2007's Hottest Stuff

Based upon Google Analytics, here are the hottest googled words for Singapore Property Leak in 2007:



There you go people, Mass Market projects (Park Natura) wins hands down again. Blah...

The Singapore Flyer: National Discoball

Oh yes Mister Minister, the multi-colors represent a creative multi-racial society.
Image Source: Straits Times


Theoratically if we spin fast enough it will be white.
Image Source: Skyscrapercity, ^tamago^ http://tamago.sg/

For the people behind the Singapore Flyer who are wondering 'where the hell did it go wrong?', please don't knockoff at 5pm as usual. Stay till the sun is out and take a good bloody look at that hideous discoball of epic proportions!

I shrink at the thought of my foreign friends giving me the look should we drive pass it.

Merry Christmas! With a Sick Twist...

Apologies for the lull in posts, have been away on my much needed R&R.

Came home, flipped through the papers and spotted gruesome stuff that will be met with the most displeasure by the owners of Viz@Holland. Here is the online version:

"A yet-to-be-identified body of a woman was found at a construction site along Queensway on Sunday. It was found at around 10.45am by a worker on the third storey of a block at the District 10 condominium development called Viz@Holland." - Channelnewsasia

While my heart goes out to the deseased, I am pretty sure this could be devestating to the owners of the Viz@Holland. I hope the culprit is caught and dealt with swiftly.

My questions are:

• Will the contractor (Sim Lian) even be upfront with the owner of that particular unit or will the whole Condo be condemned (sorry if it sounds a little harsh)?


• Will the owner be compensated, after all it was under the contractors charge that this happened?

While worksite accidents are not uncommon, this opens up a large can of worms on worksite accidents and the rare brutality. oh, and this condo is surely going into my Little Black Book.

Floridian Floorplan / Sitemap Leaked: Miami Theme?

There you go. Just remember you got it from Property Leak! Apparently only Tower 2 and 9 (Downtown and Hideawat respectively) are for sale (if i am not mistaken!).

Market Update: Sui Generis & Amber Residences

Apparently 60% of Amber Residences have been sold despite the end-year market slow down. Most of the buyers are local and these units were sold during a private preview on 18 November at an average price of $1650psf with some high floor unit being sold for more than $1800psf.

Now thats quite a change, previously I heard that some units had list prices of $2000psf+. $1800 is still pretty reasonable considering that some Condos that are about to go TOP in the area such as the Belvedere are commanding $1450-1750psf.

Speaking of which, the Belvedere is a pretty decent project. Take note that it lies on a slim strip of land, with a park on its right side. Most of its units have a seaview, but the best stacks are actually 1, 2 and 3 - with stack 2 and 3 being the only units with a bedroom seaview. The rest of the stacks might have issues with its view in future as it faces the Marina Bay area.

In other news, 16 of 23 units released at the 40-unit Sui Generis were sold through road shows in Indonesia and Hong Kong in the past two months with almost all buyers being foreigners. Prices were from $2300-$2580 psf.

Well thats a pretty good price for the Balmoral area. Take note that this is in the district 9 area.

Floridian: Update

Just got an update on the Floridian @ bukit timah and here are my thoughts.

A couple of stacks actually overlook the Good Class Bungalow (GCB) area in Bukit Timah, effectively removing the view that the Nexus currently enjoys. Somehow its a blessing to be behind this time! A long cascading pool runs through the estate and apparently one stack located at the end will enjoy the full view.

I always liked that area behind Bukit Timah Rd, it basically consists of really really huge houses and a nice large open field. Expect lots of greenery and a beautiful glow at night. If you are in the area, drive down Old Holland Road, and you might get what I mean. Now imagine that with a 10 storey view from the Floridian.

Price wise, I can't say that it is exactly a bargain, but it is merely following market prices from Cascadia's sale of an entire block earlier at ~$1500psf to a large investor (with mass discounts of course). Resale units of next door 10-year old Maplewoods was asking for $1350psf last time I checked, so this justifies the Floridian's pricing of ~$1680psf.

Floorplan wise, there are apparently large 4 rooms at 1800sf, rare in these days, as well as large 3+1 rooms. Oh, and for those MGS alumni, the school is just beside the condo.

Mr Brown Show: On Sunset Empire and Condo Projects

Here's quite a funny one from Mr Brown on Sunshine Empire. Theres a short mention on property towards the end, as he convinces prospective investors to buy into the scheme.

http://www.mrbrownshow.com/2007/11/27/the-mrbrown-show-of-schemes-and-plans/

F1 Grandstand Passes for only S$275?

Image Source: Official Singapore F1 website www.singaporegp.sg

Rumours abound that the grandstand prices are only going for S$275 for a 3 day pass...however these are not the prime seats. The hot ones will be the ones near the checkered flag (finish line) and pit stop area. I wouldn't be suprised if those cost $1500.

See you there.

Floridian Prices Leaked

Far East sure knows how to set the benchmark, $2000psf for Jardin and now the Floridian for an
estimated $1670psf upwards.

Floridian Details

Location: Bukit Timah, District 21
Tenure: Freehold
Units: 336, 10 storeys
Type: 2, 2+1, 3, 3+1, 4 & 4+1
Sizes: 840sf, 935sf, 1001sf, 1236sf, 1292sf, 1346sf, 1851sf, 2347sf

Floridian @ Bukit Timah Soft Launch! I Eat My Words!

Okay, big sorry to those people whom I led into believing that Floridian is holding out. Perhaps Far East Organization is finally using common sense and is launching the much awaited Floridian to sweep up the hungry mass market (Keep to the left along Bukit Timah Rd and there is a small slip road just after the white Cascadian showroom).

I always thought that Cascadia would launch before the Floridian, but this time its the later that will be doing the benchmarking.

Cheques are being collected already as I type...

Sunshine Empire State Tower: Scam Property?

images from: http://www.success-empire.com/EmpPropV.html

Okay, so I know most of you are above this. But when I get a well-suited up undergrad approaching me and telling me how I can make a 5 figure sum in a year and that their founder/mentor is better then Warren Buffet it just has to stop you in your tracks.

When I candidly told him I was into real-estate, this kid then told me that I won't be too unfamiliar with this Sunshine Empire thing as they were into property too. He flips out a plastic folder with impressive 3D images of a Sunshine Empire State Building. There were rendered images of other property projects such as a Villa and underwater hotel in Malaysia too! (Watch the video here which I found online!)

I then ask him what does he know about the property market and he pauses, then just dribbles and waffles into another whole bunch of unrelated bullshit. When he finally asks me to put some money in (around 12k me thinks) to get 300% returns in two years, I drop the bombshell on him: So what do you actually sell? He looked around and couldn't answer me.

If you know your kid is into this stuff, tell them to steer clear of this stuff. After reading up on them, it seems like this is a MLM about to go bust as they are now being investigated by CAD.

For casual readers, if these projects were as good as they sound, it would have been featured here already on super credible Property Leak (shamelesss trumpet!)

19/11/07 UPDATE from the Newpaper:

http://newpaper.asia1.com.sg/news/story/0,4136,148134,00.html?

When contacted, a receptionist at the Sunshine Empire office in Toa Payoh Hub said the properties were available to the public.However a receptionist who answered a call made to the Malaysian office of the Empire Property Venture International said the units of all the properties were only available to Sunshine merchants or members.

She said interested buyers had to go to the Sunshine Empire office in Singapore to sign up as a member before getting access to their merchant website to make the purchase of the properties online.She also said that more than 300units of Sunshine Villa have been sold, with the seaview units fully booked.When asked if there were any showflats available for viewing, the woman said there were none, but brochures were available online.She also said there were units available for a higher-end project in Kuala Lumpur called the Empire State Tower.

The brochure on the company's website describes this development to be 'the most prestigious residential address right in the heart of the Golden Triangle Business District of Kuala Lumpur'. This project which is supposed to be built on Jalan Tun Razak, purportedly has 290 units available for sale, with 147 units shown as 'sold' on the online price list. However, a check with the City Hall of Kuala Lumpur revealed that no such project is in the works at present.

A spokesman said: 'City Hall Kuala Lumpur has not received any application for a property to be developed at Jalan Tun Razak called the Empire State Tower.

Copyright, 2007, Singapore Press Holdings Limited

Sunshine-Empire's founder, James Phang, at an alleged Sunshine Empire conference. Image Source: www.Sunshine-Empire.com

Some News Articles:
http://newpaper.asia1.com.sg/news/story/0,4136,147782,00.html

http://www.straitstimes.com/Latest+News/Money/STIStory_174312.html

More videos here:
http://www.youtube.com/watch?v=5D9BFev_nkE (Newsclip on this scheme being investigated)

http://www.youtube.com/watch?v=bynwXnEwfCk (You got to catch this one, most amazing corporate video ever!)

http://www.youtube.com/watch?v=zAFyYlPOsuU (A lavish office on 7th floor of HDB Hub)
http://www.youtube.com/watch?v=x5Os5_tt-Xg

http://www.youtube.com/watch?v=HzO4Zcndhms (Another absolutely powerful but utterly meaningless corporate video not to be missed!)

Some Images of these 20 year olds and their BMWs.
http://profiles.friendster.com/user.php?uid=4009633

Some Online Discussions:

http://www.sgforums.com/?action=thread_display&thread_id=276414&page=37

http://forums.hardwarezone.com/showthread.php?t=1682264&page=112&pp=15

Jardin Officially Launches; Floridian, Cascadia Updates

Yeah the Jardin finally 'launched' with prices for the 3rd level lofts going for only $2000psf. Even areas such as Balmoral which is so much closer to town don't fetch that amount. Seriously what is Far East Organisation thinking? Just add $300-500psf above reasonable prices because you have built over 700 developments and received multiple awards no one bothers about?

I really feel bad for people who buy FEO's overpriced units...although they do have a couple of rare bargains.

Also, heard from some reliable sources that Cascadia and Floridian that is just across the road will be holding out for next year. Late 1st Q at least. Maybe by then prices would have gained momentum again and I will be forced to eat my rant above regarding Jardin.

Gahmen: No Capital Gains Tax

Finally found this newspaper cutting. Thought I threw it away earlier. Well this is pretty much a big relief for everyone now. Like I said: Capital Gains Tax is the nail in the coffin. So for the moment, all's clear!

Hillvista Prices Leaked

Only $1050psf to $1150psf for West Side Mass Market Living at Hillvista. Ugh.

Seriously what are the Fareast guys thinking? No one is going to pay those prices for something so deep in...but I have been wrong before!

Details:

• 2rm 915-1055sf (~1.21m)
  
• 2+1rm 990-1087sf (~1.25m)
  
• 3rm 1130sf-1238sf (~1.42m)
  
• 3+1rm 1184-1292sf (~1.48m)
  
• 4br 1292-1324sf (~1.52m)

FYI, $1.5m can get you a large, full seaview, high level unit along East Coast.

Dear Chukuma

Got this in my mailbox today, amongst a dozen daily offers from agents offering to sell my property. Quite amusing really...only 5% interest as long as I am not trying to rob him of funds! Nothing has been edited:

Dear Sir/Madam.,

I am Mr. Chukuma Doller, a certified loan lender that offers loan toindividuals,co-operate bodies who need loan for small scalebusinesses, personal investments, and also personal budgets.

As long asyou have a good profile and not trying to fraud or robbed us of funds.Loans are offered at a very cheap and moderate rates,

We arecertified, trusted worthy, eliable,efficientand dynamic. Hurry Up and get this Unique Opportunity now. We give outloan with a low interest rate of 5%. If interested Kindly Contact me via Email: chukuma_loan_company@yahoo.com

IF INTERESTED,YOU ARE TO FILL THE DATA INFORMATION AND RETURNFULL NAME:FULL CONTACT ADDRESS:OCCUPATION:POSITION:HOME PHONE NUMBER:CELL PHONE NUMVER:MARITAL STATUS:SEX:AGE:BANK NAME:TOTAL ANNUAL INCOME:AMOUNT NEEDED AS LOAN:LOAN DURATION:

Regarsd,Chukuma Doller

HillVista, Yet Another Mass Market Project

Watch out mass market, here comes another ultra overpriced project from Far East Organization! While details on this project is still sketchy, heres what I have found out about it:

Location: Hillview Ave
Units: 127
Price: $1050psf

Don't bother taking a look if you want a big 3-room. This is another Condo that features nothing above 1300 square feet of living space.

730k Madness Along East Coast

Life from a sucker's point of view. Source: The Straits Times

Now someone should really come up with a list of suckers who pay these record amounts for HDB flats.

While I understand how 'clever' it is to downgrade to a HDB and 'ride out the Property Bubble' after collecting your enbloc loot, paying an amount that no one else will ever again for the same flat defeats the purpose!

In honor of such suckers, I shall add a new blog tag - HDB Suckers.

Property Resource Review #1: HDB + Do it yourself

Okay, I submit to all your endless e-mail requests to share good online resources for property - in the form of mini-reviews as and when I find the time to do them.

Question:

Dear Realgossip, I was hoping to find online websites on how to sell my HDB flat without an agent. Can you recommend me some links? Rgds, Tan XX XXXXX Hougang

Reply:

Dear Tan,

Get an agent. HDB do-it-yourself is a no-no. I have seen my nephew's Option to Purchase for a HDB flat. It is 10 pages long (private is 3 max!) and I couldn't figure out half of it although I have seen private options of everykind.

If you insist on selling it on your own. I have seen only two resources.

www.hdb.gov.sg

Review: Straight forward, but little nitty gritties on where to get certain forms are not included and its all these little things that are most daunting. A definite must read for those who are doing it yourselves.

To find this page and understand all its resources, you have to dig through a giant pile of links which could have been just compiled on one page. Could have been better explained in layman's.

Ease of Use: **/*****
Helpfulness: ****/*****
Credibility: *****/*****

www.diyhdb.com



Review: Commercial and straightforward. Basically you do the marketing, viewing, negotiating (all the hard parts!) and they just tell you what to do - which is good, and bad. Because if anything screws up it's mostly yourself to blame.

This website also seems to be siphoning off every possible thing they can suck from you, from bankloans to just frikkin registering on the website. Aesthetics could have been more attractive and professional, looks like a 13 year old kid did it for them.

Ease of Use: ***/*****
Helpfulness: ****/*****
Credibility: **/*****

Property Leak Super Safe Sound Advice #2

Source: The Business Times

Doesn't take alot to read a chart, but I added a little graphic demonstration for the benefit of those who can read but can't understand.

Property Chartopia

Was looking through a Merrill Lynch report that my friend shared with me, and thought some of the above charts and notes might dissapoint you folks who thought that prices might crash overnight due to the URA announcement on DPS.

Economy is roaring, F1 is coming, a new racetrack is being built (to the dissapointment of some environmentalists lol) and with two 4 billion dollar Integrated Resorts - this DPS game isn't going to put a dent in prices.

So it looks like until the government re-introduces of Capital Gains Tax, the only way to go is up!

Flippers Get the Shaft

Anti-Flippers, Wear Your Tag Proudly in Forums!

The almighty Government has just given Property Flippers the shaft! Deferred Payment schemes for NEW Condos will no longer be available - which to me is actually bloody good news.

Deferred Payment to me has always been a No-No mainly because:

• It generally encourages property bubbles. Flippers with no plan to see the project through to its completion might default, and if widespread might 'crash' the project as the developer has no cash


• If you get your bank loan later, the bank might not 'value' your property equal to its purchase price and you have to fork out alot of cash (also known as 'You Are Screwed')


• I always believe in REAL capital appreciation thank you

I am glad it has come to this. Now real investors and homeseekers who have the power to go for progressive payment schemes will get to play a more even field.

Oh, and I can't find a scrap of this announcement on URA's website even after all the yakking on the radio which is absolutely ridiculous.

Update 28th Oct: The URA website has been edited to include:

On 26 Oct 2007, the Government withdrew the deferred payment scheme, i.e. applications from developers to offer deferred payment scheme for new housing projects will not be approved. However, developers who have already obtained the Controller’s approval to offer a deferred payment scheme may continue to offer it to purchasers after 26 Oct 2007. Purchasers are advised to check with the developers on the payment scheme being offered.

This means that current launches that still have DPS can still go ahead with DPS!

Mass Market Alert: Esta Ruby

Yet another project for you Mass Market folks, the Esta Ruby will be launching on the 27th of October or so it claims from a flyer I received as seen above.

If you don't mind Geylang being your backyard, the cookie-cutter condo Esta Ruby is a pretty decent gastronomical tradeoff; though I'm not sure about it being 'A Priceless Discovery to Call Home'

Earplugs In Shortage, Panic Fills the Streets.

Official Unofficial Image Taken Off http://www.formula1.com/news/headlines/2007/10/7040.html

Quote: "Formula One racing’s governing body, the FIA, has confirmed the 2008 Singapore Grand Prix will take place at night as planned. The inaugural Singapore event, to be held on a new street circuit in the Asian city, is scheduled to take place on September 28. ".

Property Leak's Super Safe Sound Advice #1: Buy Options for Earplugs, Ear Mufflers. Flip in September '08.

The Sky Has Fallen! Jardin Launches!

The Jardin has FINALLY FRICKIN launched after more then half a year's 'launching this weekend'. For the past few weeks I've been noticing workmen adding the final touchups to the showflat while on my way home and I guess that adds up.

But for $1950psf upwards, thats surely a mighty blow to any pocket - though it will mean good news to Maplewoods, and the super undervalued Blossomvale (which has an amazing view of Bukit Timah Hill).

Heard that the showroom is mighty impressive and personally would like to drop by.

Sui Generis Launches; Taxi Driver Vocab Expands

Defying the limits of Taxi Driver Vocab are Kajima Overseas Asia Pte Ltd & United Engineers Developments Pte Ltd with the Sui Generis.

Located at Balmoral, this project was given a mention earlier in the year after The Great Rochester Fiasco. That aside, things in Balmoral are moving and I'm keeping this area under my radar - it was also announced today that HIAP Hoe and sister company SuperBowl Holdings has bought a piece of Freehold land at Balmoral.

Wikipedia: Sui generis (English pronunciation (IPA) or ) is a (post) Latin expression, literally meaning of its own kind/genus or unique in its characteristics.

Lumos - I didn't Get Invited

So I was told that I wouldn't (and couldn't) get invited to the Lumos Preview along Orchard, because my usual banker isn't part of this little coup. Apparently only Maybank, Citibank and HSBC bankers get to invite their clients to the preview. For that, Koh Brothers Group Limited & Heeton Holdings get a special place in my Little Black Book.

Whining aside, expect to cough up 3-3.5k psf to live in a giant jewel case.

If someone gets their paws on the floorplans/brochure for this one, please email me at realgossip@gmail.com.

Park Natura - Launching!

Hear ye' mass market peoplings! The Dukes and Duchess's had their fill in District 9, now feed on them scraps on the outer-outer-fringe areas - such as Bukit Batok and the latest project there, Park Natura from UIC!

Expertly guestimated to launch soon at around a 'modest' $900-1000psf by my agent, I would buy an older 99yr leasehold along East Coast anyday. Well for those enblocced people desperately looking for an affordable home, ho hum....just learn to suck it up and move on.

Be Warned!

Mdn Gardens 85% Says Yes; The Circus Begins!

One of my friends staying over at Mandarin Gardens today told me today that 85% of Mandarin Gardens has said Yes - well for the moment only to the forming of a sales committee.

While this is positive news to investors at my favourite project in District 16, I believe this might be a long and difficult process especially with over a thousand units within.

• Scale: The larger projects are, the more difficult to handle. Imagine getting 800 people to agree on a single thing.

• Timing: What if 80% of 1000 residents finally says yes to enbloc but no developers are interested then? It's almost 2008 already.
  

• Cost: Giving there are a thousand units, and a higher potential for development (up to 36 storeys, from 23 now) this has to be a very brave developer, or a joint project (1000 units x est. $1500psf = $1.5b just for land!!!).

• Sentimental Reasons: This is an old development with quite a number of old residents within. Some might not want to go.

On a lighter note, my friend added that along with the 400 civil Mandarin Garden Residents present, the usual enbloc crowd also invited themselves: Cat Call, Wolf Whistle, Jeer, Boo, Yelling and Name Calling.

As a benchmark, it took 2 hours for the present residents to amend a single typo.

Aalto Launches, District 15/16 Gains Momentum Again

The former Eastern Mansions in District 15 has finally launched over the last weekend (okay so I was a little busy and couldn't update). Prices range from a pretty affordable 1550psf to 2500psf, probably bringing the area to a new high if any of them penthouses are sold.

Me agent tells me I will get floorplans soon, but haven't heard from him for abit. Probably busy selling units there and making a big fat sum.

Far East Organization: 3% Cashback?

Well Far East Organization is on my radar once again. Apparently after discounting Hillview Regency heavily for a week, they are applying the same tactics on another recently completed mass market project: Lakeshore (beside Lakeshore MRT).

After purchasers buy the unit, they will refund in cash a total of 3% - equivalent to the amount paid for stamp fees. While i'm not sure if this is agianst any agreement or policy, all I can say is go homebuyers go!

Another Obsession With 'Eight': 8 Nassim Hill

Thursday is the best day to have Kopi with my Agent (treat them well and they literally be your eyes and ears!). It always seems like every thursday there's something new and this week's pick is yet another project with 'Eight' obsession: 8 Nassim Hill.

Judging from its location, it sure won't be friendly to those without $9m to spare (Guestimating 3000psf x 3000sf).

Grange Infinite Launches, Odd-Shaped Furniture Prices Skyrocket

The latest Scoop: The 36 Storey Grange Infinite (Known as the En-blocced Grange Towers) will be launching soon. While this will be embraced by those who can't stand being more then 2 minutes away from Takashimaya, there will be lots of demand for odd-shaped furniture.

One of my sources, allowed me to take a peek at the floorplans and behold: Not ONE bedroom in all 68 units is evenly shaped! Every bedroom had at least one odd angled wall. While I understand there isn't much land involved in this project, there is simply no excuse for not having at least one even-shaped bedroom.

Or maybe...I'm just getting Old-Fashioned. Or Old? Am I?

Tsk. Hope the Subject to Changes clause is for real this time!

Another Reason To Invest In Singapore: Smog

While Hong Kong might be the Gateway to China and a great place to invest in Property, the Pearl River Delta is dotted with somewhat Environmentally Friendly Factories (Chinese Standards).

A few years ago when I was there I mistook cool mist around the hills for smog (a not-so-happy-with-the-takeover local corrected me quickly). From the pictures all over the internet now, I'm guessing them Super Penthouses aren't as attractive as they used to be.

Unfortunately while the New Hong Kong Government seems to be handling the takeover pretty well, I doubt they have any pull on the Mainland Chinese agenda with Beijing being the focus until the Olympics.

So there you go Mr. Foreigner, please buy more Singapore Property. If it helps, you will be contributing to the Mr. Realgossip retirement fund.

Horizon Towers: With Blessings (UPDATED)

Source: The Straits Times

Well something blipped under my radar when I was mindlessly surfing in one of Singapore's most visited forums. Apparently a highly controversial Pastor of a Mega-Church has 5 (now 13 see below) units in Horizon Towers. This was allegedly revealed in a local chinese evening paper.

If this is true, perhaps a 'Let the En-Bloc process for Horizon Towers be smooth sailing' prayer could be slipped in during one of those mass prayers.

Update 6th Oct: It has been confirmed in the Weekend Issue of Today newspaper that, Sun Ho and her Pastor Husband owns at least one unit of Horizon Towers.

Update 8th Oct: Finally found the link! Sun Ho and her Pastor Husband Owns 13 units in Horizon Towers!!! (What's a Pastor doing with so many units!? One for each disciple and one for him???)