Forum Replies Created
I think those that could afford a speculative 3 million dollar investment in the first place already had plenty of reasons to be happy.
The top end of the property market is a different game to the other property markets. Big winners and big losers, not too much in between.
Fundementals. For Singapore I look for what expats are looking for. Good sized rooms, nice facilities, good transport and above all, ensuring no construction to happen in the near future. There is nothing an expat hates more than being woken up to pile driving at 7am on a Sunday morning.
I’d also look at good sized older apartments that will turn around nicely with a reno. New kitchen, bathroom and fittings will make it very appealing to an expat family. It generally needs to feel nice. I’m sorry I am vague but it’s hard to quantify. Buildings age quickly in Singapore’s humidity so you need to mind a body corporate that make an effort to upkeep the complex.
CF+. My goal is to find a place that will require minimum outlay for me. This would include BC fees which can be quite high. I am looking for a gross return of 9% or more.
A friend recently sold a 3+1 in Pebble Bay. He sold it for 1.6 Million yet rental income if 6.5k per month. This is an example of a property I wouldn’t buy despite being a well located and looked after complex.
Also, to add, not being a PR, I can only limit my research to Condos and a few landed properties due to the governments restrictions on propertry purchase for foreigners.
Hi Kenneth,
The data I used isn’t very scietific. Mainly from contacts I have and the also the commen rental database that all agents use. You can find links to search at http://singaporeexpats.com. Most agents have access and they generally cover all listed apartments that are listed by agents. Straits Times is good for rpivately listed apartments.
Our search was confined to the East Coast, Tanjong Rhu area. Costa Rhu, pebble Bay, Waterside, casurina Cove etc. I’ve always stayed in this area and have a fair indication of what the market is paying.
The off-the-plan specs are risky if you ask me. While I agree some places like the Sail and Sentosa Cove have seen paper increases, you need to keep in mind that these are multi-million dollar properties. I think the average price for Sentosa Cove is in the 5 million mark. That sort of price range is out of my league so while it’s possible for some, it’s not for me.
I’ve been living in Singapore on and off since ’97. While I do think now is as good a time as any to jump in, I’m still cautious and watching what happens. Last quarters property price growth was 1.5%. Hardly going to make 10%.
I’m also amazed that anyone can make the following claim “Vacancy rates are very low now. Rental is high.” There is a glut of apartments on the market and it’s most definitely a renters market. Landlords are desperate to get people in and during our last apartment search, 4 months ago, we had prices tumbling 30% from their advertised prices, and these are apartments we looked at because we felt they were realistic prices for the condos they were in.
The day of the expat on a full expat package is gone. Most foreigners here today are on local or semi-local terms. Gone are the $14k monthly housing allowance for the most part. It’s not easy being a landlord now.
But in saying that, I have a couple of agents looking out the CF+ for me. When they pop up I am happy to do the necesary DD and I’ll be happy to invest if the fundementals are right. But don’t kid yourself that there is a shortage of empty apartments around.
I wonder if you can get earthquake insurance on buildings, and if so, what the premiums are.
Thanks for your kind offer MH.
Originally posted by Mortgage Hunter:
His second sentence actually credits the fact that his first had no basis – simply something he made up.If this gets emotional and abusive then it will be locked.
Point taken. But I didn’t state that people had lost money at this point in time.
It would be nice if you showed the same consistency of pointing out borderline accusations by other posters as well.
Why should the thread be locked ? I thyink it’s important information seeing the D were being advertised all over this forum by members. It serves as a good warning to people next time someone floats another hairbrained idea that has no realworld experience to back up their claims.
personally I find the hype that was generated over Interest Free Home Loans on a par with property investment gurus spruiking their “secrets”. Luckily in this case they shut up shop before too many people lost money.
Actually, did anyone lose their Loan Application Fee ?
I do.
I think it’s more likely a general downward trend reflective of the market in Sydney. After such a massive run up in prices, to a point where anyone not in property is now severely disadvantaged from entering, it’s only natural that we’ll see retraction. My guess is that the retraction will be as dramatic as the boom, which in this last phase was pretty dramatic.
Rob dear, not everything I write is directed at you personally.
My post was generic in nature, offering some insights into how agencies work and how an example of someone we rejected due to their personal website.
Recruitment Agencies will only put forward candidates they feel will be suitable for the job. If they start putting forward any lame duck, their clients, the hiring firms, will very quickly get annoyed with them and stop doing business. I can only guess that they are unwilling to risk it with you.
Most Agencies employ extensive background checks on candidates. Google is an agencies friend and can often reveal interesting information about a client. It’s amazing how many times we’ve rejected people purely on their activity on the Net.
Word of Advice. If you have a website detailing how to survive in the workplace without doing any work, no matter how satirical that site may be, don’t go looking for work in the IT field without removing all references to yourself first !
If it makes financial sense and the numbers stack up, go for it.
But I live by the adage “Don’t try and catch a falling knife”.
For what you need, the HSBC Online account sounds perfect.
Originally posted by Nobleone:…After much disbelief that in this day and age of technology they could not just tell the computer to do what I was asking and even threatening to close my accounts and move to another ISP here I am stuck between a rock and a hard place coz I want to keep those sub addresses but I don’t want the spam….
I find that sort of thinking equates to that of someone who buys one of Steve’s books, reads it and then is incredulous when they can’t find CF+ property within 5 mins drive of their middle class suburban Sydney home.
Computers aren’t really magical and often what seems to be the simplest thing can be very difficult to try and implement…
Edit: Wrist slapped, content deleted
I’m not too emotional about where we rent. We pay the going rate for what we have and where we are. Thanks largely to my partner, who is almost neurotic about cleanliness, we keep the place in as new condition and have always been thanked by agents when they come to visit.
If we come across a landlord that for the sake of principle wants to raise the rental, when I know I can find similar elsewhere for a lower rent, then I won’t hesitate to move. We go above and beyond our duty to keep the landlords investment in top condition so I won’t tolerate having ‘principles’ applied on me.
This is also how I act as a landlord. I am currently allowing a tenant to live in one of my places at a rent that is below market for the area. He has been there for 4 years now and treats my investment as if it is his own house. It’s as good as it was, if not better, when he moved in. I won’t risk losing him for the sake of $30 a week. I could esily end up with the tennant from hell.
Every situation needs to have the pros & cons examined and the decision based on what is ultimately best for you and your investment.
I wouldn’t mind if my landlord tried to raise my rental. It would be just the catalyst I need to go and find a nice, newish inner city apt to rent from a desperate landlord.
Citibank are 5.4% and have been for a while. No fees.
Bankwest has 6% on a 12month honeymoon rate.
Ah, well spotted Derek. You’re right, Navra’s rental reality is based on solid fundementals but captial gain is key to it.
Not sure if any advisor would concentrate on positive cashflow in this environment.
