Time Wounds All Heels

TIME magazine, May 24th, 2007:

Development is booming and property prices have been soaring. Upscale home prices that averaged about $8,500 per sq m two years ago are expected to reach more than $21,300 per sq m this year. Developers are piling into the market. Beyond Sentosa, several new luxury residential projects have gone up around the city in the past year, and units are selling out at record prices within hours of going on the market. […] “Singapore has entered a new era in terms of costs,” says Tay Huey Ying, Singapore research director for Colliers International property brokers. “The top tier—and its prices—are here to stay.”

TIME magazine, March 13th, 2009:

Today, as beleaguered investment banks shutter offices and commodity prices and trade flows plunge, Credit Suisse estimates that hundreds of thousands of expat jobs are disappearing from Singapore. Property prices, particularly of high-end homes, are expected to fall some 50% as the recession gathers force.


_Oh well. It was fun while it lasted, right?