On my frequent visits to my friends' houses in Sentosa Cove, I often marveled at the architecture. I loved the space, modern design and the views of the sea. When I was young, I lived in a HDB flat on the 15th floor of a block in Marine Drive. I could see as far as the Riau Islands of Indonesia from my bedroom. I credit the high floor and fabulous views with my perfect eye sight.
I also fell in love with the four seasons in European cities like London, and New York. But the to own a house by the sea in Sentosa Cove, I need around SGD20 - 30m of loose change. If I settle for an apartment in Manhattan, I will need much less money, probably SGD2 - 3m for a 2 bedroom apartment. of around 1,000 sf.
I often wreck my brains on how I could ever achieve financial freedom and live in one of these beautiful homes. I am not far from retiring modestly. I own a home and two investment properties, with another three completing this year. I have plans to buy another resale property by the end of this year. In total, the total real estate assets I own is around SGD5.5m, with an equity of around SGD1.7m.
Wealth compounds rapidly. If I can achieve 30 - 40% per year, I can double my money every two years. I guess in five years, I can revisit my quest for an early retirement. I could even own a nice pad in London or Manhattan. Maybe in ten years I can own a nice family home of around GBP1 - 2m by the River Thames in South West London.
Getting there requires a lot of knowledge, reading, analysis, learning, negotiating, especially with bankers. I should be letting go of some properties before the end of this decade, earning around 700k - 1m of profit for each house that I let go.
Getting there requires a lot of knowledge, reading, analysis, learning, negotiating, especially with bankers. I should be letting go of some properties before the end of this decade, earning around 700k - 1m of profit for each house that I let go.
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| Fish House in Sentosa Cove |
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| Sephora House, Manhattan 5th Ave |
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