So you want to buy a condo?

[Cecil Lee]

Futher to what I had mentioned; these are additional considerations:
What is the single most important factor about buying a home?
It is LOCATION, LOCATION, LOCATION, LOCATION AND LASTLY LOCATION!



1. Feeding the family
Many Singaporeans marry late. And in fact, many will need to set aside money for children's tertiary education. And such fees can be expensive for tertiary studies.
2. I want to go into business!
2.1 Singapore is such a tiny island! Very limited local market. And quite a large pie or share of business has been taken up by government linked companies.
2.2 In my opinion, only 1 out of 99 local start-ups ever succeed. And even so, without proper strategic plans; business plans can fail even after every 6 months.
2.3 For example, during my reservist stint way back in the 1980's; I get to see some of my staff `yo-yo' in their business.
2.4 In one case, this corporal, a businessman drove a new car. In the 4th yearly reservist training.. he had to get a lift from me. As he had to sell his car.
2.5 It is interesting to meet such people. They have brillant business minds. I can still remember that this corporal had even told me that he had explored `business' that no one had taken a second look! This is because; nearly every business that nearly everyone had went into business that can be considered to make profits.
2.6 For example, if one visits Singapore and go to shopping centres in all parts of the island; one can nearly find similar business or branches set up by bigger companies all over the island. In such a situation, one can say " If you had visited one town shopping centre " one can imagine that he/she has already visited nearly all of them.
2.7 (The above is other than specialised shopping malls such as e.g. Funan (IT mall) or Sim Lim (electrical / IT) malls in town.
3. In addition; in my opinion, the education syllabus, was an unexciting syllabus that does not promote creativity - in the past. And many who had gone thru this "sterile" academic studies -- simply do not have the enterprenuer acumen.
4. Nowadays, the trend for younger people to go overseas or the export of brain power .. to work in emerging markets like India, China, Vietnam etc...
5. The PLUS point for hiring Singaporeans especially accountants overseas is that majority of Singaporeans are hardworking and honest. Since, many are brought up in a "clean" (uncorrupt) society.
6. Singapore's population will continue to age. And there are more emerging markets in health care, health care services etc... So, do not discount any business ideas in this area.
7. For those who are unemployed: teaching or being a tutor can be another interim measure. Since, this does not require much capital. And one can even go to student's home to teach (if necessary).
8. Pillars of Destiny - Summary of your Ten deities:
Often, when I go for Feng Shui audits; I will take a look at the ten deities of family members:
It is quite interesting to explore this area. For today, I will just give you a glimpse of some of the interpretations:
8.1 Competitor - 0 vs 3 or more counts
Usually, those who have 2 or 3, will often have competitive spirit. And this is good for both a salaried worker as well as a businessman. Often, such people, will be `noticed' in their work.
8.2 Determination - 0 vs 3 or more counts
If one is doing business, and if one has zero or even 1 count; one should try to make an effort to improve on it.
8.3 Emotional Intelligence - 0 vs 5 or more
8.4 It is interesting to note that if one has especially 4 or 5 will often have a `distrubed' mind. This can be collaborated with palm reading. For example, if one looks at the `writing' hand, often the heart line will have lots of branches. Worse! If there are `peaks' on this hand.
8.5 Often, such people think too much. And are unable to control their mental state.
9. If Singapore's birth rate does not catch up, and if there is no market for " unapertising " existing condo units put for sale; many who had bought it at their `prime' and cannot afford to keep it will be forced to sell them at rock bottom prices! And it can get even worse-off! Cannot be sold at all!
10. Girl or boy?
In China, due to the one child policy; many in the past had resort to `killing' their baby girl(s).
In Singapore, during my rounds; I often noticed that:
10.1 Having a baby boy/son - when they grow up -
" Daddy... can i borrow money to buy a car? Daddy and mummy, you know lah! I have to pay for my apartment, rear my children.. Erh.. sorry no money to give you. "
11. But nowadays, I do see daughters are better. They do care for the parents and some even, pay for their family's feng shui audit. And in fact, many do think of their parents and often `provide' for them or give them money.
12. Many `hand-pecked' husbands will know this statement:
13. The woman of the house is the " Ministry of Finance " or Controller of Money in the home. Here, the man can only be the " Minister Without any portfolio".
14. Often, some couples ask me " can we hang a wedding photo" in our bedroom. I would say why not. In fact, this is " advantages" since, when one walks into that room (master bedroom) one is REMINDED that Hey! Watch out! You are already married! No "flower of romance!" (having affairs).
15. Some young couples also often asked me: can we use glass for our wardrope.... etc... Here, I would have to look at their palm. If their area closest to their thumb region has lots of concentric circles.. this indicates that the person has lots of temper!
16. So, if one or both get into a hot temper.... I can imagine some people may resort to banging things. And what worse is the glass on such doors shatter. For wood, not that bad. It does not shatter. One can easily change or replace hinges!
17. One more important point is that: when each of us grow older, there is a higher probabilty given our life style to `fall sick' or needing a major surgery e.g. heart by-pass or unexpected cancer. It is bad enough if one partner goes down with it. Not to say, the other may not get this. (touch wood) but if this really happens, it will surely drain much of any accumulated capital. Here, today, insurance people, would be happy to hear this -- that things like taking up insurance or sound capital invested planning is required by all of us!
Warmest Regards,
Cecil

[Cecil Lee]

Dear All,
In particular, this year; many developers allow their purchases of their condo to arrange for a `visit' to their unit prior to TOP or if is TOP; allow the owners (subsidary proprietors) to arrange for a visit with their Feng Shui practitioner to review their homes.
For example, just recently sites like Sunglade (Capital Land) and The Dew (Sim Lian) and many more developers allow their owners (with prior approval) to do so.
Warmest Regards,
Cecil

[Cecil Lee]

Dear Singaporeans,
1. Quite sometime back, I cautioned that majority of Singapore is a city mostly of "salaried workers".
2. As we all know, salaried workers have a limited "shelf-life":
2.1 Currently, many people will eventually be forced to retire at 60 or 65. Or around this age. But many of us, with modern conditions and health care can expect to live thru to 80 year old or more.
2.2 In the past, many "salaried" jobs such as those in the civil service and even in some banks like UOB etc.. can be considered somewhat as "iron rice bowls". Not anymore.
2.3 Expecting to get large salary increments till old age?
In the past, we often get almost standard increments. So that when we say start out at work; for example some earn $1,500/- but when we reach 40 year or more, some get increments and gross pay of $4,000/- or more. (this is just an example and not based on type of industry etc..)
2.4 Nowadays, with NWC guidelines and pay increments based entirely on merits and performance; some people may lose out when they get older --- and gross pay may not reach that high as $4,000/-.
2.5 As many Singaporeans know, if today, one has reached his 40s and above; these people are the ones that have to start to worry, since; most likely these people may be considered a liability to their company as: OVER paid, UNDER worked.
3. In the future, as a recent newspaper article suggests; many people from what I envisage will happen in 10 to 20 years time is a flood to downgrading their condos to smaller and cheaper apartments.
4. In fact, this has already happened to some middle income people especially those that had started out to work for a few years and also people who have started to retire. This is shown by the contant increase in the `value' or above market value of 3 room HDB flats.
5. In addition, there is a constant glut of; or we can nearly say a `flood' of new condo release. (In addition to the existing ones.)
6. In fact, many of the NEW condos, have advantages:
6.1 They are new and more appealing than buying existing ones. In my opinion, young people: (usually have earning power) have preference for new rather than old unless they buy the old unit because they had got used to the place and want to stay nearby with their parents.)
6.2 This is because, p.s.f is often at very reasonable levels for new developments. And further bank loan evaluation is relatively straight forward. It would be a nightmare now in Singapore to get a bank loan for a house that has less than 60 years lease.
7. If you have read up to here; and own a condo, and is worried, do really try to see how best one can save money for the future.
8. If you are new and interested in buying a condo:
8.1 Please do your SUMs first. Don't be too greedy to factor in too high your expectations of higher income or joint higher income. It may not be realised!
8.2 If you are an `upgrader' and can afford a condo now; both Para 8.1 and Para 8.2 need to share the same objectives:
"LOCATION, LOCATION AND LOCATION"
9.1 If one can really afford, then go for: freehold or at least 999 years.
9.2 If one purchase a 99 year lease even more so: Location, location and location.
9.3 Don't end up buying "JUST ANOTHER CONDO".
10. Else, one will end up "stuck" or become "entrapped" in one's tomb/prison....oops! Home!
11. As mentioned, besides, looking at homes based on Ba Chai (Eight House) or some other Feng Shui directions that favour us (for now); equally important are considerations like: heat e.g. East-West facing home etc...
Cheers and all the best in your house search!
Warmest Regards,
Cecil

[Cecil Lee]

Related = Sunglade