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Comment by gnicholas | Hacker News Reader

A college friend of mine was from Singapore. After he got a job at FAANG, he bought an Aston Martin. He said it was so cheap compared to owning a fancy car in Singapore, that it was an appealing deal from his perspective. I learned that his tires cost as much as my car. A year or two later, he bought an second Aston.

He eventually moved back to Singapore, but kept his cars here, at his in-laws house.

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Did your Singaporean friend's family have a house in Singapore? If so, that explains how they could afford a couple Aston Martins.

For reference - house ownership is almost impossible in SG without either being old money or making millions and moving back.

Difficulty in owning a house in singapore is pretty similar to other developed countries. Like in HK, they have HDB (Housing Development Board) flats, which are government-subsidized housing, the median price is around S$500,000 (approximately $372,000 in USD). Only citizens and PRs can buy with subsidies for first time home owner. I would say around 60-80% singaporeans live on HDB housing.

I said a house, not a HDB flat.

A detached house in SG goes for millions of USD [0] on top of having PR and Citizenship requirements. This is because they are Freeholds (aka if you buy the property, you also own the land underneath).

HDB flats are also leaseholds (aka 99 year leases). My ex's family HDB was screwed after the govt began the whole Jurong East expansion there a couple years ago. Unsurprisingly her family voted Workers Party before switching to the PSP.

[0] - https://www.propertyguru.com.sg/property-for-sale?market=res...

not sure what you mean by screwed as some of my team members are HDB owners and we are not aware of any fiasco reg. Jurong expansion.

Anyway just want to provide additional context that housing is not for millionaires only in Singapore. Of course we can argue about the semantic of flat and house til the cows come home.

Yes, and I said a HOUSE in my comment. I asked if the guy's friend has a HOUSE, not a flat. I said HOUSE ownership, not HOME ownership. Ay ya.

sounds like he came from money, no one who does not come from money would think a FAANG salary was reason to buy an aston martin.

in singapore a $60k/yr salary is more than enough to justify a small $200k honda civic.

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