THE REAL ESTATE JOURNEY OF THE AVERAGE SINGAPOREAN

Written by Chris Pang
Tuesday, 22 November 2022

The Young Professional (25 – 30)

Typically, young Singaporeans in their mid to late 20s have already found their footing in their career and are looking to settle down. At this stage, they will find themselves seeking out the latest Build-To-Order flat launches to apply with their partner. This is a common practice amongst young Singaporean men to pop the question to their future spouse.

THE REAL ESTATE JOURNEY OF THE AVERAGE SINGAPOREAN - The-Young-Professional-25-–-30

The Mid-Career Professional (31-55)

As Singaporeans advance professionally and establish themselves as successful professionals, they will sell their HDB flats and upgrade to either a larger HDB flat or even a private property. Those with higher incomes may choose to own two properties, with one designated as rental income. Furthermore, this is when they will strive to improve the quality of their properties. Typically, savvy couples consult with professional consultants for a general overview of things they need to know about the real estate market in Singapore.

The key is to remember that improving a property’s quality doesn’t mean you must purchase a more expensive one. A property portfolio, which is not increasing in value (taking into account CPF monies used in the property forgoing CPF 2.5% interest), can be restructured by putting the money into another property or asset which can grow much faster in value.

THE REAL ESTATE JOURNEY OF THE AVERAGE SINGAPOREAN - The-Mid-Career-Professional-31-55

The Retiree (Above 55)

Upon selling their existing properties, they would move into a smaller HDB flat or condo. Their retirement fund will receive the remainder of the sale proceeds.

Sadly, some Singaporeans realise that they cannot carry out their plans at the point when their property is about to be sold – it’s either their property is worth much less or there is not enough left after the CPF accrued interest is paid.

THE REAL ESTATE JOURNEY OF THE AVERAGE SINGAPOREAN - The-Retiree-Above-55

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I am Chris Pang

Property agent, Financial advisor

I specialise in residential property in Singapore and have been in the industry for over a decade. Helping my clients find their dream home or achieve their property goals is one of my favourite aspects of my work. With my knowledge of the vibrant city, I strive to provide my clients with ideal locations by understanding your personalities and preferences in order to better guide you towards the neighbourhoods that are ideal for you and your family.

Seeing the positive impact my work have on their families brings meaning and purpose to my life. Being able to change the lives of my customers for the better and put them and their families in a better position for the future makes me feel fulfilled!

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