I hope you read the news that residential prices are finally coming down. For the record, in my blog, I repeatedly shared with you that asset prices are due for a correction. I hope you took my advice and lightened up on your property portfolio. I certainly did. I have been taking care of all my property students for the last 4 to 5 years. In those few years, all they had to do was to follow my forecast trend and all of them made money. Even though I only made one forecast a year in the real estate market, that annual forecast has made my students a lot of money. From premium condos to commercial property to Iskandar land, a few of you have followed me steadfastly and I’m happy that you managed to create all that wealth. If you think the fall is worrying, you should be scared. The Federal Reserve will taper QE even more aggressively given the latest numbers and the situation will get worse. Someone asked me if the government rescinding cooling measures will perk things up and I told him a definite NO! Why? Things are where it is due to a series of trends like China tightening, QE and low costs of funds in Singapore. We are witnessing a reversal of tides and you should be prepared.
I just bumped onto this gentleman after church yesterday. By the way, I’m in church everyday at Saint Andrew’s Cathedral as it is where I find peace and get inspiration. I was at the Tumi store when he asked if I’m Andy Ong. I politely replied him yes and he proceeded to ask me a barrage of property questions and most importantly he wanted to attend my course. I told him that I don’t share anymore and wished him a Happy New Year. I have so many requests to teach as my deals get unwounded and the returns have astounded even market professionals. However, I pay a price. It is tiring watching trends that I do. I must admit I enjoy it but being responsible to those I share with is huge. I wake up every morning to CNBC and Bloomberg TV. And everyday is endless scrutiny of numbers.
Whilst I’m happy to share what I’m doing(I’m still doing deals), it is quite draining. I am about to move into my new office and my team is looking forward to their new home. The business has grown so substantially that I am glad that the people in charge has stepped up and made things work. I am extremely proud of them. We now hire over 300 people and the business is expanding at a pace that is quite scary to me. However, growth also means opportunity and I’m proud that people like my ex-PA, Claire, can now assume director level positions. I’m proud of them and hope to create more opportunities for them in the future.
Till the next blog, take care and God bless!
Your FriendAndy Ong