With Marina Bay Residency speculators, investors and home owners who showed great sign of support, the price per square foot had reached a high of $2,700 per square feet. For a smallish apartment of 1,000 sq ft, would have theorectically set you back $2,700,000. That is a lot of zeros. So what is really happening in Singapore’s property market?

With 60% of the home buyers being Singaporeans, it is rather interesting that during the preview sales, all had been picked up except for the penthouses where it is likely they will let those unit be open for tender. There has never been a time where the property market in Singapore has risen sideway. For once, HDB flats are virtually flat on pricing compared with the wealthier segment of the economy where the prices have risen heavily.

Is there something wrong with HDB policy or private market developers are reading more and more of the people’s mind? Privatise HDB and let it compete with other developers for all the lands for developments by SLA. No point using the sales tactic of subsidies and ease of CPF deduction. Let there be an open market for development, albeit like Hong Kong. That way Singaporean has a chance to be rich when all the foreigners move in to stay when their property all go sky high.