CAN DIGITAL PICTURES 
SELL A NEWTON 18 PENTHOUSE? 

The prospective buyer's interest in the penthouse was there, but how do I close this case of a buyer who had no time in Singapore? 

The developer had almost sold out the Newton 18 project, judging by the numerous red circular "SOLD" stickers on the building chart on this hot Saturday June afternoon. 

There was only one penthouse left. My client said: "$2 million dollars is a lot of money to buy a penthouse without being able to see what the views will be from the living area."

There were no pictures of the views available at the show flat. My client was not permitted to go to the 30th floor of the condo to inspect the views as the condo was under construction and it would be risky.  He asked me: "Why don't I sign a form to indemnify the developer from any liability due to the risks incurred by me during the inspection?"

"The developer may not be able to sell any Newton 18 condos  should you fall off the penthouse and maybe die," I said.    

The prospective buyer had surfed the internet and contacted me by email to view $2 million condos to invest. I shortlisted The Huntington penthouse, 1 Holt Road penthouse, Amaryllis Ville and Newton 18 for viewing.   

Now, the buyer had to leave Singapore and would not be back for the next four weeks. The developer had some pictures of views from the penthouse level but prohibited the scanning of the digital pictures for emailing to my prospective buyer. 

2002 is the age of the internet but the pictures are on terra firma or to be precise, in the developer's office. I could not understand why these four pictures could not be released to m to help me close a deal?  Was Singapore not in the midst of the worst recession?  Weren't developers interested in selling their condos?

"You could go out and see the views from the surroundings," Christine, the sales person for the developer said. Now, the prospective buyer was not in Singapore and therefore, how could this advice be effected?

My client emailed to me. How about The Light At Cairnhill being built by the same developer?  It looks like an interesting condo, great location and so near downtown Orchard Road. Unfortunately, no pricing was available as the condo was not ready for sale. In any case, the selling price was expected to be around S$1,200 to S$1,300 per sq. ft, much higher than the Newton penthouse.

"The penthouse at The Light At Cairnhill may be over 3,000 sq. ft and the selling price would be above $3 million. There are many other condos available...I emailed to him, giving up hope on Newton 18.  It is harder to close a case on other condos when the prospective buyer is so busy travelling overseas and had great interest in one.  There are also many fishes in the ocean but can I catch the right one?    

Christine and others from the developer had said: "Newton 18 and Amaryllis Ville are built by the same developer and therefore it would be unwise to have both developments on the adjoining sites blocking each other's views. 

One person at the developer's office said: "In fact, Newton 18 is built diagonally to Amaryllis View and therefore there would be minimal obstruction of view."  

Amaryllis View has two blocks adjoined at 90 degrees to each other and Newton 18 is behind and very close to the Amaryllis View. The penthouse my client wanted was facing Amaryllis Ville from the living area and bedrooms. From the ground level, we could see that there was some major obstruction of view. He hesitated in putting his money down because of this.  
        
Should I give up and wait for him to come back to Singapore to see other condos?  Time is money to a housing agent as he does not get paid for showing condos. It is really tough to be a housing agent in 2002 when the economy is in the deepest recession.

Fourteen days had passed and the client's interest would wane with time. Christine's earnest advice to look around struck me in some ways. Why don't I look for a tall building to take pictures of the Newton 18 penthouse?
There were no other 30-storey or higher buildings than the Newton 18 and Amaryllis Ville penthouses.  I went to Lincoln Road to take the picture (left) and this showed that the Newton 18 penthouse had quite clear views of Moulmein Road and the Central Expressway as I had seen on the developer's pictures.  However, there will be a 10-20% blocking of the view by the Amaryllis block if my client were to look straight ahead from the living room.   

The pictures were emailed to my client with the payment schedule as follows:

Payment schedule as at June 20, 2002.
5% on signing option to purchase
15% 3 weeks later
35% from bank loan or cash 

Add
Legal fees and stamp duties. Around 2.5% of selling price.

I told him that there was only one penthouse available in such a great location near downtown and a 2-min walk to the Newton subway. It was really the last one and of course, there could be prospective buyers in the interim period. 

I offered $1.7 million on his behalf. Christine rejected the offer and so that was that. 

Christine came back with a counter offer half an hour later. There was a phone call from my client after he saw my pictures and my written interpretation of the 4 pictures shown by the developer regarding the blocking of views. 

It was good news. "Nothing is closed till the sales and purchase agreement is signed," I always inform my associates. There are so many disappointments for housing agents. The Option to Purchase must be signed by the Buyer. 

Here again, the developer prohibits the courier of such documents overseas. Wait till he comes to Singapore. The 5% of the purchase price may be sent but without the signature of the Option, would this not be a binding contract?

Do you want to be a housing agent now?