insight
工程技術，地產投資，信仰家園，時尚生活
A year ago, she would walk into a showflat and be ignored by property agents.
Luxury cars fought for space at the carpark and the agents were spoilt for choice.
Not any more.
Property investor Vina Ip, 41, said she visited 10 property launches last month and often found herself outnumbered by property agents.
Visiting the showrooms over three Saturday mornings, Ms Ip realised that nine out of 10 times, she was often the only potential customer.
Most of the launches were for developments in the heartland, such as Jewel@Buangkok and Sant Ritz at Potong Pasir, and mixed developments like Midtown Residences at Hougang.
After visiting a showflat in the north-east, an agent insisted on accompanying her to the sales gallery of a different developer a short walk away.
There, the agent declared that she was representing Ms Ip as her exclusive agent. A surprised Ms Ip was lost for words.
"It was like someone declaring that he's your boyfriend and you find it hard to clarify because you don't want to embarrass anyone, including yourself," she told The New Paper with a laugh.
The market is a drastic change from a year ago, before the total debt servicing ratio framework kicked in, said Ms Ip, a regional marketing head in an IT firm.
The rule, where a buyer's total monthly debt repayments cannot exceed 60 per cent of gross monthly income, is meant to encourage financial prudence.
This makes it harder for people to invest in multiple properties and Ms Ip has noticed a change in the marketing efforts of developers.
"They now target first-timers or HDB upgraders. Many projects are focused in non-core areas," she said.
Ms Ip used to visit showrooms on Mondays to avoid the crowds, but she now finds them "equally quiet" on weekends.
While acknowledging the slowdown, property agent Charlotte Tan said that interest is slowly picking up as some buyers have come to accept that these measures are here to stay.
LESS AGGRESSIVE
Ms Ip said that developers are now more practical and less aggressive on the per-square-foot price.
The Singaporean, who emigrated from Hong Kong 16 years ago, started investing in property in 2002. At her peak, she owned five properties, but has sold them all except the terrace house her family lives in. She said she is not ready to buy a new property.
"I can't predict when it will be, but I will buy only when the market is at the bottom," she said.
Experts attribute March's lacklustre transactions to the low number of units launched.
Calling the current situation a buyer's market, PropNex Realty chief executive Mohamed Ismail thinks there is a general expectation of price correction.
"Potential buyers could be waiting for good bargains, so the key is to find the right price point that buyers are comfortable with," he said.
Her fave spot at home
Simply furnished but cosy, the study in her three-storey home holds a special place in 41-year-old Vina Ip's heart.
Every night, her two girls, aged eight and two, hug and kiss her in the room before heading to bed.
Her family moved into the terrace house in Verde Avenue in Choa Chu Kang in 2007 and family bonding time takes place in the study every evening.
The house originally had a Balinese theme, but Ms Ip repainted it to make it brighter.
'COSIER'
"It's cosier than the living room and it's a place where we relax, chit-chat and watch TV," she said.
It is also where the property investor and blogger of propertysoul.com wrote a book over the past year.
Ms Ip took a year's break from work to write the book, titled No B.S. Guide To Property Investment - Dirty Truths And Profitable Secrets To Building Wealth Through Properties.
It is available online and will be in bookstores soon.
This article was published on April 19 in The New Paper.
