Did you know that a 5 room HDB could cost up to S$945,000?1 While this is not representative of the entire property market, the average price of our HDBs are still at a massive S$552,371. Given that the size of our 5 room HDBs are approximately 110 m2, this translates to a price of S$5,021 per square meter.2 As such, our prices puts us on the list, ranking Singapore as the fifth most expensive city internationally and the second most expensive in Asia for property purchases.3
With these outrageous prices, Singaporeans inevitably grumble about being unable to afford their ideal home. However, if we were to consider properties overseas, we would realise that we could in fact afford a range of properties using our 5 room HDB's value. For easy visualisation, we came up with a list of unbelievable properties that you can expect to purchase with your HDB's value.
Disclaimer: Pictures used below are for illustrative purposes only and are not representative of the properties.
#1 A bungalow
Source: https://pixabay.com/en/photos/?image_type=&cat=&min_width=&min_height=&q=bungalow&order=popular
Would you like to live in Australia, the 15th safest country in the world?4 With landscapes ranging from mountains to deserts along with several big cities, Australia allows you various housing options all for an extremely affordable price. You will be spoilt for choices with this wide range of variety, allowing you to easily find a property that will suit your lifestyle and budget.
A coastal house in Adelaide would cost just S$445,4335 whereas a 5 bedroom home in Melbourne's suburb is going at S$389,365.6 Additionally, should you choose to reside in Tasmania where it is cool all year round, you could get a house with a land space of 611 m2 for just S$175,712.7 This implies that the value of your 5 room HDB could allow you to purchase 3 houses in Hobart, with each of them having 5 times the land space of your HDB.
(See "5 Amazing Countries You Can (Almost...) Retire With Your CPF")
#2 A landed property and a car
Source: https://unsplash.com/photos/kspRwqFxOms
Fancy having a car parked at your own private garage? This dream could be more achievable than you may think. With the average price of a bungalow in Montreal being S$358,510, this means that your HDB is probably pricier than a bungalow in Montreal.8
Looking at the property market in Montreal, we found a semi-detached house with a land space of 348 m2. With a fully equipped kitchen and two large balconies, the condition of the house is well-maintained and ready for occupancy. The best part: the house is for sale at just S$307,087.9 To reiterate, this means that you are getting a house that is at least 3 times bigger than your 5 room HDB but at S$200,000 less than what a HDB in Singapore costs. Therefore, with the value of your HDB, you could comfortably afford this house, a car and still have cash left over.10
(See "Are Financial Disasters Your Thing? Here's 4 Mistakes You Must Avoid")
#3 A lake house
Source: https://pixabay.com/en/norway-fjord-lake-house-mountain-1166246/
Imagine living in a house that borders the grounds of a lake, waking up to a view of lush greenery or going for a morning dip. Rather than envisioning your dream home to have a swimming pool or koi pond, why not go one step further and instead opt for a lake at your doorstep?
Extravagant it may seem but what if this extravagance only costs slightly over S$370,000?11 The house comes furnished with a jetted tub, 4 bed rooms, an open air patio and a private dock allowing for quiet and private sunbathing and fishing opportunities. Additionally, the house is located at a convenient location, close to both shops and eateries and also national parks and lakes. Therefore, a lake house could be your perfect escape from the hustle and bustle of the city.
(See "Is Your CPF The Ultimate Piggy Bank?")
#4 A mansion
Source: https://pixabay.com/en/fountain-garden-villa-mansion-321028/
Going skiing in winter and diving in summer - this could be the life you lead at this mansion in Spain. Located along the coast, this property offers you both land and sea views at just S$210,753 for a plot size of 15,000 m2.12
Alternatively, your 5 room HDB could also give you 2 luxurious mansions in Turkey. Equipped with a Jacuzzi in the master bedroom, marble floors, your own swimming pool and a landscaped garden, this property offers scenic views of the mountains and hills. Conveniently located, this S$278,728 mansion is also just a 5 minute drive to the town centre and beach.13
If you are looking for something even more luxurious, a French mansion could be your choice. A 5 bedroom estate, the mansion comes with a heated swimming pool, a private fishing lake and deck terrace. The mansion is fully renovated, well-maintained and for sale at just S$624,065.14
(See "Why Getting A Degree Is Like Being A Penguin")
#5 A castle
Source: https://unsplash.com/search/castle?photo=NoThrvStw70
How would you like to live like royalty, residing in a palace of your own? This could be more than just a fantasy as you could become the owner of your very own castle. With prices starting from as low as S$18,629, a castle could be more affordable than a HDB.15
If you are looking to own a historic cultural monument, castles may be to your liking. For just S$225,433, you could get a medieval Czech castle with 60 rooms, a private lake and a barn.16 Permits have also been issued to allow owners to redevelop the castle into a hotel thus opening up the options for potential owners who may want to fully utilise all 60 rooms and 9107 m2 of land.
(See "3 Surprising Facts About CPF Life You Probably Didn't Know")
Special mention: A private island
Source: https://pixabay.com/en/island-relaxation-holiday-sea-2087658/
Owning your very own island - this could be a dream come true with prices as low as S$30,908.17 With an abundance of private islands to choose from, you could choose one that would suit your needs, be it a forested island or coral reefs at your door.18
For just S$204,310, you could be the proud owner of this 54 acres island.19 This means that you could actually 'trade-in' your HDB for an upgrade to a private island and still have cash to spare. Located off Nova Scotia, this East Canadian island is suitable for water sports and is a popular whale-watching destination. Also, it has easy access to several white sand beaches that will allow potential owners unobstructed sunrise and sunset views.
(See "How Do You Know If You Are Immune to Cancer?")
However, while these options may be attractive, Singapore is ultimately our home. As such, while enticing, there are doubts on the practicality of a property overseas. When factoring in maintenance and renovation costs, owning these properties may not be practical. Therefore, unless you have an abundance of spare cash, acquiring these properties may not be the best idea. Instead, consider looking to enhance your savings so as to allow you to purchase your dream home in Singapore.
How FSMOne can help you get on track
Our team of friendly advisers are able to help you review your financial objectives, long term commitments, and offer you investment and insurance advice specific to your needs. If you would like assistance in reviewing your financial and protection portfolio, or simply to get a quote for an insurance plan, you can contact our advisers at advisory@fundsupermart.com.
Available Products on FSMOne Insurance |
Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment from Manulife, NTUC Income and Tokio Marine Life Insurance *Please check with our advisory team if the product you want is available on FSMOne Insurance |
1Source: https://services2.hdb.gov.sg/webapp/BB33RTIS/BB33SSearchWidget
2Source: http://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/resale-statistics
4Source: http://www.worldatlas.com/articles/safest-countries-in-the-world.html
5Source: http://www.realestate.com.au/property-house-sa-north+haven-124711738
6Source: http://www.realestate.com.au/property-house-vic-springvale-119556751
7Source: http://www.realestate.com.au/property-house-tas-gagebrook-1255244224
8Source: http://www.livingin-canada.com/house-prices-canada.html
9Source: https://www.point2homes.com/CA/Home-For-Sale/QC/Dollard-Des-Ormeaux/131-Rue-Athnes/37495813.html
10Source: http://www.guideautoweb.com/en/articles/29771/the-average-price-of-a-new-vehicle/
13Source: http://www.eurobrix.com/property/details/27520330/
15Source: https://www.bloomberg.com/news/articles/2016-02-03/you-can-buy-a-czech-castle-for-13-000
16Source: http://www.vipcastle.com/en/my-product/55/
17Source: http://www.privateislandsonline.com/canada/novascotia/hemlow-island
19Source: http://www.privateislandsonline.com/canada/novascotia/jones-island
Interested to learn more? Check out these articles:
What Wikipedia Can't Tell You About Your Child's University Education
The 3 Dangerous Mistakes You Don't Want To Make With Your Insurance
Hard Truths: Why a $1 Million Insurance Coverage Is Necessary?
5 Simple Steps on Getting Your Life Protection Coverage Right
Average Singaporeans Need $1 Million Coverage. Have You Had Yours?