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Would you pay $4,000 per month for Punggol HDB rental?

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Would you pay $4,000 per month for Punggol HDB rental?

Post by abbby » Fri, 03 Mar 2023 10:10 am

Would you pay $4k a month for HDB rental in Punggol?

I wouldn't...


https://www.channelnewsasia.com/cna-ins ... et-3302551
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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by sundaymorningstaple » Fri, 03 Mar 2023 8:37 pm

abbby wrote:
Fri, 03 Mar 2023 10:10 am
Would you pay $4k a month for HDB rental in Punggol?

I wouldn't...


https://www.channelnewsasia.com/cna-ins ... et-3302551
You might have to leave Singapore then. With the government playing the tail wagging the dog, it is going to go higher than that. Everything they are doing will have a longer term knock-on effect. Like the raising of the entry salaries for EP holders. Why? Because of sniveling new grads wanting 4~5K beginning salaries. Sadly there is going to be a breaking point when the ''woke'' generation get awakened with some hard to take lessons of life when the gingerbread house that Singapore has become comes tumbling to the ground. I don't think it's going to be pretty.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by malcontent » Fri, 03 Mar 2023 9:10 pm

I guess I can’t complain that my mortgage payments increased 46% in the past 12 months… at least I’m not renting.

This past week I sold the house I’ve owned in the US for the past 15 years. Wouldn’t you know, the day before it sold, one of the worst ice storms — knocked down tree limbs, knocked out the electrical, luckily only minor damage to the house — had to discount another 4.5% for the buyer to make repairs and clean up the mess. Closing costs, fees, taxes and agent commissions knocked off another 8.5%, then I’ve got to pay another 9.5% in federal and state taxes. What’s left over did beat inflation, but not by much. Real estate is definitely not a great investment, but it beats paying rent.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by Wd40 » Sat, 25 Mar 2023 12:09 am

malcontent wrote:
Fri, 03 Mar 2023 9:10 pm
I guess I can’t complain that my mortgage payments increased 46% in the past 12 months… at least I’m not renting.

This past week I sold the house I’ve owned in the US for the past 15 years. Wouldn’t you know, the day before it sold, one of the worst ice storms — knocked down tree limbs, knocked out the electrical, luckily only minor damage to the house — had to discount another 4.5% for the buyer to make repairs and clean up the mess. Closing costs, fees, taxes and agent commissions knocked off another 8.5%, then I’ve got to pay another 9.5% in federal and state taxes. What’s left over did beat inflation, but not by much. Real estate is definitely not a great investment, but it beats paying rent.
It is not even a choice if you are a foreigner. I just wish Malaysia did something like offer Singapore EP holders some kind of residency in Malaysia, without the crazy MM2H requirements. The glut in JB property would be solved.

We could create a thriving expat community in JB and I could leave my wife and daughter there and rent a room in Singapore and then go back to Malaysia over the weekend.

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by Lisafuller » Sat, 25 Mar 2023 3:10 am

abbby wrote:
Fri, 03 Mar 2023 10:10 am
Would you pay $4k a month for HDB rental in Punggol?

I wouldn't...


https://www.channelnewsasia.com/cna-ins ... et-3302551
Absolutely not, but then again, I wouldn't even pay $2000 to stay there, it's just too far from everything.

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by Lisafuller » Sat, 25 Mar 2023 3:11 am

malcontent wrote:
Fri, 03 Mar 2023 9:10 pm
I guess I can’t complain that my mortgage payments increased 46% in the past 12 months… at least I’m not renting.

This past week I sold the house I’ve owned in the US for the past 15 years. Wouldn’t you know, the day before it sold, one of the worst ice storms — knocked down tree limbs, knocked out the electrical, luckily only minor damage to the house — had to discount another 4.5% for the buyer to make repairs and clean up the mess. Closing costs, fees, taxes and agent commissions knocked off another 8.5%, then I’ve got to pay another 9.5% in federal and state taxes. What’s left over did beat inflation, but not by much. Real estate is definitely not a great investment, but it beats paying rent.
That's some real bad luck Mal. If only you'd closed a day earlier.

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by Lisafuller » Sat, 25 Mar 2023 3:12 am

sundaymorningstaple wrote:
Fri, 03 Mar 2023 8:37 pm
abbby wrote:
Fri, 03 Mar 2023 10:10 am
Would you pay $4k a month for HDB rental in Punggol?

I wouldn't...


https://www.channelnewsasia.com/cna-ins ... et-3302551
You might have to leave Singapore then. With the government playing the tail wagging the dog, it is going to go higher than that. Everything they are doing will have a longer term knock-on effect. Like the raising of the entry salaries for EP holders. Why? Because of sniveling new grads wanting 4~5K beginning salaries. Sadly there is going to be a breaking point when the ''woke'' generation get awakened with some hard to take lessons of life when the gingerbread house that Singapore has become comes tumbling to the ground. I don't think it's going to be pretty.
Did you read the article about how some NUS grads expect $10,000 a month as starting salaries?

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by jalanjalan » Sat, 25 Mar 2023 11:11 am

Last I looked, 4rm rentals are hovering around $3800 in woodlands. Single rooms can still find a few at $700, but newer blocks seem to be around $1000 or more. Selling prices are shocking - 600k for a 4 room. I only know this as realtors keep sticking flyers in my door.

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by malcontent » Sat, 25 Mar 2023 12:45 pm

Lisafuller wrote:
Sat, 25 Mar 2023 3:12 am
sundaymorningstaple wrote:
Fri, 03 Mar 2023 8:37 pm
abbby wrote:
Fri, 03 Mar 2023 10:10 am
Would you pay $4k a month for HDB rental in Punggol?

I wouldn't...


https://www.channelnewsasia.com/cna-ins ... et-3302551
You might have to leave Singapore then. With the government playing the tail wagging the dog, it is going to go higher than that. Everything they are doing will have a longer term knock-on effect. Like the raising of the entry salaries for EP holders. Why? Because of sniveling new grads wanting 4~5K beginning salaries. Sadly there is going to be a breaking point when the ''woke'' generation get awakened with some hard to take lessons of life when the gingerbread house that Singapore has become comes tumbling to the ground. I don't think it's going to be pretty.
Did you read the article about how some NUS grads expect $10,000 a month as starting salaries?
As much as rents are these days, I can see why. I feel like employers here take advantage of the expectation that local grads will live with mommy and daddy until they can get an HDB. This distorts the true cost of living and keeps salary expectations artificially low — but is actually detached from the reality faced by a large and growing minority who don’t have parental or governmental subsidies. I believe locals are starting to wake up to this. Why should a fresh grad not be paid a living wage and be forced to rely on others just to squeak by? Today the “frog in the well syndrome” is the only thing holding up this fragile status quo, IMO.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by smoulder » Sat, 25 Mar 2023 4:01 pm

Wd40 wrote:
Sat, 25 Mar 2023 12:09 am
malcontent wrote:
Fri, 03 Mar 2023 9:10 pm
I guess I can’t complain that my mortgage payments increased 46% in the past 12 months… at least I’m not renting.

This past week I sold the house I’ve owned in the US for the past 15 years. Wouldn’t you know, the day before it sold, one of the worst ice storms — knocked down tree limbs, knocked out the electrical, luckily only minor damage to the house — had to discount another 4.5% for the buyer to make repairs and clean up the mess. Closing costs, fees, taxes and agent commissions knocked off another 8.5%, then I’ve got to pay another 9.5% in federal and state taxes. What’s left over did beat inflation, but not by much. Real estate is definitely not a great investment, but it beats paying rent.
It is not even a choice if you are a foreigner. I just wish Malaysia did something like offer Singapore EP holders some kind of residency in Malaysia, without the crazy MM2H requirements. The glut in JB property would be solved.

We could create a thriving expat community in JB and I could leave my wife and daughter there and rent a room in Singapore and then go back to Malaysia over the weekend.
I'm sure you have seen the queue at the causeway right? I guess this will become worthwhile only after the mrt to jb starts.

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by NYY1 » Sat, 25 Mar 2023 8:05 pm

To be fair, there are just as many surveys from other countries where university students expect to make about 2x what the average starting salary is. Further, for some niche jobs it may be possible, so you need to understand who was actually answering the question. But on average, the expectations everywhere seem to be inflated.

I will also add that many here may be out of touch with incomes and housing costs/values. Incomes are going up as the workforce is more educated (and skilled) vs. decades ago. There are also more very well paying jobs available to relatively young workers (just need the right skills). Is everyone worth that? No, but over the years the skill and opportunity set here has evolved. Second, a million dollar HDB flat has to be put in the context of both other housing alternatives and the required monthly mortgage payment (vs combined incomes).

The condo rental rate growth seems to have slowed dramatically in recent months. The HDB market maybe not as much (per news articles). If more and more young people want to live on their own vs at home the latter is going to continue to see intermediate term pressures, as there is only so much housing stock available. Both markets will benefit from additional completions later this year and in the coming years, but a permanent shift to young locals renting/sharing rent could keep that market tight.

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by the observer » Sat, 25 Mar 2023 11:04 pm

smoulder wrote:
Sat, 25 Mar 2023 4:01 pm
Wd40 wrote:
Sat, 25 Mar 2023 12:09 am
malcontent wrote:
Fri, 03 Mar 2023 9:10 pm
I guess I can’t complain that my mortgage payments increased 46% in the past 12 months… at least I’m not renting.

This past week I sold the house I’ve owned in the US for the past 15 years. Wouldn’t you know, the day before it sold, one of the worst ice storms — knocked down tree limbs, knocked out the electrical, luckily only minor damage to the house — had to discount another 4.5% for the buyer to make repairs and clean up the mess. Closing costs, fees, taxes and agent commissions knocked off another 8.5%, then I’ve got to pay another 9.5% in federal and state taxes. What’s left over did beat inflation, but not by much. Real estate is definitely not a great investment, but it beats paying rent.
It is not even a choice if you are a foreigner. I just wish Malaysia did something like offer Singapore EP holders some kind of residency in Malaysia, without the crazy MM2H requirements. The glut in JB property would be solved.

We could create a thriving expat community in JB and I could leave my wife and daughter there and rent a room in Singapore and then go back to Malaysia over the weekend.
I'm sure you have seen the queue at the causeway right? I guess this will become worthwhile only after the mrt to jb starts.
That causeway jam is insane, possibly detrimental to anyone with career aspirations, as being late to work will be a recurrent affair.

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by Lisafuller » Sun, 26 Mar 2023 12:02 am

jalanjalan wrote:
Sat, 25 Mar 2023 11:11 am
Last I looked, 4rm rentals are hovering around $3800 in woodlands. Single rooms can still find a few at $700, but newer blocks seem to be around $1000 or more. Selling prices are shocking - 600k for a 4 room. I only know this as realtors keep sticking flyers in my door.
I feel you with the annoying flyers. Even in a condo, we are not spared. They come every couple days.

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by Lisafuller » Sun, 26 Mar 2023 12:04 am

malcontent wrote:
Sat, 25 Mar 2023 12:45 pm
Lisafuller wrote:
Sat, 25 Mar 2023 3:12 am
sundaymorningstaple wrote:
Fri, 03 Mar 2023 8:37 pm


You might have to leave Singapore then. With the government playing the tail wagging the dog, it is going to go higher than that. Everything they are doing will have a longer term knock-on effect. Like the raising of the entry salaries for EP holders. Why? Because of sniveling new grads wanting 4~5K beginning salaries. Sadly there is going to be a breaking point when the ''woke'' generation get awakened with some hard to take lessons of life when the gingerbread house that Singapore has become comes tumbling to the ground. I don't think it's going to be pretty.
Did you read the article about how some NUS grads expect $10,000 a month as starting salaries?
As much as rents are these days, I can see why. I feel like employers here take advantage of the expectation that local grads will live with mommy and daddy until they can get an HDB. This distorts the true cost of living and keeps salary expectations artificially low — but is actually detached from the reality faced by a large and growing minority who don’t have parental or governmental subsidies. I believe locals are starting to wake up to this. Why should a fresh grad not be paid a living wage and be forced to rely on others just to squeak by? Today the “frog in the well syndrome” is the only thing holding up this fragile status quo, IMO.
So true. It's one of the reasons why after serving their bonds, a significant number of grads go overseas to work. There, they are better compensated and enjoy a better work life balance.

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Re: Would you pay $4,000 per month for Punggol HDB rental?

Post by Lisafuller » Sun, 26 Mar 2023 12:05 am

smoulder wrote:
Sat, 25 Mar 2023 4:01 pm
Wd40 wrote:
Sat, 25 Mar 2023 12:09 am
malcontent wrote:
Fri, 03 Mar 2023 9:10 pm
I guess I can’t complain that my mortgage payments increased 46% in the past 12 months… at least I’m not renting.

This past week I sold the house I’ve owned in the US for the past 15 years. Wouldn’t you know, the day before it sold, one of the worst ice storms — knocked down tree limbs, knocked out the electrical, luckily only minor damage to the house — had to discount another 4.5% for the buyer to make repairs and clean up the mess. Closing costs, fees, taxes and agent commissions knocked off another 8.5%, then I’ve got to pay another 9.5% in federal and state taxes. What’s left over did beat inflation, but not by much. Real estate is definitely not a great investment, but it beats paying rent.
It is not even a choice if you are a foreigner. I just wish Malaysia did something like offer Singapore EP holders some kind of residency in Malaysia, without the crazy MM2H requirements. The glut in JB property would be solved.

We could create a thriving expat community in JB and I could leave my wife and daughter there and rent a room in Singapore and then go back to Malaysia over the weekend.
I'm sure you have seen the queue at the causeway right? I guess this will become worthwhile only after the mrt to jb starts.
The KTM is up and running but it's difficult to get tickets.

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