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Singapore Economy Grows More Than Earlier Estimated

Posted on 11 Aug 2009 | Comments Off

Singapore’s economy expanded more than initially estimated last quarter as manufacturing and services improved, reinforcing the nation’s emergence from its worst recession since independence 44 years ago.

Gross domestic product gained an annualized 20.7 percent last quarter from the previous three months, after shrinking a revised 12.2 percent between January and March, the trade ministry said today. Second-quarter growth was more than a July estimate of 20.4 percent. The median forecast in a Bloomberg survey was for a 19.2 percent gain.

Singapore raised its 2009 forecast for exports today, predicting overseas shipments may drop between 10 percent and 12 percent, less than a previous estimate of as much as 13 percent. Governments worldwide have pledged about $2 trillion in stimulus to counter the global recession, helping stabilize sales by Asian companies including Frasers Centrepoint Ltd.

“Given increasing signs of stabilization in the global economy and improvements in the region, together with the help of the government’s f Continue reading →

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Posted in Property Market / Real Estate

Tagged Economy, General, Singapore Economy

En bloc debate, HK style

Posted on 10 Aug 2009 | Comments Off

WHEN land is scarce, your right to live in your home ends when your neighbours sell theirs.

This logic applies not just to Singapore – which defied expectations by recently producing its first collective sale offer since the recession took hold – but also to Hong Kong, which is now deep in debate over proposed changes to its compulsory property sale rules.

On the surface, the operative concept in both cities is the same: Urban renewal is expensive, and private capital speeds up the process. The government lends a hand by allowing an estate to be sold even if the sale does not get the unanimous approval of all the owners.

But Hong Kong and Singapore differ in the weight each accords to minority owners. Singapore requires an 80 per cent consent for a sale of a property at least 10 years old, and a 90 per cent approval for a development less than 10 years old.

Meanwhile, Hong Kong has maintained a 90 per cent threshold since the 1990s, with a tribunal giving the final go-ahead Continue reading →