Why I feel that this is Right time to Buy
1. The economic data looks better and the hard numbers out on 14th July 2009, indicate Singapore is out of recession.
2. The world economy has shown signs of picking up. Recent readings across many of the world's biggest economies - including the US, China, Japan, Britain and Canada - suggest the global recession is petering out. Canada's central bank declared on 3rd week July 2009 that the country's recession was virtually over.
3. The Stock market is up. With a double-digit gain of 13.98 per cent in July 2009, the local bourse upstaged all other key Asian markets in July's stock market rally - with only Shanghai performing better. It is the fifth winning month for Singapore and follows a record 21 per cent surge in May, as well as gains of 13 per cent in April and 6.6 per cent in March, in June 0.17 per cent.
4. Property prices are inching up in Singapore. Suburban, Ang Mo Kio buyers are paying prices starting from S$1,150 psf (levels more suitable for prime or city-fringe projects) for a 329 unit, 99 years leasehold, Centro Residences. In US, new homes sales climb 11% in June 2009, the biggest gain in 8 years, adding to evidence the slump that began in 2005 is stabilising. US home prices also rise for the first time in 3 years, houses have finally become cheap enough to lure buyers in turn stabilising prices, generating hope of a property market recovery. In China, Beijing averaged house prices in the capital leapt 27 per cent from January to June, while Shanghai has seen a 78 per cent spike in residential sales, and the climb has continued since.
5. Singapore Tourism Board is confident of attracting over 9 million visitors this year, 2009.
6. Formula One night race coming on Sep 25th to 27th 2009. It will bolster Singapore's image as an exciting lifestyle destination and an aspiring events and entertainment capital of Asia. It also serves as a very good platform for business networking and creation of new opportunities. Overseas Investors will take notice and come. In the world first night race last year in Singapore, the event drew more than 40,000 overseas vistors and generated nearly S$170 million in incremental tourism proceeds. It also captured international media attention and was watched by about 110 million people worldwide. An inaugural 3 day F1 Rocks festival will make it's debut with American R&B superstar Beyonce performing together with American hip-hop group Black Eyed Peas. Hong Kong singer Jackie Chung, Taiwanese hip-hop group Da Mouth and Sodagreen will also be there.
7. Opening of new malls, Ion Orchards opens. Analysts say the opening could change the shopping experience in Orchard Road. More than 70 per cent of its 335 stores will be new to Singapore. Among them are jeweller-to-the-stars Harry Winston, Italian label DSquared2, Spanish high street label Bershka, Chinese sportswear retailer Li-Ning and Australian shoe company Rubi Shoes.
The mall is part of a $2-billion retail and residential development called Orchard Turn, which is a joint venture between CapitaLand, Singapore's biggest developer, and Hong Kong's Sun Hung Kai Properties, one of the largest developers in Asia.
The eight-storey mall is within a 218m-tall, 56-storey luxury building. The other 48 floors will contain 175 high-end apartments called The Orchard Residences, which will be completed by next year. About 84 per cent has been sold. In June 2009, an apartment sold for $3,299 psf.
Orchard Turn chief executive Soon Su Lin says the opening of the mall is a 'significant milestone that heralds new beginnings for Orchard Road'. She adds that the vision for Ion Orchard is to create an icon befitting its unmatched location at the gateway to one of Asia's most vibrant shopping strips.
8. 1st 2009 En bloc coming, The freehold "Dragon Mansion" at 18 Spottiswoode Park Road and asking for prices akin to boom times. "Laguna Park" is up too, next month. En bloc deals shot through the roof in 2007 when 111 transactions worth a record S$12.4 billion were sealed. Last year, 2008, only 7 sales worth S$371 million done.
9. Demand for New projects have been robust and mainly from Singaporeans, about 60%.
10. Cash Rich Buyers, there are about 13,000 home owners displaced by en-bloc deals from 2005 to 2007 and these buyers have ready cash of antwhere between $1 million and $2 million each to invest.