Singapore GLS Program is suspended due to significant and dynamic changes in global economic conditions. This was announced a few hours ago by the Ministry of Trade and Industry which cited the current global uncertainties that are expected to continue well in 2009. It therefore comes as no surprise that sites previously offered (but not taken up) have been removed from the Confirm List and return to the Reserved List.
Singapore’s real estate value should not dip by more than 10 percent in 2009 and is expected to continue it its upward climb in the long-term. Government financial reserves ensure that ongoing and future infrastructural developments shall proceed unimpeded despite the problems that the world economy now faces.
Morgan Stanley, the investment bank, has issued a major alert on the health of Spanish banks, warning that a replay of the ERM crisis in the early 1990s could wipe out the capital base of weak lenders exposed to the property crash
