Property News & Market Trends

Earthquake shook properties!

Yesterday was a traumatic experience for many.  Earthquake jots hit Singapore and with thousands were affected, at least 100 casualties and counting. No, not in Singapore, but in Indonesia, Padang.

In Singapore, it was merely a wake up call. More than 200 buildings were affected. Some dizziness, some "kiasi-ness" and mostly an "earthquake" break from work. I did feel the sway in my office, and the gals were "screaming" in excitement. Hmm...

Then something hit me. If a 6.3 Earthquake so far away can sway our buildings, what if it's a 7.5 or worst an 8 on the Ricther scale? Can Singapore buildings withstand the effects? Nobody knows for sure. Authorities can calm everybody by saying our buildings are safe but are we?

What if your property is damaged by earthquake? Is it covered under insurance? Many insurance do not cover natural disasters or acts of God. Maybe we should look into that.

I can't imagine what a major earthquake can do to our property markets. The results would be catastrophic. Prices will plummet, lives lost & our economy will be in doldrums for a while. Gives me the shudders.

Whatever it is, we had better check our insurance contracts now. But then, what can we do if it's not inclusive. Only the government can do something about this. This is what we had elected to parliament for, isn't it? - Danny 'Bingo'

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