Dear readers, with the government’s move to make HDB flats and HDB living more attractive through initiatives like waterfront living, I believe it is also time to relook the mentality of Singaporeans surrounding condominiums. I call this the Condominium Mentality.
First, many Singaporeans have the notion that owning a condominium means that the condominium owner has “made it in life”. This, to me partly explains why many do not mind forking at least S$1 million for a condominium unit, even if the condo is small and not conducive as an accommodation for the individual and his or her family’s needs. This is why many Singaporeans are chasing after condominiums and it seems to be an incessant chase. The incessant chase is what drives up condos prices on a per square foot basis again and again.
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Second, many Singaporeans have the perception that buying a condominium is a sure win to flip over a tidy profit. Thus, it is not always a given that for those who procure condominiums, they are buying for stay, the motivation and reason could be linked to investments.
Finally, I think it may be time to do away with the comparison of condominiums prices along the “CCR”, “RCR” and “OCR”. The material drive and instinct of some Singaporeans, including the need to compare is commonplace. Once an individual upgrades from a HDB to a OCR unit, the next benchmark will be RCR and then CCR condo. And once an individual owns 1 condo, the next goal will be another condo, so on and so forth.
Thus, I would think is healthy to normalise the mindset of many Singaporeans surrounding condominiums towards that of owning one property that suits one’s needs and is comfortable to one’s pocket.