Ahaha. Thats a great way to describe property investing now. Anyway, the question is always to ask if one has holding power.
If buy at 1500 psf now and the market suddenly collapse. Do not expect to be able to get a loan at 1500 valuation. Maybe 800-1000 psf? So you need to top up cash to match new valuation. Also, if already take out an advanced 80% loan at 1500 psf means that the friendly mortgage banker will call you for a cash top up due to lower valuatio. In many cases, people do not have cash reserves to hold out in such a scenario and will get burnt with forced firesales. I have seen many during the last downturn.
If you have factored these risks, and still decide to go ahead with the risks involved. Then dun look back. I personally feel that property investors/ gamblers are riding this up trend. When you wish to get off the wave or board it now really depends on your risk appetite.
Anyway, these are my personal opinions only and please read them with a pinch of salt as I belong to the "crazy" class of investors.
With the recent focus on katong area by various interested parties, I think the upside potential is great(maybe 1800 psf?) Sounds crazy huh.. Okok. There will be a big argument on this issue. Just like the potential in Marina Bay and whether to buy the Sail and MBR back in 2008.