A neighbour recently told friends how he had to finance part of his daughter’s new two-bedroom apartment, which cost about S$700,000.
He said he had to fork out S$300,000 without which his graduate daughter would not have been able to afford it.
But because he did, his girl has gone into the statistics book as another young property-owning Singaporean, and probably adding to the praises heaped on the city’s rising wealth.
Then there was a huge public growl when news came that a new executive penthouse, which was supposed to be public housing for the middle class, was sold for S$2.05mil.
It sounded grand, a 4,349sq ft ‘presidential penthouse’ for another young person, but when the truth emerged, the story took anot- her turn.
The luxurious flat was mainly paid for by his businessman-father.
“My son can’t afford it, he’s only a salaried employee,” he later told the press.
So how much of Singapore’s real estate wealth is real, and how much of it is myth – generated by loans, gifts or expectations – a price to be paid for in future.
Adding to the anger caused by rising prices is that more properties are being bought by foreigners and permanent residents (PRs) who arrive with bundles of money.
The local disgruntlement has worsened in recent years as the doors opened wider, allowing rich foreigners to move in and buy up valuable real estate in land-squeezed Singapore, pushing up prices.
The inability of its young men to own property, private and public, without some parental help has inflicted increasing loss of votes for the ruling party.
Worse of all – Singapore is dependent on its young men to defend the country.
At 18, they have to be in the national service for two years before becoming part of the 900,000-strong Defence Force. In times of war they become front-line soldiers. Full story
