Originally Posted by
urpas
Hi..I am a foreigner, been here for almost 3 years, renting condo in novena area. I am going to get out soon from city area since I cant afford the rental anymore...about SGD5k++ per month. it is nicely double than I paid two years ago. In new place where I am going to move soon, far in the east area, I am noy paying SGD3.3k++. the area that I never thought to live when I moved to singapore few years back.
A friend has suggested that I buy a condo since rental can be moving up further...so buying cond will hedge/protect me from risk of further hike in rental charge.
the problem is I dont have enough capital for 20% DP and etc. which translate into SGD200k++ for a 1mio condo...unless I sell my house in my home country..
second option is to buy new launch...those with deferred payment scheme, where I can provide 5% DP only. but other friends said, pricce esp rental will likely stop to rise in the next 2 years..since new supply will flood market by 2009...and new launch that I buy today will be completed only in 2011 or 2012..meaning the prices will get hit by the end of 2008 or 2009 when my apartment still not completed yet.
...any advice?