Doc, 53, Has To Finance 2nd Home

Source : The Straits Times, April 27, 2008

Dr Chia Kiat Swan is decidedly philosophical about the recent purchase of his second home.

The medical doctor had bought a landed property - he declined to say where - thinking that it could be paid for with the $2.5 million he expected to get from the collective sale of his Tulip Garden apartment.

Instead, the money will now have to come from out of his pocket after the deal fell through earlier this month.

'Life is uncertain. We just have to make adjustments,' said Dr Chia, 53, who is married with two children and has lived in Tulip Garden for 22 years.

On the bright side, the new house which he bought in the middle of last year is now being rented out and getting returns 'good enough to pay back the loan plus interest'.

He added that he was not alone, as he knew of other people who had also bought units in anticipation of the collective sale going through.

'But as far as I'm aware, no one is in financial crisis because of their decision,' noted Dr Chia, who is also the chairman of Tulip Garden's management council.

Having already fully paid for his Tulip Garden home, it pains him to think about having to spend another 15 years to finance his new house.

That is when he gets philosophical again.

He said: 'If I can make a profit, I'll sell the house. Anyway, I'm not planning to retire so early. I can't be playing golf every day.'