It is two stops away from the City Square residences which i bought in 2005. My post documenting my property investing journey in City Square was here. There will be an upcoming shopping mall right opposite Sennett Residence and i thought this location will be perfect in the sense that it will be near a big shopping mall, just like City Square and should have no issues attracting tenants to the project.
I have to tell you that this is only the second day of the launch and there are many pair of shoes outside the show flat. I have to say the cooling measures are not apparent at all and I believe many of them are investors (definitely don't look like first time buyers to me).
As of this morning, more than 200 units are sold (out of 332 units) and that is pretty impressive for day 2 of the launch and it is by Tuan Sing (not exactly a big boy developer but listed on the SGX).
Here comes the best part. Most of the good units that meet my criteria which I "will consider" are sold out. The next best 3 bed room apartment on level 12 (#12-11) of 1,077 square foot facing the landed properties is selling for $1,729,000. That works out to be $1,605 psf! Frankly, i might as well go back to District 10 and buy D Leedon whose prices have since dropped below $1,300 psf for certain units but a last check with D Leedon agent indicate that those "value for money" units on the lower floors are now sold out. They are left with the higher floor units. (#33-21 of 1216 sf at D Leedon is now asking for $2.022m and #29-36 of 635 sq ft is asking for $1.253m)
Anyway, i guess Senett Residence was "hot" with investors because they belong to the "shoe box" categories where many units are actually quite small and the actual quantum is more "palatable" since a 50% down-payment is required for 2nd time buyers.
I enquired the price of a one bed room "in red box below".
As you can see, that works out to be $1,582 psf. Based on the $921,000 net purchase price, i have to fork out about 3% in stamp duties and another 7% ABSD which means another $92,100 to the price. That will push the small one bedroom apartment to $1.013 million, which to me, is crazy prices to pay.
Second time buyers will also need to set aside a minimum $69,500 in your CPF account before you can utilize the "excess" money in the CPF.
Anyway, i decided to wait since i don't have a "naked position" in the market and perhaps the price will fall to a support zone which i am more comfortable with in 2015.