Special Feature
Looking to buy a new condo unit or restructure your property portfolio? ERA’s Jackie Lim has the answers
/ Brought to you by ERA |
ERA's Jackie Lim at the showflat of One Pearl Bank. Photo: Albert Chua/The Edge Singapore
With the latest set of property cooling measures introduced by the government during Budget 2023, it is now more important than ever to understand what you’re paying for when you’re buying or selling your property.
This is where Jackie Lim, division director at ERA, comes in.
Lim, who is part of the sub-group, Galaxy Group at ERA, specialises in two things: project marketing where Lim markets new projects by developers, and property restructuring.
ERA’s Galaxy Group itself is focused on project marketing with a track record of securing a 6% market share for most new project launches in 2022, says Lim. The group has a team of around 400 agents, led by Eugene Koh & Alicia Yang.
“There are certain concepts on financial calculation, deal structuring and because of the timeline. After all, why would would-be owners consider buying a piece of property that’s not completed? They’ll have to sell their place first and rent [if they don’t want to incur any additional buyer’s stamp duty or ABSD]. Besides, they’re buying an unfinished piece of property at a higher price point compared to a property that’s move-in ready,” reasons Lim.
To be sure, Lim has already helmed several new launches, one as a project director of the 99-year leasehold Copen Grand executive condominium in Tengah Town and another as the project in-charge (IC) of the 99-year leasehold Parc Clematis in Clementi. Units in Copen Grand were sold out within two months while only the last four units of strata houses are left in Parc Clematis, reveals Lim.
Our interview itself was conducted at the showflat of One Pearl Bank, the 99-year leasehold development that is now being built on the site of the former iconic Pearl Bank Apartment, as most of the showflats of developments Lim represents, have already been closed. One Pearl Bank’s showflat will also be demolished later this year.
“Most of the projects that I was heavily involved with are all sold out and their showflats were demolished. The showflat at One Pearl Bank is one of the few left,” he says.
On property restructuring, Lim helps his clients look at their portfolio and see how they can best own more properties without incurring more property taxes. Part of Lim’s skillset includes capital recycling where he takes a closer look at the properties in his clients’ portfolios and may suggest they either hold or sell their existing property or properties and reinvest into others depending on the timing and yield.
Having been in the industry since 2013, Lim has amassed a wealth of experience along the way.
“When I first joined the industry, there was no proper system and structure; I was just following what the rest were doing in terms of closing deals,” says Lim.
“It was over the years that we accumulated the knowledge and know-how, including understanding the various datapoints as well as government policies and how to best work our way around it,” he adds. With the support of IT initiatives by the company such as IERA, ERAPro, Sales+ apps, we have faster access to various information that is critical for clients to make informed decisions on their asset portfolio.
During our interview, Lim cites recent examples such as how the decision by the all-boys Anglo-Chinese School (Primary) to move its campus to Tengah New Town will affect property prices.
“I have to be updated all the time in order to advise my clients well,” says Lim.
After nearly 10 years in the industry, Lim’s efforts have paid off. The award-winning agent now has a group of loyal clients that work with him. Lim was named as one of the top 10 division directors in ERA in February 2022. He was also awarded as one of ERA’s “Rising Millionaire” agents in 2021 & 2022.
“Most of the existing clients I have, have been with me for many years now; I’ve been helping them to buy and sell their properties or manage their rental units for the past six to eight, maybe even 10 years,” he says.
The reason behind this, he adds, is his constant communication with his clients.
“Whenever the time is right and it makes sense to sell, I’ll advise my clients to sell. Similarly, if it’s a better time to hold, I’ll ask them to do so,” says Lim. “I’ll do my best to arrange a meeting with every one of my clients at least once a year and spend one to two hours updating them on the current market situation.”
Due to his success with his existing clients, Lim reveals that he has received a lot of referrals from his current ones.
Through our interview, Lim, who was candid and warm, also revealed his tenacity, which has served him well.
When he joined the industry in 2013, the property market wasn’t doing well. At the time, the then-Minister for National Development, Khaw Boon Wan, had introduced a set of cooling measures for the Singapore property market.
“The market was very bad at the time,” says Lim. “Of course, there were times when I felt like giving up, but this is where your environment is important. You talk to people who have been in the industry longer than you. You see the direction of the industry for the coming year and you take stock as to why others are closing deals and you’re not. [You ask yourself] What are they doing that’s correct? This is how we review our business model every now and then.”
Trust is a big thing with Lim.
“It is a two-way relationship,” he says. “During the first meeting, that’s when I’ll be able to see whether we can build up the trust and whether we can turn this relationship into one that’s for the longer term.”
“It’s also really about chemistry,” he adds. “We also have to be aligned. And also, if my clients are able to trust me, it’s much easier to advise them. But of course, again, it works both ways. I have to be trustworthy too.”
For more information,
Contact Jackie Lim | 90626068
Associate Division Director (R050583A)
ERA REALTY NETWORK PTE LTD
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