HAVE your house and rent it out too. That is the retirement plan that Mr Fung Chi Shing, 43, has in mind.
In 2005, he bought a single-storey terrace house, a seven-minute walk from Tanah Merah MRT station, for $730,000.
He then tore it down and replaced it with a modern four-storey house.
The house, which is almost complete, has 10 rooms.
Mr Fung plans to add two more rooms on the ground floor and maybe a gym, he told The New Paper on Sunday.
Each room is designed like a studio apartment.
He took a loan from a bank to pay for the building, which cost him $800,000.
The ex-jewellery craftsman who is spending all his time on doing up his new house, had initially planned to rent each room for $900 to $1,000 a month. But with the booming property market, he can double his rental income.
Mr Fung engaged a property agent to place his first newspaper advertisement two weeks ago.
Within two days three of his 10 rooms were taken up by young professionals.
Mr Fung said: ‘I am targeting middle-income professionals. Those who cannot afford to live in a serviced apartment. These people don’t really care about having full condo facilities. They just want their private spaces.
‘Every room is self-contained, with a separate living and sleeping area, attached bathroom and kitchenette.
‘I will hire a maid to do the housekeeping. It’s like staying in a serviced apartment, but much more affordable.’
Each room is about 56 sq m and is furnished with a small sofa, washing machine, TV, fridge and electric stove. There is also a patio for drying laundry.
Mr Fung even installed a lift that can take up to three people. ‘The lift cost $60,000 to install. It’s one of the cheapest in market,’ he said.
The father of three teenagers designed the whole house by himself and intends to occupy the top floor with his family. They now live in a three-bedroom condominium apartment in Kembangan.
Mr Fung said this is his second rental project.
Four years ago he bought a three-storey terrace house in Changi and divided it to rent out to young professionals and expatriates.
He paid $1.2 million for the 280sqm freehold property.
He claimed that his Changi property is constantly in demand, with none of the rooms being left unoccupied for more than a month.
Said his wife, Madam Sheila Chua, 40: ‘During good times, we earn more. But we can still cover our overheads and loan instalments during bad times. It’s a matter of adjusting the price.’
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