Considering leaving Singapore

[x9200]

Last year I went on a cruise up to Penang, hoping to have some angmo breakfast fare as I seldom make that at home, but the menu was all prata, rice, curry and dal which I eat all the time.

Huh? Almost hard to believe for a cruise. Specifically baked beans sort of breakfast? Bastards. I know a few places around where they serve pretty good angmoh breakfasts too, not baked beans though. Can share locations

Considering the demographics of the cruise passengers the menu choice made sense. If I want the full bacon, eggs and pancake spread these days I make it myself (or order mcd's), but that's seldom cos seriously is not good for me.

Not sure if this works with demographics and sense We just returned from China. Stayed in a big hotel (a few hundreds room) as probably only Caucasians and 1/3 of the buffet breakfast was Western including the baked beans and bacon station. But maybe it's different for the cruises. After all they have better insight who will attend.

What if you want eggs benedict? I still didn't master (fully) that one.

[x9200]

Huh? Almost hard to believe for a cruise. Specifically baked beans sort of breakfast? Bastards. I know a few places around where they serve pretty good angmoh breakfasts too, not baked beans though. Can share locations

Considering the demographics of the cruise passengers the menu choice made sense. If I want the full bacon, eggs and pancake spread these days I make it myself (or order mcd's), but that's seldom cos seriously is not good for me.

If you like Mickey D breakfast you should really give Burger King ago. They make good pancakes, and an excellent croissant breakfast sandwich.

If you order for delivery from them and you don't do it frequently be warned that their application is still the same but it is not for delivery any longer. I ordered from them recently and only later realized it is for self collection. Not nice.

[smoulder]

MOP AND ABSD were both measures taken to curb speculation. It's not just one thing as far as I know.

Yes, but I just think you need to recalibrate when the situation demands it. There is a genuine shortage of rental spaces and unlocking the HDBs which are currently under MOP will ease the pressure. They can keep the MOP for selling to avoid speculation. Also keep the MOP for new buys for renting out as well. But for transactions that have happened until now, just let them rent out liberally, without restrictions.

The recalibration happened. They increased ABSD. I hear you, but it would be a bit strange to tighten in one place and then loosen somewhere else to "solve" another issue.

[Wd40]

MOP AND ABSD were both measures taken to curb speculation. It's not just one thing as far as I know.

Yes, but I just think you need to recalibrate when the situation demands it. There is a genuine shortage of rental spaces and unlocking the HDBs which are currently under MOP will ease the pressure. They can keep the MOP for selling to avoid speculation. Also keep the MOP for new buys for renting out as well. But for transactions that have happened until now, just let them rent out liberally, without restrictions.

The recalibration happened. They increased ABSD. I hear you, but it would be a bit strange to tighten in one place and then loosen somewhere else to "solve" another issue.

When supply for rental increases rents go down. When rents go down the speculative activity goes down. Right now, the high rents and limited rental supply drives the speculative activity of buying, because people know they can rent it out at higher than their mortgage rates.

If rents go down, property prices go down.

[NYY1]

If you remove the MOP, these people still need to live somewhere (generally speaking). And if you don't let them sell, some may just stay put. Removing the MOP (for existing units) would likely ease the HDB rentals somewhat, but this would (mostly) just shift the imbalance elsewhere.

All of this stuff is connected and driven by many of the factors mentioned above. It's in the process of working itself out, although I don't think we are going back to where we came from. Eventually, there will be another supply glut, and then depending on who you are and how you are positioned, you will either be happy or sad.

There may be stuff for sale later this year with all of the completions. The interest rate resets have probably put some people on the hook for more than anticipated or more than they would like (although if an investor unit, it is possible that the rent vs. total debt service needed is about the same). At the same time, these people need to live somewhere, so the increased costs are what they are. In the event units are for sale, with ABSD it is getting harder for people to step up and take these units. It is possible that many of the strong hands have already been played (new developments are still selling pretty well but not at the clip seen last year), and the marginal buyer is a lot more constrained.

[jalanjalan]

Huh? Almost hard to believe for a cruise. Specifically baked beans sort of breakfast? Bastards. I know a few places around where they serve pretty good angmoh breakfasts too, not baked beans though. Can share locations

Considering the demographics of the cruise passengers the menu choice made sense. If I want the full bacon, eggs and pancake spread these days I make it myself (or order mcd's), but that's seldom cos seriously is not good for me.

Not sure if this works with demographics and sense We just returned from China. Stayed in a big hotel (a few hundreds room) as probably only Caucasians and 1/3 of the buffet breakfast was Western including the baked beans and bacon station. But maybe it's different for the cruises. After all they have better insight who will attend.

What if you want eggs benedict? I still didn't master (fully) that one.

China was still closed at the time we took our cruise, so most of the passengers were from India and SEA countries. They had a good menu selection for room service tho.
I don't think I've ever had eggs benedict. Last fancy western breakfast I had was at that cafe that used to be at the Bukit Timah saddle club, I think I read it's closed now.

[jalanjalan]

If you remove the MOP, these people still need to live somewhere (generally speaking). And if you don't let them sell, some may just stay put. Removing the MOP (for existing units) would likely ease the HDB rentals somewhat, but this would (mostly) just shift the imbalance elsewhere.

There's also the option of renting a room, which you can do during MOP. I know a lot of people won't consider staying with a live-in landlord, but it is a cheaper option.

[Wd40]

There are lots of new citizens and PRs who got their new or resale HDBs. They could consider retiring in Malaysia or go back to China or Indonesia and rent out their HDBs here or they may even consider going and staying with their parents in case of Singaporeans, if they are able to rent out their whole HDBs and make it an income generating asset. It is a win-win situation. I cant see any downside in the current situation, with doing away with the MOP for renting out the HDBs.

MOPS should always be for preventing future speculation. But doing away with MOP for old transactions will only help ease the current severe shortage of rental units. I hope better sense prevails and the authorities take the right steps, rather than just popular steps like increasing the ABSD on foreigners to ridiculous levels of 60%.

[NYY1]

I just looked on a property listing site, there are ~1,500+ 3 bedroom (not 3 room) HDBs for rent, of which only 171 were built 2013 or later.

My point is not that the MOP is good (or bad), justified (or unjustified) or whatever. It is that I don't think the MOP is the main problem (or solution) here. I think most units subject to a MOP are a) desired for owner occupancy or b) want to be sold for the gains as soon as the MOP ends (use the proceeds to buy a condo).

In short, I would think that most HDB rental units are those that were purchased a long time ago (or possibly inherited) and over the years the owners switched to private as their financial situation changed.

[Wd40]

I just did some planning & budgeting for next year and based on my increased rents. The impact is that my net savings is going to be at the same level as it was pre-pandemic(FY 2019), inspite of receiving significant hikes in my company and promotions and I am doing a lot more in my job now than I used to in 2019. But somehow I am not going to gain out of it. My quality of life is no better and my savings is no better. Someone benefited from this whole pandemic but not the average foreign worker who is renting in Singapore.

Below figures are in SGD '000.

[Wd40]

I just looked on a property listing site, there are ~1,500+ 3 bedroom (not 3 room) HDBs for rent, of which only 171 were built 2013 or later.

My point is not that the MOP is good (or bad), justified (or unjustified) or whatever. It is that I don't think the MOP is the main problem (or solution) here. I think most units subject to a MOP are a) desired for owner occupancy or b) want to be sold for the gains as soon as the MOP ends (use the proceeds to buy a condo).

In short, I would think that most HDB rental units are those that were purchased a long time ago (or possibly inherited) and over the years the owners switched to private as their financial situation changed.

HDB resales are also impacted by MOP and lots of resales happened by greedy owners who were renting out and wanted to make the most of the housing crunch. So all those rental units were taken out of the market.

[PNGMK]

I just did some planning & budgeting for next year and based on my increased rents. The impact is that my net savings is going to be at the same level as it was pre-pandemic(FY 2019), inspite of receiving significant hikes in my company and promotions and I am doing a lot more in my job now than I used to in 2019. But somehow I am not going to gain out of it. My quality of life is no better and my savings is no better. Someone benefited from this whole pandemic but not the average foreign worker who is renting in Singapore.

Below figures are in SGD '000.

Your salary is not keeping up with inflation. Salary should double every 10 years.

[malcontent]

I just did some planning & budgeting for next year and based on my increased rents. The impact is that my net savings is going to be at the same level as it was pre-pandemic(FY 2019), inspite of receiving significant hikes in my company and promotions and I am doing a lot more in my job now than I used to in 2019. But somehow I am not going to gain out of it. My quality of life is no better and my savings is no better. Someone benefited from this whole pandemic but not the average foreign worker who is renting in Singapore.

Below figures are in SGD '000.

Your salary is not keeping up with inflation. Salary should double every 10 years.

Doubling every 10 years is 7.2% per annum growth… I’ve definitely not achieved that, mostly because I’ve only gotten one promotion in the last 10 years and probably plateaued in my career — sounds bad, but when you get to a certain point on the ladder, you have to be careful what you wish for.

[Wd40]

I just did some planning & budgeting for next year and based on my increased rents. The impact is that my net savings is going to be at the same level as it was pre-pandemic(FY 2019), inspite of receiving significant hikes in my company and promotions and I am doing a lot more in my job now than I used to in 2019. But somehow I am not going to gain out of it. My quality of life is no better and my savings is no better. Someone benefited from this whole pandemic but not the average foreign worker who is renting in Singapore.

Below figures are in SGD '000.

Your salary is not keeping up with inflation. Salary should double every 10 years.

Doubling every 10 years is 7.2% per annum growth… I’ve definitely not achieved that, mostly because I’ve only gotten one promotion in the last 10 years and probably plateaued in my career — sounds bad, but when you get to a certain point on the ladder, you have to be careful what you wish for.

Yeah, exactly. Offshore oil dude is a high achiever from what he has posted. in the past. Not everyone is a high achiever. I can only survive in my kind of company, with my kind of skills. So, it is not like I have a lot of choice.

[malcontent]

Your salary is not keeping up with inflation. Salary should double every 10 years.

Doubling every 10 years is 7.2% per annum growth… I’ve definitely not achieved that, mostly because I’ve only gotten one promotion in the last 10 years and probably plateaued in my career — sounds bad, but when you get to a certain point on the ladder, you have to be careful what you wish for.

Yeah, exactly. Offshore oil dude is a high achiever from what he has posted. in the past. Not everyone is a high achiever. I can only survive in my kind of company, with my kind of skills. So, it is not like I have a lot of choice.

You show a very modest increase in 2024, I assume you are being conservative?

Since you’ve already achieved FI and can easily retire in India, maybe you could consider taking some chances in your job and putting yourself out there more, who knows? Worst case, you get fired and enjoy your life anyways... I should probably take the same advice myself, TBH. Nothing to lose, really.