Before we look at the Next Asia Crisis, let's look at a Past Asia Crisis, and how strong faith in the Propertism religion will help one overcome a crisis.
During my sermon in the Property market sentiments 2010, I highlighted the plight of 34 unfortunate families who bought Pin Tjoe Park back in 1984, shortly before Singapore's first recession in 1985.
The recession of 1985 hit sharp and hard!!!
The market plunged 38%. Each apartment at Pin Tjoe Park plunged from an average of $882,000 to $547,000, a whopping loss of $335,000 !!!
The recession of 1985 was so bad that even the Godfather of Propertism, FEO, had to suspend bonuses for the entire year of 1985, due to the "
serious recession and glut" !!!
As usual, when the sun is down, the Hungry Ghosts
SEE BLOOD and come out to romp. In those days, the Straits Times forum complainers did not have to provide their real name. So this one called "Pro Market Forces" wrote gleefully "
It is my view that people have been gazing at the crystal ball through rose-tinted glasses ... the property companies have made money. They have continued to push up prices because of their buoyed expectations. They tendered for projects, outbid each other, and pushed up prices ... " Hmmm ... does this sound familiar? Somehow I have a sense of deja vu here.
Can you imagine the despair of our brethren at Pin Tjoe Park?
The sky was dark and the future was bleak. There was no light at the end of the tunnel.
Fortunately, a Saint descended from Heaven at this moment to give some words of encouragement.
Saint Hu said, "The property market must bounce back if the economy continues to grow. If you assume the economy as a whole is going to continue to grow, property must recover
because we have limited land."
With these words of reassurance, our brethren's faith in Propertism was greatly strengthened.
They realised that properties should only be bought. Not sold. Unless through en bloc, then quickly buy a replacement property.
Business Times – 22 Sep 2006
Pontiac Land Group buys Pin Tjoe Court for $201m
(SINGAPORE) The existing Pin Tjoe Court comprises 32 apartments and two penthouses. The apartment owners will receive
$5.5 million per unit and the penthouse owners
$11 million per unit. These sums are about 75 per cent more than the units could fetch had they been sold individually.