Is this a sign of exuberance in the property market?
Everybody wants to be a property developer as making money from property seems to be so much easier compared to running a brick and mortar business.
Just bid for land, market at a price that guarantees profit, build and then move on to another project.
For many, the temptation is too great to ignore.
New Players Buy Into Hot Property Scene
When the tide falls, we will find out who has been swimming naked.
1 comment
Nuts says:
June 8, 2011 at 10:09 am (UTC 8)
Natural symptoms of property bull market. Many companies in previous decades also went into property development during the boom times in the 1980s and mid-1990s, such as SPH and Popular. During the previous asset-boom in the mid-2000s, SMRT also ventured into retail property.
At individual level, I see more & more foreigners agitating to get their PRs as fast as possible, in order to become part-time property agents. They are mostly S-Pass and E-Pass foreign workers who leverage on their home networks and foreign colleagues and acquaintances who need to turnover rentals frequently and/or those looking to buy resale HDB or condo.