0723Singapore real estate, Ardmore Park educational stories for asiahomes.com realtors. Excerpts from "The Internet Realtors, Singapore", sponsored by  AsiaHomes Internet.   Last updated: 24 Jul 2001

"The offer was not serious," she said.

"Do you know that the lawyers say that the Indonesian President's decrees are null and void since he is blind and his signature would not be recognized legally?" asked Mr Ford, a tall American expatriate on a house hunting trip to find a condo a 5-minute drive from Gul Road in Jurong, in the same class as "Nassim Woods and the Shangri-la Residences".  He was good at humour, lightening up the residential realtor for this whole day house-hunting trip for an upscale condo in the dockyards and industrial backyard of Jurong in West Singapore.

Finding Gul Road is a challenge for most motorists and taxi drivers. Lots of long road and numerous intersections showing Gul Avenue, Gul Circle and very few directions. I was lost and was late by 20 minutes.  I could not locate this industrial park road.   Nassim Woods and the Shangri-la Residences are upscale low rise and low density condos commanding rentals of above $10,000 per month.

Mr Ford's rental budget ranged from $5,000 to $10,000 per month.  He wanted only a 8-month lease.  The other realtor had told him that there were many desperate landlords and July 2001 was a recession month. 

Mr Ford was a very successful consultant and he wanted value for money and be a 5-minute drive to his Jurong office and a short ride to the American School for his children.

Was there a Nassim Woods equivalent in the industrial area of Jurong? Which developer would be crazy to build such a upscale condo in the wild wild west of Singapore? The thunderstorm was heavy but of a  short duration.  House hunting $5,000 - $10,000 near Jurong.  He liked the Thomson 800 penthouse and considered The Hillside penthouse.  But he was not excited about them. He said he was still looking and I should call him if I had any more recommendations.

What else could tickle his interest?  There was the Ardmore Park condo.  The other realtor had shown him one unit in the morning but I was not aware of it as I showed him several ones in the afternoon.  The other realtor had told him that July was supposed to be the busiest month but this July 2001 was a very quiet one for her.

It meant good news for him as a prospective Tenant.  He saw around 20 units of Ardmore Park, from low floors to the very high floors.  Co-broking realtors were informed beforehand that his budget was a maximum of $10,000 per month and each had more than one unit to show him.  It came down to views since the floor plan of Ardmore Park four-bedroom is essentially the same. The 8th floor may have half length windows in the bedrooms but essentially all have the same finishes.

Mr Ford is a real entrepreneur with his professional consultancy business to big corporations and his $5,000 - $10,000 rental budget showed that he wanted to rent the best value for money condo.

When so many co-broking realtors, each with more than one unit showed their apartments, he was sure he would get a good deal.  He wanted to offer $7,500 rent.  This was too low.  All co-broking realtors were talking about $10,000 and above rental.

At least he had decided on renting an Ardmore Park condo.  He offered $9,000 and a firm 8-month lease.  Would he catch a fish? The co-broking realtors were given letters of intent.  Six co-broking realtors were given ten letters of intent. 

"What's the response?" Mr Ford asked me one day later.  "The realtors were shell-shocked," I said. "One vented her anger at me for not being serious".  There were two counter offers at $10,000.  Definitely, there was no $9,000 response.

This is a case of a prospective Tenant making a bidding war. Experienced rental realtors would know that there should be a counter offer.  A letter of intent is just the beginning of negotiations. Rather than throw away this letter, give it to the Landlord and come back with a counter offer. 

There's a risk that the Landlord will scold you.  If you are really close to the Landlord, come back with a $9,500 or $9,800 offer and close the deal.  It is easy for me to say not to get emotional.  There are so many negative thoughts when one gets a "challenging case". I did have negative thoughts too. Which Landlord would rent for 8 months when the norm is 12 months? At $9,000 when the norm is $10,000?

The realtor who told me that Mr Ford's "offer was not serious" as Mr Ford gave so many letters of intent. If you analyse from the prospective Tenant's point of view, you would understand that Mr Ford just wanted to have the value for money deal. 

If this co-broking realtor could see the other point of view, she could package a deal of $9,500 or $9,800 for 8 months and close the deal. Her unit was on a low floor and the living area faced a wall of a building.  No views at all. 

Owners depend on the professional advice of their agent.  Do know the characteristics of the condo and if the view is no good, advise the Owner to be realistic.  Once in a blue moon, a crazy American like Mr Ford comes along, go for it.   Since the market offers $10,000 for various units, a $9,800 offer may clinch the deal for her.   It is only a $200 away but closing a case brings in the bread and butter for her family.   


Tips for www.asiahomes.com realtors.  It is not easy to represent Owners who are inflexible nowadays. You will get very frustrated after showing your unit one hundred times and not get a closing due to poor property characteristics.  Know the market well.  Not all leases fit the norm or the Institute of Estate Agent (IEA)'s recommendations.  You just have to be package for your Owner a deal to close as each day's vacancy, in the case of Ardmore Park is a loss of $330.

Reference 1.
House hunting listings has several reports which will reveal to first time expatriates relocating to Singapore a real situation on the Singapore market rentals. Do email judy@asiahomes.com if you have more queries. Or tel: +65 9668 6468.

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