The recent measures to curb property prices may offer some relief to Singaporeans that are still homeless because of the screwed up policies of recent years. It may be helpful to some but many are still left in the lurch, particularly the young professionals who were booted out of public housing by silly regulations that decreed they are rich enough to be skinned by the private property developers.
There are many such young professionals, highly qualified and living abroad and may want to return home. My advice to them is don’t come back. The opportunity cost is too high and so is the ransom to start life in their home country.
For a start, being highly skilled professionals, they would not be allowed to buy a public flat which would still cost them at least half a million bucks. They are expected to cough out at least a million to get a shitty little mickey mouse flat from the private developers. By the time they ended paying up in 30 years, it would have cost them $2m, just for a miserable little space to live in.
And the cost of a car, a cheap one, would be a hundred k. Being professionals, don’t expect them to live a life of the average Singaporeans and travel in MRT or buses. They are high earners and wanted a better life. Otherwise what is the point of their training, skills and qualifications?
The options for not returning, with three or four hundred k, they could get a very decent landed homes in any of the developed countries, like US, UK or Australia. A big car will not even cost half the COE they have to pay here, and can use for as long as they want. Funny, the cost of living in these countries are now cheaper than this paradise they would want to call home. And they could even command a higher or better income than returning to compete with foreigners with better comparative advantages.
They have all the advantages to remain PRs or even take up foreign citizenship and live a better life elsewhere, with lower cost of living than paying a huge ransom for a poorer quality of life here. It just does not make sense anymore for highly qualified young professionals to come home.
Don’t come back unless you don’t mind being robbed of all your savings and incomes.