Monday, October 20, 2008

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Singapore Integrated Resorts (Spore IRs) may not live up to expectations

In the BT report "Dicing with a downturn", Saturday October 18, 2008; Singaporeans are again asked if the Singapore’s Integrated Resorts (IRs) can beat a global slowdown?

Expectations initially on what the IRs could do to the Singapore economy were indeed very high, especially on the potential impact on the private property price. Property analysts had said it'd bring 40,000 jobs and the foreign talents needed would surely drive property price to yet another peak.

That, however, may be easier said than done.

To begin with, the Singapore Tourism Board is not confident of achieving this year’s target of 10.8 million visitors. Even if visitor numbers do pick up against the odds of an impending global recession, it remains to be seen whether these tourists will spend as freely as initially expected. The IRs have placed its bet in markets all over the world, the trouble is that almost each of these markets is in its downturn. The Shanghai index has fallen 69% from its peak in October 2007 and hit a 22-month closing low in September this year. Mumbai has not fared much better. Ultimately the success of the Singapore IRs will depend on tourist arrival which looks set to be hit by the global economic crisis.

In the light of the worsening global economic situation, analysts have cut back their projections on the IRs' contribution to Singapore to between 0.3% and 0.5% between 2010 and 2015.

May also want to read:
History of Singapore Property 1960 to 2008
HDB Resale flats Price Index 1990-2008: Graph & Chart
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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