Which are the most expensive condos in Singapore (based on the benchmark price)?
Which condos have the best amenities within 1 km (based on the AMX)?
Which condos have the highest increase in price PSF over the past 12 months)?
This information will be posted in the Real Estate Data (RED) website soon. Go to www.easysearch.sg (Real Estate Data). Read the Guide on how to use this website.
Wednesday, September 16, 2009
Foreign Talents in Singapore
Dear Mr. Tan,
I refer to the Business Times article about "Foreign Talents in Singapore", 17 September.
While it may be true that Singapore's GDP growth rate has gone up notches, the question is who benefited from the higher growth rate? If you get paid more so that you can pay for the same food that cost more, use the same road that cost more to drive on, rent the same house that now cost you more to rent, ... then it is just inflation.
If the higher growth means you work harder to get higher pay so that you can buy more of something you don't need, eat more and then has to go swimming everyday to get rid of the calories, then the higher growth just translates to wastage.
If all said, people are happier than before then it is all right, but are they?
Heng Chee Meng
I refer to the Business Times article about "Foreign Talents in Singapore", 17 September.
While it may be true that Singapore's GDP growth rate has gone up notches, the question is who benefited from the higher growth rate? If you get paid more so that you can pay for the same food that cost more, use the same road that cost more to drive on, rent the same house that now cost you more to rent, ... then it is just inflation.
If the higher growth means you work harder to get higher pay so that you can buy more of something you don't need, eat more and then has to go swimming everyday to get rid of the calories, then the higher growth just translates to wastage.
If all said, people are happier than before then it is all right, but are they?
Heng Chee Meng
RED Portal (3)
Dear Mr. Tan,
Your website has the additional information of stating the floor of the unit which all other websites do not offer. Of course we can try to make a guess but not quite accurate as knowing the actual floor number.
Another advantage is the comparison you provide with other condos. I wish I had done this before selling my unit. I was a first time seller and naively thought that my agent (who is a family member's good friend!) would have done all that is necessary to get me a good price.
Unfortunately she based her pricing on an earlier sale in my condo and told me that an offer of $X was good. I was quite shocked to have that offer and asked her if the market was picking up. She told me it could a temporary thing and made me commit just after 2 viewings and 1 offer!
I must say that it was my fault in trusting that my agent would get me a good price. I bought the property for $X and sold for the same price. It is a high floor. Later I got to know that the ground floor unit was sold for a higher price.
If I had waited just one month, I would have made 80K. At the current price, I would make 100K. The painful thing is that I was not even in a hurry to sell. I had a wonderful tenant who was keen to extend for another year. Guess this is a painful and expensive lesson that I have to learn.
I suggest that you add a listing of units sold more than 2 years ago or a history page
www.easysearch.sg (Real Estate Data)
Your website has the additional information of stating the floor of the unit which all other websites do not offer. Of course we can try to make a guess but not quite accurate as knowing the actual floor number.
Another advantage is the comparison you provide with other condos. I wish I had done this before selling my unit. I was a first time seller and naively thought that my agent (who is a family member's good friend!) would have done all that is necessary to get me a good price.
Unfortunately she based her pricing on an earlier sale in my condo and told me that an offer of $X was good. I was quite shocked to have that offer and asked her if the market was picking up. She told me it could a temporary thing and made me commit just after 2 viewings and 1 offer!
I must say that it was my fault in trusting that my agent would get me a good price. I bought the property for $X and sold for the same price. It is a high floor. Later I got to know that the ground floor unit was sold for a higher price.
If I had waited just one month, I would have made 80K. At the current price, I would make 100K. The painful thing is that I was not even in a hurry to sell. I had a wonderful tenant who was keen to extend for another year. Guess this is a painful and expensive lesson that I have to learn.
I suggest that you add a listing of units sold more than 2 years ago or a history page
www.easysearch.sg (Real Estate Data)
A long way down
?This report shows the plight of many Americans who did not benefit during the Bush years. Now they are badly hit by the recession. I believe that many Singaporeans also fit into this situation.
Agent wants to recommend good products
Hi Mr Tan,
After reading several articles in your website and Fisca, I am wondering whether my decision to becoming an insurance agent recently is wrong!
I am always interested in insurance line many years ago and believe that the various insurance policies when used appropriately can protect people from unforeseen circumstances. Of course, this is only my own wishful thinking without putting any number in any calculation. My decision to become a insurance agent is to be able to see for myself on how to recommend to my clients that the insurance plan that benefit them the most.
So I am wondering whether it is of any good at all in being a insurance agent since the insurance products out there are mostly gearing towards high cost upfront and not to the benefits of our client. I felt like we are fighting a losing battle against the "big boys" out there.
REPLY
You can continue to be an agent and sell term insurance and single premium products. If you are keen to do it, I can recommend clients to you , provided that these products give good value.
After reading several articles in your website and Fisca, I am wondering whether my decision to becoming an insurance agent recently is wrong!
I am always interested in insurance line many years ago and believe that the various insurance policies when used appropriately can protect people from unforeseen circumstances. Of course, this is only my own wishful thinking without putting any number in any calculation. My decision to become a insurance agent is to be able to see for myself on how to recommend to my clients that the insurance plan that benefit them the most.
So I am wondering whether it is of any good at all in being a insurance agent since the insurance products out there are mostly gearing towards high cost upfront and not to the benefits of our client. I felt like we are fighting a losing battle against the "big boys" out there.
REPLY
You can continue to be an agent and sell term insurance and single premium products. If you are keen to do it, I can recommend clients to you , provided that these products give good value.
Financial Planning - Practical Steps (draft 4)
Some people observed that draft 4 contained a few blank pages. I will be writing them later. I am also adding a few new chapters, to cover tips for middle age and seniors. The book may be increased to 100 pages in later drafts.
To get draft 4, click here:
Financial Planning (5) - How to invest your savings?
You should invest 80% of your savings for for the long term. Here are the tips for this type of investment:
a) Invest in a large, professionally managed fund as it offers diversification. You will not be badly affected if some investments go bad, as the impact is small and is compensated by other good investments.
b) Choose a low cost fund, where the fund manager takes only a small fee. If you choose an indexed fund, you enjoy diversification and pay a fee of only 0.3% per annum.
c) Invest for the long term, i.e. 10 years or longer. The fund will do badly in some year but will do well in other year. Over the long term, you can get an average rate of return.
d) Choose a fund that invest largely or fully in equity, as equity gives a higher return over the long term. You have already reduced your risk through diversification and averaging out the good and bad years.
You can keep 20% of your savings in a money market fund or in short term assets. The return may be lower, but you can withdraw the savings at any time to meet emergency needs, without having to pay a penalty or suffer a capital loss.
Over the long term, an equity fund should be able to earn you a net return of at least 5%. This is attractive, compared to safe, short term return of less than 1%.
To recap: Invest at least 80% of your savings in a diversified, low cost equity fund that can give a return of at least 5% for the long term. You can reduce the risk through diversification and long term averaging.
a) Invest in a large, professionally managed fund as it offers diversification. You will not be badly affected if some investments go bad, as the impact is small and is compensated by other good investments.
b) Choose a low cost fund, where the fund manager takes only a small fee. If you choose an indexed fund, you enjoy diversification and pay a fee of only 0.3% per annum.
c) Invest for the long term, i.e. 10 years or longer. The fund will do badly in some year but will do well in other year. Over the long term, you can get an average rate of return.
d) Choose a fund that invest largely or fully in equity, as equity gives a higher return over the long term. You have already reduced your risk through diversification and averaging out the good and bad years.
You can keep 20% of your savings in a money market fund or in short term assets. The return may be lower, but you can withdraw the savings at any time to meet emergency needs, without having to pay a penalty or suffer a capital loss.
Over the long term, an equity fund should be able to earn you a net return of at least 5%. This is attractive, compared to safe, short term return of less than 1%.
To recap: Invest at least 80% of your savings in a diversified, low cost equity fund that can give a return of at least 5% for the long term. You can reduce the risk through diversification and long term averaging.
Tan Kin Lian
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