Profile of showflat visitors

Source : Straits Times – 24 Jul 2009

1 PURE INVESTORS

Many investors have been waiting for an opportunity to jump into the property market – but timing is everything, and they have been waiting until the price is right.

Mr Ashok Veerappan, a 56-year-old manufacturing executive, wants to buy a unit at Parc Imperial on Pasir Panjang Road as an investment. One-bedders of about 400 sq ft cost around $550,000.

Some investors are in no hurry to buy. Ms Eunice Lee, 39, a customer service professional, is keen to invest but is holding back as she expects prices to fall further.

Another investor, Mr Chan, in negotiations to buy a condo unit, said banks are paying little interest. ‘Stocks are volatile but real estate is quite stable. I don’t think prices will go down because external investors from countries like Indonesia and China are still there,’ he said.

2 RENTERS

Many of those who are renting their current premises and other first-time buyers are also considering buying property despite the downturn.

Condo renter Sundaresan N., 46, a bank employee, recently visited The Peak @ Balmeg showflat.

A three-bedroom 1,500 sq ft apartment costs about $1.4 million.

‘Rents have gone up so much, so it makes sense to buy, but I will buy only if the price is right – I have no problem waiting and trying to squeeze a lower rent out of my landlord.’ He has been seriously searching for six months.

Mr Eddie Koh, 40, who owns a cleaning company, is renting a condo unit but is thinking of buying his own place to live in. ‘If prices are not very high, then it’s worth it, like now,’ he said in Mandarin.

3 HDB UPGRADERS/LONG-TERM INVESTORS

Some HDB upgraders want to buy property for both residential and investment purposes. Mr H.G. Cheng, a regional sales executive in his 40s, is keen to buy a unit soon and live there. ‘I’ll see in two to three years’ time whether to rent it out or stay on. If the price is high, I’ll sell it, otherwise I will live in it myself.’

He was viewing a showflat at Double Bay Residences in Simei, where units range from $850,000 for a three-bedder to $1 million for a four-bedder.

Mr E.C. Ho, 48, a construction industry worker, said his plan to buy a home is unrelated to the economy. ‘We are half-upgrading and half-investing. My family of three live in an HDB flat and we are considering buying a condo now only because we didn’t have enough money before,’ he said.

4 BROWSERS/SHOWFLAT-HOPPERS

Amid the furious buying, many people are just browsing at the showflats, curious about the recent property launches.

‘We happened to see so many developments all of a sudden, and thought we might as well look for one as a long-term investment and upgrade,’ said Ms Eileen Chua, a childcare centre worker in her late 40s with two teenage children.

Mr K. Leong, a 32-year-old banker who was at The Gale, is keen to buy but added: ‘I’m just trying to see the market pricing. There is a perception that the economy is getting better and that is probably why everyone is buying right now.’