Property News

[whoami]

Damn. No wonder nowadays i see so many mat salleh shopping at Aeon bt indah. :(

 

[kslresidence]

McDermott, Technip and Subsea 7 are not the only service players in the oil and gas sector in Singapore, facing rising costs amidst declining revenue, who are set to relocate to Malaysia completely to cut costs, according to the Financial Times (FT). “There’s damage being inflicted on the city state by the slump in oil prices.”

Patently, Malaysia is cheaper than Singapore in many areas and made even cheaper by the decline in the ringgit. Real estate costs less, reducing expenditure on commercial property and staff housing. It’s also cheaper to buy or lease cars in Malaysia.
It’s expensive to own cars in Singapore, as a result of high registration fees and taxes and the high costs of securing a “certificate of entitlement” for the privilege of owning a car.

Singapore, despite having no oil and gas resources, was one of the top three refining centres in the world. However, Malaysia was increasingly competing with Singapore in the region’s oil, gas and petrochemicals markets, seizing opportunities. Already, the national oil corporation Petronas, is building a refinery in Johor, just across from Singapore.

Oslo-listed Subsea 7, an engineering contractor for offshore oil and gas, told FT that it was “committed to streamlining processes, reducing costs and finding efficiencies given ongoing market conditions”. Still, the company’s logistics base, an office managing offshore personnel and a unit handling inspection, maintenance and repair, are all in Singapore for now.

US-based McDermott, an oil and gas services firm, hopes its relocation to Malaysia would help it take advantage of the lower costs in its new base, and give it a larger presence given its proximity to customers.

France’ Technip, an oilfield services outfit, decided to focus only on Malaysia at the end of 2014 to rationalise costs, said the company in a statement. “Technip previously had two subsea hubs in Southeast Asia, one in Kuala Lumpur and another in Singapore.”

Yup, definitely the impact of the plummeting oil price is sending ripples across globally now.

 

[eric3417]

Damn. No wonder nowadays i see so many mat salleh shopping at Aeon bt indah. :(

Hope they dun cause too much Inflation.
Spore had been severely Inflated past decades by them.

:*:

 

[Tekkun]

Hope they dun cause too much Inflation.
Spore had been severely Inflated past decades by them.

:*:

These people got a budget. Even if it is 50% of the original Singapore budget and with cheaper currency exchanges, they would get decent size accommodation over here.

First wave is those small medium industries, then it is the SPRs and Singaporeans, now is the expats of Oil & Gas, next should be those IT related guys.
Not forgetting Huawei, Microsoft are setting up here. Then you have Pinewood and its supporting industries. Even the Zoo is coming over from JB city...hahahaha...

 

[ECboy]

McDermott, Technip and Subsea 7 are not the only service players in the oil and gas sector in Singapore, facing rising costs amidst declining revenue, who are set to relocate to Malaysia completely to cut costs, according to the Financial Times (FT). “There’s damage being inflicted on the city state by the slump in oil prices.”

Patently, Malaysia is cheaper than Singapore in many areas and made even cheaper by the decline in the ringgit. Real estate costs less, reducing expenditure on commercial property and staff housing. It’s also cheaper to buy or lease cars in Malaysia.
It’s expensive to own cars in Singapore, as a result of high registration fees and taxes and the high costs of securing a “certificate of entitlement” for the privilege of owning a car.

Singapore, despite having no oil and gas resources, was one of the top three refining centres in the world. However, Malaysia was increasingly competing with Singapore in the region’s oil, gas and petrochemicals markets, seizing opportunities. Already, the national oil corporation Petronas, is building a refinery in Johor, just across from Singapore.

Oslo-listed Subsea 7, an engineering contractor for offshore oil and gas, told FT that it was “committed to streamlining processes, reducing costs and finding efficiencies given ongoing market conditions”. Still, the company’s logistics base, an office managing offshore personnel and a unit handling inspection, maintenance and repair, are all in Singapore for now.

US-based McDermott, an oil and gas services firm, hopes its relocation to Malaysia would help it take advantage of the lower costs in its new base, and give it a larger presence given its proximity to customers.

France’ Technip, an oilfield services outfit, decided to focus only on Malaysia at the end of 2014 to rationalise costs, said the company in a statement. “Technip previously had two subsea hubs in Southeast Asia, one in Kuala Lumpur and another in Singapore.”

The O&G slowdown is no joke. You don't hear a lot of hooha in the papers unlike IT sector but O&G is in deep sh*t. Almost everyday I get call from top executives looking for a way out from the industry. But i think it's also good time for companies to restructure and be realistic.

I have spoken to a Petronas senior exec (director level) before and he is paid a total of almost RM90,000/month (including bungalow in damansara, 2 cars, intl education, etc), his salary can hire another 4 top level managers or 9 mid/junior level managers. It's time to do away with these fat cats.

 

[snowbird]

Coca Cola also the best. At frist it is good to drink, then it is bad for health and now also can use to clean toilets.
Property agents like salesmen sibeh lihai.

Haven't you ever heard this before - never ever trust a property agent and a used car salesman.

 

[eric3417]

Spore just lost another creative industry Co Double Negative VFX.
She is going thru a new era of consolidation/specialization.
Iskandar should/might benefit in some way.

 

[bakkuttay]

Hope they dun cause too much Inflation.
Spore had been severely Inflated past decades by them.

:*:

singapore inflation caused by sg gahment cockup actions n bad policies

 

[Funniman]

Haven't you ever heard this before - never ever trust a property agent and a used car salesman.

But property agents pretending to be some expert giving stupid advice is the worst lot. If you listen to him, sure kena jialat jialat.

 

[sgcount]

But property agents pretending to be some expert giving stupid advice is the worst lot. If you listen to him, sure kena jialat jialat.

Yes agree.

There's a large well-known property agency here that teaches their agents to tell people to give up HDB flats as they will depreciate in cost. Sell it and buy condos for price appreciation. I was almost taken in. One often seen agent from this agency even said buying SG property can be taken as a savings plan.

That's very dangerous and bad teaching. Unlike savings, if you are highly in debt with the bank and can't afford to continue the property loan payment, you are in deep trouble.

I checked the condo prices here recently and almost flipped. In the past, 570 sq ft is 1-bedroom. Now, it has become 2-bedroom! I don't know how they manage to squeeze it like that. And 420 sq ft which used to be Studio has now become 1-bedroom! Crazy small.....

As for prices, far from city prices are now easily $1,000 to $1,100 psf. City-fringe $1500-1600. Even more crazy.

So why sell a nice big HDB flat for 1/2 million to buy a small condo for $1.1 mil? I don't understand!

 

[Tekkun]

World Bank sets up its South East Asia Headquarters regional office in Malaysia

KUALA LUMPUR, March 28 — Malaysia has been recognised by the World Bank as among the top countries in the world to promote strong reforms, Prime Minister Datuk Seri Najib Razak said today at the official opening of the group’s regional office here.

Najib added that World Bank’s selection of Malaysia as the location for its Southeast Asian headquarters proves the efficacy of the country’s fiscal consolidation efforts, including the slashing of subsidies and the introduction of the Goods and Services Tax.

“I am pleased that President Jim Yong Kim cited Malaysia as one of the countries with strong reforms that promoted growth during IMF/World Bank annual meetings in Peru last October,” Najib said in his opening speech.

“Such a clear endorsement of the government’s reform and transformation agenda is welcomed indeed,” he added.

The World Bank Group office in Kuala Lumpur will serve as a knowledge and research centre.

Last month Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah, said the office, which would be located at Sasana Kijang, would enable Malaysia to share its development experience with other developing countries while benefitting from the World Bank’s international experience and expertise.

Najib said today the establishment of the World Bank office here indicated Malaysia’s international competitiveness.

“The establishment of the World Bank Group office here reinforces the fact that Malaysia is one of the most favoured locations for international organisations and businesses in the region,” he said.

- See more at: http://www.themalaymailonline.com/m...reform-agenda-najib-says#sthash.rmglUBTh.dpuf

 

[Tekkun]

Yes agree.

There's a large well-known property agency here that teaches their agents to tell people to give up HDB flats as they will depreciate in cost. Sell it and buy condos for price appreciation. I was almost taken in. One often seen agent from this agency even said buying SG property can be taken as a savings plan.

That's very dangerous and bad teaching. Unlike savings, if you are highly in debt with the bank and can't afford to continue the property loan payment, you are in deep trouble.

I checked the condo prices here recently and almost flipped. In the past, 570 sq ft is 1-bedroom. Now, it has become 2-bedroom! I don't know how they manage to squeeze it like that. And 420 sq ft which used to be Studio has now become 1-bedroom! Crazy small.....

As for prices, far from city prices are now easily $1,000 to $1,100 psf. City-fringe $1500-1600. Even more crazy.

So why sell a nice big HDB flat for 1/2 million to buy a small condo for $1.1 mil? I don't understand!

Good that you are seeing the trend.
In many other forums, they will tell you do not invest in JB and all sorts of negatives comes into play. But they never tell you not to invest in Singapore even though the prices are dropping. In the end, the buyers are left holding the baby while keyboard warriors are happily investing elsewhere.

 

[Investor888]

OMG!! World bank is Bypassing the Asia Financial Hub over Malaysia as its SEA HQ? Are they joking? Imagine the PM can make billions wipe off from World Banks anytime u know

World Bank sets up its South East Asia Headquarters regional office in Malaysia

KUALA LUMPUR, March 28 — Malaysia has been recognised by the World Bank as among the top countries in the world to promote strong reforms, Prime Minister Datuk Seri Najib Razak said today at the official opening of the group’s regional office here.

Najib added that World Bank’s selection of Malaysia as the location for its Southeast Asian headquarters proves the efficacy of the country’s fiscal consolidation efforts, including the slashing of subsidies and the introduction of the Goods and Services Tax.

“I am pleased that President Jim Yong Kim cited Malaysia as one of the countries with strong reforms that promoted growth during IMF/World Bank annual meetings in Peru last October,” Najib said in his opening speech.

“Such a clear endorsement of the government’s reform and transformation agenda is welcomed indeed,” he added.

The World Bank Group office in Kuala Lumpur will serve as a knowledge and research centre.

Last month Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah, said the office, which would be located at Sasana Kijang, would enable Malaysia to share its development experience with other developing countries while benefitting from the World Bank’s international experience and expertise.

Najib said today the establishment of the World Bank office here indicated Malaysia’s international competitiveness.

“The establishment of the World Bank Group office here reinforces the fact that Malaysia is one of the most favoured locations for international organisations and businesses in the region,” he said.

- See more at: http://www.themalaymailonline.com/m...reform-agenda-najib-says#sthash.rmglUBTh.dpuf

 

[ECboy]

OMG!! World bank is Bypassing the Asia Financial Hub over Malaysia as its SEA HQ? Are they joking? Imagine the PM can make billions wipe off from World Banks anytime u know

Quite surprising that World Bank would choose Malaysia over Singapore. Curious.

Unless they are hiring like 2000 hc, then different story.

 

[Tekkun]

OMG!! World bank is Bypassing the Asia Financial Hub over Malaysia as its SEA HQ? Are they joking? Imagine the PM can make billions wipe off from World Banks anytime u know

The Asia Financial Hub slowing eroding its image.
It has now become the Swiss Bank of Asia where as long as you put money in here, no questions asked.

 

[xebay11]

Yes agree.

There's a large well-known property agency here that teaches their agents to tell people to give up HDB flats as they will depreciate in cost. Sell it and buy condos for price appreciation. I was almost taken in. One often seen agent from this agency even said buying SG property can be taken as a savings plan.

That's very dangerous and bad teaching. Unlike savings, if you are highly in debt with the bank and can't afford to continue the property loan payment, you are in deep trouble.

I checked the condo prices here recently and almost flipped. In the past, 570 sq ft is 1-bedroom. Now, it has become 2-bedroom! I don't know how they manage to squeeze it like that. And 420 sq ft which used to be Studio has now become 1-bedroom! Crazy small.....

As for prices, far from city prices are now easily $1,000 to $1,100 psf. City-fringe $1500-1600. Even more crazy.

So why sell a nice big HDB flat for 1/2 million to buy a small condo for $1.1 mil? I don't understand!

Er your statement a bit contridictary, one you say should not sell HDB to buy Condo as per agent's advice, next you say condo prices going up... So a bit confused.

 

[xebay11]

But property agents pretending to be some expert giving stupid advice is the worst lot. If you listen to him, sure kena jialat jialat.

Yah especially so many agents selling Malaysia properties all pretending to be investors in JB to lure in more sinkie sheep by selling their developments. Beware!

 

[IskandarRocks]

Be very careful before putting even a penny in Australia property ......


Melbourne CBD apartment values fall 30pc, settlement fears rise

Here is the full article ......

http://www.afr.com/real-estate/melb...ll-40pc-settlement-fears-rise-20160328-gnss6d

 

[sgcount]

Er your statement a bit contridictary, one you say should not sell HDB to buy Condo as per agent's advice, next you say condo prices going up... So a bit confused.

I think you are viewing it from an investor's point of view.

For own stay, HDB flats are more affordable and bigger than condos. I don't see the need to live in a condo if it's for myself.

Condo prices in Singapore indeed have gone up in the past few years in terms of higher psf pricing. This may not be within the reach of commoners and non-investors.

 

[Tekkun]

Be very careful before putting even a penny in Australia property ......


Melbourne CBD apartment values fall 30pc, settlement fears rise

Here is the full article ......

http://www.afr.com/real-estate/melb...ll-40pc-settlement-fears-rise-20160328-gnss6d

Good timing.
I was checking out those 2 roomers Melbourne as my daughter start her semester at uni of melb next year.
I believe the prices would go down even more next year.