Singapore Expats

SINGAPOREANS who are prepared to go into heavy debt
for 30yrs buying grossly over-valued leased properties
and forking out $50,000+ for COEs have to spend their
whole lives working like a dog damaging their health
in the process and then going into more DEBT on hospital bills
ARE NOT very smart people.


.

I agree. Any fool Singaporean who buys landed or condo type properties is mad. If they would but live within their means instead of being fat cat wannabes then their health would be better and they wouldn't have the bad health. If they would use public transport instead of fighting traffic and thereby inducing HBP constantly. The would be a much healthier lot. If they would just get of the memememe I want, I want, I want cycle they would be much healthier so would not have debt problems nor health problems.

But, when it goes belly up they are the first to cry to the gahmen!

According to a few reports I've read recently, 2013 is the time when a lot are predicting that things will go belly up regarding the house prices as a lot of new private developments will come on to the market at that time, a lot of which will apparently stand empty.

No idea how much weight is behind these reports, but will be interesting to find out

saturdaynitespecial wrote:SINGAPOREANS who are prepared to go into heavy debt
for 30yrs buying grossly over-valued leased properties
and forking out $50,000+ for COEs have to spend their
whole lives working like a dog damaging their health
in the process and then going into more DEBT on hospital bills
ARE NOT very smart people.

Well, it's unfair to say Singaporeans are not very smart people in isolation without also adding that Americans, Greeks, the Irish, Portuguese, Brits all currently are causing themselves and others problems precisely for the same reason...... not living within their means, and competing with the Jones'.

HOWEVER, in those other countries the spending was done more by choice not quite through necessity. Locals have little choice but to buy into the (still overpriced) HDB system and for just as many, owning a car is not a luxury - I know I need mine. The problem in the more 'Western' societies is still pretending to better than one's bank account can afford.

I need a car as well, but I've made do without as it seemed like it was just throwing money away for no other reason than to constantly induce HBP. Sure it was a little inconvenient, but at least I stopped wanting to take a tire iron to every idiot out there who drove like one. I also managed to raise two kids from around 2 & 7 to now 21 & 27 without one. Each to their own. I gave up mine voluntarily though as I felt I was worth it.

Now, in the US, I have to have a car as I live on a farm so, walking 20 km to get a loaf of bread is a bit much. Here, facilities and mass transport system are so good it really is a no-brainer for me. Now, if we can only do something about the citizenry.

JayCee wrote:According to a few reports I've read recently, 2013 is the time when a lot are predicting that things will go belly up regarding the house prices as a lot of new private developments will come on to the market at that time, a lot of which will apparently stand empty.

No idea how much weight is behind these reports, but will be interesting to find out

The ones with the largest crystal balls, of course, carry the most weight. It's lovely how predictions about the future are always right.

If they would use public transport instead of fighting traffic

No ... no ...Lah!
It's crowded enough on the trains and buses already. Let them stay in their cars on the freeway

saturdaynitespecial wrote:SINGAPOREANS who are prepared to go into heavy debt
for 30yrs buying grossly over-valued leased properties
and forking out $50,000+ for COEs have to spend their
whole lives working like a dog damaging their health
in the process and then going into more DEBT on hospital bills
ARE NOT very smart people.


.

That is so true. I fail to see the logic of their actions.

And add the part 'heavily made-up ladies prancing around with LV and Coach bags as if their faces heavily depends on them (while adding another chunk of debt into their never-ending social-status-upgrading-expenses'

the lynx wrote:

saturdaynitespecial wrote:SINGAPOREANS who are prepared to go into heavy debt
for 30yrs buying grossly over-valued leased properties
and forking out $50,000+ for COEs have to spend their
whole lives working like a dog damaging their health
in the process and then going into more DEBT on hospital bills
ARE NOT very smart people.


.

That is so true. I fail to see the logic of their actions.

And add the part 'heavily made-up ladies prancing around with LV and Coach bags as if their faces heavily depends on them (while adding another chunk of debt into their never-ending social-status-upgrading-expenses'

+1

When it comes to property, what choice do people have? Private property is well out of reach for most people so HDB flats are the only option. I don't see how that makes anyone not smart...

k1w1 wrote:When it comes to property, what choice do people have? Private property is well out of reach for most people so HDB flats are the only option. I don't see how that makes anyone not smart...

I think the daftness comes in when, knowing full well that property is really expensive, some Singaporeans go out of their way to buy cars which they really don't need or houses that are way beyond their means, just so they can be perceived to be better than others. But more emphasis on the cars.

nakatago wrote:I think the daftness comes in when, knowing full well that property is really expensive, some Singaporeans go out of their way to buy cars which they really don't need or houses that are way beyond their means.

I was curious about people buying houses beyond their means, and whether it is fair to single out Singaporeans, so I googled some data. If you can service the loan, then it is within your means. So the default rate on mortgages shows how many buy beyond their means. Here are default rates of a few countries:

The Philippines (Dec 07): 5.35%
US (Dec 09): 4.6%
Australia (1Q 11): 1.79%
Japan (1990s): 0.6%
Singapore (Mar 10): 0.29%

Wind In My Hair wrote:

nakatago wrote:I think the daftness comes in when, knowing full well that property is really expensive, some Singaporeans go out of their way to buy cars which they really don't need or houses that are way beyond their means.

I was curious about people buying houses beyond their means, and whether it is fair to single out Singaporeans, so I googled some data. If you can service the loan, then it is within your means. So the default rate on mortgages shows how many buy beyond their means. Here are default rates of a few countries:

The Philippines (Dec 07): 5.35%
US (Dec 09): 4.6%
Australia (1Q 11): 1.79%
Japan (1990s): 0.6%
Singapore (Mar 10): 0.29%

I don't know about OP but I wasn't singling out anyone; just reasoning out an observation based on OP's post. I'd hate to have another "..but they have it worse!" thread. Comparing anything to something worse always makes anything look better.

nakatago wrote:I don't know about OP but I wasn't singling out anyone; just reasoning out an observation based on OP's post. I'd hate to have another "..but they have it worse!" thread. Comparing anything to something worse always makes anything look better.

I was just putting some figures to what ScoobyDoes had said earlier, which I found to be more objective than the many unsubstantiated opinions.

ScoobyDoes wrote:Well, it's unfair to say Singaporeans are not very smart people in isolation without also adding that Americans, Greeks, the Irish, Portuguese, Brits all currently are causing themselves and others problems precisely for the same reason...... not living within their means, and competing with the Jones'.

HOWEVER, in those other countries the spending was done more by choice not quite through necessity. Locals have little choice but to buy into the (still overpriced) HDB system and for just as many, owning a car is not a luxury - I know I need mine. The problem in the more 'Western' societies is still pretending to better than one's bank account can afford.

Wind In My Hair wrote:

nakatago wrote:I think the daftness comes in when, knowing full well that property is really expensive, some Singaporeans go out of their way to buy cars which they really don't need or houses that are way beyond their means.

I was curious about people buying houses beyond their means, and whether it is fair to single out Singaporeans, so I googled some data. If you can service the loan, then it is within your means. So the default rate on mortgages shows how many buy beyond their means. Here are default rates of a few countries:

The Philippines (Dec 07): 5.35%
US (Dec 09): 4.6%
Australia (1Q 11): 1.79%
Japan (1990s): 0.6%
Singapore (Mar 10): 0.29%

It's amazing what context does to a post.