Global recession hits hard on Singapore, sending several employees in various companies at home to never come back to work anymore.
“Some are quite distressed when they come to me because they just lost their job and don’t know where they are going to. It’s very difficult for them as many have children,” said Ms. Angelika Si Hoe, director of moving broker Cross Roads.
Ministry of Manpower said that in December of last year, there are 99,000 employment pass holders. Professional emigrants usually have employment passes. It may not be easily intertwined, but the departure of expatriates also has an effect in the housing market that may cause breaking rental charters.
As for expatriates who are continuously residing in the country, they have been very cautious about home and rental prices. Instead of leaving the country, they go into the suburbs wherein rents are discounted up to 30 percent.
However, the educational sector has not been affected by recession. Several schools like Tanglin Trust School, Canadian International School, United World College of South East Asia, and Singapore American School claim that they have encountered neither withdrawals nor waiting lists at the moment.
However, the educational sectors and property market are expected to see the possible effects of student withdrawals by next year, which may also result to rental decline in Singapore.
Beth Gribon, Singapore American School communications director, stated, “many expatriate schools start around August so we would be able to see if there’s any trend only in mid-2009.”