Hi

Thank you so much for your speedy reply and advise. Just to provide you with more background on my apartment. The last time I asked for an indicative valuation, JLW had indicated about $600K. Therefore I am asking for a realistic price of "at valuation" or even slighly lower at $580K to discount the fact that my apt may not be in high demand as it is on the 2nd floor.

But I have also done a survey the last time I am back, I have checked on the apts available at that time, most are facing the PIE/main road or have evening sun whereas mine faces greenery and commands partial pool view.

Those higher-floor apt with better facing are asking $650K. Aren't my price realistic? Besides, my apt is in the "original condition", hardly used although close to 2 yrs old as I was away this 2 yr on overseas secondment. Only stayed there when I return for home leave. Everything is as new ... that also means I have not done any renovation except for some simple furnishings. (Before I obtain the keys to the apt, I was posted overseas out of my expectations after being so desperate to pay a much higher price to buy the apt).

As at now, I have handed my key to an agent (relative) who is supposed to help me to sell it. But what I see, he is not commited as he runs his own biz. and often laments coldly about poor market, asking me to sell below $550K. But when I ask him to prove to me that $550K is the current market price, he can't. According to the URA records, it still shows that recent transaction is still above $600K. (prove me if I am wrong)

I am not out to make a profit. I just hope to break even (after including the cost of commission, lawyer fees and stamp duty).

I am keen to sell it but not so desperate yet, but so far what I get from their response is, "market is bad, sell lower". I do understand that agents still need to make a living in this kind of market thru' selling but I believe that if they are sincere in getting the best price for me, I'll be willing to sell at "Market Price". But what is the "market price" ?? Nobody can tell me. Of course I can sell it, I bet it will be up for grabs if I advertise at $500K as there are many market watchers waiting to pick up good bargains now.

I will be back in S'pore 2 weeks from now. Hope to make alternative arrangements. I still need to sell it to avoid stress on my future cashflow even though I have managed to raise a further 10% downpayment to meet the full 20%. As for your advise of selling it myself, I don't mind spending the $1200/3mth. I am even willing to bear all the advert cost etc. just to get the apt sold .... ie. the agent get the 1% std comm (net). But the agent needs to prove to me that he is committed and is a learned person.

To sum it up, I am a bona fide seller, it is just that I can't find a bona fide agent as at now. I need someone to work out the sale at the "true market price" and I do not intend to entertain any "easy way" adopted by the agents.

So, please if you ever come across any interested party or any bona fide agent, I am willing to make arrangements for them to see it. But as I am currently not in S'pore, I will need to make special arrangements. Hope this will not be too much trouble to any bona fide buyer/agent. Pls keep me posted.

As for the prospective client you have, can she wait a further 2 weeks ? I will be back in S'pore on 11 Dec. Otherwise I will need to make special arrangements. Pls advise. (I will get a valuation when I return ... I have asked my "agent" to do one, but so far I get nothing ... probably too worried of losing a further $100+)

One final comment : I think u have done a good and relentless job to advise buyers and sellers thru' the net. Pls keep up the good work. I will bookmark your page for my daily browsing. I just hope that people in S'pore will be internet-smart sooner than the 2 yrs (as you predict), instead of listening to all the kopi-tiam rumours .....

Best regards & good day.

Nov 27

In reply, the best solution is for you to pay for 2 independent valuers to give you 2 valuation reports. Selling prices in the newspapers are prices for negotiations only. 2nd floor is usually avoided by most smart investors although it is better than ground floor. However, there are Buyers who like low floors.

In general, investors who buy lower floors are budget conscious and will buy your apartment if the price is attractive.

Since you do not live in Singapore, you may not be aware of the great loss of confidence in the property market. Every week, there are bad news in the newspaper about the over-supply of 12,000 - 14,000 new units in the next few months. Also, the Developers’ Association has been actively lobbying the government to help while prospective Buyers are writing to the government not to intervene while the journalists are publishing more well researched articles about the depressed state of residential properties. The government has delayed land tenders.

Tenants are also aware of the poor residential market. As I focus more on expatriate rentals, the expatriates are well informed of the declining property market here. I will illustrate with real examples as around November 26, 1997.

• Yesterday, a Hongkong couple working in Singapore’s Suntec City area tried to lower the rental of a fully furnished, private, high floor 3-bedroom Wing Fong Mansion Apartment in Gulliemard Road, 5-minute taxi ride to Suntec City, to $2,000 while the Owner wanted $2,500. In the end, it was closed at $2,200 for one year lease.

• The Owner of the 3-bedroom Wing Fong Court Apartment (no swimming pool but beside Wing Fong Mansion) would have closed at $2,100 rental for 2 years, but the couple insisted on one year at $2,200 at the last minute and the Owner rejected them. This rental is "below" market rate as the Developers are asking rentals of similar apartments from $3,000 as at November 27, 1997.

• Another Owner of a 3-bedroom Torie Ville Apartment was very active in contacting me before the tenancy expired in December 15. I got him a Tenant for $1,700 per month commencing December 15 whereas his existing tenant was paying him $2,500 per month. He was a very happy man as he knows rentals are declining and newer condos are his competitors.

Common knowledge of property decline. An Indian Economist just arrived in Singapore told me yesterday that his Singapore colleagues in his Bank tell him that he should be able to get cheap rentals at <$2,000 anytime as the property market has a glut of apartments for rent!

• One American antique dealer just told me she has leased a 19 Shelford Condo 2-bedroom, above ground floor for $2,000 w.e.f. January 1, 1998 from another agent. I spent 2 days helping her to find apartments.

The one-bedroom 2nd floor apartment facing the swimming pool and water fall was her first choice but the Owner wanted $2,200. The other 2 bedrooms are asking at least $2,500 and one agent had advised one Owner not to "spoil the market".

• A Valley Park 2-bedroom freehold apartment in prime Orchard Road vicinity was transacted around 3 months ago at around $650/sq. ft when the "market price" is said to be over $1,000/sq. ft. The JLW agent I talked to disbelieved me but it is recorded.