Dubai

[anon]

ahhhh the similarities

1. Hype over properties
2. Dependence on foreigners to fuel property speculation
3. Delusions of grandeur
4. Large population of mercenary expatriates who tell you what you want to hear
5. Dubai is "different"; those that didn't believe the hype "didn't get it"

[not really]

If you took all the hype around Singapore property and multiplied it 10 you would not even get close to Dubai.

Singapore has the IR yes but the list of Dubai white elephants is a very long one - skiing anyone ?

[anon]

ahhh...

Aviation hub
Financial hub
Venue for the rich and famous...

[kaki11]

Not forgetting Dubai has
Land area expansion through reclamation and construction of islands;
Building a new F1 race track;
Islamic countries as its neighbours;
Imports most of life's necessities;
Less than transparent state investment fund with close connections to the ruling elite and non-state guaranteed debts;
A global container ports business;
National flag carrier flying Airbus A380s;
Interchangeable currency with an energy-rich buddy.

Singapore's property sector was never likely to be in the same situation as Dubai's, once our construction bubble was constrained by a hiatus in the supply of imported sand.
 

[anon]

I think Dubai will be a good case study for MAS, URA, MOF etc etc...

[not really]

Dubai's properties were sold to foreigners as holiday homes and outright speculative vehicles. Dubai focused a lot of attention on it's future as a holiday destination.

Most of Singapore's property is owned by locals who let it out to foreigners, very different. Singapore's attempt to become a holiday destination is misplaced but not on the same scale.

[anon]

nah. All this hype abt jet setting high rollers buying condos here - definitely a meaningful targeting of foreigners

[anon]

and singapore condos were never sold as outright speculative vehicles?

[Dubious Dubai]

Dubai has no real economy.
Local population population of less than 1 million, with more than 5 million foreigners.
Upstart in financial services
No real demand for properties.
Hundreds of residential towers of more than 50-storey each - can build them, but who to occupy them?
Offices - what businesses to to occupy them?

Palm this and Palm that, world and the Burj - build and they will come?

[was is]

Singapore has strong ties to China & India and so wont ever suffer from the same fate as Dubai.   Dubai has Abu Dhabi to bail it out remember.   Property is going ultra cheap in Dubai.  You can buy a studio apartment for US $50k upwards and they are still dropping more my fiancee tells me.

What rubbish - this will never happen in Singapore !!  Goodness, things are totally different from Dubai here despite the poor attempts above..no doubt they come from our resident doom & gloom merchant who slates anyone who says anything positive.  The recession in Asia is over.  Asia has decoupled from the west and most of the investors who pulled out of Dubai in 2007 held cash and reinvested in Asia.  Everyone knows that. 

Anyway FYI, most expats who bought property in Dubai are staying on.

[wrong again]

glad to hear your "financial whiz" has her finger on the all pulses 

Re; most expats who bought property staying on, wrong again.  A significant number have lost their jobs and bailed.

Let me guess the source of your statement... yep !

[Double Dip]

Its here. STI is down 17 points! Sell sell sell

[Vulcanl]

Nope...buying opportunity

[Dubious Dubai]

ahhhh the similarities
1. Hype over properties
2. Dependence on foreigners to fuel property speculation
3. Delusions of grandeur
4. Large population of mercenary expatriates who tell you what you want to hear
5. Dubai is "different"; those that didn't believe the hype "didn't get it"

Anyone who can see such similarities should take his head out of the desert sands...

1. Singapore hypes. Dubai dreams. Singapore builds by the million square feet. Dubai builds by the billions.
2. About 25% are foreigners in Singapore. In Dubai, foreigners are more like 500 or 600% of the population. Most of the foreigners in Singapore buy properties for own use or investment. Not so in Dubai.
3. Singapore has occasional delusion, but grounded on real economy. Dubai has persistent delusions, grounded on the shifting desert sands.
4. Ditto as in  2 - the mercenaries in Dubai are legions. Not so in Singapore.
5. Dubai is dubious. Singapore is real. Dubai had the petrodollars itself or from the UAE to do things in grandiose ways and scale. Singapore calculates to the last cent in any of its projects.

[several similarities]

The similarities cannot be blithely dismissed, several are clear.

Property in the private sector is speculative to a decent degree. Places like Sentosa cove look like Jueira palm (albeit to a much smaller extent), then the IRs, what happens is yet to be seen (though on balance I think they are positive).

Foreginers here are 37% of population, already too high for the desired 65% local target. If pop hits 6.5m obviously this will get worse.

Dubai has previously been described as Singapore on steroids and that is not too far off the mark.

To be clear, I don't think Singapore will find itself in Dubai's situation but it should tread carefully. It also doesn't have an Abu Dhabi to bail it out if it does go wrong.