Monthly Archives: July 2009

Asian recovery looks to be on track: ADB

Posted on 25 Jul 2009 | Comments Off on Asian recovery looks to be on track: ADB

S’pore growth for 2010 forecast at 3.5%, and the rest of Asean 4.2%

ASIAN economies appear to have turned the corner from the global recession and should be able to double next year the anaemic growth rates they are expected to post in 2009, the Asian Development Bank (ADB) said yesterday. But it warns in its latest Asia Economic Monitor that the road to full recovery is strewn with hazards.

The biggest single threat to continuing recovery identified by ADB report is the danger that recession in the US and Europe, on which Asia relies heavily for export markets, will last longer then generally expected.

Singapore’s GDP growth rate is forecast by the report to reach 3.5 per cent in 2010, after an expected overall contraction of 5 per cent this year. The rest of Asean should recover from marginal growth of 0.7 per cent this year to 4.2 per cent expansion in 2010, ADB says. Continue reading →

Comments Off on Asian recovery looks to be on track: ADB

Posted in Property Market / Real Estate

Tagged

Marina Bay Sands opening delayed

Posted on 25 Jul 2009 | Comments Off on Marina Bay Sands opening delayed

Singapore´s first integrated resort, Marina Bay Sands, will make its debut in early 2010 instead of end 2009.

Sheldon Adelson, Las Vegas Sands Corp chairman said at a press conference that the delay is due to the complicated construction of the SkyPark, which is located at the top of Marina Bay Sands´ hotel.

The developer also is also facing shortages of labour and materials such as sand and steel.

However, even before the announcement took place, there were concerns that the Marina Bay project may not be completed in time as the parent company had run into financial difficulty, causing it to suspend construction last year at two sites in Macau.

Property analysts had earlier said that the opening of Singapore´s first integrated resort will help push property prices upwards and bring in high net worth investors.

Meanwhile, the Singapore government is banking on it to create 10,400 jobs for the project – 75 percent of them reserved for Singaporeans – amidst the worst recession the country has seen.

With contractual obligations and Singapore´s tourism sector at stake, the government is currently in talks with Marina Bay Sands to resolve the issue.

“If there is a contractual obligation and if there is a deviation, then I think both parties must agree that it is on a mutually agreed basis. So the Singapore Tourism Board (STB) and other government agencies are in discussions with them and we expect to have a good outcome,” Senior Minister of State, Trade and Industry, S Iswaran, told Channel News Asia.

Marina Bay Sands is Singapore´s first casino project to be awarded in 2006.

Source : Asia Property Report – 10 July 2009

Comments Off on Marina Bay Sands opening delayed

Posted in Property Market / Real Estate

Tagged ,