Serious Great News! 12 Years Old Punggol HDB Sold for $900,000! Huat Ah!

[Scrooball (clone)]

anything west in sg is a low ses shithole, and that starts with clementi.

Punggol and Sengkang are easily much worse than clementi. Given the choice I will prefer Tiong Bahru.

 

[Charlie99]

Many are buying these expensive HDB units in full cash or little HDB loan. It is actually very worrying.

Some SME towkays are not doing well. They took out the cash in the company, and SME loans and use these money to pay for an ultra expensive HDB, in their own name or children's. Then when they go bankrupt, bankers cannot touch these HDBs (unless they are bought with bank loan) and when they die, their children can inherit it.

Imagine a weak SME towkay like @JohnTan have three options:
1. Retire now, only $100-300K savings
2. Continue business and risk getting bankrupt soon
3. Use remaining cash and take the Covid-19 SME loan to buy a million dollar HDB, then go bankrupt
Which will he choose?

Due to this loophole, HDB is a store of value for someone going bust.
More of such deals to come.

I am an insolvency practitioner in Toronto.
Is an HDB flat exempt from seizure if the owner goes bankrupt?
There must be sections in the Act dealing with preference payments, settlements and transfer of assets below market value and those to recapture fraudulent transactions.

 

[zhihau]

I'm assuming that sinkies will retire from after age 60. Having $300k savings in cash after age 60 would suffice.

You traitor! You forgot what your Ah Gong said on retirement?

 

[CPTMiller]

300k can retire? At what age?

Any discussion about retirement has to include the age at which the person retires. As well what his life expectancy is going to be. Otherwise it is just a rubbish statement.

What is SGD300k in Singapore.
Can last how many years.
How to retire?

 

[eatshitndie]

Punggol and Sengkang are easily much worse than clementi. Given the choice I will prefer Tiong Bahru.

north, northwest, northeast are also shitholes. best hdb estate is in marine parade, followed by pasir ris, simei, then tiong bahru, queenstown, tpy in that order. i’m using criteria of location, access, view, safety, neighborhood, quietness, small town feel, expat (not ceca) preference for rentals, above average rent, majority higher ses sinkies and foreigners living in the area. wherever there are sizable numbers of tiongs, cecas, jiuhukias, and low ses sinkies around, it becums a shithole. clementi had the potential of becumming a great place as it’s near the nus campus and biotech research park. but for some reasons such as lower rents, more low wage jobs, proximity to factory jobs than there are in tiong bahru, many tiongs and jiuhukias flock to clementi and jurong.

 

[Hypocrite-The]

Punggol and Sengkang are easily much worse than clementi. Given the choice I will prefer Tiong Bahru.

Between slumggol n shitkang. I rather take Yislum

 

[frenchbriefs]

300k can retire? At what age?

Any discussion about retirement has to include the age at which the person retires. As well what his life expectancy is going to be. Otherwise it is just a rubbish statement.

300k can retire anytime,I mean if u can't retire without 300k then we are all fucked.

Most sinkies the bottom 60,70 % will earn 4.3k to 5k median income at their peak
own a HDB flat worth 300k to 400k,have maybe 50k to 100k savings max and if they are very very lucky and did not use cpf to pay for HDB,165k in cpf...... that gives them a networth of around 500k to 600k to retire on.......

Since they can't sell their HDB completely and sleep on the streets they can downgrade and free upp 100k+ capital giving them 200k cash and 165k cpf total.

 

[Charlie99]

Since I am non resident, I am not familiar as you folks. But I believe that a 60 year old is probably not able retire comfortably with $365,000. I assume that a single individual probably needs at least $2,000 a month to live. So $24,000 a year for 20 to 25 years requires $500,000 to $625,000, assuming that his HDB has no mortgage.

 

[Narong Wongwan]

Between slumggol n shitkang. I rather take Yislum

I can think of anyplace shittier than Yishun. Perhaps certain parts of Boon Lay maybe where those old dinghy flats are

 

[zhihau]

north, northwest, northeast are also shitholes. best hdb estate is in marine parade, followed by pasir ris, simei, then tiong bahru, queenstown, tpy in that order.

Marine Parade central, Marine Terrace side or Marine Crescent side?

 

[eatshitndie]

Marine Parade central, Marine Terrace side or Marine Crescent side?

anywhere in marine parade that is away from ceca nehs at mandarin gardens.

 

[Narong Wongwan]

Marine Parade central, Marine Terrace side or Marine Crescent side?

Those with sea views. Dream flats are those 5 rm point blocks.....didn’t someone just paid a hefty sum for a resale one recently?

 

[Hypocrite-The]

anywhere in marine parade that is away from ceca nehs at mandarin gardens.

What about Bedok?the flats there ain't cheap

 

[zhihau]

Those with sea views. Dream flats are those 5 rm point blocks.....didn’t someone just paid a hefty sum for a resale one recently?

Seen the URA plan? those so called sea-view apartments will be road view a decade or two down the road... (sic from Amber Road to Marine Parade Road and down towards Siglap side used to be our old sea side)

 

[whoami]

What about Bedok?the flats there ain't cheap

Esp point block.

 

[eatshitndie]

What about Bedok?the flats there ain't cheap

too many tiko unkers like me sharing rooms. and they ply the korner kopitiams for beer aunties.

 

[Narong Wongwan]

Esp point block.

Some of the point blocks in Bedok South got security lobbies ala condos.....dunno is that a deterrence against loansharks or not

 

[whoami]

Some of the point blocks in Bedok South got security lobbies ala condos.....dunno is that a deterrence against loansharks or not

Haha. I supp for HDB those stayg point consider ada class ya. Able to engage their own jaga. But i dont rem seeing visitors reportg to the jaga.

Anyway i love point blocks. Very airy and their windows wall to wall. Dependg on the facing some high floor units come with seaview even fm bdk north. Bloody expensive even though slightly 40yrs plus. All above 1/2 million even on low floors.

 

[Hypocrite-The]

too many tiko unkers like me sharing rooms. and they ply the korner kopitiams for beer aunties.

Bedok tat bad meh?

 

[eatshitndie]

Bedok tat bad meh?

big estate, does not meet criteria.