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Old 12-08-2019, 12:42 PM   #1996
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This EC is still 20-50% than many new private condo.
Lexus @ Toyota price.

Many hdb owners are almost millionaire status.
A block of CityView @BoonKheng has hundreds of millionaires.
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Old 12-08-2019, 12:45 PM   #1997
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EC prices are insane now. How can a couple with <14k income afford such prices; maybe most of the buyers are upgraders?
There are some that says EC could hit average of $1300psf in 5 years (which doesnít seem too far fetched) with current PC prices. No one saw it crossing $1000 psf 5 years back too, and I think EC is more for upgraders.
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Old 12-08-2019, 12:46 PM   #1998
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This EC is still 20-50% than many new private condo.
Lexus @ Toyota price.

Many hdb owners are almost millionaire status.
A block of CityView @BoonKheng has hundreds of millionaires.
Only higher floor units will command million dollar I guess, canít be 2nd floor also cross 1 mil. this is similar to Pinnacle@Duxton, the price diff between a high floor unit and a low floor one is huge.
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Old 12-08-2019, 01:47 PM   #1999
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CityView latest record high $1.2 million.
The lower floor almost 1 million?

It is also the location.
Does the view worth 30-40% more ?

Only higher floor units will command million dollar I guess, can’t be 2nd floor also cross 1 mil. this is similar to Pinnacle@Duxton, the price diff between a high floor unit and a low floor one is huge.
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Old 12-08-2019, 01:51 PM   #2000
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CityView latest record high $1.2 million.
The lower floor almost 1 million?

It is also the location.
Does the view worth 30-40% more ?
If u ask me yes (may be subjective), cos the view (of the cityscape) is something you wake up to and return to everyday, that is why thereís a premium tagged to units with good view.

If itís seafront view whereby even level 2 can enjoy that view that it wonít be worth 30-40% more, but in this case, only higher floor units have that unblocked city view thus I feel it may justify the premium.

Im not sure how much the lower floor at CityView resale prices are, but donít think it justify 1 mil (800k -900k maybe?)
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Old 12-08-2019, 02:53 PM   #2001
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If u ask me yes (may be subjective), cos the view (of the cityscape) is something you wake up to and return to everyday, that is why there’s a premium tagged to units with good view.

If it’s seafront view whereby even level 2 can enjoy that view that it won’t be worth 30-40% more, but in this case, only higher floor units have that unblocked city view thus I feel it may justify the premium.

Im not sure how much the lower floor at CityView resale prices are, but don’t think it justify 1 mil (800k -900k maybe?)
A quick google search shows that majority of the transacted units were below 1 mil.

But cityview really have good view of city. Was in one of the houses before, lots of wind.

Just that some people say looks like 3 joss sticks

Got 1 more thing about sea if sea view (not cityview)... Have to consider that humidity from the sea can cause your furniture and building structures to spoil/rust faster than normal. Of course, money solves every of these problems.

Last edited by momoeagle; 12-08-2019 at 02:57 PM..
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Old 12-08-2019, 02:55 PM   #2002
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Hmmm the 300k is by stages, would be possible if thereís say 100k savings by both added together yea? Shouldnít be an issue with the loan thereafter!
Should be near to 175k savings from each party to hit 300k downpayment + stamp duty

High property prices is really an excellent way to reduce the excess liquidity in the market.
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Old 12-08-2019, 03:16 PM   #2003
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My FB pops up this 2016 article :

Can a single afford a condo?
https://www.propertyguru.com.sg/prop...ource=facebook
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Old 12-08-2019, 05:53 PM   #2004
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My FB pops up this 2016 article :

Can a single afford a condo?
https://www.propertyguru.com.sg/prop...ource=facebook
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.

Last edited by momoeagle; 12-08-2019 at 06:05 PM..
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Old 12-08-2019, 06:07 PM   #2005
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Unhappy

BT reports agent commission only 0.9%
Just increased to 0.9%.. used to be 0.6% during launch..
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Old 12-08-2019, 07:08 PM   #2006
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EC prices are insane now. How can a couple with <14k income afford such prices; maybe most of the buyers are upgraders?
Agree, this Sumang EC prices are insane. There are plenty of resale condos selling below $900 psf in propertyguru, buyers and HDB upgraders should look at resale condos instead which are much cheaper.
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Old 12-08-2019, 10:24 PM   #2007
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Agree, this Sumang EC prices are insane. There are plenty of resale condos selling below $900 psf in propertyguru, buyers and HDB upgraders should look at resale condos instead which are much cheaper.
Without pushing the EC and creating a sense that $1.2k is cheap because it is EC, it will be tough to justify the $1.6k psf at Buangkok MRT.

Excellent marketing.
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Old 12-08-2019, 10:25 PM   #2008
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Agree, this Sumang EC prices are insane. There are plenty of resale condos selling below $900 psf in propertyguru, buyers and HDB upgraders should look at resale condos instead which are much cheaper.
The winners are the condos beside, all rubbing hands with glee.
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Old 12-08-2019, 10:29 PM   #2009
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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.
Sounds like almost everyone else
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Old 12-08-2019, 11:31 PM   #2010
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Sounds like almost everyone else
True. Quite a fair number of people are stretched like that.
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