Actually price sounds correct. I bought my previous G2 at $1199. With kit lens, my GH2 cost $1449 with kit lens. The gf5 with kit costs around $999. My GF3 with pz 14-42 was $899. So it is inbetween the gf and gh
On b&h, body only is $699 usd. After adding gst and $42 usd for shipping, it works out to around $995 sgd.