10/23/2005
are we better off today?
the price of a bishan executive flat went for more than $800k. everyone was upgrading. from 4 room to 5 room to executive flats to private condo to landed properties. island country club went for $270k. a mercedes was $250k. a marina club membership went for $60k. every weekend everyone was out house hunting or in the golf courses. everyone was buying everything. the prices will go up further. making money in the stock market was so easy. salaries went sky high. everyone expected a big increment and a big bonus, or else threatened to quit.
all these was only yesterday.
today, everyone is downgrading. 3 and 4 room flats were hot buys. a 5 room flat went for $200k. many new 5 room flats unsold. no buyer. golf clubs can be bought for a song. in johore they are giving free membership. many people are holding closely to their properties. selling them would mean losing a roof over their heads. the proceeds would not be enough to cover the bank loans. not selling them would mean servicing a huge mortgage. jobs lost. even jobs also must downgrade. never dare to ask for an increment. got a job is a big blessing. it might be taken away the next day.
are we better off? the govt is crowing that the poor is still an owner to a $100k asset. how fortunate. what a fantastic singapore dream. it is a dream alright. but then again, there are people who are earning $600k still. some more, very much more.
singaporeans are really fortunate people, with a great future.
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3 comments:
the party is over. it is time for a real change. not just a change of clothes. without any real change, things are just going downhill, and that's for sure.
the singapore dream is over. time to wake up and pick up the pieces.
today's straits times reported that 2 room flats are now in great demand from people who are downgrading from bigger flats. is this progress? it is pathetic that people are all downgrading to a lower station in life. and we are still blowing our trumpet that all is well.
then there is another letter in the forum by a 5 room owner pleading for the removing of the sales levy, all because the value of his flat is depreciating everyday. he stands to lose more if he did not sell his flat fast. and the wonderful thing is that there is no buyer. most people are downgrading.
we once bragged about the swiss standard of living. today we are moving to where our parents and grandparents were once. great achievement.
is it time for a change? or shall we wait until it is too late? there is no more magic. can't pull out any more rabbits from the hat. try feeling good and imagine about the bright future. is it illusion or delusion?
actually the straits times is trying to tell the truth, subtlely, in its own way, by publishing articles and letters painting a different picture.
but it falls short of saying, actually ha, the truth is like this.
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