99 yr Condo units sold out in 3 days

[makapaaa]

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Coffeeshop Chit Chat - 99 yr Condo units sold out in 3 days</TD><TD id=msgunetc noWrap align=right>

Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt22 <NOBR>

</NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>7:56 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 5) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>18236.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD>Aug 3, 2009
</TD></TR><TR><TD><!-- headline one : start --></TD></TR><TR><TD>Sold out in 3 days <!--10 min-->
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Joyce Teo, Property Reporter
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The 99-year leasehold condo, to be built right next to Tanah MRT station, had attracted queues days before its launch. -- ST PHOTO: STEPHANIE YEOW
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A 297- UNIT condominium Optima@ Tanah Merah has sold out three days after its public preview on Thursday.
Units were sold at an average sales price of about $810 per sq ft, said developer TID in a statement on Monday.
The 99-year leasehold condo, to be built right next to Tanah MRT station, had attracted a queue days before its launch.
Demand for it was so strong that the developer TID had to hold two rounds of balloting. About 600 ballots were cast.
There was a good mix of buyers, including HDB and private property owners, said TID.
Optima is expected to receive its temporary occupation permit by 2014. In a separate statement on Monday, Far East Organisation said it has sold 93 out of 144 units released at Centro Residences in Ang Mo Kio. Prices at the 34-storey, 329-unit condo started from $1,100 psf.


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[makapaaa]

 

[singveld]

what a bunch of monkey see monkey do idiots.

i hope to see they all jump condo when negative equity hit them.

 

[Watchman]

Mostly agents who still got some cash to speculate hoarding the units !

 

[Meltdown]

what a bunch of monkey see monkey do idiots.

Can't agree w/ U more!

Only idiots will buy leasehold properties that they'll never own!!

 

[Watchman]

Leasehold properties ! Will remain to be slaves of the regime !

 

[borom]

Many are hoping to flip it for a quick buck. The way to teach these speculators a lesson is to buy new/under development properties only direct from the developer.
The govt is not doing its job by allowing deferred payment until TOP is obtained.We should go back to the progress payment scheme to end this crazy speculative froth.

 

[hairylee]

what a bunch of monkey see monkey do idiots.

i hope to see they all jump condo when negative equity hit them.

It is called the "HERD MENTALITY"

 

[tonychat]

condo 99 years???? hahahahahhahah!!! Sinkieness going to the roof........

I thought condo are private housing?WHAHAWHHWHHWAHAHAHH!!!!!!!!!!!!!!!!!!!!!!!!

 

[cooleo]

condo 99 years???? hahahahahhahah!!! Sinkieness going to the roof........

I thought condo are private housing?WHAHAWHHWHHWAHAHAHH!!!!!!!!!!!!!!!!!!!!!!!!

Ppl here pls englighten me. Am i correct to say that you are THEORECTICALLY renting the condo from govt for 99 years instead of buying?

 

[chewed]

Many are hoping to flip it for a quick buck. The way to teach these speculators a lesson is to buy new/under development properties only direct from the developer.
The govt is not doing its job by allowing deferred payment until TOP is obtained.We should go back to the progress payment scheme to end this crazy speculative froth.

already no more deferred payment.

now it's all progressive payment.

 

[CPTMiller]

I guess some rich and powerful people is controlling the market.
Even government might play a part too.

what a bunch of monkey see monkey do idiots.

i hope to see they all jump condo when negative equity hit them.

 

[ahpong]

already no more deferred payment.

now it's all progressive payment.

No, it is called Interest Absorption Scheme (IAS). You get a loan from a prescribed bank. When you draw down to pay for the progress payment, the developer "pays" the interest for you until TOP, when you start to pay back principal + interests. For this, the developer charges you about 5% higher in price. Just compare how much interests the developer pays on your behalf and the additional selling price and do your sum. Only idiots will fall for it, or someone having cash flow problems (eg have to sell the existing property to pay for the new one, the so-called "upgraders").