A friend told me that the middle class in Singapore is rich and they have plenty of money for investment. That is probably just a guess. So, I would also hazard a guess to say that many are probably leveraged up to invest in properties and that they are not all cash rich per se. Notice how it is new launches which are doing well? This is evident in January and Februarys' sales figures. The resale market has gone very quiet. Why? Obviously, one reason is the initial financial outlay is smaller for new launches and payments are made progressively. If all of these buyers are really cash rich, they would be more active in the resale market because, frankly, right now, many times, there is better value in the resale market and these investors would also be able to benefit from rental income right away. I believe that a big wave of more marginal investors ......