In 2001, property agent Daniel Chua, 48, was offered $1.13 million for his 1,700 sq ft terrace house in Bedok.
It was a good price, he reckoned, considering that he paid $970,000 for the place in 1998.
A similar-sized unit near his place was sold for $750,000 in 2000.
Mr Chua thought he would never be able to recoup his losses.
But when the property market recovered briefly in 2001, he got the offer. But he wanted more for his freehold property.
He said: ‘I thought the person would pay $1.15 million so I asked for more. In the end, the buyer got angry with me and decided not to buy. I would have settled for $1.13 million and I really regretted opening my mouth.’
To make things worse, a neighbouring unit was sold for about $740,000 later that year.
Today, a wiser Mr Chua cautions against making unreasonable demands to buyers.
He said he’ll now consider offers above $1 million for his place, even though he’ll still suffer a loss after taking into account his bank interest of about $300,000, and the $180,000 he spent on renovation.
That is still lower than the $1.13 million he was offered six years ago.
Source: The New Paper, 29 May 2007
