iPhone Craze

Most of us know that the much awaited and overhyped iPhone was launched in Singapore on 22 Aug and the rights was given exclusively to Singtel. In order to get the phone, one must sign a plan with Singtel, either through an upgrade or a new line sign up. My plan, being a month away from the 21-month eligible upgrade, means that I couldn't get the mouth watering iPhone.

Do not get me wrong, I never had a bit of interest with the iPhone at all. I never liked things that every other people go crazy about. But this time, I decided to ride on the craze and look for arbitraging opportunities (making a profit from the mispricing of goods).

The plan was written out properly on the night of 23rd and I became the owner of the iPhone on the morning of 24th. You must be thinking that I'm kidding. Isn't the iPhone already out of stock? How can you get the phone within a day without making reservation?

Well, there was this promotion exclusive to the Singtel iPhone website that says the first 150 people to reach Comcentre on 24th Aug by 830am will get a guarenteed purchase of the iPhone. So I layed out my plan on the night before by calling the Singtel hotline and found that I can request for an early upgrade without the extra charges of $100. So I took down the name of the operator (remember you must always do that) and off I went to bed.

Woke up at 6.10 am and proceeded to Comcentre, Somerset. Reached at 7.30am and there weren't more than 50 in the queue. HA. So I got in and recontracted my plan for $508, in turn receiving the 16GB White Apple iPhone.

Whoa!! You must be thinking I'm damn lucky. Yea but what's going to happen later is even more exciting.

Off I went to my cousin house to look for buyers for the phone. The mobile phone market is so crazy that the online marketplace had became an iPhone bazaar. There is not even a need to post an ad for sale. There are ready buyers waiting for people to call. The market price for a brand new 16GB model was $1300. So I contacted 2 of them and apparantly they are people from phone shops who will take in the phones and sell at even higher price.

Just as I was going to meet the buyer at Orchard, he chu stunt and said the market price right now is $1200. Luckily, I went online using my new E71 and found an interested buyer for $1350. I even had time to reply the sucka to thank him for giving up the deal for $1300. haha

So I was an iPhone owner for only 5 hours. Fast deal and a great effort put in to make this happen. I ended the day being $260 richer and an item down my vision board. That equates to a 52% return and a dream fulfilled. So proud of myself.


The not-so-proud owner of the iPhone 3G