Consider a district 12 property, selling at this kind of price and high take up rate, does it feels like a bubble brewing?
Of course it was the price that totally put me off! The stamp duties and legal fees are not even absorbed. The sales agent even has the cheek to ask me to pay a 5% booking fee within 15 minutes of viewing. He thought I was buying vegetables in the market.
I would have to pay 3% more if I opt for interest absorption and payment deferment.
Consider Vision Crest, a district 9 property near Plaza Singapura. It was initially launched at $1100 PSF in 2003 (recession) and peaked at $2500 PSF. It is currently selling about $1650 PSF, which has an average of $5.92 median rental (1Q09 data).
As I stated in my earlier posts, I am still looking for a $600 PSF freehold property near novena area, for investment purposes. The current prices will definitely be unsustainable as the recession’s impact has yet been unleashed.
I foresee some cheap lelong sale coming up in 2010 and 2011 when the backlog of properties are being cleared by developers and huge influx of projects TOP.
Hopefully by then I have enough cash and CPF to scoop up nicely TOP apartments and can see what I buy.