housing costs.
Hi gents.
I have been in SIN for over 10 years, and I am not singaporean.
I think there is one huge factor to consider.
When I came to SIN, I resigned myself to never being able to afford to own a house or car in Singapore. When I first came, apartment rental prices were very high, as were car COE's. I rented in a condo that I could afford. Friends of mine in other countries had 2000sq ft apartments or landed properties, but I had a 1000sq ft apartment......I lived in my means.
As time passed, and after 9-11 and SARS the housing market tanked.
When prices dropped, I gained from lower rental costs, to my pleasure. here is the point...... Although when prices dropped, I could have afforded to "upgrade" my accommodation and live on Orchard Road, I chose not to, I maintained my standard of living and aprtment location.
Many of the people hurting now, have fallen victim of living somewhere that was slightly unrealistic, but they did not realise this. I will expand. Pilots arriving in Singapore 3 years ago, were able to rent a good landed property well located, or a nice large condo in a central area (as I could have done too) because of the abnormally low rents after SARS and 9-11. the problem is, that having no experience of the Singapore market, they didnt realise HOW CHEAP the rents were 2-3 years ago. They considered this normal. Actually they were fortunate to be living in places that I could never dream of living in when I first came to SIN over ten years ago. Therefore they "set their goalposts" at that level. An unrealistic level.
Now the rents have gone up to more realistic levels, if you look at the history of Singapore, and the economic development, these unexpectedly unrealistic "goalposts" have now been smashed. This is indeed regrettable, and no real fault of the Pilots, nor the company.
When I first came to SIN, very few expat pilots would plan to live in district 9 or 10, and not many would have 2500sq ft apartments even on the east coast. The case now is the same for new joiners....the only problem is that up until a year or so ago, some of our colleagues thought that the above styles of living were normal (as they were affordable at that time), but now realise they were under a false impression.
My advise.....naturally, pressurise the company for more HA...as anyone would, but also consider moving out to somewhere less central. There is still plenty of affordable condos in pasir ris or other areas and of a decent standard...and bide your time for the rental allowance to improve, or for the market to drop again in a few years (not expected real soon). For those of you who have children at schools, then this is part of the regrettable adjustments too. Do what you have to do in tougher times, thats the best we can do!
Final note....It is still possible to buy in outer areas.....and use your allowance to pay the mortgage.......I dont say its an easy choice, but it should not be ignored.
Good luck to all!
for those of you buying cars......when i first came here, a COE of $80,000 was not unusual for a two litre car! See, its not all bad news for newish joiners!