Does This Condo Unit Worthy To Buy?

[ethan_lee 0]

In hougang area, 99 years tenure, 12 storey, east-south facing, TOP 2000, near famous primary school, near to foodcourt/NTUC/Sieng Song supermarket, lot of bus go to AMK/TOA PA yoh...

owner asking ard 560k, i am plan to offer 550k and for own occupy.

do you think this unit is worthy to buy?

Thanks! I am looking forward to your valuable advices.

[Bachie 0]

In hougang area, 99 years tenure, 12 storey, east-south facing, TOP 2000, near famous primary school, near to foodcourt/NTUC/Sieng Song supermarket, lot of bus go to AMK/TOA PA yoh...

owner asking ard 560k, i am plan to offer 550k and for own occupy.

do you think this unit is worthy to buy?

Thanks! I am looking forward to your valuable advices.

how many rooms? what's is the size? how old is the property? Tenure starts from which year? Is it renovated?

[ethan_lee 0]

how many rooms? what's is the size? how old is the property? Tenure starts from which year? Is it renovated?

Thanks for reply!

3bed rooms, 1152sqft, the tenure starts from 1996, it is simply renovated,but still can be called move-in condition, we will going to renovate the unit further anyway

[Bachie 0]

Thanks for reply!

3bed rooms, 1152sqft, the tenure starts from 1996, it is simply renovated,but still can be called move-in condition, we will going to renovate the unit further anyway

If i'm not wrong, you're referring to Regentville, right?

If you're upgrading from HDB flat, then buying this condo should be quite reasonable for you.

From what i know, when it was first launched in 2000 and before, the owners there bought similar units at $660k. During low period in 2005, similar units were selling at 480k thereabout. At your current buying price, i think it's still quite reasonable since you should have made a profit from the sale of your flat.

However, please bear in mind that leasehold properties that are 30 years old and above would be quite difficult to sell. If I'm not wrong, the new buyers cannot apply for bank loan or something like that (applies to private properties only). You only have 18 years left to hit 30 years. Not very long time, neither is it short. If any developer feels that the location is good (for example Mandarin Gardens in Siglap), there's still potential for en-bloc in the future even though it's a leasehold property.

I personally just sold my leasehold condo because i wasn't comfortable with this 30 year ruling and I am not prepared to stay in the same property forever. It's just not something that i would do.

Probably you can discuss with your spouse. Are you going to stay in this place forever or...?

FYI - my friend just bought a leasehold property in Sengkang. 1313 sq ft at $620k. No renovations required. For your reference.

[ethan_lee 0]

Bachie, thanks again for your kind reply and information.

you are right. do you think regent ville a good location for living? I am a HDB upgrader and my plan is to live in this place for at least 10 years. I am a little hesitating to buy it now since i heard the private property market will going down about another 10% at the end of this year, so 550k is still expensive. do you think so?

And when you mentioned '.... If I'm not wrong, the new buyers cannot apply for bank loan or something like that (applies to private properties only).', do you mean when the property is more than 30 years old?or if i buy it now i can not apply for bank loan?

thanks!

If i'm not wrong, you're referring to Regentville, right?

If you're upgrading from HDB flat, then buying this condo should be quite reasonable for you.

From what i know, when it was first launched in 2000 and before, the owners there bought similar units at $660k. During low period in 2005, similar units were selling at 480k thereabout. At your current buying price, i think it's still quite reasonable since you should have made a profit from the sale of your flat.

However, please bear in mind that leasehold properties that are 30 years old and above would be quite difficult to sell. If I'm not wrong, the new buyers cannot apply for bank loan or something like that (applies to private properties only). You only have 18 years left to hit 30 years. Not very long time, neither is it short. If any developer feels that the location is good (for example Mandarin Gardens in Siglap), there's still potential for en-bloc in the future even though it's a leasehold property.

I personally just sold my leasehold condo because i wasn't comfortable with this 30 year ruling and I am not prepared to stay in the same property forever. It's just not something that i would do.

Probably you can discuss with your spouse. Are you going to stay in this place forever or...?

FYI - my friend just bought a leasehold property in Sengkang. 1313 sq ft at $620k. No renovations required. For your reference.

[Bachie 0]

you can apply for bank loan but 18 years later, when you want to seller, the buyer can't unless govt change this ruling later.

Regentville's location is not bad - conveniently adjourned to NTUC and food etc. I have ever considered buying an apartment there but I don't really like the layout of the unit. Neither do I like big developments. It's a personal choice.

[ethan_lee 0]

I see now.....thanks. where can i find the formal information about this policy?

I agree, the layout of the unit is not good, my main concern is it is near to rosyth school which i heard is popular school good for my kid.

you can apply for bank loan but 18 years later, when you want to seller, the buyer can't unless govt change this ruling later.

Regentville's location is not bad - conveniently adjourned to NTUC and food etc. I have ever considered buying an apartment there but I don't really like the layout of the unit. Neither do I like big developments. It's a personal choice.

[Bachie 0]

I see now.....thanks. where can i find the formal information about this policy?

I agree, the layout of the unit is not good, my main concern is it is near to rosyth school which i heard is popular school good for my kid.

you can check with the banks when you're asking for a in-principle approval on your loan. ask them about a 30 year old property, see if they would loan. i really forgot if it's the loan or is it something about cpf. somewhere along those lines.

yep, rosyth is one of the good schools in the area. another not bad one is PLMGS (if your child is a girl) & Maris Stella (if your child is a boy). but they're both more than 1km away from Regentville.

[Bachie 0]

by the way, you mean the owner asked for 560k as the opening price or it's reduced from the initial opening price? If they are 560k is their first asking price, think you should just offer 520k first and then work up from there. Have you asked for a indicative valuation from the bank? I ask this because the bank may not think the property is worth this much. This will affect the amount of money you have to cough upfront - i.e. COV.

I suggest you get the bank to give you indicative value first before offering a price to the owner.

Edited April 22, 2009 by Bachie

[ethan_lee 0]

Good suggestion! I will try to get bank's valuation for this unit first. my agent is still discussing the price with the other side. my agent has tried from 520k,but rejected. 550k is the max amount i am willing to pay, the less the better:)

by the way, you mean the owner asked for 560k as the opening price or it's reduced from the initial opening price? If they are 560k is their first asking price, think you should just offer 520k first and then work up from there. Have you asked for a indicative valuation from the bank? I ask this because the bank may not think the property is worth this much. This will affect the amount of money you have to cough upfront - i.e. COV.

I suggest you get the bank to give you indicative value first before offering a price to the owner.

[therat 18]

Good suggestion! I will try to get bank's valuation for this unit first. my agent is still discussing the price with the other side. my agent has tried from 520k,but rejected. 550k is the max amount i am willing to pay, the less the better:)

get in-principle approval before sign anything.

use in-principle approval for neg

[ethan_lee 0]

Actually i am still thinking if i should wait half a year and go for the new launch prj, by then the price may come down and have more choices.......now stuck in dilemma

[werty 0]

Actually i am still thinking if i should wait half a year and go for the new launch prj, by then the price may come down and have more choices.......now stuck in dilemma

Hi

Had the same thoughts as you initially... Wait for new luanch, etc....but wife pregnant liao, deliver soon, so cant wait...anyway i had just pm you....

I Just got a unit in Regentville as well....

Cheers..

[ethan_lee 0]

Initially i like the unit very much, but my husband doesn't like the layout, so now i also becoming hesitate liao. anyway, i have offered a price for agent to neg, i will wait and see how.

congratulations! my bb is 6mths old..hehe..we might be neighbour in future...

Hi

Had the same thoughts as you initially... Wait for new luanch, etc....but wife pregnant liao, deliver soon, so cant wait...anyway i had just pm you....

I Just got a unit in Regentville as well....

Cheers..

[blissjoy 0]

Hi.... I am interested in a unit in Regentville too... & waiting for a more suitable time to make the purchase

I have seen, however, many ads of various units there being on sales and rental. If you're still living there, could you pls share how the conditions are in Regentville? Is there a big or substantial proportion of units being rented out?

Thanks in advance.