3 STEPS TO MAKE $500K
LEARN HOW A COUPLE MAKE $500K BY SWITCHING THEIR HDB TO 2 CONDOS
"With advice and guidance from Terry Wee, my wife and I sold our HDB flat back in 2015. That was a tough decision to make. However, we don't regret our decision, as we bought 2 condos after selling, and now we are appreciating the capital gain. Just after more than 2 years."
YUZONG & XIAOYUN
Featured in Propnex's ICONS magazine
Celebrating 20 Trusted Years
When I first asked for YuZong and Xiaoyun’s consent to share their story for Propnex’s 20th Anniversary celebration, he agreed without hesitation and said that they will be more than glad if they could inspire future home owner/investors.
It started off with just a casual chat at their HDB flat in Sembawang, sharing with me their dream of owning two properties in Singapore.
Little did they know that their dream would be a reality today. Today they are proud owners of a freehold property for own stay and an investment property generating rental income.
Like many humble families, they are comfortable with their current situation. To most, upgrading to a condominium (private property) is too stressful, prices are high, worrying that they can’t afford the instalments etc.
So, most wouldn’t check or ask if it was actually possible to upgrade to private property or own 2 properties. Like many other couples, YuZong and Xiaoyun worked hard for their family to save their hard earned income for retirement.
Luckily YuZong and Xiaoyun took the first step, a dream and a hope, to explore the possibilities available to them. I am thankful that they asked me to work out a plan for them to help them fulfill their dreams!
So, what is Asset Progression?
Asset Progression refers to growing of one's wealth through the process of selling one's property and moving on to purchase 1 or 2 more properties. Think of this process like climbing a ladder, progressing in life. It is a form of upgrading which will allow you to have choices later in your life. In other words, planning for retirement through asset progression will open more options in your later half in life.
Think of asset progression this way. Would you want to retire with a $500K flat or a $2mil property?
Asset Progression is not new in the market. In fact, many couples have used this process to build a comfortable retirement nest for their family.
Real Estate in Singapore
The residential market in Singapore has always been kept affordable, unlike major cities around the world. The HDB (Housing Development Board) was started in 1960 to provide affordable housing to Singaporeans. 80% of Singaporeans live in HDB flats.
Many foreigners invest in properties here in Singapore due to several reasons:
Good education system
Safe environment with low crime rate
Strong government support in times of crisis
Good tracking and security system
Affordable properties as compared to other major cities around the world