It could be that the development of two integrated casino resorts in Singapore will shield the country from the decline in property prices recently seen in the UK and USA. Whilst Singapore’s residential property sector has slowed from the boom days last year, prices are still rising gradually and analysts are predicting that the market will pick up again when the Marina Bay Sands opens next year, followed by Resorts World at Sentosa early in 2010.

Before the decision by the government to licence the two casino resorts the property market was still suffering from the effects of the 1997 Asian financial crisis. Since the 2005 announcement the market has grown rapidly, recording an increase of 31% last year. As happened in Macau after the boom in casino development, many local residents have found themselves priced out of the property market.

Today casino operator Genting has said that it has awarded a S$705 million (US$516.6 million) contract to the China Metallurgical Corporation (MCC) Group for the construction of Universal Studios Singapore at its Resorts World at Sentosa development. MCC, one of the largest equipment manufacturers in China, is a major driving force behind the growth of China’s steel industry, and contractor of a number of key projects both at home and abroad. (E-07.07.08)

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