Tuesday, January 22, 2008
Property Boom in Singapore
Summary of the artible:
This article is talking about how the property sector has recovered and is now booming with the sale of the most expensive houses in Orchard Residences, the priciest collective sale (Westwood Apartments in Orchard Boulevard) and the most expensive HDB flat and coffee shop (in Marine Parade and Jurong respectively).
The early boom in luxury properties was contributed by the sale of suburban condos and HDB flats. More importantly, figures showed that almost every flat been sold goes at a price that is above market valuation. This hot demand had make the government has stepped in to do something about the situation. Some of the things done include: the caliberation of the market's rise and the release of more land.
How it links to econs:
ya.. so here we can see the concept of demand and supply. As a result of people's investment on the property market, many who really wants to buy houses cannot get them. So, this create a hot demand that cannot be met by the supply. So, the problem of scarcity is involved here too. Scarcity of land and property/flats. :)
Done By:
Dee, Kheng Hwee
6:39 PM
