Alexis at Alexandra pulls in the punters

[aaaa]

Business Times - 13 Feb 2009


Alexis at Alexandra pulls in the punters

By LIEW AIQING

PREVIEW sales of the 293-unit Alexis at Alexandra Road started yesterday and developer Fission Group said that at least 50 per cent of the development has been sold at prices ranging from $850 per square foot (psf) to $1,100 psf.

The company was coy on the exact number of units sold but it may have been a tad too modest. Some buyers BT spoke with at the crowded show flat said that they were told by marketing agents that up to 85 per cent of the units had been sold by 7.30 pm.

'The prices are competitive compared with other condominiums, but its proximity to the MRT and CBD makes the Alexis a good investment,' said Steven Kwok, a potential buyer who had been quoted a price of $1,050-$1,100 psf.

Another buyer said that compared to the recently launched Caspian ($580 psf), Alexis is not cheap but he hopes to resell the property for a profit. He also said that compared to what was quoted in an invitation he had received earlier, prices quoted at the showflat were 10 per cent higher.

According to official data, three units at The Anchorage next door sold at $848-$929 psf in the fourth quarter while a unit at Queens on Stirling Road sold for $894 psf this month.

Fission Group has tied up with United Overseas Bank to offer an interest absorption scheme, which, like the now-scrapped deferred payment scheme, allows buyers to defer any payments beyond an initial downpayment until the project receives Temporary Occupation Permit (TOP).

Alexis is being built on the former Alexandra Centre which was put up for collective sale in 2007 for around $300 per square per plot ratio. It is not known how much Fission Group paid for the site.

A seasoned property consultant said that interest in Alexis is likely because most of the units are small. At between 400 sq ft for a one-bedroom unit and 650 sq ft for a two-bedder, prices range from $450,000 to $650,000.

He also said that there was 'still liquidity in the market' and investors with a two-year investment horizon would still find property attractive. 'There is no point putting money in a bank,' he added.

Over on the east coast, City Developments Ltd (CDL) will launch a new phase for its Livia condominium in Pasir Ris at an average price of $620 psf, or about $30 psf less than the launch price of the first phase. A total of 30 units in two stacks will be offered in the second phase.

Chia Ngiang Hong, group general manager of CDL said: 'The company senses a renewal of market interest and improvement in buyer sentiment. More people have been visiting our showrooms, and many have made offers for units that have yet to be launched.'

The prices are actually only 10-15% lower than what it could have fetched during the peak and yet it is selling so well

[oh great]

So they quote two people, one who views as investment (doesn't say long or short term) the other already talking about selling.

Don't really sound like hdb upgraders do they.

Speculative idiots.

[Despite no DPS?]

How come there are still punters despite DPS being scrapped. Does this prove that DPS might not have been responsible for major part of the speculation previously. Also speculators have the means to buy with or without DPS.

So Kubes still going to keep barking that DPS is going to be responsible for further price declines in 2010?

[oh great]

How come there are still punters despite DPS being scrapped. Does this prove that DPS might not have been responsible for major part of the speculation previously. Also speculators have the means to buy with or without DPS.

So Kubes still going to keep barking that DPS is going to be responsible for further price declines in 2010?

Can speculate without DPS although it may take some people out of the equation.  Anyway, Alexis was offering interest absorption which is similar although the above doesn't mention how many took it.

No, it doesn't prove one way or the other.

[Thicko]

How come there are still punters despite DPS being scrapped. Does this prove that DPS might not have been responsible for major part of the speculation previously. Also speculators have the means to buy with or without DPS.

So Kubes still going to keep barking that DPS is going to be responsible for further price declines in 2010?

Can speculate without DPS although it may take some people out of the equation.  Anyway, Alexis was offering interest absorption which is similar although the above doesn't mention how many took it.

No, it doesn't prove one way or the other.

Interest absorption involves securing a bank loan first so how on earth can it be similar to DPS? You are quite thick.

[Almost fully sold]

The latest I heard is that it is almost fully sold - within 24 hrs.
The bears must be confused. Wait  for 75% fall or miss the boat once again?

[not confused]

Never underestimate how stupid some people can be.

I'm quite happy missing sinking boats thanks, when I see a sea worthy one I may board.

[IAS=DPS]

How come there are still punters despite DPS being scrapped. Does this prove that DPS might not have been responsible for major part of the speculation previously. Also speculators have the means to buy with or without DPS.

Well, I guess you missed the para quoted below which appeared somewhere in the middle of the article.

/// Fission Group has tied up with United Overseas Bank to offer an interest absorption scheme, which, like the now-scrapped deferred payment scheme, allows buyers to defer any payments beyond an initial downpayment until the project receives Temporary Occupation Permit (TOP). ///

[Still very different]

How come there are still punters despite DPS being scrapped. Does this prove that DPS might not have been responsible for major part of the speculation previously. Also speculators have the means to buy with or without DPS.

Well, I guess you missed the para quoted below which appeared somewhere in the middle of the article.

/// Fission Group has tied up with United Overseas Bank to offer an interest absorption scheme, which, like the now-scrapped deferred payment scheme, allows buyers to defer any payments beyond an initial downpayment until the project receives Temporary Occupation Permit (TOP). ///

Yes but the VERY BIG difference is that you have to take a loan first before being eligible for this scheme. YOu will need to be eligible for a loan unlike DPS. Once you secure a loan, then the associated problems with DPS will never arise. You can't call it speculation unlike DPS if a loan has already been secured.

[Keep waiting]

Never underestimate how stupid some people can be.

I'm quite happy missing sinking boats thanks, when I see a sea worthy one I may board.

For you the sea worthy boat will never ever arrive. All boats to you will be the sinking type forever. Keep waiting. If you are so good in spotting sea worthy boats , you would be a billionaire by now.

[hope springs eternal]

Darwinism in action:

... had been quoted a price of $1,050-$1,100 psf.

Another buyer said ... ... Alexis is not cheap but he hopes to resell the property for a profit.

[not confused]

Never underestimate how stupid some people can be.

I'm quite happy missing sinking boats thanks, when I see a sea worthy one I may board.

For you the sea worthy boat will never ever arrive. All boats to you will be the sinking type forever. Keep waiting. If you are so good in spotting sea worthy boats , you would be a billionaire by now.

I've owned property before, still do but not here.  You are just sad you lost a bundle, amazing all these idiots who think unless you buy now you will lose, unless they already have a vested interest of course.....

I'm not trying to bottom pick here, those who do will tend to never buy anything, problem is I do try to avoid buying at the top and there is a hell of a way to fall now, like it or not with your new goldfish bowl at Alexandra.

[11111]

Never underestimate how stupid some people can be.

I'm quite happy missing sinking boats thanks, when I see a sea worthy one I may board.

For you the sea worthy boat will never ever arrive. All boats to you will be the sinking type forever. Keep waiting. If you are so good in spotting sea worthy boats , you would be a billionaire by now.

I've owned property before, still do but not here.  You are just sad you lost a bundle, amazing all these idiots who think unless you buy now you will lose, unless they already have a vested interest of course.....

I'm not trying to bottom pick here, those who do will tend to never buy anything, problem is I do try to avoid buying at the top and there is a hell of a way to fall now, like it or not with your new goldfish bowl at Alexandra.

If I had lost a bundle I would be too depressed to spend my time in this forum.

But I do agree that Alexis is not worth buying when there are other better priced sub-sale units available being sold at 20% off peak prices.

[Conservative]

This recession is going to be a long one, at least a couple of years.  To me, it is still not the right time to go in.

Just read a report that Livia at Pasir Ris cheaper by at least 5% now.  Those who bought last few months lose out.

[28% discount]

Alexis has offered a 28% discount because they needed cashflow probably under banks orders. This is just ther first wave of massive sell downs. Still a long way to go yet my friends. The real bargains are 2 years away.