are we better off today?
the price of a bishan executive flat went for more than $800k. everyone was upgrading. from 4 room to 5 room to executive flats to private condo to landed properties. island country club went for $270k. a mercedes was $250k. a marina club membership went for $60k. every weekend everyone was out house hunting or in the golf courses. everyone was buying everything. the prices will go up further. making money in the stock market was so easy. salaries went sky high. everyone expected a big increment and a big bonus, or else threatened to quit. all these was only yesterday. today, everyone is downgrading. 3 and 4 room flats were hot buys. a 5 room flat went for $200k. many new 5 room flats unsold. no buyer. golf clubs can be bought for a song. in johore they are giving free membership. many people are holding closely to their properties. selling them would mean losing a roof over their heads. the proceeds would not be enough to cover the bank loans. not selling them would mean servicing a huge mortgage. jobs lost. even jobs also must downgrade. never dare to ask for an increment. got a job is a big blessing. it might be taken away the next day. are we better off? the govt is crowing that the poor is still an owner to a $100k asset. how fortunate. what a fantastic singapore dream. it is a dream alright. but then again, there are people who are earning $600k still. some more, very much more. singaporeans are really fortunate people, with a great future.