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Who did you vote for?:oIo: Ask so much for fuck? :oIo:
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Sembcorp Marine posts S$535 million quarterly loss as orders shrink
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Who did you vote for?:oIo: Ask so much for fuck? :oIo:
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Nin nah beh, linpeh wanna hedge my positions by shorting, cannot is it ?
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Singapore Adopts 2008 Crisis Policy as Growth Grinds to Halt
Bloomberg
April 14, 2016
Singapore’s central bank unexpectedly eased its monetary stance, moving to a policy last adopted during the 2008 global financial crisis, as economic growth in the trade-dependent city-state ground to a halt.
The Monetary Authority of Singapore moved to a neutral policy of zero percent appreciation in the local dollar, it said in a statement on Thursday. The currency slid the most in five months after the announcement, which came as a surprise to 12 of 18 economists surveyed by Bloomberg, who had seen no change in policy.
“The Singapore economy is projected to expand at a more modest pace in 2016 than envisaged in the October policy review,” the central bank said. “Core inflation should also pick up more gradually over the course of 2016 than previously anticipated.”
As Asia’s financial hub, Singapore is feeling the effects of the global downturn and China’s weakening economy. More businesses were shut than opened in December and February, while bank loans have dropped every month since October, the longest period of declines since 2000.
Growth was stagnant in the first quarter, with gross domestic product posting zero expansion on an annualized basis compared with the fourth quarter, the trade ministry said in a separate report Thursday. That was in line with the median forecast of 12 economists surveyed by Bloomberg.
“The economy remains mired in an extended spell of deflation and steadily lower growth,” Andrew Wood, an economist with BMI Research in Singapore, said by e-mail. The central bank needed to adjust the currency because “Singapore’s competitiveness has taken a hit,” he said.
The last time the MAS shifted its currency policy to zero appreciation was in October 2008, when the economy was in a recession. Thursday’s move was the bank’s second unexpected decision in less than 16 months, following an emergency policy change in January last year to combat the threat of deflation.
Citigroup Inc. economist Kit Wei Zheng said in a report last month that the decline in net new businesses for the first time since 2009 signals a possible recession. In the past two decades, the only times that business closures exceeded openings came during contractionary periods -- in 2009, 2001 and 1995 to 1997, he said.
Bloomberg
April 14, 2016
Singapore’s central bank unexpectedly eased its monetary stance, moving to a policy last adopted during the 2008 global financial crisis, as economic growth in the trade-dependent city-state ground to a halt.
The Monetary Authority of Singapore moved to a neutral policy of zero percent appreciation in the local dollar, it said in a statement on Thursday. The currency slid the most in five months after the announcement, which came as a surprise to 12 of 18 economists surveyed by Bloomberg, who had seen no change in policy.
“The Singapore economy is projected to expand at a more modest pace in 2016 than envisaged in the October policy review,” the central bank said. “Core inflation should also pick up more gradually over the course of 2016 than previously anticipated.”
As Asia’s financial hub, Singapore is feeling the effects of the global downturn and China’s weakening economy. More businesses were shut than opened in December and February, while bank loans have dropped every month since October, the longest period of declines since 2000.
Growth was stagnant in the first quarter, with gross domestic product posting zero expansion on an annualized basis compared with the fourth quarter, the trade ministry said in a separate report Thursday. That was in line with the median forecast of 12 economists surveyed by Bloomberg.
“The economy remains mired in an extended spell of deflation and steadily lower growth,” Andrew Wood, an economist with BMI Research in Singapore, said by e-mail. The central bank needed to adjust the currency because “Singapore’s competitiveness has taken a hit,” he said.
The last time the MAS shifted its currency policy to zero appreciation was in October 2008, when the economy was in a recession. Thursday’s move was the bank’s second unexpected decision in less than 16 months, following an emergency policy change in January last year to combat the threat of deflation.
Citigroup Inc. economist Kit Wei Zheng said in a report last month that the decline in net new businesses for the first time since 2009 signals a possible recession. In the past two decades, the only times that business closures exceeded openings came during contractionary periods -- in 2009, 2001 and 1995 to 1997, he said.
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Singapore Adopts 2008 Crisis Policy as Growth Grinds to Halt
Bloomberg
April 14, 2016
Singapore’s central bank unexpectedly eased its monetary stance, moving to a policy last adopted during the 2008 global financial crisis, as economic growth in the trade-dependent city-state ground to a halt.
The Monetary Authority of Singapore moved to a neutral policy of zero percent appreciation in the local dollar, it said in a statement on Thursday. The currency slid the most in five months after the announcement, which came as a surprise to 12 of 18 economists surveyed by Bloomberg, who had seen no change in policy.
“The Singapore economy is projected to expand at a more modest pace in 2016 than envisaged in the October policy review,” the central bank said. “Core inflation should also pick up more gradually over the course of 2016 than previously anticipated.”
As Asia’s financial hub, Singapore is feeling the effects of the global downturn and China’s weakening economy. More businesses were shut than opened in December and February, while bank loans have dropped every month since October, the longest period of declines since 2000.
Growth was stagnant in the first quarter, with gross domestic product posting zero expansion on an annualized basis compared with the fourth quarter, the trade ministry said in a separate report Thursday. That was in line with the median forecast of 12 economists surveyed by Bloomberg.
“The economy remains mired in an extended spell of deflation and steadily lower growth,” Andrew Wood, an economist with BMI Research in Singapore, said by e-mail. The central bank needed to adjust the currency because “Singapore’s competitiveness has taken a hit,” he said.
The last time the MAS shifted its currency policy to zero appreciation was in October 2008, when the economy was in a recession. Thursday’s move was the bank’s second unexpected decision in less than 16 months, following an emergency policy change in January last year to combat the threat of deflation.
Citigroup Inc. economist Kit Wei Zheng said in a report last month that the decline in net new businesses for the first time since 2009 signals a possible recession. In the past two decades, the only times that business closures exceeded openings came during contractionary periods -- in 2009, 2001 and 1995 to 1997, he said.
Companies are in retrenchment moving forward.
Malls are deserted nowadays.....
People are hunkering down, buying only what is necessary
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Can tos still in the work force stop contributing to CPF during hard times?
Even Citibank is cutting back. They have closed their branch at Angmo Kio interchange .
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SINGAPORE — Sembcorp Marine’s former finance director Wee Sing Guan was sentenced to 39 months in jail for falsifying accounts that led to a US$303 million (S$386 million) foreign-exchange loss, the Bloomberg news agency reported.
Singapore needs to send a “strong signal” that such conduct will not be tolerated, Deputy Chief District Judge Jennifer Marie said in handing down the sentence today (Oct 29). Wee abused the company’s trust, she said.
Wee, 66, pleaded guilty to nine charges of defrauding the company in the “unauthorised” foreign-exchange trades that Sembcorp Marine uncovered in October 2007. He was charged with a total of 57 counts.
Sembcorp Marine, the world’s second-largest maker of oil rigs, fired Wee in November 2007 for making the unauthorised transactions and sought a criminal probe. The losses triggered lawsuits with banks involved in the trades and led a unit of the company to near bankruptcy, according to prosecutors.
Prosecutors had sought a jail term of four and a half years. Wee’s actions were not for personal gain, but to recover the losses, his lawyer Julian Tay said.
“The web of lies spun by the accused led to one of the largest derivatives losses in Singapore’s corporate history,” prosecutor Ang Feng Qian said. It “inflicted substantial damage to the finances and reputation of one of Singapore’s largest listed companies”.
Sembcorp Marine reached agreements with nine of the 11 banks involved to close out the transactions in US dollars and euros, the company said in February 2008. Its net income in the fourth quarter of 2007 plunged 99 per cent, the most in five years, because of the transactions.
Singapore needs to send a “strong signal” that such conduct will not be tolerated, Deputy Chief District Judge Jennifer Marie said in handing down the sentence today (Oct 29). Wee abused the company’s trust, she said.
Wee, 66, pleaded guilty to nine charges of defrauding the company in the “unauthorised” foreign-exchange trades that Sembcorp Marine uncovered in October 2007. He was charged with a total of 57 counts.
Sembcorp Marine, the world’s second-largest maker of oil rigs, fired Wee in November 2007 for making the unauthorised transactions and sought a criminal probe. The losses triggered lawsuits with banks involved in the trades and led a unit of the company to near bankruptcy, according to prosecutors.
Prosecutors had sought a jail term of four and a half years. Wee’s actions were not for personal gain, but to recover the losses, his lawyer Julian Tay said.
“The web of lies spun by the accused led to one of the largest derivatives losses in Singapore’s corporate history,” prosecutor Ang Feng Qian said. It “inflicted substantial damage to the finances and reputation of one of Singapore’s largest listed companies”.
Sembcorp Marine reached agreements with nine of the 11 banks involved to close out the transactions in US dollars and euros, the company said in February 2008. Its net income in the fourth quarter of 2007 plunged 99 per cent, the most in five years, because of the transactions.
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Retail is dying and the restaurant business have crashed. Prices are too high, many expensive shops and restaurants will close down this year as consumers cut their spending to the necessities.
http://www.straitstimes.com/business/economy/singapore-retail-sales-fall-32-in-february
Singapore retail sales disappoint with 3.2% drop in February
Published Apr 15, 2016, 1:06 pm SGT
SINGAPORE - Chinese New Year did not boost retailers' takings in February this year, with sales falling 3.2 per cent compared to the same month a year ago, according to data released on Friday (April 15) by Singapore Department of Statistics.
Excluding motor vehicles, retail sales dropped by a heftier 9.6 per cent.
Auto sales shot up 51.3 per cent year-on-year in February as buyers flocked to car showrooms with their year-end bonuses. But only two other segments saw turnover increase - mini-marts & convenience stores (+ 0.8 per cent) and medical goods & toiletries (+ 4.1 per cent).
Sales of food & beverages saw the biggest fall of 34.7 per cent compared to a year ago. But double-digit declines were also suffered by apparel & footwear (-12.7 per cent), furniture & household equipment (-13.5 per cent), telecommunications apparatus & computers (-16.6 per cent), watches & jewellery (-12.4 per cent) and department stores (-10.5 per cent).
http://www.straitstimes.com/business/economy/singapore-retail-sales-fall-32-in-february
Singapore retail sales disappoint with 3.2% drop in February
Published Apr 15, 2016, 1:06 pm SGT
SINGAPORE - Chinese New Year did not boost retailers' takings in February this year, with sales falling 3.2 per cent compared to the same month a year ago, according to data released on Friday (April 15) by Singapore Department of Statistics.
Excluding motor vehicles, retail sales dropped by a heftier 9.6 per cent.
Auto sales shot up 51.3 per cent year-on-year in February as buyers flocked to car showrooms with their year-end bonuses. But only two other segments saw turnover increase - mini-marts & convenience stores (+ 0.8 per cent) and medical goods & toiletries (+ 4.1 per cent).
Sales of food & beverages saw the biggest fall of 34.7 per cent compared to a year ago. But double-digit declines were also suffered by apparel & footwear (-12.7 per cent), furniture & household equipment (-13.5 per cent), telecommunications apparatus & computers (-16.6 per cent), watches & jewellery (-12.4 per cent) and department stores (-10.5 per cent).
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Exports is crashing. With very high SGD and super expensive costs, Singapore is no longer competitive and many companies will close down or relocate. With retail and exports crashing, Singapore is heading for a recession.
- See more at: http://sbr.com.sg/economy/news/char...ectronic-shipments-slump#sthash.x8C7yVRA.dpuf
Chart of the Day: Exports slide 15.6%in March as non-electronic shipments slump
Published Apr 18, 2016
Pharmaceutical exports dropped steeply.
Singapore’s non-oil domestic exports booked a 15.6% year-on-year slide in March, a far cry from the 2.0% rise in February.
According to IE Singapore, both electronics and non-electronic exports declined. Electronics exports slipped by 9.1%, while non-electronic shipments plunged by 18%.
The decline in electronic domestic exports was largely due to ICs (-10.3 per cent), PCs (-26.5 per cent) and parts of PCs (-18.0 per cent)
The contraction in non-electronic NODX was led by structures of ships & boats (-99.6 per cent), pharmaceuticals (-30.9 per cent) and petrochemicals (-16.4 per cent).
- See more at: http://sbr.com.sg/economy/news/char...ectronic-shipments-slump#sthash.x8C7yVRA.dpuf
Chart of the Day: Exports slide 15.6%in March as non-electronic shipments slump
Published Apr 18, 2016
Pharmaceutical exports dropped steeply.
Singapore’s non-oil domestic exports booked a 15.6% year-on-year slide in March, a far cry from the 2.0% rise in February.
According to IE Singapore, both electronics and non-electronic exports declined. Electronics exports slipped by 9.1%, while non-electronic shipments plunged by 18%.
The decline in electronic domestic exports was largely due to ICs (-10.3 per cent), PCs (-26.5 per cent) and parts of PCs (-18.0 per cent)
The contraction in non-electronic NODX was led by structures of ships & boats (-99.6 per cent), pharmaceuticals (-30.9 per cent) and petrochemicals (-16.4 per cent).
When I go out window shopping in Spore, sales people approach me & ask if they can help
Even in Sim Lim Square
In the past this would never happen as they would usually ignore me. I can only conclude that they are getting really, really.. desperate in retail land.
Even in Sim Lim Square
In the past this would never happen as they would usually ignore me. I can only conclude that they are getting really, really.. desperate in retail land.
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http://www.todayonline.com/singapor...-exports-fall-156-march-faring-worse-expected
S’pore exports fall at their worst pace in more than three years
Updated: 12:13 AM, April 19, 2016
SINGAPORE — Non-oil domestic exports (NODX) tumbled last month to their worst performance in more than three years, trailing forecasts as shipments to eight out of 10 of Singapore’s top markets slumped, with economists expecting prospects to remain weak amid lacklustre global demand.
NODX fell 15.6 per cent last month, compared with March a year ago, reversing from the revised 2 per cent expansion in February, said trade agency International Enterprise Singapore on Monday (April 18), worse than the 13.2 per cent fall economists in a Reuters poll had expected.
“This was the worst export performance since February 2013 … In our NODX report a month ago, we believed that the February gain then was just a one-month wonder, as it was mainly due to the low base in the same month a year ago. The medium-term trend for Singapore’s NODX performance is still a weak one and we are also expecting NODX to contract in next month’s report,” said UOB economist Francis Tan.
DBS economist Irvin Seah said: “It’s another disappointing outcome … Amid the challenging global environment, such disappointment is becoming more of a norm than the exception.”
He said the weak data suggests manufacturing growth for the month may be just as disappointing. “Plainly, it seems like a downward revision in manufacturing, as well as the gross domestic product growth figures may be on the cards, judging from this set of export numbers. So brace yourself for more bad news ahead.”
Manufacturing activity in Singapore shrank for the ninth straight month in March, with the Purchasing Managers’ Index at 49.4 points, below the 50-point threshold that separates expansion from contraction. Growth in the Singapore economy ground to a halt in the first quarter, advance estimates from the Ministry of Trade and Industry showed last Thursday.
As growth stalled, the Monetary Authority of Singapore eased its policy last week, guiding the Singapore dollar to a zero appreciation stance against the currencies of its major trading partners. Economists said the move would help Singapore’s exports due to a weaker currency, but they added that a more sustained recovery will still depend on a rebound in global demand.
Last month, exports to eight out of the top 10 NODX markets fell, with the exceptions being Japan and Hong Kong. The top contributors to the decline were the European Union, China and Indonesia. Shipments to China, Singapore’s largest export destination, fell 14 per cent last month, accelerating from the 1.2 per cent *decline in February, making it the ninth consecutive month of contraction. “The export outlook is further weighed down by the slowdown in China,” said Mr Seah. He also noted that the slowdown in China is structural in nature, suggesting “that the current NODX weakness may persist for a while”.
Last month, shipments of electronic products contracted by 9.1 per cent, compared with the 0.7 per cent expansion in the previous month. The decline was largely due to the fall in exports of integrated circuits, personal computers and PC parts.
Shipments of non-electronic products fell by 18 per cent, in contrast to the 2.6 per cent rise in the previous month. The plunge was led mainly by the fall in the exports of structures of ships and boats, pharmaceuticals and petrochemicals.
S’pore exports fall at their worst pace in more than three years
Updated: 12:13 AM, April 19, 2016
SINGAPORE — Non-oil domestic exports (NODX) tumbled last month to their worst performance in more than three years, trailing forecasts as shipments to eight out of 10 of Singapore’s top markets slumped, with economists expecting prospects to remain weak amid lacklustre global demand.
NODX fell 15.6 per cent last month, compared with March a year ago, reversing from the revised 2 per cent expansion in February, said trade agency International Enterprise Singapore on Monday (April 18), worse than the 13.2 per cent fall economists in a Reuters poll had expected.
“This was the worst export performance since February 2013 … In our NODX report a month ago, we believed that the February gain then was just a one-month wonder, as it was mainly due to the low base in the same month a year ago. The medium-term trend for Singapore’s NODX performance is still a weak one and we are also expecting NODX to contract in next month’s report,” said UOB economist Francis Tan.
DBS economist Irvin Seah said: “It’s another disappointing outcome … Amid the challenging global environment, such disappointment is becoming more of a norm than the exception.”
He said the weak data suggests manufacturing growth for the month may be just as disappointing. “Plainly, it seems like a downward revision in manufacturing, as well as the gross domestic product growth figures may be on the cards, judging from this set of export numbers. So brace yourself for more bad news ahead.”
Manufacturing activity in Singapore shrank for the ninth straight month in March, with the Purchasing Managers’ Index at 49.4 points, below the 50-point threshold that separates expansion from contraction. Growth in the Singapore economy ground to a halt in the first quarter, advance estimates from the Ministry of Trade and Industry showed last Thursday.
As growth stalled, the Monetary Authority of Singapore eased its policy last week, guiding the Singapore dollar to a zero appreciation stance against the currencies of its major trading partners. Economists said the move would help Singapore’s exports due to a weaker currency, but they added that a more sustained recovery will still depend on a rebound in global demand.
Last month, exports to eight out of the top 10 NODX markets fell, with the exceptions being Japan and Hong Kong. The top contributors to the decline were the European Union, China and Indonesia. Shipments to China, Singapore’s largest export destination, fell 14 per cent last month, accelerating from the 1.2 per cent *decline in February, making it the ninth consecutive month of contraction. “The export outlook is further weighed down by the slowdown in China,” said Mr Seah. He also noted that the slowdown in China is structural in nature, suggesting “that the current NODX weakness may persist for a while”.
Last month, shipments of electronic products contracted by 9.1 per cent, compared with the 0.7 per cent expansion in the previous month. The decline was largely due to the fall in exports of integrated circuits, personal computers and PC parts.
Shipments of non-electronic products fell by 18 per cent, in contrast to the 2.6 per cent rise in the previous month. The plunge was led mainly by the fall in the exports of structures of ships and boats, pharmaceuticals and petrochemicals.
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PAP's MSM mouthpiece now warning Sinkies to prepare for recession.
The very overpaid PAP bums enjoy their millions $$ public salaries without any accountability, while the dumbfuck Sinkies suffer recession pay cuts and retrenchments and very high living costs to pay the PAP bums.
Songboh 69% dumbfucks, you voted for this PAP shit.
http://www.straitstimes.com/business/economy/weak-trade-numbers-point-to-tough-days-ahead
Weak trade numbers point to tough days ahead
Steep decline a sign of worsening prospects and growing risk of technical recession
Published: April 19, 2016
The Singapore economy has already suffered a deluge of bad news this year, but it seems there will be more to come.
Yesterday's trade numbers were not just a sign of an increasingly lacklustre outlook, they also hinted at a growing risk of a technical recession.
Singapore's non-oil domestic exports sank 15.6 per cent last month from a year earlier, according to IE Singapore data yesterday. This was the steepest yearly decline since February 2013 and far worse than economists' expectations of a 12.3 per cent fall.
The weak performance was due in part to an especially strong showing in the corresponding month last year.
But it also left little doubt that 2016 will be a tough year for Singapore. Prospects have worsened since the start of the year amid fresh slides in global oil prices, pessimism about China, and uncertainties in developed markets like Europe and Japan.
The latest statistics put in clearer context a move by the central bank last Thursday to stop the Singapore dollar from rising further against a basket of key currencies.
Market watchers were taken by surprise when the Monetary Authority of Singapore deployed a weapon it had typically used only when the country was in recession.
After all, flash estimates from the Ministry of Trade and Industry (MTI) showed the economy expanded 1.8 per cent in the first quarter, compared with the same period a year ago - a modest rate for sure, but hardly recessionary.
However, the growth momentum is slowing. The MTI data showed that growth was zero per cent for the January to March quarter, compared with the previous three months.
This data is subject to revision, which means finalised numbers released next month could very well show a quarter-on-quarter contraction in economic growth.
Citi economist Kit Wei Zheng said the central bank's move and yesterday's data point to further economic stagnation - or even mild recession - over the next one to two quarters on weaker growth in export-dependent sectors.
This, combined with weak first-quarter data, puts Singapore at growing risk of sinking into a technical recession, defined as two consecutive quarters of decline in economic output.
Mr Kit expects government growth forecasts for this year to be shaved to 1 per cent to 2 per cent, down from the current 1 per cent to 3 per cent, once data for the first half of the year is available.
Meanwhile, ANZ economists Weiwen Ng and Glenn Maguire said that the MAS might take action again at its next policy review in October if the outlook does not pick up.
All in all, the signs point to more rough seas ahead.
The very overpaid PAP bums enjoy their millions $$ public salaries without any accountability, while the dumbfuck Sinkies suffer recession pay cuts and retrenchments and very high living costs to pay the PAP bums.
Songboh 69% dumbfucks, you voted for this PAP shit.
http://www.straitstimes.com/business/economy/weak-trade-numbers-point-to-tough-days-ahead
Weak trade numbers point to tough days ahead
Steep decline a sign of worsening prospects and growing risk of technical recession
Published: April 19, 2016
The Singapore economy has already suffered a deluge of bad news this year, but it seems there will be more to come.
Yesterday's trade numbers were not just a sign of an increasingly lacklustre outlook, they also hinted at a growing risk of a technical recession.
Singapore's non-oil domestic exports sank 15.6 per cent last month from a year earlier, according to IE Singapore data yesterday. This was the steepest yearly decline since February 2013 and far worse than economists' expectations of a 12.3 per cent fall.
The weak performance was due in part to an especially strong showing in the corresponding month last year.
But it also left little doubt that 2016 will be a tough year for Singapore. Prospects have worsened since the start of the year amid fresh slides in global oil prices, pessimism about China, and uncertainties in developed markets like Europe and Japan.
The latest statistics put in clearer context a move by the central bank last Thursday to stop the Singapore dollar from rising further against a basket of key currencies.
Market watchers were taken by surprise when the Monetary Authority of Singapore deployed a weapon it had typically used only when the country was in recession.
After all, flash estimates from the Ministry of Trade and Industry (MTI) showed the economy expanded 1.8 per cent in the first quarter, compared with the same period a year ago - a modest rate for sure, but hardly recessionary.
However, the growth momentum is slowing. The MTI data showed that growth was zero per cent for the January to March quarter, compared with the previous three months.
This data is subject to revision, which means finalised numbers released next month could very well show a quarter-on-quarter contraction in economic growth.
Citi economist Kit Wei Zheng said the central bank's move and yesterday's data point to further economic stagnation - or even mild recession - over the next one to two quarters on weaker growth in export-dependent sectors.
This, combined with weak first-quarter data, puts Singapore at growing risk of sinking into a technical recession, defined as two consecutive quarters of decline in economic output.
Mr Kit expects government growth forecasts for this year to be shaved to 1 per cent to 2 per cent, down from the current 1 per cent to 3 per cent, once data for the first half of the year is available.
Meanwhile, ANZ economists Weiwen Ng and Glenn Maguire said that the MAS might take action again at its next policy review in October if the outlook does not pick up.
All in all, the signs point to more rough seas ahead.
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Property rental is crashing, causing property prices to slump. The crash has already hit the CCR and it will soon hit the rest of Sinkieland as vacancy rates and interest rates continue to rise, and the economy heads for a recession.
https://sg.finance.yahoo.com/news/luxury-home-prices-slump-amid-rental-rout-030517649--sector.html
Luxury home prices slump amid rental rout
Property Guru – April 19, 2016
Prices of high-end condominiums in Singapore have slumped to new lows as owners dispose their units due to falling rents, reported The Straits Times.
For instance, a four-bedroom unit measuring around 3,000 sq ft at Cairnhill Plaza is understood to have been sold for about $1,300 psf, a price not seen since 2007.
A 678 sq ft studio apartment at The Sail @ Marina Bay also changed hands in February for $1,475 psf, the lowest price in more than five years.
Although the previous owner of the apartment at The Sail is unlikely to have incurred losses, as units there were originally priced at $900 psf during its launch in 2004, other sellers have suffered losses in the past few months.
For example, all three deals at Orange Grove Residences so far this year reported losses of nearly $1 million each.
Data shows that 63 second-hand condos were sold at a loss during Q1 2016 in the Core Central Region (CCR), which includes Sentosa Cove and the downtown core, compared to 60 in the previous quarter.
According to experts, a major reason for the significant drop in luxury home prices is the large supply and sluggish rental demand.
“Many of the apartments are vacant and it is quite difficult to get leases renewed at a good rate. The returns are not that great and if owners have made capital gains, it may be time to recycle (the asset),” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore.
Furthermore, expatriates arriving nowadays are usually at the middle-management or executive level, but with smaller housing budgets than in the past, noted Desmond Sim, CBRE’s Research Head for Singapore and Southeast Asia.
As such, demand for large and posh condos that are common in the CCR has weakened substantially, he added.
https://sg.finance.yahoo.com/news/luxury-home-prices-slump-amid-rental-rout-030517649--sector.html
Luxury home prices slump amid rental rout
Property Guru – April 19, 2016
Prices of high-end condominiums in Singapore have slumped to new lows as owners dispose their units due to falling rents, reported The Straits Times.
For instance, a four-bedroom unit measuring around 3,000 sq ft at Cairnhill Plaza is understood to have been sold for about $1,300 psf, a price not seen since 2007.
A 678 sq ft studio apartment at The Sail @ Marina Bay also changed hands in February for $1,475 psf, the lowest price in more than five years.
Although the previous owner of the apartment at The Sail is unlikely to have incurred losses, as units there were originally priced at $900 psf during its launch in 2004, other sellers have suffered losses in the past few months.
For example, all three deals at Orange Grove Residences so far this year reported losses of nearly $1 million each.
Data shows that 63 second-hand condos were sold at a loss during Q1 2016 in the Core Central Region (CCR), which includes Sentosa Cove and the downtown core, compared to 60 in the previous quarter.
According to experts, a major reason for the significant drop in luxury home prices is the large supply and sluggish rental demand.
“Many of the apartments are vacant and it is quite difficult to get leases renewed at a good rate. The returns are not that great and if owners have made capital gains, it may be time to recycle (the asset),” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore.
Furthermore, expatriates arriving nowadays are usually at the middle-management or executive level, but with smaller housing budgets than in the past, noted Desmond Sim, CBRE’s Research Head for Singapore and Southeast Asia.
As such, demand for large and posh condos that are common in the CCR has weakened substantially, he added.
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ABSD will be removed soon......
Problem is even after removal, there will be no buyers.......
- Joined
- Jul 23, 2012
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- 0
That's the reason they allow to remove!
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