Rio Casa reaches 80% Consent

Screenshot taken from ST

Original data found on-line

Reserve price said to be about S$450m; it will cost another S$200m to top up the lease and intensify the plot ratio (Straits Times 15 Mar 2017)

This works out about $565 psfppr by my calculation based on the original site area (found on-line) 

From Anonymous26 March, 2017

From BT: $61M top up lease

$141M intensify plot ratio to 2.8

Site area: 396231 sqft

works out to: $590 psfppr.

From authoritive sources, Rio Casa original site area reduced to present value when adjacent condo 'Evergreen Park' was developed and needed access road to HDB car park.

With the smaller site area my spreadsheet now looks like:

The smaller land area now pushes the psfppr to $588 based on the figures given. 

The SC must have done a reasonable stab at a RLV to get this price. 

The rule of thumb for most new developments is that the psf of the new development is around twice the psfppr paid for the site. So, the potential new condo will be priced at $1180 psf and above. In 5 years time, that is not an unreasonable assumption to make. 

Next to Nothing

Well, the Minutes of the 17th SC Meeting are on the Notice Board.

They contain absolutely nothing of  interest.  Four short paragraphs; 2 of which  were dedicated to telling us in detail that the Strata Roll is not up-to-date ( it never is). One line would have sufficed.

3rd paragraph: the SC asked Huttons when the next scheduled signing session would be. They replied that they would contact SPs who had not signed and arrange signing sessions for these SPs. To me, that sounds like there would be no more mass signing sessions at the void deck but targeted door-to-door sales tactics.

4th paragraph: could have been just one line: Let's put posters up on the Notice Boards - but said posters to be provided by the CSC, not Huttons who think it's a waste of time.

No update on signing %

Meeting was 1.5 hrs long.  Was this all there was to report? They must have talked really slow.

Neptune Court Defamation Suit Legal Fees

Oral Judgement - 22 March 2017

This Judgement says that MC members cannot use MCST funds to settle Defamation Suits against themselves and that any money used in the past must be refunded. They cannot simply add the expense under 'Legal fees or Privatisation' in the budget.

Nothing

The last minuted Sale Committee meeting was on the 24 Nov 2016. Their communication with SPs is non-existent, no one knows what is going on. Their fig-leaf of a Facebook page tells us nothing - obviously they are too scared to put a toe out in case someone might step on it. Theirs is a deafening silence. 

Will they issue a few scant lines about their meeting on the 18th March? 

Braddell View Privatisation

Finally - and the last HUDC - to Privatise

Sellers Stamp Duty (SSD) Revision

Useful Websites:

https://www.iras.gov.sg/IRASHome/Quick-Links/Calculators/
https://www.iras.gov.sg/IRASHome/Other-Taxes/Stamp-Duty-for-Property/

https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/e-Tax_Guides/etaxguides_SD_imposition%20of%20stamp%20duty%20on%20sellers%20for%20sale%20or%20disposal%20of%20res%20property%20_2011-09-15.pdf

https://www.iras.gov.sg/irashome/Other-Taxes/Stamp-Duty-for-Property/Working-out-your-Stamp-Duty/Selling-or-Disposing-Property/Seller-s-Stamp-Duty--SSD--for-Residential-Property/

http://www.iea.sg/news-66

GLS Follow Up

Here is a summary of the raw data of 7 Government Land sales nearest Tampines Court. I can add a few more to the list when I have time - but looking at the data you can see a semblance of a trend - a Rule of Thumb, as it were. 

It seems the developer aims to sell the units at an average of twice the $ psf ppr. In other words a minimum ratio of 2:1.  Anything higher (say 2.5: 1 and they are in clover. To those who don't know what $psfppr means it is the Purchase Price /(site area*plot ratio). 

GLS sites do not have any Differential Premium or Lease Top up to add to their costs, they are clean sites. Two of the sites (The Alps Residences & The Santorini) are newly launched so the data is not solid there.

Q BAY RESIDENCES (TAMPINES AVE 10 PARCEL B)

It's very strange, but QBay Residences New Sale details seem to be largely absent from the Realis website. so what is happening here? The Condo is 100% sold yet I can find details on only 37 sales. Why is information being withheld? Is it something to do with the pricing of their mew next-door  condo to be launched soon (The Alps)?  

THE ALPS (TAMPINES AVE 10 PARCEL D)

A new condo coming up soon on the awful Tampines Ave 10 location. Try as they might , they can't think of many points of praise to sing about (see here). One selling point is apparently 10 bicycle slots (I kid you not - look under 'facilities')!  

Just imagine 9 fifteen storey blocks crammed into an area approx ONE QUARTER the size of Tampines Court. Out of the 626 units, only 3 are the size of a TC unit - a full 70% are shoeboxes under 700 sqft. 

No price list yet - but worth a gander when the show room opens :)