Yesterday, me and Wei Liang went to view Nova 88 condominium showflat.
It is located in front of Balestier Plaza, walking distance from Toa Payoh MRT.
It is our first time attending this type of setting, and the thrill of being guided and flanked by MBA certified consultants and sophisticated looking bankers is simply OUTSTANDING. hahahahhhh 
They showed us the 3 + 1 private apartment and the studio apartment, real life setting.
They showed us the jacuzzi, which they will install for us in the balcony.
…. and they impressed us with the one of its kind, heated swimming pool with outdoor view.
if you are with us, you confirm will feel high one
and they guided us through everything, all the financial processes, one should know if, you will like to get a condominium house.
My assessment from an investor point of view, is that the location is good, near to CBD districts, near to 2 hospitals, and very accessible.
It fetched good rentals, about $2k per month.
However, we find that the studio apartment which cost over $500,000 is rather small. quite stuffy and not comfortable at all
The cost of the studio apartment is about $500k and we need to pay 5% first to “book” it.
Subsequently, in 8 weeks, we need to pay remaining 15% downpayment + stamp duty.
In year 2013, upon completion date, only then our mortgage payment begins.
I mentioned to them that year 2009 will be a catalyst for us.
If I manage to earn more than $8k per month, I will ready myself with the downpayment to buy a private condominium.
sounds like cool eh 24 year old buy condo
If I am not able to do so, I will prefer to follow the conventional way, accumulate money, get married and then buy a HDB flat.
Enjoy HDB grant (its like government subsidise your house) of $30k, or $40k, if I stay near my parents.
Cheong for full payment of my future 4 room HDB flat (which may cost around $300k) , and get ready to buy second property for investment purpose IMMEDIATELY.
hahahhh….One thing for sure, I will cut out condominium picture, I have now and place it in my vision board in my office.
Insyallah… May all my goals manifest!
15. December 2008 at 11:46 pm
Not sure if you are aware, but if you buy a HDB, even if you pay in full, you won’t be able to invest in any private property for the 1st 3 years of ownership. If you buy a new HDB or take a HDB loan, then you’ll be restricted for the 1st 5 years. These are the part of the ‘rules’ of public housing.
16. December 2008 at 11:54 am
Justina >>> Thanks for sharing the info with us.
It will definitely help me, in reviewing “strategies” to accumulate wealth, using properties as one of the investment vehicle.
Thanks again!