Housing Bubble confirmed

A few days ago I wrote about Singapore's probable Housing Bubble.
A day later, State Media reported that HDB flats in Tampines were going for $880,000!
If that's not a bubble, I don't know what is.
It is almost like the housing board is challenging itself to the "cool" million dollar mark and they sure look like succeeding.

Minister Khaw Boon Wan then came up with a lame excuse that these were not HDB flats but DBSS (Design-Build-and-Sell Scheme) developments. DBSS flats are built and priced by private developers.
Am I missing out on something here? Public housing built by private developers?

DBSS are in all sense of the word public housing. There is no 24 hour security, exclusive swimming pools and other in-house facilities, enclosed perimeter and you can't keep cats in them.

For similar amounts, you can get beautiful private apartments in St Kilda with your own basement parking, just 6km off Melbourne city centre, Australia! That's even  nearer than Tampines to Orchard Road!!!
Check this out http://www.domain.com.au/Property/For-Sale/Apartment/VIC/Melbourne/?adid=2008997991

And this is Australia, a country with very well documented property bubble.
If Australians knew what we were paying for PUBLIC housing, they would all stop complaining immediately.

So you see my fellow Singaporeans, open your eyes to the world outside this tiny island.
The Straits Times will only have you believe the mythical Utopia that is Singapore.

According to official stats, the average annual household income in 2010 was around $84,000.
Assuming that the average buyer takes out a $300,000 loan, that puts our household debt/income ratio at a mind boggling 258%, way higher than the 130% in Australia.

It doesn't take rocket science to conclude that Singaporeans are being totally ripped off for a piece of 99 year lease (owned by the banks) and property that they can't even pass down to future generations.

You might ask "but what can we do?"
Actually, it is what you did not do. Tampines GRC residents still endorsed then National Development Minister Mah Bow Tan pretty convincingly.
I know of a couple living in the GRC who spoilt their votes even though they didn't like MBT just because the NSP team has no "track record"

Singaporeans will continue to pay dearly for their daft decisions. Pay and pay...