“Bank of Pa and Ma” — Netizens speculate rich parents are the ones funding condos owned by Singaporeans in their 20s

SINGAPORE: A recent online post has ignited a discussion about how young Singaporeans in their 20s can afford to own condos as one Singaporean asked:

“How do people do that? I have seen 20+ years old (25-28 years old) owning private property. Is it practical? Even if you have the means, the bank loan and interest must take up almost all of their cash flow, not forgetting the maintenance fees, etc.”

“Is it really a wise choice to get private property if you are single? And waiting until 35 years old to move out seems like such a long time,” she added.

The post attracted numerous comments from netizens, many of whom speculated that wealthy parents are behind these property purchases.

One commenter noted, “Many have rich parents who just want to make use of their children’s name to invest in properties without paying Additional Buyer’s Stamp Duty (ABSD).”

Another netizen quipped, “Reminds me of the self-made guide to becoming a millionaire. All you need is 20m from papa and an astute investment into an SGX listco to be left with 1m.”

Many shared stories of people they know with affluent parents funding their children’s property purchases. One shared, “My colleague is an admin girl, drives a Porsche and stays in a 4 million dollar condo. Go figure.”

Another person shared, “I know a girl who makes maybe 4k. She owns a condo because her parents made the down payment for her, and she just pays the instalments. Quite common actually.”

One netizen added how his cousin’s mother-in-law provided a condo as a gift, sharing, “My cousin is the best. He married a rich wife. His mother-in-law gifted them a condo.”

“Pick the correct spoon when you’re lining up la,” another quipped. /TISG

Read also: “What is this madness?” — Spike in million-dollar HDB resale flats raises concerns about “Singaporeans becoming homeless”

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