How much is enough for retirement in Singapore?
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Nebbermind:
Which part of SG was it?lee_yl:
My parents queued for 7 years to get their new 5 room flat from HDB. They paid $275K in year 2000.
1 year later, market went downhill and a friend also bought 5rm from HDB (slightly further down from mum’s place) at $190K. :faint:
I felt upset with HDB, hard to imagine getting a new flat could also lose money so fast!
Parents aren’t really upset as they never thought of moving house again given their age. Luckily, prices have since recovered.
I remember they built too many flats in the northeast during the early 2000s. Not sure whether it was 4 or 5 room, but the launch price was around $250k. Then later they sold bulk of the balance flats at around 20% discount after a year or 2. But the prices there have recovered since.
Yup, NE and the balance 5room flats were sold at a substantial discount.
When it was our time to get our matrimonial house, there were only 3 places to choose; Punggol, Sembawang or Jurong West. Since all were so far from town so we didn’t go for any. -
Nebbermind:
My time (90-91), EM/EA at Hougang were on sale for $160+k only!!! My (now) DH and I applied a couple of time but were unsuccessful. In the end we gave up. Bought private one instead.
EA/EM was $200K++ in 1994/95. Remote but not the remotest part of SG. Really surprised can cost $430k in 96.MyPillow:
My pillow enquiry:
Your exec was 400k plus is 1996?
A fren bought resale HDB massionrtte at 390k in 2001, sold 2016 at 670k ! Jump to EC , no Levy right? I thought ur flat should has increased to at least 600k too?
Fren flat was Hg, near swim pool
I think when they 1st launched EC, it was probably that kind of price but size smaller than EA/EM. -
starlight1968sg:
I bought my 5 rm BB flat in 1996 and it was close to 200k. I assume if I sell now, it is worth double ???
Just visit HDB website to look at the historical transactions / caveats lodged. There should be flyers occasionally distributed by agents in your mailbox. Double or not really depends on whether there are new amenities, MRT stations or newer generation competitor apartments with better facing or layout built around your area. If yours isn't as well-furnished as your neighbours' flat, meaning buyers must fork out more reno money, they will definitely slash their price during negotiation.
Some people like to test market by placing ads, but they are not 100% certain they want to sell. Had come across sellers that weren't serious but just checking out the value of their property since they saw regular viewings at their neighbours' property.
You can sense 'it' when you visit their houses. No visible or psychological signs of wanting to leave. Those are the indecisive sellers who will never say Yes or will return the cheque to you on second thoughts. -
mum_sugoku:
My time (90-91), EM/EA at Hougang were on sale for $160+k only!!! My (now) DH and I applied a couple of time but were unsuccessful. In the end we gave up. Bought private one instead.[/quote]In 1991, your area came under the control of the Workers' Party. Maybe it was a blessing in disguise that your applications didn't pull through as you'd have to wait for 20 years before flat prices rose.
EA/EM was $200K++ in 1994/95. Remote but not the remotest part of SG. Really surprised can cost $430k in 96.Nebbermind:
[quote=\"MyPillow\"]
My pillow enquiry:
Your exec was 400k plus is 1996?
A fren bought resale HDB massionrtte at 390k in 2001, sold 2016 at 670k ! Jump to EC , no Levy right? I thought ur flat should has increased to at least 600k too?
Fren flat was Hg, near swim pool
I think when they 1st launched EC, it was probably that kind of price but size smaller than EA/EM. -
mum_sugoku:
Terrible to be in a limbo! Hope they didn't reveal their predicament to the sellers of their new 2-sty terrace house. Some sellers can sense you're desperate for a roof, so they won't budge or cut prices. Instead, they fleece you! Always hold the cards close to your chest!
Came across a similar case. Happened in the early 90s. A couple first bought a brand new 3-sty terrace house. A year later, saw a brand new semi-d (for sale by developer) which they liked very much. To be on the safe side, they decided to sell off their terrace first before committing. Unfortunately, by the time their terrace was sold some weeks later, that semi-d was sold too. Spent a while looking for alternative house. So happened during that period (93-94), govt relaxed rule on HDB transactions (not sure about the details) causing property prices to escalate suddenly across the board. In the end, they only managed to get an old, 2-sty terrace house - at a price higher than what they've sold their 3-sty terrace for!!!Zeit:
I suppose one has to watch the cycles very closely if one wants to upgrade. Once it dips, you must be cash-rich and all ready to pounce. Buyers can move very fast and aggressively at open houses or showroom viewings. Highly competitive in a downturn as many Singaporeans are very savvy buyers with loads of cash to spare. 24 hrs late, you lose a good deal.
Some people mulled for too long (more than 72 hrs), sought second or third opinions from Feng Shui masters, grand/parents and children, others moved swiftly and grabbed the coveted units/houses.
During the peak in the early 90s, many people carried cheque books to showrooms/houses and issued cheques on the spot because they had already let go of their sole property. It was extremely competitive as there was a fresh cluster of condos built next to MRT stations in the 90s.
For landed property, there's one more step to take, which is prelim checks with your contractor/architect on hidden A&A costs. To save time, take him along. Some people even take their Masters along, as they deem their front gate, MBR facing to be of paramount importance. I know my relative also runs background checks at SLA for any death notices lodged. -
Vaguely remember I bought my first EM in the east directly from HDB for about $210,000 around 1993 and sold for about $600,000 around 1999 (got this by luck via ballot as that time was actually staying with ILs but then thought so wasted not to use the names to get a unit to enjoy the ‘subsidies’ from govt as citizens). Current resale price is about $650,000.
Then bought a resale 5-room in city area for about $360,000 around 2006 and sold for about $600,000 around 2009. Current resale price is about $700,000 (current age of flat is more than 30 yo). -
MyPillow:
I bought a new flat from hdb in 1996, collected key in 1999. Flat valuation has been low and is still close to purchase price today. No clue how can this be so. This has caused much anguish as i witnessed people around me pocketing huge profit from changing flats while i continue to stay in the same place for the past decades.[/quote]Fairy:
They bought at around $300k. With accrued interest and levy, not much cash to recover.
Surprised to hear that. How can it be that someone who bought a resale flat in 1996 could still be losing money / not making profit?
My pillow enquiry:
Your exec was 400k plus is 1996?
A fren bought resale HDB massionrtte at 390k in 2001, sold 2016 at 670k ! Jump to EC , no Levy right? I thought ur flat should has increased to at least 600k too?
Fren flat was Hg, near swim pool[/quote]
That is what happens to everyone else! So, you can imagine my anguish? Mine is at the NW. Used to be called 'Design and Build Plus'. If i have a chance, i would like to ask the property valuers how they came out with the valuations of similar flats transacted in the past/recently. -
Fairy,
What was the highest ever transacted resale price around your neighborhood, say in year 2013? I tend to agree with MP that for the past 20 years, you could have once or twice covered losses and moved on which you didn’t.
Another reason could be that you bought at the peak of 1996/97 just before the Asian Financial Cisis. Sometimes, entering the property market at the wrong time can be painful.
There are people whom I know, who didn’t make any profit or even lost money for their HDB unit, but since they had no choice, they just bit the bullet and relocated.
To be honest, not everyone earns money on their property investment. While we only hear people who boasted of the profits made, those who suffered losses generally just keep quiet. -
lee_yl:
As this is a huge development (>15blocks of exec, 5 & 4 room flats), many of the units were not taken up the year it was launched. I heard HDB had lowered the prices a year after i have shifted in.Fairy,
What was the highest ever transacted resale price around your neighborhood, say in year 2013? I tend to agree with MP that for the past 20 years, you could have once or twice covered losses and moved on which you didn’t.
Another reason could be that you bought at the peak of 1996/97 just before the Asian Financial Cisis. Sometimes, entering the property market at the wrong time can be painful.
There are people whom I know, who didn’t make any profit or even lost money for their HDB unit, but since they had no choice, they just bit the bullet and relocated.
To be honest, not everyone earns money on their property investment. While we only hear people who boasted of the profits made, those who suffered losses generally just keep quiet.
One of my neighbour had cut her loss and sold her EA for $380k years ago and upgraded to full condo in town. They should be laughing all the way to the bank now as they bought the condo very cheap. The family who bought that unit stayed for 2 years and managed to sell the unit at $500k to a young couple whose parents are staying in the same block.
The highest ever transacted for the EAs here was $600 (only 1 transaction, years ago). -
Fairy:
Unfortunately HDB charged buyers at the pre-Asian Financial Crisis rate, as building costs didn't drop...Nothing was adjusted after the crisis when you took over the keys in 1999.
As this is a huge development (>15blocks of exec, 5 & 4 room flats), many of the units were not taken up the year it was launched. I heard HDB had lowered the prices a year after i have shifted in.lee_yl:
Fairy,
What was the highest ever transacted resale price around your neighborhood, say in year 2013? I tend to agree with MP that for the past 20 years, you could have once or twice covered losses and moved on which you didn’t.
Another reason could be that you bought at the peak of 1996/97 just before the Asian Financial Cisis. Sometimes, entering the property market at the wrong time can be painful.
There are people whom I know, who didn’t make any profit or even lost money for their HDB unit, but since they had no choice, they just bit the bullet and relocated.
To be honest, not everyone earns money on their property investment. While we only hear people who boasted of the profits made, those who suffered losses generally just keep quiet.
One of my neighbour had cut her loss and sold her EA for $380k years ago and upgraded to full condo in town. They should be laughing all the way to the bank now as they bought the condo very cheap. The family who bought that unit stayed for 2 years and managed to sell the unit at $500k to a young couple whose parents are staying in the same block.
The highest ever transacted for the EAs here was $600 (only 1 transaction, years ago).
The problem I noticed from my cycling trips to Punggol was that HDB started building from the inside and along TPE, leaving vast expanse of state lands vacant near the MRT/Central area where Waterway Point now sits. Tough luck if your Design N Build Plus was further inside, away from the prime plots near MRT station. Those flats of the same room types nearer to MRT and which MOPed later will fetch higher prices. Every family wants to buy newer flats with longer leases, with better designs and that are in close proximity to MRT.
Your friend did the smart thing by letting go of their flat early. When you're selling at a loss, always remember you're also gaining by buying somewhere else in a better location cheap cheap at the same time. At the end of the day, location location location. For young couples who're working, it's definitely more convenient to be situated nearer to CBD.
With the announcement of the new Punggol Digital District, you can perhaps wait a while more as more PRs will definitely flock into Punggol and SK to purchase permanent place of residence. SIT campus won't drive up demand I suppose, cos many students will head home to sleep, or are entitled to halls of residence, or colleges will provide free shuttle buses, etc. Graduate / Int'l student numbers have dropped significantly in the last few years due to complaints by Singapore Kiasuparents.
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