Monday, November 17, 2008

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PM Lee: Singapore in recession .. expect a U-shaped recovery with a fat U

Forum discussion extracted from the Singapore Property Forum:

"Just read in today Straits Times "Surge in layoffs expected" and numbers likely to jump beyond the peak suffered during the 1998 Asian financial crisis. About 30,000 jobs were lost then... This spells doom for Singapore private property market, most people will go for HDB be it for newly weds or down grading, it's a safer choice."

"Singapore has yet to feel the full force of the ongoing crisis but there are already signs that it would be ugly and long—drawn. Apart from sharp dips in export figures, job cuts have already hit the manufacturing, finance and banking sectors. "

"With unemployment expected to rise, Singaporeans are bracing themselves for more bad news on the job front... Be prepared for the worst don't commit to those overpriced condo."

"Agreed for a rainy day buying HDB is a safer choice. "

"Agree .. PM just said this recession is going to be a fat-U recession ... it's haunting"

May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
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


Anonymous said...

fat U recession for Singapore? how has thing changed? just a few months ago it was all talks about boom - IRs, F1, Youth Olympics! lesson? be fearful when others are greedy.

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