I was there around 4pm which was early, because the talk starts at 4.30pm. Meanwhile from 4-4.30 pm, Mr Chen from Far East Organization brought me around to see their show flats and told me more about their project 'Jardin', which is situation in Bukit Timah
The price of Jardin is @ SGD1250 psf . Though it is freehold, it is rather pricey as I found from 'The Edge Magazine' that a nearby Maplewoods condo, that is also freehold was transacted at $817 psf just within the week of 13-26 March.
Here is the rough cost of an apartment:
2 Bedroom => 958 sq feet => SGD 1.12 million
2+1 Bedroom => 1098 sq feet => SGD 1.39 million
Now back to the talk, it lasted from 4.30pm to around 5.30pm. It was rather informative, a little more than what I can find from the property reports that my broker sends me. These are some details :
- Most high private property prices has drop 30% since its peak.
- 80% of buyers are Singaporeans, while the rest foreigners.
- Out of these 20% of foreigners, around 25% are made up of Malaysians, the other 25% Indonesians.
- Usually the volume of the number of transacted property units coincides with the general price trend of the property market. I.e when the prices were sky rocketing a few months back, there was A LOT of sales transaction. And now, with the crisis, though volume has dropped..but the price has not dropped as much. The reason being, developers are still hesitant to do a major adjustment of their prices.
- The government is spending around S$40 billion on the Integrated Resorts.
- And another S$40 billion on transport and infrastructures.
- Government is pushing forward the bukit timah's MRT construction by a year or two.
After the talk, while waiting to speak to one of the Citibank's Home Loan specialist, regarding an interesting Cash Management Account,Mr Chen brought me to the condo next door, Garden Vista to look at their last remaining unit. I shall update this is my next post...