Condos: Buy Now Or Wait?

[bepgof 20]

http://www.propertyguru.com.sg/listing/113...h---CASA-AERATA worth buying for single female?

In fact, anywhere within Singapore, also worth buying, of course, with different ROI. But why choose Geylang? House loan likely to be difficult, unless u can prove with high income. Some more single female.

- Area "flooded" with China immigrants of "low income", many local "uncles" with strange eyes/smile, sylavia dripping look when ladies passing by.

- Though many nice eatries and active night life, "decent" ppl (next good potential buyers)tend avoid there.

- Future "neighbours" likely to be.........sigh

- Such, unlikely to be changed within 10 years or so

- Suggest u to tour around the area during day & night.

- Personally, I will not park my money there.

Edited April 29, 2010 by bepgof

[estella83 0]

hi, may i know wat is the min income pa to get the loan? 60k? 80k? 100k? i do have a hdb to rent out (almost fully pay up, loan from hdb), do u think the bank will take this into consideration?

[silverfins 0]

hi, may i know wat is the min income pa to get the loan? 60k? 80k? 100k? i do have a hdb to rent out (almost fully pay up, loan from hdb), do u think the bank will take this into consideration?

Depends on your ability to finance the loan. General guide is, your total financial commitments should not exceed 40% of your income. So the bank will take into account your salary, HDB monthly payments, car instalments, etc to determine the amount of loan you can get.

On a separate note, I personally don't think it is advisable to buy the Geylang unit. Of course, unless you've done research and are aware of some potential of this development, then it's a different story.

There are other units in east which might be better for a single lady to stay.

[eiffel76 1]

this is really making me wonder...everywhere is new development...i jus went to see tembeling residence yest and i saw even the old shophouse block at the main road is being constructed now...do we really have so much population?

[estella83 0]

Depends on your ability to finance the loan. General guide is, your total financial commitments should not exceed 40% of your income. So the bank will take into account your salary, HDB monthly payments, car instalments, etc to determine the amount of loan you can get.

On a separate note, I personally don't think it is advisable to buy the Geylang unit. Of course, unless you've done research and are aware of some potential of this development, then it's a different story.

There are other units in east which might be better for a single lady to stay.

hi, bank give loan up to 51% of the mthly gross salary. my mthly hdb loan is less than $300 per mth. no car or other loan at the moment. was actually looking at suites @ katong http://www.propertyguru.com.sg/search/suit...operty-listings as well. thank you for the reply.

[wj888 0]

hi, bank give loan up to 51% of the mthly gross salary. my mthly hdb loan is less than $300 per mth. no car or other loan at the moment. was actually looking at suites @ katong http://www.propertyguru.com.sg/search/suit...operty-listings as well. thank you for the reply.

Why don't you stay in your HDB which is definitely more comfortable and bigger than the mickeymouse unit in Suites?

Is it for investment? I think it's good if you can go see some of the already TOP mickeymouse units and asked yourself whether you can stay there comfortably.

[estella83 0]

Why don't you stay in your HDB which is definitely more comfortable and bigger than the mickeymouse unit in Suites?

Is it for investment? I think it's good if you can go see some of the already TOP mickeymouse units and asked yourself whether you can stay there comfortably.

lol. why do u have to sound so work out? to each his own.

while its definately easier to to do cleaning.

[bepgof 20]

hi, may i know wat is the min income pa to get the loan? 60k? 80k? 100k? i do have a hdb to rent out (almost fully pay up, loan from hdb), do u think the bank will take this into consideration?

Banks will evaluate your earning power vs current liabilities, and consider your present assets. Age as well. "Self-employed" ppl are the most difficult ones to get loan from bank. If you have account/s with that bank will make thing slighly easlier.

Try Hong Leong Finance who is taking more risks as compare to normal banks on this matter. Of course, higher risk = higher interest.....

A studio or equivalent unit, is good for rental yields. Less fixtures to consider, less ppl(tenant) mean less problems(to things within unit or to neighbour)......

Personally, whether for own stay or rental, I prefer area in east than west, sentimental I guess.

Edited May 3, 2010 by bepgof

[aoiaoi 0]

Banks will evaluate your earning power vs current liabilities, and consider your present assets. Age as well. "Self-employed" ppl are the most difficult ones to get loan from bank. If you have account/s with that bank will make thing slighly easlier.

Try Hong Leong Finance who is taking more risks as compare to normal banks on this matter. Of course, higher risk = higher interest.....

A studio or equivalent unit, is good for rental yields. Less fixtures to consider, less ppl(tenant) mean less problems(to things within unit or to neighbour)......

Personally, whether for own stay or rental, I prefer area in east than west, sentimental I guess.

Just wondering if anyone is able to offer some advice on re-financing? I'm wondering how it works. I currently co-own a condo with another co-owner. Suppose if we both do a re-finance on our current condo (loan was about 60% of purchased price previously), can we loan more money and increase our loan to get another condo unit (for investment)? Is that possible and how much will bank be able to loan me?

Thank you!

[bepgof 20]

Just wondering if anyone is able to offer some advice on re-financing? I'm wondering how it works. I currently co-own a condo with another co-owner. Suppose if we both do a re-finance on our current condo (loan was about 60% of purchased price previously), can we loan more money and increase our loan to get another condo unit (for investment)? Is that possible and how much will bank be able to loan me?

Thank you!

To get a mortgage loan, you need a "valuation report", which cost around $600 for private property. From this report, financial instition and loan you maximum of 80% of the valuation. Your property may worth higher price than previous.

Approach yr targetted bank (better 6 months before your "old" loan expires)(lawyer to lawyer correspondence takes time!), bank will assign a professional evaluator to view your unit and come out with a valuation report. You need to pay some "hidden costs" like lawyer fee, admin fee, insurance fee....

Ask your banker first if they can absorbe all these fee. If you do not ask, they will not likely to tell, until you get the invoice.

Say valuation = 1 mil, you can loan = 800k. And say your actual outstanding = 600k, then 200k will go into yr pocket (but... with interest).

Edited May 3, 2010 by bepgof

[blue_skies 3]

Just wondering if anyone is able to offer some advice on re-financing? I'm wondering how it works. I currently co-own a condo with another co-owner. Suppose if we both do a re-finance on our current condo (loan was about 60% of purchased price previously), can we loan more money and increase our loan to get another condo unit (for investment)? Is that possible and how much will bank be able to loan me?

Thank you!

I think what you are looking at might be a home equity loan, meaning that you re-mortgage your current house to the bank and get a sum of cash in return. How much you get will depend on the current value of your home and how much of the loan you have left outstanding. Interest rates for this type of loan are sometimes pegged to SIBOR rates. What you will get is a sum of money that can be used for whatever you intend it for. You can even use it as downpayment for another condo etc. You need to speak to a Home Equity Loan specialist who will help you with the figures. Most of the banks should have such a facility. You can check out some of them here

http://www.uob.com.sg/personal/loans/property/home_hef.html

http://www.ocbc.com.cn/html_english/html/p...gageEquity.shtm

Edited May 4, 2010 by blue_skies

[bepgof 20]

http://www.propertyguru.com.sg/listing/113...h---CASA-AERATA worth buying for single female?

Estella83, more info, i will pm you.

PROJECT INFORMATION

Developer:Ecco Realty Pte Ltd ( TeamBuild)

Location:9 Lor 26 Geylang S398484

Tenure / Est. TOP:Freehold / Est. End 2014

Site Area:15,527 SqFt / 1,442 SqM

Total Units / Storeys:78 Units / 3 Blocks of 8 Storeys Building

Facilities :Swimming Pool, Pool Deck, Water Jet Corner, Landscape Gardens

UNITS TYPE & SIZES

Bedroom Type ( $9xxpsf - $1025 psf)

Size Range

No. Of Units

1 Bedroom - $3xxk - $4xxk! HOT!

388 - 463 SqFt

30

2 Bedroom - $4xxk - $5xxk! HOT!

484 - 603 SqFt

42

3 Bedroom - $9xxk

969 - 1076 SqFt

6

Sales Procedures:

-Unit Selection up to 5 Choices - Balloting Method

-PP Form + LOA Form Filled (Links On The Sides)

-Photocopied IC Of Intending Purchasers

-Blank Cheque Made Payable To:

Hong Leong Finance Limited For Project

Account No. 101-3003596-1 Of Ecco Realty Pte Ltd

Edited May 4, 2010 by bepgof

[ignoranceisbliss 0]

Will the Greece crisis bring down the Singapore property Market or is it going to be like another dubai

incident?

Edited May 9, 2010 by ignoranceisbliss

[bepgof 20]

Will the Greece crisis bring down the Singapore property Market or is it going to be like another dubai

incident?

Not so appropriate to discuss issue in this thread, ppls will complain. Iceland, Spain, Portugal, Greece & Italy s' gross GDP is less than 5% of the global. Now is a kind of over-reaction. EC will sure comes in & help with conditions...problem is the domestic unrest now, hope not spread. Greek seek do not like to bite the bullets & tighten the belt, unlike previously the S. Korea & Thailand did.

Let see what happen on 19/5, Greece has to pay partial debts.

What add salt to wound is China's property control measures come in at the same time....Will take a while (~3-6 months) to cool down.

Personally, I expect S'pore ppt mkt will head east then south a bit, once stock mkt recovers, ppt mkt is the first ppl "throw" their money in. The "cool" period likely to last till this year end, when all the 13th mnth, performance, yr end... bonuses comes in & confidence lifts.

Edited May 9, 2010 by bepgof

[estella83 0]

Estella83, more info, i will pm you.

PROJECT INFORMATION

Developer:Ecco Realty Pte Ltd ( TeamBuild)

Location:9 Lor 26 Geylang S398484

Tenure / Est. TOP:Freehold / Est. End 2014

Site Area:15,527 SqFt / 1,442 SqM

Total Units / Storeys:78 Units / 3 Blocks of 8 Storeys Building

Facilities :Swimming Pool, Pool Deck, Water Jet Corner, Landscape Gardens

UNITS TYPE & SIZES

Bedroom Type ( $9xxpsf - $1025 psf)

Size Range

No. Of Units

1 Bedroom - $3xxk - $4xxk! HOT!

388 - 463 SqFt

30

2 Bedroom - $4xxk - $5xxk! HOT!

484 - 603 SqFt

42

3 Bedroom - $9xxk

969 - 1076 SqFt

6

Sales Procedures:

-Unit Selection up to 5 Choices - Balloting Method

-PP Form + LOA Form Filled (Links On The Sides)

-Photocopied IC Of Intending Purchasers

-Blank Cheque Made Payable To:

Hong Leong Finance Limited For Project

Account No. 101-3003596-1 Of Ecco Realty Pte Ltd

thanks dude, i heard that the financing for this area is only up to 70% and i don't think i will consider it further due to the location. thanks