Properties are up for grabs
Melvin Chua, a businessman, sold his 4rm flat in Jalan Membina for $550K and bought a 5rm for $638K. He only needs to top up $88K for a bigger flat. No sweat for a successful businessman. Sales of HDB flats have surged due to demand from young couples, upgraders, downgraders and PRs. It looks like the prices of properties will continue to rise, fuelled by demands from people who can afford them. The prices must therefore be reasonable. In the facing page of the ST was an article by Fiona Chan asking whether the property rally is sustainable? I can simply answer that with an affirmative yes. The pool of flats built by HDB is stable, no new flats are being built unless they have been booked in advance. This is a new concept compare to the old when flats were built ahead of demand leading to oversupply at times. And if the locals are not there buying, the huge influx of PRs and new citizens will be there to make up for the slack. We need them to shore up the CPF scheme. Anyway, what is $500k or $600k? Jet Li bought a bungalow for $14m or $16m. And in the Life page there is a huge bungalow of 7,500 sq ft sitting on 16,000 sq ft of land or the equivalent of 15 5rm HDB flats. The value could be more than Jet Li's. The PR hedge fund manager owner did not disclose the price but it is a handsome house in the choicest corner of Singapore. The rich are living very well here. And so are the average Singaporeans in their affordable 5rm flats. Those who cannot afford it, the losers, need not fear. The govt will look into their needs and build more affordable 2 and 3 rm flats to suit their pockets. And for the real losers, there will be more rental flat built specially just for them. Actually we should not be wasting our time talking about the losers. They make their lives that way, lazy, stupid, and failed to seize the golden opportunities to make more money to buy bigger and affordable flats or landed properties. Shall we say good riddance?