Hi,
We are going to relocate in Singapore beginning of August (probably for 10 years). We are studying the possibilities of purchasing a 2 or 3 bedroom appartment in Dover or nearby, with a maximum budget of 700,000 Sing dollars if we can get a 80% mortgage. 1)Is it possible to find any freehold or 999 years flat at this price? 2) On the other hand, if we buy a 15-year old or more flat with a 99-year lease,does it mean there is only 84 years or less left on it, and where would that leave us if we want to resell in another 10 years? Would the sale still enable us to refund the rest of the loan, or would the flat have depreciated too much because of the few remaining years? Thanks for your comments.
Posted by Catherine DENNEY on Apr 7, 2008 in General Questions | 1476 Views
Latest Answers by Real Estate Professionals (6 Answers)
Answer Posted on Apr 10, 2008
Hi Catherine,
Yes, you are right. It will be easier if you are looking further outskirt rather than with Dover itself as you will have a wider choice.
Do drop us a email so that we can discuss further how we can help you to narrow the search.
Regards
Ignatius & Adelina (B.Eng, CPA)
Email: sghousingpartners@gmail.com
Mobile: (65) 9017-9690
Yes, you are right. It will be easier if you are looking further outskirt rather than with Dover itself as you will have a wider choice.
Do drop us a email so that we can discuss further how we can help you to narrow the search.
Regards
Ignatius & Adelina (B.Eng, CPA)
Email: sghousingpartners@gmail.com
Mobile: (65) 9017-9690
Answer Posted on Apr 9, 2008
Dear Catherine,
Consider renting for the first year! Once US and global market gain their confidence back, interest rate might be higher and while buying property in Singapore generally don't lose if is for long period. You may hit a rebound in Property activities in Aug/Sep. And if you sell in 10 yrs time, you may hit the down price. For further quries can email me at edwinxuede@hotmail.com
Consider renting for the first year! Once US and global market gain their confidence back, interest rate might be higher and while buying property in Singapore generally don't lose if is for long period. You may hit a rebound in Property activities in Aug/Sep. And if you sell in 10 yrs time, you may hit the down price. For further quries can email me at edwinxuede@hotmail.com
Answer Posted on Apr 9, 2008
Dear Catherine,
Consider renting for the first year! Once US and global market gain their confidence back, interest rate might be higher and while buying property in Singapore generally don't lose if is for long period. You may hit a rebound in Property activities in Aug/Sep. And if you sell in 10 yrs time, you may hit the down price. For further quries can email me at edwinxuede@hotmail.com
Consider renting for the first year! Once US and global market gain their confidence back, interest rate might be higher and while buying property in Singapore generally don't lose if is for long period. You may hit a rebound in Property activities in Aug/Sep. And if you sell in 10 yrs time, you may hit the down price. For further quries can email me at edwinxuede@hotmail.com
Answer Posted on Apr 8, 2008
Hi Catherine,
Dover road will be near a lot of popular schools and institute of higher learnings so there are good demands for units there.
Your budget of $700k will only get you a small size unit but the search is going to be very challanging as the average transacted price is about 10 - 20% higher than your budget.
Buying 99 years leasehold unit will be cheaper, but if you intend to resale it 10 years later, it can be challanging as banks are more relunctant to approve the loans with short tenure so you will have a smaller pool of potential buyers. En-bloc will be another option to sell at a better price but that really depends on the market demand at that point in time.
So it is important to do your sums correctly. Do contact us so that we can help to advice you on the housing options available with your budget.
Regards
Ignatius & Adelina (B.Eng, CPA)
Email: sghousingpartners@gmail.com
Mobile: (65) 9017-9690
Dover road will be near a lot of popular schools and institute of higher learnings so there are good demands for units there.
Your budget of $700k will only get you a small size unit but the search is going to be very challanging as the average transacted price is about 10 - 20% higher than your budget.
Buying 99 years leasehold unit will be cheaper, but if you intend to resale it 10 years later, it can be challanging as banks are more relunctant to approve the loans with short tenure so you will have a smaller pool of potential buyers. En-bloc will be another option to sell at a better price but that really depends on the market demand at that point in time.
So it is important to do your sums correctly. Do contact us so that we can help to advice you on the housing options available with your budget.
Regards
Ignatius & Adelina (B.Eng, CPA)
Email: sghousingpartners@gmail.com
Mobile: (65) 9017-9690
Answer Posted on Apr 7, 2008
Dear Catherine,
1. Based on the current listing in the neighbourhood there are about 6 unit within the 700k budget, the floor area is about 800 to 1000 Sqf
2. The local bank usually will not grant a 80% loan to non Singaporean , with the current US sub prime it would usually be in a range of 60% to max 70%, I have a copy of all the current loans in the market now if you need the info as reference do feel free to contact me,
3. Only Singaporean and PR can purchase a HDB flat
4. The HDB resale price is determined by other factors too not just age, location place a more important part.
Hope this info help
Marcus Ng
93274485
marcusnggroup@gmail.com
1. Based on the current listing in the neighbourhood there are about 6 unit within the 700k budget, the floor area is about 800 to 1000 Sqf
2. The local bank usually will not grant a 80% loan to non Singaporean , with the current US sub prime it would usually be in a range of 60% to max 70%, I have a copy of all the current loans in the market now if you need the info as reference do feel free to contact me,
3. Only Singaporean and PR can purchase a HDB flat
4. The HDB resale price is determined by other factors too not just age, location place a more important part.
Hope this info help
Marcus Ng
93274485
marcusnggroup@gmail.com
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