New EC at Sumang Walk

Passerboy

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No wonder developers want to squeeze all their money away. What better time to squeeze these rich young couples and make them slaves of their properties for the next 29 years right?

The problem is we are all slaves to our properties, cars and credit card debts. The only thing is if these assets that we are slaves to can become a servant to us in time to come— and the most probable prospect is that of a property. So young individuals who are financially savvy are more willing to be slaves to property and shares than any others.

Oh ya, for discussion: a lot of ppl will rather splurge on a house than a car now, given the convenience of our transport node so they save a lot in that aspect.
 
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Hyruga

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Those are not the biggest concerns for the future residents of Piermont Grand! As compared to the mega foreign workers dormitories just 500 meters north-west of Piermont Grand EC. They even have their own Golden Village cinemas (run by S11 under the carnival branding)!
https://www.straitstimes.com/singapore/manpower/fun-and-games-part-of-the-package-at-workers-dorm


Toxic fumes that can cause cancer, brain damage and breathing problems are the gravest concerns.

Mosquitoes infestation is the second gravest concern.

Followed by time wasted living far north in Singapore.

Of course, there may be safety concerns due to foreign workers dormitory although I am trying not to over generalise them.
 

endlssorrow

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My flat is next to Buangkok MRT and just opposite the upcoming Sengkang central mall/residences. If this new condo is selling at such prices, it makes keeping my flat a lot more attractive. This EC would be a location downgrade for me.

U mean this ec right?
HDB to ec to DBsS to pc to me a
Is never a downgrade

Of coz the upcoming Sengkang central residence launch price shall decide the winner for Sengkang Punggol and not to forget its sales closure
 

endlssorrow

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If u look at the money n invest threads, a lot of fresh grads come out with 6digit savings

I m very sure within 5 years the couple can save 400k

I am very sure fresh grad itself won’t have 6figure:)
 

endlssorrow

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Wow! Didn't know that. Can see the 2nd timers are doing the heavy lifting for Piermont Grand's sales figures!

2nd timers mostly still holding on their bto
We shall see their selling price in few years time
If 4 room still can maintain selling price above $420k in 2022-2023, Singapore is doing good.

More ft becoming pr and citizens then :s11::)=:p
 

momoeagle

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The problem is we are all slaves to our properties, cars and credit card debts. The only thing is if these assets that we are slaves to can become a servant to us in time to come— and the most probable prospect is that of a property. So young individuals who are financially savvy are more willing to be slaves to property and shares than any others.

Oh ya, for discussion: a lot of ppl will rather splurge on a house than a car now, given the convenience of our transport node so they save a lot in that aspect.

Cannot generalise like that.

I have no other loans except for housing. And that's because housing loan interest is extremely low interest. Car loan already fully paid.

I'm only slaves to my children.

I'm also not willing to be too much of a slave to property. That's why my max budget is 1.5m property, which will yield me a loan which can be cleared within 5 years to 10 years of TOP.

But being mid 30s, maybe I'm not the young and financially savvy group you are referring to, so probably I won't understand.
 

annetyu

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This is true, a lot of young people (bro: can’t use labelling, not just limited to grads haha) are financially shrewd and make a lot of investments early. A couple who start young can easily save up for the down payment for a 1.5m EC by 35 (since ppl marry later).

Let me provide some numbers. 30% of a cohort will be graduates. The median salary for graduates is $3,500. If an avg uni grad couple saves their entire salary (which is unlikely) then they will be able to save 400k in 5 years.

Unfortunately those impressive graduates who come out with 6-digit savings right after graduation (that made ahboy82 jealous) are probably those with rich parents and limited to less than 5% of uni grads. Those who make early investments are also the minority.

These privileged young graduates are also unlikely to eye ec like sumang. They can easily afford RCR private condo projects which enables them to commute easily to the financial districts.

Looks like a certain ahboy here is trying to talk up the market. Unfortunately it seems his resale unit prices are stagnant. :D
 

NiShiZhu

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Cannot generalise like that.

I have no other loans except for housing. And that's because housing loan interest is extremely low interest. Car loan already fully paid.

I'm only slaves to my children.

I'm also not willing to be too much of a slave to property. That's why my max budget is 1.5m property, which will yield me a loan which can be cleared within 5 years to 10 years of TOP.

But being mid 30s, maybe I'm not the young and financially savvy group you are referring to, so probably I won't understand.

I Guess u are doing fine based on your age.
From what you mentioned, you said you are setting aside a Budget of 1.5mil for property purchase. Do remember to also set aside some savings that could last you for at least 2 years just in case (touch wood) one is out of job or for any emergency use.
Should never drain off all your savings just to shortened your housing loan within 5-10 years. I’m confident you should have thought of that.

Cheers
 
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NiShiZhu

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The problem is we are all slaves to our properties, cars and credit card debts. The only thing is if these assets that we are slaves to can become a servant to us in time to come— and the most probable prospect is that of a property. So young individuals who are financially savvy are more willing to be slaves to property and shares than any others.

Oh ya, for discussion: a lot of ppl will rather splurge on a house than a car now, given the convenience of our transport node so they save a lot in that aspect.

Hehe, I’m a cheapskate. I drove a Toyota for 10 years and renewed my COE in 2016.
Only recently just bought a new car below $75k.

My peers are driving Merz, audi, BM 5/7 series and jaguar though. Lol

Basically, I just need a 4 wheel to bring me from pt A to pt B.
 

momoeagle

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I Guess u are doing fine based on your age.
From what you mentioned, you said you are setting aside a Budget of 1.5mil for property purchase. Do remember to also set aside some savings that could last you for at least 2 years just in case (touch wood) one is out of job or for any emergency use.
Should never drain off all your savings just to shortened your housing loan within 5-10 years.

Cheers

Tbh, 1.5 mil would be an almost total drain, which is why I said is out of my price point for now. Then again, 2 years of savings isn't too much cash too, can be easily set apart between purchase date and TOP date.

Life is ok now because our dividends from stocks and bonds are just a little below monthly expenses excluding insurance payments. But.... most of these will be gone if I had gone ahead with the housing. :(
 

momoeagle

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Let me provide some numbers. 30% of a cohort will be graduates. The median salary for graduates is $3,500. If an avg uni grad couple saves their entire salary (which is unlikely) then they will be able to save 400k in 5 years.

Unfortunately those impressive graduates who come out with 6-digit savings right after graduation (that made ahboy82 jealous) are probably those with rich parents and limited to less than 5% of uni grads. Those who make early investments are also the minority.

These privileged young graduates are also unlikely to eye ec like sumang. They can easily afford RCR private condo projects which enables them to commute easily to the financial districts.

Looks like a certain ahboy here is trying to talk up the market. Unfortunately it seems his resale unit prices are stagnant. :D

Never say never. I did hit 300k+ by age 30. Solo.
But work 80+ hours a week for that.

Now I relax liao, plus expenses up a lot due to children. Cannot achieve same results le.
 

Passerboy

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Cannot generalise like that.

I have no other loans except for housing. And that's because housing loan interest is extremely low interest. Car loan already fully paid.

I'm only slaves to my children.

I'm also not willing to be too much of a slave to property. That's why my max budget is 1.5m property, which will yield me a loan which can be cleared within 5 years to 10 years of TOP.

But being mid 30s, maybe I'm not the young and financially savvy group you are referring to, so probably I won't understand.

Haha yah, that’s a general picture.
As long as one is happy, that’s the number one rule, and that’s an affirmation itself you are doing well.
 

Passerboy

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Hehe, I’m a cheapskate. I drove a Toyota for 10 years and renewed my COE in 2016.
Only recently just bought a new car below $75k.

My peers are driving Merz, audi, BM 5/7 series and jaguar though. Lol

Basically, I just need a 4 wheel to bring me from pt A to pt B.

Bro, you may just saving up for a Lamborghini!
Or investing your monies elsewhere.
As long as we are happy, that’s more important, and I can tell (from the threads) you seem contended already, which is good.
 

NiShiZhu

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Tbh, 1.5 mil would be an almost total drain, which is why I said is out of my price point for now. Then again, 2 years of savings isn't too much cash too, can be easily set apart between purchase date and TOP date.

Life is ok now because our dividends from stocks and bonds are just a little below monthly expenses excluding insurance payments. But.... most of these will be gone if I had gone ahead with the housing. :(

In your case, I would advise against setting a 1.5mil Budget for property then. Draining all savings is quite a scary thing.

I have a loan that took me 20 years to pay off. But at the same time, I decided to also set aside enough funds to tide me through a few years in case, touch wood, out of job or other emergency uses.
Of cos, like your case, I could have chose to pay off my loan or shortened my loan tenure by draining part/all my savings but I’m decided not to do that.
You never know when you need cash.
 
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NiShiZhu

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Bro, you may just saving up for a Lamborghini!
Or investing your monies elsewhere.
As long as we are happy, that’s more important, and I can tell (from the threads) you seem contended already, which is good.

Human are always greedy and never be contented la.
Just that when reached certain age, not as aggressive and high risk appetite like last time.

Realise in life, there are more important things to focus on, particularly our health and quality time with family.
Of cos, still enjoy my visits to different showflat. Lol
 
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annetyu

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That’s why I bite the bullet and moving to D13, for my kids.

Whether you moved to condo or flat, you made the right choice. Our kids’ future is most important. I have to thank my parents for the huge emphasis they have placed on my education and will seek to repay them whenever I can.
 

Braun8

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U mean this ec right?
HDB to ec to DBsS to pc to me a
Is never a downgrade

Of coz the upcoming Sengkang central residence launch price shall decide the winner for Sengkang Punggol and not to forget its sales closure


Yes, I mean this Sumang Walk EC is a location downgrade for me.
 

momoeagle

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In your case, I would advise against setting a 1.5mil Budget for property then. Draining all savings is quite a scary thing.

I have a loan that took me 20 years to pay off. But at the same time, I decided to also set aside enough funds to tide me through a few years in case, touch wood, out of job or other emergency uses.
Of cos, like your case, I could have chose to pay off my loan or shortened my loan tenure by draining part/all my savings but I’m decided not to do that.
You never know when you need cash.

That's why I didn't go for balloting. :)

But I also like go see see showflats 😂
 

NiShiZhu

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That's why I didn't go for balloting. :)

But I also like go see see showflats 😂

You did the right thing by not get easily swayed by others into buying.
Different people, different financial situation.
Only buy when one feels comfortable, not compelled.
 
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