EC penthouse sold for record S$2.05m

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EC penthouse sold for record S$2.05m

Postby tankee » Sat Dec 29, 2012 7:12 pm

SINGAPORE: An executive condominium (EC) penthouse, with a record price-tag of S$2.05 million, was sold about an hour after the launch of the project on Saturday.

A spokesman for the CityLife@Tampines project said the sale was made just after 11am.

Channel NewsAsia understands that the buyers are a married young couple from a multi-generation family.

Channel NewsAsia also understands that the buyers intend to live in the penthouse with their parents and siblings.

CityLife EC is located at Tampines Avenue 7.

- CNA/xq

http://www.channelnewsasia.com/stories/ ... 71/1/.html

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Re: EC penthouse sold for record S$2.05m

Postby Oppsgal » Mon Dec 31, 2012 9:44 am

So much money.

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Re: EC penthouse sold for record S$2.05m

Postby 3Boys » Mon Dec 31, 2012 10:02 am

Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.

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Re: EC penthouse sold for record S$2.05m

Postby ChiefKiasu » Mon Dec 31, 2012 10:23 am

3Boys wrote:Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.


But that's exactly what will happen if public housing is given over to the free markets.

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Re: EC penthouse sold for record S$2.05m

Postby 3Boys » Mon Dec 31, 2012 11:03 am

ChiefKiasu wrote:
3Boys wrote:Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.


But that's exactly what will happen if public housing is given over to the free markets.


Privatisation itself (IMO) is not the issue, regulation (or lack thereof), is.

Simple cap, no EC to be sold at more than 5X annual household salary ($12,000 x 12 x 5) = $720,000. Developers build to a price. Mother/Father loan becomes irrelevant, there is still opportunity for capital gain, but playing field is levelled.

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Re: EC penthouse sold for record S$2.05m

Postby AC_Power » Mon Dec 31, 2012 12:26 pm

3Boys wrote:Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.


What loopholes?

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Re: EC penthouse sold for record S$2.05m

Postby 3Boys » Mon Dec 31, 2012 12:38 pm

AC_Power wrote:
3Boys wrote:Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.


What loopholes?


There is no cap on affordability. Many folk are buying "by proxy", financed by parents or relatives.

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Re: EC penthouse sold for record S$2.05m

Postby starlight1968sg » Mon Dec 31, 2012 4:11 pm

I wish I have that $$ :(

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Re: EC penthouse sold for record S$2.05m

Postby tankee » Mon Dec 31, 2012 4:19 pm

3Boys wrote:
AC_Power wrote:
3Boys wrote:Developers exploiting loopholes and consumer psyche and laughing all the way to the bank. Public housing gone mad.


What loopholes?


There is no cap on affordability. Many folk are buying "by proxy", financed by parents or relatives.


Do they qualify for first time buyer grant? :?

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Re: EC penthouse sold for record S$2.05m

Postby Busymom » Tue Jan 01, 2013 7:48 am

tankee wrote:
3Boys wrote:
AC_Power wrote:What loopholes?


There is no cap on affordability. Many folk are buying "by proxy", financed by parents or relatives.


Do they qualify for first time buyer grant? :?


I am told "yes", that there is $30,000 CPF Housing Grant for the first time home buyer. Seriously it doesn't make sense.

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