Property agent confessions on closing deals for the ultra rich

Recently, we’ve heard about Crazy Rich Asian kind of property purchases by ultra high-net-worth individuals in Singapore.

Likewise, for Kevin Feng, Senior District Director at PropNex, 80per cent of his ultra HNWI clients are from China and Hong Kong.Aric Lim, Senior Division Director at Huttons, tells us his foreign ultra HNWI clients come from various trades, such as energy and blockchain. While the local ultra HNWI clients go for good class bungalows , foreigners would usually buy condo units as they are not allowed to buy landed properties in Singapore. The only exception is Sentosa Cove, which they will still have to get approval from the SLA. On top of that, they’re“A lot of the GCBs are owned by locals. In recent years, they converted [to Singapore citizenship], so they started buying. [But the locals] still have the highest percentage,” says Donny.

“Or rather if they like it, they like it. If they don’t like it, they won’t buy it no matter how cheap it is. So if they like it, they’re willing to pay top bucks for it.”For Aric, there are times when he has to deal with clients calling for a viewing on the same day as the notice.So often, his team has to quickly call other owners and agents to arrange for viewings at such a short notice. And get scolded for it.

“They’re quite demanding in terms of expectations. Because after all, all these people have seen the world. And then you know when you’re at the level of having 100, 200 million at your disposal, there are so many things you can do and buy. A lot of choices.”On top of knowing what the customer wants, it’s equally important to understand who the customer is.

“They do have their PA and chauffeur, but sometimes it’s their mood so they just want to call you and ask you to get something done.” According to Aric, when it comes to residential properties for their own use, these clients look out for units with a large floor plate from 2,500 to 2,600 sq ft and above. And they want bright units with a squarish layout and luxurious fittings. Odd layouts and electric hobs are a big no.

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