Tampines executive condominium (EC) priced at $2.05 million. HUAT!

[Extremist]

A Tampines executive condominium (EC) "presidential suite" will be the first EC unit to eclipse the $2 million mark if sold at its launch this weekend. The penthouse unit at 514-unit CityLife @ Tampines, which comes with a roof terrace of about 1,600 sq ft, will be priced at about $2.05 million - or $470 per sq ft.

Would you buy it?

 

[I_Hate_Pappies]

I heard this development all big big units. Multi-Gen type of housing.

 

[Narong Wongwan]

This is a big unit....with hdb edging towards 1 mill....2 mill can't get you shit nowadays.

 

[me_member]

How can a family with a monthly income ceiling of S$12k afford this?

 

[sleaguepunter]

cannot imagine that a EC selling for less than $400k ten yrs ago

 

[sleaguepunter]

How can a family with a monthly income ceiling of S$12k afford this?

$12k x 240mths = $2.88m

technically possible, so with deposit from existing cpf and a 30yr loan, shd be no problem for the goondus. Huat Ah!!!

 

[I_Hate_Pappies]

How can a family with a monthly income ceiling of S$12k afford this?

Base on 40% of the income of $12k, it is still affordable base on 80% loan.

 

[Boliao]

$12k x 240mths = $2.88m

technically possible, so with deposit from existing cpf and a 30yr loan, shd be no problem for the goondus. Huat Ah!!!

Interest free?? Buy the house and lock oneself inside for the next 30 years without food, water or electricity??

According to our learned minister, affordable means it takes up only 35% of gross salary. So let's put interest and living expense aside, the formula alone means it'll take at least 90 years to clear the loan.

 

[sleaguepunter]

Interest free??

u wait long long lor.

sibor now very low liao so the only way is up. good luck to the goondu who take 30yrs loan to buy it.

 

[I_Hate_Pappies]

u wait long long lor.

sibor now very low liao so the only way is up. good luck to the goondu who take 30yrs loan to buy it.

In SG, when you see this word "FREE", you better think twice before taking it up.

 

[SaBoon]

In SG, when you see this word "FREE", you better think twice before taking it up.

Yes its true and there is always "something" attached with it.

 

[sleaguepunter]

According to our learned minister, affordable means it takes up only 35% of gross salary. So let's put interest and living expense aside, the formula alone means it'll take at least 90 years to clear the loan.

35% of $12k is $4200. multiple by 360mths is $1.512m add in the deposit of 20% which is $410k, that close to the selling price of $2.05m liao. so either the couple pay more deposit or allocate more money per month to the loan. technically possible lah. but just one thing go wrong. ie.kenna retrench, the bank will very fast repossess the EC and the couple can sleep in the park.

 

[mei mei]

The penthouse unit at 514-unit CityLife @ Tampines, which comes with a roof terrace of about 1,600 sq ft, will be priced at about $2.05 million - or $470 per sq ft.

How does the $470 per sq ft come about?

$2,050,000 / 1600 per sq ft = $1281.25 per sq ft

Or if you round it up to $2 million:

$2,000,000 / 1600 per sq ft = $1250 per sq ft

So it is $1250 per sq ft and not $470 per sq ft??

 

[Narong Wongwan]

How does the $470 per sq ft come about?

$2,050,000 / 1600 per sq ft = $1281.25 per sq ft

Or if you round it up to $2 million:

$2,000,000 / 1600 per sq ft = $1250 per sq ft

So it is $1250 per sq ft and not $470 per sq ft??

The unit is over 4000 sq ft....with a 1600 sq ft ROOF TERRACE.

 

[Narong Wongwan]

35% of $12k is $4200. multiple by 360mths is $1.512m add in the deposit of 20% which is $410k, that close to the selling price of $2.05m liao. so either the couple pay more deposit or allocate more money per month to the loan. technically possible lah. but just one thing go wrong. ie.kenna retrench, the bank will very fast repossess the EC and the couple can sleep in the park.

Not sure about EC guidelines but since they target multi generation....could be few family households after cash out HDB pool money to stay under one roof.

 

[lorrydriver]

So it is $1250 per sq ft and not $470 per sq ft??

The roof terrace is 1,600 sq ft not the penthouse so work backwards total is about 4,361 sq ft ($2,050000 / $470) and less 1,600 sq ft means around 2,761 sq ft for the roofed area

 

[streetsmart73]

How can a family with a monthly income ceiling of S$12k afford this?

hi there


1. aiyoh!
2. yet there are some dafter sheep that go in for the kill thing.
3. pay until death loh

 

[sleaguepunter]

Not sure about EC guidelines but since they target multi generation....could be few family households after cash out HDB pool money to stay under one roof.

If multi generation, then the income ceiling is $15K per household. like that more possible lah but money still very tight. 30yrs loan plus must top up cash.

 

[chupacabra]

2m for this shit. No thanks. I could buy acres of land in canana and built myself a huge house with smaller guest houses.

 

[me_member]

Now the SIBOR is at an all time low... with the Pte property at an all time high price...
Many are lured in by the current low SIBOR rates...
Current buyers might get hit by future high SIBOR rates with their property value dropping...

Negative Equity then comes in... good luck...