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Rental Rates For Edelweiss Park/dahlia Park/ferraria

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Hi anyone knows the rental rates for these condos in Changi? It used to be S$3000-$3,500 for 3 -bedder... wondering what are the rents now..

 

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I'm interested in buying the FERRARIA PARK condo... but dunno which stack which floor should I avoid?? Anyone can help me with more inner information of Ferraria Park Condo please???

What's the PSF for at least a 3bedder+?

Thanks.

 

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I'm interested in buying the FERRARIA PARK condo... but dunno which stack which floor should I avoid?? Anyone can help me with more inner information of Ferraria Park Condo please???

What's the PSF for at least a 3bedder+?

Thanks.

- 2007 ppl bought like ****, 2009 completed. FH good.

- Avoid stacks facing west sun, also the TPE. 8 storey only - too low. Morning/evening heavy traffic turning in/out changi north.

- Quite "ulu" - near prison some more. No good schools, far from mrt. Resale potential so so.

- See trasacted prices below: 3- bedromm ( 109-121sqm)

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Edited by bepgof
 

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Are you buying for investment or "own" stay ?

Rental returns in Singapore is quite standard ... 3-4% on average. The more you pay for the condo unit, the higher the rental income one demands. The rental psf has been averaging $1.80 to $2.xx psf in Flora area. (compared to Marine parade area which has been averaging $3.xx). The rental rates may rise when the University is completed. Not sure how popular will the studio units be though.

Residents who bought Ferraria Park at 5xx psf (for 2 or 3BR) have now seen appreciation to 30-40% (to high 7xx psf). The Gale was sold out. Prices of Gale nearing TOP will likely rise further when new condo launches there ...

Flora area is a unique enclave of private condo units. It is mid-way between Tampines and Pasir Ris. The traffic isnt too bad although there is always a queue of cars at the bottlenecks (but good moving pace) at peak hours.

There is a height restriction in the areas close to the airport, so all builidngs there are not very tall. The advantage of lower buildings is the reduced density of living per building. eg quicker access to lifts, less likely to bump into your other floor neighbours = more privacy etc. It also depends on what you like .. lower density living or higher density living. A lot of new condos these days, in order to maximise the small plot area, have to build vertically high up and then have fancy things like sky terraces etc. There may be a premium for condos that have more space and less density ....

Good points:

5 minutes away from future design University, Changi Airport, Expo, Changi Business Park

5 minutes away from supermarket (Loyang point)

Easy access to all expressways - PIE, ECP, SLE

Close to IKEA, Giant at Tampines, Pasir Ris beach, Downtown East, Tampines Mall, Eastpoint

Bad points:

Taxi drivers will be most unhappy if they pick you up from the airport to get to flora area

Not close to MRT - closest MRT would be Simei, Pasir Ris stations

About 20 minutes to City Centre

Recent plot of government land sold to Tripartite (same developer that developed most of the condos at Flora) was sold below expectations. Breakeven cost of builidng condo there for a 99yr LH would be 6xx psf. Likely to sell at 7xx psf.

It is also close to Japanese school, and Indian Global school.

New access road at the recently sold piece of land will offer new access to flora area (to be completed in 2012). Also another new access road opposite Gale will open up when Gale is completed.

Anyway, most people buy condos in certain areas because of some emotional attachment to that area (family, relatives, lived there before etc) ... so it is not always a purely investment decision. So most agents like to distribute flyers to surrounding areas of the new condo ...

Edited by blueocean
 

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Nicely word bu BlueOcean. Just to add on there are 8 development there. So resale and rental is quite competitive.

"New access road at the recently sold piece of land will offer new access to flora area (to be completed in 2012). Also another new access road opposite Gale will open up when Gale is completed."

This may create traffic jam in Flora. Like "CTE" more access route = more car :)

 

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In the past the traffic was worse ... there was only one lane leading in and out of industrial park ....

Traffic is currently tolerable. Gale will add another 400 plus units in 2 years time. Then, the new condo plot will add in another 4 yrs time another 400 plus unit again (99 yrs leasehold). There is another 2-3 plots of land left for future development .. one is government land whilst the other is privately own. Then the flora garden will be complete.

"New access road at the recently sold piece of land will offer new access to flora area (to be completed in 2012). Also another new access road opposite Gale will open up when Gale is completed."
Edited by blueocean
 

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Nicely word bu BlueOcean. Just to add on there are 8 development there. So resale and rental is quite competitive.

"New access road at the recently sold piece of land will offer new access to flora area (to be completed in 2012). Also another new access road opposite Gale will open up when Gale is completed."

This may create traffic jam in Flora. Like "CTE" more access route = more car :)

My working place in Loyang, everyday passing by. Terrible traffic lah. The plot of land where all the condos sit seemed like a "basin" - look from TPE, not sure if can flood easily.

Edited by bepgof
 

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Any hint about any of the development there going for enbloc.

Those closer to the road.. loyang avenue. Most of the development there are freehold.

Plot ratio looks good since not many unit per development.

 

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Thanks bepgof and blueocean for the fact and comments!!

I'm actually wanted to buy for "own" stay for couple years and hoping that the condo will have the capital growth in near future. I've inspected couple of the 3br and 3br+ units there,

  • level 4(brand new with pool facing, 3br);
  • level 7(owner lived-in, not pool facing, 3br+) and ;
  • level 8(3bd+with private jacuzzi @ roof terrace, brand new, N-S direction, balcony facing TPE)

I personally quite like the level 8 with roof terrace. However, a few things draw me back, my worries are:-

  • facing TPE
  • near the prison
  • not sure good fengshui or not coz both the flora drive and flora road is "DEAD END" or "NO THROUGH ROAD" (=si lor)
  • oversupply of condos, as all others A-B-C condos are in the same plot, thus lead me worry about the future capital growth
  • not so convenient for local shopping and no good school etc...

Things l like there are:-

  • double security (as you need a electronic key to scan in the lift in order to get to your level)
  • the living and bedroom are more spacious compare to those telok kurau boutique condos
  • nice layout and above average fittings

For investment side, I've also inspected some of the condos around Eunos, Kembangan, Telok Kurau area. The layout of the all the room size, living area is so so S.M.A.L.L. in TK, everything is really boutique. All the Lorong Telok Kurau is so narrow, like alot of people park cars in one lane and leave one lane for both direction cars for using. Some more these further up Lorong TK is not close to MRT at all... and yet quite expensive price. There are many boutique built there and have more is on their way to TOP soon. I personally think that the fitting they used is only so-so, everything is juz so-so lo. Will it be oversupply of these type condo?

Do you guys think any further value appreciation or capital growth in these boutique condos in near future? Which area is better for investment, Choo Jiat Place, Choo Jiat Terrace, Kembangan, (Lorong) Telok Kurau area?

Pls comment.

Are you buying for investment or "own" stay ?

Rental returns in Singapore is quite standard ... 3-4% on average. The more you pay for the condo unit, the higher the rental income one demands. The rental psf has been averaging $1.80 to $2.xx psf in Flora area. (compared to Marine parade area which has been averaging $3.xx). The rental rates may rise when the University is completed. Not sure how popular will the studio units be though.

Residents who bought Ferraria Park at 5xx psf (for 2 or 3BR) have now seen appreciation to 30-40% (to high 7xx psf). The Gale was sold out. Prices of Gale nearing TOP will likely rise further when new condo launches there ...

 

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- Dakota Residence (completing soon) & Waterbank@Dakota (2014)are fantastic ! Good school(Is chong cheng high good?), eatries, next down town, mrt, nice view, high floor (#19). 99LH. Potential resale value/ rental yield as well as capital appreciation. No blockage ! Some more got Geylang river, where to find such almost all-in-one ! FH will be added advantage.

- Forget about Telok Kurau area - like "sadine" - even at roof top, "you see me & I see you"- no privacy at all.

- Kembangan a bit "outskirt".

- Joo Chiat is another Geylang, though MP is trying hard to do the cleaning, too many "small hotels" around no good for own stay.

- East Meadows & Casa Merah worth consider, if you don't mind 99LH. Good school & MRT. Casa Merah a bit "clamped". I used to play RC plane at the present's plot. Plane also kena landed into East Meadows's carpark before.

- Optima too near mrt, will be quite "noisy".

Edited by bepgof
 

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Dakota Residence and the Waterbank were sold out. Dakota Residence used to sell at 9xx psf. Waterbank was selling at 1xxx psf. Drawback of Waterbank is that there is 10% less parking space because it is close to the MRT station. (good luck if you have more than one car!).

I would agree that there is possibility of capital appreciation because of its proximity to MRT.

Interestingly, if Estuary at Yishun was selling at 8xx psf, Waterbank is selling at 11xx psf, Flamingo Valley is selling at 1300 psf (FH), Newton area is 1500 psf, the gap between mass market condos and mid-tier condos is certainly getting closer. No wonder executive condos are coming back in vogue. Has anybody have a look at Flamingo Valley ? It looks nice and its a "proper" full facilities condo at Siglap.

Telok Kurau has lots of boutique condos there by small developers who have been buying off plots of small land and redeveloping it for a nice profit. The good thing about low lying units is that you can see the city in a distance if you have a roof top terrace. The prices at Telok Kurau have certainly gone up and FEO's The Sound has certainly set a new price range (not sure if they can sell much at their current price of $1400 psf). Some of the Telok Kurau units are within 1km of Tao Nan Primary Sch.

Yup. Joo Chiat's reptuation isnt too good and that's why the pricing is lower compared to Telok Kurau area.

East Meadows - I didnt like the condo as it didnt have basement parking ;) Casa Merah by NTUC Homes had a quite a number of subsales and capital appreciation following Optima's successful launch. But the units facing the MRT side will have to face all the construction ... still got 2 more plots of empty land. These condos at Tanah Merah is located in an exclusive area - no HDB flats surrounding it ... to the South is landed property ... north also landed property ... east also landed but becomes industrial after crossing the canal. Changi Business Park, Expo and the future University is nearby and with its proximity to the MRT, may have good prospects ...

At the end of the day, choosing a place depends on what you want. If you look at the nice areas which attracts rents like $5.xx to $6.xx psf (Admore Park condo), its has lots of buffer space and you want a place that is near the amenties, city centre but not too near as you want your home to be away from the bustling of people etc.

 

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Flora drive and Flora Road will be opened up over the next few years (when Gale and the other new condo plot is completed) - so you dont have to worry about the dead end.

3 bedroom with roof terrace ? I know its nice. Is the roof terrace big ? It depends on your lifestyle. Do you entertain friends often ? If you do, it will be nice to have open space. Else, it will be extra $ to pay for that floor area that is not covered. In valuation, the psf governing the roof terrace should be discounted as it is not enclosed.

Double security ? A number of the newer condos have these features (BTW Oasis@Elias doesnt have the double security). In the past, they used to have a proximity key to enter the lift lobby. Now they have shifted the security feature to the lifts.

Which is better for investment ? Quite a tough question to answer. It depends on your risk appetite, leverage etc. I personally prefer city centre for investment - cant go wrong there. Amongst all the places you mentioned, I would probably choose Telok Kurau as it is close to good primary schools, near park connector. If you like the East, why dont you consider Flamingo Valley for investment ? Its FH and is close to Indian International School and the centre of Siglap ... rentals will be easy there. It is one of the rare full condo projects.

[*]level 4(brand new with pool facing, 3br);

[*]level 7(owner lived-in, not pool facing, 3br+) and ;

[*]level 8(3bd+with private jacuzzi @ roof terrace, brand new, N-S direction, balcony facing TPE)

I personally quite like the level 8 with roof terrace. However, a few things draw me back, my worries are:-

  • facing TPE
  • near the prison
  • not sure good fengshui or not coz both the flora drive and flora road is "DEAD END" or "NO THROUGH ROAD" (=si lor)
  • oversupply of condos, as all others A-B-C condos are in the same plot, thus lead me worry about the future capital growth
  • not so convenient for local shopping and no good school etc...

Things l like there are:-

  • double security (as you need a electronic key to scan in the lift in order to get to your level)
  • the living and bedroom are more spacious compare to those telok kurau boutique condos
  • nice layout and above average fittings

For investment side, I've also inspected some of the condos around Eunos, Kembangan, Telok Kurau area. The layout of the all the room size, living area is so so S.M.A.L.L. in TK, everything is really boutique. All the Lorong Telok Kurau is so narrow, like alot of people park cars in one lane and leave one lane for both direction cars for using. Some more these further up Lorong TK is not close to MRT at all... and yet quite expensive price. There are many boutique built there and have more is on their way to TOP soon. I personally think that the fitting they used is only so-so, everything is juz so-so lo. Will it be oversupply of these type condo?

Do you guys think any further value appreciation or capital growth in these boutique condos in near future? Which area is better for investment, Choo Jiat Place, Choo Jiat Terrace, Kembangan, (Lorong) Telok Kurau area?

Pls comment.

Edited by blueocean
 

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I doubt so. The recent GLS plot near changi industrial park attracted fewer bidders than expected ... And that plot of land was on the reserve list for some time before it was triggered

Any hint about any of the development there going for enbloc.

Those closer to the road.. loyang avenue. Most of the development there are freehold.

Plot ratio looks good since not many unit per development.

 

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blueocean,

Thanks for sharing your point of view and comment.

This Ferraria Park Condo on level 8 is asking for 1.25M with 1776sft, i guess the roof terrace around 300-400sft with spa. Do you think the asking price is reasonable?

How about the noise from the expressway? I'm worried that I may not cope with the noise and the dust after buy and live. Or should I juz drop the idea of living around this area and consider other more convenient area? As this FPC location is not close to any amenity(MRT, buses, shopping centre etc). All I like about this FPC is it does give me a "home feeling" due to it's spacious size compare to other condos in current market now(not to mention Flamingo Valley as the PSF is out of my budget).

You are very knowledgeable in the property area. Are you working in this field?

Anyway, thanks.

Good nite.

Flora drive and Flora Road will be opened up over the next few years (when Gale and the other new condo plot is completed) - so you dont have to worry about the dead end.

3 bedroom with roof terrace ? I know its nice. Is the roof terrace big ? It depends on your lifestyle. Do you entertain friends often ? If you do, it will be nice to have open space. Else, it will be extra $ to pay for that floor area that is not covered. In valuation, the psf governing the roof terrace should be discounted as it is not enclosed.

Double security ? A number of the newer condos have these features (BTW Oasis@Elias doesnt have the double security). In the past, they used to have a proximity key to enter the lift lobby. Now they have shifted the security feature to the lifts.

Which is better for investment ? Quite a tough question to answer. It depends on your risk appetite, leverage etc. I personally prefer city centre for investment - cant go wrong there. Amongst all the places you mentioned, I would probably choose Telok Kurau as it is close to good primary schools, near park connector. If you like the East, why dont you consider Flamingo Valley for investment ? Its FH and is close to Indian International School and the centre of Siglap ... rentals will be easy there. It is one of the rare full condo projects.

 

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