Misleading Information regarding choices presented by Huttons.. Part II

This informative article contributed by SPs with expertise in areas of Property and Real Estate Businesses is in two parts.  First Part was posted on this blog on Feb 26, 2018

PART II

Misleading Information regarding replacement choices presented by Huttons
Beware of misleading information about finding a replacement home


The property agent, Huttons, has been trying to convince the owners of Teresa Ville that there are many choices to replace your home if you sell your unit at Teresa Ville.

They are also trying to convince you that the money received by each owner is more than enough to buy a replacement home of the same quality and size.

This is misleading due to the following reasons.. (continued from Part I) -



2. The quality of some of the proposed replacement homes are inferior to Teresa Ville.

Quality of Potential Replacement Homes

(2.1) Small land area

Most of the examples of the condominiums listed by Huttons as potential replacement homes have land area that are smaller than that of Teresa Ville. Smaller land area means that there are less area for landscape and recreational space. Less space for residents to stroll and for children to play around the estate.

(2.2) Small apartment size

The typical floor area of the apartment units in Teresa Ville ranges from 1,356 sq ft to 1,981 sq ft. The penthouses are 3,854 sq ft to 3,972 sq ft in size. It is very difficult to find replacement homes that are of similar sizes as the units in Teresa Ville.,

Most of the examples of the replacement home listed by Huttons are smaller than units in Teresa Ville. If the examples are about the same unit size as Teresa Ville, the prices are either higher or it is very hard to find units available for sale in the resale market.

(2.3) Land tenure

Some of the examples of potential replacement homes listed by Huttons are 99-year leasehold properties, while Teresa Ville is freehold.

It is misleading to use properties of cheaper land tenure such as 99-year leasehold to compare with freehold properties.

(2.4) Sell Teresa Ville unit, Buy HDB flat

One of the options offered by Huttons to the owners of Teresa Ville to sell our home and to downgrade to a HDB flat. This is a no-brainer option. It means downgrading to public housing. It is easy to downgrade. It is much harder to upgrade to a better-quality home.

(2.5) Low-rise condo

Generally, condominium units on higher floors offer better views, are cooler due to more frequent breezes and command higher prices. About half of the replacement condominiums listed by Huttons are shorter than Teresa Ville in terms of the number of floors. Some are just 5 to 6 storeys in height. As a result, their average prices are lower than taller condominiums in the vicinity.

Firstly, if you own a high-floor unit at Teresa Ville, buying a unit in a low-rise condo is a form of downgrading.

Secondly, it is misleading to use shorter condominiums as a comparable property to Teresa Ville, which is 24-storey in height.

(2.6) Lack of supply of resale condo units that are about the same size as Teresa Ville units

Not all the condo listed by Huttons have available resale units for sale.
For example, there is currently no unit for sale in Alessandrea condo.


3. Recommended actions

Do not support and do not sign the current Collective Sale Agreement (CSA) where the reserve price is only $990 million.

One of the best ways to ensure that you and your family has enough money from the enbloc sale to buy a property of similar quality to replace Teresa Ville is to support the Petition* for a higher Reserve Price.

For the latest information and feedbacks from concerned Teresa Ville owners, kindly visit:

http://www.teresavilleowners.com/

Yours sincerely,
Your fellow owners at Teresa Ville


Comment from Blog Admin:

*  Please visit this blog again tomorrow, to view above mentioned Petition. It has also been sent by post mail along with copy of this 2 part article. Thank you for your support by signing the Petition for benefit of wider community of SPs of Teresa Ville.

Comments

  1. AnonymousMarch 7, 2018 at 7:38 PM

    Agree to all points. There are very few old condos left to look at as so many are going enbloc. The likelihood is that we will be forced to downgrade in size, location and land tenure based on the present reserve price

    ReplyDelete

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