Tuesday, April 9, 2013

Peace of mind… to appreciate life

Hi Guys. I recently finally taught my last property class. I still enjoy teaching but I have settled into a whole routine to re-invent myself. Through the whole host of issues that I am facing, I have grown closer to God. The central message that I have received is that I have put money as No. 1 priority and have relegated God to second or even third place. My personality has evolved and upon reflection, I cannot even stand myself, haha! All these will change from now on. I am very happy that many of you have sent me encouraging messages. I am heartened by the turnout of the Asian Titan Trends. 

The over 1000 guests who showed up truly made my day. The whole Career Fair also became livelier because of your presence.

I shared my perspectives on what is going on in the local and international property markets. I have unreservedly shared my analysis with you over the last few years and for all of you who just followed the trends. Well, your portfolio would have done handsomely well. It may be time to lighten up on your Singapore portfolio now. Even with the latest round of measures, property prices has held firm in the mass-market sector whereas the main victim has been high-end condos. Sales activity has trickled except for those developers who cut prices to increase their level of units sold. D’Leedon is a case in point; the developer sold quite a few more units after lowering prices.

Going forward, the situation will be interesting and one has to differentiate between genuine housing demand and speculative demand. I believe that the price momentum has hit a snag and given the increase in holding costs especially for investment property owners, demand will be much weaker. What caused the increase in holding costs? The increase in property taxes recently announced and possibly higher interest rates costs from now henceforth.

A lot of attention has switched to commercial property (which I advised you go in a couple of years ago) as well as overseas properties, especially the Iskandar area. I will share with you my concerns in my next posting. Till then, take care and God Bless.

Your Friend,
Andy Ong