Recently the Government of Singapore built quite a number of condo like HDB. Basically HDB is the apartment for average public in Singapore. Condominium is a private apartment with guard, swimming pool, gym, and bla bla.. so basically it's more expensive. However, the government now has started building HDB that is styled like condo minus the extra items... so basically HDB with more expensive content and better layout. The average price for HDB, 3 bedroom is around S$300k. The condo style HDB is priced at S$700k!
The amazing part is that, normally HDB is only allowed to be purchased by Singaporean with household income <>
The S$8k a month actually excludes the 20% CPF contribution. Hence it's actually S$6.4k real income a month. Subtracting S$2.5k from S$6.4k, the household has S$3.9k to spend including savings... Not so wise a choice for the buyer I frankly say. Considering that on average a couple will spend on average S$1.2k a month, I am not so sure that that couple with a long 30 year loan can live a decent life when they grow old. In addition, some household tend to buy a car which can amount to around S$800 more expense a month. Not much money left for savings, services bill, etc. huh?
But one thing for sure, the government takes away a small slice of private condo pie from the private.
I'd strongly advise friends to refrain from buying such a pricey apartment. Not worth a living style.
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