Tampines EC 'presidential suite' to be priced at $2.05m

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#11
(27-12-2012, 08:46 PM)mrEngineer Wrote: I somehow will think that the market will naturally correct itself. With US recovering and manufacturing actually moving out of China, the next decade will really depend on whether Asia can continue to sustain internal growth through urbanization and consumerism. If not, wealth will travel again to the next big thing then.

Agreed, me too believe that next year stock market will be a better than this year.

Folks get ready to collect some profit when time is right...hope to see sti index touches 3500 in 2013.
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#12
I can't believe this, I am speechless! Confused

The Straits Times
www.straitstimes.com
Published on Dec 28, 2012
Interest growing over $2m EC unit

12 people eye big penthouse with 1,600 sq ft roof terrace

By esther teo property reporter

THE $2 million-plus price tag does not seem to have dampened interest among potential buyers for a spacious executive condominium (EC) that hits the market tomorrow.

At least 12 people have expressed interest in the "presidential suite" at CityLife @ Tampines, according to Global Property Strategic Alliance, the marketing agent.

The prized unit comes with 4,349 sq ft of space, including a roof terrace of about 1,600 sq ft, and can be yours for an EC price record of $2.05 million.

Other large apartments at the 514-unit project also garnered healthy interest yesterday, the second day of the showflat preview. Bookings open tomorrow, with average prices of $770 per sq ft (psf).

The overall prices of some of the larger units are also pushing price boundaries. The six skysuites range from $1.36 million to $1.7 million, while the 16 penthouses start at $1.07 million and shoot up to the presidentially priced $2.05 million.

Skysuites are just below the penthouse floor and have four or five bedrooms, with a living or dining room that opens out to a wrap-around open terrace.

Potential buyers of such units The Straits Times spoke to are mostly Housing Board upgraders or young couples receiving financial assistance from their parents. Many also indicated they are planning for multi-generational living.

Ms Kwek Pin Pin, 25, and boyfriend David Leong, 27, are eyeing a 2,788 sq ft four-bedroom penthouse that costs $1.45 million.

The couple, who both work for Mr Leong's garment manufacturing family business in Ningbo, have jetted back from China especially for tomorrow's launch.

Mr Leong said he is likely to take out an 80 per cent loan for the unit, and cites "good family backing" in helping him to afford it.

The project's proximity to the airport, the amenities in a mature estate like Tampines and the luxury hotel-style EC concept also appeal to them.

Mr Patrick Chu, 26, who works in the finance industry, also hopes to secure either a penthouse or skysuite. His budget is about $1.5 million.

"It is cheap compared to the private market, and as this project is in a mature estate like Tampines, it also has better resale potential compared to an estate like Punggol," he said.

Aside from the price point, Mr Chu said he and his girlfriend were not keen on the presidential suite as they prefer a higher proportion of liveable space.

While they might be able to afford an apartment of up to $1.2 million on their own with an 80 per cent loan, anything more expensive might require the help of his parents.

esthert@sph.com.sg
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#13
Probably partially sponsored by their parents
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#14
Below is what Dr. Tan said in his FB. I concur with him.


Dr Tan Cheng Bock, 28 Dec 2012.
Another unwise move
What is happening?

Last week l lamented SMRT going again into retail after having been told that they should stick to their core business of public transport.
Then l read in the ST A2 Dec that HDB has allowed private contractors to price its EC flats at sky high prices. I quote from the article. “Tampines EC ‘presidential suite’ to be priced at $2.05m.”

Public housing must always be affordable. EC housing is to serve the sandwich class Singaporeans who cannot afford private housing. This is the right move. Also allowing private developers to build is not a bad idea. It provides work for private sector and they introduce different concepts and designs. However they must not be given a free hand. There must be control over their work and expectations.

The reason is very simple. The land they tendered is subsidised. They are building subsidised housing for the government and because of this there must be conditions and responsibility.
I therefore agree with ST Forum writer Daniel SIM when he wrote in ST forum Dec 27
The free market should not be given a free rein to decide on its own, how big housing units ought to be. This is because the profit motive gets in the way of public welfare

How very true and well said. HDB must stick to its core purpose of providing EC housing for the sandwich class Singaporeans and not encourage private developers building 4,349 sq ft ‘presidential’ suite as reported. Subsidising a 2 million dollar flat? That could have been 3 units to alleviate the supply crunch!
This is another unwise move.
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#15
Wow, this Ms. Koh claims her family is "middle-class"? Who are they trying to kid? Huh Tongue The teacher's case sounds like it may be stretching it a little, buying a $1m+ apartment. But oh well, I always maintain that everyone loves a good lifestyle upgrade! Tongue

The Straits Times
www.straitstimes.com
Published on Dec 30, 2012
$2m Tampines EC penthouse sold in two hours

Businessman to pay bulk of amount for son who is coming back from the US next year

By Melissa Tan & Cheryl Ong

The much talked-about penthouse at CityLife@Tampines executive condominium was sold for $2.05 million within two hours when bookings began at 10am yesterday.

A woman who wanted to be known as Ms C. Koh and works in the banking industry said she had bought the 4,349 sq ft "presidential" penthouse by proxy for her 25-year-old younger brother and his wife, who are based in the United States.

Her brother will be back in Singapore next year, she said.

She was at the launch with her 56-year-old father, a businessman, who said that he would pay the bulk of the amount.

"My son can't afford it, he's only a salaried employee," he said in Mandarin. He said he owns several other private properties.

Ms Koh, who is in her late 20s, said that her family of seven, including her parents and two younger siblings, intends to live in the five-bedroom penthouse unit, which is on the 15th storey and has a 1,600 sq ft roof terrace. The penthouse is nearly as big as four HDB five-room flats.

The unit price translates to about $470 per sq ft but rises to $744 psf if only liveable space is counted.

The $2.05 million price tag has set a record for an EC and is the latest EC launch that comes with million-dollar price tags and fancy trappings such as outdoor terraces and jacuzzis.

The 514-unit CityLife, which is being built by Amara Holdings, Kay Lim Holdings and SingXpress Land, has 16 penthouses and six skysuite units with open terraces. The smallest penthouse is 1,335 sq ft.

ECs are a public-private housing hybrid and were introduced to meet the aspirations of the so-called "sandwiched class" who might not qualify for public housing but find private property beyond their reach.

Buyers of ECs, who enjoy government grants, must fulfil HDB criteria such as a $12,000 household income ceiling and must fulfil a minimum occupancy period before selling their units.

The launch of ECs with luxurious trappings has sparked a debate on whether the buyers should enjoy Housing Board grants.

Ms Koh told The Sunday Times she was not worried about the debate. "Why is there controversy? We're just a middle-class family."

Buyers at the launch said the Ci-tyLife EC was a value buy given its location in a mature estate with amenities such as the MRT station, the bus interchange and malls.

All the skysuites and penthouses were snapped up by noon and by the end of the day, 65 per cent of the development was sold.

Housewife Tan Pei Ling, 39, who bought a 1,432 sq ft four-bedroom unit for $1.17 million, said: "There is very good resale potential because of the MRT and upcoming Tampines Hub."

She plans to live in the unit with her 39-year-old husband, who is a teacher, their two young children and her father-in-law.

She said they will finance the purchase with proceeds from the impending sale of her current property, a five-room HDB flat in Tampines which she said was fully paid for.

Mr Adrian Teo, 40, who runs his own social media and marketing company, bought a 2,691 sq ft five-bedroom skysuite for about $1.5 million.

He lives in an HDB executive apartment in Upper Paya Lebar and plans to move into the skysuite with his parents, who are retirees.

He said: "The absolute price is quite high but on a per square foot basis it's reasonable."

CityLife is next to another EC project, The Tampines Trilliant, which was launched at an average $766 psf in February.

A private condominium in the same location would sell for at least 20 per cent higher, said Mr Ong Teck Hui, Jones Lang LaSalle Real Estate's national director of research and consultancy.

At private condominium Waterview in Tampines Avenue 1, which is farther from Tampines town centre than CityLife is, units between 4,155 and 4,768 sq ft sold for $501 to $532 psf two years ago and prices would have gone up by about 10 per cent since then, Mr Ong said.

melissat@sph.com.sg

ocheryl@sph.com.sg
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#16
Palantir was right. I suspect this is becoming a common practice (parents paying/ subsidising their children's accommodation).
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#17
This family is not middle class. Household mean income in sg is about 5k.... How to afford 2m ec? These guys are upper middle/high income group. Should be between 75-95% percentile. If I were them, would have just declined to be interviewed....
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#18
Many love publicity and to be in the limelight.
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#19
a lot returning 'mobile singaporeans' from US lately...i just got an ex-colleague's brother family also coming back from USA. parents loaded in sg and based in taiwan. all waiting to/already hoot the assets in singapore.
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#20
Is it true that this family of 7 forms a household with total household income < $12,000? My guess is that most of them are still earning income. Does the $12,000 ceiling apply to the entire household or only one couple?
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