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6/30/2007

Memories of a property bust

It wasn't too long ago when property prices were driven sky high and let to a financial crisis. Then punitive measures were taken to curb the incessant demand and price increases. It was just a bad dream. Don't bother with it. Now all efforts are channelled to build hi end world best properties and at ethereal prices. Obviously many Singaporeans are not going to be beneficiaries to such exuberant enthusiasm. Several million dollars price tag are beyond the means of many Singaporeans. It is only for them to ogle. Then build all these high end properties for who, for what? Is this the best way to use our scarce land resources? And the profits from such sales and developments, for who?

30 comments:

Anonymous said...

Hi Redbean, Don't you know that the high end properties are built only to attract foreign investment? You are right to say that not many Singaporeans will be able to buy such properties because the price tag will be well beyond the means of the ordinary people. If you are not rich in Singaporean, be grateful for your HDB flats. Do not even dream of owning any high end properties. They are reserved for the elites and the rich Indonesians.

Singapore will truely become a global city with the true blue Singaporeans confined to the HDB areas. The high end condos are only for the rich foreigners.

Anonymous said...

And the profits from such sales and developments, for who?


Gondu question... who u think?
Govt not only get taxes and duties, they are also the ONLY major owner and seller of tenured land. After 99 years it becomes state land again. How can you ask such a stupid question!

redbean said...

i just ask ask only lah. thanks for the enlightenment. i am not sure that it is only 99 years. many are freehold.

soon the marina bay area will be so posh and beautiful that Singaporeans would have to pay to visit. it will be a disneyland of sort for the super rich foreigners. and $50 per entry to be there to soak in the ambience and tell people you have been there, a piece of Singapore that you can only see and not touch.

Anonymous said...

I cant verify the limited information that is available in the market, but I read that in HK 90% of the land are state owned; whereas in Singapore it is between 70 to 80 % including the land that are leased to govt agencies, but I believe the figures are closer to 80% now given reclamations etc. However the figures are just from the top of my head, maybe someone from the SLA would know.

Matilah_Singapura said...

Eh fuckers, when something is FOR SALE in the market, anyone is entitles to buy lah.

Are you sure Singaporeans aren't buying these top-end properties?

I can assure you, they are. ;-)

Anonymous said...

Did you see alot of smiling faces lately with our top earners?

Do you think the market will be stifled any time soon?

redbean can learn alot from mat.

redbean said...

someone who booked 10 units of the top end properties and waiting for someone to come along to take them from him will surely be smiling broadly.

with 3 million more people expected to come here, there will be takers. a similar situation like pre 1997 when we expect a lot of hongkongers to relocate here.

think this time the possibility of 3 million rich foreigners coming here is greater with the red carpet we are laying to welcome them.

Anonymous said...

ya if i earned 2.5 mil, i cud buy 5 to 10 luxury homes on 25% upfront payment, and consider a bank loan or contra next year.

i must have faith that the prices will not be affected by bad news.

i help to bring up prices of new properties and i am rewarded for the great work!

Matilah_Singapura said...

When the US had the terok recession in the 70's co-op apartments on Park Avenue were virtually being given away—to anyone who could afford to pay just the maintenance fees.

In Aust about 15 years ago during the bad recession, city property was virtually being given away at 5 years free rent—just pay maintenance.

Both the above scenarios were after severe economic downturns—America in the 70's caused by oil embargo, going off the gold standard, aftermath of Vietnam, and Aust in 1992 from a credit bubble bursting.

My point is this: even the STRONGEST economies get whacked. Today you can't get any space in most Australian cities even if you bid over and above the market price—full house. And a co-op on New York's Park Ave is several million USD's, maybe even tens of millions.

So don't be too quick to "envy" all those folks who are bidding up the market, or can afford the 5 or 10 million for a condo in Tanglin/Orchard area, or the developers who are experiencing extensive "liquid, good, times".

Fortunes do have a habit of reversing themselves. Everyone gets "opportunity" to create wealth. Lucky for the rest of us, The Ego is the Great Leveller—for without the need for Ego pandering and indulgence, no one would make errors of judgement :-)

Matilah_Singapura said...
This comment has been removed by the author.
Anonymous said...

Mat, not so bad lah if you have "INSIDER" info as to what may or may not happen

Anonymous said...

A person earning 2 million pa can easily flip 10 luxury condos with great profits. Together with 9 other colleagues, they can flip 100 condos. SO why are people thinking there must be foreigners involved? Could the news have been passed round in order to cover this lucurative business.. when everyone is busy counting their winnings, there is no real desire/ hurry to stop the cash cow. So dun worry it is not excessive yet.. we are busy milking the cow.

redbean said...

this is insider info.

Anonymous said...

whatever it is, as long as I help bring up property prices, I shud be rewarded. Hey your assets are increased by my hard work you know. I shud be a good capitalistic model to be emulated. Me and my friends can duplicate the same thing at every launches to generate wealth for everybody and they shud be grateful I am doing that. My mission in life is to help others what.

Anonymous said...

The rich gets richer and the poor gets improvished, and it is so obviously shortsighted to encourage or allow this class divide to accelerate, but this is exactly what is happening here!!

Anonymous said...

IF only u have a million u said at first. an when u got that.. hmm if only i can match my neighbours' 5 millions

but once u get there, u then realised that u are just an entry level millionaire and the veteran pte bankers dun see u up enough.. so u start to aim for the 30 millions super rich category..


that's life in singapore which explains the "The rich gets richer and the poor gets improvished..." phenomena here!

Anonymous said...

...places like taipei hk macau manila jakarta... the rich get mugged or kidnapped by the robin hoods ... this is a common n contagious trend in places with extreme class divide... frankly who cares if it happens here so long as the middle class are not affected, do you?

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