Tuesday, May 4, 2010

Another trip... nearly another buy...

Nearly is the keyword here. S$704k for a 517sqft freehold apartment on the 16th storey with cityview and seaview. Works out to approx SGD1361psf/HKD7500psf. The development, slated for completion in 2013, is just outside an area designated for low-rise developements (5-storeys max.) so it has a guaranteed view of the city skyline. And you get a parking lot as well.

I bought my apartments at SGD660psf(end 2006) and SGD820psf(mid 2009). Asking prices for apartments in the same district are going for SGD1100 to SGD1400.

A similar 504sqft leasehold apartment in a Kowloon district sells for HKD2.6m. Works out to HKD5158psf. After deducting the invisible spaces you will get approximately 380sqft. Now that changes the psf rate to HKD6842. HKD7500psf for a freehold apartment w/ carpark in SG VS HKD6842 for a leasehold property in HK... Seems like SG properties are really catching up with HK properties...

We would have tied all our remaining cash to the property if we went ahead with the deal. Great if we can flip it for a profit immediately, disaster if a Lehman Pt 2 were to strike... Nearly took out the chequebook to place the 5% downpayment for the apartment. And then on the very night divine intervention stopped us in our tracks. Talk about a timely intervention...

I might regret this in 3 years...

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