My tenant moved in 7 months ago and now lost job. Personal lease for 2 years with 12 + 2 diplomatic clause. Told him to find replacement tenant. But if cannot find and EP cancel by employer, die die also has to leave singapore. what should I do now?
Newbie
My tenant moved in 7 months ago and now lost job. Personal lease for 2 years with 12 + 2 diplomatic clause. Told him to find replacement tenant. But if cannot find and EP cancel by employer, die die also has to leave singapore. what should I do now?
Ultimate Underdog
Take back and plan for next round. Can declare as own stay property too.Originally Posted by Werther
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Newbie
cannot la, still need to service loan.
Newbie
So sign lease also no use, cannot take legal action against them?
Ultimate Underdog
Most people will advise, no point taking legal action. Even sue until bankrupt, what can you get?
But one thing you can do is to check whether indeed the tenant had lost the job or was just playing punk. Call the company and check.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Newbie
Thanks Bro Kelong for your advice.
Yes, It's true. He is in oil & gas. sibeh jialat. sian
Newbie
He has a 2 months deposit (since it is a 2 yrs lease) with you? Forfeit the 2 months deposit and move on to look for a new tenant. It may turn out better for you if u get a new tenant almost immediately and still get the 2 months compensation.
Ultimate Underdog
Great suggestion!
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Newbie
Time are really bad!
Ultimate Underdog
Industry specific and also type of rental specific.
It will be a test of affordability for some and I guess some Government interventions on the way.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Newbie
Why would govt want to intervene when interest rates are so low and new showflats recently are selling so well?
Newbie
LOL....My tenant run road 3 months ago....Foreign Tenant...VP of some European Bank somemore
The most successful investors are defined by their actions in a bear market, not a bull market.
Ultimate Underdog
Who is the master landlord in SG?
Overheated, implement cooling.
Overcooled, at least some supporting strategy... Anyway already some measures tweaked to support supply. For demand side, just refer to news almost every other day.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Global recession is coming....
You expect the government to intervene and relax property measures when OCR private property prices are still at HISTORICAL HIGH? Ha ha ha!
Ultimate Underdog
I din say relax. The idea is to work more on demand side. Watch the news carefully. There has been a turn from last few years.You expect the government to intervene and relax property measures when OCR private property prices are still at HISTORICAL HIGH? Ha ha ha!
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Global recession is coming....
Like trying to make it easier for people to finance/refinance and suck in more buyers and delay the OCR private property price CRASH?
Newbie
Ur answer too enigmatic, and gave too much suspence
Did u mean that the demand for properties from both foreign and locals is drying up in past few years
such that the tap needs to be turned on with a relaxation of cooling measures?
Ultimate Underdog
Up to you whether receptive or not, and whether believe or not. We shall see.Like trying to make it easier for people to finance/refinance and suck in more buyers and delay the OCR private property price CRASH?
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Ultimate Underdog
I already said watch the news.
Go to ST website front page. What is the first two news you read?
Then consider these just for example.
How does SG get 30K healthcare workers in 3 to 4 years? Build new airport, who man?
Just continue to monitor these kinds of figures, and the answers will be clear.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Newbie
Hi, the clues i pick up here is that government will groom people in the healthcare field. Whether these people come from singapore itself or from some other counteries, we dont know. Time will tell.
These people needs to live somewhere. Either they will buy or they will rent. Feel free to comment.
Ultimate Underdog
Since this year to a couple of weeks ago, we were talking about ramping up all kinds of jobs... I won't classify this as heating up policies but rather as supporting the long term growth of SG.
http://www.straitstimes.com/singapor...wn-ong-ye-kung
• 30,000 IT professionals needed by 2017;
• 3,000 more jobs for professionals, managers, executives and technicians (PMETs) in precision engineering by 2020;
• Demand for 1,000 rail engineers;
• At least 1,200 professionals needed in finance, mostly in IT and compliance; and
• 4,000 more early childhood educators needed in the coming years.
At a separate event, Health Minister Gan Kim Yong pointed out that greying Singapore will need 30,000 more healthcare workers in five years, to add to today's 70,000.
http://www.straitstimes.com/singapor...eate-divisions
http://www.straitstimes.com/business...on-engineering
http://www.straitstimes.com/singapor...eers-this-year
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Newbie
Did you tenant literally run or served you notice?
I will be getting legal advice. Otherwise, all these tenants can suka suka break lease, regardless lose job or what. Need to work out compensation. A contract is a contract.
Newbie
A contract is a contract, does the contract not say what will happen if the tenant or the owner break it?
Ong lai ah!
Newbie
Drop a text that says he has lost his VP job and has no $ to pay rent.
As its a 2-year lease, i forfeited the 2 month deposit and assign agents to look for a new tenant.
The most successful investors are defined by their actions in a bear market, not a bull market.
Newbie
But you forfeit the deposit already is compensation right?
Insights Advocator
I second this observation. The signs are there. Fast aging population and low birth rate. Even we ramp up our birthrate to a sustainable 2.0 in 2017 (with our current minister watching this particular portfolio and making recent statements, I find this to be highly challenging), 2030 they will still be teenagers! The only option is to open doors. Without it, Singapore will be self imploding like Japan. We will literally sink into oblivion. I am not working for the government to know this, its pure simple math and economics.
The key difference is how we will feel the effects of this migration versus 2010s. I think it will be minimal. Why?
All the frantic infrastructure growth including massive new rail roads, highways, road alignments, Jurong lake district, new town centres and lots of supply in housing are all preparing for this inevitable outcome. They wrote it in the Population White Paper and that is when LKY is still around. Do you think they wrote it only to apply a 'what if' scenario? Its the only option but it will take some convincing over time for the population to accept this. Borne and bred Singaporean like me will be a minority nationality in 2030. I find it strange to find myself in such a country but can you think of any other way?
I am sorry to hear that this tenant has to go but I think its a matter of time you will find a new replacement. The question is never an 'if' but when. All the best!
2 cents,
Propvestor
Newbie
My friend's tenant also want to break less than a year. Sent legal letter and he has to find replacement at his cost and if shortfall of rental, he has to make up the difference. All new requests by new tenant to be under the cost of the existing tenant. No choice, and this ang mo tenant has to agree to all cost before he is allowed to break. Otherwise, according to contract, he has to fulfill up to 24 months unless diplomatic clause set in and showing proof of EP cancellation.
Newbie
This only works for local tenants
for foreigners, they just pack their bags and go
at most they leave the deposit behind.
Not much the landlord can do when the foreigners have no intention of ever returning
Junior
Japan isn't exactly imploding. That is a just fear mongering.
Newbie
Literally ran.
The most successful investors are defined by their actions in a bear market, not a bull market.
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