Asia USA Realty (Singapore)
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Affordable Homes for Expatriates
Article No.809031Subject: Asia USA Research: Cosmetic surgery for Serene Avenue Park Condominiums (4-bedroom available).
Case study: Realtor, Duty of care of. Closing on Indonesian Tenant & handling aggressive co-broker.
For Rent: Maisonettes (2-levels) lst/2nd-floor 4+1 2200/2700sf $5K/$5.5K, 3rd/4th-floor 3+1 2100 sf $4K p/f. 6 units 4+1 with private backyard/garden, contact
drsing@asiahomes.com
Avenue Park Date of report: September 3, 1998Total no. of units:
48
3-bdrm: 2100 sf at level 3 & 4.
4-bdrm: 2200 sf and 2700 sf (2 living rooms & backyard) at ground and level 2.Age: Approximately 12 years.
Location: Off Sixth Avenue, between Bukit Timah and Holland Road..
Finishes & Fittings: Living room - ceramic tiles. Dining - marble tiles. Bedrooms: parquet. Built-in wardrobe, kitchen cabinet, cooker hob & hood, air-conditioning system. Some bath tubs are ancient and are green and blue in colour. Kitchen cabinets are worn out in some units.
Get your realtor to confirm in writing that the Landlord will give you new white bath tubs and cabinets and polish marble/parquet floors etc. This takes about a month.Facilities: Swimming pool, no tennis court, squash court, no gym, 24-hour security system, covered car park, playground (abundant green grassland), cable-ready but Singapore Cable Vision may connect around December 1998 - presently CNN, HBO and Chinese channels (above ground antennae).
Competitors: Main one with similar maisonettes is Grenville (68 units) at Mount Sinai Lane, popular with Caucasians with large space requirements. Grenville has only maisonettes with 3-bedroom, 261, 274 sq.m and some units are near the railway line and next to school.
Occupancy rate: Around 17% with 8 expatriate families. This is because units have just been launched. Intention of the Landlord was to demolish and build a new condo. Contact drsing@asiahomes.com
Investment potential: Not for sale.
Advantages:
- Affordable 4-bedroom units.
- Low density and low rise - suits many Caucasians.
- Expat enclave?
. Asia USA predicts this will be an expat enclave given time for Singapore realtors to market the Condo as rentals are value-for-money and spacious units just attract many Caucasians. International schools are within 15-minute bus ride and this Sixth Avenue/Holland/Bukit Timah area is traditionally the expat enclave area for Caucasians and Japanese.- < 15-minute bus ride to most International Schools and yet affordable rentals in prime District 10.
- "Responsive" Landlord based on friendly, enthusiatic and helpful show around by one employee to Asia USA realtor on September 2, 1998. Although only 8 units are occupied, this Landlord has good and follow-up employees to capture the expatriate rental market. One lady employee call Asia USA even at night to enquire about outcome of visit to Cluny Hill bungalow. Same Landlord as "Nassim Woods", "Pebble Bay" Condos - see www.asiahomes.com AFFORDABLE HOMES for report of such condos.
However, it will be in the interest of the first-time expatriate Tenant to deal through the Realtors rather than contact the Landlord direct. The Realtors should be competent to explain the many terms and conditions in the tenancy agreements, many of which are loaded against them. Asia USA has not read any tenancy agreement from the Landlord of Avenue Park and am unable to comment.
6. Buses No. 5, 77 and 156 should bring Tenants to Holland Village, Orchard Road and Shenton Way. Check bus guide.
Contact Asia USA (65) 9668 6468 if
you wish to rent a unit, anytime when you arrive in |
Disadvantages:
- Old baths and kitchen appliances but the Landlord has promised to give new ones. Takes about one month. Get your realtor to negotiate and list every item to be replaced as development has aged.
- No gym and tennis court but big open grassland and quiet green tree views in some units. Contact drsing@asiahomes.com
- Although aged, remodelling should be satisfactory. Not a sexy condo but if you have a big family, this condo will save you money in rental.
Surfers
interested in 4+1 maisonettes or other units, please
Surfers interested in other
units, please
Owners advertising their properties for rent/sale: Cheapest and targeted to expatriates: Money back if your unit is rented before publishing. S$13.50/40 words/3 months! Email drsing@asiahomes.com,call 9668 6468 or fax your details to Asiahomes Internet! |
Case study:
Realtor, Duty of care of.Closing on Indonesian Tenant & handling aggressive co-broker.
"I am doing your client (Landlord) a favour,"
said Ms M (co-broking agent) impatiently to Asia USA associate. By "recommending" her Indonesian to rent the ground floor 4+1 Costa Rhu Condo which is infamous for "cheap rentals" since it has 737 units. The Letter of Intent was promptly faxed to the Landlord who wanted air-conditioners to be serviced by the Tenant.She thought Asia USA wanted the servicing of air-conditioners to be at Tenant's expenses. She had earlier offeredc $3,500 for the condo of 2500 sf, then $4,000 then $4,500 and settled at $4,800, did not want to divulge names of occupants of the Indonesian family, unable to provide information on the startup company just registered in Singapore and its office address (in a residence in Paterson Hill and not a proper office address).
She thought that Asia USA associate was being difficult but we are more anxious to rent the place since we have open house for several weeks on a non-exclusive marketing basis. She said the tenancy agreement from Asia USA was pro-Landlord even though she was told that such lease are subject to changes. Eventually, we asked her to use her Company's lease.
She probably bad-mouthed the Landlord's concern and due diligence to find out the quality of the Tenant so much so that the Indonesian wanted a one-year lease, instead of 2, saying insincerely that, since the Landlord was anxious about the Indonesian, a one-year lease would be satisfactory. Earlier she said 3-years and immediate occupation.
When Asia USA associate told her that the Landlord had not responded now that a 2-year lease had changed to 1-year, she returned with a 2-year lease, cheque and lease.
"What do you think?"
asked Mr C of Asia USA associate. We knew this was a loser and gave our comments as follows:- Registry of Company checks show that startup company registered last few days only.
- Financial strength of Company unknown. Likely to be fleeing from the Indonesian riots situation.
- Number of occupants given as couple, 2 children., 2 maids but names not given by co-broking agent. Landlord is worried about wear and tear due to large numbers of occupants.
- Below targeted rental of S$5,500. Landlord to decide.
- Ground-floor condos little demand because of perceived lack of security and privacy. Open houses for past 4 weeks did not receive much response.
- However families with kids and pets love ground floor. Also some Caucasians who fear high rises.
- A vacant piece of land fronting condo. If there is development, it will be impossible to lease this unit.
"No is the answer and thank you for time taken. The Tenant may bring illegal migrants up the Kallang River to live in this Condo"
said the Landlord. The additional worry of the Landlord, besides financial is that the Indonesians may harbour illegal migrants, "creeping up the Kallang River (being a waterfront unit)!Owners renting to
US/European companies, contact Asia USA |
Advices to new realtors:
You have to be patient in dealing with aggressive co-brokers. Explain to them what has happened. As a realtor with a Tenant prospect, do not bad-mouth the Landlord when co-broking as this erodes confidence in your client and lead to situations of client wanting to change lease terms from 2 years to 1 year and then back to 2 years. If you know your client is interested in the unit, do behave yourself humbly and be co-operative.
- Indonesian Chinese prospects have rented several Singapore Condos but many want the cheap and good housing. Their financial strength is in doubt and many want short-leases. Usually they rent for their children. Number of occupants vary but the perception is that Asians in general crowd the condo with many occupants unlike Caucasians. Wear and tear will be considerable and this is one reason most sophisticated Singapore Landlords such as case above, prefers quality Tenant at lower rentals. Usually Caucasians are deemed quality Tenants.
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