Singapore Property Scene Discussion

[13177]

On 5/20/2024 at 3:57 PM, Mkl22 said:

you believe the stories? got a ludicrous one that he living in 3rm HDB and has $5m or something, should he upgrade? 😁

epitome of kaki kong story... kaki song....

 

https://stackedhomes.com/editorial/we-have-5-million-in-cash-and-live-in-a-3-room-hdb-should-we-buy-a-larger-condo-or-hdb/#gs.92i8bc

Stories getting more drama le. This one family of 5, have 5mills cash and yet still stay in a 3 rm HDB? 😅

[13177]

On 5/20/2024 at 4:08 PM, Stary said:

Err, you expect them to be combine monthly income of $250k at 29?

I didn't know $100k/month is the new poor now......lol

If annual income is 250k, means per month is around $2000? Possible for two person?

Thought young generation nowadays, late 20s early 30s, one person salary already $5k liao. 😂

Edited May 20 by 13177

[Stary]

On 5/20/2024 at 4:12 PM, 13177 said:

If annual income is 250k, means per month is around $2000? Possible for two person?

Thought young generation nowadays, late 20s early 30s, one person salary already $5k liao. 😂

lol.........can you relook into your maths again?

😁

Edited May 20 by Stary

[13177]

On 5/20/2024 at 4:31 PM, Stary said:

lol.........can you relook into your maths again?

😁

Nevermind la, my maths failed de.  😅

[Spidey10]

On 5/20/2024 at 4:44 PM, 13177 said:

Nevermind la, my maths failed de.  😅

my maths lagi fail....

[Spidey10]

On 5/20/2024 at 2:42 PM, Windwaver said:

Young people no $$? 

https://stackedhomes.com/editorial/is-it-worth-keeping-our-executive-hdb-or-selling-upon-mop-to-buy-a-condo-and-avoid-absd/

Is It Worth Keeping Our Executive HDB Or Selling Upon MOP To Buy A Condo (And Avoid ABSD)

Hi Stacked,

I am writing in as I found myself in a rather interesting situation. My wife and I are 29 and have a combined annual income of approximately $250k. We are currently staying in an Executive Apartment for 3.5 years and am currently serving out the MOP. The property has saw its resale prices go up by 20% over the last few years and are now transacting at approximately $800k. We co-own the property.

My father owns a half-stake in a landed property valued at approximately $5-6M as tenants-in-common with his ex-wife. Due to a divorce order, he is not able to liquidate his position in the property for the lifetime of his ex-wife. He has since willed his share of the property to me. Unfortunately, my father has met with some health issues during the last few years.

Due to the lease decay of the HDB, my wife and I intend to move out of our HDB flat within the next 5 years. In the situation that my father passes on and I then inherit the half-stake in the property, we are stuck in a situation where I may not be able to liquidate my position in the property even after inheriting it due to the divorce order. This would mean that we would incur ABSD when my wife and I look for our next property to purchase. 

At the same time, we are cognisant that if we are able to liquidate our position of the private property, it would mean a significant cash inflow which we could use to fund our next place. 

Based on our analysis of the situation, we considered the following options:

1) Moving out ASAP to an intermediary condo ($1-2m) before inheriting the stake in the private property, allowing us to avoid ABSD.

2) Staying in the HDB and potentially facing lease decay in our current property and wait for the stake in the private property to be liquidated (which has no definite timeline)

Our goal for a forever home is a larger sized condo (>1300 sqf in the city fringe). What should we do to be able to achieve these goals and are there any other alternative options to what we managed to come up with?

What should you do?

You are indeed in a unique situation here. In both scenarios, your stake in the inherited property remains a constraint. Unless you’re able to acquire your forever home solely in your wife’s name, you’ll be subject to ABSD regardless of the choice you make regarding purchasing before your stake is liquidated.

Of the two options, the first of transitioning to an intermediary private property presents a higher likelihood of appreciation if the right development is selected, which would mitigate your concern of the potential lease decay of your current home. 

While the second option offers a more spacious and potentially more affordable living environment, the uncertainty surrounding the timeline for liquidating your stake raises concerns. Additionally, depending on the age of the flat, the EA may face lease decay issues as you’ve also pointed out. 

However, in the event that you inherit the private property before your HDB reaches its MOP, lawyers can potentially delay the transfer of ownership. That said, I would advise you to consult with a solicitor for more detailed information on this.

got money problem, no money also problem.....rich pple problem!........only in SG!

[13177]

On 5/20/2024 at 4:31 PM, Stary said:

lol.........can you relook into your maths again?

😁

Ok, after work my brain relax liao and work a bit better. So i missed out one zero behind! 250k not 25k. 😅 Then it reflect close to the high salary that young generation is earning liao. Lol.

[Throttle2]

On 5/20/2024 at 4:10 PM, 13177 said:

Stories getting more drama le. This one family of 5, have 5mills cash and yet still stay in a 3 rm HDB? 😅

They need to cook up such stories otherwise how to have any readership at all.

if they are so stupid as to hv to ask what property to buy for their own use, then they dont deserve earning $400k per year.  

but on the other hand, i wouldnt be surprise even if it were true becos most Singaporeans really hv little financial literacy, sadly.

 

[therock]

On 5/20/2024 at 3:52 PM, 13177 said:

Did i see wrongly or my math is failed de. Combined annual income is only 250k at the age of 29? 

Isn’t that very high?

[Throttle2]

On 5/20/2024 at 5:41 PM, therock said:

Isn’t that very high?

its very decent, yes. 
but its just barely $10kpm at 29-30..  so it isnt very high. 

i was paid that kind of money >20 yrs ago when i was that kind of age 
And we all know how much more $10k is worth back then compared to today.

[Wt_know]

On 5/20/2024 at 5:41 PM, therock said:

Isn’t that very high?

in spore, we say

age 30 no $15K to $20K no talk ....

age 40 ... at least mediocre peanut $600K level

Edited May 20 by Wt_know

[therock]

You guys are definitely in a different tax bracket than I... at 30 I got less than 100k a year, and when it got up to 100, I was very content... 
But when I went abroad to do further studies, the girl that I was with at that time said I couldn't afford her... sigh, oh well, better to know early right...

[Volvobrick]

On 5/20/2024 at 8:14 PM, therock said:

You guys are definitely in a different tax bracket than I... at 30 I got less than 100k a year, and when it got up to 100, I was very content... 
But when I went abroad to do further studies, the girl that I was with at that time said I couldn't afford her... sigh, oh well, better to know early right...

Means you had nothing else to attract her also? 😆

[therock]

On 5/20/2024 at 8:43 PM, Volvobrick said:

Means you had nothing else to attract her also? 😆

No money, no looks ... 'good heart' doesn't go far enough...

 

[Volvobrick]

On 5/20/2024 at 8:47 PM, therock said:

No money, no looks ... 'good heart' doesn't go far enough...

 

When people say they have good heart usually means they have nothing else de.... 

[Throttle2]

On 5/20/2024 at 8:14 PM, therock said:

You guys are definitely in a different tax bracket than I... at 30 I got less than 100k a year, and when it got up to 100, I was very content... 
But when I went abroad to do further studies, the girl that I was with at that time said I couldn't afford her... sigh, oh well, better to know early right...

Thank goodness for that.
 

You do not want a girl like that anyway.

[therock]

On 5/20/2024 at 8:48 PM, Volvobrick said:

When people say they have good heart usually means they have nothing else de.... 

Yep, cannot be used as rice, so they say..

She was earning 7k plus a month right out of uni in 1990, which is pretty impressive when my first take home pay was 1.6k or so..

 

[Theoldjaffa]

On 5/20/2024 at 4:44 PM, 13177 said:

Nevermind la, my maths failed de.  😅

You made me take out my calculator leh!