Tuesday, June 17, 2008
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Subprime Impact on Singapore Economy by May 2008
shows more than just more employments for Singaporeans and foreigners.
The large proportion of the employment continues to be created in the Services and Construction industries, which do not in general bring a lot of wealth to Singaporeans. In the Services industry, for example, what I've been observing is the large number of waiters, waitresses, sales girls, sales men, etc filled by cheap, young foreign workers. While they may increase demand for HDB rental housing, I doubt they'll be able to afford to rent, much less buy those pricey condos.
Interpreting this employment growth pattern in the light of more retrenchment in the manufacturing industry, it seems Singaporeans may have to go for less well-paying, less secure jobs ahead.
Huge jobs creation in the Services industry may bring still more young, cheap foreign workers from the third world countries.
As a whole, the salaries of the new jobs created are not expected to be high on the average. While the number of employments created may lead to increase housing demand, it's likely to be concentrated in the lower end HDB housing, rather than the pricey condos.
May also want to read:
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
Smart Buyers, 10 reasons to wait
Property Price Index Graph Plotter & Online Property Valuation
More Jobs: Impacts on Property Market
The jobs creation as given in this post:Subprime Impact on Singapore Economy by May 2008
shows more than just more employments for Singaporeans and foreigners.
The large proportion of the employment continues to be created in the Services and Construction industries, which do not in general bring a lot of wealth to Singaporeans. In the Services industry, for example, what I've been observing is the large number of waiters, waitresses, sales girls, sales men, etc filled by cheap, young foreign workers. While they may increase demand for HDB rental housing, I doubt they'll be able to afford to rent, much less buy those pricey condos.
Interpreting this employment growth pattern in the light of more retrenchment in the manufacturing industry, it seems Singaporeans may have to go for less well-paying, less secure jobs ahead.
Huge jobs creation in the Services industry may bring still more young, cheap foreign workers from the third world countries.
As a whole, the salaries of the new jobs created are not expected to be high on the average. While the number of employments created may lead to increase housing demand, it's likely to be concentrated in the lower end HDB housing, rather than the pricey condos.
May also want to read:
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
Smart Buyers, 10 reasons to wait
Property Price Index Graph Plotter & Online Property Valuation
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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.
Smart Buyer :)