Mansionette Owner

[cleong 1]

Sorry for the ranting... Any EM owners care to share the COV u paid , year you bought and location? Thanks

My suggestion is to let the "fever" subside and the media turn its spotlight onto other types of housing and then you might be able to get some realistic asking prices.

Some sellers are perfectly happy to continue staying in their EMs but are merely tempted by agents to "try their luck" so they will naturally ask a speculative price. I get plenty of flyers in my mailbox and shoved into my grille and porch all the time.

IIRC my sale completed in 2010 and I paid 35k COV.

Edited September 25, 2012 by cleong

[Exman 0]

During my house hunting recently, I noticed a lot are asking sky high COV 80-200k.. Yes a gen2 EM in taman Jurong asking 200k above Val!!!! My jaws almost dropped to the ground.

According to agent.. These seller agents trying their luck to have private downgrades with high cash to buy, especially with recent news on 1 mil EM. But again.. These EM units are in prime location or really done up nicely.

Quite disappointing that agents now even screen if you are rich private downgraders with cash if not they don't even want entertain you much. As a sincere buyer, hopes of finding my dream EM seem to be zzzzzzzzz..

Sorry for the ranting... Any EM owners care to share the COV u paid , year you bought and location? Thanks

There many Pte property owners, sold off their units and are cash rich into preparation to pay high COV premiums for EA and EM which are the biggest in floor areas.

For 600k to 700k previously and now 800k to 900k to 1 million, one can have a 1500 to 1600 sq ft HDB unit as compare to 500 to 600 sq ft Pte apartments... Which is about $1200 to $1400 per sq ft. This all depends on the location and especially MRT is the selling point. Now with many MRT station along the circle line in construction that most units are close promixty and shall commands high valuation and COV.

Any way just to share that last October 2011, secured a EM gen2 unit about 5 to 7 mins walk to the Hougang MRT and Mall.

The valuation was 570k which I paid with addition a COV of 60K.

[Exman 0]

During my house hunting recently, I noticed a lot are asking sky high COV 80-200k.. Yes a gen2 EM in taman Jurong asking 200k above Val!!!! My jaws almost dropped to the ground.

According to agent.. These seller agents trying their luck to have private downgrades with high cash to buy, especially with recent news on 1 mil EM. But again.. These EM units are in prime location or really done up nicely.

Quite disappointing that agents now even screen if you are rich private downgraders with cash if not they don't even want entertain you much. As a sincere buyer, hopes of finding my dream EM seem to be zzzzzzzzz..

Sorry for the ranting... Any EM owners care to share the COV u paid , year you bought and location? Thanks

There many Pte property owners, sold off their units and are cash rich into preparation to pay high COV premiums for EA and EM which are the biggest in floor areas.

For 600k to 700k previously and now 800k to 900k to 1 million, one can have a 1500 to 1600 sq ft HDB unit as compare to 500 to 600 sq ft Pte apartments... Which is about $1200 to $1400 per sq ft. This all depends on the location and especially MRT is the selling point. Now with many MRT station along the circle line in construction that most units are close promixty and shall commands high valuation and COV.

Any way just to share that last October 2011, secured a EM gen2 unit about 5 to 7 mins walk to the Hougang MRT and Mall.

The valuation was 570k which I paid with addition a COV of 60K.

[spikedoll 2]

There many Pte property owners, sold off their units and are cash rich into preparation to pay high COV premiums for EA and EM which are the biggest in floor areas.

For 600k to 700k previously and now 800k to 900k to 1 million, one can have a 1500 to 1600 sq ft HDB unit as compare to 500 to 600 sq ft Pte apartments... Which is about $1200 to $1400 per sq ft. This all depends on the location and especially MRT is the selling point. Now with many MRT station along the circle line in construction that most units are close promixty and shall commands high valuation and COV.

Any way just to share that last October 2011, secured a EM gen2 unit about 5 to 7 mins walk to the Hougang MRT and Mall.

The valuation was 570k which I paid with addition a COV of 60K.

Thanks exman for the info.

Due To sacred availability of EM, we actually lower our expectation.. In fact the units we go for are not near mrt station or centralized areas. We both drive so location not really an issue.We viewed one unit (low floor and bad condition) agent told us last offer 60k rejected @_@ we walked away. ....

[Exman 0]

Thanks exman for the info.

Due To sacred availability of EM, we actually lower our expectation.. In fact the units we go for are not near mrt station or centralized areas. We both drive so location not really an issue.We viewed one unit (low floor and bad condition) agent told us last offer 60k rejected @_@ we walked away. ....

Hi spikedoll

I think the latest publicity on the 920k Tampines and 1 million Queenstown EM property news that somehow has generated higher expectations in the resale market.

I have checked with sales person that the valuation of the described EA/EM units are based on the latest 3 months sale price in the same area..... Fuel by the property agent promising selling sales figures.....sacred availabity and limited supply of EM in the resale market has somehow raised asking COV....

Just heard in the news that our PM mentioned that SG can accommodate 6 million people.... in terms of economics, demand exceed supply might push up the prices further.....

[lazyfaires 0]

Hi Everyone,

I just bought a ground floor EM in Pasir Ris for $695k, COV $75k.

[lazyfaires 0]

The EM posted above is really nice! bought from HDB? I thought about it too, but no way of knowing if they have any on hand and really based on pure luck!Lucky new owners there!Must be alot of savings!at least of few tens COV...

[cleong 1]

The EM posted above is really nice! bought from HDB? I thought about it too, but no way of knowing if they have any on hand and really based on pure luck!Lucky new owners there!Must be alot of savings!at least of few tens COV...

The COV was in the region of 200k, which basically meant that the renovation factored into it. But in valuation reports, renovation and condition of the renovation fittings has already been included in that value. So in effect the renovation has been priced twice......

[adidaem 6]

The COV was in the region of 200k, which basically meant that the renovation factored into it. But in valuation reports, renovation and condition of the renovation fittings has already been included in that value. So in effect the renovation has been priced twice......

Actually the valuation isn't very high for the record breaking unit. Valuation was $805k for 1614 sqft, for a larger floor area and renovated unit. Another recently sold Queenstown EM was valued at $785k for 1560 sqft (unrenovated). Based on my knowledge of the unit valuation in Queenstown, the valuation hasn't moved much since end 2010/2011. Consider that no Queenstown exec hdb have been sold below $800k in 2012, and that those sold were for much lower floor units (that do not have unblocked views). I was already wondering what was the basis for pricing a high floor unit at only $785k before news broke of the new record.

I think valuations have stagnated or do not properly consider factors like high floors, renovation and unblocked views, while real/perceived (?) ppty value has gone up and that's partly driving the high COVs now. Apart from items like marble flooring, parquet floor, etc, I heard during house-hunting that most of the time reno cost is not priced into the ppty valuation (also why ppl usually advise don't spend so much on reno). Can anyone confirm or provide more insights?

[Exman 0]

Actually the valuation isn't very high for the record breaking unit. Valuation was $805k for 1614 sqft, for a larger floor area and renovated unit. Another recently sold Queenstown EM was valued at $785k for 1560 sqft (unrenovated). Based on my knowledge of the unit valuation in Queenstown, the valuation hasn't moved much since end 2010/2011. Consider that no Queenstown exec hdb have been sold below $800k in 2012, and that those sold were for much lower floor units (that do not have unblocked views). I was already wondering what was the basis for pricing a high floor unit at only $785k before news broke of the new record.

I think valuations have stagnated or do not properly consider factors like high floors, renovation and unblocked views, while real/perceived (?) ppty value has gone up and that's partly driving the high COVs now. Apart from items like marble flooring, parquet floor, etc, I heard during house-hunting that most of the time reno cost is not priced into the ppty valuation (also why ppl usually advise don't spend so much on reno). Can anyone confirm or provide more insights?

Hi adidaem

From the sources of my property agent that whom sold my previous HDB unit has mentioned certain conditions to note before the valuation take place.

Partial factor of the valuation is based on the last 3 months on the average selling price for the same area.

Next factor is the location eg close proximity to MRT, shopping malls, schools.....

Also the interior of the unit condition is one of the factoring conditions....

You may score higher valuation if the unit has fully renovated versus non...

The COV kick in is because of more buyers.... Demand exceeding supply....

There are units sold below or at valuation. No COV as there are propably one and only buyer....

During my recent purchased EM unit that the seller concluded the sale to me on the 2nd day is that the front 2 potential buyers last minute back away.....from his asking COV of 60K....

2 things can happen if I also walk away that the COV may fall if the seller is a serious and genuine or....

The seller may remarket his unit again or wait till there is a taker....

[Exman 0]

Also you be surprise that you may get different valuation figures from another valuator...

[summersann 6]

During my house hunting recently, I noticed a lot are asking sky high COV 80-200k.. Yes a gen2 EM in taman Jurong asking 200k above Val!!!! My jaws almost dropped to the ground.

According to agent.. These seller agents trying their luck to have private downgrades with high cash to buy, especially with recent news on 1 mil EM. But again.. These EM units are in prime location or really done up nicely.

Quite disappointing that agents now even screen if you are rich private downgraders with cash if not they don't even want entertain you much. As a sincere buyer, hopes of finding my dream EM seem to be zzzzzzzzz..

Sorry for the ranting... Any EM owners care to share the COV u paid , year you bought and location? Thanks

We recently exercised the OTP and submitted the resale application for our first home in Yishun. It's a 2nd gen EM (if I'm not mistaken). Our COV was $39k, which seemed quite reasonable compared to the usual $80-100k that we came across while house-hunting.

That said, we did contact quite a number of agents though. And you're right, some of them were pretty stuck up about it. At some point, we thought our EM dream wasn't possible too. But there's still hope (as long as you're not too picky about the location)!

Good luck on finding your dream home!

[potatoes 0]

We recently exercised the OTP and submitted the resale application for our first home in Yishun. It's a 2nd gen EM (if I'm not mistaken). Our COV was $39k, which seemed quite reasonable compared to the usual $80-100k that we came across while house-hunting.

That said, we did contact quite a number of agents though. And you're right, some of them were pretty stuck up about it. At some point, we thought our EM dream wasn't possible too. But there's still hope (as long as you're not too picky about the location)!

Good luck on finding your dream home!

My COV last yr was 50k......alrdy felt the pinch. My friend recently bought a similar EM from HDB in Hougang.....no COV, n what is even better is that it is a corner unit n can buy recess area.

Edited September 28, 2012 by potatoes

[Exman 0]

My COV last yr was 50k......alrdy felt the pinch. My friend recently bought a similar EM from HDB in Hougang.....no COV, n what is even better is that it is a corner unit n can buy recess area.

Hi Potatoes

Could you share how much is HDB direct selling price taking note that there is no COV involved?

Is there any levy if the buyer has already own the first HDB property?

[AxelC 3]

Did anyone install glass railing?