Actually, it only fell 4%; this makes one wonder about some of the other predictions for the Singapore land markets are also in error. It is January and everybody wants to make predictions about how 2015 is going to turn out.
Let’s just see what they said according to their crystal balls about 2014 and how much of it actually came true.
Singaporeans are regarded as land crazed buyers of properties. However, the Singapore government has put brakes on that runaway vehicle and is starting to restrict new properties from being developed.
Which is prompted the doomsayers to predict anything from a 20% rise to a sudden downturn of over 20% in the coming year for Sol Acres.
In fact one bank director is reportedly warning of a 10 to 15% drop while others only predict a falloff of 5% over the next 2 to 3 years.
Choa Chu Kang Sol Acres
Another interesting forecast predicted a 6 to 8% drop in private property and an 8 to 11% downturn for each HDB resale apartments, condominiums, and EC such as Sol Acres.
However, again this didn’t come to pass in the market remained stable.
Private property dipped 4% and the housing board market dropped 6% for the year, far less than what was expected.
It seems no analyst can get it right. Those who predicted 5% for the next 2 to 3 years may be closer to the truth and they know. The national development minister believes that a single digit drop for the HDB market might be a good idea.
New EC Choa Chu Kang
So, this is what the doomsayers had to say, What about the mainstream predictions on Sol Acres.
Newspapers like the financial Times at least ran an article showing what their predictions were right or wrong.
Some of the more interesting predictions were that the Bank of England would raise interest rates, Brazil would win the World Cup and Virgin Galactic would be running commercial space flights by the end of 2014.
Some got it right many got it wrong. The only thing it showed was that nobody could truly predict the future.
In reality, things are getting better, the euro crisis is over and Europe is making a steady gain on its path to solvency again. Asia continued to forge ahead with new games. China relations and US though Rocky should remain stable. China and India are forging new partnerships. The only fly in the ointment is between China and its neighbors to the south and the islands near Japan.
Other predictions actually came true though it wasn’t surprising that the predicted war in East Asia was given poor odds and held true to course and not occurring.
Singapore bank rates are slowly inched there up during 2014 and this was due to the weakness in the local currency