The Truth or not

[chrisplease]

I am not the expert in housing market but when I look at Singapore property right now is somekind of ridiculous, totally overestimated, an agency calls me up about a condo close to Novena area for 1+1 = 850K-900K SGD with a riduculous and 80% of Singaporean is living in HDB and earn an average of 800-1000 per month ?

it is more expensive than Paris or london UK

any comments?

[snipfer]

you are right. housing is ridiculously priced in sg.

[anthonyjeremiel]

Hi Chris.

I'm a real estate agent here in Singapore and I believe that you are slightly mistaken about a few things. That said, Singaporean property IS expensive, as land is really scarce here.

For novena area, I believe you are talking about D11, which is considered a prime district in Singapore. Thus price is slightly higher. Though for 850-900k, the 1+1 you are talking about must be quite big.

As for your point on the 80% of Singaporeans living in HDB, that's not entirely true. I believe your stats are taken from the 2007 census, which is actually the census for the year before. Right now, at the end of 2008, there are around a estimate of 25% of Singaporeans living in private property - namely condos and houses.

As for earnings, I believe the average income of a Singaporean is actually much more than 1k. God forbid our income to ever reach that level...

Anyway, this is from the 2007 statistics. That average Singaporean household income is about 6k.

As for more expensive than Paris or London... Well, from what I know there are places in London that are exorbitantly priced as well. As with all property, its all about location location location.

So yup. Hope that helps.

Originally Posted by chrisplease

I am not the expert in housing market but when I look at Singapore property right now is somekind of ridiculous, totally overestimated, an agency calls me up about a condo close to Novena area for 1+1 = 850K-900K SGD with a riduculous and 80% of Singaporean is living in HDB and earn an average of 800-1000 per month ?

it is more expensive than Paris or london UK

any comments?

[spikedoll]

Originally Posted by snipfer

you are right. housing is ridiculously priced in sg.

agree..average-income young couples like me find it's tough..

[astuteman]

Originally Posted by spikedoll

agree..average-income young couples like me find it's tough..

yup same here. me too. (:

[nzboyn]

$850-900K for a 1+1 in Novena is way overpriced! A friend of mine bought a 2 bedroom + study apartment just off Orchard Rd for S$800K. These days, sellers are taking what they can get.
Land area is quite scarce and Singapore seems to be taking away what's left and adding more condos and HDBs. Quite a number of people (mostly expats) are leaving Singapore due to the recession and the rising of rentals and house prices (though they have come down recently somewhat), but there'll be a lot of empty units sitting around pretty soon. Hope the situation improves soon.

[nomad4ever]

Everything went through the roof over the last 3 years in Singapore. Came with the Casinos, F1 and the recent economic bubble.

It all still has to come down quite some. Wait another 12-18 months and the property prices will be lower again.

[JOHNKL2SING]

with more banks in the US due to fail in the next 6 months the knock on in sentiment will see prices drop even more here. However there comes a price at which sellers can not afford to sell so the rule is do i want to live here and can i afford the aking price, happy home hunting

[nomad4ever]

Would be nice though, to get your hands on some HDB units for an affordable price. But has to be at least 2 PR or 1 PR and one citizen.

But why buy a cow if you want just a glass of milk, right? ;-)