Yes, well-said. Basically short and simple. All the ingredients of investment.
It's not that one cannot invest if those conditions are not met, but you got to ask yourself if you're willing to take the high risks. You are purely betting for capital appreciation which may not come soon. Wait too long, and you still lose in terms of other better investment opportunities or better use for the money elsewhere.
Many Singaporeans I believe didn't do their sums correctly when they rushed in. Just that these people are keeping quiet now or crying somewhere.
If you read other forums, know of friends who have wrongly bought some Iskandar condos in 2013 purely for investment, you will know the situation.
Some of them are fearing now their money is stuck or they regret after realizing what they have done. Day in day out, they advertise for tenants and new buyers but can't find. Some agents don't even want to take up the job once they hear the condo name and selling price.
It's really strange. When you are faced with sweet-talking, bulls*** agents and a room full of other equally blur investors, it's so easy to just take out that cheque book and dump your deposit. Only much later do you realize the bad decision made.
But of course, if you buy to live there and just want to enjoy the place, no urgency to get back your money, then that's not investment. Can do whatever you want with your money.