Whats your net worth

Originally Posted by Unregistered

The main problem is the cost of setting up a business in Singapore is quite high and Singapore is only a small market with lots of branded stuff & competition, so not so attractive for businessman to venture here no matter how easy it is for the gov to give the business permit. That's why entrepreneurial spirit of most locals peoples already fade away as compared to many emerging economic countries, as most already pampered by many MNC company that comes to Sg in early 80s/90s.

But the era of manufacturing in Singapore already gone by with raising of China economic power and some other neighbouring countries giving away most of the jobs to them. They only job that will remain in Singapore for the future is only service industry, just like HK where no more engineering job, most are moved out to China.

To be frank, I dont see much innovative or creativities here.. cost may be high, but what if you come out with a new concept or new product, manufactured in Indonesia and export to whole world. Just like what the americans and europeans are doing.. What I see here is study hard, get a good job and work hard.. ppl wants to stay in their comfort zone and they want other ppl to pay them salary and tell them what to do (so called stable job) but not the spirit to succeed in life..

Originally Posted by Unregistered

The bulk of our net worth is in our condo, worth $1.6m, no more loan (we bought very cheaply in 2006). The rest of our assets are our CPF savings (OA, SA, Medisave), stocks (bought during 2008 crisis), cash.

You have timed your buying of your condo perfectly. Would you want to consider selling your condo now since the market has peaked (oversupply coming because of overbuilding and too much GLS)? You can then rent a one bedroom condo in the West (very cheap) for about $3.5k a month. If you rent for 3 years, you will spend $126k. If the market falls by 30%, your current condo which is now worth $1.6m will only be $1.12m in 3 years time. So you would benefit by $354k (1.6 - 0.126 - 1.12) if you sell now and rent, then after 3 years can buy back a similar condo at $1.12m. I have sold my property now and renting. What do you think?

Originally Posted by Unregistered

You have timed your buying of your condo perfectly. Would you want to consider selling your condo now since the market has peaked (oversupply coming because of overbuilding and too much GLS)? You can then rent a one bedroom condo in the West (very cheap) for about $3.5k a month. If you rent for 3 years, you will spend $126k. If the market falls by 30%, your current condo which is now worth $1.6m will only be $1.12m in 3 years time. So you would benefit by $354k (1.6 - 0.126 - 1.12) if you sell now and rent, then after 3 years can buy back a similar condo at $1.12m. I have sold my property now and renting. What do you think?

You sounded more like an agent persuading owner to appoint you as exclusive agent.. Are you sure you owned and sold yours? Or merely an agent

Originally Posted by Unregistered

You sounded more like an agent persuading owner to appoint you as exclusive agent.. Are you sure you owned and sold yours? Or merely an agent

You sound like a panicking property owner. LOL.

Btw, please don't look down on property agents. I'm not an agent but an ex-property owner who has sold his property.

a large number of agents are multi millionaires and most of them make >300k annual

Originally Posted by Unregistered

a large number of agents are multi millionaires and most of them make >300k annual

I think the opposite is true. It's not hard to derive the average income of agents - take total transactions x commission rate divided by total number of agents. It is not a princely amount. Even less so after marketing and transport costs.

However, it is very likely that the top 5-10% make a lot of money. This also means the bottom ones are very broke.

Originally Posted by Unregistered

a large number of agents are multi millionaires and most of them make >300k annual

Large number? are you sure.. HAHAHA

Originally Posted by Unregistered

You have timed your buying of your condo perfectly. Would you want to consider selling your condo now since the market has peaked (oversupply coming because of overbuilding and too much GLS)? You can then rent a one bedroom condo in the West (very cheap) for about $3.5k a month. If you rent for 3 years, you will spend $126k. If the market falls by 30%, your current condo which is now worth $1.6m will only be $1.12m in 3 years time. So you would benefit by $354k (1.6 - 0.126 - 1.12) if you sell now and rent, then after 3 years can buy back a similar condo at $1.12m. I have sold my property now and renting. What do you think?

Can you share more about the property you sold? Which area, size?
Thanks

If you own a HDB flat or condo, JUST SELL NOW. Rent for 3 years and buy back. For instance if your condo in now worth $4m, if its price dropped by 30% (or $1.2m), it is better for you to sell now and rent a one bedroom flat (only $3.5k pm in West). You save at least $1m after 3 years.


Sell at all cost

The New Paper
Wednesday, Sep 04, 2013


SINGAPORE - Just sell. That was what an owner of an HDB executive mansionette in the north-east told his property agent last Thursday.

In a bid to stabilise the property market here, the Government announced several major changes last Tuesday.

The new measures were so significant that sellers are reducing their asking cash over valuation (COV) - the cash premium buyers pay for resale Housing Board flats.

One of the measures was a three-year wait for newly-converted permanent residents (PRs) before they are allowed to buy resale HDB flats.

Some sellers are panicking, five property agents told The New Paper on Sunday.

Agents specialising in HDB flats said they have seen COVs plummet by up to $60,000 over the past few months and they expect the numbers to dip some more.

A property agent, who declined to be named, said her client asked for a $20,000 COV reduction for his HDB executive mansionette just two days after the measures were announced. His initial asking COV was a little above $100,000.

The agent said: "It's now a buyers' market. With the restrictions on PRs and loans given out, fewer are eligible for resale flats.

"With the smaller demand, we expect prices to fall even more - about 10 per cent.

"Some owners are getting desperate and just want to let go of their flats, especially those who have purchased another Build To Order (BTO) flat."

Ms May Chua, who has been a property agent for over four years, said her phone has been quieter in the past month.

"I used to get calls from clients as early as 7am, but now they're not as frequent," she said.

"My past few clients have also been Singapore PRs. But now they're not allowed to buy flats immediately, so there will be a drop in numbers."

With buyers becoming more cautious, it's only natural to see the softening of COVs, said property agent Ray Sim.

"I have a client who wants to keep the COV of his five-room flat at $40,000. It's going to be very difficult to sell it off," he said.

In July, an executive flat in Toa Payoh was selling for $920,000 - including a $120,000 COV - as listed on property website PropertyGuru.

When TNP checked again last week, before the latest measures were announced, it was going for $860,000.

Unachievable

Its agent, Mr Raymond Eu, said: "The owner reduced the COV by $60,000 because he realised it was unachievable.

"Plus he needs to sell it fast so he decided to be more realistic with his COV."

The overall median COV was reported to have dipped to $20,000 in July - the lowest since 2011.

Some sellers are so desperate for "whatever they can get" that they are even agreeing to sell their flats at zero COV, said Mr Eu.

According to figures from the Singapore Real Estate Exchange (SRX), the number of zero COVs have tripled from 14 in January to 49 in July.

Property agent Thomas Teo, who has been in the industry for three years, said many owners are even considering selling their flats below the valuation.

"It all depends on the urgency of the seller. I've a client who is selling his flat at zero COV because he needs the money, which is currently locked in the property," he said.

Mr Raymond Tan, 36, who is looking to buy an HDB flat, told TNP he was on the lookout for a zero COV flat because he does not have the cash to pay up front.

"I'm asset rich, not cash rich. I find it difficult to hand over a huge sum of cash when I buy a flat," said the sales manager in the aviation industry, who is not fussy about the location.

"Beggars can't be choosers."

"Since I'm looking to buy a flat on the cheap, I'm prepared to live on lower levels or in estates that are not central."

He hopes that his three-year search will soon be over, especially in light of last Tuesday's cooling measures.

"Hopefully, it'll mean a better market and more choices for buyers like me," he added.

The gloom for HDB sellers has also rubbed off on the private property market. Agents say that sellers are adjusting their prices downward as well.

Agent Jansen Tan, who has been in the private property market for almost three years, said: "There's a possibility that buyers are now waiting for HDB prices to fall."

"That's why it's been quieter on the private property market."

"I've a condo in Pasir Ris that no one has viewed for almost three months."

"We can only wait and see if things get better."

Originally Posted by Unregistered

You have timed your buying of your condo perfectly. Would you want to consider selling your condo now since the market has peaked (oversupply coming because of overbuilding and too much GLS)? You can then rent a one bedroom condo in the West (very cheap) for about $3.5k a month. If you rent for 3 years, you will spend $126k. If the market falls by 30%, your current condo which is now worth $1.6m will only be $1.12m in 3 years time. So you would benefit by $354k (1.6 - 0.126 - 1.12) if you sell now and rent, then after 3 years can buy back a similar condo at $1.12m. I have sold my property now and renting. What do you think?

You definitely dont sound like a million dollar condo owner or may be ex-owner. A person who owns such asset would not ever consider your option at all. Instead, if you are capable to own such property, you definitely have the brain to earn the 300+k from your capability rahter than doing it the cheapskate way. Probably you should be more humble and stay in a hdb if you cant afford a condo. Dont push yourself too hard to own one with the karanguni way and dont be a "million dollar condo wannabe". Is ok to be an agent, but just be honest. You sounded desperately wanting the commission and leave the owner alone in the condo room and come back 3 years later telling the owner, now is the best time to buy. What if market drops only 10%? He sold off the condo and wasted the rental and couldnt buy a same spec with the same price later on. You way is like telling the world's richest men to sell off their holding shares now because market may have an adjustment and buy back later at cheaper price. But when market really drop 30%, no one will sell you back your shares and you lose a company. Only idiots can think of such brilliant way to own condo. and idioats definitely cant make it to own million condo.