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Investing in Asia? Better Call a Geomancer
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Singapore's residential property price index fell 34 percent in 1998, according to data compiled by Bloomberg, as the 1997- 1998 Asian financial crisis damped consumer spending.
In 1986, the island's property cycle bottomed out, said Leslie Chua, head of research at the Singapore unit of Jones Lang LaSalle Inc., a Chicago-based real estate brokerage.
Chua forecasts a 5 percent to 10 percent rise. An index measuring property shares climbed 0.9 percent today, taking its gains in the past 12 months to 44 percent.
"The entire region has seen huge upsides in their prices," he said, citing Bangkok, Hong Kong, Jakarta, Kuala Lumpur and Manila. "Singapore is the last case."
Tan has been right before. In 2004, the Year of the Monkey, he predicted that Singapore's Straits Times Index would break 2000 by about midyear for the first time since Dec. 13, 2000.
The benchmark measure reached 2003 on Sept. 15 and ended the western Gregorian calendar year at 2066.
This year, the index probably will rise 10 percent from the end of 2005 to a record 2600, Tan said, adding that the impulsive nature of dogs means the gains may not be sustained.
"The Year of the Dog is a strange year, because it's a 'volcano' year," he said. "When it erupts, there'll be very quick, very large gains, but then it will sink quickly and to very low depths as well."
Citigroup Inc.'s head of research in Singapore, Lim Jit Soon, said on Jan. 3 that the index may reach 2600 as the economy expands and the government restructures some state-owned companies.
Merrill Lynch & Co. last month forecast a high of 2460 by mid-year, while UBS AG said it expects a peak of about 2550. Macquarie Securities Ltd.'s 12-month forecast is 2400.
Geomancers from Seoul to San Francisco also are tapped to choose auspicious dates for weddings and advise on the design and interior layout of buildings. Tan said he charges a minimum of $237 for wedding dates and $850 for arranging homes.
Merrill Lynch in Singapore consulted a geomancer when a building with "sharp" metal edges arose near its office, said Kong Eng Huat, managing director of the lender's private banking arm. Sharp edges are said to direct negative energy.
"We actually had someone come in and take a look," Kong said. "They gave us a few suggestions, like changing the location of plants, but nothing drastic."
