Buying In Lakeside Tower (Old Apartments)

[kalimantan 6]

I am thinking of buying a unit at the yuan ching road - lakeside tower

from propertyguru site, top was 1981, which means it is about 30 years old. (99-30 = left 69 years)

I do not mind buying older apartments, as my intentions are

a) big spacious unit. meant to stay there to retire , also 2 kids will grown up and need bigger space.

What are the concerns of buying an old unit ?

[bepgof 20]

I am thinking of buying a unit at the yuan ching road - lakeside tower

from propertyguru site, top was 1981, which means it is about 30 years old. (99-30 = left 69 years)

I do not mind buying older apartments, as my intentions are

a) big spacious unit. meant to stay there to retire , also 2 kids will grown up and need bigger space.

What are the concerns of buying an old unit ?

In maintenance aspects - the older the more "expensive" to maintain. Common facilities breakdown half way. This leaks that cracks. No spare parts. Mechanical & building systems of pty are of great concerns, not to mention electrical/electronic/aircon systems.

Personal status quo, self image??.

[kalimantan 6]

i look at the psf (from caveats lodged) - i would say reasonable.

i relook at 99 years property because no one can live past 100, so having a bigger space is a plus for my children when they grow up. furthermore space is a premium nowadays after location.

I not focusing on location as long as amenties within reach or walking distance, i won't complain much.

[tsmbrian 0]

i look at the psf (from caveats lodged) - i would say reasonable.

i relook at 99 years property because no one can live past 100, so having a bigger space is a plus for my children when they grow up. furthermore space is a premium nowadays after location.

I not focusing on location as long as amenties within reach or walking distance, i won't complain much.

Yeah

[tsmbrian 0]

yeah agree on that too. New Apt are much smaller , some 3 bedroom are only 900square feet , I have try before looking for a unit around there but not able to get . the view are good and much unblock view if facing the chinese garden and ended getting the Ivory Heights condo in Jurong East.

If u need help to look for a unit , you may contact my agent Mr Tew ( 81619313 ) from Dennis Wee , pretty active in jurong Area and good service since u dont have to pay agent fees if u are buying . Good luck

[kalimantan 6]

yeah agree on that too. New Apt are much smaller , some 3 bedroom are only 900square feet , I have try before looking for a unit around there but not able to get . the view are good and much unblock view if facing the chinese garden and ended getting the Ivory Heights condo in Jurong East.

If u need help to look for a unit , you may contact my agent Mr Tew ( 81619313 ) from Dennis Wee , pretty active in jurong Area and good service since u dont have to pay agent fees if u are buying . Good luck

today i am meeting 2 agents - one agent for lakepoint and lakeside tower (both are more than 20 years old building), the other agent for northvale at chua chu kang area.

Want to compare on the layout as well.

[kalimantan 6]

went to see lakeside tower - 2 untis

a) 1st unit - superb old ! no renovation - all occupied by ah nei workers as domitory - no wonder owner rent out to companies as a domitory.

b) 2nd unit on a higher floor - renovated and clean without furniture - the bad thing is too may odd shapes room. But it is 1900++ sq feet. They wish to price it at 1.2m - which i find it not worthwhile - no amenities,no nearby transport

I look at the surrounding - guess the condo management not doing much, although it is clean. Security guard *sigh* not much to say.

Also went to see lakepoint condo - nansenette

a) external surroundings are big. But when i went in - oh no ...1st floor area too small, 2nd floor, rooms are messy ...give me a bad impression !

Went to see northvale (1500++ sq feet) at chua chu kang

1. 1st unit was clean and renovated, but i wont buy it as peception is not spacious enough.

2. 2nd unit has a family stay, which irealized that after all the furniture in, looks less spacious.

3. wow , so many agents at northvale co-broking buying and selling !

It has been years since i start hunting for apartments. REalised that old spacious buildings are not well maintain, but condo buildings do not have much options in space.

I will have to search again ...

[bepgof 20]

May be u havn't reached this stage....so did not ask yourself these Qs:

- children want to stay with u when "their time're up"?

- House become too big & too empty, how? Really "enjoy"?

- Sell & buy smaller?

"Buyer market" is in the forming! Reality tells when such conditions come, then nobody want to buy. Everybody likes to follow the crowd, hope you can be the one facing the crowd.

The "desperador" now selectively closing gate, "green shoots" everywhere, GLS one after another, MRT lines dig & dig, bus engines "noise" since morning till next morning, GDP up, CPI also up. Sat's paper see condo advertisement almost every page.....don't tell me you NEVER sense somethings are going "wrong"?

Last time ask for big expediture items say "no budget", now you never ask, "desperador" automatic allocate to you, scare or not?

Hold, hold, hold. My last advise.

[kalimantan 6]

Thanks bro for the questions

1. from time to time, i have to entertain guests at home, so currently my condo fits the needs. But i feel getting bigger space is a big plus. (i won't go for landed)

2. agreed on your children question, but when have grandchildren, eventually everyone trust our own parents to take care.

3. i don't have intention to sell any, just want to add-on on the focus on "space" only.

Maybe you can advise me that you forsee that housing market is now the buyer market or seller market ?

[bepgof 20]

Now buyer & seller in gelling condition-"half fight" for hdb resale. Demand is on the decreasing, however sellers also no hurry to sell except those "upgraders" when their new condos are "ready" ~ expected this "effect" would be obvious ~ 2013.

Generally,

-Youngsters want "new", they have time can wait, insufficient $$$. 8K ceiling held for some 16-17 years, intended? for?

-Old timers prefer "existing", they have $$$, no time, bankloan an issue (75-....)reap rental quick.

New supply(Btos, ec, condo)"too much", buyers(esp old timer like me)100% won't buy NOW, super high risk. Prefer to keep in stock mkt to earn high dividend for those stocks which have "tall" bell-curve but narrow left and right standard deviation, eg uob, ocbc, singtel, sing power...even time bad the price won't drop much, even drop can hold or buy somemore to breakeven.

Watch out for CPI, manufacturing sector (super sensitive to USA, Europe crisis), unemployment rate or "retrenchment" news - I guess press has been invited for "tea" to "suppress" this, look out from "on line" sources. Singapore has only "human" - retrenchment has the econimic multipler effects, desperador knows very well.

[kalimantan 6]

@Kali, for one able seeing the Lake View is very auspicious, check out this article -> Lakeshore Analysis

no doubt i can see the "fengshui" scenarie, but how often i stand there and look ?

It is the same as people want pool view, garden view - honestly how many of us will stand there and look ?

Most of us working very busy, and most of the time we prefer to see "what our boss look or intention for that day" ...that is more critical.