Wednesday, October 22, 2008

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Singapore Property Developers may have to write down assets and make provisions

In the BT report today: "Lower profits for property developers expected", analysts continued to express pessimism over Singapore property developers' earnings.

Singapore property developers are facing pressure from all sides - slowing sales, increasing difficulty in obtaining credit and mounting pressure to cut property prices in Singapore and in overseas markets such as China and Vietnam.

Deutsche Bank expects continued earnings downgrades on weak sales and average selling prices (ASPs) and the risk of provisions.

DBS Vickers who recently downgraded 6 property stocks including City Developments, CapitaLand and Ho Bee Investment, said asset devaluation is a concern.

Goldman Sachs acknowledged that the real estate market outlook is deteriorating at home and overseas - in markets such as China and Vietnam - for Singapore developers.

May also want to read:
The days of Cheap, Easy Credits chasing after property is OVER!
Fire Sale: Owners Dump Condos
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
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.

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