The economic crisis has hit Singapore. On many streets, the affluent city-state of South East Asia, has cranes left hanging in mid-air, mid-construction. For the last three years, the construction business was booming, with commercial and residential real estate prices increasing by over sixty percent in 2005. And by 2008, companies from around the world including the United States, were relocating to this growing and thriving business and entertainment capital of Asia. The business hotels in Singapore, the restaurants and cafes were thriving in a metropolis that enjoyed big business, and big profits. But now, the global recession has temporarily shattered that affluent existence. Foreign lawyers, doctors and bankers are returning to their homelands, leaving new properties not yet completed, with no owners. Experts predict that prices on real estate will fall to what they were in the early years of the decade. High-end brokers and agents admit that they have not seen anything quite like this, in the last fifty years. Along with the housing collapse, decreasing foreign investments and a decline in the export business is expected. A few years ago plans were drawn up and initiated to build a sector full of casinos, high end residential properties, theaters and restaurants. While some of the plans are moving forward, most are suspended mid-construction and completion remains in jeopardy.

In the affluent, Sentosa Cove, million dollar luxury apartment buildings sit empty. A company from Malaysia, will not give up on the area and continues, despite financial woes, to plan and to build the resorts and casinos and even a new Universal Studios theme park. Many other projects in Sentosa have come to a halt however. Singapore’s, City Developments, Limited….the 2nd largest development firm on the island, has postponed plans for a 400 million dollar arena. Hoping that they can re-start development by 2011. The marina project would include numerous shops,exclusive residential condominiums and an exclusive Westin hotel. The government of Sentosa is remaining helpful, as the existence of half finished buildings in a resort town is not a good thing, for business, or for morale. Deadlines are being extended, for the obtaining of permits and licensing, and the financial district is offering programs that assist the builders in accomplishing their goals.

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