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

Clementi Park Condo Near to most International Schools

Ref: 803061. Above Clementi Park Condo, Sunset Way.
Air-conds. in all 3 bedrooms and the living room.
5th floor of 115 Gardenia block,
facing club house and greenery.

Facilities: full condo facilities.

Ridgewood and Pandan Valley Condo
Mar 7, 98. Units available. Some are renovated, some are partly renovated and some are "original conditon".
Please call Asia USA tel: 9668 6468, 254 3326, 254 2728 for details.

Date: Fri, 06 Mar 1998 17:50:47 +0800
From: "Dr Sing Kong Yuen, www.asiahomes.com (65) 9668 6468, (65) 254 2728" drsing@pacific.net.sg
Organization: Asia USA Resorts. www.asiahomes.com
To: xxx@sns.com.sg
Subject: RE : Apt for Rent
Clementi Park, like all older condos such as Ridgewood and Pandan Valley is not as popular as 2 years ago due to the following reasons:

1. Many Owners are still reminiscing the older days and asking almost the same amount of rental as 2 years ago, without realising that their units have shown wear and tear esp. bathrooms and kitchen cabinets and the "hungry" owners of new condos in the neighbourhood.

2. When prospects see newer condos such as Southaven, Hume Park or Maplewoods, they feel good because the interiors are so clean and new. Expatriate wives love new bathrooms and kitchens - no doubt about that.

3. To be competitive, you will need to renovate the whole apartment, otherwise expect a long vacancy period. It is NOT a matter of how much more you can charge after renovation but how attractive is your apartment compared to the brand new ones!

4. By doing a complete renovation, you stand a better chance of getting early occupancy, not necessarily a better rental to recover your cost of renovation. Being an established condo, most expatriates will have friends staying around and will take an older apartment provided it is "decent" i.e. no leaking roofs, fungus and scratches in walls, sinks and bathrooms.

5. Older unrenovated condos will have no tenants because expatriates prefer living in newer but smaller ones if they have limited budget rather than put up with spacious old bombs.

6. Asia USA Realty and many agents have stopped viewing of older unrenovated condos because there are so many new ones and our success rates with new ones are definitely 10 times higher. Therefore, it may be best for you to keep up with the Jones' new condo, do a complete renovation and get the vacancy rate down in years to come. This is provided your Management Corporation also upgrade the swimming pool and other facilities, otherwise you are a lone ranger.

Hope advices are useful. Best wishes.

xxx wrote:

Hi Dr Sing,
Thank you for your reply.
Yes, the unit is still available, my tenant will be shifting out on 14/3.
The flat is very dirty now and requires a little touch-up here and there.
I am thinking of two options and would like to seek your professional help and advice :

1) If I can rent out the apartment at a low rental at present condition (at most a re-painting), says at $2500 for a short term lease of 9 months to 1 year, then I am willing to do so. Rental reasonable if apartment is in clean and liveable condition.

March 6, 1998.
EXPAT SURFERS, PLEASE CONTACT ASIA USA at 9668 6468 or 254 3326 if you want a spacious 3-bedroom condo at around $2,500.

2) I am also thinking of a more extensive renovation, re-painting, parquet sanding all the bedrooms, change the wall tiles, floor tiles and kitchen cabinet in the kitchen, replace the sink area in the master bedroom attached toilet. If I spend > 15k on the renovation, in your opinion, how much can I ask for such a newly renovated unit?
Answer: Not more than equivalent newer condo. A 3-bedroom in new condo in Hume Park is around $3,000 in rental. is it easy to rent out at a higher price ? Answer: NO, unless whole condominium has also been upgraded to equivalent new condo standard. An example is the Ridgewood Condo.

I understand that there are some foreigners who really like Clementi Park and is looking around for units in Clementi Park vicinity. Expatriate wives love to stay near fellow country folks and older condos usually have such folks.

On the other hand, they are also thinking that our rental is at the higher end. Not sure if I am right ? How does Clementi Park position itself in the present rental market? Clementi Park Condo owners (not fewer of them) still think of the good old days when their units are in great demand and command high rentals without the need to renovate.

It is considered "aged" and not in great demand nowadays. If the units have been renovated and the rentals lower than brand new condos, there is interest.

If expatriates have a better rental budget such as >$3,000, the wives will prefer the brand new condos nearby, anytime.

The solution is to renovate your apartment to the highest standard, probably providing a bigger living/dining area and new WHITE baths and LIGHT-COLOURED kitchen cabinets .

Once again, thank you.

xxx

drsing@asiahomes.com on 03/06/98 01:52:05 PM

Hi,
I refer to your internet advertisements and would like to seek your help in renting out my apartment..

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