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23-Year-Old Singapore Woman Buys Serangoon Condo After Saving Religously And Spending Frugally
There comes a time in every Singaporean’s life when they must face the juggernaut that is local housing prices. But Ms Chen Min has overcome this challenge and purchased her very own condo in Singapore at just 23 years old.
Her secret? Working multiple jobs — including her own business — saving religiously, and spending frugally.
She stated that she earned all the money by herself with no financial aid.
Through years of carefulness and hard work, she has accomplished something many young adults in Singapore can only dream of.
Came from average family, saved rigorously
On 29 July, Ms Chen shared a TikTok video documenting her first property purchase which came with an upfront payment of S$200,000.
While it’s easy to assume that well-off parents are the ‘secret’ to such inspiring stories, this certainly wasn’t the case with Ms Chen.
Speaking to MS News, Ms Chen shared that she came from an average family where her father was the sole breadwinner and thus was unable to give her any financial support.
At just the age of 17, Ms Chen started her own pastry home business while she was still a polytechnic student.
Source: @pastriets on Instagram
Ms Chen explained that the state of being financially independent and having little money at the time forced her to spend wisely.
Providing some examples, Ms Chen said she’d choose walking over taking public transportation and will even avoid snacking and buying tidbits during school breaks.
Even though the savings from each of these practices might appear insignificant, they add up over time:
$1 a day spent = $7 a week, $28 a month, $336 a year
However, as Ms Chen prioritised her business and savings, she also didn’t have much of a social life.
Inspired to buy property after grandma rented out her own house
Initially, Ms Chen had no goals for her savings other than just for “rainy days”.
Things changed in 2021 when her grandmother moved into her family’s home and rented out her own house. Ms Chen became inspired to do the same as she believed property investing was a good source of passive income due to the increasing property prices.
As such, Ms Chen set a monumental goal for herself — own her first property before she turned 24.
Source: @minxchen_ on TikTok
Ms Chen decided to maximise her savings and time by taking up multiple part-time jobs while running her pastry business.
“I never wasted an hour of my life and while I’m still young and strong, I work as hard as I [possibly] can because I always value doing something meaningful”, she explained to MS News.
Nowadays, when thinking of making money quickly, most thoughts fly towards the idea of crypto investments or buying and selling shares in the stock market.
Ms Chen, however, is more “old school” and “safe” in this aspect. She explained that she never touched online investments or cryptocurrencies, preferring to only invest in things she could “see and touch”.
Source: @minxchen_ on TikTok
As such, all her savings came entirely from her pastry business and the part-time jobs she took up.
Immediately rented out Serangoon condo she bought
As for the apartment she purchased, Ms Chen said it was the only unit she viewed as she found that it had the best potential yield among all the properties that she considered.
Ms Chen added that she minimised risk prior to the purchase by looking for units with “existing good tenants as well as desirable rental payments”.
Source: @minxchen_ on TikTok
The condo she bought was a 1+1 unit, which includes a master bedroom and a living room.
Ms Chen shared in the video that she immediately rented the condominium unit out and will continue staying with her family at their home.
Ending her TikTok video, Ms Chen said her biggest takeaway from this episode is not to underestimate oneself and to always work on becoming a better version of ourselves.
Source: @minxchen_ on TikTok
This isn’t the first time Ms Chen has gone viral for her TikTok content.
Last year, she bought her mother a Louis Vuitton bag that the latter had eyes on for more than 10 years.
Having secretly obtained her driving licence, she also surprised her parents by pretending to be their private-hire driver.
Saved enough for a Singapore condo and an LV bag for her mum
Condo in Singapore cost her $200,000 upfront
Some solid advice and inspiration for us all indeed!
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Featured image adapted from @minxchen_ on TikTok.
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