How much are you earning per annum?

Graduate couple (part time degree programme), $120k pa combined. Home is HDB 5 room, paid up. Jap car, paid up. Debt free. Life in Singapore is good if you are not spendthrift and greedy. Currently 49 & 50 years old. Total net worth (including flat) $1.3m.

Graduate couple, 33 and 35.

Combined income now at 250k. Stay in a 4 room hdb flat, but still have an outstanding loan of 350k. Jap car all paid up.

Stocks : $20k
Cash : $70k

Still very low on assets because only got current remuneration in last 2 years, so now feverishly saving up.

Not sure how I stand but I see people here with multi million networth, and really feel quite far behind. Dont get me wrong though, life is good, just maybe not as prepared for retirement as some.

Read the article below. The Jurong Lake District (JLD) will be the new growth engine for jobs. Those who want to earn big money, work in the JLD. Buy a property in JLD as prices will only go up.

The most likely location for the HSR station will be at Jurong East (can be at the ex Tang Dynasty site plus Jurong Country Club site), so another reason for prices to rise further here. Even if the station is at Tuas West (not likely as this is the worst location, strategically), the JLD will still benefit.

While CCR property prices will fall because they are overpriced, JLD property prices will rise as they are undervalued.

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Eye on Jurong: New Western Frontier

Apr 16, 2014 - PropertyGuru.com.sg

In recent years, this part of the island has been going through a holistic transformation by tapping on development potential and opportunities. Muneerah Bee explores.

What used to be swamps and fish farms has since transformed into a vibrant suburban hub over the decades. Developed as an industrial town in the early 1960s, Jurong now no longer leaves an impression of a polluted industrialised area and has grown into a bustling precinct.

As part of the government’s plans for Remaking Our Heartland (ROH), a new lease of life has been injected into the Jurong Lake area, benefitting local residents and bringing the area to the attention of international visitors. The 360ha Jurong Lake District features two areas - Jurong Gateway and Lakeside.

WESTERN HUB

The new Jurong regional centre, known as Jurong Gateway, features F&B, commercial, office, residential and even hotel developments for business travellers and tourists. It centres around the Jurong East MRT station and is set to be the largest commercial hub outside the city, with existing malls such as IMM, JCube (which has Singapore’s first Olympic size ice-skating rink), JEM, Westgate and the upcoming megamall, Big Box. Attractions favoured by children such as the Science Centre, Omni Theatre (which has the first IMAX theatre out of the city area) and Snow City are also located nearby.

An integrated healthcare hub, comprising Jurong General Hospital and Jurong Community Hospital, is also slated for completion in 2014 and early 2015 respectively.

Chia Siew Chuin, Director of Research & Advisory at Colliers International said, “When fully developed, the regional centre will have more than 750,000 sqm of commercial space, 2,800 hotel rooms and more than 1,000 new homes.” She believes the blend of commercial and recreational activities around residential areas would draw businesses and property buyers.

As a major decentralised commercial hub, Jurong is an attractive location to set up company headquarters and business services away from the central business district. The International Business Park (IBP) near Jurong Town Hall Road hosts multinational corporations (MNC) such as Acer Computer, Creative Technologies and Sony, spurring strong job creation in the vicinity. With such employment opportunities, the area draws locals and foreign residents alike, in turn ensuring residential rental demand and investment potential.

GATEWAY TO THE WEST

The recently launched J Gateway condominium was well-received and so are new commercial properties, such as the office block in Westgate which was sold for over $5 million in January this year.

Artist's Impression of Westgate
Westgate is a mixed-use development in the heart of the Jurong regional centre, comprising shopping, entertainment, dining and office facilities that is directly linked to Jurong East MRT station.

The train station which underwent improvements in 2011 with additional platforms and trains added, serves the North-South and East-West MRT lines and residents can look forward to an integrated transport hub soon.

Rejuvenation plans also extended to the surrounding heartlands, as HDB created a unique character and identity for 10 neighbourhood centres with new facilities such as community corners or family plazas where community activities can be held.

Two new public housing sites, comprising about 1,200 flats, are being rolled out progressively to cater to young families or upgraders seeking homes in this part of the island.

SUBURBAN WATERFRONT LIVING

There has been a lot of hype about the upcoming residential estates around the Jurong Lake region, close to Jurong Lake and Pandan Reservoir. Rightly so, as over the next 10 to 15 years, Lakeside is set to be developed with new attractions, waterfront hotels, parks and promenades added around the scenic lake. Residents and visitors can enjoy nature walks, fishing, bird watching, kayaking, dragon boating, sailing, canoeing and other water-based activities. Two new parks will also be created in the vacant space near the Jurong East MRT station and Toh Guan.

Meanwhile, the newest housing project in the area, Lakeville, moved 180 units at an average price of $1,300 psf on its first day of launch on 4 April. Developed by MCL Land, the 99-year leasehold project features one-to five-bedroom apartments of varying sizes.
Chia said the growth potential of the Jurong East and Jurong Lake District as a whole makes the area highly attractive to homeowners and residents. She said, “The private residential market in Jurong East has untapped potential for a mini residential boom of their own given the development plans and infrastructural improvements in the pipeline. As such, it will not be a surprise if the leasing market in the area becomes more appealing overtime, as business and leisure activity grows.”

She added that the impact is expected to be more pertinent to private residential homes than HDB flats. “While prices of HDB flats will appreciate in tandem with the development fervour in Jurong, this is expected to be on a more measured basis.”

Nevertheless, current HDB residents in the Jurong Lake area benefit from the Lift Upgrading Programme (LUP), Home Improvement Programme (HIP) and the Neighbourhood Renewal Programme (NRP).

It is no surprise then that Jurong will be a sought-after location as government plans for the area materialise progressively.

You are earning a lot as a couple. What's your total net worth?

Originally Posted by Unregistered

Graduate couple, 33 and 35.

Combined income now at 250k. Stay in a 4 room hdb flat, but still have an outstanding loan of 350k. Jap car all paid up.

Stocks : $20k
Cash : $70k

Still very low on assets because only got current remuneration in last 2 years, so now feverishly saving up.

Not sure how I stand but I see people here with multi million networth, and really feel quite far behind. Dont get me wrong though, life is good, just maybe not as prepared for retirement as some.

Late forties. Professional single income $280k/yr.

Equity = 2.4M consists of:
Condo = 1.6M
Cash/CPF/Stock/Insurance = 800k
Liability = 0

Plan to retire @55 (not 65 as corporate world is too stressful) with about 1.8-2MM cash/CPF excluding property. Cannot compare to some high earners here but i feel overall I am doing fairly ok with my current status and retirement plan. Anyone with similar situation?

graduate couple, 30, combined income 120k pa.

cash + stock = $120k, mostly in cash now.

no car.

currently debt free, but waiting for BTO to complete and we will start our loan repayment.

Hi,

I believe we are heading for a property correction of some sort, if anything 15 - 25% correction would not surprise me.

You taking the right step by offloading your properties now, that said the market is already starting to soften and a lot by looks of it. I could be wrong but I would be surprise if you can clear 15% profit on your initial purchase price. The issue with new properties is that developers would have priced in most of the gains leaving little room for profit except the usual TOP then sell gains which works mainly in a exuberant market. I wish you all the best for your sale.

Moving into a terrace would definitely benefit in terms of space and family (landed properties are rubbish in terms rental yield anyway). But this will mean you have a non income performing asset which will cost you in terms in servicing interest, you will have to weigh if the rental yield from the HDB is sufficient to offset the interest charge of your loan obligations (assuming interest rates < 3%). But keeping the HDB as a last resort in case things go south is probably something also worth considering.

If you are going to rely on your job for wealth building I suggest you should track your expenditure and analyze where you money goes, setup some goals to hit and cut your expenses until you achieve them? I can't say this for certain but I have doubts your property investment approach and if they can offer you solid gains.

Originally Posted by Unregistered

Well analysed.

Let me address your questions:

a) you are not the first to suggest that our networth is on the low side given the income levels. I don't have a good explanation for it, as my wife and I are really quite frugal and spend each dollar carefully. My suspicion is (i) age - as we are still relatively young, we did not have enough time to build up networth; (ii) our income stream for the past 5 years is not constant. In 2008, our combined income was only $350K and our savings level was also lower then.

b) breakdown of my 3 invt properties: (i) freehold D11 condo just TOP, actively marketing for sale now; (ii) freehold condo in Raffles Place / Tanjong Pagar area under construction, TOP 2017; (iii) leasehold terrace house which I plan to move in next year to be nearer kids school. After I move in, will decide whether to rent out or sell my HDB. Each of the properties in the region of $2m.

c) agree with your analysis of overseas property so looking carefully at them now but not in a rush to buy anything.

d) I agree that $10-15m cash would be ideal, but given my spending patterns would be happy with $5m anytime.

@3937

Graduate couple, mid fifties. Annual income $250k + $150k + $115k (passive income)

Annual expenses : $150k (including mortgage repayment for 2nd condo)

Net worth : $5.5M

Decided to continue working after 55. Next target is to work till 60 (till 2nd condo loan is paid off).

Never own a conti car before. Eat out only once a week. Overseas holiday once every 2 years, otherwise it's just to M'sia or Indonesia.

Haven't really treated ourselves to anything extravagant for as long as we can remember, not even when we turned 55. Thought of buying myself an expensive watch for my 55 birthday, but in the end still ended up buying a trusty Casio. Our only luxury is that we each have a Jap car, but this is more out of necessity.

You are lucky to have lived so long and accumulated so much wealth. You are successful in this world (dunya). But have you ever thought whether you will be successful in the Hereafter? Where will you go when you die? What's the true purpose of your life? Think, read and reflect.

Here's my sincere birthday gift for you, trust me, this is the best birthday gift anyone would have given you in your life. Listen to videos here: ha laltube.com

Originally Posted by Unregistered

Graduate couple, mid fifties. Annual income $250k + $150k + $115k (passive income)

Annual expenses : $150k (including mortgage repayment for 2nd condo)

Net worth : $5.5M

Decided to continue working after 55. Next target is to work till 60 (till 2nd condo loan is paid off).

Never own a conti car before. Eat out only once a week. Overseas holiday once every 2 years, otherwise it's just to M'sia or Indonesia.

Haven't really treated ourselves to anything extravagant for as long as we can remember, not even when we turned 55. Thought of buying myself an expensive watch for my 55 birthday, but in the end still ended up buying a trusty Casio. Our only luxury is that we each have a Jap car, but this is more out of necessity.

For fun, here is my earnings from the IRAS statements since I was 35

35 58,148
36 120,086
37 164,961
38 183,002
39 204,204
40 453,470
41 380,093
42 385,727
43 621.284
44 815,212
45 906,064
46 654,075
47 456,108
48 333,701
49 407,790
50 683,410
51 769,832
52 785,233
53 782,908

Single income. Banker. Total assets $16.3m Liabilities $3.1m. Bungalow, Sports Car, SUV