MM was quoted in late 2009 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 was wrong because we had a recession, but property prices rose . Specifically in a recession year, prices of HDB resale flats rose by 8.2%.
Mah Bow Tan should boast of what must be first for public housing in any country, “We ensure public housing prices go up even in a recession.”
And adding, “So when economy does 15%, of course, HDB rices will fly. Only the daft will expect HDB prices to stabilise or go down.”
“Vote PAP. Public housing values will always go up,” he should say.
Thoughts of a Cynical Investor 