Realistic rent s$1000-1500, single guy, apartment

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David-asia
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Realistic rent s$1000-1500, single guy, apartment

Post by David-asia » Mon, 12 Jan 2009 11:32 pm

Working on getting my entrepass and setting up a business in singapore. No company to pay my rent so wondering if something decent in the $1000 to $1500 range is possible. I don't want a shared apartment.

I've come to realize a condo is a pipe dream but is anything nice realistic at that budget?

Looking for a 2 br with kitchen and small living room.

I'm planning on paying $2k a month salary to locals- how can they afford to live here?

Thanks!

David

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Post by BodyBlitz » Tue, 13 Jan 2009 4:09 am

HDB in the suburbs would suit you, ang mo kio/yishun.. further away from town.
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Re: Realistic rent s$1000-1500, single guy, apartment

Post by resm » Tue, 13 Jan 2009 1:52 pm

David-asia wrote:Working on getting my entrepass and setting up a business in singapore. No company to pay my rent so wondering if something decent in the $1000 to $1500 range is possible. I don't want a shared apartment.

I've come to realize a condo is a pipe dream but is anything nice realistic at that budget?

Looking for a 2 br with kitchen and small living room.

I'm planning on paying $2k a month salary to locals- how can they afford to live here?

Thanks!

David
that is a very tight budget but if you are VERY determined, 1500.- may just be possible.

Locals mostly have their HDB apartment paid by their personal and their employers monthly contribution.
Otherwise they stay with family.

Do not believe ANYBODY on this board or any agent that this can not be done, because I pay 1800.- for a 3 bedroom condo in Hougang that I started renting april 2 years ago.
That was when the market was heated up already.

If you can delay at least 1 month more (after chinese new year) that would help and be very flexible with regards to locality and look everywhere.

There are many "broken" tenancy's in the market already and more will come and they can sometimes be cheap to get.
Tenants leave over night, leaving the landlord with an empty place.
If you can move in right away, thats better for him then nothing.

And this time not to many landlords can afford to have their properties empty, just in hope for better times.
Better times may be far away.

If you use agents, use about 5 of them, look deep into their eyes and tell them: this is my budget !

Agents today are desperate for business already, so good luck.

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PROUT....the only way out !

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Post by David-asia » Tue, 13 Jan 2009 2:51 pm

It'll probably be several more months before I'm ready to move in, hope the market is at a low then. Was thinking of renting a weekly shared, until i get a good feel for the city. This way I also don't need to rush into a place.

My experience here in Japan is that there are expat places in the 1000's but if you are willing to wait, shop around and go local (non-expat targetted), you can find a great deal.

David

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Post by awesomearpit » Tue, 13 Jan 2009 9:55 pm

i'm looking for a studio /1 bedroom place - preferably on NE MRT line and as close to clarke quay as possible - how much would be a fair price? most places here seem designed only with families in mind.. and the studios are ridiculously expensive for some reason.

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Post by sundaymorningstaple » Tue, 13 Jan 2009 11:31 pm

You guys should really think about where your are. Realistically that is. This is a country of 500 sq/km only, it has 4.5million souls on it. With limited amounts of room and the only way to go is UP, do you think 1 BR or Studio Apts are an efficient usage of land or plot/ratios? You build for families and that is the most cost effective usage of plot/ratios. If you want a studio you will need to pay a premium as it take virtually the same amount room to build one of those as it does a 2 BR Apt that would be suitable for 3 or 4 people (a married couple with two small kids).

This is one of the reasons that the HDB policy forbids the sale of new flats or even HDB resale flats to singles until they are over the age of 35. A single person here normally lives with the parents until they get married - unlike the west (although I understand that is getting more prevalent as well now). Studio & 1 BR units just aren't cost effective or density efficient.
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Post by ksl » Wed, 14 Jan 2009 2:11 am

David-asia wrote:It'll probably be several more months before I'm ready to move in, hope the market is at a low then. Was thinking of renting a weekly shared, until i get a good feel for the city. This way I also don't need to rush into a place.

My experience here in Japan is that there are expat places in the 1000's but if you are willing to wait, shop around and go local (non-expat targetted), you can find a great deal.

David
You could get a 2 bedroom HDB rental with close facilities, like shopping mall, MRT, 2 X 50 meter swimming pools and Community sports centre in Kovan Hub for your budget, last year there was not so many expats around, but they appear to be moving in now, in this area, it also depends on your business type too.

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Post by DimWit Kid » Wed, 14 Jan 2009 10:17 am

There used to be 3 bedrooms available, in suburbs not central, at even less than S$ 1500 4 years ago. 8 years ago, that kind of rate was not available, and I do not think it is available now. It could be available again if you bet on it, but I'll say it won't be there at that price level - in the city area.
I've a friend who rented 6 months ago, in Yew Tee area (that's considered far, far northwestern from city) and he had to pay S$ 2,500 for a 5-room HDB (that's a 3 bedroom unit). I think personally he's silly paying that rate - but it's just an illustration what could happen.

Just to pick up on sms's thread - lately I was just musing, whether the traditional believe that "Singapore has limited land, so property prices have to go up up up" is entirely correct. Theoretically on supply/demand view, anything can only be said "limited" based on demand outstripping supply. That traditional believe will only be correct if there is a growth in Singapore household number (not necessarily population, but household numbers). That may be very true from eighties to nineties, and with the recently announced 6.5 mil target (which by the way, I think is a little bit on the ambitious side). But for landowners or sellers, it's really an overly simplistic approach to assume that with that price will definitely go up. It will also depend on affordability - if economy cannot overgrow the inflation, the price increases do not create wealth, only more inflation and its ugly side effects. If out of the 2 million additional population, 50,000 superrich financial investors / bankers come, 100,000 of mid-class, and the rest are what I call "substitute workers" who get paid 1K to 1.5K, I have a very hard time to link that fact to supporting the notion that it will increase the property prices - without giving more problem to economy and creating a downward spiral that is. Now, I'm not saying that the numbers I just mentioned are real (I still have a hard time finding a statistic which tracks those stuff - new population growth vs average income of that segment) but I'm very suspicious my assumption is true...

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Post by metroguy » Wed, 14 Jan 2009 10:40 am

On Monday, 12th Jan, I saw an ad in STof a 3+1 unit at Melville Park asking for $1900. I think you can get a decent 2+1 for $1500, not anywhere near central though, in 2-3 months time.
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Post by ksl » Wed, 14 Jan 2009 11:06 pm

I'm sure a 3 bedroom HDB in Kovan area can be had for under 2000, especially if those renting out have finished their mortgage.

I will say that we were looking at changing the loan on our maisonnette, only to find out that the bank came back with a high value on the property, an increase of 47% in less than 2 years, it appears that HDB is still on the increase, but flat at 1,7% for December.

More and more expats are moving into HDB, in our area, which may squeeze the rental up.

My guess if those that have paid off, there mortgage want cash in the recession, they will be wanting to rent out quickly and will take what is offered before the rents start to drop again.

So a 3 to 5 room around Kovan maybe 1800 to 2000 just now, although it is a guess, and will depend on condition.

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Post by metroguy » Thu, 15 Jan 2009 9:46 am

To my surprise and a little shock, my LL dropped in last night without notice and had a "casual" chat on whether I'd be willing to vacate early. My tenancy is up for renewal in April'09. It seems that her sister who is currently living overseas wants to come back and they need the unit back. It sounded fishy cause they told us we can live there as long as we wish when we took up the place.

We've been living here for 3 years now and the relationship with the LL has been great. We exchanged gifts on occassions and they responded quickly when I wanted something fixed.

I think the current economic situation is making them panic and it looks like they are trying to get rid of current tenants asap and lock-in the new tenants for another good 2-years without much loss in rental income.

I'll stick around till the tenancy expires and shift to a better place afterwards as the current rent I am paying will definitely get me a better unit in 3 months.
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Post by eyeFone » Fri, 16 Jan 2009 4:54 pm

I think the current economic situation is making them panic and it looks like they are trying to get rid of current tenants asap and lock-in the new tenants for another good 2-years without much loss in rental income.
That's exactly what it is. One of my colleagues also 3 onths away from the end of his 2 year lease was asked before Christmas to vacate as the owner had loan sharks after him and his life was in danger.....

he's still there and so far no paint splashed on his door!

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