To listen to some of the headlines produced around the latest CB Richard Ellis report on Singapore’s property investment market, you could be forgiven for thinking the second coming had arrived.
More on Investment properties in Singapore start selling again
Singapore has 2 new MRT Stations ready. The Pioneer and Joo Koon Stations saw some 5,000 people attend their Open House on Saturday (yesterday) which was officiated by Senior Minister of State, Ms Lim Hwee Hua.
Temasek Holdings’ investments fell 31% from S$185 billion to S$127 billion in 8 months. But why were these 8 months chosen to produce a statistical value? Aren’t statistics always based on quarterly, half-yearly and annually accumulated data? Why release this information (correct as of end November 2008) in the middle of February 2009, more than 2 months later?
Singapore’s official private home price index slid 5.7% in Q4 2008 over the preceding quarter. For full-year 2008, the index fell 4.3%, reversing a 31.2% increase during 2007. This is the Singapore real estate market’s worst performance since Q4 1998 and property consultants are predicting a further decline of 10-20% in 2009, with luxury homes continuing to be the worst hit, as in 2008, this sector having seen the biggest increases over 2006/7..
More on Singapore Property Prices see Worst Decline in Ten Years
Small property investors will be facing an enormous dilemma in the coming years. Who to trust for advice. Very few of the institutions saw the housing bubble coming, and the few that did, mentioned “a small correction, perhaps single digits.”
Singapore property sales didn’t really go up in November this year; it merely rebounded up 63% after having fallen 70% just the month before. Such are the types of statistics all of us must be vigilant about. Too many unscrupulous people are more than willing to furnish partial statistics that appear very appealing to would-be buyers.
Singapore can survive a recession if the Government comes out with a good Budget Report next month. But what happens if the current recession stretches on beyond the 2 year mark and drags on for a few more years? News reports have led us to believe that the world hasn’t seen an economic downturn of this magnitude since the days of the Great Depression in 1929.
Mediapolis@One-North personifies Singapore’s dream to become the Hollywood of Asia. With names such as Lucasfilm, Linden Lab, Ubisoft, Raintree Pictures, Electronic Arts and Rainbow SpA based here, Singapore is well positioned to produce world class movies, games and all other forms of commercial media from conception to the final finishing touches. Universal Studios setting up shop at Sentosa further supports this island Republic’s aspirations at procuring a share in the lucrative Mass Media Industry.
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.
