S1E94: Sky high condo prices: are sales being funded by parents' retirement savings?

Never mind that it’s way out west - Tengah’s first private condominium development sold out almost all its units over its launch weekend at the end of April. At an average price of $2,120 per sq ft and a location that’s under the Outside Central Region (OCR) classification, the affordable suburban condominium is starting to feel more expensive. But despite all our complaints about high property prices and the uncertain global outlook, these sales show that Singaporeans are still willing to fork out serious money for new, unsubsidised private residential properties. Is this the new normal buyers have to get used to? In this episode of The Usual Place, Natasha speaks with veteran property analyst and chief research officer at MOGUL.sg Nicholas Mak, and CEO and Chief Investment Officer at financial advisory firm MoneyOwl Chuin Ting Weber. We chat about who are the buyers driving the sales of these properties, and what’s driving these record new launch condo prices? Highlights (click/tap above): 1:20 What's driving up condo prices? 4:55 FOMO in buyers driven by agents 7:25 HDB upgraders not main condo buyers 9:56 Who's renting if everyone's buying? 15:28 The myth of constantly rising prices 19:28 Making compromises to make mortgage 31:40 Good debt and what you can afford 37:22 Parents digging into retirement funds for kids 48:00 Why isn't the government stepping in more? 51:36 The similarities between healthcare and property Host: Natasha Ann Zachariah ([email protected]) Read Natasha’s articles: https://str.sg/iSXm Follow The Usual Place podcast on IG: https://str.sg/8KNT Follow Natasha on LinkedIn: https://str.sg/v6DN Filmed by: Studio+65 Edited by: Eden Soh, Fa’izah Sani & Natasha Liew Executive producer: Danson Cheong Producers: Natasha Ann Zachariah and Elizabeth Law Follow The Usual Place Podcast and get notified for new episode drops every Thursday: Channel: https://str.sg/5nfm Apple Podcasts: https://str.sg/9ijX Spotify: https://str.sg/cd2P YouTube: https://str.sg/theusualplacepodcast Feedback to: [email protected] --- Follow more ST podcast channels: All-in-one ST Podcasts channel: https://str.sg/wvz7 Get more updates: http://str.sg/stpodcasts --- Get The Straits Times app, which has a dedicated podcast player section: The App Store: https://str.sg/icyB Google Play: https://str.sg/icyX -- #tup #tuptrfSee omnystudio.com/listener for privacy information.