Discussion : Singapore Property

[jazz_samz]

PM announce that it's anticipated that our economy might shrink by 5%.
But majority of the home sellers still expect to fetch high prices like during the property boom.
I like it best when an agent said to me yesterday that "You must be kidding to ask for that kind of PSF. Impossible to fall so low lah. FYI, last wk Caspian SOLD OUT!!! It is definitely a sign that our property market is recovering. "
I just told her, that's very good. But I guess you are too determined to ignore the obvious situation of our economy as well as the global economy. I wish you good luck, but don't have to call me to chk if I am still keen later. Ü

[116520]

So we have became the "Low-ballers" in the property market??

PM announce that it's anticipated that our economy might shrink by 5%.
But majority of the home sellers still expect to fetch high prices like during the property boom.
I like it best when an agent said to me yesterday that "You must be kidding to ask for that kind of PSF. Impossible to fall so low lah. FYI, last wk Caspian SOLD OUT!!! It is definitely a sign that our property market is recovering. "
I just told her, that's very good. But I guess you are too determined to ignore the obvious situation of our economy as well as the global economy. I wish you good luck, but don't have to call me to chk if I am still keen later. Ü

[116520]

Caspian Sold out??? Wow.. I guess people are betting on Govt's future development plans in Jurong.... something like Marina area, foreigners drove up the property prices there anticipating govt's future development there...

[darth-khips]

So we have became the "Low-ballers" in the property market??

thats the difference between lay outs for consumption goods versus investment goods.

[mickey_]

I feel that the current economic situation is hanging on a thin string. Any additional surprise will create a turbulence in the world.

Luckily, Singapore has a late start in the feel of the downturn and we are only beginning to have a "soft feel" only in this quarter. This is just the beginning.

Currently people here has enjoyed the boom and bonuses of the last 3 years and are generally cash equipped to ride through the coming 3-5 years. Those who are buying now are targeting at the mid and mass market condos where they genuinely need a place to stay/upgrade. Concurrently, these seems to give a false impression that the higher end segment price are holding due to the demand created in the mid mass segment.

There is a long road ahead starting from now and the buying will stop one day and we'll see where the other segment's price will head. We all know and will be waiting for that day. Have patience my friends.

[darth-khips]

bro....we have the cash so we can wait....those bladdy property speculators cannot hold on to the property for long. unless they can come out with the cash for the payment, they have to let go sooner or later.

we just need to have patience and wait......

property speculators?? any diff between them and watch speculators?? reality between this round of purported property speculation is the relative low levels versus last boom. they are more akin to specuvestors, and alot have deep pockets to hold. and those that need to sell are only concentrated on the few projects splattered ard dist 9 n 10 sold during q4 2007. various estimates are showing that these speculators holding only ard 10% of outstanding inventory.

i am not at all fazed or waiting for durians to drop from these guys, i am looking out more for the developers to drop prices, thats more pertinent to the market place then those "mere specuvestros". very similar to Sincere dropping prices versus those holding BNIB dropping prices.

already developers are dropping prices for those projects that are already in the pipeline, choosing to concentrate on marketing these units and not developing those enbloc sites, esp 99 leaseholds, which require accounting mark downs. of course those Tier one developers have lotsa of cash this round versus the last boom/bust, plus more liquid assets via securitization they took over the past few years. if they can survive the next 3 quarters, they will emerge not needing to cut prices too dramatically.

no one is buying this caspian or alexis sold out scenario YET. nevertheless, DONT LOOK AT absolute PRICE.....look at yield and timing that indicate market turning, thats more important.

[buaysaikum]

an appropriate time to enter property market?

age old advice from folks around me...
"when everyone rich, you throw your hse for them to feed. when ppl poor, you take over their hse to feed."

now the thing is, when the right time is? lets say if Q2-Q3 2010 sg show signs of recovery, now should be the right time to scout rite?

anyone keeping a lookout for bargains liao? maybe we can form some network?

[seiko.citizen]

i'd say, wait a bit, hold your horses. maybe after 2010, then will start to pick.
however if you have money to hold, then now is time to buy. *imo*

[ahwoon]

Time flies...It has been 4 mths since the last post. Is there any new launch that worth looking at?

There's a new project near my house, the Ascentia Sky @ Alexandra Road. Heard pricing > 1k/sqf, no small unit, all above 1k sqf, so min cost will be like a mil.

[feudallordcult]

hi ahwoon. thanks for bring this thread up.

i'm actually contemplating buying a condo in CCK but was strongly advised to hold back until the final quarter of this yr. come end 2009, the economy is apparently set to dive "south" again.

[exxondus]

hi ahwoon. thanks for bring this thread up.

i'm actually contemplating buying a condo in CCK but was strongly advised to hold back until the final quarter of this yr. come end 2009, the economy is apparently set to dive "south" again.

oh, whats gg to happen again in the fourth quarter? sounds bad

[feudallordcult]

oh, whats gg to happen again in the fourth quarter? sounds bad

oh, nothing much. just like what was being written in previous pages of this thread that lots of TOPs coming up and pockets of owners not able to cough up 20% of the price so may kena forced to sell. well, it's a mere speculation from what I heard this info from. prob just rumours.

[exxondus]

oh TOPs okok..does make sense tho

but i think might be for those higher end condos bah?

[116520]

Singapore got 5 million people already... so "no worries" ....

oh TOPs okok..does make sense tho

but i think might be for those higher end condos bah?

[jazz_samz]

well... around Mar-Apr, some projects around west coast was around 600+ psf for min 999yr old, when I was shopping around May and June, these projects were approaching TOP.. it was around 750+psf.. Bloody ridiculous......

It seems that the market is pretty resilient... but we never know...

Now shelf my plans till Q3 see how....

Alittle regret that I did not take any action in Mar period... BUT will wait and see how now......