More Hopeful than Speculative

Front of ridiculous invitation.

When did we realize that Singapore is experiencing a swelling, feverish property bubble? Was it one of our friends was offered a mortgage equal to about 16 times her annual salary? Was it when property prices surpassed the record levels of 2008? Was it when the government announced another massive release of state-owned land to developers for the purpose of building more subsidized apartments to ease the speculative clamor in the private market?

Back of ridiculous invitation. Act now.

Nah. We knew that property dealers and buyers had become overenthusiastic when every flat in our building received this invitation, pictured above, to attend a sales pitch about buying condos in the capital of Mongolia.  Condos not houses or greenfield sites; Mongolia not China or Hong Kong.  Click on the images to enlarge the postcard.  Maybe global realtors CB Richard Ellis believe Ulaanbaatar has serious potential, or maybe they believe Singapore houses a profitable number of suckers.