Legacy of the babyboomers
This is the generation that sees the transformation of the world and this island, from war to peace, and from poverty to wealth. And they are the ones who are holding on to all the wealth and power, and not letting go. They will cling on till their deaths whatever they have, position, money and power. On their passing, in 10 or 20 years time, we will see what they have left behind. One thing for sure, they will be a lot of properties passing down. Many have several properties for their children and themselves. At the worst each will have a HDB flat. Their children or grand children will be the beneficiaries of the wealth. The next generation will not be roofless. They will have more than one roof or a better roof over their heads. Any demand for housing will be more of a case of upgrading. But there will be a net increase in the availability of housing/flats in the market and a dwindling demand for various reasons. Other than the many already well provided for by the babyboomers, or inheriting an extra unit, the population is not growing at such a healthy rate to generate a growth in demand for more residential properties. Can there be a continuous demand and a running away of property prices? It can, with another 3 million foreigners coming in to grab up all the high end properties. The demographic pattern will change. Today it is the old and new rich that are holding onto their landed properties and the masses in HDBs. This may changed when the bulk of high end properties in expansive downtown be all owned by foreigners and the citizens living in the outskirts of town. And living in downtown will be so expansive that it will be a truly foreign city within a city. Singaporeans could be alien in downtown other than workers in the hours of light. When darkness falls, Singaporeans will return to their HDB estates away from downtown. Would we see a day when the new choices part of the island, the new downtown, be a paradise of foreigners?