A Singaporean In Australia

The more expensive houses in Southern River. Click to enlarge

This is too much for me, even if I sole win a 10 million toto draw

Why would anyone buy such a house, I always wonder. Do anyone really need such a luxury home? Maybe when one has too much money, it can get too scary to see those numbers in that bank account so something has to be done.

Out of curiosity, I looked up the net to find out how much does one of these would cost us. There are only 5-6 of them here, they are very exclusive houses so I don't expect to find any sellers. Fortunately there is one.


The link here, if you are kpo like me, to view the interior of the house.

Does this cost a bomb? Yes but not one that big. Maybe a few grenades, at around AUD$1mil. How much will one of these cost in Singapore, I wonder? Somebody once told me that prices of materials increase many folds over the years. We are enjoying better quality HDB flats than 20 years ago. So how can we be expecting HDB flats prices not to increase many folds?

I don't think she will ever read my blog. I hope she reads this. Look at that house above. Does it look like it is made of inferior materials and the house will be blown away by strong winds in a couple of years? If they can build a house and sell a house at this price, in a country where labour cost is notoriously high, these arguments can be thrown out of the window instantly.

I'm not insinuating anything. I just hope we can stop and think. The media, government, real estate folks and everyone else is echoing the same thing: Land in Singapore is expensive. Due to its scarcity, attractiveness, demand aka SAD.

Scarcity:
Land may be limited in Singapore but it doesn't have to be. There is enough space for 3 million people. There is enough space obviously, for 5.18 million people because 'no one is sleeping on the streets'. We have enough for 6.5 million people too, we could always start building in Seletar East, Tengah or even Lim Chu Kang or Pulau Ubin. There should be enough for 10 million people to live and work in Singapore. If that's the case, why were land already expensive in the first place when the population was only 4 million people in the early 2000s where there was obviously enough space for everyone?

Attractiveness:
If you ask me, the more crowded Singapore is, the less comfortable, safe and happy it is to live there. Why will anyone want to dispute this? If the above can be agreed upon, then it makes all places in Singapore less attractive to live in because there is not a single estate in Singapore than remained as sparse as before except Lim Chu Kang Cemetery. Ho no, wait! I was wrong!

Do you buy that same chocolate bar on the shelf for the same price if its wrapping is a little torn? No. you reach out for a better piece. If they sell that flawed bar for a cheaper price? Maybe, if the torn isn't that bad. If Singapore is less attractive to live in after population influx, does it makes sense that land price increases? Who made the rules? It all boils down to the only factor:

Demand:

Singaporeans are confused by the media property demand really works in Singapore. This is how: If Ho Ching is the only woman on an island trapped with 100 guys, do you think she will get laid eventually? Strange but probably remotely yes. How about if she walks along Orchard road among the Ah Lians? No fucking way! It's the same person but why the difference?

That is exactly how our real estate market is being manipulated with. Consider:

Who opened the floodgates with the intention of doubling the population?

Who built HDB flats slow enough for the impending demand to pressure-build and shot public and private housing prices sky high?

Who changed the pricing policy of public HDB flats to be 'market based', pegging new flats prices to the resale market instead?

Who allowed a Permanent Resident pairing to purchase public housing so that they could sell up and return home with a tidy profit while the Singaporean who wants to live forever in Singapore became the last man holding the ball?