Home prices hit record high!

According to the latest URA report, ‘Singapore home prices climbed to a record in the fourth quarter after developers sold more homes,…’

This is a terrific piece of good news for all flat and landed property owners. I am also exceptionally pleased with this news as my little flat is going to be $1m soon. Then I can sell and migrate to some little corners of China or Thailand, or maybe Australia to spend my twilight years away from this dynamic and rich city.

Or maybe I will join my children in Europe and stay with them with all expenses paid. Whatever left over after my last days can be willed to them.

And there are people comparing Khaw Boon Wan with Mah Bow Tan to see who is worst. Now, now, I think that is a wrong approach, wrong attitude. Should compare who is better. I think Boon Wan is getting better and betterer with the housing prices under his charge.

The little misgiving I have is that my children will not want to be back here anymore. Both have very good post graduate papers and living abroad is no big issue to them.. Both will trade their places, and allow some foreign talents to take their places here. I think they will find it more cost effective to spend their money in other less costly countries. At least they have a choice. For the next generation of young Sinkies with no choice, I am sure they will all be most happy to buy the million dollar HDB flats and the multi million dollar private properties.

All will call themselves millionaires but taking public transports. They will probably be invited to enjoy the bungalows of their maids for holidays in the Philippines, Indonesia, India or Myanmar. And all Sinkies can live happily as millionaires in their flats, and to downgrade to smaller flats during their twilight years with nothing to worry about except don’t get sick.


jjj2usg said...

My heart bleeds and also lost of words especially to all future young generation millionaires!!!
Are we waking up or not????

so1trg said...

Singapore is 6th best place to be born in the world by the survey conducted by The Economist.

What do you expect?

Anonymous said...

This is very serious and our government must do something to ensure housing prices do not spiral out of control. This is the responsibility of the government. We do not want to make obscene profits at the expense of our future generations. KBW, do you get it?

Anonymous said...

Crash the market crash the market !

Have a freak election, this is called Shock and Awe !

agongkia said...

Housing should be up up and up and whoever Ah Tur Ah Kow become minister oso the same.I am only sad that Sinkies after so many years tend to forget what is the purpose of their forefathers coming to this Sinkie land.They risk coming here to make a fortune and hope to bring back the fortune to their homeland.
Now capable Sinkies from Thng Sua only think of bringing the fortune to elsewhere.
Uncle,China is the best choice.Dun let our ancestor down.

Anonymous said...

Re we must ensure housing prices don't spiral out of control.

They are not Already out of control???

The other big questions of course are Why did PAP sell its TCs' software system? What was the deal? How much did it cost to develop it? And btw, how much is NCS charging to maintain it?

And of course, there're the really big biggie questions: When will the PAP answer these questions? And why is it so reluctant to do so?

Plse don't tell me that these are some of the mysteries of life.

Anonymous said...

Good idea, all the Sinkies should sell when the price is high and bring back their fortune to China, India or Indonesia or anywhere else.

Let the new immigrants buy these properties at the cheap so that they can make another few millions by selling to the newer immigrants.

Everone profit, everyone happy. China and India also happy with all the money brought back by the immigrants.

Anonymous said...

Our great leaders are at a lost. They created the monster and feed it until so fat that now they dont know how to tame it. So the next generation has to work and toil and keep the monster satisfy.

oldhorse42 said...

Why do our leaders do any thing to lower the housing price when they are benefiting from the galloping prices?How many property each and every one of them and their family members own? Do they ever disclose their assets?
Sell our million $ apartment and live oversea? Not so easy. Other country have laws that prevent rich foreigners from driving up property prices. Take Horizon Hills for eg, foreigners can only buy property above 500,000 RM

Anonymous said...

Sinkies are getting richer and richer without having to work. Other Sinkies will have to feed them by paying for more expensive flats. Making money from Sinkies is so easy.

Anonymous said...

"Our great leaders are at a lost. They created the monster and feed it until so fat that now they dont know how to tame it. So the next generation has to work and toil and keep the monster satisfy."

Why should they tame it when their bonus and perks depend on how fat the economy is ? the fatter, the merrier for them !

The said...

/// so1trg said...

Singapore is 6th best place to be born in the world by the survey conducted by The Economist.

What do you expect? ///

Yes, 6th best place to be born.

60th best place to grow up.....

156th best place to die........

look4kc said...

This are call runaway prices or lack of control by the authority who are also landlords themselves.

There are many many runaway prices in SinCity such as COE, ERP, HDB, CPF, Medical fees, school fees, public transportation fares, hawker foods, cigarette and beer prices, etc, etc

Last but not least is a very shamefully shameless runaway or uncontrolled top civil servants and ministerial salaries.

Matilah_Singapura said...

The world is printing more money in 2013.

Prices will go even higher. Rapid rises in asset values drive people insane with greed, and they act in very silly ways. It also encourages bad behaviour from those who think that they've "missed out", and will now borrow excessively to "get in the game".

I tell you, real estate in Singapore is always an entertaining saga.

HcoRealEstate said...
This comment has been removed by the author.
Anonymous said...

Ministers live in bungalows or not?
So if property prices go up, Ministers benefit or not?

So why would Ministers want to bring down property prices?

patriot said...

The Tanjong Pagar Voter who posted before saying he/she can sell his/her flat for more than 1/2 a million Sin Dollars and live with the children made sense.

Now, the Way Redbean plans to live abroad makes even more sense. He will live better with more time to smell the flowers, write his memoirs and blog. He will also have more pictureques places to visit and do his photography.
夕阳无限好, Sunset is beautiful, however one got to catch it well. 须在及时享。Once missed, there is no more chance.

Anyway, to cut it short, hope Agongkia is spot on, property price will go up up and we Sinkies can go away from Sin to live in better lands. There are plenty of good earth elsewhere. Sin is like a pair of good shoes, it will just worn off.


Anonymous said...

There are so many flats and apartments waiting to be rented out, the bubble is going to burst in this year.

Chua Chin Leng aka redbean said...

Hi look4kc, welcome to the blog.

The runaway prices will only be paid the those latecomers or the younger generations. This is not productive, just like importing cheap labour.

This will only get worst and worst.

Anonymous said...

Property prices go higher and higher.


who are buying them?

How many buyers are Native Sinkies?

Matilah_Singapura said...

The central banks of the world's cuntrees are printing money like a curry-lover's diarrhea. If that wasn't bad enough -- remember that this money is secured by debt -- people take this new money, take out more loans and whack it into securities, commodities and real estate -- driving prices nuts. Prices go up. Debt levels go up...and when it is about to collapse, they pump in more money.

This can go on for years. Decades even, if the money velocity doesn't go out of control.

I'm guessing prices in Singapore have room to double. I doubt if there'll be a crash anytime soon. The higher the price level goes, the greater the chance of a devastating crash. And the increased probability that bottom-feeding scumbag greedy profiteers...like my good self...will pick up cheap units.

Got patience?

Anonymous said...

"The central banks of the world's cuntrees are printing money"

Actually, over here it's the commercial banks spewing money like diarrhea. Banks create money by lending it. The more they lend for unproductive uses, the more the bubble inflates, which is why governments have to put corrective measures in place directly against the banks, as they did in Canada last year.

None of this pussyfooting around the problem. Whack the banks in the interest income column.

Matilah_Singapura said...

@anon 915

You've highlighted the second phenomenon which leads to inflation (the first being money printing/ aka quantitative easing): the creation of "fiduciary media" or "credit money" by issuing loans from within a fractional reserve banking system, which is actually credit but is used like money -- the lower the interest, the more people borrow and spend on bidding up the prices of "assets", as they go deeper into debt.

Then to buy those rapidly inflating assets, the suckers who come later to the party have to borrow more...which no doubt the banks are only too happy to lend so they can earn their cut-throat fees.

Default? Who gives a shit. Just buy insurance...for e.g. credit default swaps...and everything is A-OK! ;-)