Excessive Property Speculation

There was an advertisement in the Classifieds on Saturday. A buyer of the already ridiculously high Centro at Ang Mo Kio was trying to market his purchase to make a quick buck. Considering that there are still more phases to be launched and thus many more units available, (About a quarter has been sold to date - correct me if I'm wrong but that was what I last heard) this fellow seems to have made a very daft move indeed. He has purchased from the developer a 99 year leasehold under construction project for around $1100 per square foot and is now selling it for $1300 per square foot in the open market. I'm sorry to say this but I really think that such individuals are the reason the market has gone out of reach to the people who actually dream of owning a home. Dear IRAS, please step in and implement the property gains tax. Such a tax has been around for some time. It just needs to be defined. We cannot allow greed to overrule the property market. It will only serve to push up property prices to a level whereby purchasing a property for consumption would mean a lifetime of effort to service the repayment.