Singapore is one of the smallest and wealthiest countries in the world, coming from a humble background of a former British colony who gained independence in 1965. The country had gone thru a lot in the early years of building up the country, with no natural resources, facing a bleak future with constant racial tension in a multi-racial society, and also constant threat from significantly bigger neighbour countries. But with strong, dedicated and an almost corruption free government, Singapore made rapid economic progress, propelling its name to the world stage in a very short span of time. Now, Singapore is one of the most prosperous countries in the world that many countries are trying to emulate.
In this prosperous city state, retirement can be a tricky issue, with a high cost of living. The problem is especially pronounced to the elderly whom help built the country to where it is now. These elderly are mostly uneducated and earn low wages, and at the same time, have a big family to support. In the past, most of the woman would be home maker, leaving the husband to be the sole breadwinner, shouldering the burden of supporting the whole family, thus leaving them with very little savings. Coupled with low savings, they are also not savvy in investing their money to make it grow in line with inflation, and hence, whatever was saved in the bank usually eroded in value with time. The younger generation tend to have it better due to better education, leading to better jobs and higher salary, but at the same time, they have to battle with higher inflation and higher property prices.
Singaporeans tend to have the notion that owning a HDB flat is a good way for them to retire when they are old thinking that the HDB flat is an asset in which they can cash out when they reach retirement age. What many of them do not realise is that ever since 2013, the price of HDB had been declining, and in 2017, when the price of private property rebounded, HDB resale price continue to decline. The price of HDB flat will decrease as the lease of the property gets shorter, and will eventually becomes zero when the lease expires. This declining price trend of HDB happened when the government clarified that only 4% of HDB flat had been enbloc ever since 1995, and that for most HDB, the lease will expires and government will take back the land. Therefore, the best investment will be that of Ki Residences Singapore, a new private condominium project with a lease of 999 years lease. Ki Residences is situated in Brookvale Drive, which the developer bought enbloc in 2018. Ki Residences condo has a huge land size of 373,000 sqft which is quite rare, and comes with 660 condo unit ranging from 1 bedroom to 5 bedrooms. Ki Residences Sunset Way will be a very much sought after new condo launch due to the rarity of 999 year lease.
For more information on Ki Residences floor plan, please visit https://www.ki-residencescondo.com/