Taking on a bigger role
After spending time at the St James Station partying with the young PAPs and explaining the ministerial hike to the Press, LKY came out to address the fear of the Indon Extradition Treaty. It will not affect our property prices and the Indonesian rich will not be running away. That is about the gist of what he said. There is fear of how this treaty will impact our large pool of rich Indonesians who have been staying here and investing in our properties and businesses. And the fear is genuine as the main reason that has been floated all these while is to deal with the 'corrupt' rich Indonesians that are here. You can't blame the rich Indonesians for having second thoughts about their well beings. And one can't dissuade the property speculators that this will not have any impact on the property markets. There will be some who will have to change their investment plans and sell off some of their holdings. The rich are mobile and when there is uncertainty, the best option is to disappear to safer ground. No point and no need to put themselves to risk. Now we watch and see how this extradition treaty will play up or down our property market.