Early retirement in JB

[kopikong99]

Good to see you kopikong, long time no see u in Nusajaya.

The Oil and Gas sector is very down now and downsizing.

Well, I was being let go and might as well after so many years, so is retired now, all the more you will see me more in Nusajaya, my second home.

More time to smell the rose and wakes up to the sound of birds whistlings.

Thanks for remembering, and this forum is indeed interesting for sharings of views and perspectives.

Hope all is well with you too.

 

[freedom]

yeah, esp as cycle reached a peak in 2013, many could have cashed out then. In condosingapore, someone posted that somebody had made a loss of 5.5 mil selling his Frankel Ave detached house just in Jan last month at about 800psf or 9 mil + as he had bought it at a peak of 14.5 mil a few years earlier...

 

[freedom]

I see more and more landed property owners in Singapore cashing out, particularly in certain spots which get more crowded with apartments mushrooming up from owner land sales. Thus freehold landed will only get more rare, particular near good schools.

Good to see you kopikong, long time no see u in Nusajaya.

Above post in reply to the above...

 

[freedom]

Was surfing forums through the night while we Shou shui and came across a property discussion in mycarforum that pointed out according to the CM in Sg, Developers who bought after Dec 2011, have 4 years to sell EC and 5 years to sell PCs or face a 10%ABSD and it was increased to 15% if they bought after 2013. So they speculate that since the penalty kicks in in Dec 2016, Developers with unsold units will slash prices till 2018 so bargains may be found....no wonder they keep asking Govt to lift Absd and no wonder Govt say they have an idea of when to lift it....some predict 2nd half of this year....but I think it really depends on the ext economy and how far prices fall since Govt said it has not corrected meaningfully hinting they want it to come down more...which is what I am uncomfortable with as my retirement is tied to my property value...

 

[xebay11]

yeah, esp as cycle reached a peak in 2013, many could have cashed out then. In condosingapore, someone posted that somebody had made a loss of 5.5 mil selling his Frankel Ave detached house just in Jan last month at about 800psf or 9 mil + as he had bought it at a peak of 14.5 mil a few years earlier...

That is the problem with being over leveraged, strange that someone with the purchasing power to buy a house at $14.5m would have problems paying off loans.

 

[sgcount]

Do you all find it weird....The government released so much land for sale in the last few years and developers also went in to buy, buy, buy.

But from 2011 to 2013, so many measures were imposed to curb the heated property market. The worst and final blow was in 2013.

Now the developers are faced with a problem. The government is telling them: "Sell all your units or we will tax you!"

I feel all this problem is due to the government's greed. They went too far by selling so much land without considering the consequences -- properties that quickly shot up in price because they are many rich people in Singapore and rich foreign investors who like Singapore properties. This is no different from the greed when they let in so many new immigrants but the infrastructure couldn't accommodate -- Foreign workers were favoured over Singaporeans, salaries were suppressed, MRT trains broke down frequently, etc. So they finally woke up in GE2011 when they lost the most number of votes in history.

But one thing for sure, in good or bad times, this Singapore government will never lose. When the property market is booming, they make money from the high price land bidding by developers. When the market is down, they make money from ABSD! Even HDB flat buyers have to take higher housing loans cos directly or indirectly, the government has caused the prices to increase. That's another way they make money without making it so obvious it's their own doing!

Under Lee Hsien Loong, I feel he made a huge mess of the whole thing. Yes, you boost the country's economy and all that in a short time, but your citizens' lives are drastically affected and it's irreversible. In his father's time, things were more properly controlled and HDB flats were really affordable and meant for commoners.

 

[freedom]

Do you all find it weird....The government released so much land for sale in the last few years and developers also went in to buy, buy, buy.

But from 2011 to 2013, so many measures were imposed to curb the heated property market. The worst and final blow was in 2013.

Now the developers are faced with a problem. The government is telling them: "Sell all your units or we will tax you!"

I feel all this problem is due to the government's greed. They went too far by selling so much land without considering the consequences -- properties that quickly shot up in price because they are many rich people in Singapore and rich foreign investors who like Singapore properties. This is no different from the greed when they let in so many new immigrants but the infrastructure couldn't accommodate -- Foreign workers were favoured over Singaporeans, salaries were suppressed, MRT trains broke down frequently, etc. So they finally woke up in GE2011 when they lost the most number of votes in history.

But one thing for sure, in good or bad times, this Singapore government will never lose. When the property market is booming, they make money from the high price land bidding by developers. When the market is down, they make money from ABSD! Even HDB flat buyers have to take higher housing loans cos directly or indirectly, the government has caused the prices to increase. That's another way they make money without making it so obvious it's their own doing!

Under Lee Hsien Loong, I feel he made a huge mess of the whole thing. Yes, you boost the country's economy and all that in a short time, but your citizens' lives are drastically affected and it's irreversible. In his father's time, things were more properly controlled and HDB flats were really affordable and meant for commoners.

I have a feeling he is trying to achieve what his dad achieved before....a gradual drop before a gradual rise....that is the problem for me since I rely heavily on my terrace value to retire and fund my kids Uni...so I might as well cash out now....

I need to right size my roof over my head and make sure it is fully paid up....

Thought of selling my terrace to buy a 2 bedder PC which I found selling about $800k and rented out at $2800...then I dun have to put so much money into Malaysian FDs to fund my retirement in JB and perhaps can even semiretire in Sg with rental income of about $3k ... Problem is ABSD and penalty from early full redemption of loan which comes up to S$70k....so perhaps have to wait 2 more years to do this....

 

[Frodo]

Do you all find it weird....The government released so much land for sale in the last few years and developers also went in to buy, buy, buy.

But from 2011 to 2013, so many measures were imposed to curb the heated property market. The worst and final blow was in 2013.

Now the developers are faced with a problem. The government is telling them: "Sell all your units or we will tax you!"

I feel all this problem is due to the government's greed. They went too far by selling so much land without considering the consequences -- properties that quickly shot up in price because they are many rich people in Singapore and rich foreign investors who like Singapore properties. This is no different from the greed when they let in so many new immigrants but the infrastructure couldn't accommodate -- Foreign workers were favoured over Singaporeans, salaries were suppressed, MRT trains broke down frequently, etc. So they finally woke up in GE2011 when they lost the most number of votes in history.

But one thing for sure, in good or bad times, this Singapore government will never lose. When the property market is booming, they make money from the high price land bidding by developers. When the market is down, they make money from ABSD! Even HDB flat buyers have to take higher housing loans cos directly or indirectly, the government has caused the prices to increase. That's another way they make money without making it so obvious it's their own doing!

Under Lee Hsien Loong, I feel he made a huge mess of the whole thing. Yes, you boost the country's economy and all that in a short time, but your citizens' lives are drastically affected and it's irreversible. In his father's time, things were more properly controlled and HDB flats were really affordable and meant for commoners.

Govt will probably say all these are necessary because they want to build up reserves for SG100....liddat win liao lor...

http://www.straitstimes.com/opinion/what-it-takes-to-keep-singapore-in-good-fiscal-health

 

[freedom]

Govt will probably say all these are necessary because they want to build up reserves for SG100....liddat win liao lor...

http://www.straitstimes.com/opinion/what-it-takes-to-keep-singapore-in-good-fiscal-health

Sometimes, I feel like CPF is like a Ponzi scheme too, getting more people in to contribute so that there is enough to pay out to those retired....makes me worried when more gets retired and more payouts are needed and they reach a population limit then r they going to delay drawdown age or come up with other policies? Probably something to do with our property as that is our main asset...

Have many fears and worries about Sg's future and my kids' future in Sg...hope they can find overseas jobs in future and settle down overseas as it will get tougher for my grandchildren's generation...

 

[sgcount]

Haha... good comparison of the CPF to the Ponzi scheme! Though it is not, it feels like it. It is clear the CPF is no longer a reliable scheme to depend on for a respectable retirement. I think it has largely to do with the huge rising cost in housing and cost of living. Most common citizens' CPF are wiped out even when they buy HDB flats (not private properties!). It's a ridiculous lifestyle in SG now. Another cause of it is that salaries are not rising fast enough to catch up with the high costs.

Yes, I have a feeling they might just increase the minimum sum in CPF in the next couple of years and then give the excuse that since life expectancy is increasing in SG, the drawn down age will increase again. The truth is, this country is too expensive a place to retire for commoners. It's not so much to do with the increasing life expectancy. In Europe, I saw many old folks in their 60's and 70's happily holding hands, going for teas, hiking, reading their books in the parks. Why aren't they also working like a workhorse that many old Singaporeans do? Aren't the Europeans living longer also?

All the SG government can miserably do now is to brainwash citizens by telling them they have to be "realistic" or "manage their expectations". They paint a hopeful SG100 goal. But what I think is going to happen is that more smaller (and expensive) flats will be built in time to come and the future young generation will have to squeeze into them. I won't be surprised if there will be 50 sq m, 2-room BTO flats for small families in future.

The problem is that the SG government became too greedy too quickly. I'm not impressed at all whenever it is featured in the news that Singapore is No.1 in this and that, or that its economy is strong, etc. All these were achieved at the expense of the commoners' well-being. They imported so many foreigners in the past and gave them citizenship easily. They employed many foreigners in the workforce at much lower salaries, axed their own Singaporeans, and warned others if they don't accept lower salaries and work hard, they might not be guaranteed jobs.

With this sort of tactic, what's there to be proud about when Singapore does well? The government knew Singaporeans are super weak like lambs and will never protest but listen like little kids even when bullied. Any country that does what Singapore has done will also succeed. Maybe even better cos of their much larger population. But the overseas government can never bully their citizens like what the PAP has done -- favoring foreigners over their own for many years until they lost more seats in GE2011 where they woke up and realized Singaporeans have a limit.

Even when I visit the doctor nowadays, I see those from India, Philippines and Myanmar. Wah lau eh.... I have nothing against them in general but if some of them have language barrier, how are they going to care for patients? Why is our government doing this? Again, to save cost I presume and up the economy.

Your fears for your kids are certainly valid.

Sometimes, I feel like CPF is like a Ponzi scheme too, getting more people in to contribute so that there is enough to pay out to those retired....makes me worried when more gets retired and more payouts are needed and they reach a population limit then r they going to delay drawdown age or come up with other policies? Probably something to do with our property as that is our main asset...

Have many fears and worries about Sg's future and my kids' future in Sg...hope they can find overseas jobs in future and settle down overseas as it will get tougher for my grandchildren's generation...

 

[freedom]

Haha... good comparison of the CPF to the Ponzi scheme! Though it is not, it feels like it. It is clear the CPF is no longer a reliable scheme to depend on for a respectable retirement. I think it has largely to do with the huge rising cost in housing and cost of living. Most common citizens' CPF are wiped out even when they buy HDB flats (not private properties!). It's a ridiculous lifestyle in SG now. Another cause of it is that salaries are not rising fast enough to catch up with the high costs.

Yes, I have a feeling they might just increase the minimum sum in CPF in the next couple of years and then give the excuse that since life expectancy is increasing in SG, the drawn down age will increase again. The truth is, this country is too expensive a place to retire for commoners. It's not so much to do with the increasing life expectancy. In Europe, I saw many old folks in their 60's and 70's happily holding hands, going for teas, hiking, reading their books in the parks. Why aren't they also working like a workhorse that many old Singaporeans do? Aren't the Europeans living longer also?

All the SG government can miserably do now is to brainwash citizens by telling them they have to be "realistic" or "manage their expectations". They paint a hopeful SG100 goal. But what I think is going to happen is that more smaller (and expensive) flats will be built in time to come and the future young generation will have to squeeze into them. I won't be surprised if there will be 50 sq m, 2-room BTO flats for small families in future.

The problem is that the SG government became too greedy too quickly. I'm not impressed at all whenever it is featured in the news that Singapore is No.1 in this and that, or that its economy is strong, etc. All these were achieved at the expense of the commoners' well-being. They imported so many foreigners in the past and gave them citizenship easily. They employed many foreigners in the workforce at much lower salaries, axed their own Singaporeans, and warned others if they don't accept lower salaries and work hard, they might not be guaranteed jobs.

With this sort of tactic, what's there to be proud about when Singapore does well? The government knew Singaporeans are super weak like lambs and will never protest but listen like little kids even when bullied. Any country that does what Singapore has done will also succeed. Maybe even better cos of their much larger population. But the overseas government can never bully their citizens like what the PAP has done -- favoring foreigners over their own for many years until they lost more seats in GE2011 where they woke up and realized Singaporeans have a limit.

Even when I visit the doctor nowadays, I see those from India, Philippines and Myanmar. Wah lau eh.... I have nothing against them in general but if some of them have language barrier, how are they going to care for patients? Why is our government doing this? Again, to save cost I presume and up the economy.

Your fears for your kids are certainly valid.

Remember reading that you have a place in Medini and you are unsure whether to give it up...is that right? As you have said, Sg will become more unbearable for living with overcrowding, so you should keep it for retirement while renting out your Sg property...

I am a locum GP and also can feel the effect of foreign doctors on me as my pay has been stagnnant last few years...partly due to them..I knew long ago that sooner or later my job would be affected by foreigners when I saw as a company Dr 10 years ago how engineers were being retrenched one by one in Singtel, jobs taken over by cheaper foreign labour....I had a feeling then that foreigners taking over local jobs might slowly move up the ladder to higher paying jobs like mine over the years...I am not going to be a sitting duck and like in the book "Who stole my cheese?" one should always be alert and not be complacent as someone else is always eyeing your rice bowl....

Glad that by buying my JB semiD, and by selling my Sg terrace, I can still survive in JB and give my kids an education and have a simple retirement...I think everyone should plan for early retirement in case one day they get retrenched and it becomes a forced retirement...

 

[sgcount]

Yes, I have a condo in Medini. Still holding on.... But the thing is, I am still far from retirement. Maybe 15-20 years' time?! So the place will be empty for a very long time. I'm resigned to the fact it very likely won't be rented out. That's what I'm concerned about. Others tell me to give it up. I'm just buying time now and will decide when it's nearer to date.

If you are considering retiring soon, and especially yours is a house in Iskandar, then I think you have a good alternative.

As for SG properties, I think the market is also not looking good for quite a few years down the road. I'm expecting prices to drop for some time. There are many new properties coming up and the economy is sliding slowly.

Oh I didn't know even as a doctor, your salary also became stagnant! This government really too much.

At some point, I remember they restricted the intake of med students in NUS. I was wondering why when our population has been increasing and there is always long waiting time at clinics. Then I guessed they intended to import lots of foreign doctors here. Pay them cheaper, they also earn more than what they can get back in their countries, so it works out. But SG doctors like you get affected.

Just last week, my friend's father waited more than 10 hours to get a hospital bed. For the most part, he has to sleep along the corridor and also waited hours to see a doc at A&E. It's crazy. People say SG is a 1st world country and all that. But the day to day life we are experiencing tells me it feels like 3rd world.

So yes, better think for your kids' future also.

Remember reading that you have a place in Medini and you are unsure whether to give it up...is that right? As you have said, Sg will become more unbearable for living with overcrowding, so you should keep it for retirement while renting out your Sg property...

I am a locum GP and also can feel the effect of foreign doctors on me as my pay has been stagnnant last few years...partly due to them..I knew long ago that sooner or later my job would be affected by foreigners when I saw as a company Dr 10 years ago how engineers were being retrenched one by one in Singtel, jobs taken over by cheaper foreign labour....I had a feeling then that foreigners taking over local jobs might slowly move up the ladder to higher paying jobs like mine over the years...I am not going to be a sitting duck and like in the book "Who stole my cheese?" one should always be alert and not be complacent as someone else is always eyeing your rice bowl....

Glad that by buying my JB semiD, and by selling my Sg terrace, I can still survive in JB and give my kids an education and have a simple retirement...I think everyone should plan for early retirement in case one day they get retrenched and it becomes a forced retirement...

 

[RedsYNWA]

At the risk of being thrown rotten eggs, I am actually a govt supporter. In truth, they have v limited options other than the population ponzi, given the small size of our economy, lack of talents, and the lack of a hinterland (unlike say HK).

Luckily, I believe the population ponzi can continue to 8-10m population, plus RTS/HSR which will help to bring in more people to SG to grow our economy for the next 20-30 years. So by the time Singapore truly runs into problems around SG 100, I am already either not around or close to 90 liao.

Too bad for the kids and the future generation, but the reality is we live in a cruel world.

 

[kslresidence]

At the risk of being thrown rotten eggs, I am actually a govt supporter. In truth, they have v limited options other than the population ponzi, given the small size of our economy, lack of talents, and the lack of a hinterland (unlike say HK).

Luckily, I believe the population ponzi can continue to 8-10m population, plus RTS/HSR which will help to bring in more people to SG to grow our economy for the next 20-30 years. So by the time Singapore truly runs into problems around SG 100, I am already either not around or close to 90 liao.

Too bad for the kids and the future generation, but the reality is we live in a cruel world.

Frankly speaking, there is nothing wrong being a govt supporter, com'on many of us kpkb about the government, however if we are put in the position of LHL, will we make better call? Despite many of us calling out for their head, there are still many who prosper under the same govt. At times I do self reflect if it is because I buay kan that is why find it hard to survive in Singapore and need to move across the border. But at the end of the day, living in a foreign country could be a taunting experience for some, for me... it is an ADVENTURE which I relish.....

At least SGD1.00 is to MYR2.9X now... we are still given an option to earn here and spend elsewhere.

 

[sgcount]

There are different types of people who complain. Some just do it for no better reason. I think they are rightly labelled as "whiners". Others do it with valid reasons.

No one is saying, Don't bring in the foreigners, don't crowd the whole country. I think we need foreigners to add to our workforce since we lack natural resources. But do it only after you have taken care of your citizens. For Lee Hsien Loong, I didn't see that happening on many major occasions.

Take buying HDB flats for eg. If you want to bring in huge numbers of immigrants to a tiny country, then jolly well prepare your infrastructure first. The reason why even public flat prices shot up so quickly especially from 2007 to 2013 is that there were insufficient new flats to go around. Remember those days where sellers could ask for $100,000 extra cash more than the value of their flats? This could have been minimised if the govt did better planning. With higher demands but limited supply, of course inflation would kick in.

Instead of building more new flats, guess what they did? They decided to sell land to private developers to build flats! Why? I knew a disaster in flat prices would come. This is clearly more for the govt's greed and convenience. Sell the land at profits, let the developer inflate the prices some more, in the end, who are the ones to suffer? The buyers. Who are the ones who are laughing away? Of course the govt and the private developers. Because of this, many flat prices are now sky high and prices will continue to go up for many other flats. You can mess up private property prices and let the rich play and speculate, but this is public housing for the masses we are talking about!

Then there are the often broken down MRT trains. This also happened because of not ensuring the infrastructure can cope with the heavy passenger load. This one is not from me, but that Lee Hsien Loong who admitted it himself.

Then you have the lack of hospital beds. It's really demeaning to see your loved one waiting in queue for more than 20 hours before getting a proper bed. Like all politicians who twist and turn their words, the Health Minister would have us believe it's due to our ageing population. Come on.... give better excuses can? Nobody says waiting is wrong. But for 20 over hours? That's too much. Nobody says flat prices must always stay stagnant and cost similar to those of 20 years ago. But to allow prices to shoot up so quickly in such a short time? Tsk tsk.... Nobody says that being in a crowded MRT train is unacceptable. But to be constantly pushed around and have trains breakdown during crucial hours every few weeks or months in the past? That's not right.

I'm not sure if the govt understands or empathises the ground level any more. What I do know is, many salaries have become stagnant yet the cost of living has gone up tremendously. And I'm not even referring to trying to own a car but just to get by, buy a flat comfortably, enjoy the simple pleasures in life... These are things the younger generation here is finding hard to cope. One has to be in such situations to really know what the commoners are going through today.

What SG100? Big joke. It's more for preparing the rich to make SG a more fun playground to throw money around. Like I said, nothing wrong, but take care of your commoners first. Every time I go out for lunch, I inevitably will see the elderly in pain slowly walking to sell tissue papers. And a minister once said those old folks pushing heavy cardboard boxes are doing it willingly for physical exercise. Again, Come on....think of better excuses can?

 

[whoami]

There are different types of people who complain. Some just do it for no better reason. I think they are rightly labelled as "whiners". Others do it with valid reasons.

No one is saying, Don't bring in the foreigners, don't crowd the whole country. I think we need foreigners to add to our workforce since we lack natural resources. But do it only after you have taken care of your citizens. For Lee Hsien Loong, I didn't see that happening on many major occasions.

Take buying HDB flats for eg. If you want to bring in huge numbers of immigrants to a tiny country, then jolly well prepare your infrastructure first. The reason why even public flat prices shot up so quickly especially from 2007 to 2013 is that there were insufficient new flats to go around. Remember those days where sellers could ask for $100,000 extra cash more than the value of their flats? This could have been minimised if the govt did better planning. With higher demands but limited supply, of course inflation would kick in.

Instead of building more new flats, guess what they did? They decided to sell land to private developers to build flats! Why? I knew a disaster in flat prices would come. This is clearly more for the govt's greed and convenience. Sell the land at profits, let the developer inflate the prices some more, in the end, who are the ones to suffer? The buyers. Who are the ones who are laughing away? Of course the govt and the private developers. Because of this, many flat prices are now sky high and prices will continue to go up for many other flats. You can mess up private property prices and let the rich play and speculate, but this is public housing for the masses we are talking about!

Then there are the often broken down MRT trains. This also happened because of not ensuring the infrastructure can cope with the heavy passenger load. This one is not from me, but that Lee Hsien Loong who admitted it himself.

Then you have the lack of hospital beds. It's really demeaning to see your loved one waiting in queue for more than 20 hours before getting a proper bed. Like all politicians who twist and turn their words, the Health Minister would have us believe it's due to our ageing population. Come on.... give better excuses can? Nobody says waiting is wrong. But for 20 over hours? That's too much. Nobody says flat prices must always stay stagnant and cost similar to those of 20 years ago. But to allow prices to shoot up so quickly in such a short time? Tsk tsk.... Nobody says that being in a crowded MRT train is unacceptable. But to be constantly pushed around and have trains breakdown during crucial hours every few weeks or months in the past? That's not right.

I'm not sure if the govt understands or empathises the ground level any more. What I do know is, many salaries have become stagnant yet the cost of living has gone up tremendously. And I'm not even referring to trying to own a car but just to get by, buy a flat comfortably, enjoy the simple pleasures in life... These are things the younger generation here is finding hard to cope. One has to be in such situations to really know what the commoners are going through today.

What SG100? Big joke. It's more for preparing the rich to make SG a more fun playground to throw money around. Like I said, nothing wrong, but take care of your commoners first. Every time I go out for lunch, I inevitably will see the elderly in pain slowly walking to sell tissue papers. And a minister once said those old folks pushing heavy cardboard boxes are doing it willingly for physical exercise. Again, Come on....think of better excuses can?

We can have tons of valid reasons. But 70% Sinkies will not agree with u.

Btw i belong to those 30%

 

[freedom]

At the risk of being thrown rotten eggs, I am actually a govt supporter. In truth, they have v limited options other than the population ponzi, given the small size of our economy, lack of talents, and the lack of a hinterland (unlike say HK).

Luckily, I believe the population ponzi can continue to 8-10m population, plus RTS/HSR which will help to bring in more people to SG to grow our economy for the next 20-30 years. So by the time Singapore truly runs into problems around SG 100, I am already either not around or close to 90 liao.

Too bad for the kids and the future generation, but the reality is we live in a cruel world.

Sg may run into problems sooner than you think...that is my worry....

 

[xebay11]

Sg may run into problems sooner than you think...that is my worry....

In that case, I suggest you cash out now and put your money in Malaysia FD and retire, no need to decide anymore.

 

[James Porn]

Sg may run into problems sooner than you think...that is my worry....

It will be a good idea to start planning today to make the move over. It appears from your threads that you have the financial means and abilities to do so. With the current 'favorable exchange rate and attractive FD rate' in Malaysia, the timing now couldn't be better to uproot and move over to greener pastures (think big open spaces, bungalows, big inexpensive cars, cheaper cost of education, cheap petrol, cheap road tax, cheap food and living expenses etc etc) this is your window of 'golden opportunity'. Don't take too long to decide, else when the crowd start to think the same way, it will become less attractive in terms of cost.

Meanwhile, I will just stick to Singapore to face the uncertainties and worries down the road as I do not have the means like some of the lucky ones here. I am just being envious, sorry :o

 

[wuqi256]

There are different types of people who complain. Some just do it for no better reason. I think they are rightly labelled as "whiners". Others do it with valid reasons.

No one is saying, Don't bring in the foreigners, don't crowd the whole country. I think we need foreigners to add to our workforce since we lack natural resources. But do it only after you have taken care of your citizens. For Lee Hsien Loong, I didn't see that happening on many major occasions.

You must spread some Reputation around before giving it to sgcount again.
Absolutely agree.