istock

Wednesday, September 26, 2012

Prime New York apartments are now cheaper than Singapore’s new mass markets homes…

Hi Guys! I just left New York City and went to look at a few sites and guess what, prime NYC apartments overlooking Central Park is now going for less than our mass market condominiums. The economic slowdown has badly impacted the US and we are just starting to see signs of recovery even though growth is now very unevenly spread out. Prices of food and other essentials were surprisingly cost effective; I suspect the strong Singapore helped my buying power. Well, Singaporeans should enjoy it while the going is good.

Remember what goes up must come down and vice versa.


I had a great dinner with Jackson, my university canoeing mate who also attended my property program. We were trying to schedule a time to organize his portfolio and we were both so busy that we had to do it in New York. He made me realize that a lot of Singaporeans are investing in property with no proper strategy. It is very scary given the high price of real estate in Singapore. Many Singaporeans have no issues making money off their careers but when it comes to putting a well thought out portfolio together, they have no idea. It will be disastrous for anyone to depend on lady luck alone.

I have always taken it for granted the training that I have received in the past. My financial trainings and also being coached by very smart people, is certainly a blessing. I really feel that I have made a difference through the various forms of sharing with all the participants of my programs. Anyway, we had a good Italian dinner before we both departed the next day. Ah… Stories of our lives.

Quite a few of you asked me which asset classes will benefit from the money printing measures initiated by Ben Bernanke. You just have to put yourself into the shoes if you are a foreigner with tons of money. I will certainly invest in properties with minimal stamp duties or asset classes which offer value. I will try to elaborate at our next gathering. It is very difficult to organize as Suntec City closed for renovations and all the big venues have been taken up. Please do not ask me to write what I discuss with you in the forum as I do not want to write extremely long essays! The venue will be confirmed soon and I will see you there.

I am at the lounge waiting for my flight writing this entry; as usual life is quite hectic. This has been a very good trip as the meetings I had went well in general. At the very least, the pain I am about to suffer for the next few days to overcome jet lag will be quite worth it.

All the best and God Bless!

Your Friend,
Andy Ong
26/09/12