Roller Coaster Ride expected?

Be mentally prepared for a deep ride down .................. This time will need the help of World Bank and IMF. Not sure any of SG banks affected?

City Developments Ltd is studying news of a restructuring of Dubai World, which is a partner in a CDL-led consortium that will develop the landmark South Beach site in Singapore


Worst Market


Masud said in April that Dubai house prices might drop as much as 70 percent from their peak last year. They’ve already fallen by more than 50 percent, making the emirate the worst-hit market in the global real estate slump.

Around half of the investors in the 40,000 unfinished homes may default by the end of next year, said Masud, who covers companies including Emaar Properties PJSC and Aldar Properties PJSC, the U.A.E.’s largest developers.

The Dubai government said yesterday it borrowed $5 billion from state-owned banks based in Abu Dhabi, half the $10 billion Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum said he planned to raise by the end of this year. The debt raised yesterday may not be enough, said Masud.



“One of the main off-balance sheet liabilities in Dubai’s property market is the funding gap to finish properties that are already started and which investors are defaulting on,” he said. “The fundamental liabilities are much larger.”



There is no certainty that Dubai World will successfully postpone debt payments because creditors have to vote on the proposal, Masud said.