MM Lee said property prices went DOWN last year!

Singapore's Minister Mentor Lee Kwan Yew made a comment that property prices actually went down last year at a Lunar New Year dinner held at Tanjong Pagar GRC. His comment really scared me!

Isn't he aware of the ever increasing property prices in Singapore? Scary.

“Let me tell you what happens when we slow down too much. You get the reverse spiral. Low growth, maybe even zero growth. Last year we had minus two per cent. Prices go down, property prices go down, incomes go down, you can't refurbish your houses, no new SERS, no upgrading and the country goes down.”

MM Lee warns of dangers of slow growth if productivity does not increase [via]