How much are you earning per annum?

The top 20% of Singapore families live in private properties, whereas the rest 80% lives in public housing. So if you live in a condo, you are among the top 20% of Singapore society. You have made it to the top 20%. Congratulations! You are a success story. You are living the Singapore dream. Don't let others (sour grapes) belittle your achievements.

Originally Posted by Unregistered

29yo here making 110k pa

aim to buy a 900k condo in 2016. on my own

i figure that taking a $700k loan will be relatively safe given my expected pay then

what are you doing to make so much at your age? sales? ppty agent?

HDB are for losers, all uni grads should try & buy a condo asap

Originally Posted by Unregistered

HDB are for losers, all uni grads should try & buy a condo asap

Yes, I'm feeling it. Most of my friends are already staying in a condo. My HDB flat is now worth $750k, with outstanding loan of $200k. I will sell it and use the net cash proceeds as downpayment on a $1.2m condo. I will borrow $650k mortgage, to be paid over 25 years.

Originally Posted by Unregistered

HDB are for losers, all uni grads should try & buy a condo asap

Are you a property agent?

There are so many youngsters these days buying condo as their first home, no big deal.
I only know one lawyer+banker couple buy landed terrace when they got married, so new yardstick of being rich is to own landed, not condo

from the mentality of many here, i know why they say many singaporeans are asset rich but cash poor when they retire.

money cant buy u class, u may own the best condo or the most expensive landed.. but whether u got class anot, ppl can tell immediately from the way u tok or behave.

Instead of chasing that 'artificial class', it make more sense to live within ur means and do proper financial planning for your retirement.

I am sure all this talk about staying in condo = high class while staying in HDB = low or no class is all done in jest to provoke reaction. Some more all this is done in anonymity. I mean all of us would have relatives and close friends living in HDBs, and when we retire, there is a high chance some of us would downgrade to living in HDBs. So what goes around comes around.

The fact of the matter is Singaporeans are getting richer. The younger families have their BTOs to trade up, while the sandwich class have their ECs to be turned into full fledge condos in 10 yrs. The more mature families (couples in their early 40s to 50s) have cash to spare.

So owning condo is a logical choice to channel your money into. It provides the best of both worlds - a form of forced savings with potential capital appreciation and at the same time, the whole family gets to enjoy the facilities and privacy. For those owning more than one condo, they also derive rental income.

I think the teasing (or taunting if you like) about HDB dwellers being losers should be looked on as a challenge to them to better themselves.

Having said, the newer HDB flats are quite classy, and can easily beat some of the older condos that do not have proper upkeep. The only thing lacking in HDB estates is the facilities.

I used to earn $150k pa while my wife now earns $105k pa. One year ago, at the age of 42, I had to go into forced retirement due to ill health. I had to sell my landed property for $2.6m and pay off the outstanding mortgage of $500k. The net cash proceeds of $2.1m was used to buy a $1.1m condo (paid in full) and I created a $1m investment portfolio which gives me an annual dividend income of $45k. My annual family income is now $150k while our expenses is $110k. We save $40k pa. Too bad I had to downgrade from a landed to a condo, but what to do, my health is more important than prestige. I am now adapting to condo living, I like the pool and gym as they allow me to exercise more regularly. Not sure how many more years I will live in this world, I am preparing for life after death. I am now more at peace and has stopped my sinful past life of wining, dining, clubbing, partying, etc. Life is short.

Originally Posted by Unregistered

I used to earn $150k pa while my wife now earns $105k pa. One year ago, at the age of 42, I had to go into forced retirement due to ill health. I had to sell my landed property for $2.6m and pay off the outstanding mortgage of $500k. The net cash proceeds of $2.1m was used to buy a $1.1m condo (paid in full) and I created a $1m investment portfolio which gives me an annual dividend income of $45k. My annual family income is now $150k while our expenses is $110k. We save $40k pa. Too bad I had to downgrade from a landed to a condo, but what to do, my health is more important than prestige. I am now adapting to condo living, I like the pool and gym as they allow me to exercise more regularly. Not sure how many more years I will live in this world, I am preparing for life after death. I am now more at peace and has stopped my sinful past life of wining, dining, clubbing, partying, etc. Life is short.

Many tend to focus on how to 'buy' their dream home (be it a C or a landed) but pay little attention to figure out how to 'own' it. Remember you don't own it if you leverage.

So, downgrading becomes part of the retirement plan. In my view, downgrading is Plan B.
Plan A should focus on working on both the balance sheet and cashflow of finances.

That drives home the point that moving into condo should not be seen as reaching a destination. It's just a pit stop if you have not achieved financial freedom.

The real benchmark of being 'rich' is when you don't have to work for money. That means that you and I who still need to work to make ends meet are still the middle class.

Some may choose to lead HDB lifestyle but enjoy being financially free. Some may choose to be seen as 'successful' living in big houses and be trapped in rat race.

These are personal choices made by individual's wants. To each his own, comparing the level of success within the middle class is superficial and meaningless.



To drive home the point of being financially free is more important than owning a C,