YTD 2026 Networth tracking thread

[highsulphur]

I think I saw ST or zaobao feature this elderly woman that sold her landed property to move in to a 2rm HDB flat. I personally would never consider this since its I think its quite risky for elders to live alone.

Dun really understand why anyone with reasonably high networth would ever consider this...

For convenience to amenities and less space to maintain

 

[DevilPlate]

I think I saw ST or zaobao feature this elderly woman that sold her landed property to move in to a 2rm HDB flat. I personally would never consider this since its I think its quite risky for elders to live alone.

Dun really understand why anyone with reasonably high networth would ever consider this...

I saw the layout has a extra study area which can accomodate a single bed if need a live in maid

 

[limster]

I think I saw ST or zaobao feature this elderly woman that sold her landed property to move in to a 2rm HDB flat. I personally would never consider this since its I think its quite risky for elders to live alone.

Dun really understand why anyone with reasonably high networth would ever consider this...

'persuaded' by relative or acquaintance that it is a good idea. All that excess cash sitting in her bank account can be withdrawn .... which increases the risk that she can be scammed. Wonder if she at least got CPF Life payouts...

 

[TalkingRabbit]

I think I saw ST or zaobao feature this elderly woman that sold her landed property to move in to a 2rm HDB flat. I personally would never consider this since its I think its quite risky for elders to live alone.

Dun really understand why anyone with reasonably high networth would ever consider this...

It reminds me of another case where an elderly woman lived in a $4 million condominium but relied on bank loans to get by? Eg of asset rich cash poor people

 

[d5dude]

It reminds me of another case where an elderly woman lived in a $4 million condominium but relied on bank loans to get by? Eg of asset rich cash poor people

This ST article is just more govt propaganda to get ppl to take up the hdb lease buyback scheme.

I think the woman in the article is actually quite financially savvy, her 200k loan was secured against her 4m property so it must have been a low interest home equity line of credit, we all know home loans are the cheapest in SG and SG property prices only go up over the long run so there’s nothing wrong with how she was managing her wealth.

If anything this article just illustrates the importance of measuring networth as a whole, not just liquid networth for retirement planning. The woman would be in worse financial shape now if she had sold her property 20 yrs ago in return for some annuity or other low risk investment. Liquidity is very costly, it makes sense to have access to some liquidity during retirement but it shouldn’t be the focus.

 

[TalkingRabbit]

This ST article is just more govt propaganda to get ppl to take up the hdb lease buyback scheme.

I think the woman in the article is actually quite financially savvy, her 200k loan was secured against her 4m property so it must have been a low interest home equity line of credit, we all know home loans are the cheapest in SG and SG property prices only go up over the long run so there’s nothing wrong with how she was managing her wealth.

If anything this article just illustrates the importance of measuring networth as a whole, not just liquid networth for retirement planning. The woman would be in worse financial shape now if she had sold her property 20 yrs ago in return for some annuity or other low risk investment. Liquidity is very costly, it makes sense to have access to some liquidity during retirement but it shouldn’t be the focus.

Hard to see this woman as financial savvy. A $4mil property doesn't offset having only $3.7k in savings and relying on overdraft loans for living expenses, and owing condo management fee more than $50k.

Property value looks impressive on paper, but it doesn't pay the bills unless monetised. Liquidity risk is real, especially for seniors. Net worth matters, but sustainable cash flow matters more.

 

[DevilPlate]

Hard to see this woman as financial savvy. A $4mil property doesn't offset having only $3.7k in savings and relying on overdraft loans for living expenses, and owing condo management fee more than $50k.

Property value looks impressive on paper, but it doesn't pay the bills unless monetised. Liquidity risk is real, especially for seniors. Net worth matters, but sustainable cash flow matters more.

Past 5 yrs SG condos generally up 50% on average so she is damn savvy and also smelly by owing mcst

 

[LWZ]

was wondering why some owners in my condo owe MCST fees so long that the MA actually sent them legal demands... so she was one such

 

[yslvlys]

was wondering why some owners in my condo owe MCST fees so long that the MA actually sent them legal demands... so she was one such

Won't get evicted?

 

[LWZ]

Won't get evicted?

Nope

I read that they could legally force a sale of your unit to pay the debt, but not sure if that has ever happened

 

[highsulphur]

Nope

I read that they could legally force a sale of your unit to pay the debt, but not sure if that has ever happened

Yes they can

 

[Velton]

Maybe just Chao Kian Dun want to pay

 

[highsulphur]

Maybe just Chao Kian Dun want to pay

usually mcst will win in the end. They charge high interest and can claw from the proceeds from the sale of the unit

 

[d5dude]

Hard to see this woman as financial savvy. A $4mil property doesn't offset having only $3.7k in savings and relying on overdraft loans for living expenses, and owing condo management fee more than $50k.

Property value looks impressive on paper, but it doesn't pay the bills unless monetised. Liquidity risk is real, especially for seniors. Net worth matters, but sustainable cash flow matters more.

The article says the loans were secured against her property, this means that they were low interest home equity loans, it’s no different from people who still have mortgages but large home equity during retirement.

I dunno what is the deal with her owing Mcst 50k in fees without mcst having taken action against her though, usually mcst will force the sp to sell the apartment when it comes to such a point. Maybe she doesn’t have much home equity in the condo so it couldn’t be monetized i.e she didn’t have much of a networth to begin with.

Edit: Nvm, I think we have the answer here:



So the property had already been fully paid off (only debt owed by the estate was 250k), she clung on to her apartment even after death (did not allow it to be sold within 3 years of her death) so this is really an edge case of somebody who is irrationally attached to her home, it has nothing to do with networth or managing finances.

For the peeps who think that cashflow > networth. Just ask yourself if you'd rather own a fully paid up property valued at 4m or 2m worth of bonds and dividend paying equities, I'm pretty sure nobody will choose the latter since you can just sell the property and purchase the equity/bond portfolio and still be up 2m.

 

[d5dude]

usually mcst will win in the end. They charge high interest and can claw from the proceeds from the sale of the unit

Banks have first dibs, mcst won’t necessarily win if the sale is potentially a negative sale.

 

[laokorkor]

Banks have first dibs, mcst won’t necessarily win if the sale is potentially a negative sale.

I'm 53 and I've my will done in 2016. The firm (Precepts Group) that does my will and will be my executor insists on putting in this template first before everything else in my will:

To pay my debts, funeral and executorship expenses including any sums
required to secure a discharge of any charge mortgage or a withdrawal of any
lien on any of my properties.

 

[d5dude]

I'm 53 and I've my will done in 2016. The firm (Precepts Group) that does my will and will be my executor insists on putting in this template first before everything else in my will:

To pay my debts, funeral and executorship expenses including any sums
required to secure a discharge of any charge mortgage or a withdrawal of any
lien on any of my properties.

Yea this should be common sense, the woman in the story is likely not of sound mind, doesnt make any sense to prohibit the sale of the property after her death, I mean she is already dead, not like she should know or care...

 

[TalkingRabbit]

For the peeps who think that cashflow > networth. Just ask yourself if you'd rather own a fully paid up property valued at 4m or 2m worth of bonds and dividend paying equities, I'm pretty sure nobody will choose the latter since you can just sell the property and purchase the equity/bond portfolio and still be up 2m.

hmm...this isn't about "which assets is better". It's about matching assets to life-stage needs. A $4m property is wealth, cash flow is survival.

 

[d5dude]

hmm...this isn't about "which assets is better". It's about matching assets to life-stage needs. A $4m property is wealth, cash flow is survival.

Its about which assets are worth "more", not "better".

Like I said, most forms of networth can be converted to cash or cashflow quite easily, well at least property can be monetized quite easily in SG. I'm not talking about pokemon cards, art or some other collectibles with ambiguous market valuation, property can be valued easily with a bank.

I'm not advocating that people should aim for a networth thats comprised of 100% property or some other less liquid asset, what I'm saying is that theres a cost to holding onto liquidity or opting for predictable cashflows during retirement e.g annuities.

Also what about the question above? Is 4m in home equity > 2m in bonds/stocks/cash portfolio? I think the answer is obvious to most.

 

[sky1978]

Yea this should be common sense, the woman in the story is likely not of sound mind, doesnt make any sense to prohibit the sale of the property after her death, I mean she is already dead, not like she should know or care...

I think this case is simply about the claimant (executor) and the defendant (buyer) going to court and getting the court to legitimise the sale without having to go through the bank's auction/sale process.

The full judgment can be read here.
https://www.elitigation.sg/gd/s/2023_SGHC_347

Points 22 and 32 state that there is insufficient evidence to support the argument that the value will be lower if the sale is conducted by the mortgagee, which is the bank. She probably prefers an auction/bank sale vs a private S&P. Point 22 also says the bank already levied execution after they are aware of the situation, so it is not like the WILL alone is stopping the bank from enforcement action and subsequent sale.

Won't get evicted?

The judgment write-up mentioned that the bank got an eviction order in 2017, but chose not to enforce it when she was still alive. Both the MCST and the bank should be aware that they are fully secured. Under such circumstances, I presume many creditors will simply let an old lady live out her last days or years because it is unlikely that they will lose money. Point 4 in the judgment also says there were interests charged on the outstanding fees, so all parties were probably happy with the arrangement.