Hi,
I am a multi-millionaire. If I may, let me share with you my life experience of becoming rich. It is all about hard work and wisdom. I was and still am conservative when it comes to my finances. I have seen many lower class people who overleverage because they dream to strike it rich. When the tide turns, they are all naked and ended up staying in rented 2 room HDB flats for the destitute. Looking at your case, I think you are borrowing way beyond your means. When the tide turns, you will definitely be standing naked. You may also lose your job and passive income. Your properties and stocks will all crash in value by 50% or more. Quote:
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Something to think about.
The gahmen has pointed out that the population is facing double whammy of decline and aging. If the current trend continues and without infusion of younger people and talents, the economy will collapse and the country will not progress. Your insurance, CPF money, investments may also disappear if no new members join and contribute. They then tell you they need to increase birth rate, but not successful in convincing the locals. So they have no choice but to look outside. They tested water by telling you (through white paper) that the population will grow to 6.9 mil, counting both citizens and FTs. People protested, and they keep low profile. Then you see and read news that the gahmen keeps releasing land for both HDB and private residences. The new master plan identified more new town centers catering for thousands of new homes. Mind you, each time the land tender cost is higher than the previous ones. Also the cost of materials, and labour to build these new homes keep going up. You ask yourself, are the trends pointing to lower home prices? Doesn't look like it does it? But more fundamentally, why the gahmen keep releasing more land for homes? After losing a GRC in the last GE, the gahmen also controlled the rise of the HDB prices. Now more people are home owners. You ask yourself, do you think the new home owners want their home prices to go up or go down? People who aspired to stay in private homes also complained that their dreams of enjoying the upper middle class lifestyle is getting out of their reach. Then 7 cooling measures were introduced, and the TDSR. All these artificial controls slowed down purchases locally, so more people can buy their condos. Do you think these new owners want to see their new home prices depreciate? Don't think so. The CM also made rich investors take their money outside and buy properties in UK, M'sia and Oz. The gahmen also don't want that. As long as the world (especially the US) economy is not floundering, and there is no big retrenchment, any property price movements locally will be artificially controlled by the gahmen through the CM and TDSR. And it is definitely not to the gahmen's benefit to see property price collapsing. They have the option to tighten or loosen the controls to adjust accordingly. The gahmen is already feeling the negative consequence of "neglecting" the landed property owners, do you think they would want to make the many more thousands of condo owners unhappy by allowing their property prices to collapse? They could lose more than 1 GRC! |
I want the property prices to collapse.
I have just sold my BTO flat, after the MOP. I am now staying in my parent's landed house. I made a lot of profit and now need to buy a condo. I want the condo prices to collapse so that I can afford a Bukit Timah condo. Can or not? Quote:
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I share your frustrations. I also waited quite long already, hoping to buy my 3rd condo.
I believe the gahmen's plan is not to crash the property but to control the price increase to something reasonable like 3% a year instead of 3% per quarter. Quote:
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Only thing we need to do is: sign a legal contract that if you dont pay me according to the terms below I will confiscate the property and it will be mine. 1. Tenure: Pay every day for ONLY 30 days. 2. First day: Pay me ONLY $2. 3. Next day: Pay me ONLY two times of previous day. 4. Cycle: Repeat point 3 for remaining 28 days ONLY. Condition: If you default paying on any single day, you will be thrown out of the house and it will belong to me. |
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since you didnt state the currency, someone can choose to nominate it. For anyone whom is keen, try Zimbabwean dollar. The Financial Services Club's Blog: Zimbabwe's currency crisis and the 100 trillion dollar note |
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Assets at current value are worth about 2.4 mil. Assuming they depreciate by half to 1.2 mil, I still won't be in negative equity. Of course it would wipe out my life savings. Hence the question AJ |
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