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SINGAPORE PROPERTY WEEKLY Issue 356
Later on in the afternoon I’ll come back, government installations have a lot of
answer my indications (i.e. your valuations interesting things I didn’t know were there,
from the banks), prepare and vet reports, talk and I didn’t know what I was valuing. There
to my staff about the inspections they did, was an incident where I thought it was just a
look at pictures and question them on the hill I was valuing, but it’s more than that. We
finishes. Once the evening comes, I’m off to also did valuations for various places of
meet clients again. interests. Places of interests that had no
comparables with anything else we have
Given how easy it is for people to reach me
done, so we had to look at things such as
nowadays, I even have to answer calls and
ticket sales and traffic.
texts during the weekends, so there isn’t
really much rest time as compared to when I What makes it interesting is that you see the
first started out when everything went through different facets of businesses you are dealing
fax. with, and how your valuation affects their
proposals. We know that for an owner who is
RB: What are the most interesting
financing their property, our value is important
encounters you have come across as a
for them to get the financing. They know
valuer?
where the parameters are. But for the big
D: I guess it would be all the specialised projects and government projects, we see
valuations we do for the government. These more of how the businesses work.
“What makes it interesting is that you see understanding of a value, roughly how much
the different facets of businesses you are it costs per square foot. Then I pinpoint the
dealing with, and how your valuation quality of the building, what is on the side,
affects their proposals. and what it is used for. I segment it based on
what I know. Check for comparables that
RB: Will technology be a threat to
contribute to your knowledge.
valuers?
Because we have past transactions on hand
D: The nature of the business is bound to
in our phones, we can access them once we
evolve. Everybody has to make money to
pinpoint the location, the building we’re
survive. But that is one of the things that is an
valuing, the actual usage of the property.
issue with technology. We have become very
From those comparables we will make
concerned, and everything we do now is in-
adjustments for the size of the unit, location,
house and won’t be shared or divulged. We
level, where it faces, etc. So you always start
have so much personal data in our systems
with the macro perspective, the location, then
that it can be very scary if it gets leaked, so
you zoom in from there.
we cannot compromise on that.
RB: What are some common mistakes
RB: How would you value a property?
people make when buying properties?
What are the criteria you look out for?
D: I find that recently, a lot of people ask me
D: It’s always been the same. The first thing I
to value cluster houses.
ask for is the address. From there I have an
You don’t really need a valuer unless you’re strong, our currency is strong, which is a
talking about very specialised properties. For good thing, and it may attract people to us. If
those who want to buy temples or petrol they keep the money here, it will be good for
stations, they will call us. But for those buying us. As for property, everyone who comes here
an apartment, nobody calls us, unless it’s a will definitely buy property. Once we open to
friend who will ask us whether it’s suitable to foreigners, we will grow again.
buy. They just want to check with us as a
“Given the current market, I feel it’s a bit
valuer, but they won’t ask for a report. They
heavy to play. Also, if I were to go in now, I
are just asking for an opinion.
won’t borrow so much either. It has to be a
RB: What is your view on the Singapore price where I go in comfortably, and I also
property market in the next 10 years? won’t want to do it with anybody because
D: I think the goal of Singapore is to be like of bad experiences.
Hong Kong or Tokyo, as one of the major
RB: Care to share with me about your
cities where you have buildings with very high
property portfolio?
quality and are well maintained. People
coming to Asia for a safe haven will probably D: I still have my HDB flat (5-room flat in
go to Hong Kong and Singapore, not so much GhimMoh) although I don’t live there. I bought
KL. Even the Philippines, Myanmar and that first and I may want to go there to retire
Cambodia are still developing, so Singapore because it’s very convenient. I basically buy
is considered advanced. Our economy is properties to stay, and if there’s a chance to
rent it out then I will. If not, I will sell it. To comes with investing. And I don’t really want
make money, you have to sell to take back to commit to loans at the moment.
your capital. It’s just that I haven’t had luck
RB: What are your best and worst
with timing because I always sell at the wrong
investments?
time, so now I tend to stay away. I haven’t
invested in anything in the last 10 years, but I D: My best investments are at LimauPurut
used to invest a lot more when I first started and Saraca Road. Worst investment would
this business. It was much easier at that time; have to be at Toh Tuck Road. Given the
no minimum amount, and you just had to put current market, I feel it’s a bit heavy to play.
the $5,000 deposit. And when I was with Also, if I were to go in now, I won’t borrow so
Colliers, we launched properties and had first much either. It has to be a price where I go in
choice of the units before they were comfortably, and I also won’t want to do it with
launched. I’m very happy with my condo, and anybody because of bad experiences.
don’t really want to move out. I also bought a RB: Who are your role models?
few commercial spaces hoping for en bloc, D: I was previously from Chesterton, and it
but it hasn’t happened so far. Given my luck, was bought over by Suntec. The
even my agent says that the moment I sell it shareholders were the big bosses there. One
will go up, so I’ve decided to just keep it. of them was Frank Chow, the guy running
I don’t really invest. Maybe it’s the fear; Suntec City. He was pretty humble. Lee Ka
maybe I don’t want the extra stress that Shing was also very humble,
which we found out when we did some work role model is my Lord. I want to do what is
for him. Even at that age, he was willing to right in His eyes and that is important to me.
learn, and I was very impressed by the way
he spoke. Those are the guys who made an
impression on me. As for the people I look up
to, they are the mentors who taught me the
business. They have helped and taught me a
lot, and I look up to them.
Non-Landed Residential Resale Property Transactions for the Week of Apr 15 – Apr 20