I think of it, and I somehow arrived to the exact opposite conclusion at the moment. I calculated that with my current rent (signed 3 months ago) I couldn't even afford the interests of a loan.
Maybe first check your figures before making conclusions:
800k loan with 3.5% interest makes it 4000 per month when I calculated it. I know it’s only 500 but for me that already makes a big difference.
Then how did you come to 5.5 for rent, that seems to be the most expensive asking price for 3 BR at the Bayshore, from this site.
Similarily how did you chose 800k for the buying price which seems to be below any asking price on this site.
Of course these are both only asking prices from one source of information. So maybe you have information of average sales prices and signed rental agreements over last 3 months at the Bayshore.
So maybe with valid information you could make better conclusions about buying a property
, here in Singapore. I personally came to same conclusion then La Grand Boucle, prefer to pay high rent for a year or two instead of high mortgage for decades. Especially when I do not believe that the prices will continue to rise and interest rates probably will.