CLOVER BY THE PARK versus BISHAN LOFT...?

YM has asked us for our opinion on CLOVER BY THE PARK versus BISHAN LOFT. Given the space limitation on our message box, we have chose to reply to his question on the main post.

The wife and I must first caution that while we are somewhat familiar with CLOVER (having been to the showflat a couple of times), we have never step into BISHAN LOFT ever so whatever comments we make on the later is based solely on our research from the Web.

So here is our stab on the question:

1. Apartment Status
CLOVER is a private condominium, while BISHAN LOFT has an Executive Condominium (EC) status. EC is basically an advanced version of the old HUDC apartments - EC are now built by private developers and are fully privatized, but buyers (especially for newly built EC) have to adhere strictly to certain Government (HDB) laid guidelines and eligibility conditions. Two such eligibility conditions regarding resale of EC are

• First-hand owners of EC can only resell their apartments in the secondary market after five years. After the initial 5 years, they can only sell their apartments to Singaporean and PRs.
• Foreigner can only purchase EC from the secondary market after 10 years, when all restrictions are lifted.

With private condominiums, no such buying/selling restrictions exist. So buyers of resale EC may be faced with a smaller pool of suitors should they decide to resell their units before the 10-year "time bar".

In terms of facilities provided within the condo, there is usually little difference between private and EC, as both are typically full facilities projects.

2. Apartment Availability Status
Resale units in BISHAN LOFT (TOP in 2004) are currently available in the secondary market. However, you have to wait till at least December 2012 before you can move into CLOVER. So for those buyers who needs an apartment like…NOW, CLOVER is not really an option unless you are prepared to go on rental somewhere else (or bunk in with your folks) while waiting for the condo to TOP.

3. Apartment Sizes
This is where our comments may be questionable: We understand that the typical 2 and 3-bedder unit in BISHAN LOFT is 1100-1400sqft, while the 4-bedder is 1400-1500sqft. There may be bigger 3 and 4–bedroom units in this condo, but we have failed to find any during our search, excluding the penthouses, of course.

Assuming the above is true, and if you are looking for bigger apartment units, then CLOVER is probably the better choice. Their typical 2 & 3-bedders are 1300-1600sqft, while the normal 4-bedders are almost 1750sqft.

4. Project Location
This is one where BISHAN LOFT certainly has the advantage. It is located within a stone throw (ok, make that about 600m) away from Junction 8 Shopping mall and Bishan MRT Station. You will probably have to take a bus (or drive) to get to these locations from CLOVER, as walking will take you a good 20 – 25 minutes at least.

5. Price
This will probably be the top consideration for most potential buyers.

A check on the URA website reveals that from Sep 2009 to Jan 2010, a total of 14 transactions were concluded at BISHAN LOFT at a price range of $675 – $795psf. There was a lone transaction in Jan 2010 for an 1130sqft unit at $801psf.

At CLOVER, the price range for transactions concluded from Sep to Dec 2009 is $670 - $880psf. No transaction is recorded for Jan 2010 yet, but 9 transactions were done in Dec 2009 alone at prices ranging between $713 - $848psf.

In summary, whether you choose BISHAN LOFT or CLOVER will largely depend on factors like:

• When do you need the apartment – i.e. in the next couple of month, or next few years?
• New versus Old – are you happy with a resale unit, or are you prepared to wait a few years for a new project to compete?
• Location – especially if you do not own a car
• Unit size – do you need a bigger 4-bedder, or will a 1500sqft apartment suffice?
• Price – how much in terms of price quantum are you prepared to pay?

On a personal note, we expect an upward price adjustment for CLOVER in the coming months, as we understand that almost all the “good facing” units have been sold. And when you consider the prices that neighboring projects like Trevis and Centro Residences are now asking, there is certainly some price upside potential for CLOVER. Having said that, everything is based on the assumption that the economic conditions do not head south - this is anybody’s guess at the moment.

Anyone else has more to add on this subject, or a differing opinion maybe? It will be great to start a discussion thread in the “comments” section of this post.

Oh and by the way, SG PropTalk is exactly 2 months old today!

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