Thank you everyone for showing interest and looking into this campaign. I am Peter Yeo from Singapore, the only child currently living with my parents. I am looking to set up this fundraiser in hope to aid in getting a flat for myself. In Singapore, a single can only buy subsidized homes at age 35. I am currently 35 years old now but I am financially still far from getting a flat here. A subsidized 3 room flat(2 bedrooms and 1 living room) of about 700-800square feet can cost up to SGD $400,000++ and housing prices are still raising. My current savings barely reach $50,000 as of now.
More about me and my family:
Why do I need to buy a flat since I am living with my parents?
I will have to fully support both my parents in future when they are old. I am not earning a lot from my work and is currently allocating some of my wages as well to support both my parents every month. Although my parents are still working, their monthly wages are only enough to make ends meet. My wage support comes in handy when things at home needs replacement and other basic needs like clothes, utility bills, household items etc. At my current situation, I couldn't save up much.
If I can get a flat for my own, my parents flat can be an asset to be prepared for their future expenses or in case of emergency situations such as medical bills. Medical bills in Singapore can be very expensive and there are already cases that a single medical bill could wipe out a patient's entire life savings and still be in debts. Compared to cash which is easily accessible and easily spent, I will put all the fund raised into buy a flat. This way I will be able to keep the "money" well and use it when there is really a need.
I can still go for mortgage?
But there are minimum requirements that we will need to fulfill. My current savings are still very far from the full amount of the housing price. This means I will have to take up a heavy mortgage however with the bank requirements(minimum wages etc), I will not be eligible.
Why are contributions made in USD?
Because I am using paypal for receiving contributions and the account is in USD currency.
Thank you everyone for reading and understanding my situation. Also to be frank, I am still living well currently, please don't misunderstand that I am struggling. My real worry will happen when my parents are old and unable to work anymore. I could not think of a better solution to ease the situation when the day comes. Any contributions be it a lot or little, will definitely help me by then. All contributions will be saved up for the flat and will not be used for anything else. I will definitely post photos of my new flat when I get it to thank everyone for your generous contributions:)
Although my parents are not computer literate, but we as a family will be very grateful for every big and small contributions. Thank you.