EC penthouse sold for record S$2.05m
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when the grant was introduced, it was for public housing and only HDB builds them. Probably, they did not expect the EC developers to start building such big expensive units, since there is a income ceiling.
a big gaping hole waiting to be plugged. -
Income ceiling $12k. Let’s say loan 80% then need to borrow 1.6 millions how to make monthly payment? Definitely have to pay cash and will any bank approves such loan? This being a ‘public’ and hence, ‘subsidized’ project, if the buyers have so much cash to pay upfront then shouldn’t enjoy any grant at all.
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HVR:
Income ceiling $12k. Let's say loan 80% then need to borrow 1.6 millions how to make monthly payment? Definitely have to pay cash and will any bank approves such loan? This being a 'public' and hence, 'subsidized' project, if the buyers have so much cash to pay upfront then shouldn't enjoy any grant at all.
Bank cap interests repayment at 40% of income. Even if wanna pay more than 40% bank don't accept.
My guess is this couple will not be taking 80% loan. Possibly much lower loan%. Alternatively, if they are young couple, can stretch loan for a loooong period. Interests component will be super high though :shock: -
Never heard of loan from International Bank of Papamama Inc meh?
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sleepy:
You have to think outside the box, if I may say so. Think savings, not just of the purchaser but of his/her relatives who are willing to contribute and may even agree to cohabit in that large unit or just as a joint investment. And then there are possibilities of the purchaser or his/her kin enjoying a windfall such as winning lotteries and/or come into a huge inheritance which the authority also cannot begrudge. With such a unique and only unit in a development, it is surely bound to attract tremendous interests and sell very profitably in the future. Therefore, bottom-line, it is a very sound investment and indeed a star buy. I think even banks will not be too perturbed in financing this purchase because of the above-mentioned, provided they are doing it within the rules. And one cannot begrudge the purchaser as well for he/she is also playing within the rules and wants to maximize his/her benefits like all sane humans do.HVR:
Income ceiling $12k. Let's say loan 80% then need to borrow 1.6 millions how to make monthly payment? Definitely have to pay cash and will any bank approves such loan? This being a 'public' and hence, 'subsidized' project, if the buyers have so much cash to pay upfront then shouldn't enjoy any grant at all.
Bank cap interests repayment at 40% of income. Even if wanna pay more than 40% bank don't accept.
My guess is this couple will not be taking 80% loan. Possibly much lower loan%. Alternatively, if they are young couple, can stretch loan for a loooong period. Interests component will be super high though :shock:
The issue is not with the purchaser but with the government and EC developers for lack of control and for blurring the original concept of ECs as being for the \"sandwiched group\". If the reason for the cost of housing to rise is due in part to supply is not catching up with demand then building such large unit is definitely not helping because three other reasonable sized units could have been built in place of it.
There will sure be new rulings in the pipeline concerning public housing, and changes to ECs rulings will definitely take centre-stage. But those lucky ones with penthouses will be just that - lucky ones. -
tankee:
To me, the EC developers are exploiting loopholes in the system. There is really no difference between leasehold private condos and ECs. ECs are just like the previous HDUCs. Location will sell above everything else. Maybe will even have en-bloc opportunities in the future.when the grant was introduced, it was for public housing and only HDB builds them. Probably, they did not expect the EC developers to start building such big expensive units, since there is a income ceiling.
a big gaping hole waiting to be plugged. -
tankee:
Make more sense if the grant is on a reducing scale based on the value of the property and beyond certain price, no grant.[/quote] :goodpost:
I am told \"yes\", that there is $30,000 CPF Housing Grant for the first time home buyer. Seriously it doesn't make sense.Busymom:
[quote=\"tankee\"]
Do they qualify for first time buyer grant? :? -
HVR:
Income ceiling $12k. Let's say loan 80% then need to borrow 1.6 millions how to make monthly payment? Definitely have to pay cash and will any bank approves such loan? This being a 'public' and hence, 'subsidized' project, if the buyers have so much cash to pay upfront then shouldn't enjoy any grant at all.
Totally agree. -
It depends on whose perspective. Maybe the other family members do not qualify or are ineligible to take advantage of the grant. Since others are taking their bites of the cherry, they band together to find a loophole. All legal and good. So they use the names of the younger family members to register for a unit. Win win for all.
The family in this case already owns several properties. They will not stay in a HDB. But a 2.05M penthouse is a different story. When the timing is right, they make a killing and share the loot. Again, win win while enjoying the grant, location and view. -
Wow…that is a sky high price to pay.
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