Thursday, August 7, 2008

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Integrated Resorts Become Singapore's Leading Indicator for Future Economic Growth and Job Creation: Is IRs our only hope left ?

Someone said this, "If we all are so desperately in need of the two casinos to be our leading indicator for our future economic growth and job creation, I think the end is near for Singapore. Even our property analysts are praying that the two integrated resorts will revive our cooling property market. This, again indicates that we are running out of better idea. "

It has got me thinking: Is the IRs our only hope left?

The property market is practically pinning all its hope on the 2 IRs, so much so that if someone were to say that the IRs development will be called off; we'd almost certainly see the property market crash instantly.

MM Lee's "Singapore's most promising decade" is also centred upon the integrated resorts.

Of late, economists too are putting their hope on F1 to steer the Singapore economy away from a technical recession.

There is a strange confidence among some Singaporeans: IRs will not fail. Government will not let it fail. So it won't fail.

The question is: Can the IRs even be our hope?

Let's take a lesson from the Macau's casino. It has been reported that Macau's casino industry is sufferring its decline recently. Operators are reporting plunging profits and jobs cut. 'It is a massacre. There is blood everywhere,' a gaming analyst at a European bank said about the Macau's casino industry. The slowdown was blamed partly on fierce competition, and partly on high commissions paid to gaming junket agents. To get a slice of the gaming pie, casinos in Singapore will have to pay high commissions to attract high rollers to this little island. Can the 2 tiny casinos in Singapore survive, especially at a time of global turmoil when tourism is likely to shrink?

Putting away all the hypes about the two integrated resorts, we really need to examine what's Singapore long term growth strategy. Can the 2 integrated resorts really sustain Singapore's long term growth? If not, where do we go from here ?

May also want to read:
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
When to Buy, When Not to by
Property Price Index Graph Plotter & Online Property Valuation
Your Property Investment Determines Your Financial Success in Your Life
HDB Resales: West Sees Highest Price Increase


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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 :)