Would like some advice on this as I'm new to the property game.
I've been looking at some investment properties OTP and have come across a new development at Top Ryde.
Stage 1 consists of a new retail shopping complex with 100+ shops.
Stage 2 consists of 2-3 residential towers and another 100 odd shops
Stage 3 consists of commercial complex, final 2 residential towers and another 100 odd shops.
Stage 1 is due for completion end of 2010. First set of apartments due for completion early 2012. Asking price for a two bedroom is around $550K to $900K.
It is what called a multi-use development. In that it has retail, residential and commercial in the one complex. The residential is built on top of the retail building. In total, there'll be around 450 apartments when finished.
Do you think this is a good investment? The price appears reasonable to me especially since it won't settle till 2012.
Having read the forums though, the general opinion is against OTP properties with limited capital growth being the main issue. The other issue is that being a multi-stage development, growth may not appear until the final stage is completed as apartments will keep coming on until then.
Am I better waiting for the last couple buildings? But then the pricing might increase to balance this aspect out?
Or should I forget about OTP as there are better places to put my money?
Plenty of things to consider and it is a lot of money....
Any advice would be appreciated.
I've been looking at some investment properties OTP and have come across a new development at Top Ryde.
Stage 1 consists of a new retail shopping complex with 100+ shops.
Stage 2 consists of 2-3 residential towers and another 100 odd shops
Stage 3 consists of commercial complex, final 2 residential towers and another 100 odd shops.
Stage 1 is due for completion end of 2010. First set of apartments due for completion early 2012. Asking price for a two bedroom is around $550K to $900K.
It is what called a multi-use development. In that it has retail, residential and commercial in the one complex. The residential is built on top of the retail building. In total, there'll be around 450 apartments when finished.
Do you think this is a good investment? The price appears reasonable to me especially since it won't settle till 2012.
Having read the forums though, the general opinion is against OTP properties with limited capital growth being the main issue. The other issue is that being a multi-stage development, growth may not appear until the final stage is completed as apartments will keep coming on until then.
Am I better waiting for the last couple buildings? But then the pricing might increase to balance this aspect out?
Or should I forget about OTP as there are better places to put my money?
Plenty of things to consider and it is a lot of money....
Any advice would be appreciated.