Bartley Residences

                 

Over the weekend, one of the must visit show suites would be Bartley Residence. When we arrived at the show suites, there was a long queue of cars waiting to enter the car park. The valets there were doing a brisk business. While walking towards the entrance of the show suites, we heard a few people commenting that the prices offered were ridiculous, considering that this is a 99 years leasehold project. Are these people right? Let's find out.

There are a total of 702 units in 8 blocks of apartments spread out over 2.2 hectares of land in this project. This means that some blocks are pretty close. This seem to be confirmed by the developer as the model depicting the project had 2 blocks of apartments removed. 

The facilities offered in this project are condo standard fare. However, there is something special about this project. Located at the side of the project is a conserved tree that is more than a hundred years old. The quality in the units are of top notch. After all this project is developed by Hong Leong Holdings Limited, CDL and TID Pte. Ltd. The developer is giving fridge and washer cum dryer for most units. 

Various units ranging from 1 bedroom to 4 bedrooms are offered in this project. So is the price ridiculous as overheard? A 2+1 bedroom unit (872 sq ft) located at level 2 is going at S$1.07M, while a 3 bedroom unit (1065 sq ft) is asking for S$1.3M. The average asking price is about S$1200 per square foot. The price may be slightly higher but considering the fact that Bartley MRT is just right beside the development and a stop away from Serangoon station. It seems to be reasonable. Most of the units would have unblocked view especially those on the high floor as the whole development is seated on elevated ground. 

Do pay the showroom a visit to take a look. The show suite is just located besides Bartley MRT and opposite SPCA. 

Pictures taken from brochure

Worth Buying?

The words culture and heritage come to mind when Joo Chiat is mentioned. Notwithstanding the budget hotels and bars in the area, it is a peaceful and serene place. Foodies will always remember Joo Chiat as a place for good food with many famous eateries round the place. So is it worth buying a property in Joo Chiat, given the accessibility of the area to the city and plenty of good food? Come on in to find out!

Sycamore Tree is located at the junction of Joo Chiat Road and Fowlie Road. It comprises of 96 residential units and 17 shop units. The facilities include an adult pool, a kids pool and BBQ pits. Not too bad for a development seated on a narrow piece of land.

Most of the units here are 1 + 1 bedroom with sizes ranging from 33 Sq meter to 63 Sq meter. Mostly are 'shoebox' designs. The development has brought the meaning of 'shoebox' to the next level. The 2+1 and 3 bedrooms sizes range from 67 Sq meter to 82 Sq meter. 3 rooms in such a small space! I wonder if the occupants' quality of living will be affected by staying in such small and cramped area.

Katong 112 is just 10 minutes walk away while Parkway Parade is about 20 minutes away. The airport and town can be easily access via ECP. Sycamore Tree is also near to famous schools like Tao Nan School and Tanjong Katong Primary and Secondary School.

The prices here are on the high side. The listed price of a 3 bedroom, which is 70 Sq meter, is S$1.03M. This translates to about S$1350 psf. Perhaps the developer is banging on the location of the development and the freehold status to request for the price. The developer is absorbing the stamp duty and giving an additional 1% discount to the first 10 buyers. At the time of writing, all shop units have been taken up. Many residential units are available. Head down to the showroom to take a look yourself.

We will take a look at the floor plans in the next posting. Stay tuned.

Picture taken from brochure

Discounts but is there any catch?

With the announcement of Additional Buyer Stamp Duty on 7 December 2011, many developers have come up with Stamp Duty Reimbursement for potential buyers. On top of that, some developers are offering furniture vouchers or cash rebates to buyers. Is there any catch behind the discounts? What should buyers take note of when they take up such discounts?

So the discounts offered do look enticing. Who could resist them? For example, you like a condo unit that is listed at S$1M. The developer gave you 3% stamp duty reimbursement, which works out to be S$24 600. On top of that, the developer gave you S$1000 furniture vouchers, in form of cash. After deducting the above discounts, the developer gave you an additional 1% discount for reasons such as 'star buy', 'ex-customers' or 'living near the vicinity of the project'. So in the end, you pay about S$965 000 for the unit. Good deal, you may think.

However do take note of the following when such 'discounts' are given by developers.

1) When you pay stamp duty for the purchase, which purchase price will be subjected to stamp duty? If you think it is S$965 000, you are wrong. IRAS may require you to pay stamp duty based on the price of S$1M. According to IRAS, "Stamp duty will be computed on the purchase price or market value of the property (whichever is the higher amount)."

2) Under MAS ruling, you need to declare any discounts received from developers when applying for housing loan. Therefore if you are eligible for 80% loan, you may only able to loan about 78% of the purchase price after taking into the consideration of the discounts given.
As stated by MAS, "A bank granting a credit facility for the purchase of Residential Property shall obtain a written declaration from the Borrower on:
(a) whether the Borrower is applying for the grant of the credit facility for his own use or for the benefit of any other party;
(b) whether the Borrower received any discount, rebate or any other benefit from the vendor or any other party (including the payment of legal or stamp fees for the purchase) which has the effect of reducing the true purchase price and the amount of such discount, rebate or benefit, as the case may be."

3) As you receive stamp duty reimbursement from the developers in form of cash, you are not allowed to use CPF to pay for the stamp duty.

Based on the above, you may need to fork out more cash upfront should you receive the above mentioned discounts. Think twice when developers offer such 'discounts'. There is no free lunch after all.

Source: IRAS website, www.iras.gov.sg
MAS website, www.mas.gov.sg