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Upgrade to Condo is mportant to me because private property prices have steadily, if not exponentially, appreciated in the past few years

k1976

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Homeownership, desire to upgrade still strong among youths: ERA survey​

Nur Hikmah Md Ali
Wed, 21 August 2024 at 6:28 pm SGT6-min read

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ERA Singapore’s survey revealed that most Gen Z and millennials consider home ownership a top priority (Photo: Samuel Isaac Chua/EdgeProp Singapore)

SINGAPORE (EDGEPROP) - A first-time homebuyer who only wants to be known by her first name, Farah, will receive the keys to her new five-room Build-to-Order (BTO) flat in Tengah in 2028. However, the 27-year-old intends to upgrade to a private condo when the five-year minimum occupation period (MOP) is up.

“Upgrading to a private condo is important to me because private property prices have steadily, if not exponentially, appreciated in the past few years,” says Farah in a phone interview with EdgeProp Singapore. “If I get a private condo, I’m assured that my future home will be a better-appreciating asset.”
 
She believes buying a five-room flat (with three bedrooms) is the way to further her real estate ambition. “My partner and I expect to get our first ‘pot of gold’ when we sell the BTO flat and use that to upgrade to a private condo,” continues Farah. “On top of that, we also wanted the space to make room for future kids or if my parents or in-laws want to move in with us.”

Read also: Hidden Gems: Older HDB flats in Marine Parade

Farah is one of many Singaporean youths still holding on to the ‘Singapore Dream’ of attaining material success, including owning private property for personal occupation and investment.

The Singapore Dream that most Singaporeans typically aspire to is defined as the 5Cs: owning a condo, car, cash, credit card and country club membership.
 

Refreshed Singapore Dream?

In his swearing-in ceremony speech on May 15, Prime Minister Lawrence Wong said that younger Singaporeans want a “Refreshed Singapore Dream, one that is not defined by material success alone, but also offers meaning and purpose in their careers and their lives.” He repeated the same message during the National Day Rally on Aug 18.

Despite the evolving definition of success and shifting values among younger generations, home ownership and investment — part of the traditional definition of the ‘Singapore Dream’ — remain key aspirations among Singaporean youths, according to a survey conducted by real estate agency ERA Singapore in collaboration with Ngee Ann Polytechnic, School of Design and Environment, published on Aug 14.

The survey indicates a healthy level of satisfaction among Singaporeans with their current housing arrangements: 46% of those polled said they were satisfied and 33% said they were highly satisfied.
 

Refreshed Singapore Dream?

In his swearing-in ceremony speech on May 15, Prime Minister Lawrence Wong said that younger Singaporeans want a “Refreshed Singapore Dream, one that is not defined by material success alone, but also offers meaning and purpose in their careers and their lives.” He repeated the same message during the National Day Rally on Aug 18.

Despite the evolving definition of success and shifting values among younger generations, home ownership and investment — part of the traditional definition of the ‘Singapore Dream’ — remain key aspirations among Singaporean youths, according to a survey conducted by real estate agency ERA Singapore in collaboration with Ngee Ann Polytechnic, School of Design and Environment, published on Aug 14.

The survey indicates a healthy level of satisfaction among Singaporeans with their current housing arrangements: 46% of those polled said they were satisfied and 33% said they were highly satisfied.
 
Cb, o ly hv pigeon hole,knn,even depreciate only one ,sell slready must buy , u sell high u buy high, cb this type logic also Don know, lol, unless he downgrade to 2 bedroom hdb,lol,kum lan
 
Cb, o ly hv pigeon hole,knn,even depreciate only one ,sell slready must buy , u sell high u buy high, cb this type logic also Don know, lol, unless he downgrade to 2 bedroom hdb,lol,kum lan
We have to guve them encouragement mah...moi peng you 4 chewren all go and buy condo...their lao peh can look forward to a golden retirement ler :smile:

Really fortunate to have such good kids de woh :smile: i really envy his good fortunes
 
Housing Board flats which are subsidised by the Govt, are community properties sold under lease agreements that contain an assortment of rights that fall short of full ownership. This legal void leaves residents of HDB units with a great deal of limitations over their rights. Public flat dwellers are likely to have their homes confiscated if they fail to comply with the restrictive terms and conditions. The fundamental differences between a condo and a HDB flat are neither academic nor insignificant. Since buyers of HDB units have only purchased a 99-year lease, they have no share of the land where their blocks stand on and no strata title.
 
PAP has been very honest about BTO flats. It is coolie gene Sinkies who refuse to listen carefully.
Better To Overlook flats.
 

Fed's Powell says 'time has come' to begin cutting interest rates​

Myles Udland and Jennifer Schonberger
Updated Fri, 23 August 2024 at 10:00 pm SGT3-min read



Fed Chair Powell speaks at Jackson Hole, Cava surges: Yahoo Finance

Scroll back up to restore default view.
Federal Reserve Chair Jerome Powell sent a straightforward message to markets in a key speech on Friday, saying "the time has come" for the central bank to begin lowering interest rates.
Speaking at the Kansas City Fed's annual economic symposium in Jackson Hole, Wyo., Powell said: "The time has come for policy to adjust."
"The direction of travel is clear," Powell added, "and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."

Powell's speech comes just over three weeks out from the Fed's Sept. 17-18 meeting, which should see the central bank announce its first interest rate cut since 2020.
Powell acknowledged recent softness in the labor market in his speech and said the Fed does not "seek or welcome further cooling in labor market conditions."
The July jobs report rattled markets earlier this month, revealing that there were just 114,000 jobs added to the economy last month while the unemployment rate rose to 4.3%, the highest since October 2021. Data earlier this week also showed that 818,000 fewer people were employed in the US economy as of March, suggesting reports have been overstating the strength of the job market over the last year.
 
Since buyers of HDB units have only purchased a 99-year lease, they have no share of the land where their blocks stand on and no strata title.

That turns out to be a blessing in disguise when HDB owners go bankrupt. Their HDB flats cannot be taken over by the banks nor can HDB owners be kicked out into the streets. Don't talk like 99 years is like 9 years lease.
 
Ultimately, a home in Singapore, regardless if taxpayer funded or thru private means, is meant to keep EVERY citizen provided with at least shelter & utilities, with thanks to our visionary & altrusic Founding & forefathers whom suffered MUCH under colonial rule in the past.

Singapore lays within a blessed location, from environmental & even financial opportunities location. With its PORT location whereby trade is the lifeblood of Humankind, it is a point where ALL compass points meet & thus financial opportunities....

And thus, even though we are not as rich as our neighbors whereby in times of adversity, they can still turn to agrarian practices to survive- with a few hens & quick sprouting veggies to harvest.

We Singaporeans have no such luxuries, but being a point whereby all compass points meet for TRADE, it created opportunities for many that need not rely on farming practices, but only on education & upskilling, to meet the needs of those whom uses our ports, & thus we will be able to survive, not by complacency, but ALWAYS to stay relevant to a changing World.

As all needs shelter, & thus it is only evitable to our land resources would rise in cost.

The insignificant nobody me had spent sleep-ness nites pondering upon how a taxpayer subsidized public housing HDB flat that cost $15k during our independence yrs would cost a million today, & how the innocent young of this generation can afford it....

But I also realized that in 1965, the basic average salary was only $300/mth, but today, it is above $3000 to $5000/mth....which means our precious youths would be able to keep up with loans, as our forefathers did, thanks to their efforts to turn a mere fishing village during brit self serving colonial times into what our bustling Ports are today, creating jobs, wealth & contribution to our treasury.

As inflation would naturally rise, to keep up with biz costs in a competitive free market environment, so too eventually would wages rise to retain staff, to what levels, would lay in the domain of Elected legislators & democratic institutions, for sustainability of lives & economy...

The future of land properties in Singapore would only continue to rise, & is a wise investment, when properly regulated, to prevent over-exuberance & over confidence. as many more would seek to live a better life here, to enhance jobs or create job opportunities here with their advanced marketing & skill knowledge.

So too with HDB's maintenance efforts such as SERS or improvements to older flats, which would be sustainable for at least 2 generations of citizens if not 3 to achieve the basic principle of home ownership & shelter.

For those whom invested in private properties such as condos or landed which are of FREEHOLD status & not on 99yr leases, such will still rise in value over time, so long as a good govt & support for pragmatic Worldwide stability is backed up by majority of sane citizens.
 
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That turns out to be a blessing in disguise when HDB owners go bankrupt. Their HDB flats cannot be taken over by the banks nor can HDB owners be kicked out into the streets. Don't talk like 99 years is like 9 years lease.
The bottom line is that HDB residents have no share of the land where their HDB blocks stand on, while condo owners possess a strata title, which gives them a share of the land where their estate sits on.
 
RankCountryGold Reserves (Tonnes)Gold Reserves (Millions $)Holdings %
1United States of America8,133.46609,527.8572.41
2Germany3,351.53251,166.1371.46
3Italy2,451.84183,742.5268.33
4France2,436.97182,628.3569.99
5Russian Federation2,335.85175,050.5929.47
6China2,264.32169,689.524.91
7Japan845.9763,397.875.15
8India840.7663,007.209.57
9Netherlands612.4545,897.7561.61
10Turkey584.9343,834.930
11Portugal382.6628,677.0674.08
12Poland377.3728,280.5213.49
13Uzbekistan365.1527,364.7775.2
14United Kingdom310.2923,253.1513.44
15Kazakhstan298.822,391.9556.04
16Spain281.5821,101.6420.16
17Austria279.9920,982.7663.21
18Thailand234.5217,574.997.83
19Singapore228.8617,150.614.49
20Belgium227.4
 
That turns out to be a blessing in disguise when HDB owners go bankrupt. Their HDB flats cannot be taken over by the banks nor can HDB owners be kicked out into the streets. Don't talk like 99 years is like 9 years lease.
How often do people go bankrupt?
 
The bottom line is that HDB residents have no share of the land where their HDB blocks stand on, while condo owners possess a strata title, which gives them a share of the land where their estate sits on.
That's absolutely true, but everyone needs a place to stay before they make it big...quite certain Musk, Gates, Balmer, Jobs, Bezos rented some accommodation to stay before striking it...case in point many young people who are chasing the FIRE lifestyle are getting it all wrong
 
That's absolutely true, but everyone needs a place to stay before they make it big...quite certain Musk, Gates, Balmer, Jobs, Bezos rented some accommodation to stay before striking it...case in point many young people who are chasing the FIRE lifestyle are getting it all wrong
I am approaching my mid-50s. PMEs like me and my Mrs managed to upgrade out of the HDB heartlands by our early 30s. I am not sure how many white collar university grads are able to do that or even buy a condo at all at today's runaway prices.
 
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