 THE COLONNADE research
report supported by http://www.asiahomes.com
A box-like Lego-type condo (left tall building),
very popular with Caucasians. Located at Grange Road, next to the brand new
Grange 80 (20 units, green and white strips to the right of The Colonnade), it is
characterised by spacious bedrooms and living areas, tall Roman columns and big balconies.
90 units. 12-13 years old. Grange Road.
Almost 100% occupancy as at April 17, 2000.
April 17, 2000.
Available for rent: 3+maid 3950 sq. ft $12,000.
1 super-penthouse with its own swimming pool rented. Rented asked was $30,000
1 mini-penthouse, 7000-8000 sq. ft rented from $19,000. There are 3
mini-penthouses altogether.
2-bedroom duplexes, 2800 sq. ft renting $8,500*.
3-bedroom+study+maid duplexes (called Royal II)
of around 4000 sq. ft renting $13,000 - $14,000**
3-bedroom+maid of around 4000 sq. ft renting from $12,000.
* 2+study+maid units are available by converting the big walk-in closet of the master
bedroom to a study (3rd bedroom) with a sliding glass door to extend its area into the
living area.
** 3+study+maid units are available by converting the family area into a study room (no
windows, darkness is the main complaint of some caucasians). This effectively makes
the units a 4+maid when a door is installed for the study.
Facilities: Beautiful landscaped swimming pool away from the main
road. Large field for children to play. Playground. Tennis court, covered car
parking and 24-hour security. NO GYM.
Units facing the Grange Road may be a bit noisy. There is a good feeling on entering
the imposing The Colonnade and most expats lose out because their budget of $9,000 just
could not make the expectations of rent asked for the 3-bedroom units.
The Colonnade is a 10-minute walk to Orchard Road and subway. There are many taxis and
buses. By adapting to demands of large Caucasian families for one extra bedroom, The
Colonnade has achieved almost full occupancy in 2000 without reducing its rent asked. Many
units have been re-modelled. The excellent response of the executives in scheduling
appointments by all realtors who can bring in the tenants and the recent economic recovery
of Singapore led to almost full occupancy.
This is an excellent case study of a smart marketing strategy by a corporate landlord who
does not stinge by giving 80% agency commission to be co-broked with an appointed agent,
thereby reducing the agency commission to 40% of the rent.
This Landlord gives 100% full commission and this strategy has paid off
handsomely as all realtors with prospective clients will have put it on a
"must-see" list for house-hunting. Some units really needed renovation during
the recession of 1999 but then, its strategy of full agency commission meant that it
attracted prospective clientele to put a foot at its door. Getting the prospect to see an
old condo has had been difficult for most Landlords in1998-1999 recession period, but not
for The Colonnade.
Expats relocating to Singapore:
For updates or to get the best rental package or good condo,
email judy@asiahomes.com or tel: +65 9668 6468. |
THE COLONNADE research
report supported by http://www.asiahomes.com