ThinkFurther Tools · Singapore
Property vs
Equities
Are your returns really your returns?
A Singapore-focused decision model comparing property and equity investing after costs, leverage, taxes, liquidity, concentration risk, and assumptions.
04
investment paths
13
cost and risk factors
SGD
common comparison basis
01 · Interactive model
Change the assumptions.
Watch the decision move.
Start with the illustrative base case, then replace every blue input with your own view. Results update immediately in SGD.
Illustrative outcome · 10 yearsWinner on modelled ending wealth: S&P 500 · CSPX/SPYL style
Ending wealth comparison
SGD · after modelled costsPathModelled IRRLiquidityConcentration
Property · rent out6.6%LowSingle asset
STI ETF5.2%DailySingapore large-cap
S&P 500 · CSPX/SPYL style7.7%DailyUS large-cap
Global equities · VWRA style6.4%DailyGlobal diversified
Illustrative only. IRR is money-weighted; ending wealth is not risk-adjusted. The model assumes annual equity top-ups equal to property cash shortfalls and does not assign a liquidity or volatility premium.
02 · What this model compares
Five paths. One capital lens.
Buy and sell new launch property
Test capital growth, leverage and transaction costs without assuming rental income.
Buy and rent out property
Layer rental yield, vacancy, maintenance and non-owner-occupier property tax onto the property case.
STI ETF
Model Singapore equity exposure with a configurable total return, fund fee and trading costs.
S&P 500 exposure in SGD
Use a CSPX/SPYL-style Irish UCITS implementation with return, fund cost, tax drag and FX friction shown separately.
Global equities in SGD
Use a VWRA-style global portfolio with its own return and cost assumptions.
03 · Why headline returns can mislead
The return you remember is rarely the return you keep.
Gross appreciation and index performance ignore the friction between an asset and your actual outcome.
01Buyer stamp duty02ABSD03SSD04Legal fees05Agent commissions06Mortgage interest07CPF accrued interest opportunity cost08Vacancy risk09Property tax10Equity withholding tax11Fund fees12FX spread13Brokerage / platform fees
04 · Key questions
The model is built to challenge the obvious answer.
01
What annual property price growth is needed to beat equities?
02
How much does leverage help or hurt?
03
How do vacancy and mortgage rates change the outcome?
04
How concentrated does my net worth become if I buy property?
05
When does property win, and when do equities win?
05 · Sources and methodology
Built for transparency, not false precision.
The model uses editable forward assumptions rather than presenting historical returns as forecasts. Official rules inform the tax and CPF mechanics; ETF and market sources provide implementation context.
URA
Private residential property price and rental indices
↗IRASBuyer's Stamp Duty and residential tiers
↗IRASABSD rules and rates
↗IRASSSD holding periods and rates
↗IRASResidential property tax rules
↗CPFProperty refunds and accrued interest
↗Market dataYahoo Finance / ETF historical data
↗CSPX / SPYL styleS&P 500 UCITS implementation assumptions
↗VWRA styleGlobal equity implementation assumptions
↗STI ETFFund data and backcast assumptions
↗How to read the outputs
Property is modelled with a fully drawn amortising loan and annual cash flows. Equity paths use the same initial capital and receive the same annual cash top-ups required by the property case. Forward returns, rent, fees and tax drags are assumptions, not predictions. New-launch progressive payments, income tax on rent, renovation, depreciation, insurance, refinancing and personal tax circumstances are not modelled.
06 · Important note
A model informs judgement. It does not make the decision.
This is for education only and is not financial advice. Assumptions are simplified and may not reflect your personal tax, CPF, financing, risk tolerance, or liquidity situation. Seek licensed financial, tax, or legal advice before making investment decisions.
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