"Buy properties with little cash? It's too good to be true." - Straits Times (8 Nov 2020)

[Ginyu]

2 minutes ago, Throttle2 said:

Thats what they want you to do. So you will be trapped .

in the past our fathers can retire at 55. Simple life not complicated.  

Today, who can retire at 55? Few.  

Then there is good reason to raise the CPF withdrawal age to 60......

muayhahahaha

How about 2 fully paid pte properties, looking forward to another round of collective sale for one of them. Possible to retire by 55 and wipe table at coffee shops?🤣

[Beregond]

4 minutes ago, Throttle2 said:

LPPL , sell high, buy high also

alot of ppl always fail to see this.

generally if u can sell your property high, mean if u buy back the same size, it will be high, or maybe even higher😁

[Spidey10]

37 minutes ago, Ginyu said:

Do you mean their HDB was already fully paid by age 30 so they can consider upgrading? So i guess they bought their first HDB at very young age. Nowadays with bto price at 550k, if can clear it by 30,  sounds  to me first job starting pay already 5 digits, quite power lei🤣

if independent, alone and say fin NS and Uni and come out to work by 25....eeerr how to fin paying by 30 ah?

surely got side business...

Edited November 13, 2020 by Spidey10

[Spidey10]

11 minutes ago, Ginyu said:

How about 2 fully paid pte properties, looking forward to another round of collective sale for one of them. Possible to retire by 55 and wipe table at coffee shops?🤣

hoi...how you know my plan! only thing missing is wipe table at coffee shop in the morning and in the afternoon make coffee for bosses in the office, and wear my lolex while making coffee...

[Ginyu]

Just now, Spidey10 said:

if independent, alone and say fin NS and Uni and come out to work by 25....eeerr how to fin paying by 30 ah?

Not everyone have the same abilities,  some are just more capable🤣 believe the unexpected

[Wt_know]

wah so many richies here ... my cck laopok hdb still not fully paid until i 55 leh ...  

Edited November 13, 2020 by Wt_know

[Showster]

I think I must retire by 55. No energy to keep up this level of work. 🙂

Only active investments and passive investments can get us there on time.

I meant for those like me whose parents didn’t leave anything for you.

[Showster]

42 minutes ago, Ginyu said:

Do you mean their HDB was already fully paid by age 30 so they can consider upgrading? So i guess they bought their first HDB at very young age. Nowadays with bto price at 550k, if can clear it by 30,  sounds  to me first job starting pay already 5 digits, quite power lei🤣

I think they were prudent to take HDBs from below 200 to about 300K. 5 year MOP straightaway sell.

[Enye]

wah....sounds like young and rich new singaporeans

😬

https://www.msn.com/en-sg/money/topstories/singaporeans-snap-up-properties-during-worst-ever-recession/ar-BB1aW0m8?ocid=msedgntp

Singaporeans snap up properties during worst ever recession

 

By Aradhana Aravindan and Chen Lin

 

21 hrs ago

By Aradhana Aravindan and Chen Lin

SINGAPORE, Nov 12 (Reuters) - Singaporean Jason Chen recently bought a S$1.7 million ($1.26 million) three-bedroom apartment in a swanky condominium, upgrading his home in the middle of the COVID-19 pandemic which has triggered the country's worst ever recession.

"I know the price will rise", said the 32-year-old, who has spent nearly a decade working in real estate.

Undeterred by the economic slump and rising unemployment, Chen is among thousands of locals snapping up property in Singapore and taking a share of the market not seen in a decade as travel curbs thwart foreign investors.

This broad-based buying spree, which has pushed prices and sales to multi-year highs, has some parallels with a housing market boom seen in late 2009 as Singapore emerged from the global financial crisis. That forced the government to initiate several rounds of cooling measures to cap surging prices.

Analysts largely don't expect a repeat this time around as those curbs mostly remain in place. But policymakers last week cautioned buyers against the lure of cheap mortgages given the scale of job losses in the wealthy business hub, which have already seen many foreigners leave and the population shrink.

"Given the labour market uncertainties in the current economic situation, prospective buyers should remain prudent in their property purchase," the ministry of national development said last week in a written response to a question made in parliament about the risk of a "bubble".

The government is expecting the Singapore economy to shrink 5-7% this year, eclipsing a record 2.2% contraction in 1998 and marking the deepest recession since independence in 1965.

"A GOOD BARGAIN"

Property prices in the city-state rose 0.8% in the third quarter to their highest level since 2013, while sales volumes jumped to a two-year peak, the latest data showed.

Singaporeans bought nearly 81% of all private apartments sold in the third quarter, the highest proportion since early 2009, according to an analysis by property agency OrangeTee and Tie.

Some buyers like Jenny Lin, a 26-year-old accountant, have viewed the pandemic as an opportunity to get on the ladder of the world's third most expensive housing market after Hong Kong and Munich, according to property consultant CBRE.

"When COVID-19 first started you could really get a good bargain on the property price, as many people were rushing to sell their properties away for quick cash to salvage their main business," said Lin, who expedited her purchase of a S$530,000 one-bedroom apartment in May.

Despite the turmoil of 2020, prices of private homes in Singapore fell only in the first quarter and have risen since.

By comparison, prices dropped for four consecutive quarters between the middle of 2008 and 2009, during the global financial crisis.

The overall price rise in 2020 has been modest at just 0.1%. But for buyers like 36-year-old asset manager Amy Zhang, who recently purchased a S$1.17 million investment property, Singapore real estate is a safe bet compared to volatile stock markets which she has invested in for years.

The tightly controlled market, long viewed as a safe-haven, does pose some risks.

Droves of expatriates, who tend to rent, are leaving the island-state due to retrenchments and tighter foreign labour curbs, driving the first decline in Singapore's population since 2003 and pushing rents lower.

But Zhang, like many others in a country where the land available to developers is tightly controlled to manage prices, bought off plan and is betting on a stronger rental market when her property is ready in two to three years.

Singapore property has long attracted the super-rich from its less developed Southeast Asian neighbours as well as multi-millionaires from China. 

Political uncertainty in rival Hong Kong has also helped to galvanise that appeal, analysts say, even if some foreign purchases have been put on hold due to COVID-19 travel restrictions.

"Once all travel restrictions are lifted, there will be an inflow of foreign investments into the property market," said Chen.

($1 = 1.3488 Singapore dollars)

(Reporting by Aradhana Aravindan and Chen Lin; Editing by John Geddie and Ana Nicolaci da Costa)

[Ginyu]

1 minute ago, Spidey10 said:

hoi...how you know my plan! only thing missing is wipe table at coffee shop in the morning and in the afternoon make coffee for bosses in the office, and wear my lolex while making coffee...

All done for me , now hope for collective sale to succeed then can wear rolex , drive 911 and wipe table at coffee shop like some bros here.🤣

[Spidey10]

5 minutes ago, Ginyu said:

Not everyone have the same abilities,  some are just more capable🤣 believe the unexpected

yah man....my poor dad's advise to me was,  "my son - see my fingers....all not the same length....some long, some short, so in life, expect the unexpected"...no one is the same

Now go to sleep....

[Spidey10]

8 minutes ago, Wt_know said:

wah so many richies here ... my cck laopok hdb still not fully paid until i 55 leh ...  

dun worry, next gen can continue to pay...…...so is ok!

[Spidey10]

2 minutes ago, Ginyu said:

All done for me , now hope for collective sale to succeed then can wear rolex , drive 911 and wipe table at coffee shop like some bros here.🤣

..you better than me one level....drive 911....I thinking BMW only...not that BMW ah, ...is the Ah Gong BMW... Just like my poor dad, go anywhere also Bermudas, flippers and singlet and BMW...

[Ginyu]

7 minutes ago, Spidey10 said:

..you better than me one level....drive 911....I thinking BMW only...not that BMW ah, ...is the Ah Gong BMW... Just like my poor dad, go anywhere also Bermudas, flippers and singlet and BMW...

Oi those in bermudas, flippers and singlet  attire easily hold at least 7 digits liquidity. Ever witness one, was behind him at the atm,  he forgot to take the receipt, so i kapo and see omg 7 digits balance.  Those wear branded from top to bottom , all bought on credit🤣

Edited November 13, 2020 by Ginyu

[Wt_know]

3 minutes ago, Ginyu said:

Oi those in bermudas, flippers and singlet  attire easily hold at least 7 digits liquidity. Ever witness one, was behind him at the atm,  he forgot to take the receipt, so i kapo and see omg 7 digits balance.  Those wear branded from top to bottom , all bought on credit🤣

poor live "like" rich

rich live like poor .... 

[Ginyu]

1 hour ago, Wt_know said:

poor live "like" rich

rich live like poor .... 

poor live like rich because money easy to borrow and spend🤣

rich live like poor because money hard to earn so cannot anyhow spend🤣

 

 

 

[Ginyu]

56 minutes ago, Ginyu said:

poor live like rich because money easy to borrow and spend🤣

rich live like poor because money hard to earn so cannot anyhow spend🤣

 

 

 

The poor want the whole world to know they are "rich" while the rich own self know can liao🤣

[Showster]

The last thing we want to do is to stereotype and be self-defeatist or sarcastic. Look for your own wedge.