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Thread: Minister is bullish about growth potential

  1. #1
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    Default Minister is bullish about growth potential

    Minister is bullish about growth potential but says land and labour costs must stay competitive

    Geert De Clercq and Mia Shanley

    Reuters

    Singapore

    4 May 2007


    Singapore can exceed its 3 to 5% growth potential over the next five to eight years, but will keep land and labour costs in check to remain competitive, Second Finance Minister Tharman Shanmugaratnam said on Friday.

    Shanmugaratnam, who was managing director of Singapore's central bank before entering politics in 2001, told Reuters that the government is not worried about inflation despite a planned two percentage point increase in the goods and services tax, a tight labour market, and a red-hot property market.

    He said the Monetary Authority of Singapore has a "good handle" on inflation and that the country had the lowest inflation in Asia outside of Japan. Singapore's consumer prices rose an average one percent in 2006 and the central bank expects average inflation of between 0.5 to 1.5% this year.

    "My guess is that it will probably be closer to 1%," Shanmugaratnam, 50, told Reuters in an interview.

    He also said that the strength of the Singapore dollar against the US dollar was "not a critical issue" for Singapore's exporters, and added that the strength of Asian currencies was in line with economic fundamentals.

    Shanmugaratnam added that Singapore would probably grow at the top end of the government's 4.5 to 6.5% forecast range, provided the tech inventory overhang improves, as expected, in the second half of the year.

    The price of oil, he said, was the one wild card that could derail economic growth prospects this year.

    He said the city-state could exceed its medium-term growth potential "if we keep on doing the right things, and keep on attracting people and enterprise the way we have been doing".

    "We can maintain a higher growth rate than most because we are a city-state that's much more open than most other economies. We can plug ourself into each new wave of opportunity, particularly in Asia," Shanmugaratnam said.

    He said that rising property prices and higher salaries were a logical consequence of such policies, but added Singapore would remain competitive with other financial centres.

    "We are quite confident that we will remain a lower-cost city among the high-value cities of the world. Amongst the financial centres of the world, we will remain lower cost for quite some time to come," he said, adding that office space costs were still about a third of those in London, 40% of those in Hong Kong and about 60% of those in Tokyo.

    He said that the planned new financial centre at the city's waterfront Marina Bay would ease price pressure on office space. He also said that the government would not be shy to intervene in the property market to curb excessive price inflation but said "we are not anywhere near that yet."

    "We are quite comfortable with the present stage of the cycle because the mass market is not involved in the frenzy," he said.

  2. #2
    Big Whale
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    Default Re: Minister is bullish about growth potential

    Quote Originally Posted by ahlahdin
    Minister is bullish about growth potential but says land and labour costs must stay competitive

    Geert De Clercq and Mia Shanley

    Reuters

    Singapore

    4 May 2007


    Singapore can exceed its 3 to 5% growth potential .....
    ....................
    ..... quite comfortable with the present stage of the cycle because the mass market is not involved in the frenzy," he said.

    Quote Originally Posted by Geet De Clercq
    Minister is bullish about growth potential but says land and labour costs must stay competitive
    Geert De Clercq + Mia Shanley
    Reuters
    Singapore
    4 May 2007

    Singapore can exceed its 3 to 5% growth potential over the next five to eight years, .................... that the government is not worried about inflation despite a planned two percentage point increase in the goods and services tax, a tight labour market, and a red-hot property market.

    He said .................... said that rising property prices and higher salaries were a logical consequence of such policies, but added Singapore would remain competitive with other financial centres.

    "We are quite confident that we will remain a lower-cost city among the high-value cities of the world. Amongst the financial centres of the world, we will remain lower cost for quite some time to come," he said, adding that office space costs were still about a third of those in London, 40% of those in Hong Kong and about 60% of those in Tokyo.

    He said that the planned new financial centre at the city's waterfront Marina Bay would ease price pressure on office space. He also said that the government would not be shy to intervene in the property market to curb excessive price inflation but said "we are not anywhere near that yet."

    "We are quite comfortable with the present stage of the cycle because the mass market is not involved in the frenzy," he said.

    1. Red-hot property market? The government is not worried at all!

    2. The prices are rising because of the good economy policies.

    3. We are still cheap compared to the rest of the global cities: about 1/3 of London, 40% of HongKong and about 60% of Tokyo.

    4. Excessive price inflation? Where? We are not even anywhere near!

    5. What is the worry about? The mass market is not involved in any frenzy.

    6. We need 100 good reasons why the property market should not go up!

  3. #3
    Fedup!
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    Default Re: Minister is bullish about growth potential

    Quote Originally Posted by ahlahdin
    Minister is bullish about growth potential but says land and labour costs must stay competitive

    Geert De Clercq and Mia Shanley
    Reuters
    Singapore
    4 May 2007


    Singapore can exceed its 3 to 5% growth potential over the next five to eight years, but will keep land and labour costs in check to remain competitive, Second Finance Minister Tharman Shanmugaratnam said on .....
    ..........
    ..... are quite comfortable with the present stage of the cycle because the mass market is not involved in the frenzy," he said.

    MM said, Mah said, ......., now Tharman also said.
    MAS said, Reuters said, Citigroup said, ....., UBS also said.

    You let me know who else do you want?
    Say it. Don't be shy! Just say it!
    Who else do you want?

    Must I get the President to .....?

    We should spend time on enhancing assets rather than giving hints.

  4. #4
    Think with your brains
    Guest

    Post Re: Minister is bullish about growth potential

    QUOTE=Economist]Friends!

    1. The government is not worried about the red-hot property market.

    2. Rising property prices are a logical consequence of good economy policies.

    3. We are still a lower-cost city among the global financial centres. We are about a 1/3 of London, 40% of HongKong and about 60% of Tokyo.

    4. We are not anywhere near the point of excessive price inflation in property market.

    5. The government is comfortable as the mass market is not involved in the frenzy.

    So, what are you waiting for?[/QUOTE]
    Because
    1. The government is making too much money in this red-hot market. URA selling pockets of land at record smashing prices, GLCs eg:- capitaland, keppel land and ..... cashing in tremendous amounts.
    2. Rising property prices in singapore are a logical consequence of Good hype, buzz and marketing(artificially proped up).
    3. Our pay is 1/3 london, 2/5 hongkong and 3/5 tokyo. So?
    Ministers pay 300% london, 150% hongkong, 200% tokyo.
    Country size 1/100 london, 1/2 hongkong, 1/40 tokyo.
    4. Yes, we are not. Just that only the rich can get richer.
    5. Government is definately comfortable as the 95% of singaporeans have no part of this money making sector, best part is that they still get pay rise.

  5. #5
    Buyer
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    Default Re: Minister is bullish about growth potential

    Quote Originally Posted by Think with your brains
    Because
    1. The government is making too much money in this red-hot market. URA selling pockets of land at record smashing prices, GLCs eg:- capitaland, keppel land and ..... cashing in tremendous amounts.
    2. Rising property prices in singapore are a logical consequence of Good hype, buzz and marketing(artificially proped up).
    3. Our pay is 1/3 london, 2/5 hongkong and 3/5 tokyo. So?
    Ministers pay 300% london, 150% hongkong, 200% tokyo.
    Country size 1/100 london, 1/2 hongkong, 1/40 tokyo.
    4. Yes, we are not. Just that only the rich can get richer.
    5. Government is definately comfortable as the 95% of singaporeans have no part of this money making sector, best part is that they still get pay rise.

    You are great!
    You have provided potential buyers with some very encouraging guidance.

    Q1. Will new record high prices be smashed?
    Your answer: Yes.

    Q2. Is property prices going up?
    Your answer: Yes.

    Q3. Is there a chance to be richer?
    Your answer: Yes.

    You are going to prosper. I am going to prosper. Everybody is going to prosper.
    What a wonderful world!

  6. #6
    Big Whale
    Guest

    Default Re: Minister is bullish about growth potential

    Quote Originally Posted by Buyer
    You are great!
    You have provided potential buyers with some very encouraging guidance.

    Q1. Will new record high prices be smashed?
    Your answer: Yes.

    Q2. Is property prices going up?
    Your answer: Yes.

    Q3. Is there a chance to be richer?
    Your answer: Yes.

    You are going to prosper. I am going to prosper. Everybody is going to prosper.
    What a wonderful world!

    Wah! So many people say it is going up. What are we waiting for?

  7. #7
    Unregistered
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    Default Re: Minister is bullish about growth potential

    Quote Originally Posted by Buyer
    You are great!
    You have provided potential buyers with some very encouraging guidance.

    Q1. Will new record high prices be smashed?
    Your answer: Yes.

    Q2. Is property prices going up?
    Your answer: Yes.

    Q3. Is there a chance to be richer?
    Your answer: Yes.

    You are going to prosper. I am going to prosper. Everybody is going to prosper.
    What a wonderful world!
    Yes, keep buying,
    I was surprised that one of my properties was sold last week at 25% higher than what I asked for in December. 2006
    Without bullish buyers like you, it is simply not possible to make such a great leap in price. I got a three more properties to sell and look forward to unload for higher gains in coming months when developer launching their nearby projects at record prices.

  8. #8
    Happy Man
    Guest

    Default Re: Minister is bullish about growth potential

    Quote Originally Posted by Unregistered
    Yes, keep buying,
    I was surprised that one of my properties was sold last week at 25% higher than what I asked for in December. 2006
    Without bullish buyers like you, it is simply not possible to make such a great leap in price. I got a three more properties to sell and look forward to unload for higher gains in coming months when developer launching their nearby projects at record prices.

    See! Told you!
    Up up up!
    Everybody make money. Everybody happy!

  9. #9
    Unregistered
    Guest

    Default Re: Minister is bullish about growth potential

    Quote Originally Posted by Happy Man
    See! Told you!
    Up up up!
    Everybody make money. Everybody happy!
    Yeah, sellers are the winners now,
    Too bad, if you are in the buying queue
    Losers never learn
    They got burnt in 94-96, 2000-01 and now 2007-8
    Many got into deep trouble during the last buying frenzy (94-96) and spike (2000-01) are still licking the wounds, wondering how far this round the price can gone up since many inclduing HDB dewellers (up to 40% of HDB owners are sitting on negative equity because they bought their flats in mid-90s) can join in the buying frenzy

  10. #10
    Newbie hayata1972's Avatar
    Join Date
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    Cool Re: Minister is bullish about growth potential

    Quote Originally Posted by Unregistered
    Yeah, sellers are the winners now,
    Too bad, if you are in the buying queue
    Losers never learn
    They got burnt in 94-96, 2000-01 and now 2007-8
    Many got into deep trouble during the last buying frenzy (94-96) and spike (2000-01) are still licking the wounds, wondering how far this round the price can gone up since many inclduing HDB dewellers (up to 40% of HDB owners are sitting on negative equity because they bought their flats in mid-90s) can join in the buying frenzy
    That is true, but can you just sit and wait when others are cashing in? Rather why not try to do spotting, sniping and hunting for mismatches and good deals? It is extremely hard now to get underpriced yet good potential units, but doesn't this add to the challenge? Research and studies are the key to success in any trade. I wish everyone here good luck and good fortune, we cannot lose to the foreigners.

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