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Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 2:45 pm
by coolkiwi
Hi
Is it worthy to buy a 1 bedroom or studio condo in Singapore ?In punggol area?

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 3:23 pm
by Barnsley
coolkiwi wrote:Hi
Is it worthy to buy a 1 bedroom or studio condo in Singapore ?In punggol area?
Its probably worth it if you are going to live in it.

What is the objective of the purchase?

Whether its worthy or not though .......... I cannot answer that :mrgreen:

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 3:34 pm
by coolkiwi
Ok.

First objective is to stay there .May be after a few years , want to rent out .
Then after a few more years want to sell it :D .

Q1 . Do i get the value for the money that i am paying? (as foreigner, needs to pay 15% ABSD)
Q2.My PR application is still processing(around 8 months , still pending) , So is it better to wait for the outcome before making a decision now ?

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 4:13 pm
by Barnsley
coolkiwi wrote:Ok.

First objective is to stay there .May be after a few years , want to rent out .
Then after a few more years want to sell it :D .

Q1 . Do i get the value for the money that i am paying? (as foreigner, needs to pay 15% ABSD)
Q2.My PR application is still processing(around 8 months , still pending) , So is it better to wait for the outcome before making a decision now ?
Rental for 1 bed condo around that area I think is pretty low, there are 00s of them being built or going to be built.

Not sure who the target demographic is.

Singletons dont usually want to live so far from the action.

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 4:42 pm
by Wd40
Studio or mickey mouse units are the most risky. I was checking for rentals in the p guru site recently and I noticed some units are now even advertised for 1.8k. Punggol is as far away from the city as it can get and its mostly families who like to live there instead of singles.

The last time I calculated the ABSD+ other charges is about 20% and rental yield is about 4%, so it takes 5 years of rental to just get back the transaction costs.

So it depends on the price really. If you are getting a really good deal and a big discount, may be worth buying.

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 5:43 pm
by coolkiwi
Hi Wd40 ,

May i know what you mean by " really good deal and a big discount" ? According to my research the studio condo price in Punggol is 500K+ to 600k+. Estimated TOP 2017 or 2018.

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 6:36 pm
by Wd40
Look at the PSFT also and not just the quantum.

We are currently in a buyer's market so you should try and look as many places as possible and then quote something 5-10% below the asking price. The expectation is that there is a huge supply coming online this year and next year and interest rates are going to rise, so there will be overleveraged people out there who will give in to your price.

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 8:25 pm
by ecureilx
Wd40 wrote:Studio or mickey mouse units ...
Singapore calls them shoe box units .. not without a reason Image

I went to Ponggol Sapphire last week and was amazed at the number of new Units being mass produced with high standard ...

One of the reason anybody will rent a unit so far is those who share the place like nurses and fnb staff, 3 or 4 or more to a room

I doubt you will like it ...

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 8:26 pm
by ecureilx
Barnsley wrote: Singletons dont usually want to live so far from the action.
Action being ..???? Image Image Image

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 8:35 pm
by Wd40
If only I had PR, I would have bought one 2 bedder even if it was like 7-800k. The last 6 years we have blown away 120k in rent. But without PR and 30days to leave country, in case of job loss, can't take the risk of buying.

Re: Buying Studio Condo in Singapore

Posted: Fri, 20 Mar 2015 8:55 pm
by thismyvoice
coolkiwi wrote:Hi Wd40 ,

May i know what you mean by " really good deal and a big discount" ? According to my research the studio condo price in Punggol is 500K+ to 600k+. Estimated TOP 2017 or 2018.
2017 and 2018 is a long time. Why commit now?

Re: Buying Studio Condo in Singapore

Posted: Thu, 26 Mar 2015 5:23 pm
by nakatago
ecureilx wrote:
Barnsley wrote: Singletons dont usually want to live so far from the action.
Action being ..???? Image Image Image




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