No property bubble yet!
'Even if we cap our excess, people in Hong Kong, Indonesia, will say, compared to what I have to pay, Singapore is cheap, let's buy it,' he added. 'And apart from landed properties, they can buy into any condos.' Mr Lee, who was speaking at a dinner hosted by the Association of Banks in Singapore, said that the Government is convinced that there is real underlying demand for residential property. 'So it's probably not a bubble yet,' he added. The above comments by MM was reported in the ST. So foreigners want to buy even at much higher prices and we sell. They can buy into landed properties and condos. Would their buying raise the prices of other properties and in turn raise the cost of living here? Just because they want to buy, must we sell? Who sets the rules to allow them to buy condos and landed properties? Are these rules good for Singaporeans? For sure, it is good for developers and taxes. My gut feel is that one day we will regret this thoughtless selling of our precious land to foreigners. By then it will be too late to unwind the clock. And we can't do it like Mahathir, introduce laws to be effective retrospectively. Once the land is sold, freehold land, it is gone forever.