Singaporeans are really cash rich. I'm kind of proud of that..but hey, it's disrupting my buying plans! Where will I live when I get married with kids? Where will my children live? Will we still be able to afford housing? Okay..now I sound like the typical ranting going on in ST Forum against HDB nowadays.
My mum was just saying the other day that Hong Kongers used to be obsessed with property shopping (that still holds true anyway), and it was only recently that Singaporeans caught on the flu. She then proceeded shake her head in helplessness (think TSK). Well, couldn't blame her...even her son caught on the fever.
But the exuberance in the current market? (info taken from Business Times)
The Estuary, from my sources, has sold all their units launched in the first phase. Mind you, that is 200 units sold within a day. Prime properties in CCR (core central region) are also still doing very well, with 45 units at Hiap Hoe’s Waterscape at Cavenagh and more than a dozen units over the weekend at L’VIV at Newton Road.
Most interestingly, just hours before the Government unveiled the two new measures to curb property speculation, buyers were tussling it out to grab units at The Laurels on Cairnhill Road which eventually sold more than 40. I wonder what reaction they had after they had gone home and settled down in front of their tv screen for the news.
On the landed side, things are far from 'grounded'. Good Class Bungalows and bungalows alike have been flying off the shelves (in this case, maybe classifieds section). And you can't use 'small quantum, ideal for investment' to justify as each of these properties are in the $10mil+ range.
Like what an agent said, "There’s still a lot of money; if you can’t put it in property, where else can you put it?"
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