How much is enough for retirement in Singapore?
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Cloud Cloud:
I know of friends who bought resale during the peak around 1996. Today, even if they sell their unit, will not be able to recover much cash. Besides location, timing is also important.
It's true.
That is my situation now. New flat direct from HDB was overpriced then. Current valuation is close to my purchase price. The only consolation is the space we have. -
Nebbermind:
My new exec was $430k at outskirts.Cloud Cloud:
I know of friends who bought resale during the peak around 1996. Today, even if they sell their unit, will not be able to recover much cash. Besides location, timing is also important.
Was it really that high? New 5-rms were no more than $200k then, right? -
They bought at around $300k. With accrued interest and levy, not much cash to recover.[/quote]
Surprised to hear that. How can it be that someone who bought a resale flat in 1996 could still be losing money / not making profit?[/quote]
I bought a new flat from hdb in 1996, collected key in 1999. Flat valuation has been low and is still close to purchase price today. No clue how can this be so. This has caused much anguish as i witnessed people around me pocketing huge profit from changing flats while i continue to stay in the same place for the past decades. -
Fairy:
They bought at around $300k. With accrued interest and levy, not much cash to recover.
Surprised to hear that. How can it be that someone who bought a resale flat in 1996 could still be losing money / not making profit?[/quote]
I bought a new flat from hdb in 1996, collected key in 1999. Flat valuation has been low and is still close to purchase price today. No clue how can this be so. This has caused much anguish as i witnessed people around me pocketing huge profit from changing flats while i continue to stay in the same place for the past decades.[/quote]
My pillow enquiry:
Your exec was 400k plus is 1996?
A fren bought resale HDB massionrtte at 390k in 2001, sold 2016 at 670k ! Jump to EC , no Levy right? I thought ur flat should has increased to at least 600k too?
Fren flat was Hg, near swim pool -
My parents queued for 7 years to get their new 5 room flat from HDB. They paid $275K in year 2000.
1 year later, market went downhill and a friend also bought 5rm from HDB (slightly further down from mum’s place) at $190K. :faint:
I felt upset with HDB, hard to imagine getting a new flat could also lose money so fast!
Parents aren’t really upset as they never thought of moving house again given their age. Luckily, prices have since recovered. -
lee_yl:
Which part of SG was it?My parents queued for 7 years to get their new 5 room flat from HDB. They paid $275K in year 2000.
1 year later, market went downhill and a friend also bought 5rm from HDB (slightly further down from mum’s place) at $190K. :faint:
I felt upset with HDB, hard to imagine getting a new flat could also lose money so fast!
Parents aren’t really upset as they never thought of moving house again given their age. Luckily, prices have since recovered.
I remember they built too many flats in the northeast during the early 2000s. Not sure whether it was 4 or 5 room, but the launch price was around $250k. Then later they sold bulk of the balance flats at around 20% discount after a year or 2. But the prices there have recovered since. -
MyPillow:
EA/EM was $200K++ in 1994/95. Remote but not the remotest part of SG. Really surprised can cost $430k in 96.
My pillow enquiry:
Your exec was 400k plus is 1996?
A fren bought resale HDB massionrtte at 390k in 2001, sold 2016 at 670k ! Jump to EC , no Levy right? I thought ur flat should has increased to at least 600k too?
Fren flat was Hg, near swim pool
I think when they 1st launched EC, it was probably that kind of price but size smaller than EA/EM. -
Fairy:
My new exec was $430k at outskirts.[/quote]EC or EA? For EC, my friend suffered the same fate as you. It was in Bt Batok. Bought around that time too. After the dotcom bust and 911, which entailed an econ downturn, she was basically stuck with it for 10 years (I think it was the MOP then?). She was very upset as prices of pte condos (both FH and LH) plummeted so drastically and she couldn't get rid of her EC to enter into the private property mkt. There were several news articles about EC owners being stuck during the early 00s.Nebbermind:
[quote=\"Cloud Cloud\"]I know of friends who bought resale during the peak around 1996. Today, even if they sell their unit, will not be able to recover much cash. Besides location, timing is also important.
Was it really that high? New 5-rms were no more than $200k then, right? -
I bought my 5 rm BB flat in 1996 and it was close to 200k. I assume if I sell now, it is worth double ???
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I suppose one has to watch the cycles very closely if one wants to upgrade. Once it dips, you must be cash-rich and all ready to pounce. Buyers can move very fast and aggressively at open houses or showroom viewings. Highly competitive in a downturn as many Singaporeans are very savvy buyers with loads of cash to spare. 24 hrs late, you lose a good deal.
Some people mulled for too long (more than 72 hrs), sought second or third opinions from Feng Shui masters, grand/parents and children, others moved swiftly and grabbed the coveted units/houses.
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