Imagine buying a raffle ticket in a bid to win a property? While this might sound strange to some, it isn’t to the many American property owners who have engaged in this kind of practice to move their properties into new hands.

With the current situation in Singapore where many new developments are expected to hit a very slow market, property raffles might just become the next big thing since the sliced bread.

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Singapore was definitely this season’s biggest awaited F1 race. It was a race that made history in the racing industry as it was the first ever held night race in Formula 1 and the first street race in Asia. The following is an excerpt from the Singapore GP website.

The inaugural 2008 FORMULA 1™ SingTel Singapore Grand Prix will take place on 28 September 2008 on a street circuit of public roads around the Marina Bay area. The race will be the first held at night in FORMULA 1™ history and is the first street race in Asia.

With a well illuminated race track (1,500 lighting projectors), powered by 12 twin power generators, the race was a visual feast for any Formula 1 buff.

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^{Public Housing in Singapore [Credits - tuis]}

Singapore has undergone a huge cosmetic building change over the last couple of years. Since 2005 the building boom has been so active that property prices have risen by 70 percent. In the last year alone, office rent and residential rent also went up by 70 percent. This means Singapore sorts now the highest office rentals in all of Asia.

The construction boom comes with a hefty price though. Markets have slowed down in the last few months, in fact so much so that the overall increase of property prices only reflected a 0.17 percent profit margin in the 2nd quarter of 2008.

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