I REFER to last Thursday’s report, ‘Mah sounds warning on property buzz’, on the current property buying frenzy, and National Development Minister Mah Bow Tan’s warning that a property bubble may be forming.
I would like to highlight the plight of genuine home seekers in such an environment. Many young couples, including my fiancee and me, who are looking for a suitable home to start a family have seen affordability plunge in the past few years.
As reported in the media several times, private property prices have spiked recently due to speculative demand and better-off buyers going in for fear property prices will continue to rise. Property developers are making use of this window of opportunity to launch property developments at premium prices.
The prices of HDB resale flats, although subject to less speculation pressures due to sale restrictions, have also increased dramatically. Continue reading
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