around landed pty u also complain, isnt having pte pty around hdb worse? Peaceful surroundngs u say ulu, too many ppl u say noisy. Btw with 130mil woodsville interchnge outside st michael wat traffic jam r u talkng bout? I thk u r just being sour grape. Bh is 8min walk to 2 mrt stations, is clover anywhere near to mrt or even town?Originally Posted by Unregistered111
fukin location also got moron buy! ******* place only ah kong ah ma buy...kanni nia
The only place that suits you is geylang's back alleys coz you have a cheeby mouth that knows nothing except doing cunnilingus on 80-year-old chickens in geylang.
Recession is here! How many can hold on to your property until it TOPs? How many can hang on to your jobs? Economists forecast 2-3 yrs! Be afraid...
I am on your side 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%.
Hello everyone. Heard that SG in recession so i came here
to laugh at you guys. Hip hip hooray!
who gives a shit about people like u living with ur parents in a 3rm hdb flat who cant afford to buy a condo. Recession or not, condos are meant for people who can afford it and want a better lifestyle.
I think you are stuck now.
my condo top in 2011 so do u think recession will last till then? Developers are so nice as to absorb interest rate till top and no instalment till top. I can sleep soundly
Anyway, there will be no recession in 2008 as the GDP would have probably grown by 3%.
For 2009, GDP has been forecasted to grow at around 3%. This means there will be no recession in 2009 too.
(got growth means no "recession")
However, in Q3 of 2008, early estimates have shown that we are in a technical recession. We will know whether have a technical recession or not by the end of this month when we have the September economic figures.
(2 quarters of reducing GDP growth means "technical recession")
("technical recession" doesn't necessarily mean "recession")
(need to see whether there is growth or not)
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?
Recession means property price is at its lowest level.
So now is the best time to enter into the market.
and gain profit once the economy pick up again.
anyone feel free to have a walk in St Michael rd and see what i mean.
that area is really packed, very few open space left.
the distance between one building to another is just too close to each other.
BH project itself might be good (999 yr), it's just the surrounding area that i don't like.
Ooooh..Means we stand to gain more thn those who bought earlier...
haha.
That's true, provided there are still some good units available to buy.
If there is no more good units to buy and you buy non-choice unit, you might end up making less gain that those who bought earlier.
... but technical recession is different from recession ...
Recession got negative GDP.
Technical recession can occur in positive GDP.
Positive GDP can have good buy meh?
Technical recession is an alert for the real recession.
Assuming buying property can take you months, then it is the best time to start looking around and go shopping.
In 2002, there is a technical recession, but there is no recession in 2002. So it depends.
Just like in 2008, there will highly likely (waiting for final data) be a technical recession, but there will be probably be a 3% GDP growth.
Anyway, enjoy your shopping.
Private Residential Units Sold in the Month of September 2008
Project Name ....... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Clover By The Park . RCR ....... 9 ................................ 796 ................ 749 .............. 641
I second that. Left, right and front surrounded by old HDB and too close. Those ppl from HDB can see you....no privacy. Too ex even though 999 yrs. Juz my 2 cents.
Hey! Doing great what!
There's a lag lah...this is not a rosy picture...check out october figures and year end and you'll see...
What if they are better?
Please remember that the bulk of demand for property markets are coming from middle class people who are mostly working professionals.
So recession will significantly affect the property market only when there are many occasion of salary decrease and retrenchment in the job market.
At least for now we haven't seen this happening in the job market.
u must be one of those financial consultants working in a local bank sucking thumb all day thinking how to get people to buy ur structured products. Such jobs are as lowly as pty agents
It does not matter. Many property agents earn $20K to $100K per month. Even in downturn, can do more HDB deals and rental matching for commission. Don't find fault with money. Lowly people cannot earn that much k. This is the reward for hardwork and risk taking.
Have you applied for a position in Marina Bay Sands?
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