March 25th, 2010


:: Creeps ::

:: Creeps :: 

Having focused on the property market since last June, 
(Ever since I invested in a tiny apartment in District Two)
I see how property prices are creeping upwards
Slowly and surely. 

In the post-apocalyptic Lehman aftermath, two
Septembers ago, real estate was going for a bargain. 
In 2009, property prices continued to dive. And then,
All of a sudden, prices climbed steadily from May to June.
Then July. And August. Relentlessly upwards. 
It has not stopped since.

While I was doing my property search in May, 
I could find many listings in River Valley going for $800k. 
Now all of them are going for more than a million.
In spite of this, luxury homes are all snapped up. 
I am sure most, if not all, units at 76 Shenton have been
Snapped up during the VIP preview today. 

Sometimes, when I drive past the many luxurious homes.
When I drive along the many branded cars on the roads, I think about
The many rich and well-to-do Singaporeans that exist amongst us.
There must be a lot of them around. 
I wonder how they arrive at their current wealthy status. 

I then ponder over what it takes for the average Singaporean
To accumulate enough capital in order to invest in such a home.
It must take one many decades to make such an investment! 
Nevertheless, for the average Singaporean, like me
(and perhaps, you, too), it is never too late to start
Saving the pennies for that dream home. 

And honestly, will home prices 
Fall again? 
I wonder.