Is sg property cheap now?

[dreamybear]

inspirational story. 

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23-Year-Old Woman Buys Serangoon Condo, She Worked Multiple Jobs & Saved Religiously
https://mustsharenews.com/singapore-woman-buys-condo/
"There comes a time in every Singaporean’s life when they must face the juggernaut that is local housing prices. But Ms Chen Min has overcome this challenge and purchased her a condo in Serangoon at just 23 years old.

Her secret? Working multiple jobs — including her own business — saving religiously, and spending frugally.

She stated that she earned all the money by herself with no financial aid...."

[Behappyalways]

Forum: Singapore’s public housing market needs a reality check
https://www.straitstimes.com/opinion/for...lity-check

[LuckyDan]

it has to be expensive! there's no other way..., sg gov is "selling" the land out for 99 yrs, and investing the proceeds from the land sales (GIC/Temasek), take the interests/dividends to finance/supplement singapore economy and policies!

In fact, anything that sg gov can extract revenue out, must be taxed!!, eg, GST, COE, property taxes..etc!

https://ask.gov.sg/mof/questions/clgotv5...08i0ptosz1

The investment returns from our reserves provide additional resources for Government spending to benefit Singaporeans. This includes Government investments in education, healthcare, transport infrastructure, R&D and other areas to improve our living environment and to grow our economy. 

The ability to tap our reserves in a sustainable manner is a significant financial advantage for Singapore. Our situation is quite unlike that in many countries that have to service their debts and other liabilities from their budgets on an annual basis, and hence either raise taxes for the purpose or engage in further borrowings so as to service current borrowings. 

In Singapore, the Government is instead able to take in money from the investment returns of our reserves to supplement our Budget on a sustained basis, in keeping with the provisions in the Constitution. The few other countries where Governments are able to derive net investment income for public spending are typically those with substantial reserves of natural resources such as oil.

The investment returns of our reserves supplement the annual Budget through the Net Investment Returns Contribution (NIRC). The NIRC is estimated to be SS$21.6 billion in FY2022, or 20% of our budget.

“Cheap” is relative, compared to global cities like Hong Kong, London, or New York, SG private property still trades at a discount per square foot, especially when you factor in safety, infrastructure, and political stability.

But within local wage levels and rising cost of living, it’s undeniably expensive. The land sale model essentially guarantees a baked-in floor for pricing.