Does getting a 3 to 4 rooms condominium unit means the household can afford to pay the more than SGD$1m unit over the course of their lifetime?

The bank won't lend money that they think you can't repay.

Networth = Asset - Liabilities

So if you pay finish your liabilities then yes you should be a millionaire.

If the bank willing to loan you the $$$. Means you are able to pay for the $1mil over the course of life.

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But usually, nobody will pay finish. When retire. Landed then downgrade condo, condo then downgrade HDB.... you got $$$ and a fully paid house.

But if you only own a HDB, you must pay finish with your own money/cpf.

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Also, private property is not illiquid. If you need money just do a term loan to extract cash from your property, no need to sell.