Singapore was definitely this season’s biggest awaited F1 race. It was a race that made history in the racing industry as it was the first ever held night race in Formula 1 and the first street race in Asia. The following is an excerpt from the Singapore GP website.

The inaugural 2008 FORMULA 1™ SingTel Singapore Grand Prix will take place on 28 September 2008 on a street circuit of public roads around the Marina Bay area. The race will be the first held at night in FORMULA 1™ history and is the first street race in Asia.

With a well illuminated race track (1,500 lighting projectors), powered by 12 twin power generators, the race was a visual feast for any Formula 1 buff.

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^{Public Housing in Singapore [Credits - tuis]}

Singapore has undergone a huge cosmetic building change over the last couple of years. Since 2005 the building boom has been so active that property prices have risen by 70 percent. In the last year alone, office rent and residential rent also went up by 70 percent. This means Singapore sorts now the highest office rentals in all of Asia.

The construction boom comes with a hefty price though. Markets have slowed down in the last few months, in fact so much so that the overall increase of property prices only reflected a 0.17 percent profit margin in the 2nd quarter of 2008.

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A recently released report by global Realtors, Cushman & Wakefield is predicting a fall in prices of apartments and condos in Singapore city’s CCR (Core Central Region). The report further states that it is unlikely to see another peak period within the next four years.

Cushman & Wakefield’s forecasted fall will also depend on the growing economy of Singapore. Expected drops have been estimated at 8% and 17% respectively. The market isn’t expected to recuperate until 2012.

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