The article only concern itself about affordability of condo via mortgage, and not about the rest of a person's life events, including middle age crisis, etc.
After 10 years, only with $37k cash, means only a savings of $3.7k per year, or $308 a month. It means the person spends a great deal of the income else where. Additionally, the calculations had assumed no prior property for the person. We can safely calculate that the monthly expenditure was $3292
To even afford $2k per month mortgage, the single have to forgo saving that $308 a month, and even fork out additional $1.7k. Surely this will affect the quality of life significantly.
Let's do one more calculation.
For 4.5k, take home is 3600, and OA contribution is 600.
After deducting 2k mortgage (entire OA contribution used), there is only $2.2k left for spending (this is already down from $3292).
Now you have to deal with condo management fee, let's say $200, electricity and water $200, $1.8k left.
It is not impossible to survive on $1.8k, but the quality of life have to be severely compromised. Remember, it was $3+ k earlier.
Of course, if we follow the article, and attempt to do $2.7k a month to clear the mortgage, we are left with $1.1k a month.
Assuming the person still manage to save $100 the month (i.e. spend a mere $1k on himself, and give nothing to parents), after 20 years, he/she may have fully paid up the property, but in terms of bank accounts, he/she will have a grand total of
$100*20*12 = $24k cash
with near $0 in CPF OA
and a nice $450k property that is 20 years old, at the nice young age of 53.
I haven't even gone on to talk about property tax.... and income tax, and increases in GST and transport fees, etc etc etc.
We assume the single has an extremely stable job that will minimally pay an average of $4.5k per month all the way to age 53. And that interest rates stay at the same rate for the next 20 years.
Sounds a very cool idea.