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2/15/2011

I am watching the property prices

I have been watching the property prices for more than 30 years. I have watched how the prices charged up and come tumbling down during a crisis. It looks like a roller coaster going up and down, beyond anyone’s control. The most spectacular time would be the recent years. After the financial crisis when prices plunged, all was doomed. Then everything turned around with everyone cheering happily as the prices went up and up. The developers, the housing agents, the investors, the home owners were all smiling. The govt was also smiling. I watch when there was an over supply of HDB flats. I watch when the HDB cut down on its building programme. I watch as the population grew with more PRs and new citizens flooding our shores. I watch how from a position of over supply turns into a position of severe shortages. And I am still watching. I watch how the frantic release of land to build more flats and the demands continue to be strong. I watch how the affordable HDB flats continue to be affordable despite all the price hikes while salary remains crawling at a snail pace. And I am watching happily as everyone says property prices are very affordable, can still go up some more, and no need to panic as there are plenty on the supply side. I am still watching. I never read the kpkbs in cyberspace and did not know what is happening. For the next 30 years, if I am still around, I will still be watching how the property prices go through the roof of the sky, and everyone claiming so affordable. It is such a wonderful past time just watching….

7 comments:

Wally Buffet said...

Keep watching.

The "Best" is yet to be.

When the property bubble in China burst, nay implode, the repercussions will be felt around the world like a tsunami triggered by a 20 point Richter scale earthquake. When even a baker who earns 2000 RMB can buy an apartment costing 2 million yuan, you know that somehow, someday, something has got to give.

When that day comes, our super duper foreign "talents" will be leaving this island as if it is plague ridden and go back farming in India, China or the Philippines. The Ang Mohs will be sailing home to do sheep rearing and milking cows.

Then, we will see established household name banks going belly up. Property prices sinking to the pits and the once euphoric morons scrambling at property launches queuing up at soup kitchens set up by the Salvation Army. Jobless, hopeless and saddled with debts they can never repay, these once "cheap cheap cheaping" property buyers will be rushing up to the MBR to take a free fall flight down the Marina Barrage into oblivion.

This is no fiction nor a figment of my fecund imagination.

This is the economic reality of the future.

Be warned.

Anonymous said...

Wow, foreigners have to go back to do farmings and Singaporeans will have all the vacated properties, once owned by aliens, to themselves. What a windfall, die die also cannot migrate anymore, must remain as a Singapoorian.

Anonymous said...

Wally,

My exact sentiments! While we seem very happy inflating our economy with foreigners, I doubt our MIWs have an exit plan for an sudden outflow of these mercenaries. We will be left carrying the baby, the infrastructure that is planned for a population of 6.5 mil. We had seen the mass outflow durig the SARS crisis. it will happen again.

Anonymous said...

When they are in, inflating the prices, poor sinkies got no choice but to grab whatever they can as they need a roof. When the price is high enuf, they will unload and run. poor sinkies ended with the baby and very high prices.

who should be blamed?

Chua Chin Leng aka redbean said...

When speculation is the game, prepare for a roller coaster ride. The big difference is that the foreigners can get out of the ride while Singaporeans can't and must hang on in there.

Anonymous said...

Whatever it is, the rich and Governments everywhere are playing a game using citizens as pawns.

The pawns can follow the crowd and the experts, ride the waves, time their exits, whatever, but in the end everything ends up with the rich and the Government.

Investments in properties, pension funds, CPF money will all be confiscated, without citizens realising this is slowly happening. In between, the rich and the Government do occasionally throw bits of bones and skins to cheer the fools on.

Keep watching!

Anonymous said...

Heard that in China even maids took leave to buy apartment.

Very soon in Spore many will become disable if they still think properties are affordable.