To make life a little more interesting in this forum, I would like to present a question to all members.

If you were given S$500k cash today and have the ability to use leverage to invest in a property, what would you buy?

Great question, I have been trying to figure out the same thing. My criteria are (if it is purely an investment decision) are:

Freehold in D. 9, 10, 11, can consider leasehold in Sentosa or CBD
Within 7 mins. walk of MRT (either current or circle line)
Must achieve at least 3.75% gross yield at today's acquisition price
Prefer less than 250 units
2-BR must be at least 1,100 sf
3-BR must be at least 1,400 sf
4-BR should be above 1,800 sf

Must provide a 20% expected return (after deducting stamp duty / broker fees) within 12 months (ie. if downpayment is 20%, property must be expected to appreciate 8% within 12 months)...Plus, unless u are buying under a company structure, u will also be taxed further 20% on your net gain....

Believe me, there is VERY LITTLE out there. Some people say I am too strict in criteria, but I am not a true speculator willing to just gamble on the market...I did buy a few good D.9 units in Feb/March that have been doing well 'on paper' but I have not sold yet.....do wish I'd bought more, but have not really been tempted by much lately. There really are no "bargains" anymore...unless you are willing to buy units in existing condos which might benefit from nearby launches (which means take on mortgage, manage current tenants, etc.)

For everyone thinking it's OK to look at Tiong Bahru, Redhill, other emerging areas.....I say that is true over a 7-10 year horizon as singapore should do well in the long term, but that doesn't mean it is necessary to do immediately....if you think prices too high now, just wait 18 months and you should be able to pick up some bargains as I foresee one more down cycle within 12-24 months (there is just no way prices will rise continuously for the next 10 years).

And NEVER believe the optimism you read in the newspapers....it is all developer hype. Happens everywhere in the world when things go well, but even more so here, where information is so transparent. Anyone see that article in The Edge about $5000 USD psf condos in New York?? Anyone else think that the timing of this article was "managed" by developers who know that they have thousands of "prime" and "superprime" condos launching in the next 6 months? The reality is, people in Indonesia, Malaysia, HK etc. are already starting to think Singapore is too expensive.....need to get these investors back on board otherwise overseas launches will be pretty slow. There is really very little demand for a $2500 psf condo among S'preans...

PS. So where will I put my $500k.....probably renovate a 3-5 yr old townhouse / cluster house / semi-detached in a decent area, get a new higher-paying tenant, then sell. More effort, but more sure thing too...

Hmm.. its getting more and more difficult to find good buys nowadays… but if you look hard enough, you can still find them…

I think Icon is one of those good buys. Go for a 936 sq ft 2-bedder. The trend is towards city living.

While private residence (99 yrs L/H) in the city has gone above the $1,000psf mark, Icon is comparatively undervalued, thanks to the horde of speculators trying to release their units before TOP next year.

Icon near TOP date also poses another advantage – you’ll get rental return from your investment sooner then TheClift ($1,450psf), TheSail ($1,500psf and above), One Shenton Way, Marina Bay Residence, etc.

The Clift is the nearest project to do a meaningful comparison. Yet, Icon is closer to an MRT station then for the Clift. Icon is selling for an average psf of $800 - $850?

Say if the 2-bedder can fetch monthly rental of $3,500, one year = $42,000. If you use 4% to 5% rental yield, the cost would work out to $840,000 to $1,050,000, or $897psf to $1,122psf.

If you buy it at $800 - $850psf, you will pay less then $800,000. With $500,000, you will need to take up a $300,000 loan, max. The rental of $3,500/month will be more then cover the monthly loan repayment.

To make life a little more interesting in this forum, I would like to present a question to all members.

If you were given S$500k cash today and have the ability to use leverage to invest in a property, what would you buy?

If I have $500K, I will go for PearlBank Apts - from my opinion, it looks like it has enbloc potential.. from recent transactions, it looks like one can get a 1700sqft unit for under $500k.. Even if not enbloc by developers, it's central location is good enough for my own stay or rental....

I think Icon is one of those good buys. Go for a 936 sq ft 2-bedder. The trend is towards city living.......Icon near TOP date also poses another advantage – you’ll get rental return from your investment sooner then TheClift ($1,450psf), TheSail ($1,500psf and above), One Shenton Way, Marina Bay Residence, etc........The Clift is the nearest project to do a meaningful comparison. Yet, Icon is closer to an MRT station then for the Clift. Icon is selling for an average psf of $800 - $850?

Icon is certainly one of the more interesting options. If it works out how u say, it might not be too bad (limited long term downside). The only risks I see right now are:

1. CBD living will really take off in 2009/10 when IR and other amenities (more restaurants, 24/7 lifestyle, etc.) are complete. But 2007/08, may not be as high demand as competition comes from areas like Clarke Quay...
2. Project quality / interior finishings not as high as many projects. Long term, may always be perceived as 'poor cousin' of all other CBD projects and may only attract tenants looking for cheaper rents
3. Icon is also very high density.....After TOP, with 600+ units trying to rent at once, $3500 may not be achievable...many owners may cut rent to $2500-3000 to rent out faster (at least for first 1-2 years). Investor may need to take a long term view and be willing to take less in short term.
3. $800-850 psf is not achievable for higher floor units at Icon anymore....if u bought at that price before, u should be OK, but I would be very reluctant to pay higher than that (I hear some high floor owners currently asking $1000-1200 psf already)

Definitely an option, but not without its risks....

Yes freelance… its very difficult to spot good buys now… Icon was selling at the low $600psf when they first launch in May 2003, amidst the SARS scare – the downside now if you had bought it then is very limited, but it would have taken considerable courage and vision to buy it in 2003. It paid off for those early birds.

Project quality/interior furnishing shouldn’t be too far off from theClift, another FarEast project.

If I bought it in 2003, I wouldn’t need to take up too much loan (given $500,000 cash) and I will stay there for 1 to 2 years to enjoy all the conveniences of city living before renting it out. By then, inflation, the economy, IR, influx of foreign talents would have worked its wonders to raise rentals… hopefully.

Of cos, these are just my speculations. :)

What will happen if Singapore goes into another recession? It has already been a decade since the last last one(1997), and about 20 years since the one before that.(1986)

What will happen if Singapore goes into another recession? It has already been a decade since the last last one(1997), and about 20 years since the one before that.(1986)

hope so....then there might be some bargains :P

I think recession is a risk we cannot ignore but with initiatives like the 2 IRs, government’s promotion and work on the bio-tech industry, regional financial hub, tourism, and riding on the China, India and Mid-East waves, etc, gives us a fairly good buffer against a recession. All these projects/schemes are meant to make us less dependant on the US economy and bring our focus closer to home – Asia.

We cannot prevent a recession, which is a part of an economic cycle, but we can be better prepared for it when it comes. And I believe we went through a little one quite recently – 2003? After the bursting of the internet bubble, September11, corporate failures (WorldCom, Enron) and SARS. I believe we should do well in the next 5 years.

One way to prevent getting hit hard in the property market by a recession is to only invest in good location and go in cheap (below $1,000psf). Take Draycott8 for example – at $1,700-$1,800psf and 90 years of lease left, I think it’s a very bad investment. You end up subsidizing the tenant.

invest in good location and go in cheap (below $1,000psf).

under today's circumstances, impossible!:D

Anyways, i agree that the new developments are indeed a buffer, and the developers themselves are facing a bigger risk then anyone.

its very difficult, but not impossible... like i said, Icon is selllilng for under $1,000psf in the sub sale market... no need to get high floors, since you won't be getting views like TheSail, MBFC, etc.

So close to MRT station, food centre, CapitalTower and other office buildings...

The Guru is back !

How to spot bargains ... thats not difficult for a Finance guy like your Guru here ...

Buying condos (just the buy leg) is similiar to your mother buying things from the market ... if the same coffee poweder is selling at $X per kg in stall A and $(X-1) per kg in stall B, guess where your mother will buy coffee powder ?

Of course there are some complexities ... thats where your expertise comes in ... take for example Tribeca (TRIangle BElow Chinatown Area) ... if it is selling at $1,400 psf ... what should the implicit value for Mirage be ?
Take into consideration discounts for all sorts of reasons, be it age, design, facing, etc etc and all other things you can bitch about ... how much will the discount be ? 20% ? 25% ? or 30% ... once you decide on the discount, and the Mirage is still cheaper by say another 15% (or any other huddle rate you are comfortable), then it is cheap liao lor !

The Guru has no interest in Tribeca or Mirage ...

Your Friendly Guru ... ...

One way to prevent getting hit hard in the property market by a recession is to only invest in good location and go in cheap (below $1,000psf)

Actually I tend to disagree....if u look at the last cycles, the properties below $1000 psf got hit the hardest....there are still lots of examples of $700+psf condos launched in '96/'97 where owners are still waiting for their values to recover today....cannot say they are in "bad" locations, or no demand for their homes, just launch price was fundamentally too high....

Thta's true freelance...

Not the price point ... it is the location ...

All know that the prime areas are the last to drop in price ... first to increase in price ... so go for the prime ones ... but then ... this advice came a bit too late liao ...

All also know that when the prime goes up ... those areas around the prime will then form the second wave and move up ... places like Holland, Tiong Bahru, Kim Seng Road ... etc ...

So it is not difficult to spot the good buys now ... if the prices in Orchard is like $2K++ ... and the prices at Kim Seng Road (Tribeca) is like $1,400++ ... anything in betw these 2 places selling for less than $1.4K is good buy ...

Your friendly Guru ... ...

Not the price point ... it is the location ...

All know that the prime areas are the last to drop in price ... first to increase in price ... so go for the prime ones ... but then ... this advice came a bit too late liao ...

All also know that when the prime goes up ... those areas around the prime will then form the second wave and move up ... places like Holland, Tiong Bahru, Kim Seng Road ... etc ...

So it is not difficult to spot the good buys now ... if the prices in Orchard is like $2K++ ... and the prices at Kim Seng Road (Tribeca) is like $1,400++ ... anything in betw these 2 places selling for less than $1.4K is good buy ...

Your friendly Guru ... ...

Hi DKSG,

Is One Jervois a good example? If I remember correctly, it's selling at about 1000psf, freehold.

I have been examining the apartments along Grange Road and its vicinity. The apartments along Jervois Road and Holt Road seem a little undervalued especially if I were to base the asking price on a 3.75% gross rental yield as suggested by Freelance. In addition, I just read in The Regency @ TiongBahru forum that units there have been sold at up to 900+ psf and all the units in this project have been sold.

Although the target markets for both of these projects are different, I strongly believe that One Jervois is situated in a better location than that of The Regency and thus One Jervois should command a much higher premium than the current spread. I am aware that One Jervois is less accessible than The Regency however I feel that people who are after apartments in that category seek privacy/exclusivity and would prefer to be in a less dense area as well as in an area free from heavy human traffic.

As demand for rental properties in the city increases due to lack of supply exacerbated by the recent enbloc sales in the prime sublocations of district 9 and 10, I believe that this Tanglin enclave will benefit from this surge. This has led me to conclude that there will be a price correction for this enclave soon when CDL launches their Grange Road project next year.

Anyone shares the same view as me?

I have some thoughts and input with regards to One Jervois ...

Make comparison with projects that are nearer
Check out what is Domain 21 (leasehold) selling at. Based on the carvets that were recently lodged at the URA website, this property is going at about S$730 psf.

Zoning ... of course you need to also note that although Domain 21 and One Jervois is not per se the same. I believe One Jevois is considered district 9

On the other hand The Regency (freehold at $850 psf), The Metropolitian (leashold at $780 psf), Domain 21 (leashold at $730 psf) are in district 3. These are considered city frindge.

do correct me if i'm wrong.

Location wise .... its how you look at the different projects. Different folks different strokes. however it is the general perception that district 9, 10,11 are considered premium locations. with the posh branding, design, built of many of these developments ... super prime and luxary classification and these are the ones that are commanding >$2000 psf < $3000 psf for now.

Amenities (market, mrt, schools, etc.) wise i personally prefer tiong bahru over jevois/river valley.

next consider, what is the property be used for ??? own stay ... rental yield, or capital gain ...

9, 10, 11 properties definately command higher so that might be your main consideration.

just my 2 cents.

I believe One Jevois is considered district 9


One Jervois is located in district 10.

There are a surprising number of 99 year leasehold properties suggested here(Pearlbank, Icon, Draycott 8). On a slightly different tangent, has a 99 year leasehold become more acceptable after the changes in governmental regulations and the success of Sentosa Cove?
Also interesting how people make investment decisions- I met a purchaser of an apartment who bases his purchasing decisions on sale price versus 'intrinsic value' of the property; the latter derived from comparisons with a brand new leasehold property in the neighbourhood as opposed to the old(but charming), freehold property you're looking to purchase. Am not sure if the right analogies are being drawn above but then again, I'm uncomfortable with the idea of reaching a decision to buy a property solely from 'numbers'.
Would bank on the Pasir Panjang area, due to the potential gentrification. (And if the IR doesn't pan out- it's still a great piece of suburbia anyway;-))
As for landed properties- look into the Tanglin area(Swettenham, Ridout,Peirce). Judging by the amount of political will in Singapore, that sleepy neighbourhood that is Dempsey will be an upmarket, central version of Holland Village and Rochester Park respectively.

The OP did mention $500k with leverage, not cash down. So anything from $2m onwards?

Q1. has a 99 year leasehold become more acceptable after the changes in governmental regulations and the success of Sentosa Cove?

Q2. The OP did mention $500k with leverage, not cash down. So anything from $2m onwards?

Hi Urbanespaces,

A1. No. I believe that most people will want to own a freehold property if they have the option to do so. However, what we see happening at Sentosa Cove is not an ordinary property purchase scenario. Every piece of land there is 99 year leasehold and people who buy units/houses there are purchasing a lifestyle. Likewise for buyers of units at MBFC and The Sail.

A2. Yes. Assume income is unlimited, you are eligible for a 90% loan. Up to S$3.8 million?

Thanks for the reply SI,
Sentosa Cove and the Sail took me completely by surprise given the number of people with an expressed aversion for leasehold properties. On hindsight Sentosa is more understandable, given the appeal of waterfront living in a 'world class' city and the comparative prices for a similar concept in say, Dubai?
For around $4m I'd go for 'The Peak' in Pasir Panjang, which has an asking price of $4.6m. Literally had a dream about a very well-renovated apartment there once.
Or buy an older, architecturally interesting apartment in Pasir Panjang for less than $1.5m and a combination of either a well-renovated shophouse in the East Coast or a couple of unrenovated conservation walkups in the East(i figured you'd have enough left to renovate with $3.8m)
I think the most capital appreciation comes when someone buys an unrenovated property, renovates it well and then sells it. Happened to a guy who bought a shophouses in the East Coast- around $500k to buy the shophouse, $300k to renovate it and it was sold for around $1.3m slightly more than a year later.
Enough of imaginary real estate already!:nuts:

I would personally love a unit in Tiong Bahru historic area. Anyway now I'm underage and no money. Maybe in 10 years time? :cry: :lol:

Thanks for the reply SI,
For around $4m I'd go for 'The Peak' in Pasir Panjang, which has an asking price of $4.6m. Literally had a dream about a very well-renovated apartment there once.


Hi Urbanespaces,

With regards to The Peak, thank you for pointing it out to me. I never knew such apartments existed in Pasir Panjang! It must be very tranquil up there. I will be back in Singapore this December and will take the opportunity to study this area. I know of another person who sees Pasir Panjang as the next investment area however i have yet to be convinced. The Peak is asking close to 900psf. 4.6million for 5500sf. 4+1 bedroom. Freehold. Has the grounds of this place been renovated recently? Isn't the asking price a little steep for this area or is this price normal?

I'm more familiar with apartments around Orchard Road. With this budget (4.6million), I will purchase a unit at One Chatsworth. This project is just off Grange Road and it's sitting on very prime D10 land. Being a corner piece of land, it has 2 frontages and unobstructed views over Tanglin to Bukit Timah Hill to Jurong for the higher floors. Moreover, it's on the higher ground of the super luxury belt of Grange Road. This development has just undergone a major renovation. New lifts, new lobby, new facilities (tennis court, infinity edge pool, club house, etc). It's nice. The only thing that most probably needs renovation is the unit itself. The units there are 3300-3400sf. 5+1 bedrooms. Freehold. The apartments at One Chatsworth have a large volume to area ratio. Being an aged development, you can expect the rooms to be very regular too.

I have noticed asking prices of 4 to 4.28million for a 3300sf unit at One Chatsworth recently. Assuming if the unit is purchased at 4million and another 300k is spent on renovations, the unit should be able to be leased out at 15k per month. I'm assuming this scenario because of the recent surge in demand for big apartments in prime districts.

At 4million, about 1200 psf, this investment is also secure because it's essentially land price based on the recent enbloc transections (E.g. Lucky Tower). Moreover, at rentals of 15k, the gross pa yield is nearly 4.2% and in this calculation, I have taken purchase price to be 4.3million (4 for the apartment, 300k for the renovations). In one of my recent post, I have said that prices of apartments along Grange Road will increase substantially once CDL launches their Grange Road projects. I strongly believe there are huge capital gains especially for existing apartments in this enclave up to the boundaries of Holt Rd, Jervois Rd and Tanglin Rd.

What do you think? :( Argh .. if only i have the money to invest in this.

It'll be more fun to grow $500k to $4million.

Hi Redstone,
I saw an article in the papers of an apartment in Tiong Bahru that came with a skylight in the kitchen. There was a really cool pre-war walkup (I assume it's on Tiong Bahru) with gorgeous old mosaic tiles around the stairways and all-round balconies on some tv show.
Have not seen an interesting apartment there in real life though. What I didn't like about the apartments I've seen there were that the balconies were often 'reclaimed', making it part of the entire apartment and that there was always only one small toilet in the kitchen area.

Hi SI,
On The Peak- it is very pricey given the area and the only development I know on Pasir Panjang that commands such prices. Rentals there are comparatively high though- from $10k for an unrenovated unit to $14k for a renovated unit with good facing. I think I pretty much love all the developments on Pasir Panjang. Somehow there are always interesting details- wraparound balconies, funicular lifts, redbrick exteriors- always with great views.

One Chatsworth seems to be cheap given the location and I believe it's a good buy given the recent renovations of the common areas. I used to be partial to Habitat One- location, architectural style and looovve the recent renovations of the common areas but apparently that's gone en bloc:tiasd:
72 Grange also a favourite(although I'm less crazy abt the location) more due to the architectural style than anything else- have always imagined a wall-less loft-like space in one of those units.

It'll be more fun to grow $500k to $4million.
hahaha.... If I have only one $500K, I may not buy anything too expensive else I cannot retire comfortably. However, if I have several multiples of $500Ks, then the possibilities are limitless. :lol:

Two options:

1. Do nothing: put $500,000 in fixed depoist with a bank for around 3% plus interest or $15K interest per year so that we have good holiday every year have enough saving for raining day or re-investment. Use only your CPF to buy a HDB flat.

2. Do something: use $100K to pay for 20% of a loan of a 3 rooms condumium ($500,000 to $600,000 plus) outside city area. Again place the $400k in a fixed depoist and use your CPF to pay for the monthly instalment of the loan.

If better to have a humble life than a high life, the bank will call you from day to night, in your office, at your home, in your toilet cubicle and even say last "Good Bye" to you before you jump down from the roof of the building if you can't pay the loan.:lol: :lol:

I'd spend 200k on a new car and bank the rest!

I'd spend 200k on a new car and bank the rest!

You got me thinking. Erm .. why not? Life is short.

S$200k on an Audi TT? With the remaining S$300k, take a 90% loan and buy a 1 bedroom penthouse at Tribeca? I believe i will still have a good amount of change to host a grand party in my penthouse after all the spending!

It's good to day dream once in a while.

Given that 500k for investment, I'll be happy for any investment with an annual yield of 12~25% & opt for:

1/. Purchase a 1~2 bedrooms apt or
2/. Invest in BRIC Investment Funds for mid / long term.

This is also taken into account that the US Interest Rate going down in Q2 07 & the property market has a soft landing next year. The appreciation of S$ vs USD is also considered. 1/. is probably my bet for the next 2~3 yrs.

This area is truly undervalued, it's a hidden gems waiting to be dug out. Near to Dhoby Ghout, Orchard and Bugis.You will see what I meant in two years time.:banana:

This area is truly undervalued, it's a hidden gems waiting to be dug out. Near to Dhoby Ghout, Orchard and Bugis.You will see what I meant in two years time.:banana:

nickey, tell me more about what you mean for this area....do you mean you can buy projects here where rental yields are >4.5-5%? so you expect values to rise so these yields are more in line with the market average of 3-3.5%? from what i have seen in this area (NOMU, VisionCrest, etc.) I did not think things are so undervalued......but then again I haven't really looked at other projects in this area.....got any examples for us?

I believe Nickey meant that the area around Sophia still has pretty good upside potential in view of its proximity to Orchard. On thye same note, I actually prefer the nearby freehold Parc Emily instead. :lol:

nickey, tell me more about what you mean for this area....do you mean you can buy projects here where rental yields are >4.5-5%? so you expect values to rise so these yields are more in line with the market average of 3-3.5%? from what i have seen in this area (NOMU, VisionCrest, etc.) I did not think things are so undervalued......but then again I haven't really looked at other projects in this area.....got any examples for us?

Given the recent appreciation of RMB vs USD and its continuation in the next 2~3 years (pressure from US & EU), don't overlook that there will be an outflow of assets/investment out of China in 2007. They will be shopping for any attractive investment due to the tightening rules & taxes in the mainland property market.

The value of the properties in SZ, BJ, GZ & many other mainline cities except SH have double digits growth in 06. The fundamental is also good when China has 2 digits GDP in 06 and is forecasting at 9.4 in 07.

Given the recent appreciation of RMB vs USD and its continuation in the next 2~3 years (pressure from US & EU), don't overlook that there will be an outflow of assets/investment out of China in 2007. They will be shopping for any attractive investment due to the tightening rules & taxes in the mainland property market.

The value of the properties in SZ, BJ, GZ & many other mainline cities except SH have double digits growth in 06. The fundamental is also good when China has 2 digits GDP in 06 and is forecasting at 9.4 in 07.

What's the take home message?

Do you think it's financially possible to take the money, do nothing in particular with it except buy food and clothes and stuff, and then retire right now at 18? :lol:

Do you think it's financially possible to take the money, do nothing in particular with it except buy food and clothes and stuff, and then retire right now at 18? :lol:

:lol:

I would dump everything into genting shares and watch them grow.:D

I would dump everything into genting shares and watch them grow.:D

Wah......:eek:

You'll make millions......:eek:

Wah......:eek:

You'll make millions......:eek:

as opposed to "made"

sigh.. the pain of reality...

as opposed to "made"

sigh.. the pain of reality...

:lol:

Good to dream sometimes.....:lol:

You know, whatever I dream usually never comes true, and the opposite sometimes happens....


Ah.... How I wish I did not get anything from Genting....:D

You know, whatever I dream usually never comes true, and the opposite sometimes happens....


Ah.... How I wish I did not get anything from Genting....:D


C*****w****h photo comp, G**n**s Book.... :nuts: :lol:

Agencies
24 April 2007

Industry players are currently studying the construction of property indices based on the Singapore property market, revealed Trade and Industry Minister Lim Hng Kiang yesterday.

The introduction of these property indices would enhance information on Singapore's property market, he said during a conference. They would also provide benchmarks for structuring property derivatives and other innovative investment products, said Mr Lim at the Citigroup Asia Pacific property conference.

"These developments will add to the breadth and depth of Singapore's markets by providing investing and hedging tools for market participants in a cost-effective and flexible manner," he said.

In his speech, Mr Lim also added that Singapore's real estate investment trust (Reit) market has become the biggest in the Asia Pacific region, outside of Japan — without giving a size of the Japanese market. Since the first Reit listing in 2002, Singapore now has 16 listed Reits with a total market capitalisation of $26 billion, he said.

"Singapore Reits offer investors access to a diversity of real estate assets including retail malls, office buildings, industrial properties and serviced apartments," Mr Lim said. Last year, Singapore saw its first dedicated hotel Reit and Asia's first healthcare Reit, said Mr Lim,

Meanwhile, rental rates for residential properties in Singapore are expected to rise up to 40% this year as occupancy levels hit record highs, according to Citigroup. Its latest Asia-Pacific property strategist report noted that the general occupancy level of residential properties is already at a record high of 95.7% if the recent en-bloc sales were taken into account.

This level would rise to 97%within the next two years, even if there is no other en-bloc sale, it noted.

Overall residential property prices are expected to rise between 12%and 15% per year over the next two years.

This area is truly undervalued, it's a hidden gems waiting to be dug out. Near to Dhoby Ghout, Orchard and Bugis.You will see what I meant in two years time.:banana:

Now that you mentioned it, nearby is Waterloo Street, where there are two low profile apartment blocks. One is Waterloo Apts, the other is Min Yuan Apts. Both are very undervalued for freehold properties in an area where the Museum district and Circle line MRT are being developed and within walking distance of Cathay, Chimjes, Bugis and Raffles City. Last done prices in Dec*06 were quite a bit under $700 psf. Problem is, units rarely go on sale. I think that area should be worth closer to $900 psf, even after discounting for the HDB blocks opposite. Not sure if enbloc is a possibility.