CapitaLand has launched a new condo, called Sky Habitat in Bishan. Details of this project can be found in http://skyhabitatpreview.com/.
The project has 509 units. During the first launch, a total of 180 units were offered and 70% were taken up, i.e. 120 units. This represents about 25% of the total units in the project. See this report, http://www.todayonline.com/Singapore/EDC120415-0000079/70-of-Sky-Habitat-units-launched-this-weekend-sold
The average price of a 3 bedroom unit is $2 million. I have advised consumers to use a buy a property up to 60 months of salary. To be able to afford this investment, you have to earn a salary of $33,000 a month. This should be based on one person's salary. If the combined salary is used, there is a risk that one person may lose the job and caused financial difficulty in making the monthly payment.
Some rich families are able to pay a large part of the cost of the property for their children. In this case, the formula has to be modified. If the parent pays 50% of the property and reduces the net cost to $1 million, the monthly salary should be $16,700.
I hope that the rule of thumb of 60 months salary will help buyers to make a prudent decision.
The project has 509 units. During the first launch, a total of 180 units were offered and 70% were taken up, i.e. 120 units. This represents about 25% of the total units in the project. See this report, http://www.todayonline.com/Singapore/EDC120415-0000079/70-of-Sky-Habitat-units-launched-this-weekend-sold
The average price of a 3 bedroom unit is $2 million. I have advised consumers to use a buy a property up to 60 months of salary. To be able to afford this investment, you have to earn a salary of $33,000 a month. This should be based on one person's salary. If the combined salary is used, there is a risk that one person may lose the job and caused financial difficulty in making the monthly payment.
Some rich families are able to pay a large part of the cost of the property for their children. In this case, the formula has to be modified. If the parent pays 50% of the property and reduces the net cost to $1 million, the monthly salary should be $16,700.
I hope that the rule of thumb of 60 months salary will help buyers to make a prudent decision.
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