Flickr image "Apartments" by Matluckins
I stay in the western part of Singapore which is not the choicest location for residential properties in Singapore compared to the east and central. This morning, when I was flipping through the classifieds to get a sense of the market value of asking prices of my own residence in addition to other private apartments, I was shocked to see sellers asking for above $1 million Singapore Dollars for a three bed-room condo in Centris. Centris is a private condo that is built on top of Jurong Point.
While I admit the location is very attractive for yuppies and those who crave convenience of being next door to the MRT and amenities, the $1 m still shocked me because it is still in the suburbs.
If this is not a sign of a bubble, then there are either many rich Singaporeans who can afford the $1m price tag or there are many rich foreigners who can afford that type of property investments.