|2008 Balmoral Gate condo. Singapore Real
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Last updated: 07 Jan 2000
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Case study: A most attractive offer from a UE Square apartment landlord.
For Rent: 2 units at $4,500.
33 Balmoral Road, 6 years old. 57 units. Freehold.
2-bedroom 117, 118 sq. m
3-bedroom 146, 151, 152 sq. m
Living and dining area: marble tiled flooring.
Bedrooms: parquet flooring.
Swimming pool, spa pool, BBQ area, covered car park, squash court, 24-hour security.
Nearer to Bukit Timah Road and 10-minute walk to the Newton subway. 3 units per floor. 20 floors.
Suits expats who want low density and don't need a tennis court.
As at January 7, 2000.
3+1 1234 sq. ft 4th floor $4,500.
2+1 1670 sq. ft 6th floor. $4,500. RENOVATED. Extra large master bedroom as unit was a 3-bedroom remodelled into 2 bedrooms plus a large walk-in wardrobe.
Tel: +65 9668 6468.
How to get the lease renewed?
A UE Square Apartment Landlord had one of the biggest 2-bedroom apartment, measuring around 1200 sq. ft, but it was on a low floor and facing the UE Square offices. The unit was therefore dark. The Landlord was getting a rent of $4,000 and was not attentive to complaints about the air conditioning problems.
On expiry of the lease in December 1999, the Tenant wanted to move out. He liked the UE Square apartments and I found him one bright one corner unit on a high floor with views and good cross wind ventilation. The rent asked was $3,500.
His landlord countered offer with a $3,300 rent plus cash of $5,000 to him and promises to rectify problems promptly. That offer was too good to refuse and the lease was renewed for another 2 years.
There are 2 options in the management of the renewal of lease.
1. Make an offer that the Tenant cannot refuse as in the above case study.
2. The other option will be to work closely with the realtor who had introduced the client. There is usually an excellent Tenant-realtor relationship and the realtor will likely help you to get the lease renewed at terms favourable to both parties. Knowing that the Tenant will pay $3,500, it is unlikely that he will propose $3,300 as that means his or her agency commission will be reduced too.
However, most Singapore Landlords will prefer to save on the agency commission payable to the realtor on renewal of the lease and deal with the Tenant direct.
In this case, the tenant was willing to pay $3,500 with good attention to his complaints. He had no demands for new furniture. His apartment was one of the biggest 2-bedroom in UE Square.
The important factor was that he was reluctant to move because he would have to inform other people his new address if takes another unit.
By renting at $3,300 a month, the overall loss of income will be $200 x 24 months or $4,800. The $5,000 cash to buy furniture adds to a total loss of $9,800.
Assuming this Landlord retains the services of the realtor to negotiate for him, his expenses will be $3,500 for the agency commission and possibly a $1,000 to let the Tenant buy something. Total will be $4,500 or $5,500 if $2,000 cash offer was given. His savings will be ($9,800 - $5,500) or $4,300.
For more Information on FREE house-hunting for expats relocating to Singapore, email Judy Quek, tel: +65 9668 6468.
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