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Flat sold for S$6,200 in 1969
Sep 25, 2012 - PropertyGuru.com.sg
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By Romesh Navaratnarajah:
Back when Singapore did not have as many tall buildings, prices of flats were fairly affordable, The Straits Times reported.
The article mentioned that a HDB flat in Queenstown was sold for just S$6,200 in 1969, a far cry from the executive maisonette which was recently transacted for S$1 million.
64-year old Alice Lee said she and her husband moved into the flat in 1969. The three-room unit is located on the 10th floor of the block at Tanglin Halt.
“Before I got married, I was living in my grandmother's house, a ground-floor shophouse in Tanjong Pagar. So you can imagine how scared I was when I suddenly had to live on such a high floor,” she said.
“I didn't even dare hang the laundry outside the window, so I had to dry the clothes indoors.”
Even after 40 years, Madam Lee who now lives alone in the flat following her husband’s death and her children moving out said she has no intentions of leaving the neighbourhood.
“My son did ask me if I wanted to move out of this flat to another estate, but I told him no. This is my first house. All my friends are here, I keep myself busy volunteering with the residents' committees and I like this place,” she said.
She added that she could not understand how a flat in Queenstown could be sold for S$1 million, referring to the unit in Mei Ling Street.
“This apartment has only a 99-year lease, so why pay so much for it?”
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phantom_opera
25-09-12, 15:03
she is better than many blind speculators
“This apartment has only a 99-year lease, so why pay so much for it?”
:D
Life, Death, Inflation, and Taxes. 4 certainties in life.
in 1969 : u can buy a bowl of noodle for 10c , A ounce of gold is USD$41.28 , a barrel of crude oil is $3.35, . Then we eat squatting at road side stall, Black n white TV is a premium in the home.
Fast forward today. Noodle is $4 a bowl, Gold is USD1700, Oil is USD$90 a barrel. super slim 3D Internet TV with smart phones. Eat in aircon food court where cleaners clean up after ur mess.
so... the $1M question is 40 yrs from now will u be tell ur kids u don't understand how can someone be paying $2M for their HDB flat then?
Anyway $1M is not every HDB here. but assume the same type of HDB pple wants to buy 40years later is $2M for argument sake.
Nothing we can do abt life n death. But what are you going to do abt inflation n tax. :beats-me-man: :beats-me-man: :beats-me-man: :beats-me-man: :2cents:
ikan bilis
25-09-12, 15:17
Life, Death, Inflation, and Taxes. 4 certainties in life.
in 1969 : u can buy a bowl of noodle for 10c , A ounce of gold is USD$41.28 , a barrel of crude oil is $3.35, . Then we eat squatting at road side stall, Black n white TV is a premium in the home.
Fast forward today. Noodle is $4 a bowl, Gold is USD1700, Oil is USD$90 a barrel. super slim 3D Internet TV with smart phones. Eat in aircon food court where cleaners clean up after ur mess.
so... the $1M question is 40 yrs from now will u be tell ur kids u don't understand how can someone be paying $2M for their HDB flat then?
Anyway $1M is not every HDB here. but assume the same type of HDB pple wants to buy 40years later is $2M for argument sake.
Nothing we can do abt life n death. But what are you going to do abt inflation n tax. :beats-me-man: :beats-me-man: :beats-me-man: :beats-me-man: :2cents:
i like to punch calculator.... ;)
noodle: $4/0.1 = 40
gold: 1700/41.28 = 41.18
oil: 90/3.35 = 26.87
3rm hdb ?? : 375K / 6.2K = 60.50 ??....
auntie failed to overcome old thinking of freehold and leasehold. Many older generation still think FH is better and many many reasons they can think of
i like to punch calculator.... ;)
noodle: $4/0.1 = 40
gold: 1700/41.28 = 41.18
oil: 90/3.35 = 26.87
3rm hdb ?? : 375K / 6.2K = 60.50 ??....
True but nothing in life is liniear. But ur 375k is resale not direct from goverment right. U need to correct they comparison.
i like to punch calculator.... ;)
noodle: $4/0.1 = 40
gold: 1700/41.28 = 41.18
oil: 90/3.35 = 26.87
3rm hdb ?? : 375K / 6.2K = 60.50 ??....
does anyone know what was the S$-US$ exchange rate during that time?
i like to punch calculator.... ;)
noodle: $4/0.1 = 40
gold: 1700/41.28 = 41.18
oil: 90/3.35 = 26.87
3rm hdb ?? : 375K / 6.2K = 60.50 ??....
Today 3rm hdb 280k not factoring any added rebates ETc.
280k/6.2k=45.
So quite in line with inflation?
http://www.h88.com.sg/article/Telok+Blangah+Ridgeview+review+%28Part+1%29%3A+Location+and+prices/
ikan bilis
25-09-12, 16:15
Today 3rm hdb 280k not factoring any added rebates ETc.
280k/6.2k=45.
So quite in line with inflation?
http://www.h88.com.sg/article/Telok+Blangah+Ridgeview+review+%28Part+1%29%3A+Location+and+prices/
no-lah.... queenstown end 2009 3rm flat BTO already 280K-365K liow...
http://www.h88.com.sg/article/HDB+BTO%3A+SkyVille+and+SkyTerrace+at+Dawson+Review/
ikan bilis
25-09-12, 16:17
does anyone know what was the S$-US$ exchange rate during that time?
dun know lah.... so long story.... last time S$ so small... S$1=MR0.85 ??... :D
phantom_opera
25-09-12, 16:19
from 6.2k to 280k is about 9% compound growth per year for 43y (1969-2012)
the big question, do you expect the same flat (or even new 99LH flat) to grow at 9% pa in the future??
if this rate is maintained, then 15y later it will break 1million
25y later it will become 2.6m
35y later it will become 6.5m
now u are laughing already :banghead: :beats-me-man:
ikan bilis
25-09-12, 16:22
from 6.2k to 280k is about 9% compound growth per year for 43y (1969-2012)
the big question, do you expect the same flat (or even new 99LH flat) to grow at 9% pa in the future??
if this rate is maintained, then 15y later it will break 1million
25y later it will become 2.6m
35y later it will become 6.5m
now u are laughing already :banghead: :beats-me-man:
35yr later that flat is already 78yr old aunty.... bank still wanna loan to you or you pay full ca$h of 6.5m ??... :D
phantom_opera
25-09-12, 16:32
35yr later that flat is already 78yr old aunty.... bank still wanna loan to you or you pay full ca$h of 6.5m ??... :D
wrong ...PAP will save you using SERS
from 6.2k to 280k is about 9% compound growth per year for 43y (1969-2012)
the big question, do you expect the same flat (or even new 99LH flat) to grow at 9% pa in the future??
if this rate is maintained, then 15y later it will break 1million
25y later it will become 2.6m
35y later it will become 6.5m
now u are laughing already :banghead: :beats-me-man:
Well if life is so predictable and linear. Consideration on GDP growth and inflation too have to be factored in.
anyway typical life span of a HDB is how many years? 35-45 yrs? before they cycle it?
like this case the lady would have choice some choices. coz already retirement n children grow up. but like all old people they dont like change.
anyway there are choices. Well unless everyone wants to nationalized public housing. But being asian we dont view housing as utility. we view it as a assets we like to pass on or en-cash.
Also anyone remember how a 3bed room in the 1969 look like? verses today 3room? Not sure how many people can stay back in a 1969 3bed room standard.
no-lah.... queenstown end 2009 3rm flat BTO already 280K-365K liow...
http://www.h88.com.sg/article/HDB+BTO%3A+SkyVille+and+SkyTerrace+at+Dawson+Review/
We have to take the most affordable 3bed room i.e. standard 3room right? not a BTO. coz we are comparing affordability. a 1969 3rm then at 6.2K is bare min apt.
phantom_opera
25-09-12, 16:54
if we maintain 9% price growth per year, any HDB 3r owner will become millionaire 15y later, multimillionaire 25y later without doing anything
SG property is truly a gem, just buy and hold :cheers5:
Huat ah :p
35yr later that flat is already 78yr old aunty.... bank still wanna loan to you or you pay full ca$h of 6.5m ??... :D
sell lor like the 1.2M sinfu apt. sell liao go buy a 80K studio 30yr to retire in. and go buy a big hse in JB or another studio collect rent after that! got children that is still good go stay with them. do some charity work etc. retirement mah!
beats working in Mac dondal.
So on the side . My Question is this a truely bad thing? I mean is the 64yr old lady better off or worst off now her 3rm is worth say 300K on the open market. say she sell and downgrade or touch wood Say she pass on.. her kid sell the place. its 300K to the kids. so is that a bad thing?
if we maintain 9% price growth per year, any HDB 3r owner will become millionaire 15y later, multimillionaire 25y later without doing anything
SG property is truly a gem, just buy and hold :cheers5:
Huat ah :p
HUAT AH truly but I think the curve is reaching a plateau and at a slower rate. Dont think over the years its a flat straight line. coz we take a base year of 1969. if u take the base year of say 1987/1997/2008/ etc those yrs with major down turn ur growth would look even more stellar.
my pt is its never linear and it would be a big mistake to assume it would continue to linear.
But reality is inflation will increase cost and naturally assest will move inline with inflation no.s
Maybe we should like vietnam value the home in price of GOLD!
phantom_opera
25-09-12, 17:57
HUAT AH truly but I think the curve is reaching a plateau and at a slower rate. Dont think over the years its a flat straight line. coz we take a base year of 1969. if u take the base year of say 1987/1997/2008/ etc those yrs with major down turn ur growth would look even more stellar.
my pt is its never linear and it would be a big mistake to assume it would continue to linear.
But reality is inflation will increase cost and naturally assest will move inline with inflation no.s
Maybe we should like vietnam value the home in price of GOLD!
most of the gain delivered in between 1991-1996 ... about 300-400% :scared-4:
wrong ...PAP will save you using SERS
but what if pap-a not around...:scared-1::scared-1::scared-1:
phantom_opera
25-09-12, 18:15
9% growth for 43y is SUPERB as you have not even counted any rental yield by renting out 1 room or whole flat :eek:
On Tuesday a committee of Calpers’ board voted not to decrease its assumed annual rate of return from 7.75 per cent to 7.5 per cent.
the $228bn fund has returned only 4.3 per cent annually over the past decade
a lot of thing happen in 1969...:D:D:D
http://infopedia.nl.sg/articles/SIP_1881_2012-05-09.html
phantom_opera
25-09-12, 18:25
a lot of thing happen in 1969...:D:D:D
http://infopedia.nl.sg/articles/SIP_1881_2012-05-09.html
no wonder FEO showflat always give YHS drink :)
Landed FH terrace in city fringe was sold for $12000 in 1966. This is a better deal than the flat.
Flat sold for S$6,200 in 1969
Sep 25, 2012 - PropertyGuru.com.sg
*** *Comment*** *E-mail to friend*** *Bookmark & Share
By Romesh Navaratnarajah:
Back when Singapore did not have as many tall buildings, prices of flats were fairly affordable, The Straits Times reported.
The article mentioned that a HDB flat in Queenstown was sold for just S$6,200 in 1969, a far cry from the executive maisonette which was recently transacted for S$1 million.
64-year old Alice Lee said she and her husband moved into the flat in 1969. The three-room unit is located on the 10th floor of the block at Tanglin Halt.
“Before I got married, I was living in my grandmother's house, a ground-floor shophouse in Tanjong Pagar. So you can imagine how scared I was when I suddenly had to live on such a high floor,” she said.
“I didn't even dare hang the laundry outside the window, so I had to dry the clothes indoors.”
Even after 40 years, Madam Lee who now lives alone in the flat following her husband’s death and her children moving out said she has no intentions of leaving the neighbourhood.
“My son did ask me if I wanted to move out of this flat to another estate, but I told him no. This is my first house. All my friends are here, I keep myself busy volunteering with the residents' committees and I like this place,” she said.
She added that she could not understand how a flat in Queenstown could be sold for S$1 million, referring to the unit in Mei Ling Street.
“This apartment has only a 99-year lease, so why pay so much for it?”
*
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