So it is official, we are already in a bubble.
http://www.channelnewsasia.com/news/...-i/663538.html
In addition, Mr Khaw said the high property prices will not last in the long run.
At the same time, he acknowledged he cannot be certain when and how much prices will come down.
He added: "Only when you can get enough buyers who can afford, will prices stay up, if not they will come down. Today because of low interest rates, this bubble is being pushed up and sustained longer than it should have. So, it will collapse in a matter of time and therefore do not think that prices will keep on going up."