Misc100

only 4-room?

for desk valuation, is it a MUST for approval of mortgage loan from bank? (private property)

After asking HDB to do a valuation...do they send people down to your house to evaluate?

yeah...quite strange isn't it? (ie the inflated paint prices) only the door is excluded as we have painted it ourselves recently.

Thanks for yr reply, Molly. The overall price seem reasonable and maket price. Just find a bit strange that the cost of paints seem more expensive, although it is included in overall price.

Quotes obtained from contractor: 1. a. Nippon odourless - $80 per 5-litre can b. Nippon Easywash - $76 per 5-litre can c. Nippon 3-in-1 - $74 per 5-litre can Cost of painting 5-room flat + one of (a)/(b)/© above - $1300 2. Nippon Vinilex 5000 - $50 per 5-litre can Cost of painting 5-room flat + above - $1100

Condos: Buy now or wait? Home buyers keen to upgrade from a Housing Board flat to a private condominium will have plenty of choice this year. That is going by data compiled by real estate services company CB Richard Ellis. A total of 82 projects are currently ready to be put up for sale throughout this year, said CBRE, an international company with a research team in Singapore. From the coastal areas of Pasir Panjang and Punggol to the residential zones of Simei and Sixth Avenue, there is a private apartment development waiting to be launched in almost every corner of the island. Most are in the non-landed condominium category, aimed at Housing Board upgraders and young family starters. CBRE’s list defined the projects on the list as those that are ‘launch-ready’. By this, it means projects that have all the necessary permits from the authorities so they can be marketed, although construction work may not have started. Already, four have been launched - including the latest, Mi Casa condominium at Choa Chu Kang, whose units went on sale this weekend. A further two are expected to be launched within the next two months. With private property prices falling when HDB resale flat prices are still holding fairly steady, it is music to the ears of those who want to upgrade but have not been able to amid high prices and not so many mass-market launches in recent years. Writer Ng Hui Hui, 28, who is looking for a private apartment but finds prices a bit high now, feels the high number of launches will increase her chances of finding one at the right price. ‘I’m more hopeful because the number of launches offers a lot of choices. There’s more for me to consider,’ she said. HDB upgraders have flexed their muscle at condo launches so far this year, buying many units at The Caspian beside Lakeside MRT station, Double Bay Residences in Simei and The Quartz in Buangkok, for example. Mr Joseph Tan, CBRE’s executive director, residential, notes: ‘If there are a number of HDB upgraders who are ready to enter the market, the sales momentum can be sustained.’ Over at the 18-storey The Mercury in Shanghai Road launched three weeks ago, all 67 units - priced from over $700,000 for a 635 sq ft apartment - were snapped up. Mr Victor Soh, director of the developer, Fortune Shanghai Road, said: ‘There was no delay in launching the project despite the bad market - we launched it when the project was ready. There were quite a number of people waiting for us to launch. ‘All our units have already been sold and we’re ready to start construction.’ While house-proud Singaporeans will enjoy poring over the launch-ready list, imagining their dream home, most projects may not actually go up for sale soon, as developers wait and see how the economy goes. Only 10 out of the 82 could name a date or period, but even they said their dates are subject to change. Still, judging by the small amount of dates given, the hold-out may not go beyond this year or the early part of the next, as the furthest indicated date a developer gave was the first half of next year. Such delays also mean prices will not plummet too sharply, said a spokesman for listed developer City Developments. He said: ‘This has helped to balance current demand and supply by mitigating the supply of new apartments entering the market.’ The tough economic times are weighing on some developers, with Ms Chua Chor Hoon, a senior research director for global real estate adviser DTZ, saying: ‘Some have been responding to the slow market by deferring projects that are due for completion to later years.’ A spokesman for residential project Verdure - a planned 75-unit, freehold development in Holland Road - said: ‘The market is so bad, we can’t launch it.’ Another, representing the exclusive 26-unit The Verv @ River Valley, said it was putting off its launch, explaining: ‘Blame it on the economy.’ Both spokesmen declined to be named. The experience of upcoming mid-market, 24-unit Evergreen View at Geylang Lorong 36 echoes this. Mr Thomas Sim, associate manager of real estate firm PropNex Realty, which is the selling agent, said: ‘We’ve only had the soft launch last month so far because the show unit is only slated for completion in May, and also partly because the market is poor now. As it is, the reaction from the soft launch wasn’t very good.’ A key part of marketing a condo is to build a show flat to entice prospective buyers. Another reason some projects are being delayed is that developers are reviewing their plans in order to reconfigure units to a smaller size, say industry players. The smaller sizes make the units more affordable. Knowing about the list of 82 ‘launch-ready’ projects is good news for the likes of home-hunter John Yeo, 38. The sales manager says: ‘This means I have time and don’t have to rush. I can take my time to choose. But of course, price and location must also be right.’ Source : Straits Times - 11 Apr 2009

Look out for distressed assets AS WITH all markets around the world today, distressed assets will in all likelihood come onto the market in Singapore too, providing investment opportunities for some. Alastair Hughes, chief executive of Jones Lang LaSalle (Asia-Pacific), said that commercial properties that were acquired last year at peak prices are more vulnerable. Capital values are estimated to have fallen by about 40 per cent since the peak last year. As such, one can surmise that anybody who had acquired an office building in 2008 using more than 60 per cent leverage will likely be ‘reappraising their equity position’ and having urgent meetings with his bank. ‘In Singapore, as in most other markets around the world, there will be distressed assets coming to the market and we believe there will be good opportunities for cash-rich buyers,’ said Mr Hughes. Jones Lang LaSalle (JLL) was involved in about 60 per cent of all office investment sales between 2006 and 2008. Over 50 per cent of these deals are estimated to be seeking some form of refinancing. Of the last 20 deals done, Mr Hughes revealed that over 60 per cent of these are expected to have been by investors new to the Singapore market as well. While he said that there were no signs of distressed assets being put up for sale yet, he does believe that there are ongoing discussions between lenders and borrowers on how best to deal with the shortfall in values. Banks will not want these properties to go into receivership but if a compromise cannot be agreed upon, and borrowers (investors) do not, or cannot, top up loans, the banks will have to sell the assets. Interestingly, even with distressed assets becoming more available around the world, Mr Hughes says that the investment-sales market has come to a standstill. Mr Hughes, who was until recently chief executive of JLL for Europe, Middle East and Africa (EMEA) and based in London, said: ‘It is virtually impossible to borrow more than £50 million (S$111 million) for a single acquisition these days. The market is starved of debt.’ There are a few international funds that are liquid but even these funds have not moved. ‘Yields may have risen to a level where they will not rise any more, but nobody knows how far rents will fall,’ he explained. To emphasise this point, he pointed out that office rents in Singapore experienced the sharpest fall on record in the first quarter of this year and could still have some way to go. As such, investments sales are not likely to contribute significantly to JLL’s bottomline for a while. Instead, with Mr Hughes’s posting to the Asia-Pacific, the new CEO will be looking at other arms of the business. JLL has been growing its other services for some time but those such as corporate outsourcing, and energy and sustainability services are expected to now come to the fore. ‘The part of our business that is growing quickly is corporate outsourcing,’ he added. For JLL, corporate outsourcing is where organisations outsource their real estate functions to them. JLL might then take over the management of these corporations’ real estate portfolio and their real estate department may even come under JLL’s payroll. In Singapore, clients include DBS Bank. Approximately half of JLL’s Asia-Pacific revenue comes from facility and property management, with the other half from transactions and advisory work (that is, leasing, tenant representation and capital markets). Corporate outsourcing comes under its Integrated Facilities Management Services (IFMS) arm. Not surprisingly, with cost-cutting on most occupiers’ minds, many want to know how they can reduce occupancy costs. ‘Occupiers want to reduce cost and real estate is one of the biggest costs,’ Mr Hughes said. Popular services include renegotiation or re-engineering of leases. In recent years, JLL has also included energy and sustainability services to provide clients with assistance in developing their corporate sustainability strategies. Last year, it documented $95 million in energy savings and reduced greenhouse gas emissions by 438,000 tonnes. One of its most prominent assignments currently is serving as programme manager of an energy and sustainability retrofit project for the iconic Empire State Building in New York. For JLL, India and China do have huge growth potential. Interestingly, Mr Hughes says that there is ‘little investment activity’ in these markets at the moment. But this is not to say that there is no real estate development. And every new building represents an opportunity for companies such as JLL. Therefore, JLL is priming itself for growth in these markets of businesses related to facilities management and tenant representation. Underscoring this, in the Asia-Pacific, it has a staff strength of 18,000 compared to just 4,000 in EMEA where Mr Hughes was last posted. Of course, any business related to real estate will be cyclical and JLL’s capital-markets services will swing back into action when the property market recovers. Currently, Mr Hughes expects the market to bottom in Q1 or Q2 of next year. Singapore, Hong Kong, Japan and Australia will remain key capital markets because there is ‘usually a lot of activity in these markets’. Singapore is the Asia-Pacific headquarters for JLL and commercial investment sales amounted to $4.3 billion in 2007 and $2.2 billion last year here. Regionally, it closed US$9.5 billion worth of deals in 2007 and US$4.6 billion last year. And while 2007 and 2008 may now seem like distant glory days, Mr Hughes is optimistic that the property markets will recover, ‘as they always do’. Source : Business Times - 11 Apr 2009

I need a painting job to be done at my house.

Any one have painting people to recommend? Thanks in advance!

HDB came to see. They said HDB will co-share 50%, but must see MP to get this benefit.

Huge interest, few sales Two recent auctions see only one sale as buyers await further price falls By Linette Lai This double-storey terrace house in Upper Serangoon Road was auctioned off for $820,000, despite an appeal for opening bids of $880,000. -- PHOTO: JOSEPH NAIR FOR THE STRAITS TIMES FEW people are buying at property auctions with most holding back in anticipation of further price falls, according to Singapore auctioneers. Interest in the auctions held by DTZ and Jones Lang LaSalle recently was high, with people spilling out of the doors - but actual buys were thin on the ground. Of the 23 properties up for grabs, most were withdrawn without any bids placed on them. Only one successful sale was made. This was a double-storey terrace house in Upper Serangoon Road with a land area of 1,760sqft. The successful bidder, who refused to be interviewed, clinched it at $820,000, despite the auctioneer trying to kick off the bidding at $880,000. Among the few properties that attracted bids, most received only one or two conservative offers. Even for the properties that proved more popular, all the bids were well below the reserve price. Genuine buyers were said to form an estimated 60 per cent to 70per cent of the turnout at both auctions, but most of them were hoping to net a sale at bargain basement prices. Agents and gawkers made up the rest. Ms Grace Ng, deputy managing director and auctioneer with Colliers International, said: 'Buyers are afraid to commit now in case prices haven't yet bottomed.' Ms Mok Sze Sze, head of auctions and sales at Jones Lang LaSalle, said: 'The difference between the opening price and the counter-offer is very big - bidders are slashing 25 per cent or even 50per cent off the original prices. This is reflective of the market in general.' Buyers and sellers are currently in a stand-off situation, with sellers refusing to offer deep discounts and buyers expecting such discounts to be forthcoming at some stage in the future. The stand-off was reflected in the auction of a 7,610sqft industrial building in Paya Lebar. The opening price was $2.38 million, but the highest offer came up to only $1.8 million. The property was withdrawn from sale. http://www.straitstimes.com/Breaking+News/...ory_347813.html

Mmm....if you are using your whole life's savings to buy something, should ensure that everything is ok rite? Btw, the article is from New Paper.

By Suze Orman FOR most people, the decision to buy a home hits like love at first sight: After endless rounds of dating, you finally find that special one. You walk in the front door and swoon over the refurnished hardwood floors. Your eyes lock on the high ceilings. Your heart pounds at the fabulous kitchen and the huge yard. While I totally understand leading with your heart, use your head too. Before saying 'I do' to one of the biggest financial commitments of your life, you need to follow up with a few repeat visits checking out every nook and cranny for big-ticket problems. If you're buying directly from the developer, please don't get snookered into believing new means perfect. Every single house or apartment needs a thorough inspection. HERE'S A CHECKLIST Cast your eye high and low, to and fro, to spot cracks or leaks outside your 'normal' field of vision. If the current owners are still in residence, move their furniture. That means pulling every dresser away from the wall, especially under windows, to check for leaks, cracks and incomplete paint jobs. Pull back the rugs - you never can tell what those fine threads are hiding. Visit at different times of the day and night to gauge street noise. Turn on as many kitchen appliances as possible, simultaneously, to see whether the electrical system can handle the strain. Turn on every light in every room. And bring a small appliance to plug in to outlets to see if they work. (Your phone charger is handy for this.) While the dishwasher and the washing machine are running, head to the shower and turn on the hot tap. What about the water pressure and the temperature? What happens when you flush the toilet? Ring the doorbell, and test the alarm if there is one. Find out if the neighbours own any dogs. If they have an aggressive breed and you don't have a fence, perhaps this isn't the best backyard for your toddler. If you're buying an apartment, ask residents next door, above, and below to turn on their stereos and television sets and just walk around. Get estimates for ongoing maintenance: In a condominium, find out how many times the common charges have been raised during the past five years and by how much. This article was first published in The New Paper on Aug 9, 2008.

is it costly?

Capital Appreciation VS Rental Income - which is more impt?

this is what people always say

Why is it that North always have stronger winds while West always have the weakest winds?

so never buy a house with west sun?

What can you do if your house has got afternoon sun?

Is it true that after lift upgrading, the valuation of the flat will increase by 20k-30k?

I have come to the conclusion that it is not worthwhile holding on to 2 properties. Rental gonna be really sluggish. Liquidity is more impt in the next few years!

0.75% to 1.2% sound reasonable

hey, this idea sound rather brilliant.. guess i have to try this!

No sale, but agent wants commission WHY should you pay for service which you never received? That was what a family in Ang Mo Kio asked when they refused to pay their housing agent because the latter allegedly failed to help them sell their flat. But the real estate company said it was the family that did not want to proceed with the deal after it had found a buyer. The company filed a claim against them at the Small Claims Tribunal for its commission of about $4,000 in January. More than 1 1/2 years after the family hired the agent to sell their three-room flat, the case was settled, on 17 Mar. The tribunal ordered the family to pay the realtor just $250 - half the $500 option fee received from the potential buyer. The order was met with relief by fishmonger Tan Tian Siong, 60, and his wife, Madam Hong Yin Ching, 48, who said they put their home up for sale because of severe financial difficulties. The couple, who have a combined monthly income of $700, have three children. Their 21-year-old son is intellectually disabled, while their 8-year-old son was born with a cleft lip and his right arm had to be amputated at the elbow when he was 3, after an illness. Their 22-year-old daughter is in polytechnic and the money from the sale of the flat was meant to pay for her education. Said Madam Hong in Mandarin: 'We're so glad it's finally over. It was so stressful.' The real estate company, ERA Realty Network, said it had claimed the commission as it had secured a ready and willing buyer for the flat. But Mr Eugene Lim, ERA's assistant vice-president, said the company accepted the tribunal's decision. The saga started in August 2006, when the Tans hired ERA agent Jeremy Ang, and put their Ang Mo Kio flat on the market. They thought it should be easy to sell their flat and Mr Ang found them a buyer in December that year. But, at the last minute, the buyer backed out. Then in April last year, Mr Ang found them another set of buyers, who wanted to buy the flat for $193,000. The Tans said the potential buyers signed an option to purchase and paid them an option fee of $500 on 22 Apr. After they received a copy of the option form from Mr Ang, they said they realised there was no start or expiry date on it. They showed a copy of the dateless option form to The New Paper. The Tans claimed that for one month, they kept calling Mr Ang but could not reach him. They called HDB and found out that an option to purchase usually expires in two weeks. Tired of waiting, they called HDB in late May to cancel the application to sell the flat. They showed The New Paper a letter from the HDB dated 29 May confirming the cancellation. That same week, they received a bill from ERA for $4,053 as commission. Madam Hong shows papers on the unsuccessful sale of her flat. With her is Le Ming, who lost part of his right arm to an illness, while intellectually disabled older son Guo Xiong stands at the back. The Tans ignored the bill and filed a complaint against the agent with the Consumers Association of Singapore. Said Madam Hong: 'Why do we have to pay him commission when he didn't manage to sell my flat after one whole year? I would rather use the money to pay for my children's needs.' In July, they received a lawyer's letter from the potential buyers. The potential buyers claimed they had given Mr Ang another $500 to exercise the option on 3 May and asked why the Tans had cancelled the sale. The buyers also lodged a caveat - a notice of their claim to the property - against the Ang Mo Kio flat. Said Madam Hong: 'We were so shocked. We never received the $500 exercise fee.' They had to hire a lawyer, and after several rounds of letters, the potential buyers agreed to withdraw the caveat, and each side paid its own legal fees. The Tans' bill came to about $1,500. They borrowed from relatives to pay it. But ERA's Mr Lim has a different version of what happened. MUTUAL UNDERSTANDING? He said that there was a mutual understanding between the Tans and the potential buyers that the option form be left undated until the buyers got a loan approval letter from the bank. That was why it was eventually dated 2 May. And he said the Tans were fully aware of this. He said ERA tried several times to pass the $500 exercise fee to the Tans, but the couple kept rejecting the money. The buyer's agent also tried to do so. After the case was decided last Monday, Madam Hong said: 'It's like a weight is finally off our shoulders. Now, we can finally move on.' This article was first published by The New Paper on Mar 29, 2008.