Special Feature
How Huttons Asia’s Lawrence See makes transacting GCBs an art
By EdgeProp Singapore
/ Brought to you by Huttons Asia / Lawrence See |
All photos: Samuel Isaac Chua/EdgeProp Singapore
SINGAPORE (EDGEPROP) - Lawrence See, a senior district director with Huttons Asia, has been in the industry for eight years since 2013.
Then 31 years old, See made the switch from being a studio executive in CNBC Asia.
Entering into an industry with no stable income, no CPF, and no annual leave, his family was naturally worried for his livelihood.
Yet, See is doing well today.
How so?
He has managed to enter into what agents consider the upper echelons of the industry – transacting good class bungalows.
For the uninitiated, good class bungalows, or GCBs, are one of the most premium asset classes in Singapore. GCBs are defined by their sheer size, with a plot size of at least 1,400 sqm or 15,070 sq ft.
GCBs can only be found in specific zoned areas. To date, there are 39 areas in Singapore that are zoned for GCBs. These include Nassim Road, Tanglin Hill, Queen Astrid Park, Camden Park, Belmont Park, First and Third Avenue, Holland Park and Ridley Park.
Working on the ground
Despite his eight years as a property agent, See only began transacting GCBs in 2020.
It all started when See’s client, a banker at UBS Group, asked him to find a GCB for one of his own clients.
At the time, with barely any contacts and armed with determination, See went about it the traditional way: by working on the ground.
“When I first looked at transacting GCBs, I went door to door, meeting owners, making my presence known. Most of the time I’d be greeted by the helper, but sometimes I’d be greeted by the owners themselves. After a few rounds within the neighbourhoods, some of the owners now recognise me!”
After having done a good job for his client, See found himself being recommended via word of mouth among those looking to buy and, or sell the coveted asset class.
Fresh ideas
As a relatively new agent in transacting GCBs, See believes there are certain things he’s more willing to try compared to more experienced agents in the field.
For instance, See managed to push the price of a GCB upwards to $56 million, even though the valuation of the property stood at slightly over $40 million.
“For about three to four months before, the property was quoted at the $44 million mark. Neither side – the buyer or the seller – was willing to transact. While I didn’t make the final sale myself, I was the one who came back with a counter offer of $56 million. This pushed the figure up for the seller who eventually sold his property at a price higher than $56 million,” says See.
Even though he didn’t clinch the sale, See remains proud that he managed to push the boundaries when it came to getting the best deal for his client.
“With more experienced agents in this field, they may be more fixed in their ways. For example, sometimes they take one look at the figure, and they go – oh this won’t work etc. Whereas new agents are willing to explore a little more and see what works and what doesn’t.”
Naturally, See hopes all potential clients will give new agents a chance.
“Traditional GCB agents who have transacted the asset class for many years, may be considered a safe choice. But I believe new GCB agents are flexible, think out of the box, and have creative ideas,” he says.
One of the GCB plots See is transacting.
For instance, See is currently in the midst of promoting a GCB plot that sits on a triangle-shaped land.
“Traditional agents wouldn’t be so keen or optimistic on this, as most GCB buyers are looking for flat, squarish plots of land. Triangular pieces of land are considered as less ideal for them due to the pointy end, which is perceived as not being good for fengshui,” he says.
“Newer agents, on the other hand, will be willing to try and pitch it to owners, or newer generation owners who are willing to give the said plot a chance,” he adds.
Thinking out of the box
As at the time of our interview on Sept 7, See shares that he’s just sold a GCB plot for a family, who remains unnamed.
The plot measures 23,000 sq ft and is located along Holland Road, near 1 East Sussex Lane.
It has no designated address.
According to See, the plot, which existed even before Holland Road, was previously a piece of plantation land and considered “tricky” by any GCB standards.
First, the plot is an empty one. Second, it is on uneven terrain, with an uphill slope, where most traditional GCB homeowners prefer a large flat plot.
The land comprises two plots, which means buyers will have to fork out the additional buyer’s stamp duty (ABSD) for the second plot. To make matters more complicated, the land has a road reserve line, which means that the property is sitting on a part that may be earmarked for a future road.
Furthermore, the plot has a Tembusu tree in the middle of the grounds
Under the Parks and Trees Act, healthy trees with girths of over one metre in tree conservation areas are protected. Should a tree owner attempt to fell or remove a protected free, he or she will face a $50,000 fine.
The Tree Conservation Areas, which are located in the south, central and eastern parts of Singapore, were gazetted on Aug 2, 1991. This was done to control the "indiscriminate felling of mature trees”, according to the National Parks website.
In order to remove the tree, the owner will have to transport it into another space within the gazetted area.
The property was previously on the market for 10 years.
Despite the obstacles, See managed to sell it at above $22 million. He has declined to reveal the exact price it was transacted for.
What was his secret?
Apart from handling the logistics when it comes to the lack of an address and the amalgamation of lands, See also sold a dream. The Crazy Rich Asian dream, to be exact.
“After I saw the topography of the area, I realised that the land is at the highest point of Holland Road. The sloping terrain also means that the building has the potential to be an architectural marvel, with the basement cut into the lower slope,” he says.
The new owners are already looking at building their home in 2022. For now, they are waiting to see whether construction costs – which have surged due to the shortage in manpower and materials – will subside.
Highlights of his career
During our conversation over lunch, See, who cuts a bubbly figure, shares that he has met several influential figures during his course of work.
Yet one client stands out in particular.
“I was selling a landed house for a client in 2020. It was an open listing; I brought the buyer to view the property twice, and an agent tried to undercut me at the time. The owner ended up confirming that it was my lead, and returned the cheque to the other agent. To me, that’s true integrity,” he recalls.
As a result, See says he reciprocates the favour by going the distance for this client.
That’s not to say he doesn’t do the same for others.
“When people request for me to do something for them – whether it’s research or legwork, I will do it. Sometimes you don’t know how and when it will come back to you,” he says.
Sincerity is what keeps his pool of clients coming back, he adds.
“I’m very upfront with my knowledge. I’ll tell them whatever I know. And if I don’t have the answers, I’ll try to find the answer for them. I won’t give estimates. I’ll do my research, call the relevant agencies and experts, and get back to my clients with the most accurate answer where possible,” continues See.
“It’s still a learning process for me and I enjoy that I’m still able to discover new information where I can.”
For more information, please contact:
Contact Lawrence See l 93500007
Senior District Director (R049755C)
Huttons Asia Pte Ltd
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