Met with a client who asked me to purchase a piece of property in the east.
$650k doesnt sound like a big amount in Singapore but then who has it??!
Disected it and came up with the sums
5% cash = $32.5k
15% cash or cpf = $97.5k
3% stamp duty ~ $20k
A whopping $150k!! of which i only have a fraction of..
He said only 5% cash needed.. that's not much..
I replied, pick 5 ppl my age. How many even have 5 - 10 k of savings.. u may only find 1 or 2.
being in a line where I know how much everyone earns, how much they save monthly and how much savings they are sitting on..
When will my generation who are nearing their "mid-life" age ever get to own a property.. no wonder they term it "mid-life crisis" CRISIS INDEED!
as it is many are pushing off marriage plans or living with parents in their tiny hdb unit coz they dont have enough for the downpayment...(except of course those who've got money plants in their back yard)
its quite a frustrating thought..
as for me.. if i remain single (which i say CHOY! to ) i'd prob only be able to afford a mini studio..
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