OVERNIGHT queues, balloting, midnight crowds – these dramatic scenes at the Optima condominium at Tanah Merah recently were precursors to the 270 apartments selling out in three days, and fuelling concerns that a property bubble may be brewing in Singapore.
Industry players have largely shrugged off such concerns – attributing the recent property effervescence to pent-up demand, peak public housing prices, excess liquidity and a growing population.
However, Today’s checks on the ground reveal a less simplistic picture – one with buyers signing on the dotted line without even viewing the showflats, buyers asking agents to sell a property right after purchase; and irrational decisions.
While these instances are, by and large, uncommon, their very existence is proof of unhealthy streaks in the market.
The buyers (speculators included), said agents, are split between those who already own HDB flats and those who are holding onto private Continue reading
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