In 2025, something previously considered unthinkable happened: the Malaysian ringgit appreciated by roughly 5% against the Singapore dollar in a single year. This move was not random. It was driven by a stronger Malaysian economy and a clear increase in foreign direct investment and capital inflows into the country. In my view, this is not a one-off event. A continued annual appreciation of around 5% is likely to persist for the next few years. As a result, Malaysians holding Singapore assets may continue to experience an erosion of their wealth in ringgit terms, even if Singapore property prices continue to rise. That outcome may feel uncomfortable, but it is simply the consequence of holding assets denominated in a currency that is no longer structurally strengthening against the ringgit. Why the 5% Continued Appreciation Will Continue The 2025 appreciation of the ringgit against the Singapore dollar was widely dismissed as a temporary anomaly. In reality, it marks the start of a multi-year normalization cycle, not a short-term deviation....