You really think that there are not many rich people here? How do you explain the many condos being sold, many cars sold even as the COE got reduced and loans get tightened?

I don't know which age group you belong to, but for those grads who are now in their late 40s or fifties, their incomes should be $150k or more. You get two married to each other, and you are looking at a combined income of $300k. Assuming they lead typical Singaporean lifestyle these dual income families can easily save $200k pa. In 5 years, they could buy a condo and pay in full.