Sengkang EC's penthouse units snapped up in 90 minutes

[corydorus]

They tell me that if interest rate goes up, or if cant finance the house for any reason, just sell the condo lor, sure make profits, worse come to worse, break even, tell me dont have to worry about interest rate.

Then they start telling me stories of how successful their friends are. ...

This time is different won't crash one ha ha !!! lol

[propertyinvestor]

Do you know that with the right connections (i.e. Grassroot member etc), one can buy EC even though the combined household income is more that $12,000?

I have personally heard from a friend who claimed that his friend managed to do that with household income more than $20,0000.
All it takes is an appeal and and interview with HDB personnel and using Grassroot connections to get approval...

Obviously, the connections must be quite high up lah...

Anyway, with such revelations, I am no longer surprised that EC costing more than $1million will be sold out...

You forgot to mention, that these same group of well connected people will qualify for the CPF housing grant as well

[Musicwhiz]

Thanks for all the comments.

It would appear that Generation Y, which has just come out to work and some of whom are starting families, may not understand the full implications of purchasing an expensive house with high leverage.

A friend of mine did comment that he asked his younger colleagues who mentioned that they were confident property would always rise and therefore be a good asset class to invest in, plus their salaries "can only go up" in time.

Another relative of mine who recently bought an investment condominium didn't think too much on interest rates as refinancing was "three years away", and by then she would be able to find a suitable tenant to offset the loan installment payments anyway (the condo TOPs in 3 years time). She invested in this property without much research - most of the research was done by her elder brother who also bought a (larger) unit in the same development.

It would be interesting to see how things are in 3-5 years time.

[WolfT]

Thanks for all the comments.

It would appear that Generation Y, which has just come out to work and some of whom are starting families, may not understand the full implications of purchasing an expensive house with high leverage.

A friend of mine did comment that he asked his younger colleagues who mentioned that they were confident property would always rise and therefore be a good asset class to invest in, plus their salaries "can only go up" in time.

Another relative of mine who recently bought an investment condominium didn't think too much on interest rates as refinancing was "three years away", and by then she would be able to find a suitable tenant to offset the loan installment payments anyway (the condo TOPs in 3 years time). She invested in this property without much research - most of the research was done by her elder brother who also bought a (larger) unit in the same development.

It would be interesting to see how things are in 3-5 years time.

Hmmm... Live like a king, eat like a peasent?