(Image: いらすとや)
A few days ago, I informed my landlord of my consent to renew my two-year apartment rental contract which will come to full term at the end of July. Given the ongoing inflation affecting almost every aspect of our lives, I was more or less prepared for a price hike, so it didn’t come as too much of a surprise when my landlord proposed an increase of SGD 400 per month—in fact, I was expecting an increase of around SGD 1,000, so I was actually relieved that it wasn’t that much. In the end, I managed to knock it down to a SGD 300 increase, and agreed to continue the contract.
I first came from Tokyo to Singapore to live and work in 2002 at the age of 28. Ever since my arrival here, I have rented the same apartment and never moved, so I’ve had the same landlord for close to 24 years. We have maintained a cordial relationship throughout, based on mutual trust—something we value greatly, and it will take a lot for me to leave for another place.
My place is a studio apartment that comes with a living room and kitchen, a bathroom, and a bedroom, occupying an area of around 50 square meters (approximately 540 square feet). It’s nothing fancy, but one thing I really like about it is its convenient location—situated just 170 meters or a two-minute walk from the nearest subway station, right in the middle of a busy commercial area of Singapore.
When the weather is nice and I’m feeling strong enough, I go to my workplace on foot instead of by bus, spending around 25 minutes each way, giving me a good amount of exercise. While walking, I make a point of reciting the French sentences that I’ve learned in recent days.
Real estate has been a fascinating subject for me for quite a few years, and I have read extensively on this topic. The more I read, the more convinced I become that there is really no need for me to rush to buy a property, especially given that I’m not interested in making money from property investment.
If I were to buy an apartment, that would be purely for hedging purposes, against potential increases in rent in my retirement. Once I buy a place, I would most likely stay there for the rest of my life, so I’ll make sure to choose a convenient location in close proximity to clinics, shopping malls, and subway stations.
Since I will be retired, at least I won’t be bound by considerations for being close to my workplace. Luckily, Singapore’s subway system is still expanding, so more choices will become available for me as I wait and observe the property market. Given my age, I won’t be able to take out that big of a mortgage, but that’s alright with me—I’d much rather pay with cash than overleveraging myself with a sizable bank loan.
Incidentally, purely out of curiosity, I have been closely following Tokyo’s property market. In recent years, real estate prices there have gone through the roof, where a new 70-square-meter apartment in Downtown Tokyo costs more than 30 times the average annual household income. That’s too exorbitant, in my opinion—those vertiginous heights can only be explained by a property bubble, which is bound to burst within a few years.
If for nothing else, we cannot ignore the demographic trend of Japan’s aging and declining population, which will eventually catch up with Tokyo’s seemingly invincible property market. As things stand now, Tokyo is full of high-rise condominiums. Some real estate experts and demographers are already warning that those high-rises will become progressively more difficult to maintain due to wear and tear and with residents either moving out or dying of old age, leaving the remaining residents with a bigger financial burden to keep their building standing. Rational thoughts tell me to be prudent about buying a property in Tokyo, despite my adoration for that magnificent city.
Since I’ve decided to continue my apartment contract in Singapore for two more years, the least I should do is focus on growing my liquid assets as much as I can, through working in my current job for steady paychecks and deploying my cash in the stock market, while continuing to acquire new skills to stay relevant in this AI-dominated era. There is no telling what the future holds for me, but I will keep striving to improve my prospects for the coming decades.






