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Daily Archives: 15 Sep 2009

Average price of hotel rooms globally fell 17% in first 6 months of 2009

Posted on 15 Sep 2009 | Comments Off

Good news for Singaporean holiday makers and local businessmen travelling abroad. According to the latest Hotel Price Index from Hotels.com, the average price of a hotel room around the world fell by 17 per cent in the first six months of 2009.

The survey found that in major destinations across the Asia Pacific, Singaporeans are now able to enjoy lower hotel rates for regional travel.

Beijing saw hotel prices drop by 32 per cent while Shanghai fell by 13 per cent.

Meanwhile, hotel prices for Hong Kong, Taipei and Seoul have all fallen by over 20 per cent.

Rates in Australia and New Zealand also went down, with hotel rates in Sydney falling by 30 per cent and Auckland declining by 40 per cent.

Back home, hotels in Singapore had the fifth biggest decline on a global basis, with a 35 per cent fall in local hotel prices from last year.

Hotels.com said the significant fall in hotel prices in Singapore and the Asia Pacific, once again makes this region attractive for both leisure and business travellers.

Source : Channel NewsAsia – 15 Sep 2009

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More options for property buyers, owners please

Posted on 15 Sep 2009 | Comments Off

Reviewing some of the rules would help to rein in runaway prices in the private property market

HALF-a-million dollars is a lot of money for the average young couple, but even this was not sufficient for a new five-room Design, Build and Sell flat at a recent launch. And if one aspires to a private condominium, the amount is easily doubled, resulting in a monthly loan repayment of several thousand dollars for a long time.

Along with the rising tide, prices of resale private and HDB apartments have gone up too. And new entrants hoping to get into the market via the resale route face larger cash-over-valuation demands.

Those who have a roof over their heads are at a slight advantage, as price rises may increase their ability to move if they wish. But even this is not without risk – moving up to a more expensive home could mean a steep drop should times change.

In Parliament yesterday, Minister for National Development Mah Bow Tan mentioned that we are currently seeing signs of heightened speculative activity though not extreme. The proportion of sub-sellers has increased and developers sold 10,000 units in the first seven months of this year against 4,300 for the whole of 2008. Private housing prices have also significantly increased since June.

He added that it is in everyone’s interest to have a steady property market where prices move in line with economic fundamentals. If a property bubble develops, a severe correction must take place with serious consequences for the economy and the property market. Continue reading →