Yes Recovery Suckers! SG Proterty Bubble begin to BURST!

[whorejinx]

Hahahaha! Thank You LKY! Suck here baby!

http://asia.news.yahoo.com/rtrs/20091116/tap-singapore-economy-homesales-c3bb44c.html


Singapore private home sales plunge in Oct - govt
Reuters
Reuters - Monday, November 16


SINGAPORE, Nov 16 - Sales of uncompleted private homes in Singapore plunged 29 percent in October from September, falling below the 1,000 unit level for the first time since January as government measures to cool the property market took effect.

Private developers including property giants City Developments <CTDM.SI> and CapitaLand <CATL.SI> sold 811 units in October, according to data on the Urban Redevelopment Authority website, down from 1,143 units a month earlier.

The October data marked the third consecutive monthly drop since sales hit a high of 2,772 units in July, but volumes were still well above the 211 units that changed hands in October 2008 during the worst of the global financial crisis.

Singapore moved to curb speculation in the housing market in September, saying authorities will release more land for development and make it harder for home buyers to defer payments. [ID:nSIN486658]

"The market is most definitely cooling down," said Mohamed Ismail, CEO of PropNex, a real estate broker. He predicted sales in the last two months of 2009 will likely be less than 2,000 in total.

"The pent-up demand which accumulated during the financial crisis has largely been spent," he added.

URA started releasing monthly sales data in June 2007 for private property, which house around 15 percent of Singapore's population. The majority live in government-built apartments.

 

[whorejinx]

Hahahaha! Thank You LKY! Suck here baby! Suck Harder! Oh! Yes Baby!


http://www.themalaysianinsider.com/...ingapore-private-home-sales-plunge-in-october

Singapore private home sales plunge in October

[Private property sales have dropped three straight months in Singapore. — Reuters pic]

Private property sales have dropped three straight months in Singapore. — Reuters pic
SINGAPORE, Nov 16 — Sales of uncompleted private homes in Singapore plunged 29 per cent in October from September, falling below the 1,000 unit level for the first time since January as government measures to cool the property market took effect.

Private developers including property giants City Developments and CapitaLand sold 811 units in October, according to data on the Urban Redevelopment Authority (URA) website, down from 1,143 units a month earlier.

The October data marked the third consecutive monthly drop since sales hit a high of 2,772 units in July, but volumes were still well above the 211 units that changed hands in October 2008 during the worst of the global financial crisis.

Singapore moved to curb speculation in the housing market in September, saying authorities will release more land for development and make it harder for home buyers to defer payments.

“The market is most definitely cooling down,” said Mohamed Ismail, CEO of PropNex, a real estate broker. He predicted sales in the last two months of 2009 will likely be less than 2,000 in total.

“The pent-up demand which accumulated during the financial crisis has largely been spent,” he added.

URA started releasing monthly sales data in June 2007 for private property, which house around 15 per cent of Singapore’s population. The majority live in government-built apartments. — Reuters

 

[dysentry]

It hurts to see a proper electroplating business selling itself to a realtor company. Due to high cost and low talent, Singapore is pricing itself out of decent industries and diving into businesses with no benefit for mankind. It seems that businessmen prefer the quick road to riches than to build their business steadily.


HSR to list on SGX via reverse takeover

The property firm’s owners will sell their entire stakeholding to Catalist-listed Wepco for $40m

By UMA SHANKARI

PROPERTY agency HSR International Realtors said yesterday it plans to list on Singapore Exchange (SGX) through a reverse takeover (RTO).

Mr Liew: ‘We see tremendous opportunities for growth in Singapore as well as regionally and globally.’
Husband-and-wife team Patrick Liew and Kellie Lim, who own 100 per cent of HSR, will sell their entire stakeholding to Catalist-listed Wepco Ltd for $40 million.

Wepco now provides electroplating services to the electronics, automotive, aerospace and medical industries. But once the RTO is completed, it will focus on real estate.

The company is likely to be renamed and re-branded. It will also apply for a transfer from the Catalist board to the mainboard.

Established in 1981, HSR is one of the largest homegrown real estate agencies in Singapore, with more than 7,000 agents listed.

Last year, it had a 32 per cent share of the HDB resale market and 40 per cent of the private residential market, said chief executive Mr Liew, who will head the enlarged Wepco.

Wepco said that in the past few years many of key customers have shifted their operations overseas, resulting in a substantial loss of revenue.

This, plus increased raw material prices and other operating costs, has had a substantial negative impact on profitability, Wepco said. ‘While the company continues to strive for high growth in its current business, the directors are of the opinion that in view of the challenging business climate in which the group operates, there is a need to look for other business opportunities to increase shareholders’ value,’ it said.