NuWire Investor, 16 Mar 2009, Yemisrach Kifle
"Singapore's property sector hasn't been spared from the global economic downturn. Data from the Urban Redevelopment Authority (URA) shows that real estate transactions in January were the lowest since URA began keeping record in June 2007, according to Property Report Asia.
Figures from the fourth quarter of 2008 show a sharp drop in activity as investors became deterred by economic uncertainty and climbing credit costs, according to a report by CB Richard Ellis (CBRE), a global real estate services company. This is further confirmed by the 70 percent drop in total transaction value to $17.84 billion in 2008, down from $54.02 billion in 2007."
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