Many construction sites sit vacant in the city-state of Singapore. Including residential and business sites, such as Singapore luxury hotels. Government officials in various areas state that they do not want to have buildings sitting empty or half-finished and are offering rebates and reductions in loan rates. They acknowledge that the current market has created quite a challenge as far as sales for new homes or apartments, but with the prices at an all time low, deadlines are being extending and private development has come to a halt. Multi-million dollar projects in areas affluent such as Sentosa cove, are being stopped. A complex offering up shops, and condominiums and even a Universal Studios Theme Park, has had to stop mid-production, leaving construction cranes just waving in the breeze. Not only bad for the economy, but a taxing effect on the morale of this once booming and vibrant city. For three years, construction and immigration of big business was booming in Singapore. Prices on property, business and residential was on the rise. Big business, entertainment and tourism created a metropolis of the small island in the South Pacific. However now, the lawyers and the brokers from foreign countries are going home. Hopefully just to weather the storm. That is what the government of Singapore is hoping anyway.
While some buildings sit empty, and construction is halted on many projects, a few will not give in nor give up. Million dollar projects are being pursued by companies in the hopes that this time will pass and what will come forth is greater. Many wealthy foreigners live in Singapore now, a result of the immigration in the early years of the 2000′s. Boston Consulting Firm concluded from a recent study that more than ten percent of the residents in Singapore have invested assets that total one million dollars, or more. A concentration of millionaires that doubles that of the United States. Tax breaks are being offered to medical and technological companies seeking residence in Singapore, and there is still a feeling of flurry, flurry in the construction sector as well as the business and technology sectors. Deferred payment programs and rebates are being offered by the government as well, and the island is determined to wait out the crisis.
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