not all will lose
Not all condos will depreciate drastically like Seasons Park. The market can stay "irrational" as you claimed for longer than you can argue about the irrationality of Singaporeans.
As long as there's demand, prices will go up. It may even hit astronomical levels as long as the market stays "irrational". Heard about the tulip bulb craze? Singapore is a perfect place with stupid people to create a tulip bulb in housing, except that housing is a non-perishable asset.
Don't forget about en bloc potential too.
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