View Full Version : How many Singaporeans can afford a condo
My assumption is a base of 150K and above per annum . Could be lower...
So let's base on 150K/annum. This makes up 11% of the population. The total Singapore workforce is - 1.7Mil as of 2010
Source
http://www.salary.sg/2012/compare-your-annual-income-latest/
http://www.singstat.gov.sg/pubn/papers/people/op-s17.pdf
So based on 11% of 1.7Mil = 187K of the population technically qualify for a private property. This are individuals...
If we look at household income, let's assume 13K per month. This works out to be the top 23% of the households. The number of household is 1.146Mil. 23% = 263K can afford a private.
Source
http://www.salary.sg/2012/benchmark-your-household-income-2012/
http://www.singstat.gov.sg/stats/keyind.html#hhld
I have not included foreigners yet.
Food for thought.
Key in your own figures to interpolate.
Cheers;)
Here is something for all to read about the effects of "Immigration".
Please do not take wholesale... Read it with a pinch of salt.
http://www.workingimmigrants.com/2011/06/to_boost_economy_boost_immigra.html
phantom_opera
03-01-13, 17:01
bro chesnut, been there done that already, when SIBOR is at > 3%, only 240k households can afford 1m condo, with SIBOR < 0.5% ... it is 440k
80 20 rule, still have over 50k household, more than enuf to soak up all the new launches units in 2013 + 2014
bro chesnut, been there done that already, when SIBOR is at > 3%, only 240k households can afford 1m condo, with SIBOR < 0.5% ... it is 440k
Have you read the effects of immigration??? This is an add on the number of Singaporeans who can afford... You combine the both, the results are crazy!!!!
80 20 rule, still have over 50k household, more than enuf to soak up all the new launches units in 2013 + 2014
Freaky rite... All because of immigration and new citizen...
phantom_opera
03-01-13, 17:07
Have you read the effects of immigration??? This is an add on the number of Singaporeans who can afford... You combine the both, the results are crazy!!!!
of course ...immigrants normally are baby boomers ... they need a home urgently, be it rental or purchase
we took in about 500k SPRs/SCs over the last 10y .. may be about 100k new families, out of those probably 50k can afford at least an MM :rolleyes:
barring Blackswan, it is almost certain HDB resale price index will hit 223 (up another 12% form current level) in next 2y, 276 in another 5y
rich foreigners are coming :scared-5:
hope got rich & young lady for me to hookup..
then me can eat soft rice .. :D
Freaky rite... All because of immigration and new citizen...
Not freaky at all! Welcum welcum!!!
For those who left, thank you cum again!
Not freaky at all! Welcum welcum!!!
For those who left, thank you cum again!
for those cannot afford condo...there is always...condo-m:D:D:D
rich foreigners are coming :scared-5:
hope got rich & young lady for me to hookup..
then me can eat soft rice .. :D
just dont become FRIED rice:scared-1::D
ikan bilis
03-01-13, 17:17
rich foreigners are coming :scared-5:
hope got rich & young lady for me to hookup..
then me can eat soft rice .. :D
alamak !!... you keep taking like dat non-stop... very soon mcm is going to hook you... :beats-me-man:
rich foreigners are coming :scared-5:
hope got rich & young lady for me to hookup..
then me can eat soft rice .. :D
U go n jiak sai and eat lice la!!!
Lol
alamak !!... you keep taking like dat non-stop... very soon mcm is going to hook you... :beats-me-man:
Eat soft lice men, gay oso dun wan. Plssssssss!!!
Hoot him more like
of course ...immigrants normally are baby boomers ... they need a home urgently, be it rental or purchase
we took in about 500k SPRs/SCs over the last 10y .. may be about 100k new families, out of those probably 50k can afford at least an MM :rolleyes:
barring Blackswan, it is almost certain HDB resale price index will hit 223 (up another 12% form current level) in next 2y, 276 in another 5y
Bro, it's the new ruling that many hdb owners are holding on their units for dear life. This has resulted in less supply on the resale market. And we all know what happens when demand more than supply.
Bro, it's the new ruling that many hdb owners are holding on their units for dear life. This has resulted in less supply on the resale market. And we all know what happens when demand more than supply.
Wouldn't that mean that holding HDB and PC has the greatest policy risk?
I suppose the next CM to tackle demand and supply would be to either stay in HDB only or approval for a certain number of years of rental only (just like PR now).
Wouldn't that mean that holding HDB and PC has the greatest policy risk?
I suppose the next CM to tackle demand and supply would be to either stay in HDB only or approval for a certain number of years of rental only (just like PR now).
If they do that, where will the foreigners stay???? This is the dilemma???
buttercarp
03-01-13, 20:30
If they do that, where will the foreigners stay???? This is the dilemma???
Or mabbe the next cm they say only SC can hold onto hdb if wanna own pc n SPR cannot do so. Better still if they make it so that both spouse must be SC. That should free up some hdb.
As it is already SPR cannot let out their hdb flat indefinitely.
blackapple
03-01-13, 20:35
Or mabbe the next cm they say only SC can hold onto hdb if wanna own pc n SPR cannot do so. Better still if they make it so that both spouse must be SC. That should free up some hdb.
You must be dreaming.. They do not milk you good enough already..
They give you a drumstick and you lose a chicken...
buttercarp
03-01-13, 20:38
You must be dreaming.. They do not milk you good enough already..
They give you a drumstick and you lose a chicken...
Can you explain yourself?
I don't understand chicken n drumstick theory:ashamed1: .
blackapple
03-01-13, 21:02
Can you explain yourself?
I don't understand chicken n drumstick theory:ashamed1: .
Just like GST, they give you rebate for few year but you pay for the rest of your life..
If we look at household income, let's assume 13K per month. This works out to be the top 23% of the households. The number of household is 1.146Mil. 23% = 263K can afford a private.
Don't need 13k to afford... :D
Or mabbe the next cm they say only SC can hold onto hdb if wanna own pc n SPR cannot do so. Better still if they make it so that both spouse must be SC. That should free up some hdb.
As it is already SPR cannot let out their hdb flat indefinitely.
In fact the recent policy on SPR can only rent max 5yrs there is already some impact. 3 of my SPR friends staying in PC and renting out HDB already sold and cash out since HDB prices are good and they no longer can milk the HDB cow.
phantom_opera
03-01-13, 21:42
In fact the recent policy on SPR can only rent max 5yrs there is already some impact. 3 of my SPR friends staying in PC and renting out HDB already sold and cash out since HDB prices are good and they no longer can milk the HDB cow.
they will cry when HDB Resale price index reach 276
they will cry when HDB Resale price index reach 276
Kind of stuck as they already been renting out their HDB for more than 5yrs and wa t to enjoy PC. Leaving empty is not ideal. Money better reinvest back home buying lands and plan for retirement. Anyway I am no surprise of such move :D
How does a singaporean become a spr?
I like singapore like pr does but since spr must have find more advantages being one and yet enjoy life here without the shackles of ns and cpf and lack of burial maybe its better becoming spr. At least i dont have to sacrfice to defending a nation i no longer own any property of.....
Allthepies
03-01-13, 23:00
How does a singaporean become a spr?
I like singapore like pr does but since spr must have find more advantages being one and yet enjoy life here without the shackles of ns and cpf and lack of burial maybe its better becoming spr. At least i dont have to sacrfice to defending a nation i no longer own any property of.....
Rule #10 is really important to achieve happiness: in short don't be envy of others, don't be green-eye monster. Be happy that you are a Singaporean and not born in Rwanda.
I do not understand this. My combined annual income with my wife is about $200K but we still cannot seems to be able to afford to buy any private propoerty in the current market. We are still currently staying in a 5 rm HDB.
I do not understand this. My combined annual income with my wife is about $200K but we still cannot seems to be able to afford to buy any private propoerty in the current market. We are still currently staying in a 5 rm HDB.
U must be driving a bmw or merc
I do not understand this. My combined annual income with my wife is about $200K but we still cannot seems to be able to afford to buy any private propoerty in the current market. We are still currently staying in a 5 rm HDB.
bro, property price double over these few years..
:o
I do not understand this. My combined annual income with my wife is about $200K but we still cannot seems to be able to afford to buy any private propoerty in the current market. We are still currently staying in a 5 rm HDB.
You must be eating lobster or abalone, birdnest everyday. Top 30% earners cannot afford condo then who can? Or you are talking about 200k rubia?
I do not understand this. My combined annual income with my wife is about $200K but we still cannot seems to be able to afford to buy any private propoerty in the current market. We are still currently staying in a 5 rm HDB.
Anyhow pick one ocr with 1000 psf... 1mil nia. Your definition of afford is full cash payment isit?
phantom_opera
04-01-13, 18:53
may be he has 5 children :cheers2:
Your household income of $16,666 per month (200k per year)
is higher than 85.9% of all households.
your household is in top 16% of taxpayers, therefore you should buy high floors Echelon project
may be he has 5 children :cheers2:
Your household income of $16,666 per month (200k per year)
is higher than 85.9% of all households.
your household is in top 16% of taxpayers, therefore you should buy high floors Echelon project
I suddenly rem i have a fren, combined income abt 25k per mth. Staying in hdb. They are very afraid of losing their job, etc etc, so dun dare to commit any ppty. One day the wife share with a relative to buy a small unit, few hundred k nia, after that every night cannot sleep well. After less than two hrs, havent top, sell her half share to that relative. Now the proj already doubled in value.
They have alot of cash savings. But still dun dare to invest. Scared this scared that. So.... Really got such pple arnd.
phantom_opera
04-01-13, 19:12
I suddenly rem i have a fren, combined income abt 25k per mth. Staying in hdb. They are very afraid of losing their job, etc etc, so dun dare to commit any ppty. One day the wife share with a relative to buy a small unit, few hundred k nia, after that every night cannot sleep well. After less than two hrs, havent top, sell her half share to that relative. Now the proj already doubled in value.
They have alot of cash savings. But still dun dare to invest. Scared this scared that. So.... Really got such pple arnd.
may be high pay but cho boh (no work to do, not productive) so everyday scared golden handshake coming :scared-3:
may be he has 5 children :cheers2:
Your household income of $16,666 per month (200k per year)
is higher than 85.9% of all households.
your household is in top 16% of taxpayers, therefore you should buy high floors Echelon project
Maybe already 55 years old.... some many reasons why some buy and some don't...different people has different appetite.
WCB017,
Many with less than your income buying or planning to buy...
I suddenly rem i have a fren, combined income abt 25k per mth. Staying in hdb. They are very afraid of losing their job, etc etc, so dun dare to commit any ppty. One day the wife share with a relative to buy a small unit, few hundred k nia, after that every night cannot sleep well. After less than two hrs, havent top, sell her half share to that relative. Now the proj already doubled in value.
They have alot of cash savings. But still dun dare to invest. Scared this scared that. So.... Really got such pple arnd.
nothing wrong with being conservative..
and i guess they don't invest into something they aren't confident/familiar with...
i bet that is what is in their mind..
:o
buttercarp
04-01-13, 20:52
I do not understand this. My combined annual income with my wife is about $200K but we still cannot seems to be able to afford to buy any private propoerty in the current market. We are still currently staying in a 5 rm HDB.
Actually if you sit down and calculate properly, sure can one.
Using OCBC home loan calculator
http://www.ocbc.com.sg/personal-banking/Loans/calculators/homeloan.html
Assuming you are 35 years old and take the loan of 30 years tenure.
Presuming you buy a 1.5 mil condo and can take 80% LTV.
This is just one type of loan - variable rate 3 years lock-in.
There are different types of loan eg SIBOR, SOR, etc.
https://pbs.twimg.com/media/A_xRpYGCcAA6pk8.jpg
Cyberknight
04-01-13, 20:59
I suddenly rem i have a fren, combined income abt 25k per mth. Staying in hdb. They are very afraid of losing their job, etc etc, so dun dare to commit any ppty. One day the wife share with a relative to buy a small unit, few hundred k nia, after that every night cannot sleep well. After less than two hrs, havent top, sell her half share to that relative. Now the proj already doubled in value.
They have alot of cash savings. But still dun dare to invest. Scared this scared that. So.... Really got such pple arnd.
Well.. We can share and teach people how to fish but if the person scared that the rod will break or fall in the water. There is nothing much we can do.
How much info that Bro BJ shared are understood by the folks browsing this forum?
If I say $200k income can borrow up to $2.2m at 80% FQ, some folks will say siao arh....
Breaking the limits is all in the mind and risks in a decision needs to be quantified and lowered...
buttercarp
04-01-13, 21:15
@WCB017
Forgot to add that you will be able to partially offset the monthly mortgage repayment by renting out your HDB.
Or if you really feel stressed out, then you can sell your HDB flat and offset some of your loan amount.
Risk appetite is something yo9u cannot teach.
Some people are worried they lose their job before they lose it.
Some people only start worrying when they lost their job.
So, nothing wrong, miss opportunities then miss lor ... no big harm la.
To conservative people, the additional profit from property investment is not worth the risk they taking.
You know why they think that way right ? If you dont know, means u not there yet.
Office Boy learnt this from many CBL high earning colleagues whom I deliver documents for everyday.
DKSG
Cyberknight
04-01-13, 22:33
Risk appetite is something yo9u cannot teach.
Some people are worried they lose their job before they lose it.
Some people only start worrying when they lost their job.
So, nothing wrong, miss opportunities then miss lor ... no big harm la.
To conservative people, the additional profit from property investment is not worth the risk they taking.
You know why they think that way right ? If you dont know, means u not there yet.
Office Boy learnt this from many CBL high earning colleagues whom I deliver documents for everyday.
DKSG
Haha. Nice one. Would not want to be there. What is e point of CBL wasting the life away......
I do not understand this. My combined annual income with my wife is about $200K but we still cannot seems to be able to afford to buy any private propoerty in the current market. We are still currently staying in a 5 rm HDB.
you trying to buy 9,10,11 at a price tag of over $2+mio? most suburban condos should be within your reach unless you have no savings.
over-leveraging is very dangerous. under-leveraging is the second most dangerous.
buttercarp
05-01-13, 22:49
over-leveraging is very dangerous. under-leveraging is the second most dangerous.
So under- leveraging is not as dangerous as over - leveraging :) .
Under leveragers may sleep soundly and they may be happier people if they are not aware that they are under.
UltimateAro888
06-01-13, 08:12
I suddenly rem i have a fren, combined income abt 25k per mth. Staying in hdb. They are very afraid of losing their job, etc etc, so dun dare to commit any ppty. One day the wife share with a relative to buy a small unit, few hundred k nia, after that every night cannot sleep well. After less than two hrs, havent top, sell her half share to that relative. Now the proj already doubled in value.
They have alot of cash savings. But still dun dare to invest. Scared this scared that. So.... Really got such pple arnd.
THAT why I don't want make sane mistake as my grand father and my dad....(anyway all are already gone )
Grandfather used to be a Chinese physician, came from China in early days. Make fair bit of money only bought one anded at $20k. Of course appreciate and sold my unclear 200k. Now $2.5-3m so uncle got foresight ..keep lots of cash but hide as banana notes burry under ground during Japanese occupation. After the jap left SG, all become useless..
My dad civil servant very conservative. Always stay at Hdb 4 room . Never invest in property, but only stocks n share. Share mostly delisted now, and wipe out left 30% of their value..
I Never derived any wealth from fore father.. any hardwork only and property investment.
It is never too late.
THAT why I don't want make sane mistake as my grand father and my dad....(anyway all are already gone )
Grandfather used to be a Chinese physician, came from China in early days. Make fair bit of money only bought one anded at $20k. Of course appreciate and sold my unclear 200k. Now $2.5-3m so uncle got foresight ..keep lots of cash but hide as banana notes burry under ground during Japanese occupation. After the jap left SG, all become useless..
My dad civil servant very conservative. Always stay at Hdb 4 room . Never invest in property, but only stocks n share. Share mostly delisted now, and wipe out left 30% of their value..
I Never derived any wealth from fore father.. any hardwork only and property investment.
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