It's amazing to see how Singapore property market turns around.

Back around 5 months ago, buyers could have their HDB flats for almost Zero dollars above valuation prices. There were even those flats being sold below valuation. Even then, some buyers hesitate to participate the market as they were expecting the HDB flat prices to go even further down especially with the gloom prediction of the global economic.

Sellers, on the other hand, also held to their properties as some of their flats are bought during the boom time and therefore if sold, would result in massive loss.

Private properties like condos became rather affordable to HDB upgraders after developers decided to slash the price down. These HDB upgraders were some of those who contributed to the sellers market back then.

Fast forward to August 2009, it seems that the HDB market is picking up rather fast even though one of our minister did cautioned Singaporeans of the property bubble as according to him "For a market to be healthy, the demand must be based on certain economic fundamentals so if you look at the economic fundamentals today, you will see that there is still uncertainty."

Nowadays it's not a surprise to find even Punggol or Sengkang flats are asking for $30K above valuation even though the valuation reports are not even out yet. How long this trend is going to continue is yet to be seen.