3/05/2010
The great market forces at work in Sengkang
The Sengkang executive condo site was awarded to the top bidder at $315 psf. And the likely selling price will be over $650 psf. So no one should complain about the high sale price. It is all determined in an open and fairly bidded exercise. And the price final price will be determined by the highest bidder. Oops, no, by market forces.
No one shall be blamed for the surging prices for public flats even if the developer bid it to $1000 psf. It is just market forces. Demand and supply.
What kind of demand is there on limited land available? Last year, there were 59,500 new PRs and 19,900 new citizens. How are these numbers to be translated into demand for housing? Beats me. Very difficult to compute or guess. Even the professionals would not know.
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The developers are quite confident that they will be able to sell a typical unit in the $700 to $800 price range in about three years down the road on completion.
2013 to 2014 may see a cyclical downturn after a peak in 2011/12. Yup, the descent to the pits will once again be perpetuated by the new group of Wall Street crooks who are now preparing for windfall gains in 2012. Hope it will be a devastating tailspin down to hell from 2013 and good luck to them.
They better pay double for their construction workers to work overtime to complete the project by 2012 or it's the shithole!
Hehe.
Then the developers will call for help.
Hand the project over to Far East lah. They're not the biggest PRIVATE firm for being stupid.
If you really want market, then let's play a serious game with the best.
They always crow that they think and see years ahead. How come they could not see the housing problem with all the foreign workers coming in?
Someone must be sleeping. Or as Phua Chu Kang said, just pretending to be asleep in order to reap higher gains building in a demand market.
I will like to see this raise by the opposition during the GE. Everyone will be say, like dat ah!
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