Is Singapore Real Estate Over Priced?

For Thanksgiving dinner I went to a friend’s apartment for potluck.  She had this amazing place in New York City; it was a huge, spacious, open, and magnificent loft. I was thinking what it would it be like to have a similar place in Singapore.

This morning I found out.  The price tag was reported in the New York Times at a staggering at S$3 million (US$2.2 million) in off central location.  My jar dropped at the figure. In New York City, you can get a brownstone townhouse in prime location for US$1.8 million just a few months ago.

I remember just an eye blink ago in 2006, it was more around S$1 plus million in central location.  What happened? There goes another one of my dreams.

Photo by Lauryn Ishak for The New York Times

By CHRISTINE CHOW

Published: December 2, 2009

And although Ms. Long and Mr. Shang were apprehensive about the less-central location, when they visited the work site, Ms. Long said, “it just felt right — even amidst dangling electrical wires and concrete floors.” They negotiated the purchase of the still-unfinished shophouse for 3 million Singapore dollars (about $2.2 million).

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