Yesterday visited an old chum. Had coffee with him at a coffee shop in his estate -- landed property.
He: U see that bungalow? It's up for sale. The owner is holding out for more than $1,000 psf. He got it much cheaper 10 years ago.
Me: Where is the previous owner? He would have bought something bigger ... everyone upgrades .... and his existing property would be worth a fortune, right?
He: His is a sad story.
Me: What happened?
He: After selling the bungalow, he used the money to buy 8 condos. Put some money down, borrowed the rest from banks.
Then came the Asian financial crisis.... The value of the condos fell, some tenants left, he couldn't service the loans, all sorts of problems.
Me: What happened next? He couldnt sell the properties?
Long time have not blogged my thoughts. Been more than a year since I travelled to Beijing -- the weather then was already bad, left a negative impression on me & friends. Don't want to go there for holiday. Could cost me in health terms. Just read from Michael Barry's blog after a cycle ride : .... the effects of the poor air quality were evident at the finish. With our bags piled on the curb, the team staff wiped down the thick grim on our faces and legs, as journalists asked questions and fans reached for used water bottles. We coughed up thick dirty phlegm, our eyes were bloodshot and each rider complained of a burning in his chest. The thick smog affected us all. The locals knew better. While on their bikes they wore dust masks.
The other day happened to open my safe to get some Aussie dollars cos travelling there soon. Saw my will in there. It's many years old, but no reason to change things ...... Hahahaaha. My friends, if you have not made a will, do it soon. U can write your own. Check out the Internet for some guidance. Save some legal money if you are confident you can write it. Without a will, what happens if you go (suddenly or otherwise)?
If you die and leave behind a surviving spouse, no child and no parent, your spouse will get your entire estate.
If you die and leave behind a surviving spouse and children, your spouse will get half of your estate.
The remaining half will be distributed equally among your children.
If you die and leave behind a surviving spouse, no child, but a parent or parents, your spouse will get half of your estate and your parent(s) will get the other half of the estate.
If there are two parents, they each get their entitlement in equal portions.
If there are no surviving spouse, descendants or parents, your surviving siblings and children of deceased siblings will share your estate in equal portions.
If there are no surviving spouse, descendants, parents, siblings or children of siblings, your grandparents will receive your estate in equal portions.
Otherwise, your uncles and aunts will share your estate in equal portions.
If there are no uncles and aunts, the government will receive your estate in full.
Property investments have made many of my friends very rich. The good ol days are over, however. I just hope it's not too sharp a fall, or there will be many cases of negative equity, or bankruptcies.
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[Po Piah 22-08-2011]:
Yesterday visited an old chum. Had coffee with him at a coffee shop in his estate -- landed property.
He: U see that bungalow? It's up for sale. The owner is holding out for more than $1,000 psf. He got it much cheaper 10 years ago.
Me: Where is the previous owner? He would have bought something bigger ... everyone upgrades .... and his existing property would be worth a fortune, right?
He: His is a sad story.
Me: What happened?
He: After selling the bungalow, he used the money to buy 8 condos. Put some money down, borrowed the rest from banks.
Then came the Asian financial crisis.... The value of the condos fell, some tenants left, he couldn't service the loans, all sorts of problems.
Me: What happened next? He couldnt sell the properties?
Went to Immigration and Checkpoints Authority in Kallang Rd to collect passport.
Arrived at 10.45 am. My e-appointment was 11 am. There, was issued a ticket --- surprise! It says '4 people in your queue'. When I looked around the waiting area, however, I saw scores of, maybe more than 100, people seated, waiting for their turn.
So, I learnt the magic way: Make an appointment, via Internet or by phone.
And true enough, I was served after 4 people... Collected passport at 10.57 am.
I thank ICA for the efficiency! I remember a few years ago, I had to wait 2 hours to collect passport. Now, I save time and I save parking fee. U should too....
Over dinner, my friend told us about what it cost her to visit a doc on board the Royal Caribbean cruise with stopover in Bali. It's a squeeze, as I expected.
The cruise ship's doc charged US$70 for a short consultation and US$12 for the medication. Not bad hor, if you are a doc -- enjoy a cruise at work.
