Yahoo Finance Chernys Lim: Offering expert insights on exec condos and market dynamics
Chernys Lim receiving her award, presented by Shermie Tee, EdgeProp's VP of Agency Sales & Training. (Picture: Albert Chua/The Edge Singapore)
Chernys Lim says executive condos (ECs) are among the best buys for Singapore citizens jointly applying with another Singapore citizen or permanent resident. However, only a handful are launched yearly, and guidelines are much more complex than private properties. Luckily for her clients, she possesses expert knowledge of this specialised property sector.
Before entering real estate in 2016, Lim had spent 12 years in pharmaceutical sales and decided on a whim to pursue the Real Estate Salesperson (RES) certification. She says: “I was at a crossroads in the pharmaceutical industry. I could have stayed on, but I needed to master new skills and find a new challenge. Coincidentally, two of my girlfriends considered taking the RES exam. I decided to join them, and we all passed it on our first attempt.” In what could be perceived as an ironic twist, she is the only one who became a full-time realtor.
After obtaining her RES license, Lim left pharmaceutical sales, setting a determined one-year goal to succeed as a realtor. She never turned back. One of the earliest property launches she was involved in was iNz Residence, an EC development in Choa Chu Kang.
As she advised and made recommendations to potential buyers, she realised some of the complexities involved in acquiring an EC unit. “There are a lot of details involved in buying an EC, from fulfilling the eligibility criteria to the challenges in upgrading from a HDB flat. Being able to help my clients successfully transit and elevate their property holdings is very fulfilling,” she says.
Chernys Lim receiving her Titanium Tagger Award. (Picture: Chernys Lim)
A smooth upgrade
Many of her clients are families with financial commitments and require guidance and a sound financial plan to buy an EC. Here is where Lim offers her expertise and adds value to their upgrading process by helping them figure out how to ready themselves for the purchase and facilitating a smooth transition. “HDB owners often have a significant portion of their CPF funds sunk into their HDB flat, which they cannot utilise for an EC purchase. That means they need to come up with additional funds before their HDB flat is sold or find alternative ways to work around this,” she explains. Her experience has made her one of Singapore’s Top 5 EC Transactors and an award winner this year.
Her top choice property would be an EC, if one is eligible, due to its high capital appreciation potential. “You can enjoy an upgraded lifestyle for yourself and your family while enjoying a convenient transition which doesn’t require you to sell your HDB flat until the EC is completed,” she says, adding that master planning in the Outside Central Region (OCR) means ECs will continue to increase in value. That makes ECs attractive, considering that prices compared with a newly launched private condo are lower by about 35% or more, based on recent launches.
She observes that due to Singapore’s limited land availability, government land sale prices are unlikely to decrease significantly. Rising manpower and construction building costs also impact overall development costs in the future. The cyclical trend in land development across Singapore means every part of the country will enjoy rejuvenation. “This is something that many buyers don’t think about or understand its importance in defining price trends across the island.”
Besides HDB upgraders, Lim has noticed an uptick in younger buyers entering the EC and private housing market. “Many of these younger clients have greater knowledge of the capital appreciation opportunities that EC and private housing offer. They also have the support of their families, especially with the initial payments required while they sort out their mortgage,” she says.
Lim recalls a young couple who had visited the showroom of Ola EC launched in 2020, and after explaining the financial requirements to them, they decided they needed more time to consider. Not too long after, an older couple came down to the showroom, and she again showed them the different units available, checking with them for their expectations and requirements before finally settling on a suitable unit that would still have a partially unblocked view in the future.
Surprisingly, the older couple was one of the young couple’s parents, providing financial assistance for the EC purchase. One parent was so satisfied with Lim’s service that they bought a unit at Canninghill Piers through her again for their son.
Lim: Being able to help my clients successfully transit and elevate their property holdings is very fulfilling
Above and beyond
In addition to ECs, Lim handles HDB flats, private properties, and commercial and industrial properties. “As real estate agents, we’re here to help our clients find the right property options for their needs. Sometimes, they see what they want; other times, it may not be their ideal choice. There will always be a right buyer for every property unit,” she adds.
Lim also functions as a tagger or project specialist in coordination with other realtors, providing the knowledge to help them secure the right projects for their clients. She is currently a titanium tagger in ERA, a title earned through an accumulation of transacted new launches, meaning she can tag all new projects for her colleagues.
Chernys Lim was also a recipient for the Top 502nd Achiever award for the year 2022 at the Asia Pacific Business conference. (Picture: Chernys Lim)
Her success led ERA to appoint her as one of the leaders for the launch of AMO Residence in Ang Mo Kio — one of the most successful in recent history — with 97% of all units sold on the first day of its launch. It also sets a record with a benchmark price of just under S$2,000 psf for a condo in the OCR.
Leading the development’s sale was a significant career milestone for Lim. “When you’re the leader, you’re not only responsible for your sales but to ensure that every agent involved has the right knowledge to help them deliver satisfied customers,” she adds. “That was a new experience for me, and I’m humbled but also proud that my company placed that trust in me.”
Even as her role continues to rise within ERA, she has completed and successfully attained the Workforce Skills Qualifications (WSQ) Advanced Certificate in Learning and Performance to become a trainer for adult learning. She sees this as an opportunity for more fulfilling work and to prevent stagnation in her career.
Says Lim: “I want to be able to share my experiences and methodology with other agents, to help them develop their skill sets or show them how to connect with customers more effectively so that they can meet their needs.”
For more information,
Contact Chernys Lim | 83887881
Associate Division Director (R056864G)
ERA REALTY NETWORK PTE LTD
See Also:
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