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Buying a piece of real estate within your means.

Wednesday, June 13, 2012

This blog post is part of ASSI's voluntary community service to help raise awareness on personal financial planning. Sounds altruistic, doesn't it? Well, it doesn't cost me anything.

Sky Habitat. 509 units in two 38 storey towers. Price: $1,700 psf!

From the CPF Board:

Buying a house is the single most expensive financial commitment for most people. This decision can be scary if you have not done your sums. It is worse if you have committed to a home you cannot afford.

If you haven't given much thought to your home purchase, use the checklist created by the CPF Board
 to guide you through your decision making.

Take part in an online quiz to win attractive prizes:

Related post:
Buying a private property?


JJ said...

Hi AK,
Did you sell your chminzhong today? Buy back again later.
Wondering our kids can afford to buy a home? Luckily just got my EC before my increment, if not need to pay at least $900++psf for a decent one. HDB also not cheap leh...


AK71 said...


Nope, I bought more shares of China Minzhong as its price broke out of resistance. I will blog about it later.

Congratulations on getting your EC. Some ECs are really quite nice with basement carpark and great architecture. Some condos are really terrible though. In fact, some newer HDB flats look better.

If we want to help the next generation with home ownership, we want to buy freehold or 999 years leasehold residential properties. These would be in the family for generations. ;)

meesiam said...

Hi AK,

CPF board just got to work harder to educate people on "buying within your means".
It is really scary to see people just jump in to buy a million dollar home without knowing
1. what is CPF withdrawal limit
2. contribution % to OA differs by age group (more cash out from pocket when getting older)
3. older = vulnerable to job market
4. interest rate is not constant
5. property price is cyclical

In short, just hope for all fellow Singaporean, please buy within your mean and enjoy retirement life comfortably at/ before age 55.

AK71 said...

Hi meesiam,

Indeed, we could see quite a few distressed individuals during the next down cycle.

Although I do not wish for it to happen but I imagine that it would only be a matter of time before prices go south.

INVS 2.0 said...

Hi Ak71,

Nah, I don't think there is anymore *realistic* freehold or 999 lease in this little sunny island where the gov likes to bulldoze old stuffs to make way for new stuffs.

A nice home may be freehold or 999 on the paper but if the gov wants to construct a major project, it will buy your house at the market price and tear it down. :)

The only thing that I can think of it as a forever-alive house is a large private yacht. No 10-year COE to scrap it. :)

AK71 said...

Hi INVS 2.0,

You have to be truly pessimistic to think that all the 999 years leasehold or freehold land in Singapore would be acquired by the government in due time. There are parcels of such land which are relatively safe, I believe. ;)

INVS 2.0 said...

Hi Ak71,

Mostly those exclusively niche sites such as Sentosa Cove, Holland Road, Upper Bukit Timah Road, Tanglin Hill, areas, may be preserved for a long time to come. :)

Average or not-super rich sites like Sembawang, Seletar, I can't say for sure. :/

AK71 said...

Hi INVS 2.0,

Sentosa Cove? I think that is 99 years leasehold land, no?

Anyway, we can only plan the best possible plan. Everything remaining equal, buying freehold real estate or those with 999 years leases would be preferred for wealth preservation instead of 99 years leasehold properties. :)

To reduce chances of land acquisition by the State, buying properties farther away from roads which could see road widening exercises could be prudent. ;)

AK71 said...

On FB:

Assi AK
I saw the finishings in one unit. Cheap looking. Not worth the kind of money buyers paid. Toilets also not wall mounted. Bathroom sinks are the cheap type. Not undermount sinks. The mirror also cheap looking. No regular size oven in the kitchen. Only a small microwave oven... The list goes on.

Assi AK
The CTE from town during peak hours is a nightmare after the Moulmein exit. Driving to town in the morning peak hours on the CTE is another nightmare... -.-"

Assi AK
It is a pity that a project that looks so nice on the outside has such cheap finishings on the inside. The inside looks like any OCR mass market condo.

Assi AK
Slashed prices by more than 20%... Early birds didn't get the worms. Early birds got the worms' shit... Cham... -.-"

Assi AK
My friend wants to sell after seeing the finishings but will lose money... So, now trying to rent out but the competition is scary... 700+ sq ft now asking for $3K a month only. The yield is very low.


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