'Stupid if don't buy': Hugo Ng pays $700k in 1 shot for HDB flat with 2 living rooms

[Giant]

Veteran actor Hugo Ng, 62, has spent around $700,000 on a 1,400 sq ft HDB flat in Singapore. And he reportedly paid for it in one lump sum.

While it isn't clear what type of flat the 62-year-old purchased, he reportedly told Hong Kong media that his new home boasts three bedrooms and — very uniquely — two living room

The apartment may be an executive apartment — which have larger living areas and were first built in the 1980s and phased out in 2005 — or a jumbo flat, where two units are combined into one.

Last year, he told local media that he had bought a home in Sengkang.

The semi-retired star, who was born in Singapore, bluntly explained that there are government subsidies in place, and one would be stupid not to buy homes from HDB.

The reason for his purchase is his 24-year-old son Justin, who intends to work in Singapore after finishing his studies overseas.

Hugo spent a large part of his life abroad as his family moved to Hong Kong when he was seven months old.

In 2019, Hugo had planned to retire in Penang with his wife, former actress Lily Chung. He rented a 4,000 sq ft mansion for a monthly rental fee of 8,500 ringgit (S$2,800) for a year in Penang, Malaysia.

However, just three months after the move, Hugo and his family were unable to return to Penang after completing his work abroad because of the Covid-19 pandemic and the rest of the rental fees were paid in vain.

In an interview with Lianhe Wanbao, he revealed that his son likes living in Singapore and he also felt that it would be suitable for Justin to live here.

He previously also said he was leaning towards the idea of purchasing a property in Singapore.

https://www.asiaone.com/entertainme...o-ng-pays-700k-1-shot-hdb-flat-2-living-rooms

 

[tobelightlight]

The semi-retired star, who was born in Singapore, bluntly explained that there are government subsidies in place, and one would be stupid not to buy homes from HDB.

Buying a public housing at 700k is smart?

 

[laksaboy]

Buying a public housing at 700k is smart?

And god forbid after living there for many years, you get attached to the place and suddenly your home gets acquired for whatever vainglorious project the PAP technocrats decided to undertake on a whim.

Refer to Rochor Centre and those Marsiling HDB blocks.

If you don't own the land, you own fuck all. Everything is on lease, and there are unwritten rules to abide by. For example, you can't plant anything you wish on that piece of land downstairs. And you can't 'decorate' the stairwell or the town council becomes unhappy.

 

[Bad New Brown]

For salaried employee, it will be good to stay and live in HDB flats. This will also keep their basic living affordable

 

[LexLuthor]

He couldn't afford to buy a condo in Hongkong and had to live Shenzhen and commute to Hongkong.

So HDB flat cheaper and bigger then condos in Hongkong is paradise on earth for him.

 

[tobelightlight]

He couldn't afford to buy a condo in Hongkong and had to live Shenzhen and commute to Hongkong.

So HDB flat cheaper and bigger then condos in Hongkong is paradise on earth for him.

Then he should rephrase his sentence to be " it would be stupid for him not to buy a 700k hdb flat."

 

[Patriotmissile]

700k in hk can buy a small 1 bedroom studio. Then u have to install all sorts of transformer furniture.

 

[Johnrambo]

The ticking time bomb of the 99-year-leasehold HDB flats

A letter published in the Straits Times claimed recently that the promise of owning a 99-year-leasehold HDB (Housing & Development Board) flat as an investment for old age is no longer valid today. The letter writer, Ronnie Lim Ah Bee, pointed to the announcements by National Development Minister Lawrence Wong to bolster his claims.


Writing for his Ministry’s blog in March last year, Mr Wong asked HDB flat owners to not assume that all old HDB flats will become eligible for Sers (Selective En bloc Redevelopment Scheme). He said that “only 4% of HDB flats have been identified for SERS since it was launched in 1995”, and that “it is only offered to HDB blocks located in sites with high redevelopment potential”.


About 70,000 flats (of the 1-million HDB flats) are more than 40 years old, and almost 10 percent of flats will face lease expiry in 50 years. The Minister’s announcement essentially means that such flats will have zero value once it reaches 99 years and owners will have to vacate their homes. Most owners will see the land their flat was on being returned to the State at the end of the 99-year-leasehold.


The letter writer said that “many seniors who want to downgrade to Built-To-Order studio apartments for the elderly are in a fix as they are unable to sell their old flats”, and that many such seniors “stand to lose their deposits on their new flat if they cannot sell their old flat.”

More at https://shrtcô.de/d5gPkC

 

[Giant]

Buying a public housing at 700k is smart?

In his context, yes

 

[bobby]

Is he paid by HDB for this advertising stint ?

 

[Patriotmissile]

Assume you finish off the loan at 40, you still have 35 years to live. 99 years is good enough for 2 gen. Unless u want to continue living in after u kick the bucket.

 

[LexLuthor]

Son looks like mother:

 

[blackmondy]

Son looks like mother:

View attachment 147488

Not many sons like him get to watch his father fuck his mother on the big screen.

 

[potato29]

Buying a public housing at 700k is smart?

yes, because some fool would later pay a million plus for it.

 

[cowbellc]

If he got the dough, he can spend it
No other major economic crsis or end of world, property value will rise over the years.
Good move

 

[Cottonmouth]

The semi-retired star, who was born in Singapore, bluntly explained that there are government subsidies in place, and one would be stupid not to buy homes from HDB.

Mark up with subsidies is nothing smart.

 

[Loofydralb]

Why didn't his son serve NS?