Quote:
Originally Posted by Unregistered
If your net worth included the property that you stay in, then having $2M is pretty common as you are aware even HDB flats can fetch $1M.
I suspect many mature households (meaning couples in their mid forties) would have net worth of at least $1M without including the property they stay in.
So if the main property is included, $2M among mature HDB households should be common. For those living in condos and landed properties, the net worth will be higher simply because of their property prices. A typical intermediate terrace house is already $2M!, while condos start at $1000 psf.
With this mind, Singaporeans are rich only to outsiders, but within Singapore, you don't feel it. |
If what you say is true and assuming we have 40% are categorized as mature households (40s and 50s household heads), then 40% of Singaporean families are millionaire families! No wonder property prices continue to rise as these families are able to upgrade to more expensive homes. For instance, if they sell their fully paid up
HDB flat for $1m and buy a $1.3m condo, they only need to loan $300k, which is manageable. Many stupid analysts don't see this fact and just look at the $1.3m price tag. They should also look at the value of existing properties which enable a family to upgrade to condos. Of course you can't use a young graduate salary to indicate affordability of condos. Of course they can't afford, but they can still afford BTOs, which is selling at only $300k or so.