Are Property prices set to fall further in Singapore ?

All signs point to buyers getting their ways and are also playing a waiting game, believing that sellers will blink first. According to some properties agents, it used to take about two or four weeks to sell an apartment. Now some apartments on the market for more than three months still not taken up.

Presently the private property prices have indeed fallen, some by as much as 25 per cent over the past year. ST Life did a check on 10 condominiums across the island to compare the difference between their highest and last transacted prices. Apartments compared are similiar in size, floor level and direction. The article appeared on Saturday, 17 January 2009.

1) Yishun Emerald, Canberra Drive : Dec 2007 - S$555k down to Oct 2008 at S$406k @ $543 psf and $397 psf resp. for apartment size of 1,023 sq ft - percentage drop : 26%

2) Cairnhill Crest, Cairnhill Circle : July 2007 - S$3,985k down to Oct 2008 at S$2,920k @ $2,300 psf and $1,685 psf resp. for apartment size of 1,733 sq ft - percentage drop : 26%

3) The Bayshore, Bayshore Road : July 2007 - S$819k down to Oct 2008 at S$695k @ 810 psf and $687 psf resp. for apartment size of 1,012 sq ft - percentage drop : 15%

4) Grandeur 8, Ang Mo Kio Central 3 : Aug 2008 - S$899k down to Nov 2008 at S$747k @ $733 psf and $609 psf resp. for apartment size of 1,227 sq ft - percentage drop : 16%

5) Avila Gardens, Flora Road, Loyang : Aug 2007 - S$812k down to May 2008 at S$681k @ $614 psf and $515 psf resp. for apartment size of 1,324 sq ft - percentage drop : 16%

6) The Sea View, Amber Road : Nov 2007 - S$2,368k down to Nov 2008 at S$2,249k @ $1,438 psf and $1,366 psf resp. for apartment size of 1,647 sq ft - percentage drop : 5%

7) Newton Suites, Newton Road : Feb 2008 - S$2,4143k down to Dec 2008 at S$1,809k @ $1,950 psf and $1,462 psf resp. for apartment size of 1,238 sq ft - percentage drop : 25%

8) The Centris, Jurong West Central 3 : Jan 2007 - S$635k down to Dec 2008 at S$564k @ $596 psf and $530 psf resp. for apartment size of 1,066 sq ft - percentage drop : 11%

9) The Raintree, Bukit Drive : May 2008 - S$909k down to Oct 2008 at S$839k @ $716 psf and $661 psf resp. for apartment size of 1,279 sq ft - percentage drop : 7%

10) Tanglin Regency, Tanglin Road : Aug 2007 - S$980k down to Nov 2008 at S$930k @ $884 psf and $839 psf resp. for apartment size of 1,109 sq ft - percentage drop : 5%

Analyts are predicting further uncertainty in the economy and home prices may fall another 10 to 20 per cent. On the other hand, it's tougher to secure bank loans now. Banks are more cautious these days. During good times, loan would be approved within 24hours. Currently, it can take as long as two weeks. The loan quantum is also down from 90 per cent to most usually offer 80 per cent. Loan quantum refers to the size of a loan in relation to a property's market valuation. There has been cases where the bank's valuation of an apartment is lower that what a seller is asking for.

Accordingly to industry insiders say loan are generally smaller or harder to secure for the following people :

1) Those on commission-based income or are self-employed, compared to employees on fixed salary.

2) Applicants who are single, compared to married couples with dual income.

3) Those who have just started work.

As the saying goes, CASH IS KING. In times of economic stress & you are in a better cashflow position it is more prudent to consider a smaller loan to ensure that you do not over-extend yourselves and in my opinion, banks are more willing to approve such loans.

Do you have a point to share about the property prices of your country ?
I welcome your comments on my blog.

Paris' Eiffel Tower in Tokyo ?

No, no, this is Tokyo Tower, which resembles Paris' Eiffel Tower but failed to gain the global recognition of its Parisian twin, standing at 333m-tall with orange and white stripes, was once the world's tallest self-supported steel structure., Tokyo Tower turned 50 in December 2008 and in recent years, it has become harder to spot the tower among the ciyt's growing number of ever more boldly designed skyscrapers. In 2011, it will lose its distinction as the city's tallest structure to a new television tower, the Tokyo Sky Tree which, at 610m, is nearly twice as high.

Nippon Television City, the owner of Tokyo Tower plans to renovate the Tower and hopes that it will survive another 50 years of glory history.

Do drop us a line and share your comments with us.

Baby boomers : 50+ still going strong

Baby boomers, defined as those born between 1946 and 1964. Singapore has a greying population. By 2030, one in five Singaporeans will be aged 65 and above.

Minister in the Prime Minister's Office Lim Boon Heng, who chairs the ministerial committee on ageing, estimates that there are close to one million baby boomers in Singapore today, which is about 30% of the population and half of the workforce.

In Singapore, those presently at the age of 65 years of age can expect to live another 19 years on average. That is to say, we should plan on the basis that we will live well into our 80s.

"Reinventing retirement" conference on Jan 8 and 9, 2009 looks into the active employment beyond 50 years. The Government consistently encouraging and persuading the people to work beyong retirement age, Some of the key objectives of the conference : defining new age-friendly employment policies, and promoting long-term financial planning. Having the senior citizens to continue to work will contribute to Singapore's economic growth and they are also a big market for the "silver years " industry. This covers products from age-friendly devices and medical aids to travel and personal finance.

Reasons for staying employed beyond retirement age not necessary must be for bread and butter's sake. The new wave comprises the baby boomers who have a lot of purchasing power, much more than the elderly of two decades ago. They are also more educated and attracted to more sophisticated offerings. Staying in employment allowed them to keep active, stay connected, and lead a secure and meaningful lives.

Why is it that China can be so succeeded ?

16th Dec 2008 - This day, commemorating China's 30-year of reforms, from a once-isolated regime into a global economic power. On a question being asked by the whole world : Why is it that China can be so successful in reform and opening up ?

It started with thirty years ago, Chinese leader Deng Xiaoping made the bold switch from state-planned to market economy. The country's share of the global gross domestic product (GDP) has expanded to 6% from 1% in 1976. Its GDP per capita has also gone up to US$2,461 (S$3,622 ) from US$190 in the pre-reform days.

Key factors : Bold reforms, embracing globalisation, gradual implementation without upsetting stability. China's phenomenal success story lies in these 3 main ingredients. Cautious in implementing change, doing it one step at a time.

Cooperating and learning from the experience of other countries is another crucial factor. "The China-Singapore relationship is a classic example of win-win cooperation " - cited by Madam Zhang Xiaokang, ambassador to Singapore.

Further noted by our Singapore Minister Mentor, Mr Lee Kuan Yew, as reported in ST 17 Dec 2008, that success is not only about having the right people, but also the right system - one that is organised with a clearly defined chain of command. A government which runs throughout the country from the centre of power, from the capital, to the smallest village. With capable, competent people at every ladder to execute those plans, is the secret of China's success, and China got the right people into the right jobs and it's organised.

How would you assess China's current role in the world and your hopes of the future China to

be ? Drop us your comments.

Besieged Bangkok airport shut down

Thousands of passengers stranded at Bangkok, Suvarnabhumi airport.The airport protests, involving about 8,000 demonstrators, according to police, are part of a campaign by the People's Alliance for Democracy (PAD), a loose alliance of royalists, academics and businessmen, to unseat Somchai, who is expected to return on Wednesday from a summit of Apec leaders in Peru.
Grenade attacks on anti-government protesters have left at least four people injured [EPA] Thai authorities have shut down Bangkok's international airport after a grenade attack injured anti-government protesters occupying the terminal building.

Somchai Wongsawat, the Thai prime minister, Thaksin's brother-in-law,and his cabinet set up
temporary offices at the old airport after the grounds of Government House in central Bangkok
were occupied by protesters in August. Till now, Somchai has rejected calls to step
down as prime minister.
Bangkok was effectively cut off yesterday when its second airport, Don Muang, was closed after
it was stormed by protesters who were also laying siege to the city's main international hub. Don Muang handles only a handful of domestic flights, but it has also served as the prime minister's temporary offices after demonstrators occupied his Government House headquarters compound three months ago.

The blockade of Don Muang was an apparent attempt to stop ministers flying to meet Somchai,
who summoned the cabinet for crisis talks in the northern city of Chiang Mai. The prime
minister's flight was diverted there as he returned from an official trip.
With the closure of Bangkok's Suvarnabhumi airport for a third day, overseas passengers had
little choice but to wait in the hotels provided, hoping for a quick end to the deadlock. The highly organised and well-funded PAD, spearheaded by a business mogul and a former army general, regards the government as a puppet of the former prime minister Thaksin Shinawatra,
who was ousted in a September 2006 coup, the 18th since Thailand became a constitutional
monarchy 76 years ago.
Airport officials cancelled all outgoing flights and diverted incoming flights to other
airports on Wednesday, leaving thousands of passengers stranded at Suvarnabhumi airport.
"A battle between the traditional elites who want to return to something like a paternal
democracy and the new middle classes under Thaksin [Shinawatra], the former prime minister,
who really want to open up Thailand and see a global presence for the country." An analysis
And fears are rising that the airport siege will do massive damage to its $15bn tourism
industry still reeling from similar but smaller incidents in August when PAD protesters
occupied the airports at popular beach destinations Krabi and Phuket.

Apec Joint ministerial press conference -2008

Singapore, Chile and New Zealand started the ball rolling in 2005 while Brunei joined a year later, forming what is known as the P-4

Australia and Peru just announced that they would join the United States in expanding the Trans-Pacific Strategic Economic Partnership in March next year in Singapore . Early in September, the US signalled its intention to join.

The enlargement of P-4 or P-7 was announced on the final day of the meeting of Apec mininsters, providing a big boost to the 21-member grouping to free up trade.

Another changes - the revolving door policy used to fill the job of Apec director will stop in 2010. An executive director will be hired to serve a three-year term. The current Apec chief is Mr Juan Carlos Capunary of Peru

Singapore will assume the chairmanship of Apec next year and Mr Michael Tay ( formerly Singapore ambassador to Russia) will take over as director, effectively becoming the last person to fill the post.

Youtube going live, ARE YOU ready ?

You Tube, since its inception in 2005 has been a repository for all kinds of Internet videos, from snippets of TV shows to off-beat demonstrations of skills such as cup-stacking to serious campaign ads in the recent U.S. presidential election.
But as other sites have found, Web surfers can be a fickle bunch of fans and keeping them on your site — which is what advertisers pay for — is a daunting task.

You Tube which is owned by search giant Google Inc., has matured from Web start-up and video fad to a site with loyal fans. But as any good TV industry executive will say, it needs to begin producing new and fresh content to keep its audience.

So, on November 22 2008 in San Francisco, it is launching "YouTube Live," a show featuring well-known stars such as rapper Will.i.Am and singer Katy Perry and YouTube sensations like 20-year-old Esmee Denters, who posted video of herself covering popular songs and became a star on the World Wide Web.

Will you be the next like pop star singing into a Webcam, a homemade success story that eventually had some pop stars doing so creating great popularity.
"It's been a crazy story, and I have all that to thank from YouTube," - Do you know who said that ?
YouTube said it intends to hold follow-up events to "YouTube Live," but it gave no details on those plans.

If you have any latest information to share, do let us know, you are always welcome.