Singapore property market booms despite recession
By Roberto Coloma (AFP) – 1 day ago

SINGAPORE — Despite Singapore's worst economic slump since independence, the residential property sector is in the midst of a new boom reminiscent of 2007, when the city-state was known as the world's hottest real estate market.
Greed and its twin brother fear are back in play as punters stake out condo launches days before sales open, with some offering blank cheques to pre-book flats, prompting the government to hint it may have to cool things down.

"Some of the practices and habits that you saw in the last property boom are beginning to come back, so I think we'll have to be careful," said Minister for National Development Mah Bow Tan, whose portfolio includes housing.

"A little bit of speculation is inevitable in every market, but when it becomes excessive, then it is something that we should try to avoid," he said.
The minister's words of caution fell on deaf ears.

A 297-unit condo called Optima in the extreme east -- well outside prime districts -- sold out in within three days in early August after Mah's warning, fetching as much as two million Singapore dollars (1.38 million US) a unit.