Sunday, April 13, 2008

House Hunting

Over the weekend, I decided to look at the new condominiums being built around my area. Half-bored, half-curious. I figure now is as good a time as any to start thinking about diversifying my portfolio or moving out. After looking at some of the prices in my neighborhood, I think I need to start looking at prime properties instead. The prices were exorbitant (comparable to orchard road areas). I now know that all new apartments are built crazily tiny (e.g. you will have to use 1 entire room as a wardrobe or study). In fact, space is so valuable that developers have started charging for ceiling space at $200 psf more. I do not know how people intend to raise families in there. One real estate agent was showing me the kitchen of a $1.3.million apartment, which was a row of cabinets, sink and fridge built into 1 side of a wall….(nuff said).

Today, I learnt a new lesson. I need to strike lottery in order to afford a decent sized apartment.

Cost of an Apartment:
5% cash upfront
15% Cash/CPF 2 months later
Remainder once apartments are built.
$300-$500 conservancy charges every month thereafter.

I have heard of groups of people (e.g. ex-colleagues, classmates) pooling money to invest in property. Not sure if any of them are still friends. Of course, I am just being cynical as Singapore’s property market is still booming and I am sure there are lots of money to be made from investing in property still.

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