Just f.y.i..Originally Posted by Unregistered
The last "technical recession" occurred in 2002.
The last "recession" occurred in 2001 when the GDP growth was -2.4%.
Just f.y.i..
The last "technical recession" occurred in 2002.
The last "recession" occurred in 2001 when the GDP growth was -2.4%.
Hello everyone. Heard that SG in recession so i came here
to laugh at you guys. Hip hip hooray!
Mr recession, since when you change your name to Ardmore1?
Didn't know you still have strength to type and make it here.
Dun feed the troll.
........
"..... but you need to be technically correct when you post.
Singapore government forecasted Singapore in Technical Recession for Q3 2008 based on July and August figures. We will know the September results by the end of October.
Economists forecast lower GDP Growths for the next 2-3 years. They did not forecast Recession. ....."
Just f.y.i..
The last "technical recession" occurred in 2002.
The last "recession" occurred in 2001 when the GDP growth was -2.4%.
Oct 10, 2008
S'pore slips into recession
# MTI lowers 2008 forecast to 3%, from earlier 4-5%
# MAS moves to ease monetary policy
# Inflation has peaked
SINGAPORE has slipped into its first recession since 2002 after its economy declined for a second straight quarter, prompting the central bank to ease monetary policy favoring gains in its currency in an effort to confront the downturn.
The Ministry of Trade and Industry (MTI) on Friday also revised downwards Singapore's full-year growth forecast to around 3 per cent from an earlier estimate of 4 to 5 per cent, citing a slowdown in the global economy and key domestic sectors.
At the same time, the Monetary Authority of Singapore said it was easing monetary policy for the first time in more than four years. It said on Friday it is shifting to a 'zero-percent appreciation' stance and will intervene to reduce "excessive volatility'.
There will be no re-centering of the band of change in the so-called width, the range in which it is allowed to trade, said MAS.
Central banks around the world are loosening monetary policy and cutting interest rates as an escalating global credit crisis that's toppled banks in the US and Europe saps growth.
MTI said the impact of the worsening US financial crisis and the deepening credit crunch had weakened US consumer sentiment, which will affect demand from Asia and the rest of the world.
On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 per cent in the third quarter after contracting 5.7 per cent in the previous quarter, the ministry said.
While it did not describe the economy as being in recession, a technical recession is generally defined as two consecutive quarters of contraction in economic output.
Economists polled by Dow Jones Newswires had forecast a 0.3 per cent quarter-on-quarter rise in gross domestic product, the value of goods and services produced in the economy.
Singapore's last technical recession occurred in 2002 while the most recent full-scale recession was in 2001, when the economy contracted 2.4 per cent during the year.
Compared with the third quarter of last year, the ministry said Singapore's economy contracted by 0.5 per cent in real terms, against 0.8 per cent expansion foreseen in the Dow Jones poll.
In August the government had revised down its full-year GDP forecast to 4.0-5.0 per cent but since then, external economic conditions have deteriorated more than expected and some sectors of the economy have weakened significantly because of industry-specific or domestic factors, the ministry said.
'Singapore's export-oriented sectors, such as manufacturing, will be affected,' it added.
Last year the economy expanded 7.7 per cent but after years of growth, signs of a slowdown emerged with recent disappointing trade data and contractions in the important manufacturing sector, which includes the export-dependent electronic and pharmaceutical industries.
In August, key non-oil domestic exports fell for the fourth straight month, with electronic shipments continuing a decline begun in February 2007, while manufacturing dropped by 12.2 per cent.
The August fall in output followed a 21.5 per cent decline the previous month.
The government's preliminary third-quarter GDP estimates are based largely on data from July and August, and are subject to revision.
Inflation peaks
Inflation, which reached a 26-year high earlier this year, has peaked, said MAS. Consumer prices will rise between 6 per cent and 7 per cent this year, and gains will ease to between 2.5 per cent and 3.5 per cent in 2009, it predicted.
'Against the backdrop of a weakening external economic environment and continuing stresses in global financial markets, the growth of the Singapore economy is expected to remain below potential in the period ahead,' said MAS.
'Inflation is expected to trend down in 2009 as the global and domestic economies slow.'
Exports slump
Singapore's US$161 billion (S$239 billion) economy declined 0.5 per cent last quarter from a year earlier, compared with a revised 2.3 per cent gain between April and June.
Growth has deteriorated as a slump in export demand forced factories to cut production, tourist arrivals faltered and a real-estate boom ended, reported Bloomberg news.
The island's manufacturing industry, which accounts for a quarter of the economy, contracted 11.5 per cent last quarter from a year earlier, compared with a revised 4.9 per cent drop in the previous three months, according to today's report.
Singapore's government expects exports to decline as much as 4 per cent this year, and the island's shipments of electronics goods have fallen for 19 consecutive months.
Financial services
Services climbed 6.1 per cent in the third quarter from a year earlier, slowing from a 7 per cent pace in the previous three months. The city-state will probably miss a government target of 10.8 million visitors in 2008, the tourism board said on Sept 23, after visitor arrivals dropped 7.7 per cent in August.
'The financial services sector is likely to see slower growth in the coming months as the ongoing global financial crisis has heightened uncertainties for sentiment-sensitive segments such as stocks trading and fund management activities,' said MIT.
The construction industry grew 7.8 per cent, easing from a revised rate of 19.8 per cent in the previous quarter.
Singapore's benchmark Straits Times Index slumped 7.3 per cent to its lowest level since November 2004 on Friday in opening trade after the economic data and policy statement.
The Singapore dollar rose to $1.4724 per US dollar after the central bank's announcement compared with $1.4780 as traders adjusted positions after the widely expected move. -- AFP, REUTERS
So these are preliminary numbers based on data from July and August. When can we get the final GDP figure?
If Q4 growth is higher than Q3 growth, does that mean we need another 2 slowing quarters after Q4 to get another technical recession?
u must be a poor goondu who knws next to nothing bout economics n pty so shut up. U cant even afford to fully redeem ur 3rm flat let alone buy a condo anywhere. Dont flatter urself with the name Ardmore coz u probably need to work 5 lifetimes to buy a condo there...PUI!
Saw in the papers today the Sports Hub will only be completed in 2012, and then dunno if its a certainty...
Coupled with the fact that government is building workers dorm near DR, I'll say DR has gotten too many misses and shocks...
Dun think many will take up this project now...
To all agents in this website, "Which is almost everyone in this website" Go out and close sales. Don't waste time in the showrooms until go crazy and post rubbish in this site.
Agree. Charge!
Private Residential Units Sold in the Month of September 2008
Project Name ....... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Dakota Residences . RCR ........ 5 ............................... 1,073 ............. 983 .............. 947
Hey! $1,07x psf again? Not bad what!
Swee! Keep it up!
What kind of unit is sold at $1,073psf?
Geylang hookers view.
Is it freehold?
http://www.tnp.sg/news/story/0,4136,180640,00.html?
FIRE SALE: OWNERS DUMP CONDOS
Agents: Some clients give as much as 20 per cent discount
By Elysa Chen
October 20, 2008
FOR sale: Luxurious multi-million-dollar apartments, not quite for a steal, but with a hefty discount.
Stock market losses have forced some property owners to resort to 'fire sales' for a quick return to liquidity.
And because the property market is almost flat, they have had to let go of their property at huge discounts.
Property agent Henry Neo receives one SMS a day from different clients asking him to sell their homes.
Mr Neo, who has been a property agent for close to 20 years, said: 'The Asian financial crisis of 1997 and this crisis are real challenges.
'It's a tsunami of the stock market.'
Two or three of the 50 clients he is servicing now are what he calls 'desperados' - people who had their fingers burnt so badly in the stock market they need to sell their houses.
The situation is worse for those who opted for deferred payment schemes, said Mr Neo, because some are no longer eligible for loans, and cannot meet payments once the developers issue the Temporary Occupation Permit (TOP).
'They have to get rid of their properties before TOP, so they would be giving even more discounts.'
Noting that the high-end property market seems to be hit the hardest, Mr Neo said: 'My colleagues who specialise in high-end properties are not doing well. They do not have any transactions at all.'
Mr David Cheang, senior vice-president of the Resale Division at HSR Property Group, noted that two out of every 10 clients are affected by the stock market crash, and are selling their property investments to 'get more liquidity'.
A property agent who declined to give his full name said one of his clients had made such losses on the stock market that he was selling his 27th floor freehold apartment at the Twin Regency for a mere $1.05 million, though its market price is $1.3 million.
Last year, he had sold another unit, on the 29th floor of the same condominium, for $1.4 million.
It is the same story for Mr Felix Young, 35, a property agent specialising in high-end condominiums. Some of his clients are prepared to go as low as 20 per cent below their offer price.
He had taken out an advertisement for five properties, all high-end condominium units in the city.
Apartments at The Sail at Marina Bay, which were going for $2,000 psf are now being offered for sale at $1,450 psf, said Mr Young.
But even such a huge discount is failing to entice buyers, who are asking for $1,100 psf. That is because even with such discounts, the two-room apartment costs about $1.3 million.
In the current climate, not many people would be able to shell out that kind of money because they could be sitting on huge paper losses in the stock market.
Mr Young said: 'Buyers have the sentiment that the property market will cool even more, and prices will drop further.'
And because of this, said Mr Young, there has been a significant drop in transactions - up to 70 per cent for high-end properties that people buy for investments.
Most buyers also know developers' launch price for the condominiums and are holding out until they can get a unit at that price.
He said: 'These days, when buyers call me, they ask me if I have any owners who are 'bleeding'.'
Bleeding is a term that is used to describe owners who over-committed themselves financially and need to sell their properties in a hurry.
Mr Young said: 'Many of my clients' bank loans are kicking in soon, so they need to release the properties quickly, before TOP.
'They are stuck because they can neither sell their property, nor rent it out to cover their mortgages, as the rental market has slowed down a lot.'
Fųck you asshole! Don't post same message everywhere. Be considerate!
Need to inform everyone to cut losses. Sell now and buy back later at a hefty discount.
You are obviously talking cock.
Cut loss? RCR and OCR still going up. Sell already sleep where? On the street?
Oh bro wait and watch. The dumping has just begun. Sell and cut loss if you are a flipper. If you are staying it doesn't affect you.
Glad I will get a 30% discount.
You get 30% discount on DR? From where? Nobody is selling DR at 30% discount? From the sky?
Obviously you are talking cock!
Wait and watch friend. It has just begun. Firesales coming big time.
You mean buyers for DR are speculators? They need to dump their house and sleep on the street? You are talking cock.
You are the one talking cock, more than 80% of singaporeans stay in hdb, sell condo downgrade to hdb never heard before ah?
You are the one talking cock, more than 80% of singaporeans stay in hdb, sell hdb upgrade to hdb never heard before ah?
You are the one talking cock, more than 80% of singaporeans stay in hdb, sell hdb upgrade to condo never heard before ah?
Yes, because of these many upgraders, that's why OCR prices are going up and a few projects are breaking new high.
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