeans, the developer said then.

The Danga Bay development was the first overseas venture by Chinese developer Country Garden through its subsidiary Country Garden Danga Bay. 

It has since launched another project named Forest City, comprising four reclaimed islands just across the Johor Strait from Tuas totalling 1,740ha — or roughly 1.25 times the size of Singapore's Ang Mo Kio town.

The ongoing trial at the Johor Bahru Civil High Court is scheduled for four days — two days in August and another two in September.

Some of the buyers, including Singaporean investors, are set to give their witness statements on Wednesday.

The lawsuit was first filed in 2018. The proceedings were delayed after Country Garden Danga Bay unsuccessfully applied to strike out some of the plaintiffs. The case was pushed back further due to the Covid-19 pandemic.

The class action lawsuit is believed to be the biggest case brought against the Johor developer so far.

'POOR CONDITION'

Two Singaporeans who bought units at Country Garden Danga Bay told TODAY that their apartments had several defects when they received them around 2018 and that the condo continues to require extensive repairs because of poor upkeep.

Both asked not to be named because they were worried that their comments would further affect the value of their properties. 

Tony (not his real name), a retiree in his 50s, said that owners of the estate often complain about water marks on the ceilings due to leakages.

Adam (not his real name), a 49-year-old businessman, said that the insides of his kitchen cabinets had no backing and were exposed to the wall. 

Several metal hinges in his apartment had rusted and many of the tiles around the estate were defective or badly stained, he claimed.

Just three weeks ago, he tagged along with some personnel from the management team on an inspection and witnessed a burst sewage pipe in one of the apartments.

The sewage flooded the unit and excrement could be seen flowing out of the pipe.

And just on Monday, the water supply went out because of a burst pipe and owners were told that it could not be fixed immediately because the maintenance team did not have the right parts, Adam said. He bought his apartment for RM1.6 million (S$490,000) with the intention of living in it after retirement.

“It’s like buying a Ferrari but getting a Proton instead,” he said.

[Mkl22]

37 minutes ago, Windwaver said:

Any investors here? 

https://www.todayonline.com/singapore/country-garden-danga-bay-condo-buyers-including-sporean-investors-sue-developer-fraud-and-misrepresentation-1959606

Country Garden Danga Bay condo buyers, including S'porean investors, sue developer for fraud and misrepresentation

The Country Garden Danga Bay condominium development is located in the Iskandar region in Johor Bahru. It has more than 9,000 apartments on the waterfront.

• A group of 49 buyers, including Singaporean investors, have taken out a class action lawsuit against Johor developer Country Garden Danga Bay
• The hearing starts on Wednesday 
• They are alleging that the developer's luxury condominium in Malaysia was not delivered as advertised
• Their sales and purchase contracts were also amended after buyers signed them, they claim

SINGAPORE / JOHOR BAHRU — Dozens of disgruntled owners, including Singaporean investors, are taking out a class action lawsuit against Johor developer Country Garden Danga Bay over fraud and misrepresentation, with the trial set to begin on Wednesday (Aug 3). 

The 49 buyers — from Singapore, Malaysia and China — are alleging that units of the developer's luxury condominium in South Johor's economic zone of Iskandar Malaysia were not delivered as advertised, one Singaporean investor told TODAY.

They are claiming that the developer made changes to their sales and purchase agreements after the buyers had signed them. 

The group of buyers are seeking compensation, though the sum they are seeking was not immediately clear.

The Danga Bay condo development is located in the Iskandar region in Johor Bahru, some 10 minutes' drive from the Malaysian immigration checkpoint. It has more than 9,000 apartments on the waterfront, with sizes ranging from 400 sqf to 1,400 sqf.

The sprawling development consists of amenities including a mall, a man-made beach and six yacht berths.

When the luxury development was launched in 2013, an elaborate campaign was mounted to woo Singapore buyers, featuring fun-fair rides, fireworks displays and free yacht trips at the showflat site.

During the official launch, more than 5,000 of the 7,000 units on offer were sold, with 30 per cent of them snapped up by Singaporeans, the developer said then.

The Danga Bay development was the first overseas venture by Chinese developer Country Garden through its subsidiary Country Garden Danga Bay. 

It has since launched another project named Forest City, comprising four reclaimed islands just across the Johor Strait from Tuas totalling 1,740ha — or roughly 1.25 times the size of Singapore's Ang Mo Kio town.

The ongoing trial at the Johor Bahru Civil High Court is scheduled for four days — two days in August and another two in September.

Some of the buyers, including Singaporean investors, are set to give their witness statements on Wednesday.

The lawsuit was first filed in 2018. The proceedings were delayed after Country Garden Danga Bay unsuccessfully applied to strike out some of the plaintiffs. The case was pushed back further due to the Covid-19 pandemic.

The class action lawsuit is believed to be the biggest case brought against the Johor developer so far.

'POOR CONDITION'

Two Singaporeans who bought units at Country Garden Danga Bay told TODAY that their apartments had several defects when they received them around 2018 and that the condo continues to require extensive repairs because of poor upkeep.

Both asked not to be named because they were worried that their comments would further affect the value of their properties. 

Tony (not his real name), a retiree in his 50s, said that owners of the estate often complain about water marks on the ceilings due to leakages.

Adam (not his real name), a 49-year-old businessman, said that the insides of his kitchen cabinets had no backing and were exposed to the wall. 

Several metal hinges in his apartment had rusted and many of the tiles around the estate were defective or badly stained, he claimed.

Just three weeks ago, he tagged along with some personnel from the management team on an inspection and witnessed a burst sewage pipe in one of the apartments.

The sewage flooded the unit and excrement could be seen flowing out of the pipe.

And just on Monday, the water supply went out because of a burst pipe and owners were told that it could not be fixed immediately because the maintenance team did not have the right parts, Adam said. He bought his apartment for RM1.6 million (S$490,000) with the intention of living in it after retirement.

“It’s like buying a Ferrari but getting a Proton instead,” he said.

At the stroke of a pen….. contracts can be changed! 🤣

[lukeber]

@Windwaver buying a Ferrari but getting a Proton.....

[Victor68]

On 6/10/2022 at 7:51 PM, Mooose said:

really, no one needs to be "screwed" .. no one needs buy anything they are not happy with .. 😄

Very true but if there are limited BTO and high resale HDB, then you need to look at private if they need that roof over your head. Then this is what you have to face, so where is the options?

[lukeber]

3 hours ago, Victor68 said:

Very true but if there are limited BTO and high resale HDB, then you need to look at private if they need that roof over your head. Then this is what you have to face, so where is the options?

Have to buy within our means... and not max out our monthly income to repay housing loan installments

If 4 room resale HDB is too expensive, consider 3 room resale or a location further away..... don't overstretch

 

[Victor68]

14 minutes ago, lukeber said:

Have to buy within our means... and not max out our monthly income to repay housing loan installments

If 4 room resale HDB is too expensive, consider 3 room resale or a location further away..... don't overstretch

 

Of course this is the what the government has been preaching. Within ones mean can be their lifetime or beyond. Then to downgrade further probably is the next thing to consider. Why has HDB bas to be expensive at market value? Why should one focus their entire life paying off that HDB? No way to provide rental option? 

[lukeber]

 

9 minutes ago, Victor68 said:

Of course this is the what the government has been preaching. Within ones mean can be their lifetime or beyond. Then to downgrade further probably is the next thing to consider. Why has HDB bas to be expensive at market value? Why should one focus their entire life paying off that HDB? No way to provide rental option? 

Not really out of reach, there are 4 room resale HDB at Punggol, sold for $360k. The flat looks good value.

I've posted the $360k 4 room resale HDB video here https://t.me/SGpropertiesforum/37293