I read with bewilderment Today newspaper’s May 16 article titled “New private homes to cost up to S$2,900 psf on average by 2030: DBS report”. The five projections of DBS on Singapore’s property projections in 2030 caught my attention:
1. Singapore’s population to hit 6.3 million to 6.5 million
2. Homeowners’ incomes to grow at compound growth rate of 1.5 percent to 3.2 percent
3 New private homes to cost between S$2,300 and S$2,900 psf
4. Demand from HDB upgraders and foreigners for private units to reach 12,000 and 16,000
5. Average size of private units to shrink to 840 sq ft
With no intention of pouring cold water on the optimism of DBS, l would like to throw four questions back to the two analysts writing the DBS property report.
Question 1. Can Singapore reverse an aging population to reach 6.5 million by 2030?
I have covered this topic in