Disclaimer


"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."

SALE IS NOT CONFIRMED
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

House hunting

Like most people I have been looking around to see what is out there. I have my own criteria with regard to tenure, size, floor level, age, & location etc. It's a challenge and not one I relish. I hate all kinds of shopping and house hunting is right up there at the top, along with shoes. I will probably end up buying the first one that 'feels right'. One thing I will tell you, it won't be HDB. My propertyguru 'shortlist' has grown to 40. 

I went to see one show flat just for fun recently. The new unit sizes were incredibly small. They were quite desperate to sell and asked me if I had brought my chequebook! Not a chance! As if I would sign for the most expensive thing in my entire life in 20 minutes.  Anyway, they called later in the evening to say they would give me $100k discount by throwing in the ID showflat for free. The location was perfect, the ID very nice, size of development excellent, facilities good, maintenance fee reasonable, but the answer was - and was always going to be - no. The price was unreasonable even with the discount. Buyers can do their own research to find out the historical price of units sold. 

I found more than one 'perfect place' on line .... wonder if they will still be on the market when things are finalised. Tempting as it is to buy now, it would not be prudent and so, will continue to search on line only and view from afar until such time as I am ready, willing and able to commit.

It has been 20 years since I last moved home and have no memory of the steps involved. So, I had to look them up:

Step by Step Guide to Buying Resale Private Property


The following is the best information I can find on the process. I hope The Edge property do not mind me reproducing it here. I have added links to their site.


https://www.edgeprop.sg/content/guide-buying-resale-residential-property




The MRT system of the FUTURE



40 comments:

  1. That's the spirit to move forward instead of always dwelling on the negative all the times though we still has to watch what the team are doing to protect ourseves. Cannot let our guards down. Best of luck to everyone's house hunting endeavours.

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    Replies
    1. I don't dwell on the negative, I scan the horizon for problems not yet in focus.

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  2. Cant expect the perfect place but for me a smaller place with less cleaning, a bigger pool and gym, NTUC and hawker centers nearby, and a park with connectors is all i want. 99 or FH is ok. Fingers crossed!

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    Replies
    1. we won't be in competition, so. 'A bigger pool' sounds like you are not from TC.

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  3. Dear my lady,
    Do you looking for enbloc potential unit?
    Can you share where are those project is enbloc potential?
    We may compensate in next enbloc property if we can't get 2mil in TC.
    Thanks,
    Fans.

    ReplyDelete
    Replies
    1. No, I am not specifically looking for an 'enbloc potential' unit, it's not one of my criteria.
      10 years of enbloc is quite enough for me.

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  4. SPs will be invited for new condo launch. But not sure how it will turn out, any priority queue and facings? Consider rent for 2 yrs to wait for construction. SL will also be keen to pre sell.

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    Replies
    1. Good luck with that. To many horror stories about developers promising perks for ex-residents that turn out pure bs. No thanks.

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  5. Nothing wrong with downgrading to hdb, am thinking to get a 5 room hdb in a more central place like Toa payoh. But its quite ex, close to a mil. After deducting sales proceeds, there is still cash left, but is it worth the price? And the talk about price increasing soon will it affect the resale flats as well?

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    Replies
    1. Agree, I still feel HDB will get you more bang for your bucks(bigger, better locations). I never saw the point in paying a premium for facilities (which I hardly use after a couple of month) or security (never felt unsafe anywhere). My only musts are near greenery and MRT.

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    2. Indeed, nothing wrong at all if it is your choice. A HDB will leave you with a handy sum in the bank.

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    3. true and correct.

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    4. But private property appreciate higher than hdb, unless you can make better return than property

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    5. It's OK. Price appreciation difference between private and HDB is not great. A condusive home is much more important than a few bucks.

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  6. The news that property prices will increase next year, will it affect private property more or hdb resale flats?

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    Replies
    1. Nobody will have a definite answer to that. Its all speculation. Prices can very well stay where they are or drop. Its like playing shares.

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  7. Good to know stations locations of Thomson-- East Coast MRT line ,
    Open in stages ft 2019.
    https://www.lta.gov.sg/content/ltaweb/en/public-transport/projects/tel.html



    Also,if u look in horizon,u may want consider impact of moval of PAYA Lebar Air base,expansion of CBD,ie Tg Pagar containers port almost all vacant m be reverted to government not later than 2027.

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  8. I doubt prices wont increase so much for public housing, private property might increase to a bigger extent. But all this are based on market optism n pent up demand, not fundamentals like solid economic growth or increase in population growth

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  9. Anonymous 4 must have owed Sim Lian a debt in previous life. 1st cut let them make money from this en bloc not enough, want to go for 2nd cut on their chopping board by letting them make another round of $$$ from you lol!!!

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    Replies
    1. someone's very bitter he sold his unit and couldn't "owe" a debt to SL. tsk tsk.

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  10. Hdb selling for mil tend to make headline? What if govt decide to cap resale price of hdb one day? Is public housing after all

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  11. One day might be in a long distant future. We are more concerned about the present expected price increase. Do you all think it will be a high impact to the resale market for both private and public?

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  12. i did view many private and hdb unit last few weeks in open market,
    and feel that current market still cheaper compare in pass few years,
    actually now and soonest (not too late) still the best time for OTP to book an worth and happy unit we like.
    But...do not know when SPs can get 10% of monies for OTP?
    Do we have to wait until 100% completion?

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    Replies
    1. Yes, you only get your money on the completion date minus a retention sum if you don't handover your flat immediately.

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    2. You will get most of your money on the completion date (if all goes smoothly then that should be end of Feb 2018). The retention sum is $50k until you hand over the keys.

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    3. If there are no objections to STB, will it take lesser than 2 months to get sale order?

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    4. No one can answer that question. The STB will take as long as they please within their timeframe.

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    5. Now you know why 100% is the preferred choice? Can bypass STB & go straight to completion

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  13. Blogger are you looking for a condo with a older lease or a freehold one? Now freehold is quite expensive unless those at the outskirts of Sg

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  14. Hope can wrap things up ASAP to start to seriously book a house. The process is truly slow, STB 2 months, then completion 3 months, not to add in uncertainty of high court delay (Few more months, though dont think there is solid case in TC). After 5 months or more, who knows where the market is like already.

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    Replies
    1. If 100% no need go to STB & high court. What to do ? Have to accept it lor. If not, end of the year we can start buying. The location I am targetting has already increase their prices. Hope no one will suffer the escalating replacement unit prices too much by the time we get the money.

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    2. Yes, hope we can get our money soon. A few units I am interested one by one taken up. Left one unit, don't think I got chance unless I just buy it but don't want to be stucked with 2 units should it failed. Just have to keep fingers crossed lor.

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    3. won't be long - just need due process. other enblocs also need the same. We have come so far indeed, this is the right time and right price.

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  15. Of course everyone hope 100% but it is too idealistic already. End of which year? 2018? Lol

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    Replies
    1. Not idealistic but practical. When you already know there is no ground to object or going to waste your money objecting, why want to waste everyone's time including yours and pay more for replacement unit ?

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  16. Can try it, don't waste time, we always having hope in our life.
    Your decision to sign on CSA may worth >100k depend your investment,
    Just call MA today...

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    Replies
    1. Now already too late right ? Can withdraw application from STB if can 100% now ? If can it's worth the risk to book a unit now once STB give go ahead to withdraw.

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  17. 100 % is definitely the best scenerio. based on statistics most enblocs go through STB stage, dont be surprised even Amber Park there might not have 100% with the price they got, people can object based on reason like love this place too much, price is too low, this is the best place on earth or any of a million reasons etc. These type of thing is beyond our control, what to do you

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    Replies
    1. we just need to wait. everyone needs to wait, not just us. just be thankful we so far the view ahead is clear (so far).

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    2. Yes must be thankful. Although the market conditions are bullish in 2018, but those are just predictions what if prices slide next year instead

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