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Topic: Sims Ville Condominium
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 Sims Residences Condo
Read 10542 times
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Cecil Lee
Rank: FS Experts
(Geomancy.Net Founder)
Location: Geomancy.Net
Posts: 12271
Joined: Dec 1998
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Sims Residences Condo Cecil Lee Cecil Lee support@geomancy.net
Sims Residences Condo
Location: Lorong 39 Geylang
Developer: MCL Land Ltd
Tenure: 99 years
TOP: This year
Total of 112 units comprising 2 and 3 bedrooms
Location:
http://www.streetdirectory.com.sg:8080/map.jsp?x=34414.0&y=33157.0&star=1&xyfile=&level=7&heading=8+GEYLANG+LORONG+39%2C+SIMS+RESIDENCES+%28387882%29&oldX=34414.0&oldY=33157.0&postal=387882&Click+Any+Point+To+Centralise+Map.x=202&Click+Any+Point+To+Centralise+Map.y=161
This condo is just opposite the Sims Ville condo. And is close-by to the Paya Lebar MRT station.
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My comments:
1. Fortunately for the residents, MCL Land's pricing for this project is quite reasonable in-view of the high costs; that developers had to pay for the lease of the land.
2. Dislikes about this site: Close to the mosque.
3. For the fire station - this can be a double edged sword! Touch wood - should a fire occur; I believe, response time should be fast.
4. Nevertheless, let's look at the p.s.f. for this development:-
4.1 In 2000, the first opportunity to sell this unit `second-hand' price ranged between $480K to $530K p.s.f.
4.2 In 2001, the price dipped to $436K to $456K p.s.f.
4.3 In 2002, the price dipped to as low as $329K to $440K
5. In my opinion, many owners still made a PAPER loss. But, because, they purchased their apartments at a lower p.s.f, this paper loss (altough is painful) but is much lower than that of say .. the Sims Ville condo saga.
Therefore, Feng Shui or no Feng Shui; nowadays, no one can make much from 99 year leases - especially if they had purchased their units way above in my opinion, the threshold of not exceeding $450K.
Warmest Regards,
Cecil
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| Topic (1/2): |
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Sims Ville Condominium
Read 10419 times
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Cecil Lee
Rank: FS Experts
(Geomancy.Net Founder)
Location: Geomancy.Net
Posts: 12271
Joined: Dec 1998
|
Sims Ville Condominium Cecil Lee Cecil Lee support@geomancy.net
Sims ville condominium
Location: 2,4,6,8 and 10 Geylang East Avenue 2
Developer
Sims Place Reality Ltd (CapitaLand)
In true fact, this property was developed by the former DBS Land. But because of Monetary Authority's requirement for Banks (Development Bank of Singapore - DBS and other banks to divest their property arm).
Tenure: 99 years
TOP: In 1998 (around 6 years ago)
Total number of units: 522 units consisting of 2, 3 and 4 room apartments.
Location Map:
http://www.streetdirectory.com.sg:8080/map.jsp?x=34242.66&y=33262.895&star=1&xyfile=&level=6&heading=15+JALAN+SUKA+%28399443%29&oldX=33512.41&oldY=32699.5&postal=399443&Click+Any+Point+To+Centralise+Map.x=191&Click+Any+Point+To+Centralise+Map.y=183
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1. In my opinion, many who had wrongly `speculated' on properties in the mid 1980's got their hands (mouth and feet) burnt to a crisp!
2. This site TOP in 1998 and construction started way back in mid 1980's.
3. At this period; many did not foresee the glut of new condominiums. This is a typical Singapore - scene. Whenever, companies felt, that they could make profits, nearly every local company will try to `dip their hands' into becoming a developer.
4. As a result, many (HDB) upgraders and new couples; now prefer to purchase a `brand' NEW condo rather than purchase one that is several years old!
5. The main advantage of this condo is that it is a stone throw away from the Paya Lebar MRT station.
6. Unfortunately, it is surrounded by a temple, and next a muslim mosque. And practically, most of the blocks next to the MRT line can be pretty noisy.
7. Subsidary proprietors who had purchased many of the units in the heydays have truly burnt their fingers!
For example:-
In 2000, depending on the storey/level, apartment prices can range between $580K p.s.f to as high as $682K.
In 2002, prices dipped to as low as $420K p.s.f or to the high of only $520K p.s.f.
Today in 2003; some units are sold for as little as $410K or less!
Therefore, the morale of the story is that: for a 99 year old lease, try, try your best to buy one that is around the $410K to $450K mark depending on the location/near vicinity of MRT etc...)
Anything more, may mean a loss. And if one uses one's CPF or a higher loan quantum, this is a REAL loss. Not just simply a PAPER loss for now.
Warmest Regards,
Cecil
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Copyright 1996-onwards Geomancy.Net, Cecil & Robert Lee. All Rights Reserved.
International Copyright & Intellectual Property Rights Notice
All messages posted TO THIS SITE which includes this forum and other contents made accessable by us to the public cannot be copied; reproduced; recompiled; stored in a retrieval system; or transmitted, in any form or by any means; electronic; mechanical; photocopying; recording; or otherwise. - Learn more
Please kindly contact us at support@geomancy.net. if you should encounter any breach of Copyright and Intellectual Property rights. Thank you in advance!
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