atans1

Property prices: MM Lee is too modest

In Economy, Property on 15/12/2009 at 7:49 am

MM was quoted as saying, “If the country is going to go down, then economy will go down, people’s incomes will be down, unemployment will be up, then property values will go down.”

He is being modest. We have had a recession, but property prices have been on the rise . He should have said, “We ensure property prices go up even in a recession.” [In 2009, prices of resale flats rose by 8.2% and this in a recession :Addition on 29 Jan 2010]

A few months ago, a terrace house few doors away from my home was sold for $1.45m. The previous transaction along the row was a few years ago at $900,000. This had followed a transaction in 2000 0r 2001 at $950,000.

Well another house along the row is now on the market for $2m.

Thank you PAP.

Note the links were updated on 4 Jan 2010 for various reasons.

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  4. In SG, the P*P says that every citizens can and will owe a home in the form of a HDB Flat.
    YEAH !
    But they forgotten or purposely omitted to tell you that when you owe that home, a heavy chain of 100 lbs or more now hangs around your neck in the form of high price asset and formidable mortgage loan that can last for 30 years.
    You will spend the rest of your adult life paying for this mortgage ! ! ! ! ! !

  5. […] Success what success? Real wages grew by only 0.4% while GDP grew by 5.9% . while the prices of public housing apartments went up in a recession. […]

  6. […] Recently PM said the problems S’pore were facing were the results of success*. Here I asked: Success what success? Real wages grew by only 0.4% while GDP grew by 5.9% . while the prices of public housing apartments went up in a recession. […]

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