Prices of high-end condos starting to fall as sales dwindle

[mr funny]

April 9, 2008

Prices of high-end condos starting to fall as sales dwindle

Downward trend may continue for next few quarters, experts predict

By Fiona Chan, Property Reporter


HOME prices are starting to fall, as several high-end properties begin to feel the squeeze of retreating buyers.

Sales of Singapore's most expensive condominiums - all the rage last year - have dwindled to just a trickle this year.

And with plunging sales, prices have also started to dip, although official figures have yet to reflect this trend.

Early signs of the slide lie in the handful of caveats filed involving many luxury projects in the first quarter. These showed prices fell from the previous quarter, in some cases by up to 20 per cent.

In Districts 9 to 11, Singapore's creme de la creme of residential locations covering Orchard, Holland and Bukit Timah, average prices have fallen by about 30 per cent since the beginning of the year, according to caveats.

They dropped to an average of $1,564 per sq ft (psf) between January and March from $2,023 psf in the preceding three months.

In luxury island enclave Sentosa Cove, almost all condos posted drops in average psf prices, ranging from 2 per cent for the Marina Collection to 23 per cent for The Azure.

Property experts say this could be because luxury home buyers are now selecting only the most competitively priced properties.

'Market activity is very slow now, so any transactions that do take place are likely to be from people who have found attractive buys,' said Mrs Ong Choon Fah, the executive director at property firm DTZ Debenham Tie Leung.

She said high-end properties in the traditional prime districts were more dependent on investor buying, so they could be more affected by the current global credit crunch and weaker sentiment.

'A lot of people who bought luxury homes are also 'specuvestors', so they may be happy making just a small profit and selling quickly,' Mrs Ong explained.

The Government estimated last week that private home prices continued to climb in the first three months of the year, albeit at a slower pace. They rose 4.2 per cent, down from 6.8 per cent in the previous three months.

In the priciest segment, the core central region, the price gain dropped to 4.4 per cent from 7.5 per cent in the previous quarter. This region covers Districts 9 to 11, the Marina Bay area and Sentosa.

Anecdotal evidence from property insiders and caveats lodged, however, showed that prices at many projects fell rather than rose this year. At Scotts Square in Scotts Road, only two units have been sold so far this year - at an average price of $3,700 psf, down from $4,000 psf for 42 units in last year's fourth quarter.

Similarly, at The Oceanfront @ Sentosa Cove, the most recent deals were in February, where three units were sold at $1,720 to $1,751 psf. Just six months before that, 15 units were sold at an average price of $2,480 psf.

Other high-profile, pricey condos, such as the Marina Bay Residences and The Marq on Paterson Hill, have yet to see a single caveat lodged this year.

But the story is not all bad. The Orchard Residences, which holds the title of Singapore's most expensive condo, has sold only one unit this year - but at $4,700 psf, higher than most of its other sales.

Other older condos in areas such as Cavenagh or Balmoral may also be trading at higher prices from their previously low base, pushing up the overall prices for the whole district, suggested Mr Ku Swee Yong, director of marketing and business development at Savills Singapore.

But he said the price index for high-end homes may be under pressure in the next two quarters, now that 'everyone wants a bargain'.

'You only need developers to start giving discounts or people starting to buy lower-

floor units instead of penthouses. That will push the index down and put pressure on prices.'

[email protected]

[Unregistered]

See I told ya.!!!
The Ardmore II and Tate that Sold at discount not yet in the caveat for every body to see!!

I NEED THE PISSED POEM FOR THIS!!!

[Unregistered]

I wanted to buy Scotts last year.They never invite me for their pre-launch.This year their staff just call me to invite for pte preview.I told them I will buy from subsale cheaper...hooray.

[Unregistered]

I wanted to buy Scotts last year.They never invite me for their pre-launch.This year their staff just call me to invite for pte preview.I told them I will buy from subsale cheaper...hooray.

Hmm! lucky for you. You will be luckier if you dont buy from the pissed subsaler either. Wait the price will drop by another 30% and this you will shout Hooray 10x!!

[Unregistered]

I wait for the Indons to chowboh first then buy.

[Unregistered]

See I told ya.!!!
The Ardmore II and Tate that Sold at discount not yet in the caveat for every body to see!!

I NEED THE PISSED POEM FOR THIS!!!

Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

[Unregistered]

They talk very fast and cannot comprehendo.

[Unregistered]

Originally Posted by Unregistered
The property market still very healthy wat ...

Got 4,200 home loans approved in January, only 21% below the "peak of 5,319 last August".

Unlike what the sour grapes here kept saying "No Buyers".

Furthermore, there is a 'a pick-up in market activity at the end of March'.

Looks like the property market will bury the sour grapes yet again.

HEALTHY HEALTHY HEALTHY
SCREAMS THE NOT SO WEALTHY
SAYS CRASHED BY 21% ONLY
SOMETIMES THE MORONS ARE VERY FUNNY
THE WISE SAY NO BUYERS ALREADY
AND MARKET GOING DOWN UNDER VERILY
SITUATION BY THE DAY GETTING MORE DEADLY
FINALLY...MORONS WILL DIE SCREAMING HEALTHY HEALTHY HEALTHY
BECAUSE UNITS OUT THERE WITH NO BUYERS IN PLENTY!!!

[Unregistered]

Peaked Peaked Peaked
Analysts say it has peaked
Desperate flippers get freaked
Because they realised that the news has leaked
Now on to the exits as fast as they could bolt
Beacuse no question of their units ever being sold
Mayhem all over as they rush
Fellow flippers will they crush?
Thud Thud Thud Splash Splash Splash
It is all over in a flash

[Unregistered]

The US subprime disease has spread to SG.We have some US visitors.

[fatbastardx]

Before today, there was a stalemate between most buyers and sellers over property prices in the general market. Buyers don't want to meet asking price, seller don't want to meet bids.

The stalemate partially accounted for the sharp drop in number of transactions in the last few months. The other factor was that buyer demand has largely disappeared.

Without transactions, there won't be much of a market.

The data which the ST article is based on covered mostly Sentosa Cove condos, one in Cairnhill, 2 in Ardmore Park, 1 in Scotts Road, which were ultra high-priced already to begin with. The above Cairnhill, Ardmore and Scotts condos are hardly representative of Districts 9, 10, and 11, and many condos in D9,10,11 which at their peak cost less than half of those Cairnhill, Ardmore and Scotts condos reported in the paper today. There are many condos in D9,10,11 whose transacted prices have actually gone up in the last few months, according to a report in the ST a few days ago.

Using this data in today's article the people behind the ST could be hoping to scare high end market sellers into dropping asking prices in order to meet buyers' expectations, and they perhaps hope that this article will in turn persuade sellers in the lower markets to sell lower down.

All this just to get the market moving again and also to create demand. Right now at this stage of consolidation we are still searching for the equilibrium between demand and price in all the market segments and there must be movement and more data in order for that equilibrium to be found. Otherwise it is very hard for the Govt to plan things. Furthermore this is the year the Masterplan comes out.

There is a demand to upgrade for sure... for HDB upgraders, condo living is extremely desirable, and for mass market condo upgraders, the East Coast and central districts beckon. For investors, prime district condos at sub-$1000 psf prices are hard to resist. But only for the right price.

As we all know, the ST is a mouthpiece for certain politicians. MBT has already publicly rebuked KLB on his comments last week, and MBT has been commenting frequently on the issue of affordability of residential property in Singapore, and about plot ratios and stuff. I would say this time the Govt means business. They WANT prices to go down across the board (all locations). They have been saying it since last year. Speculators who are now stuck have been given ample warning, starting with the scrapping of deferred payment last year.

If prices do not become more affordable across the board, Singapore will lose its competitiveness on the global business market and the average local Singaporean will be unhappy enough to try to vote the Govt out by the next elections (ie: incumbent party winning by a lesser margin). Because to manage a country and to keep its people happy, you got to keep those dreams and aspirations alive for them.

After today, there will be no more stalemate and we may start to see dumping. If got money and see good unit, BUY LOW LOW AH!

[Unregistered]

Before today, there was a stalemate between most buyers and sellers over property prices in the general market. Buyers don't want to meet asking price, seller don't want to meet bids.

The stalemate partially accounted for the sharp drop in number of transactions in the last few months. The other factor was that buyer demand has largely disappeared.

Without transactions, there won't be much of a market.

The data which the ST article is based on covered mostly Sentosa Cove condos, one in Cairnhill, 2 in Ardmore Park, 1 in Scotts Road, which were ultra high-priced already to begin with. The above Cairnhill, Ardmore and Scotts condos are hardly representative of Districts 9, 10, and 11, and many condos in D9,10,11 which at their peak cost less than half of those Cairnhill, Ardmore and Scotts condos reported in the paper today. There are many condos in D9,10,11 whose transacted prices have actually gone up in the last few months, according to a report in the ST a few days ago.

Using this data in today's article the people behind the ST could be hoping to scare high end market sellers into dropping asking prices in order to meet buyers' expectations, and they perhaps hope that this article will in turn persuade sellers in the lower markets to sell lower down.

All this just to get the market moving again and also to create demand. Right now at this stage of consolidation we are still searching for the equilibrium between demand and price in all the market segments and there must be movement and more data in order for that equilibrium to be found. Otherwise it is very hard for the Govt to plan things. Furthermore this is the year the Masterplan comes out.

There is a demand to upgrade for sure... for HDB upgraders, condo living is extremely desirable, and for mass market condo upgraders, the East Coast and central districts beckon. For investors, prime district condos at sub-$1000 psf prices are hard to resist. But only for the right price.

As we all know, the ST is a mouthpiece for certain politicians. MBT has already publicly rebuked KLB on his comments last week, and MBT has been commenting frequently on the issue of affordability of residential property in Singapore, and about plot ratios and stuff. I would say this time the Govt means business. They WANT prices to go down across the board (all locations). They have been saying it since last year. Speculators who are now stuck have been given ample warning, starting with the scrapping of deferred payment last year.

If prices do not become more affordable across the board, Singapore will lose its competitiveness on the global business market and the average local Singaporean will be unhappy enough to try to vote the Govt out by the next elections (ie: incumbent party winning by a lesser margin). Because to manage a country and to keep its people happy, you got to keep those dreams and aspirations alive for them.

After today, there will be no more stalemate and we may start to see dumping. If got money and see good unit, BUY LOW LOW AH!

Its true. The govt have been warning them since early last year but they dont listened!! Now the invetors exits already and they are stucked with illiquid assets!
The one holding the money have more power!!! You want to cheap cheap or not!!! NO??? GET LOST!! THATS THEIR ATTITUDE right now.

[Unregistered]

Before today, there was a stalemate between most buyers and sellers over property prices in the general market. Buyers don't want to meet asking price, seller don't want to meet bids.

The stalemate partially accounted for the sharp drop in number of transactions in the last few months. The other factor was that buyer demand has largely disappeared.

Without transactions, there won't be much of a market.

The data which the ST article is based on covered mostly Sentosa Cove condos, one in Cairnhill, 2 in Ardmore Park, 1 in Scotts Road, which were ultra high-priced already to begin with. The above Cairnhill, Ardmore and Scotts condos are hardly representative of Districts 9, 10, and 11, and many condos in D9,10,11 which at their peak cost less than half of those Cairnhill, Ardmore and Scotts condos reported in the paper today. There are many condos in D9,10,11 whose transacted prices have actually gone up in the last few months, according to a report in the ST a few days ago.

Using this data in today's article the people behind the ST could be hoping to scare high end market sellers into dropping asking prices in order to meet buyers' expectations, and they perhaps hope that this article will in turn persuade sellers in the lower markets to sell lower down.

All this just to get the market moving again and also to create demand. Right now at this stage of consolidation we are still searching for the equilibrium between demand and price in all the market segments and there must be movement and more data in order for that equilibrium to be found. Otherwise it is very hard for the Govt to plan things. Furthermore this is the year the Masterplan comes out.

There is a demand to upgrade for sure... for HDB upgraders, condo living is extremely desirable, and for mass market condo upgraders, the East Coast and central districts beckon. For investors, prime district condos at sub-$1000 psf prices are hard to resist. But only for the right price.

As we all know, the ST is a mouthpiece for certain politicians. MBT has already publicly rebuked KLB on his comments last week, and MBT has been commenting frequently on the issue of affordability of residential property in Singapore, and about plot ratios and stuff. I would say this time the Govt means business. They WANT prices to go down across the board (all locations). They have been saying it since last year. Speculators who are now stuck have been given ample warning, starting with the scrapping of deferred payment last year.

If prices do not become more affordable across the board, Singapore will lose its competitiveness on the global business market and the average local Singaporean will be unhappy enough to try to vote the Govt out by the next elections (ie: incumbent party winning by a lesser margin). Because to manage a country and to keep its people happy, you got to keep those dreams and aspirations alive for them.

After today, there will be no more stalemate and we may start to see dumping. If got money and see good unit, BUY LOW LOW AH!

YES NOW MANY WILL COME BEGGING TO BUY....PLEASE BUY I GIVE YOU 30% DISCOUNT...WOOOOHAHAHAHAHA.

[Unregistered]

YES NOW MANY WILL COME BEGGING TO BUY....PLEASE BUY I GIVE YOU 30% DISCOUNT...WOOOOHAHAHAHAHA.

Where are all the FREAKS and PISSES?? Rush for exits???

[Unregistered]

YES NOW MANY WILL COME BEGGING TO BUY....PLEASE BUY I GIVE YOU 30% DISCOUNT...WOOOOHAHAHAHAHA.

No, wait for buy 1 get 1 free

[Unregistered]

Before today, there was a stalemate between most buyers and sellers over property prices in the general market. Buyers don't want to meet asking price, seller don't want to meet bids.

The stalemate partially accounted for the sharp drop in number of transactions in the last few months. The other factor was that buyer demand has largely disappeared.

Without transactions, there won't be much of a market.

The data which the ST article is based on covered mostly Sentosa Cove condos, one in Cairnhill, 2 in Ardmore Park, 1 in Scotts Road, which were ultra high-priced already to begin with. The above Cairnhill, Ardmore and Scotts condos are hardly representative of Districts 9, 10, and 11, and many condos in D9,10,11 which at their peak cost less than half of those Cairnhill, Ardmore and Scotts condos reported in the paper today. There are many condos in D9,10,11 whose transacted prices have actually gone up in the last few months, according to a report in the ST a few days ago.

Using this data in today's article the people behind the ST could be hoping to scare high end market sellers into dropping asking prices in order to meet buyers' expectations, and they perhaps hope that this article will in turn persuade sellers in the lower markets to sell lower down.

All this just to get the market moving again and also to create demand. Right now at this stage of consolidation we are still searching for the equilibrium between demand and price in all the market segments and there must be movement and more data in order for that equilibrium to be found. Otherwise it is very hard for the Govt to plan things. Furthermore this is the year the Masterplan comes out.

There is a demand to upgrade for sure... for HDB upgraders, condo living is extremely desirable, and for mass market condo upgraders, the East Coast and central districts beckon. For investors, prime district condos at sub-$1000 psf prices are hard to resist. But only for the right price.

As we all know, the ST is a mouthpiece for certain politicians. MBT has already publicly rebuked KLB on his comments last week, and MBT has been commenting frequently on the issue of affordability of residential property in Singapore, and about plot ratios and stuff. I would say this time the Govt means business. They WANT prices to go down across the board (all locations). They have been saying it since last year. Speculators who are now stuck have been given ample warning, starting with the scrapping of deferred payment last year.

If prices do not become more affordable across the board, Singapore will lose its competitiveness on the global business market and the average local Singaporean will be unhappy enough to try to vote the Govt out by the next elections (ie: incumbent party winning by a lesser margin). Because to manage a country and to keep its people happy, you got to keep those dreams and aspirations alive for them.

After today, there will be no more stalemate and we may start to see dumping. If got money and see good unit, BUY LOW LOW AH!


Be careful who you listen.What you wish for may come thru.Those who want to buy low low have not much money.

[Unregistered]

haha.....such report, big bullshit lah!
Q1'08, prime area property price up 4.4%.
8 days later, now reporter & analyst said Q1'08 price is 23% below Q4'07.
If that is the case, that means in some other condo, Q1'08 price is 30% higher than Q4'07.
Such reporter should be sacked without 2nd words as the integrity & ethnic as a reporter is not there.
She should at least down more condo, the price up in Q1'08.
Or she is comparing price of Penthouse to 2nd floor unit, not apple to apple comparison. Such commonsense also don't have, how to be a reporters?

[Unregistered]

haha.....such report, big bullshit lah!
Q1'08, prime area property price up 4.4%.
8 days later, now reporter & analyst said Q1'08 price is 23% below Q4'07.
If that is the case, that means in some other condo, Q1'08 price is 30% higher than Q4'07.
Such reporter should be sacked without 2nd words as the integrity & ethnic as a reporter is not there.
She should at least down more condo, the price up in Q1'08.
Or she is comparing price of Penthouse to 2nd floor unit, not apple to apple comparison. Such commonsense also don't have, how to be a reporters?
'.... people starting to buy lower-floor units instead of penthouses. That will push the index down ....', Ku SweeYong.

[Unregistered]

haha.....such report, big bullshit lah!
Q1'08, prime area property price up 4.4%.
8 days later, now reporter & analyst said Q1'08 price is 23% below Q4'07.
If that is the case, that means in some other condo, Q1'08 price is 30% higher than Q4'07.
Such reporter should be sacked without 2nd words as the integrity & ethnic as a reporter is not there.
She should at least down more condo, the price up in Q1'08.
Or she is comparing price of Penthouse to 2nd floor unit, not apple to apple comparison. Such commonsense also don't have, how to be a reporters?
You are the sour grape, yah? And your unit has turned into rotten grape.
Haha

[Unregistered]

I love MBT. Great guy that he is.

[Unregistered]

'.... people starting to buy lower-floor units instead of penthouses. That will push the index down ....', Ku SweeYong.

The reporter mentioned average and did not mention lower floor. Do you have prove the avg price is low floor? even if it is low floor it still cheap and can be cheaper

[Unregistered]

The reporter mentioned average and did not mention lower floor. Do you have prove the avg price is low floor? even if it is low floor it still cheap and can be cheaper
Average price has already been reported in the article below.

The 4.4% is the average.

HDB and private property prices up in Q1 flash estimates
Channel NewsAsia
01 April 2008 1345 hrs

Private residential property prices in Singapore rose 4.2% in the first quarter this year, according to the latest preliminary estimates from the Urban Redevelopment Authority.

The pace was slower than the 6.8% clip recorded in the fourth quarter of last year.

On a quarter-on-quarter basis, the biggest rise in property prices for non-landed properties came from outside central region - up 4.8 percent in the January-March quarter compared with the October-December period.

Properties in the prime districts of 9, 10 and 11, as well as the downtown area and Sentosa, rose 4.4 percent on quarter.

Prices in the rest of the central region increased 3.9 percent in the first quarter from the previous three months.

The preliminary estimates were based on transaction prices given in caveats lodged during the first 10 weeks of the quarter, as well as the number of new units sold.

Meantime, the Housing and Development Board (HDB) said prices of HDB resale flats rose 3.4 percent in the January to March period over the previous three months. This was lower than the 5.7 percent increase in the fourth quarter.

Both the URA and HDB will release final figures at the end of April.

The URA said that as at 4th Quarter 2007, there are about 64,900 private residential units in the pipeline, of which about 56,100 new private housing units are expected to be completed between 2008 and 2011.

There are also some 38,300 units that have yet to be put on sale by developers.

As for the supply of government flats, the HDB said it had made available in the first quarter of this year some 1,100 new flats in two Build-To-Order (BTO) projects in Punggol and Yishun.

It said that depending on demand, there could be another 5,000 new BTO flats in towns such as Punggol, Sengkang, Woodlands and Bukit Panjang.

The total planned BTO supply of 6,100 new flats for January till September 2008 will surpass the annual BTO flat supply in 2007 and 2006.

This new supply of flats will be in addition to those offered under Balloting Exercises for surplus replacement SERS and other flats, as well as the planned release of three Design-and-Build sites in Simei, Toa Payoh and Bedok with some 1,500 flats in the first half of 2008.

[Unregistered]

Average price has already been reported in the article below.

The 4.4% is the average.

I am not talking about this article lah losers.
See she said oceanfront sold at an average of 1700??
so dont anyhow say they buy low floor!!

[Unregistered]

I am not talking about this article lah losers.
See she said oceanfront sold at an average of 1700??
so dont anyhow say they buy low floor!!

Y argue? in another 1 or 2 month, u can get high floor or watever floor, facing sea, etc at price cheaper than S$1500.00, Moron.

[Unregistered]

You are the sour grape, yah? And your unit has turned into rotten grape.
Haha
Peaked Peaked Peaked
Analysts say it has peaked
Desperate flippers get freaked
Because they realised that the news has leaked
Now on to the exits as fast as they could bolt
Beacuse no question of their units ever being sold
Mayhem all over as they rush
Fellow flippers will they crush?
Thud Thud Thud Splash Splash Splash
It is all over in a flash

[Unregistered]

Average price has already been reported in the article below.

The 4.4% is the average.
YES KEEP WAVING THE APRIL 1 ARTICLE FOR THE NEXT 2 YEARS BECAUSE THATS THE BEST YOU WOULD GET. WOOOOOOHAHAHAHAHA......RUN RUN RUN.

[Unregistered]

Y argue? in another 1 or 2 month, u can get high floor or watever floor, facing sea, etc at price cheaper than S$1500.00, Moron.
Yes even Sentosa can get less than 1500 psf.

[Unregistered]

Yes even Sentosa can get less than 1500 psf.

Sentosa worst, drop fastest and cheapest.

[Unregistered]

Sentosa worst, drop fastest and cheapest.

Just Buy now ..and hope that US comes out of IRAQ war after US election as New president comes to White house .
Then all these subprime buble etc will vanish in thin air

[Unregistered]

Sentosa worst, drop fastest and cheapest.

Agree, with China Mei Mei gathering aound after dark for bussiness......

[Unregistered]

Just Buy now ..and hope that US comes out of IRAQ war after US election as New president comes to White house .
Then all these subprime buble etc will vanish in thin air

Plan for Ending the War in Iraq
“But conventional thinking in Washington lined up for war. The pundits judged the political winds to be blowing in the direction of the President. Despite - or perhaps because of how much experience they had in Washington, too many politicians feared looking weak and failed to ask hard questions. Too many took the President at his word instead of reading the intelligence for themselves. Congress gave the President the authority to go to war. Our only opportunity to stop the war was lost.

I made a different judgment. I thought our priority had to be finishing the fight in Afghanistan. I spoke out against what I called 'a rash war' in Iraq. I worried about, ‘an occupation of undetermined length, with undetermined costs, and undetermined consequences.’ The full accounting of those costs and consequences will only be known to history. But the picture is beginning to come into focus.”

—Barack Obama, Clinton, Iowa, September 12, 2007

[Unregistered]

http://responsibleplan.com/

US WAR in IRAQ

[Unregistered]

haha.....such report, big bullshit lah!
Q1'08, prime area property price up 4.4%.
8 days later, now reporter & analyst said Q1'08 price is 23% below Q4'07.


I would like to know what this figure of 4.4% (should be 4.2%) is.
Is it the PPI as defined here
http://app.mti.gov.sg/data/article/353/doc/ESS_2001Q1_PropertyIncome.pdf

if it is , and before everyone starts jumping, I'm not sure it is......... (are we clear?)

the formula is NOT based on actual property transactions!
figure is based on GDP, interest rates and stockmarket index. and apparently uses 12 quarters of data.

If this is the way the index is calculated, then you can see it is possible for this index to rise, even if actual property transactions fall.

Read the article , I would love to see the most recent data plotted this way, you can clearly see if we are experiencing a bubble or if prices are justified. Nice, non emotional , data driven.

[Unregistered]

Just Buy now ..and hope that US comes out of IRAQ war after US election as New president comes to White house .
Then all these subprime buble etc will vanish in thin air

Ya you buy now, later u be like them also vanish, to where? NO BODY KNOW.

[Unregistered]

Ya you buy now, later u be like them also vanish, to where? NO BODY KNOW.

ya i bought already lah ,lets see in next 2-3 yrs time

[Unregistered]

ya i bought already lah ,lets see in next 2-3 yrs time

haha.....talk is free, so do paper trade.....

[Unregistered]

Just Buy now ..and hope that US comes out of IRAQ war after US election as New president comes to White house .
Then all these subprime buble etc will vanish in thin air
Such a naive moron.

[Unregistered]

IMF predicts global economic gloom

Story Highlights

IMF forecasts a slide into a recession in the U.S. amid global slowdown

IMF's World Economic Outlook predicts U.S. economic growth to slow to 0.5 percent

The organization also trimmed its projection for France, Britain, Germany and Japan

WASHINGTON (AP) -- The world economy will slow sharply this year, according to an International Monetary Fund forecast, with the United States sliding into a recession amid housing, credit and financial slumps.

The IMF, in a World Economic Outlook released Wednesday, slashed growth projections for the United States -- the epicenter of the woes -- and the global economy as a whole.

Economic growth in the United States is expected to slow to a crawl of just 0.5 percent this year, which would mark the worst pace in 17 years, when the country last suffered through a recession, the IMF said. The United States won't fare much better next year; the IMF projected the U.S. economy will grow by a feeble 0.6 percent in 2009.

"The U.S. economy will tip into a mild recession in 2008 as the result of mutually reinforcing cycles in the housing and financial markets," the IMF said.

Many private economists and members of the U.S. public believe the country has already fallen into its first recession since 2001. For the first time, Federal Reserve Chairman Ben Bernanke acknowledged last week that a recession was possible.

An increasing number of analysts think the U.S. economy, which grew by 2.2 percent in 2007, started shrinking in the first three months of this year and is still contracting. Under one rough rule, if the economy contracts for six straight months it is considered to be in a recession. A panel of experts at the National Bureau of Economic Research that determines when U.S. recessions begin and end, however, uses a broader definition, taking into account income, employment and other barometers.

To limit the damage, the Federal Reserve has been slashing interest rates since last September and has taken a number of extraordinary measures to avert a financial meltdown, which would have dire consequences for the U.S. economy.

"The financial market crisis that erupted in August 2007 has developed into the largest financial shock since the Great Depression," the IMF declared.

Looking at other countries, the IMF trimmed its projection for Germany, with economic growth slowing to 1.4 percent this year and weakening to 1 percent in 2009. In Britain, growth will slow to 1.6 percent this year and next. France also will see growth decelerate to 1.4 percent this year and 1.2 percent next year.

Japan's economy will expand by 1.4 percent this year and 1.5 percent next year, which would mark a loss of momentum from last year. Canada's growth would slow to 1.3 percent this year and pick up slightly to 1.9 percent next year.

Global powerhouse China, which barreled ahead at an 11.4 percent pace last year, would see growth moderate to 9.3 percent this year and then strengthen a bit to 9.5 percent next year. India, which grew by a blistering 9.2 percent last year, is expected to grow by 7.9 percent this year and 8 percent next year. Russia, which logged growth of 8.1 percent last year, will see growth moderate to 6.8 percent this year and then 6.3 percent next year.

Problems started in the United States with risky "subprime" mortgages made to people with blemished credit and quickly spread into other areas, hitting more creditworthy borrowers. Foreclosures in the U.S. hit record highs and financial companies racked up multibillion-dollar losses as mortgage-backed investments soured with the collapse of the U.S. housing market.

The fallout gripped investors on Wall Street and in other countries, creating a panicky atmosphere that threatened to paralyze financial markets in the United States and beyond.

Against that backdrop, the IMF now expects the world economy, which grew by a hardy 4.9 percent last year, to lose considerable momentum. The fund is projecting the global economy to grow by 3.7 percent this year and 3.8 percent next year.

"The global expansion is losing speed in the face of a major financial crisis," the IMF said.

There's a risk that things could turn worse, it cautioned.

"The IMF now sees a 25 percent chance that global growth will drop to 3 percent or less in 2008 and 2009 -- equivalent to a global recession," the fund said. "The greatest risk comes from the still-unfolding events in financial markets, particularly the potential for deep losses" on complex investments linked to the U.S. subprime mortgage market, the IMF said.

While the IMF is worried about the dangers of weakening global economic growth, it also expressed concern about the potential for inflation to heat up around the world, given sharp increases in energy and other commodity prices. "Risks related to inflationary pressures have risen," the fund said.

[Unregistered]

Peaked Peaked Peaked
Analysts say it has peaked
Desperate flippers get freaked
Because they realised that the news has leaked
Now on to the exits as fast as they could bolt
Beacuse no question of their units ever being sold
Mayhem all over as they rush
Fellow flippers will they crush?
Thud Thud Thud Splash Splash Splash
It is all over in a flash
Such a naive moron.

[Unregistered]

Wah lau eh. You posters think the high end owners are coffeeshop ah turs ah kows gamblers. What is a few millions. Completely different world lah. Drop so what, they just keep their playhouses, can bring in mei mei some more.

[Unregistered]

Wah lau eh. You posters think the high end owners are coffeeshop ah turs ah kows gamblers. What is a few millions. Completely different world lah. Drop so what, they just keep their playhouses, can bring in mei mei some more.

Y keep mei mei in sentosa? they will do the night shift there. keep mei mei in hotel better. got security guards.

[Unregistered]

Peaked Peaked Peaked
Analysts say it has peaked
Desperate flippers get freaked
Because they realised that the news has leaked
Now on to the exits as fast as they could bolt
Beacuse no question of their units ever being sold
Mayhem all over as they rush
Fellow flippers will they crush?
Thud Thud Thud Splash Splash Splash
It is all over in a flash
Looking back I regret having ridiculed you and not having followed your advice to get out of the market back in October. I am trying to get whatever is left since I trust that you are good at predicting about the market. Back in August you said it was falling and I didn't trust you then. See what bad state I am in today. Please send me contact detail so I can take some advice. Once again thank you so much.

[Unregistered]

Looking back I regret having ridiculed you and not having followed your advice to get out of the market back in October. I am trying to get whatever is left since I trust that you are good at predicting about the market. Back in August you said it was falling and I didn't trust you then. See what bad state I am in today. Please send me contact detail so I can take some advice. Once again thank you so much.
Quote:
Originally Posted by Unregistered
Looking back I regret having ridiculed you and not having followed your advice to get out of the market back in October. I am trying to get whatever is left since I trust that you are good at predicting about the market. Back in August you said it was falling and I didn't trust you then. See what bad state I am in today. Please send me contact detail so I can take some advice. Once again thank you so much.


You know what, I have the feeling you are actually the same person posting the above quote. ( NO SIGN OF THE SPECULATORS.....THEY ARE FINISHED!!! MAD RUSH AT THE EXITS....OTHERS PLEASE AVOID THE EXITS....SPECULATORS FLEEING...WATCH OUT FOR YOUR OWN SAFETY.).
Please do not try to act (both characters). We are no fools.

[Unregistered]

wahahhaha

trying to play two character here!!!

wat a great but stupid idea!!!

[Unregistered]

Today my agent SMS me offering ST REGIS stack 3 facing pool at only $2800. Its a good buy.
I believe the highest transaction is $5000??

[Unregistered]

Today my agent SMS me offering ST REGIS stack 3 facing pool at only $2800. Its a good buy.
I believe the highest transaction is $5000??
wahahhaha

trying to play the additional third character here!!!

wat a great but stupid idea!!!

[Unregistered]

wahahhaha

trying to play the additional third character here!!!

wat a great but stupid idea!!!

You stress liao cannot stand market going down. Pathetic!!! even not dare tolook at classified ad because cannot face the reality.

[Unregistered]

You stress liao cannot stand market going down. Pathetic!!! even not dare tolook at classified ad because cannot face the reality.
Down your head.
Went up 16.9%.
Don't talk rubbish!


http://www.afp.com/english/home/imgs/logo.gif
Singapore's GDP Rebounds By 16.9% In Q1
MAS moves to curb inflation as growth rebounds
Agence France-Presse
Singapore
Thursday, 10 April 2008

Singapore's central bank unexpectedly further tightened monetary policy on Thursday, pushing the Singapore dollar to a record high against the U.S. dollar, in a move aimed at keeping a lid on soaring prices.

Singapore's economy grew at an annualised, seasonally adjusted rate of 16.9% in the first quarter, beating economists' expectations, government data showed on Thursday, after a surprise 4.8% contraction in the fourth quarter of 2007.

The data beat a median forecast from economists polled by Reuters for growth of 11.5% because of a recovery in pharmaceutical and electronics manufacturing.

"The GDP figures were stronger than what the market had predicted and that gave the Monetary Authority confidence to tighten the policy," said Joseph Tan, an economist at Fortis.

"Strength of GDP quarter-on-quarter came from domestic sources. Where we go from here is a step in time approach but the one-up shift of the band, as opposed to the steepening of the Singapore dollar, shows that MAS recognises inflation is an imminent danger."

The Monetary Authority of Singapore conducts policy through the exchange rate, steering the Singapore dollar within a secret trade-weighted band against a basket of currencies, rather than by adjusting interest rates.

Growth Support

"Against backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward, while providing support for sustainable growth in the economy," the central bank said in a twice-yearly monetary policy statement.

"MAS will therefore re-centre the exchange rate policy band at the prevailing level of the S$NEER. There will be no change to the slope or width of the policy band."

The Singapore dollar hit a record high, up 0.9% on the news to 1.3683 per U.S. dollar. The currency has gained around 5% this year.

Ten out of the 12 economists polled by Reuters had expected the MAS to refrain from tightening monetary policy due to concerns about slower economic growth.

The other two had expected the MAS to tighten policy to fight inflation, which stood at 6.5% in February. In January it hit 6.6%, the highest since March 1982.

The MAS said it expected inflation in the upper half of its 4.5% to 5.5% forecast range this year.

Singapore is one of the first Asian countries to report GDP data each quarter. The health of its exports is seen by analysts as a barometer of demand for Asian goods.

Despite concern about slower global growth, most central banks in Asia have refrained from easing monetary policy due to high inflation.

Some analysts said a stronger Singapore dollar would further cut demand for the island's exports by making them more expensive at a time when demand in the key U.S. market is weakening.

They also said a stronger Singapore dollar may not be as effective as before in reining in inflation because domestic factors such as a tight labour market, high wages and elevated property prices were factors as well.

The MAS tightened policy slightly at its last meeting in October as asset prices spiralled higher.

Singapore's economic growth is largely fuelled by manufacturing of products such as electronics, pharmaceuticals and oil rigs. However, the economy also relies increasingly on tourism, financial services and construction.