Tuesday January 17, 2006

Say goodbye to the days of million-dollar HDB flats

This article belongs to the Singapore property market story arc.

sengkang.com :

Weekend - January 7, 2006
Letter from STEVE K NGO

I refer to the article, "Real estate prices go high-rise". I disagree that climbing property prices are signalling a recovery. In fact, there is no basis to suggest that Singapore's residential property market has promising prospects ... how can property prices increase when there is no shortage, but, in fact, hints of over-supply? There is the negative equity of home-owners and close to 10,000 unsold HDB units. Last year, the Government allowed a drop in down payment for property purchases from 20 per cent to 10 per cent. The change has not shown much impact so far.

We have come to a stage no different than in the United States, where properties are for our own dwelling, not speculation. We can say goodbye to the days when people paid nearly a million dollars for a HDB flat in Bishan. It is important that today's property owners be realistic.

See also :

1. Soros sees chance of recession in 2007
2. "Affordable Housing"
3. The housing bubble has burst

(2006-01-17 00:40:53 SGT) [Biz] Permalink

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