Many challengers to the property sales business in Singapore and in the world.
Changes in Proptech
On the fundamental front, you have the pioneers in proptech: propertyguru and iproperty.
The 'ebays' of property sales in indirect listing .
then came the airbnb which showed what could be possible: the amazonian direct sales of rentals.
so next came 99.co for the own-use and emotionally feely and theedgeproperty.com for the more investment inclined.
Then you hit the long term debt cycle deleveraging. And the prospect of higher interest rates with goverment regulations on debt ratios.
And you have the singaporean economy slowing down. Back in the 1990s, Singapore government bet big on IT and biotechnology both of which sectors proved to be very profitable worldwide.
Except Singapore IT mired itself on big corporate IT instead branching into startup-style unicorns.
and Taiwanese manufacturing profited greatly from Apple's promotion of smartphones so Singapore got passed over for close to 10 years from the smartphone boom.
Hence, you got income inequality because a huge segment of the people didn't prosper.
Property prices rise if people want the property.
If they don't, then...
Mr Wong said he knows the industry is "fixated" over the measures, but the key issue is for the country to grow and remain a successful global city with a thriving economy over the next 10 to 20 years. "If we stagnate, if we decline, if we are unable to sustain growth in the economy, if we cannot retain our position as a global city, then you can be sure that the property market will be in the doldrums even if we lift the cooling measures," he said.