73 Marine Drive
LESS THAN 60 years Left, IMPOSSIBLE TO SELL? We bust this Myth.
Marine Parade is one of our favourite estates as a whole. The HDB neighbourhood has an old school charm with plenty of lush greenery. So when we got this 5-room unit in a point block at 73 Marine Drive, we were elated. The block itself was built back in 1977 (older than any of us in the team!). With only 56 years left (at the point of writing), one of the concerns we knew that buyers in this area would have are:
In the future, will I be able to resell it to someone else if the property is so old?
Less than 60 years left, many buyers were worried 😰
After all, lease is one of considerations when buying a new property because it affects the amount of loan to take, CPF usage for the property and how much cash is required to use to pay off monthly installments in the future.
Other than these, there were other challenges as well:
(1) The house was empty as the family had already moved out and were renting it out for a while.
(2) Due to the strong winds and old lights, some of the ceiling lights had fell down and cracked.
However, we knew that the people buying into this area are those who LOVE the neighbourhood as much as we do, and for a property this age, it was meant to be their forever home.
So we got to work.
At 1291 sqf within a point block, it was a large but empty house. So it felt cold and very abandoned. You couldn’t tell how long the wall was or if it could fit your 5-seater sofa. It’s true that we can do 3D interior design, but when we do that, it may still be hard for buyers to visualize the space usage since it was such a blank canvas.
So, we hired a professional home staging company. The final photos (below) used in our advertisements are all encompassing.
Our intention was to give them a good first impression with the staging done, so that the buyers would be more inclined to see the property and visualize for themselves what they could do to recreate their own space to their own taste. Plus, if they have their own furniture, they can compare it with the existing ones to see if they can fit in.
An interior is the natural projection of the soul. – Coco Chanel
We could have used a 3D designer to show the space in a virtual way. That way, it could have saved us from physical work. But it still gives a sense of falsehood instead of using real furniture, which shows the natural projection of what the house might possibly be like to buyers. I think that when people come to view, seeing the real furniture will always be better than just a blank space.
Next, we prepared the floor plans of the property for our viewings.
During the viewings, we shared the floor plans and how the buyers could craft out a 4th bedroom in the flat. We also shared financial estimates for a potential buyer for this property. That way, we are able to help buyers answer any concerns they may have in terms of loans and CPF usage for a property this age.
Eventually, we sold it to a buyer who lived just two blocks away and needed a larger unit for their entire family. Age didn’t matter because the buyer really wanted to stay in that cluster, which is about a 5-minute walk to Parkway Parade and Marine Parade Central. (And 2 minutes from their mum’s place).
Although there’s 56 years left on the lease, older flats has other advantages in their favour – They tend to have larger space, which is attractive for family buyers in this area. Older flats also tend to be in the heart of mature estates within walking distance to many amenities. One of the perks of this particular block is certainly the future Marine Parade MRT Station on the Thomson-East Coast Line 👍
This is a relatively original house, built in 1977. It may not fit the taste of the current 21st century buyer even if they’re buying it for their own stay on a long term basis. But even then, houses these days come with either a utility room, storeroom or bombshelter. Some of these older floor plans have large floor areas, making it versatile for you to create extra rooms or storage spaces too. By sharing more information on the usage of the space, the buyers are able to understand how the space can be maximized in the near and far future.