Quote:
Originally Posted by Hurricane88
I had witnessed the hard truth...back in 1997 after the big Financial crash...most of the citizens who bought property from the early boom were holding negative assets...many are unable to pay HDB...also private properties crashed to the bottom with many forced sales...then brand new HDB 5 room cost around 130k per unit...back in 2001 after the 911 attack...prices of properties crashed further... 
after 11 Sep 2001 OCBC bank shares fell to S$4 per share...Kepcorp fell to S$2.80 per share...think we may see this price if not careful... |
These economic shocks only lasted a short while and after that, the property market rebounded sharply. Many Singaporean millionaires made their millions thru the property markets. To crash like USA, where the property market saw doomed prices for several years is not quite possible in Singapore as the banks are greatly exposed to property loans. If the banks go bankrupt because of property crash, Singapore will go bankrupt too. The government will not allow this to happen. Thus, for the past 2 years, you can see MAS tightening loan eligibility with the Total Debt Servicing Ratio (TDSR). Coming soon will be the MAS tightening on Credit Cards and Unsecured Credit amounts. Anyone who has unsecured loans and credit card loans with values exceeding their 1 year salary, their credit facility will be withdrawn. I think MAS can see their Singaporeans are overly stretched with the easily available funds in the market.
Relatively speaking, VN's properties are overpriced. With their large amount of land, the price of their properties are considered expensive. Singapore is small, thus property prices are high. VN properties have been down since it crashed several years back. The VN property DICK-METER just couldn't erect, it has been soft and softer.
Many Singaporeans are not happy in Singapore but many foreigners find Singapore wonderful. The safety, the environment, the political stability, the education system are all very much better , compared to 3rd world countries and even some 1st world countries. To each their own and their own preference. For me, i will never move back to VN again. VN is a place for me to do business but its unsuitable for me to raise my children and family.