809071 - The WaterSide Condos

House Agent's Licence

No. AD041 - 07306B

Singapore Real Estate, Rent, Condos, condominium, Rooms, House, Affordable, expats, expatriates, Cheap housing, Asia USA Realty, asiahomes.com
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Focus: Finding affordable homes for expatriates

Asia USA Realty (Singapore) asiahomes.com Pte Ltd
Blk 1002, Toa Payoh Lorong 8, #01-1477, Republic of Singapore 319074

Owners renting to US/European companies: expatriates looking for affordable rentals,
tel: (65) 9668 6468, 254 2728, 254 7944, fax: (65) 256 0501,
email: drsing @asiahomes.com. Contact: Dr Sing Kong Yuen, BVMS (Glasgow),
MRCVS, Managing Director
See www.asiahomes.com for free services to expats, advices to newcomer Landlords/Realtors/Tenants.

Affordable Homes for Expatriates
Article No. 809071

Subject: Asia USA Research: "Old favourite with sea views" - The Waterside (4-bedroom available).

Case study: Realtor, Assesement of the Quality of Tenant for the Landlord.

For Rent: The Waterside, 3+1 $4,000, 4+1 $4,000 - 6,000 contact drsing@asiahomes.com

The Waterside Condos

Date of report: September 7, 1998

Total no. of units: 502
3-bdrm: 199, 202 sqm
4-bdrm: 223 - 226 sqm

Age: 5 years.

Location: 1,3,5,7, 9 & 11 Tanjong Rhu Rd, near Meyer/Fort Rd, 5-minute drive to Suntec City.

Finishes & Fittings: Living/Dining room - marble tiles. Bedrooms: carpet. Built-in wardrobe, kitchen cabinet, cooker hob & hood, air-conditioning system. Some units are renovated.

Facilities: Swimming pool, tennis court, squash court, gym, 24-hour security system, covered car park, playground, sauna, fitness area/jogging track.

Competitors: Main ones are Pebble Bay and Costa Rhu, both with balconies unlike The Waterside. Balconies attract Caucasians.

Occupancy rate: Around 80% but many expatriate families are leaving for Costa Rhu which has waterfront/sea front plus balcony. Contact drsing@asiahomes.com
Investment potential: Freehold. Not easy to find quality Tenants now that Pebble Bay and Costa Rhu Condos are available. A classic example of the fickle nature of investment condos being "out-dated" by not having real waterfront views and no balconies.

Advantages:

Affordable 4-bedroom units with prices reduced considerably.

Sea views but higher floors receive complaints of traffic noises from expressways.

Expat enclave. Many expats still live in this Condo but it is losing too many to Pebble Bay (510 units) and Costa Rhu (737 units). Realtors do refer prospects to The Waterside but not many of them. The haemorrage still continues.

Rentals are much lower/sq ft living space.

< 15-minute bus ride to Suntec City/Raffles Place by green Bus Plus (express bus) with bus-stop outside Condo. Pebble Bay and Costa Rhu do not have this express service as at September 7, 1998.

Bus service to near Kallang subway, as for Pebble Bay and Costa Rhu.

Contact Asia USA (65) 9668 6468 if you wish to rent a unit, anytime when you arrive in
Singapore and have recovered from jet lag.
We just go house hunting when you call, provided we are tied up house-hunting with others.
You come first. Email drsing@asiahomes.com

Disadvantages:

Older development evident from the flooring of kitchen (ceramic tiles) in many units. Wear and tear of past 5 years.

Blocks with sea views and high floors have traffic noises from the expressway - a humming noise but irritable to some Caucasian expats. Blocks without sea views are just like any ordinary condos and therefore, many Caucasians have moved to newer kids on the block, like Pebble Bay and Costa Rhu since rentals have decreased considerably.

Surfers interested in 4+1 maisonettes or other units, please
Call AsiaUSA 9668 6468, 254 2728 for viewing.

Surfers interested in other units, please
Call AsiaUSA 9668 6468, 254 3326 for viewing. Handful of units available.

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:
Assessment of the Quality of Tenant for the Landlord.

"I have this Letter of Intent from the Chinese Indonesian at $5,000 rental unless you can find me better offers within a couple of days, I will have to accept this prospect" said Mr X. The pressure was tremendous for Asia USA associate as much expenses and time (several weekends and weekdays) were spent "opening house" for this Costa Rhu condo.

The Chinese Indonesian had offered $4,800 but was rejected by the Owner as there were adverse factors such as:

Financial stability . A Startup Singaporean Company was just registered and the office address was a residence (at Paterson Hill). Startups may not be financially sound. However, many Chinese Indonesians fleeing Indonesia to start a new life/business in Singapore are wealthy.

Capriciousness. Co-broking agent for the Chinese Indonesian offered 3-year lease, then said 1-year and reverted to 2-year when the Owner did not respond. Also mentioned was purchase of condo.

Wear and Tear: Higher. Number of occupants: Couple with 2 kids and 2 maids.

Hard bargaining. Offer from the co-broking agent started at $3,500. $4,800 was provisonally agreed and the cheques/contracts were ready but the Owner said "no" as he was not comfortable.

Asia USA associate didn't recommend this prospect when asked. The next moment, another agent sent in the Letter of Intent and cheque for $5,000 and the Owner was keen to close. However, the rental market is depressed and there may be a long wait for the next offer. As had happened to many Landlords, a 2^nd and 3^rd offer come in within next few days after the ice has been broken. The quality of Tenants is assessed by Asia USA associate and reported (see below).

Owners renting to US/European companies, contact Asia USA
9668 6468, 254 2728, email drsing@asiahomes.com, fax 256 0501.

If your condo is "rentable" (location good, views excellent, quiet, near subway), try to get a lease with diplomatic clause, rather than take risk as rentals are expected to decline further. If it is not in demand, take what you have and do not hesitate.

To: Owner
September 6, 1998 / 8.20 p.m.
Unable to reach you by phone (residence). Left 2 messages or 3.

TWO QUALITY CORPORATE TENANTS
FOR Costa Rhu

Please consider these 2 prospects seriously as they are quality Tenants, unlike the Chinese Indonesian family with 2 kids and 2 maids.

As there is a pressure of time, with the Letter of Intent from the Indonesian prospect, I have asked both parties to contact you direct. These 2 parties are quality prospects and details are as follows:

1. Mr WWW,

Operations Manager
CCC International
Tel:
Fax:

Company Lease
Company: (Established company in prestigious Raffles Place location).
80 Raffles Place
#…. UOB Plaza 1
Singapore 048624

Commencement: October 1998
Offer to you: $5,000

Occupants: Husband (Englishman) and wife (Japanese), both around mid-thirties. No children, no maid. One small breed terrier dog.

Requirements: ceiling fan in living and master bedroom

Mosquito netting in windows. Both items are not compulsory but will be nice to have. Presently renting The Cairnhill, 3,000 sf at $6,000.

Mr YYY,

Regional Human Resource Director, Asia Pacific

Tel:
Fax:
Home tel:

Company Lease
Company: (Established company with Singapore Stock Exchange listing).
750-D Chai Chee Industrial Park
#…. Chai Chee Road
Singapore 469004

Commencement: November 15, 1998

Offer to you: $5,500

Occupants: Husband & wife (Welsh), around mid-fifties, no children, no maid. No dog/pet.

Requirements: curtain behind door of kitchen. 2 months' notice to break lease if there is construction on vacant piece of land opposite living room.

Mrs YYY is extremely keen in having this apartment and the husband has agreed to pay S$5,500/month. If he calls you, please negotiate but he may not want to pay $6,000 as he is setting the example to economise. He IS THE PERSON who decides his own rental but obviously he must set an example to rent lower than his present residence (around $6,000 in a house).

Maybe you can negotiate to start at November 1, 1998 at $5,800. Hope these 2 cases of quality Tenants will be considered by you.

I will say that Mrs YYY will be the better tenant but they have the different requirements.

Wife is extremely interested and husband loves wife, this is now the commencement date and the rental compensation e.g. extra $800 for late commencement date. Ask for $5,800 and November 1 commencement date. Unlikely to accept $6,000. Wife just loves the garden and the tranquility, water waves and wind!

My mobile is 9668 6468 should you wish to contact me tomorrow.

Advices to new associates: Hard work is necessary.

Many agents view above unit as unmarketable, being a ground floor unit. This is generally true. No privacy and no security, limiting prospects to Caucasians who love garden or have a fear of highrise living.

You have to work hard especially weekends. Your mobile phone is a necessity and make sure you return calls immediately. Many realtors do not work on Sundays and complain that they don't have any cases.

The Chinese Indonesian prospect was a co-broking case but the co-broker did not really have creative solutions to close the deal and "lost" to another broker. Or it could be one of those underhanded practices of unethical agents to use another broker to close.

Above 2 Caucasians called on Sundays and visited the Costa Rhu Condo by themselves. One calls Asia USA after checking Internet website, www.asiahomes.com

and the other from the Straits Times advertisements (Saturday and Sunday).

Both Caucasian wives simply love the place.

Caucasian husbands in general wants their wives to be happy and if the wife is happy, the husband can focus on his career. The husband usually agree with the wife's choice since he spends most time in the office or travel a lot. Mrs YYY saw this unit 3 times after seeing a higher floor units.

Of course, you must be able to "sell" the advantages of this waterfront, private corner Condo unit, including objections to the "vacant piece of land".

Now, the Owner now has 3 choices whereas he had none for the past 3 months!

There is no exclusiveness in this case.

Much depends on timing really but there is no substitution for hard work and weekend work (when customers are free to go house hunting). Expose your property through all means including the Internet.