Singapore’s economy is expected to see a rebound in the first quarter. Economists are forecasting GDP to expand by some 6.8% on year, swinging up from the 4.8% decline in the previous three months. They said the boost will come from a rebound in the pharmaceutical and electronics manufacturing sector. But going foreward, they expect growth numbers to go downhill. The construction sector is one of the...
General
The Singapore economy probably rebounded in the first quarter, escaping a technical recession. A Today strawpoll of seven private sector economists shows all those surveyed expect the Government to announce positive GDP growth, when it unveils flash GDP estimates for the first quarter tomorrow. “But the question is: is there a sustainable demand in the pipeline?” said Mr Vishnu Varathan, an economist...
Former US Federal Reserve Chairman Alan Greenspan said the drop in American home prices will probably end “well before” early next year as the number of houses on the market diminishes, aiding an economic rebound. “It will not be until early 2009 that we will be close to having eliminated most of this home inventory,” Mr Greenspan said yesterday. “But it is very likely that home prices will...
Asian inflation and a weaker greenback are driving up US consumer prices The free ride for American consumers is ending. For two generations, Americans have imported cheap goods from low-wage countries - first Japan and Korea, then China and now places like Vietnam and India. But inflation in the developing world, especially Asia, is threatening this. And it is not just limited to China - where rising...
Analysts point to bad timing for developer in 3 en bloc attempts ONE construction and property development firm, troubled by the cooling property market and credit crisis, has left three en bloc sellers’ hopes of a cash windfall in shambles - and some analysts wondering if it is a victim of circumstances, or a player that bit off more than it could chew. Since April 1, Bravo Building Construction has...
Property investment sales rose nearly 3 percent to S$8.36 billion in the first quarter compared to the previous three months. But this was still 36.6 percent below the peak of S$13.2 billion worth of sales amassed in the third quarter last year. This is according to latest figures from property consultants Colliers International. Colliers said with the exception of the commercial and industrial sectors,...
A day after the Royalville site off Sixth Avenue was relaunched at a much lower price, another en bloc site has been put back on the market at a significant discount from the heady prices its sellers were asking for less than six months ago. The Amber Glades site on the East Coast is being relaunched today at an indicative price of $127 million, more than 12 per cent lower than the asking price of $145...
Colliers International will be relaunching the collective sale of Amber Glades, a freehold residential site at Amber Road. The site has a gross plot ratio of 2.8 and consists of two 10-storey tower blocks with 63 units in total. About 90 percent of the owners have agreed to the sale and are asking for about S$127 million. Including the estimated development charge of S$3.5 million, the price will work...
Property leasing firm EM Services has put in the top bid of S$180,810 for nine blocks of HDB flats at Commonwealth Drive for interim housing. Its bid was 30 percent more than the next highest offer of S$138,888 from Hean Nerng Holdings. The tender by the Housing and Development Board attracted a total of 13 bids. The lowest came in at S$37,800 from a consortium led by B19 Technologies. Under the tender...
Construction of Singapore’s first Hard Rock Hotel which will be located at the upcoming Resorts World at Sentosa will begin in May. The 360-room hotel is one of six to be developed and fans and visitors will be grooving to it when the famous chain opens in 2010. Together, the hotels will provide 1,800 rooms but this might still not be enough. Elena Arabadjieva, Deputy Vice-President, Resort Marketing,...