This trend started in the early 90s. There was even a scholar that was screwing the system that banks complained about his speculative habits and the use of his position. Nothing happenned. He also managed to convince his bosses to give him a property portfolio and NTUC created a property arm. I think it as SCB finally blew the whistle. He eventually went to jail.
Nassim Jade was just tip of the iceberg. The daughter writes all this homely and touching stories about mama and papa but her names was also on the list of soft launches and then sale. Only in a fast rising market, can you speculate in this manner.
You see them driving a 5 year old toyota, honda, and you think mama, papa, amd kids are down to earth etc I have no issues with wealth creation, accumulation and even speculation. It can actually be fun and challenging. But lets not pretend that you are eating baked beans from a can and more importantly you are not scwing the rest of society.
You claim that Singapore is land scarce and then the elite make a huge fortune on the limited land while 85% pay thru their nose to lease public housing for 99 years. Can you imagine F&N's significant profits comes from property and the son is Chairman.
seems like every little damn thing leads back to property, rents and GST. No wonder the developers were not too pleased with the 10% additional tax on foreigners buyings condos..it is the damn fts that is subsidising the gov