When will Singapore’s public housing bubble burst?
February 28th, 2010 | 
Author: OPINION
In a speech made last week to Tanjong Pagar residents, Singapore’s octogenarian leader Lee Kuan Yew admitted unwittingly that Singapore’s housing market is heavily dependent on foreigners.
“To continue to grow and prosper while slowing the intake of foreign workers, the same number of Singaporean workers must produce more. Otherwise, there will be a deflating economy, and knock-on effects on jobs and asset values. Instead of many job opportunities and rising asset values, including prices for resale HDB flats, the reverse will happen… fewer jobs, lower salaries, lower asset prices… pay will fall and so will the number of jobs and promotion,” he said.
The prices of HDB flats have sky-rocketed in recent years due to rising demand fueled by immigration amidst a limited supply of new flats.
Only about 3,100 flats were built in the year 2008 when there were more than 70,000 PRs and 20,000 new citizens in the same year alone.
Prices of resale flats increased by 8.2 per cent with Cash-Over-Valuation (COVs) doubling the last quarter of 2009, a year which saw Singapore mired in recession.
Recently launched Build-to-Order (BTO) flats were oversubscribed by more than 10 times, an indication of how acute the housing shortage crisis has become.
Government leaders have remained oblivious to the inherent dangers posed by the rising prices and sing in unison to the official stance that it helps to “generate wealth” for Singaporeans.
Common sense will tell us that it is impossible for prices to continue going up and it is only a matter of time before the prices drop.
A property bubble in the public housing market has been building for quite some time and Singaporeans will be “caught off guard” when the crunch comes.
According to figures obtained from HDB Infoweb, the median prices of resale flats have doubled in the last four years when it took nearly a decade for it to do so.
While prices have already reached astronomical levels with some property agents asking nearly a million dollars for 5-room flats in prime districts, the wages of ordinary Singaporeans have lagged far behind the rise in housing prices.
At some point, the market will have to crash because there will no buyers for the overpriced flats. So the question on the mind of everybody is: when will Singapore’s public housing bubble burst?
Probably in the year 2013 or earlier.
Stung by criticisms from Singaporeans at its failure to provide adequate housing for first time home buyers, HDB has predictably increase the supply of flats in a classical knee-jerk response to the housing shortage.
Four BTO projects have already been launched this year with a projected number of 12,000 new BTO flats being built which will be completed in three to four years time, earliest by 2013.
A glut of new private and public housing will be completed in 2013 thereby increasing the supply of flats which will surely cause the prices to drop even at the present rate of immigration.
Between now and then, who can guarantee that there will not be another global financial crisis?
Singapore’s economy is heavily dependent on foreign workers and investments which explains why it became the first Asian country to enter into a recession in 2008.
Any slight knock to the global economy will turn back crucial foreign direct investments (FDIs) from Singapore leading to an exodus of foreigners with disastrous consequences for the housing market.
About 6o to 70 per cent of buyers of Singapore properties in the private sector are foreigners while they make up about 20 per cent in the HDB resale market.
As their values have already been overly inflated, the resultant drop in prices will be equally as much if not more.
There is a good chance that prices may be rolled back to the 2006 – 2008 levels meaning a drop by nearly 50 per cent which will plunge many Singaporeans into financial distress.
The public housing market had crashed once in 1996 and this time it would be worse as prices had far exceeded the 1996 levels.
Singaporeans will have to pray that foreigners continue to buy up properties in Singapore to keep their asset values going up.
Unfortunately, with the emergence of China and India as economic powerhouses, the attractiveness of Singapore as magnet for foreign investment will continue to decrease in the next few years.
With lower economic growth, declining wages and fewer investment opportunities looming ahead, will Singapore’s public housing market continue to soar as before?
When the crash finally comes, many Singaporeans will see their entire life savings being wiped out in an instance.
Perhaps that is the only way to wake up apathetic Singaporeans from their slumber and revamp the entire system once and for all.
Posted in Opinion
59 Responses to “When will Singapore’s public housing bubble burst?”
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: it helps to “generate wealth” for Singaporeans.
Would you say the same, that COE helps “generate wealth” for Singaporean car owners? What’s the difference? What is the effect of artificially jacking up the price of COE by cutting supply or bringing in more foreigners to rent your personal cars, making overall car prices more expensive? Is that a good thing for current car owners who eventually want to change to a nicer car? Or for those who wish to buy their first car?
Why is it easy to see the fallacy of this kind of argument when we refer to COE, but when we talk about housing, less people understand this same concept? Is it because less effort is directed at helping people understand this? Do you see much effort by local media in discussing this topic? Or is the media coverage biased towards a certain side of the argument?
Demand > Supply = Price up
Control Supply, Increase Demand = Price shot-to-sky(2006 to present)
IF, in 2010 or 2011:
Demand down, but control supply = Price stable
or
Negative Demand, No body willing to sell (HDB) = Price still stable
Therefore No bubble, No burst will be happening. Because:
HDBs “still” affordable, YES! I can’t deny. But citizen live will become tougher, and tougher.
From many statistic and figure, we all know:
1. Citizens’ average individual income decrease during recession (2008-2009), but HDB increase by 20-40%,(individual income is used in stead of household income since many children move back to stay with parents, whereby one house may comprises 3-5 persons who are employee).
2. Longer loan-term (35 years), higher living cost (everything is inflating), unstable job market, lower wages due to competition from foreign “talent”, etc….
Singaporean (mid-class) are getting tougher and tougher in living.
Government will make sure no “burst” of bubble, because that will add pressure to people (residents, not investors) who just bought the properties, claimed by Minister.
I can’t foresee the future, and no idea if the property price sink after this, will that cause serious recession? Will the Mid-class people be the affected group, continue to suffer more? How can we help ourselves?
They are stuck between a stone and a hard place.
If prices go up, the young won’t be able to afford with salary levels that don’t commensurate with asset prices.
If prices go down, those who are already vested will lose money. Those who borrowed heavily may even face bankruptcy.
So which is better? Personally, I think it’s still palatable if prices fall 10-20%. That’s the best they can hope for.
how would the property bubble burst affect us?
- home owner already paid out
- home owner still paying loan
- no property folks
how how?
Public housing should not be mixed up with private housing. Public housing is:
1. For Singaporeans only
2. Should be meant to live-in
3. Should not be for rental generation
4. PRs should not be permitted to own HDB flats – no matter what.
5. New citizens should only qualify for HDB flats under certain circumstances
• done their NS or
• have children intending to performing NS, are performing NS or completed NS or
• they are paying substantial taxes or
• contributing to the nation’s wealth, etc.
Singaporeans must have PRIORITY AND AFFORDABLE housing for the following reasons:
a. they will stay came what may;
b. the country can count on them for its defence;
c. they have sacrificed the best two and a half years of their lives for the country doing NS;
d. by doing NS, they have lost out two and a half years in job seniority, experience, opportunity, etc.
e. continuing reservist duties up to 45 / 55 years old;
f. they will procreate given right policies and incentives;
g. the country should enable they young to start a family as early as possible but the biggest stumbling block is housing;
h. having a family means more sacrifices again for the country after NS;
h. most likely their forefathers had also sacrificed for the country during the 50s and the 60’s;
i. they comprise the main bulk of the labour force in the country and contribute to the national wealth; etc.
The very least the country can do for its citizens is to provide affordable housing on Singaporeans First basis. The second thing the country can do is to give its citizens a free good education up to at least tertiary level. Finally the government should provide fee medical care and some social assistance for its elderly and very poor citizens.
I think the rest of the others in the social net, Singaporeans can fend for themselves e.g. CPF for retirement, Community Chest, Charities, Ren Chi, etc.
Mah Bow Tan and the government should not be so simplistic and implement short term measures only to abandon them when times are good. There must be a long term policy (for say 5-yearly reviews) because HDB flt ownership strikes at the very hearts of Singaporeans. There should be a fixed national policy like the National Service. The HDB policy under Mr. Lim Kim San was well thought of.
how can a hdb 5-rm flat in smelly jurong west be worth almost half a million dollars if it’s truly ‘public’ housing that is ’subsidized’? how can a typical young joe on the street earning 1.5k to 2k per month afford a resale flat worth this much? even with govt grants, a young couple could still be 350k to 400k in debt if they decide to buy a resale 4-rm or 5-rm flat. how is this ‘affordable’?
What goes up must come down, and while the PAP and their Cronies make their Millions selling these shoeboxes to Singaporean for 99 years, the one that will ultimately suffer are all those who have 20-30 years mortgages.Worse, they may have to top up with Cash for deflated prices.
Do you see the similarities between the Millionaire Ministers and the Wall Streets bankers, they claim credit betting on ‘Prices Going Up’ and when the bubble burst, they are still paid ‘Bonuses’.
like some people mentioned start all over agian
it will be very hard to start all over again but maybe not as hard if we continue to carry on this way by letting the house price to get higher and higher.
like some people mentioned start all over agian
why not? it have to start all over again with a new govt, that is the only way, no other way now.
1. HDB was never meant to be speculated on, even rentals should be closely regulated – it was designed to ensure that despite your financials, the economic situation, we will always have a roof over our heads.
Nothing is clearer that even a bankrupt cannot have his / her HDB aprt confiscated by creditors.
THERE SHOULD NOT BE A BUBBLE FOR HDB in the 1st place.
2. What LKY says is very very true – “OK guys, you say you do not want anymore foreigners, so you guys better do x2.5 more, make 75% of your current pay, and for god’s sake – give me more and more babies.”
Immediately after the China bubble burst, HDB will collapse.
The past records show, the host country of an Intl Expo goes into deep recession soon after.
In my humble opinion, if economic crisis occur & property market price start to decline i believe they will intervene to sustain the prices. Or at least limit the decline to minimum.
Public housing is wholly control by them. They can introduce new policy or alter policy to regulate the market price.
They can tighten land sale, build less housing. They can redefine loan period, minimum payment. Furthermore, if market ever really becomes bad, who knows in the future Foreigners / PR maybe allow to apply for BTO house as well ( perhaps higher pricing with no subsidy & with additional conditions attached ).
Thus, when property prices escalate & bubble start to grow = let the market decide. When economic crisis / recession, property market prices start to decline = announce policies or rescue package to intervene property market correction.
So much for what they always preach or say in the mainstream media. “Its a free market” . ” We are a open economy”. ” We cannot control the property market, should let the market decide ” . “It’s a demand & supply thing”. “It’s between buyer & seller” . ” The market will correct itself ” ……etc.
So much for what they always preach or say in the mainstream media. “Its a free market” . ” We are a open economy”. ” We cannot control the property market, should let the market decide ” . “It’s a demand & supply thing”. “It’s between buyer & seller” . ” The market will correct itself ” ……etc.
So much for what they always preach or say in the mainstream media. “Its a free market” . ” We are a open economy”. ” We cannot control the property market, should let the market decide ” . “It’s a demand & supply thing”. “It’s between buyer & seller” . ” The market will correct itself ” ……etc.
All B S !!!
In my humble opinion, if economic crisis occur & property market price start to decline i believe they will intervene to sustain the prices.
At least limit the decline to minimum.
Property market crash is damaging to the country’s economy in comparsion to stock market crashes.
Not to mention the damage extended to their reputaton ( & pockets as well )
After previous 1996-1997 experience, they are aware on how to play the game.
Public housing is wholly control by them. They can introduce new policy or alter policy to regulate the market price.’s
They can tighten land sale, build less housing. They can redefine loan period, minimum payment. Furthermore, if market ever really becomes bad, who knows in the future Foreigners / PR maybe allow to apply for BTO house as well ( perhaps higher pricing with no subsidy & with additional conditions attached ).
When property prices escalate & bubble start to grow = let the market decide ( they cannot do anything ). When economic crisis / recession, property market prices start to decline = announce policies or rescue package to intervene market correction ( suddenly miracuously can do many things ??? )
So much for what they always preach or say in the mainstream media. “Its a free market” . ” We are a open economy”. ” We cannot control the property market, should let the market decide ” . “It’s a demand & supply thing”. “It’s between buyer & seller” . ” The market will correct itself ” ……etc.
All B S !!!
I agree with the writer, Yr 2013 and 2014 is a “litmus testing”
year for all. Hold on tight for 2013 “shakeup”
Who knows, maybe 2012 prediction may be true and supercede 2013 theory?
Goodluck everyone!
The damage is done no matter what they do now. Ten twenty years down the road we will look back and see which minister that implements all this policies that creates all this hardship to the commomers.
But the minister will be happily enjoying his cocktails in some beautiful island.
To peerless dua pao,
I think you are being insensitive to all those who are living in Jurong West by denoucing it as smelly. Please apologize.
That 5 rm flat is 122 meter square and is well-renovated. The same flat in Queenstown or central area would cost 700k.
The public housing bubble must not burst, neither must the prices rise too fast. It is a fine balancing act that the govt can handle better.
Take all politicians’s words with a pinch of salt and in relation to their track record. Words are cheap. Whining is also easy. If you believe them entirely, you are not really thinking. If you don’t agree with them, and feel strongly about changing the present circumstances, challenge them by all means.
I agree with some of the post. But nevertheless, HDB housing should be strictly given to native singaporeans only. It shld not be given to PR or foreigners.
PR and foreigners can only purchased the private estate housing since they are so cash rich.
And also HDB it’s time to allow singles in singapore to buy HDB flats also as they also belong economy also. If local native singles age 35 and above is being even deprived of that 1 right of chance to have a roof top from the country that they have been born, what’s the point of continue to hold that pink i/c anymore??? So govt shld start to look into the interest for SINGLES also. Give them 1 right of chance to buy affordable housing from HDB flat and not from the resale mkt as they are true blue singaporeans.
Last but not least, its time the govt shld review all their policies again in order to benefit his own ppl. If China Premier Wen can do that, why not PAP?
So, Harry, when are you going to sack MBT? Where’s the accountability?
Forgot to highlight reason MBT should be sacked, 3100 flats built only in 2008 at the same time 70,000 were given PRs and 20,000 became new citizens…..all in the same year.
to e overpaid ministers, nothing in singapore are not affordable to them
Hdb to them are peanuts.
Perhaps it is a deliberate attempt to push property prices skyhigh so that citizens will continue to keep PAP in power for fear that when prices come crashing down, they will lose their nesteggs.
I thank MBT and the PAP for higher HDB prices. I know it will only appreciate and to said it collapse is overstatement bec being higher prices is a strong tool and influence over HDB owners (75% of house owners) to vote for PAP. Mind you, election after election, the majority HDB heartlanders vote and return the PAP into power. What are you talking about.
What Anthony Teo statements looks true and this is precisely what MBT and his teams should do. Congratulations, well done PAP, keep it up, higher and higher HDB prices!!!!!
Long live PAP> More GRCs please to check and fix the opposition!!!
The government has been playing this bubble game for many years. They blow up a new bubble time and again to generate fictitious economic growth as it sets the people on an elusive chase of higher asset values by upgrading and taking more loans. More construction, more upgrading and more loans translate into more economic growth in the short term. But this is fictitious economic growth through creating a credit bubble which will finally burst and plunge all of us into poverty.
If the HDB bubble continue to grow, a huge number of people will not be happy.
If the HDB bubble bursts, a huge number of people will not be happy.
In short, the authorities are caught in a catch22 or can i say between a rock and a hard place.
in my view, Public Housing should not be so expensive or i like to say overpriced to begin with as it defeats the intended purpose and contradicts its definition.
The sad thing i feel is the inability to make public housing cheap.
I look at problems this way : Its not that there is no solution. Its whether a solution was provided or not.
Its not that something is not possible. Its not about excuses. Its whether CAN or Cannot.
I remember when my parents bought their new 5 room flat (when I was 17) 8 years ago for only $240,000 and now, it is not even enough to buy a 3 room flat. I forsee a bleak housing market in Singapore soon with offers like buy 1 get 1 free house offers, just like in the US 2 years ago…
Housing will suffer if China has a “hiccup’ or if there is epidemic, or if something like SARS comes along.
whether the property market will crash or not makes no difference to those MIW, they still make those millions out of the stupid singaporeans, even if it should crash tomorrow, what you people going to do, what do you expect those bandits will say to you? lets move on, its not their fault anyway, the fault lies in you greedy people who still believe all the LIES from this papies all these years, even up to the extent that the country should collapse, you think they still bother? or I should say they still around meh? yeah right, they will get their ASSES OUT OF THE COUNTRY first OK!
3100 new flats built and 70,000 PRs and 20,000 new citizen setting new homes in Singapore. no wonder the HDB prices has rocketed.
just not to long ago,who was the minister who said that PRs are not the one that pushes up the price.
i think both he and mbt do not deserves the million dollar salary. such a blunder
When the property bubble burst, it will the end of PAP !!!
‘Generating wealth’ is based on the assumption that people buy HDB flast to invest, either by making a quick buck reselling, or by obtaining rental income.
A vast majority of us do not care about ‘asset enhancement’. All we want is an affordable roof over our heads. We don’t need lift upgrading, sheltered walkways and all that fluff. This is PUBLIC HOUSING. As long as the prices do not fluctuate too much we’re okay with it.
@dane: when i say ’smelly’ i dont mean the people, i mean the air – there is really a weird stench in the air in jurong west, it’s a FACT. and yet houses are still priced at 400k or more now, i feel they are way overvalued and even if youngsters heed those ministers’ advice and move to the edges of spore (e.g. jurong west), they’ll still be 300k to 400k in debt. such houses would not be within means of a typical poly grad, imagine how long the couple must service the loan if they make 3-4k combined per mth.
It’s difficult to find an equilibrium and overlooking the influx of FTs into our country has shifted the demand supply picture into something morbid. It’s a self created problem that has a double edge sword in it and MBT can enjoy his time trying to fix it. Under-correction don’t relieve us the problem. Over-correction and it’ll wipe out everything an average Singaporean has. Add another uncertainty element like not knowing when the FT trend is heading and the percieved value of properties, this is why I said MBT is having the best of times.
When PAP lose GE.
depresses on Mon, 1st Mar 2010 1:18 am said
3100 new flats built and 70,000 PRs and 20,000 new citizen setting new homes in Singapore. no wonder the HDB prices has rocketed.
we can squeeze 10 PR/citizens into 1 flat right? so 3100 flats can stuff 31000 people…
the other 59000 sleep in east coast park? that must be very clever planning. are you from HDB? congrats on brilliant planning.
The article missed an important aspect of why property prices are rising. The properity of our neighbours and high property prices in China are casuing many rich PRC chinese in buying up foreign houses. PRC and Indian rich classes do not have many safe places for investmnent and Singaporea is an idea place for them. In so doing, property prices in Singapore will definately rise money from PRC and India. As a smaill country, we cannot allow this to happen (which is already happening), there is no way to stop these ppl from buying our houses execept to protect our citizen by restricting their investment in certain classes of property. As for public housing, they should not be allow to buy. In approving PR status easily, we are inviting trouble since PRC Chinese and Indian rich class are growing. These ppl do not benefit singapore with their skill (what skill do they have that Singapore is lacking??)excpet to inflat our houses on speculative buying. Likewise, for the Indian that becomes PR, we must restrict them from living in a single location least we are inviting racial trouble in view of the high proportion of Chinese race in the country.
If you plan properly, as you should if you were a very well-paid minister, you would think:
I’m going to import a rich chinaman PR. Therefore I’m going to build one flat for his family to live in, since he is entitled to buy one public home. And if he comes along and buys up that one flat from the market, he may not affect the supply-demand so much. If I’m afraid he is so rich that he’ll buy the most expensive HDB flat on the island, I’ll build 2 flats elsewhere to counter his demand effect.
but obviously either you’re not that well-paid minister, or the minister was caught offguard.
Bukit Ho Swee Estate is 50 years old, with just 49 years left on its lease (banks are still ging out loans for resale flats, though). Why hasn’t it be rejuvenated via SERS? Is it because it’s just next to Tanjong Pagar GRC and can’t be allowed to overshadow it?
The sweetish ‘bad chocolate’ smell, right? That’s from the petrochemicals plants on Jurong Island (esters smell sweet). Won’t be surprised if the majority of nose ancer patients live in the western part of Singapore.
@PR on Mon, 1st Mar 2010 10:45 am
“but obviously either you’re not that well-paid minister, or the minister was caught offguard”
it was a freak incident .. let’s move on
@Ibrahim
“it was a freak incident .. let’s move on”
are you sure you’re not making an honest mistake by saying that?
jurong is dam far.
When i was still dating and when i find out that the gal that I was interested in lives in jurong, i will have to write her off.
Its way too far!
Everyone is saying that “foreigners are driving the prices up”. Where is the evidence? Any official/non-official statistics to back up this claim? If we are just basing on what the mess media tells us, then better be careful not to be mind-controlled by the authorities.
Follow the money trail. To me, the single reason property prices are going up is our CPF $$$. Think…
This is exactly what I have told the 2 DJs in 958FM during their hot topic on overpriced flats. This problem is not immediately seen, but around 2~3 years when owners can’t pay for their monthly installments, or out of a job for short or long term. One thing to say, people tend to be greedy when buying or selling their house.
burst and start over?
Common sense will tell you that the property prices cannot come down, why? simple
We have a finite land mass, and our Gahmen is moving towards a 6.5M population target. Where do you expect these incremental population to be housed?
Property prices can only go in one direction, upwards, anyone who has not yet applied for a flat should do so as soon as he meets the qualifications and have enough to pay the downpayment and yes find a partner who is willing to apply to avoid higher prices later.
The Gahmen’s policy is creating the bubble but to be fair it is not really a bubble since its a real demand and not speculation, God forbid if the foreigner decide to quit Singapore then it will become a very large bubble which will burst very quickly.
@lore on Mon, 1st Mar 2010 3:40 pm
Wait till you meet the right gal and she hook your spirit, you will travel to the end of the earth and you will not complain that its far, At least when you are courting her, after you have won her hand yeah it will be very far
I enjoyed reading Serious Thots suggestion. Seriously that is not an understatement. Foreigner come and go in our country. Eating the fruits our men labour and harvest it back to their own natives home when it is time. Leaving us fighting generations after generation to survive in our own mainland.
With the influx of foreigner and shortage for homes, i was naive to think the govt didnt see it coming. But being single in this expensive city, i somehow pick this crazy thoughts too, that maybe it was done on purpose to improve its own economic scale or benefits. How can it not be predicted? How can a single person afford to pay $300k for a flat on his own. I never known this country to be so short sighted like this? But how could it happen? hah!!!!
Stop at 2. Maybe baby? Have our living conditions be analyse? Have our work welfare been justified? We finish at 6 but will be looked upon like terrorist if i turned off my laptops by 6.30. In my office, the person who clocked in more extra hours is the model in the company. Now it became a trend to leave at 9 or 10. But yet our commitment was questioned! Oh oh.. and yes.. after all that pain staking and high stress overworked piling on our work desk, we need to come back home to our expensive overpriced hdb flats, we need to make babies…
not sure about you, but if im married, even my polliwog cant swim under such situation.
Im sorry Sir, for i have failed you and your expectations of me. I am only HUMAN!!!! But fret not, i will still believe in you eventhou it is hardlife im going thru, coz i know you will always share your “budget” with me… and u and i can then forget everything else had happened.
If PAP lost 10 or more seats and 2 GRC, maybe property price will come down.
@YWM on Tue, 2nd Mar 2010 1:32 pm
Price will only come down as the demand slackens, as I said so long as the 6.5M population target stays and policies remain to grow towards this the prices cannot come down in any permanent fashion regardless of how many seats they loose.
“When will Singapore’s public housing bubble burst?”
You all wait lah…
The only burst is our pocket and wallet..
Think about it.. Ok..
I don’t think that will come in the near future.
Public housing is under the control of the Government they know how to make full use of those flats which they built when nobody buys them. When it left empty, they will let the foreigners have it and everything still goes one round again with the foreigners. Really feel insecure of having so much foreigner in such a small island…
Bubble burst
It did burst way back in 1997.
Japan’s burst was way back in the 1980s.
USA’s was last year.
When will humans and their leaders ever wake up?
1997 or was it 1985?
Could be in the late 1980s.
bubble burst…no way. I need my flats later age to sell otherwise how to retire ? money not enough lah.
Well, Grand-daddy Lee has spoken.
He’s telling you:
- OK, you don’t like foreigner deluge.
- Well, we will slow it down a litle then.
- Hey, don’t blame us when your HDB property price tanks.
- Not PAP’s fault because we were doing what you wanted.
I ALWAYS BELIEVE THE HDB FLATS’ PRICES ARE BUBBLE-PROOF. RIGHT?? WHO SAYS THE HDB FLAT PRICES CAN COLLAPSE?? SPREADING RUMOURS ONLY- GOT NOTHING BETTER TO DO IS IT??
LOOK – HDB ARE PAID FOR BY CPF MONEY. IF CANNOT AFFORD TO PAY, GOVT WILL DEFER YOUR PAYMENTS WHAT – LIKE THE LAST TIME. DON’T WORRY.
sell at high price buy at at high price , provided dont buy camp outside then can can gain from asset price increase good for us . we all got commom sense lah.
Have you seen the prices of private houses in Singapore? What the heck are Singaporeans thinking? Your houses are more expensive then London homes and theres nothing to them. With the same million, I want to invest in a Singapore home, I can get a nice acre or two in England or more in other countries, with a nice 5 to 6 bedroom detached house and still have some left for holidays everywhere… there is no sense whatsoever to ever invest in a country that has got nothing to fall back on… wake up and smell the cheats!