High profile projects are being planned within 3-4 kms of Teresa Ville, which is one of the very few FREEHOLD estates in this area. For the first time in recent history, South Zone is begining to be in the limelight. And as we all know property values are determined by ... location, location, location !
We welcome your views on this.
A resident gave us this link today, which does not appear full in the comments. So we have copied it here for your ease.
Find this article at:
http://www.time.com/time/magazine/article/0,9171,1624897,00.html
Latest update
• Teresa Ville Protem Sales Committee (TVPSC) met on August 25, 2007.
• In responses to invitations to 5 Property Agents and 5 Legal Consultants, there was positive response only from following property Agents
o Jones Lang LaSalle (JLL)
o Huttons
• None of the invited Law firms accepted their invitation.
• In last week of August 2007, a number of amendments in the Law governing process of Collective Sales were proposed. These proposed changes also include process of selection of Property Agents and Law firms.
• On recommendation from one of the subsidiary proprietors, an invitation was sent to a Law firm named De’souza Tay & Goh, who agreed to meet.
• On September 1, 2007, all 3 above mentioned firms met TVPSC members.
o De’souza Tay & Goh law firm presented their credentials and briefly explained salient points of proposed changes in Law. As per their view, Teresa Ville Protem sales committee shall be deemed as lawful, as it was formed in a duly convened EOGM.
(This is one of the requirements in proposed changes in Law. )
o JLL had a discussion with TVPSC members, who suggested that they should wait till new Law comes in force, before proceeding further.
o Huttons, gave a formal presentation on their experience and proposal to act as the Marketing Agent..
• Following TVPCS members submitted their resignation as committee members, due to work commitments –
1) William Phua (August 20)
2) Jacqueline Boudeville (August 24)
3) Philip Ang (September 9)
4) Kum Kong Chan (September 13)
In meeting of August 25, members unanimously agreed that since there were sufficient number of committee members, instead of looking for replacement, committee would continue to function with remaining members.
• Despite proactive efforts to invite more Property and Legal firms, there was not much success in getting positive response. It is a general presumption that most of Property Agents and LawFirms are waiting for the new Law to come in force (expected in October 2007). They might like to study impact of new law on scope of their role, responsibilities and costs before giving a serious proposal.
It is therefore decided that instead of evaluating only limited number of candidates and proceeding further, they should wait till the new Law is in place.
TVPSC shall now meet, only after the New Law is in force and shall proceed as per the provisions of new law.
Thank You..
Update...
A quick update
EOGM was convened on 28 July Saturday at 3:00 pm at Function Room 2&3 in TeresaVille, & following :
(1) 59% quorum was achieved
(2) 76% of the quorum voted "FOR" collective sales.
(3) A Reserve price of 850+ million for the entire estate was fixed by majority vote. (proposed 800+, 850+, 900+)
(4) A sales Committe of 15 members was selected & endorsed.
Any comments/views, please share in the post below. Cheers !
EOGM was convened on 28 July Saturday at 3:00 pm at Function Room 2&3 in TeresaVille, & following :
(1) 59% quorum was achieved
(2) 76% of the quorum voted "FOR" collective sales.
(3) A Reserve price of 850+ million for the entire estate was fixed by majority vote. (proposed 800+, 850+, 900+)
(4) A sales Committe of 15 members was selected & endorsed.
Any comments/views, please share in the post below. Cheers !
3 comments:
Kampong Bahru will have a new MRT station.
This a good news for us.
I was chatting with a friend, whose parent stays in Kampong Bahru. He told me that his parent block has been selected as SERS. This is enbloc equivalent for HDB. They will be moving to a new place, which the govt is currently building.
Today, I went to see the walk-up HDB apartments there. True, enough the whole complex from block 17 to 31 have been SERS. There is a notice on every block. Just go there to see it yourself.
This place is within 1km to Teresa.
Iwan Rahabok, Blk 1005, #22-03
"Singapore Soars" says TIME magazine.
• Find this article at:
• http://www.time.com/time/magazine/article/0,9171,1624897,00.html
This article says all about the boom time ahead for Singapore, and Teresa Ville sitting squarely 3kms from the "twin suns" around which all the developments are going to revolve. There can be no better location to be in at this point of time. So guys just wait for 2 years & watch your property values soar !
Most of the sizes in Teresa in are very large from 1400, 2000, 4000, 5000 and 6000 sq ft. The majority is 2000 sq ft.
I think the trnasaction price of $580 per sq ft is low.
Even this rises to $1000 per sf on enbloc is consdiered low.
This is when we used it to make comparison with other recent high-end price of properties in the prime areas.
Honestly speaking, large units are now prized in the market. But this kind of size is expensive when compared to prices of those newly launched units in prime area.
However we must note that there is already a separate pricing market between the old and new condo.
The price distinction is strategised by developers to differentiate the old and new condo units.
The differentiation is the quality of location; the finishes and so on.
It was established to make a different from exisitng older estate when they launched their new condo in the market.
It was clear that developers have foresight that higher price still has buyers who are interested in their units.
This also because high purchasing power of foreigners coming to stay here.
Rental on large unit size flat is expensive, too.
Therefore, in my humble opinion, residents should maximise your potential to rent out your flat instead.
But as most owners are owner-occupied, this idea of renting out is not feasible.
The potential to harness from its high rental possibilites will not help the residents to profit some income from it.
Given the underdecided situation, the key to decide is to find out if it is worth the price to enbloc it or not.
The existng comfort of living in a large home should be compromised should be the first consideration of it.
In other words, can you find a large sized unit similar to unit and at the current psf price of your unit - which is currently at $580 to 600 psf.
If the enbloc price is merely $1000 psf on your flat, then it is not worth to enbloc it.
If the enbloc price is offered at market price of those newly launched $2500 psf units located in prime area like River Valley road, then residents should consider it.
That means the enbloc price should about, for example, $2500 psf x 2000 sft of your current flat.
This will give you a cool $5 m enbloc price for it.
It is necessarily to factor an extra for price escalation in a forward position for, say, 4 yrs from the enbloc sales, at say, $1000 psf per year.
The 4 years is based on 4 years period that a typical new condo will be ready for move-in after a sales and purchase agreement was made.
This cost is also to compensate for rental of flat during the 4 years period of waiting for their new flat to be ready.
So, you should add another $4000 psf (for 4 years)into the enbloc price to your flat.
This means the enbloc price should now rise to $8000 psf on your current flat.
This will mean $8000 psf x 2000psf of your flat. This will give you $16 m for it.
This price is cool.
With average enbloc price of $16 milllion for each resident, it is worthy to consider the sales of the the estate for it.
So residents please aim for an average target price for $16 million each.
Kimari Tan
Resident of block 1006
Post a Comment