‘Don’t need the money, for now at least’

Straits Times: Mon, Feb 20
   RETIREE Richard Ang bought his four-room flat in Whampoa 27 years ago for $72,000.   It is now worth half a million dollars but the 65-year-old has no plans to cash in on the home he shares with his wife Mary, 63, and youngest son, Ethan, 35.   ‘M…

RETIREE Richard Ang bought his four-room flat in Whampoa 27 years ago for $72,000.

It is now worth half a million dollars but the 65-year-old has no plans to cash in on the home he shares with his wife Mary, 63, and youngest son, Ethan, 35.

‘Moving house is not so simple and I’m attached to this place too,’ he said.

With his finances in good shape, Mr Ang also never saw a need for him to consider downgrading to a smaller flat to free up cash for his retirement.

He feels that taking up the Silver Housing Bonus, which was announced by Deputy Prime Minister Tharman Shanmugaratnam last Friday, would be worth it only for those who need money urgently.

He also felt that the cash he and his wife might be eligible for, if they take up the bonus, is ‘not a lot right now, especially for those who may need it to pay for their medical bills’.

Property agents have told him recently that his flat is now worth about $500,000 but Mr Ang has no plans to sell because he may leave the flat to his youngest son.

He may think about downgrading to a smaller flat in the future. ‘But even then, how can I be sure that I can get a smaller flat in a good location?’ he added.

TAY SUAN CHIANG

Source: The Straits Times © Singapore Press Holdings Ltd

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