SINGAPORE: Intrigued by the hype surrounding condos, a man asked Singaporean social media users, “Is owning a condo still a significant aspiration of Singaporeans? Is it becoming a bigger status symbol or smaller?”
Referencing the data from the Singapore Department of Statistics (DOS), the man said that only the top 20% of households by income earn approximately S$17,500 from work, excluding employer CPF.
“At the 17500-22500 income range, do you strongly feel or hope that you should or can upgrade to a condo instead of a HDB? Would such a condo make you feel like you “made it” comfortably as a middle class family?” the man asked on r/askSingapore on Tuesday (Feb 20).
The man also shared that he got to experience living in both types of housing (condo and HDB) as he grew up.
“The condo I lived in was very basic and did not even have a pool (more like a private apartment building?) so aside from HDB rules, external finishing and facilities, I did not find much of a difference as the HDB units can be renovated to quite a high standard,” the man wrote.
“Personally I feel no need and no pressure to upgrade to a condo”
The man’s post sparked a lively discussion on the subreddit, with the majority stating that they are content with living in HDB flats.
One Redditor said, “Personally, I feel no need and no pressure to upgrade to a condo. HDB is more spacious and mortgage so far has been quite doable.
Upgrade to condo the space will shrink + mainly maintenance fees for facilities I don’t use + heavier mortgage. I think nvm ba,”
Another Redditor commented, “Personally, my partner and I have decided against upgrading to a condo for now and will be buying a larger 5 room hdb. I couldn’t see any pros apart from the added stress of a heftier mortgage.”
Meanwhile, one Redditor who bought a condo stated his reasons for doing so, stating, “I bought condo because 1) easier to rent out 2) bigger resale market (becos foreigners can purchase) 3) for investment.
Like all housing , it’s all abt location. I purposely choose one near nature because I imagine for walks and stroll, another near MRT so easier to rent out.
Haven’t sell any so can’t tell u abt profits but on paper yeah if u choose correctly 200-300k is possible in few years but I know some that doesn’t make any gains.
Not all condos will make money and maintenance may get higher if the condo is not well managed. So there are risks, I would avoid boutique condos that’s my only advice.”
Another Redditor criticized the man, saying, “It is a lifestyle choice, to each his own; do not judge others for these personal decisions.”
Read related: Singaporean asks, ‘Why do SG people buy condos even when it ‘puts them in debt and feels like dying if they lose their job?’