Woodlands EC draws keen interest

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#1
The Straits Times
www.straitstimes.com
Published on Dec 28, 2012
Woodlands EC draws keen interest


ANOTHER executive condominium (EC) project, Forestville in Woodlands, has attracted strong interest from buyers.

When online applications closed earlier this week, the development at the junction of Woodlands Avenue 5 and Woodlands Drive 16 had received 1,201 applications for its 653 units. That is a subscription rate of 1.8 times.

Average prices are expected to be $700 per sq ft with sales starting today. It will be the first EC to be launched in Woodlands since La Casa in 2005.

Developed by Hao Yuan Investment but managed by MCC Land, Forestville comprises 14 blocks of apartments. Each block is 13 storeys high. It will have a mix of two-, three-, four- and five-bedroom units. Dual-key units and penthouses will also be available. About 30 per cent of the project, to be completed in mid-2016, will consist of dual-key units.

ECs combine elements of private and public housing and often have premium facilities, but are subject to HDB rules specifying a monthly household income cap of $12,000. They are subject to a minimum occupation period of five years and can then be sold only to Singaporeans and permanent residents. They become private property after 10 years and can be sold to foreigners.

ESTHER TEO
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#2
I hope that those who bought such penthouse or commit themselve for high mortgage loan are preapred to ride through the up and down of property cycle. For those who leverage up to 80% (20% downpayment), bank (legal Ah Looong) may knock on your door for Margin Call if the property value drop during the servere property down cycle. This happen during the 1999/2000.Sad

Be prepared. Be ready.

[Image: Estimated%2520Monthly%2520Mortgage.png]

(28-12-2012, 08:02 AM)Musicwhiz Wrote: The Straits Times
www.straitstimes.com
Published on Dec 28, 2012
Woodlands EC draws keen interest


ANOTHER executive condominium (EC) project, Forestville in Woodlands, has attracted strong interest from buyers.

When online applications closed earlier this week, the development at the junction of Woodlands Avenue 5 and Woodlands Drive 16 had received 1,201 applications for its 653 units. That is a subscription rate of 1.8 times.

Average prices are expected to be $700 per sq ft with sales starting today. It will be the first EC to be launched in Woodlands since La Casa in 2005.

Developed by Hao Yuan Investment but managed by MCC Land, Forestville comprises 14 blocks of apartments. Each block is 13 storeys high. It will have a mix of two-, three-, four- and five-bedroom units. Dual-key units and penthouses will also be available. About 30 per cent of the project, to be completed in mid-2016, will consist of dual-key units.

ECs combine elements of private and public housing and often have premium facilities, but are subject to HDB rules specifying a monthly household income cap of $12,000. They are subject to a minimum occupation period of five years and can then be sold only to Singaporeans and permanent residents. They become private property after 10 years and can be sold to foreigners.

ESTHER TEO
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#3
Nah, I am sure their rich parents will bail them out if they get into financial trouble. Tongue
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#4
Yes, for those lucky one.

No, for those who don't have financial backing... I have seen such cases. Sad or pity for them?

(28-12-2012, 10:59 AM)Musicwhiz Wrote: Nah, I am sure their rich parents will bail them out if they get into financial trouble. Tongue
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#5
I would like to provide another perspective on the symptom

There are cash-rich parents with adult child. The child is married and working, but combined earning of couple is less than $12,000 a month.

There is a great business proposition arises, they can combined fund to purchase a condominium with a great discount, and large cash rebate, but with several catches.

- The child has to stay-in, no renting out. Probably not an issue, focus on capital gain
- Only able to sell after 5 years. Probably not an issue, sufficient fund to sustain.

Isn't it a great business proposition between parents and child? The best part is they can do it twice, provided the child combined income does not exceed 12,000 a month after next 5 years Big Grin

Please don't shot me due to its immorality if any Tongue
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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