COE, HDB 3-room, Michelin down?

I refer to the article “COE prices for bigger cars lowest in eight years” (Straits Times, Jun 7).

It states that “COE premiums for cars up to 1,600 and 130bhp ended at a nine-month low of $36,426, down from $38,001 previously. COE prices for cars above 1,600cc or 130bhp closed at an eight-year low of $36,000, down from $37,989.

Prices for the Open COE, which can be used for any vehicle type except motorcycles, ended at$37,000 – the lowest since March 2010 – down from $38,700.”

According to the article “HDB resale prices rise 0.5% in May from April; volume slips 5.3%: SRX” (Straits Times, Jun 7) – “Prices in May have dipped 1.8 per cent from the same month last year, and are down 13.1 per cent since the peak in April 2013.

There was also a 5.3 per cent drop in the number of resale flats sold last month – to 1,753 units sold in May 2018 from 1,851 transacted units in April 2018.

Resale volume was down 52 per cent compared to the peak of 3,649 units sold in May 2010.

On a month-on-month basis, last month’s resale prices of HDB four-room flats, five-room flats, and executive flats rose by 0.1 per cent, 0.5 per cent, and 1.5 per cent respectively. Meanwhile, resale prices of HDB three-room flats fell 0.1 per cent.”

It is interesting to note that the prices of three-room flats fell 0.1 per cent, whilst four-room flats only increased by 0.1 per cent.

According to the article “Joel Robuchon Restaurant, Singapore’s only 3-Michelin-starred eatery, to close by end June” (Straits Times, Jun 7) – “Singapore’s only three-Michelin-starred restaurant Joel Robuchon Restaurant – located at Resorts World Sentosa (RWS) – will close by the end of June.

Its sister outlet at RWS, the two-Michelin-starred L’Atelier de Joel Robuchon, will also close, although it may reopen in Orchard Road, according to a report by The Business Times on Thursday (June 7).

The imminent closures of the two high-end restaurants come as a blow to Singapore’s fine-dining scene, which earlier this year lost the two-starred Restaurant Andre.”

The above three stories on the same day in one newspaper may be indicators that all may not be well on the economic front.

 

Leong Sze Hian

 

 

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14 Responses to “COE, HDB 3-room, Michelin down?”

  • que sera sera:

    que sera sera
    forever sinkies will be will be
    the more they are screwed
    the morer votes go to the screwers

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  • oute:

    That is why the Govt need the HSR, NEW BTO at Tengah, 900 MILLION for the new SP underground station…to raise the GDP.

    Look at our roads, dig and cover, dig and cover and KEE CHIU for the LTA management, do nothing and no responsibility..outsource to Consultant.. do you need so man FT in LTA..

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  • Selfish Sinkie Syndrome:

    For those who are in the know, COE prices is one of the leading indicators of our economy.

    Private cars in Singapore are a discretionary purchase, so if people are buying new cars, it generally means the economy is doing well and people are getting paid well enough to even consider the supremely high cost of private car ownership here.

    Therefore, if the trend for COE is down, it only means one thing: most consumers do not have confidence in the economy or stability in their jobs, thus they are holding back on such high consumption expenses.

    Property prices are a different matter altogether, because property (i.e. housing) is generally non-elastic demand. That is, you don’t buy/sell your house like you buy/sell other liquid assets. Housing is something which you stick to for years due to high transaction costs and also sentimental value plus a host of other frictional impediments of house shifting.

    Hence, Car prices / COE are a far clearer indicator, and the current slide in COE prices despite the reduction in quotas due to ongoing “car-lite” policies, only means that all is really not well.

    The economic collapse will be gradual at first dipping a bit here and there, but make no mistake, it can and will accelerate with dizzying speed. Those who have witnessed the 1997/8 financial crisis will know how quick things can turn and be prepared for it. Those who don’t know or never experienced it first-hand will learn the hard way.

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  • Judgment:

    Live in Sin, dies in Sin.

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  • Bapak:

    Singapore already has so many simple, cheap and good foods like nasi lumak, laksa, mee rubus, chay tau kway, char quay teow, Hainanese Chicken Rice, roti prata…etc. No need to spend so much on these Michelin foods. Stupidity has no cure.

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  • sinking feeling:

    oute:
    That is why the Govt need the HSR, NEW BTO at Tengah, 900 MILLION for the new SP underground station…to raise the GDP.

    Look at our roads, dig and cover, dig and cover and KEE CHIU for the LTA management, do nothing and no responsibility..outsource to Consultant.. do you need so man FT in LTA..

    clown pap cornered the businesses via low interest loans from citizens’ CPF via gic temasick.

    the ffffing reality it clown pap does not have the folks with the knowhow to turn the low interest loans from citizens’ CPF via gic temasick into assets.

    everywhere one looks, clown pap folks are throwing dollars reaping cents.

    one reason why it is so is because clown pap groupthink refuses to realize it does not have the best in class business folks in the businesses it has cornered in Singapore. it only has pap culturally deep seated paper generals in NOL in sph in smrt and so on.

    no more money? no problem. borrow more citizens’ CPF. S$20m spent here S$300m spent there a S$billion lost here a S$billion lost there sooner and no later the losses pile up.

    all courtesy of 70% sheep.

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  • LIONS:

    COE is just a machinery tp collect more $.
    It is a useless measure in effect.

    LTA collects a lot of money for PAP to squander n thats why LTA is very arrogant

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  • Tom Lee:

    Zero car growth and yet COE sliding? Things are really bad.

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  • dics:

    must make econome bad
    den peple will turn 2bet!!!!

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  • Responsible Persons:

    Gone….all gone liao lo..

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  • cpfgone:

    Currently so many listed companies already in bad shape like Hyflux you think economy good????? So many retirees get their retirement fund burnt in Hyflux shares and bonds some lost 200 to 500k.

    All are moral boasting la where got good!!!!!!

    Common sense will tell you alot peoples no jobs they still said economy good?

    Telling stories la. Who believe them?????

    Must be joking. Really made my toe laugh.

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  • Equality Was Stealthily Remove:

    Without doubt, Singapore local media is totally and absolutely
    controlled mouthpiece of the PIgs.

    Amazingly, look at Malaysia and Taiwan. The press there is
    open, free and there is no such thing as scandalising the courts.
    Fresh court cases are discussed openly in daily talk TV and news
    sites and criticism of judgements or judges are openly done with
    no nonsense like scandalising the courts threat.

    No wonder, the local educated read the media of foreign countries,
    ignoring the local, stupid, controlled media. (wonder why
    SPH, for last ten years, has its subscribers shrinking, readers running off,
    and annual profits dropping and dropping…)

    haha…

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  • COE price won't go up..:

    Only after the next GE!

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  • Rental too Costly:

    The rental here is too costly..
    Even good Restaurant with Excellent Chef can’t survive here.
    Our landlord here are all too short sighted…high rental is not good for Singapore in the long run…only make everything expensive here.
    One day our shopping malls will be empty …

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