.
According to The Straits Times, a total of 12 en-bloc sales have already been sealed in 2011.
More are in the pipeline, as around 24 collective sales tenders have entred the market this year - the latest being Pearlbank Apartments, which was launched yesterday.
Some observers say that between 10 and 20 more sale sites could hit the market this month and next. Other expect the total number of collective sales this year to beat last year's figure in terms of volume and total value.
Last year, 34 sales worth $1.7 billion were sealed.
So...a show of hands from those of you who think that the Pine Grove collective sales will be sealed when tender closes next Tuesday (April 19)?
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I doubt very much that Pine Grove collective sale will go through given the large quantum of money involved. It would rule out many of the small developers and leave only the large developers to contest. Even the largest, Capitaland had to partner with HPL to acquire and develop D'Leedon. Given that Pine Grove requires an even larger quantum, and the fact that Capitaland has not finished selling D'Leedon, they probably would not risk another major investment.
ReplyDeleteHowever, Pine Grove still is a very attractive parcel of land in a very good location with many possibilities to develop given its large site area. I for one and hoping for it to go through since I recently bought the neighboring The Trizon(higher prices!!!) although I would probably not be getting my hopes up high in light of the above paragraph
Dr House: Ooh...another 'House' fan?! The wife and I also share the same sentiments about Pine Grove but that is as far as the similarities go -The Trizon is simply too... rich..for us. BTW, do we know you?? :)
ReplyDeleteHaha, my "house" is a play on the fact that I'm in the healthcare line and that I'm commenting on houses on your property blog on houses. I do enjoy House (the show) although sometimes when you're doing the same stuff (just not so dramatic), the last thing you want to see when you get home from work is the same thing. But I do see why so many people enjoy it, Dr House is a pretty funny guy and I do enjoy dead pan humour.
ReplyDeleteI probably dho not know you but I've been following your blog since Jan 2010 when i bought the Trizon and searched for reviews and your blog came up. I do enjoy your mostly objective reviews, but seeing that you were considering the Trizon previously and Binjai Crest, I cannot agree that The Trizon is too rich for you unless you were thinking about the penthouses ahahaha
Do you live around the Pine Grove area as well? =)
In contrast with Doctor House's comment, my assessment is that 2 to 3 consortium-based submissions would be coming in at the close of the PG tender with bids greater but not significantly above the reserve price. One of more could be foreign partnership (PRC/HK/ME) with a big local property developer. Keep your finger crossed!
ReplyDeleteKeeping my fingers crossed.
ReplyDeleteI am thinking of Trizon or Allsworth. Can you let me know the pros and cons?
ReplyDeleteAllsworth is not as expensive as Trizon. With a little renovation, it may look as nice (interior)as Trizon.
But the oversupply issue is very real, prices just can't keep on moving up...or can it?
Anonymous (17/4/11, 11:11PM): If you are looking for modern facade/facilities and fuss free (e.g. no need for extensive reno, no worries about corroding water pipes or electrical wires), then Trizon is a non-brainer. However, if you are like us who prefer to have more usable sqft for our buck, then Allsworth is probably a better choice. We do find the balcony/PES in Trizon a tad too big for our liking. Furthermore, you probably are aware that areas like the aircon ledges, private lift lobby, the space just outside the main door etc etc are all included in the total area of the Trizon unit that you buy. Thus a 1500sqft unit in Allsworth will most likely be more spacious than a similar-sized unit at Trizon.
ReplyDeleteOn your "price" question, it remains a fact that prices are still rising albeit at a decreasing rate. However, unless the Singapore property market trend has changed totally, it still works in cycle so what goes up will eventually have to comes down. But the million dollar question is HOW SOON and that is the one that we cannot answer as yet (else we be rich!). Hope the above helps and good luck!
City Developments indicated its joint venture has secured a S$1.6 billion (US$1.3 billion)loan partly to finance the construction of South Beach, a commercial development in Singapore.
ReplyDeletePart of the funds will also be used to refinance the S$800 million bank loan facility for project which is a joint venture between City Developments and Malaysia's IOI -- per REUTERS
Does anybody know of the latter's project with IOI? or is it to bid Pine Grove? We will know tomorrow!
No... CDL and IOI have teamed up for the South Beach project - check last week's BT and ST reports.
ReplyDeleteHaha, I too am keeping my fingers crossed, it just seems to me that from the above comments, you would see that both Capitaland (D'Leedon) and CDL (south beach project), have both committed huge funds to other projects which have yet to cover their costs at this present point. The only other big developer left is Far East organisation, hence you can see the reasons for my pessimism. I would be only too happy if there was a bid for PG,especially if it was FEO simply because they love pricing their projects > 20% higher than surrounding areas, case in point Jardin vs Suites de Laurel.
ReplyDeletePertaining to the question regarding Trizon and Allsworth park, I do agree with PropTalk's assessment that choosing Trizon is a no brainer if you prefer newer developments and facilities. I am of course naturally biased considering I did choose Trizon over Allsworth Park. The reasons are not only much newer and bigger facilities, the primary difference is location. While one may argue that you can take the shuttle SBS bus to buona vista MRT for both developments, you can walk to dover MRT in 7-10 minutes from Trizon, but there is no MRT within walking distance from Allsworth Park. Trizon is built on higher grounds compared to Allsworth Park. For a difference of $100-%200 psf between the 2 at current pricing, I would still choose the Trizon, even if they have bigger balconies ( I like balconies by the way! )
Allsworth has en bloc potential. And its a little nearer Orchard Road.
ReplyDeleteYes Allsworth has en bloc potential. Which could be a good or bad thing depending on whether you are buying to stay or investment. Imagine if you renovate it and then few years time you need to sell for en bloc. Having said that, if you buy Allsworth now at $1300 psf, and it was sold en bloc for higher, it would be good for both owners of Allsworth (get money from the sale) and Trizon. (get capital appreciation)
ReplyDeleteIt is nearer to Orchard, 0.5km nearer. But compared to walking to MRT or closer to orchard by 0.5km which is better?
Doctor House (18/4/11, 9:19PM):
ReplyDelete$100 - $200psf difference between Trizon and Allsworth?! Try in excess of $300psf!
And we forgot to mention about the bay windows at Trizon... another something that we can really do without. :-)
Anonymous (18/4/11, 11:16PM):
Our respond to your question will be - it all depends on how frequent you take the MRT. :-)
And given our kind of weather (i.e. either terribly hot or rainy), the walk from Trizon to the MRT Station may not be all that pleasant...
Yes of course. I stand corrected. As it stands now, the pricing of Trizon is between 1450 and 1700 psf. Difference is between $250-350 psf between a brand new condo and one that is years older. Taking into account the whole picture, that would be a difference of 20%. I guess it really is up to the individual whether or not a mark up of 20% for a new condo vs an older one is worth it.
ReplyDeleteNow on to other things, Pine grove tender has closed this afternoon. Anyone out there has the latest news i wonder??
Hi Dr House
ReplyDeleteHow is Trizon coming about? do you know when is it going to TOP?
I been there once recently and thot the color scheme of black and white combination looks weird. What do you think?
BTW, i have a vested interest.
hear from you,
Roy
Hi Roy,
ReplyDeleteI heard Trizon is going to TOP Q1 2012, latest Q2 2012.
I have seen the black and white colour scheme. I think it makes this development stand out amongst its neighbours which are mostly painted in the mundane white or cream colour. While the colour scheme is not your typical run-of-the-mill combination, the architects have been bold and modern in their design and would urge you to reserve judgement till the whole project is completed. Black/grey is a colour that ages well compared to white. Needless to say, I am holding my breath in anticipation to moving in.
May I ask how vested are you in the Trizon?
Cheers!
Hi Dr House
ReplyDeleteThanks for your reply.
Actually i like condo that has a grey/black scheme, for example, like the Marq, i love it very much, it make it more classy. However, my comment on Trizon is more about the white part and not the grey/black part. I certainly hold my breath till it complete to see the overall.
I bght a 2bedders (1044 SqFt) soon after it was launched. Move in or renting out, i haven't decide. Do you know what is a reasonable rental rate for a 2bedders in Trizon?
Thanks
Rgds
Roy
Is "Doctor House" persona, the same as "Folks@Prop Talk"? I love the facade. It looks exclusive.
ReplyDeleteDo you think there will be any fire-sale? Am looking out for a unit (3 bedder) :)
Hi Roy,
ReplyDeleteGood to hear that you like the black/grey as much as I do. I figured the black/grey scheme looked nice on the artistic impressions, but the real product looks even more impressive.
Rental rate should be similar if not higher than nearby Marbella ( Marbella is 7 years older) which is going at $4.46-4.82 psf from the latest rental information released by URA for 3Q 2011. Given that yours is a 2 bedder, you can hope for a rental of above $5 psf IF the economy holds up.
Hi Annoymous (21/11/11 9:34am)
I will leave the Folks@Prop Talk to clear this one up regarding if and whether we are one and the same. Haha
As for the fire-sale, I wish you good luck as anything can happen if there is an economic downturn. Having said that, I think most Trizon buyers have deep pockets. When it was first launched, The Trizon targeted mostly long-term investors and stayer-occupiers. Even though the Interest absorption scheme was still available, the developer opted for the progressive payment scheme to deter speculators. Also the large unit sizes adds to its exclusivity and weeds out these speculators who mostly target smaller units to flip for a quick buck.
Just my humble opinion of course. I am no expert.
The wife and I certainly do not want to take the shine off the good doctor by pretending that we are one of the same. And besides, Trizon (or any of them new developments around Holland/Ulu Pandan for that matter) is waaay too rich for us to handle... :)
ReplyDeleteOur sincere thanks to Dr House for being the "resident doctor" for the Holland/Ulu Pandan area, especially Trizon!
OK....its just both persona write in the same very easy to understand prose...almost the same writing style. : ) I enjoy the insights.
ReplyDeleteSo Dr House,
ReplyDeleteHave you moved into Trizon now that its TOPed? =)
Just curious (as a neighbour) :)
No, I'm still getting the contractors to do the defects. If fact, I'm not sure if anyone has moved in yet. Haha. Which stack did you buy?
ReplyDeleteHi Dr House
ReplyDeleteI am just contacted to collect key after settling the bill. Any advise?
rgds
Roy