Those who think that the private developers are worried that their properties will not be sold or property prices will fall will be disappointed. Boon Wan would have to release more land for the private property developers to build more private properties for sale. While the locals are complaining about outrageous property prices, the millionaires in China, India, Indonesia and overseas are finding the properties here a bargain.
And it was reported China alone has at least one million millionaires and all wanting to invest in properties. The property developers are laying down the red carpet to invite these new rich to buy properties here. And the take up rate is very high. All the big developers like Far East and Capitaland are in China luring the investors with perks, free air tickets and seafood dinners, all to buy properties here.
If the one million Chinese millionaires were to buy one unit each, that will be one million units short. To be more realistic, if ten per cent of the millionaires were to buy, that is already a cool 100k units. Nothing left and not enough to go round. Then the Indians, Indonesians and Westerners, we need to reclaim more land and islands to build properties.
Alternatively Singaporeans can start to sell out their million dollar properties and move off to JB, Batam and Bintang. One thing for sure, property prices will keep going up. Singapore is going to experience another bigger property boom, and there will be prosperity all round. The more properties one owns, the richer one will become.
Happy days are back again! The long queues in new launches will be back. Banks will be able to offer more attractive mortgages packages. The craze will be on and property speculators will be laughing all the way to the banks.