80% of Singapore’s population live in HDB flats. It’s built on demand, it’s usually clean and well maintained and the price is very affordable for the citizens. There are HDB flats which are now changing hands at over SGD1 million but those are the special ones. For the rest, a HDB is a home sweet home.
According to estimate, there are around 2,800 Good Class Bungalow (GCB) in Singapore. Well, it seems that buying a Good Class Bungalow (GCB) in Singapore is a trend among the super-wealthy. Good news for Singapore I think when so many of these super-wealthy people want to own a piece of real estate and are willing to pay a premium for it.
The two words that come to mind is always safe-haven. Coupled this with financial safe-haven and suddenly it makes financial sense to hedge the value of money by putting it into real estate in a country which is already considered an advanced nation today.
We have another news in an Article in theedgemarkets.com. Chinese video-sharing app TikTok’s newly-minted CEO Chew Shou Zi could be in the early stage of buying a property in the Queen Astrid Park Good Class Bungalow (GCB) Area (pictured) for S$86 million (RM269 million) or S$2,700 psf based on land area, reported the Business Times today. The 999-year leasehold property has a land area slightly over 31,800 sq ft, with an old bungalow on site. There are a lot more details in the Article in theedgemarkets.com
Leasehold is perfect okay because it’s 999 years
When it comes to property purchase and the property title, many have questioned why leasehold, why not buy freehold. Truth is, 999 years is considered quite forever. It will be at least be within the owner’s possession for more than 10 generations, depending on when the owner bought into it.
As for that reason to buy, let’s just agree that for many people, the reason to buy has got nothing to do with the number of rooms, the size of the tiles or even whether there is a sunrise / sunset view. Most probably the reason to buy is just because they could afford it and they think it’s worth buying. Period.
I will not be thinking about how to buy a property in Singapore lah. Just too expensive for me. However, visiting Singapore can happen a few times every year once all these Covid-19 issues really do move on to the next phase which is the endemic phase; living with it. Hopefully that comes sooner than later. Middle 2022 perhaps. Cheers.
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