Singapore Finance Minister says govt will help businesses face challenges

Singapore Finance Minister says govt will help businesses face challenges

By Hoe Yeen Nie

SINGAPORE : The government will help businesses cope with challenges faced, but it cannot distort the market.

Finance Minister Tharman Shanmugaratnam made this point at the sidelines of a community event on Sunday.

He was responding to feedback from the business community that there was little in the Budget to help them cope with rising costs.

Mr Tharman said the government has been helping businesses cope with the twin shortages of office space and workers.

The measures include releasing a fair bit of transitional office space, while developing regional sites.

It will also move some government departments out of the Central Business District, thus freeing up some space for the private sector.

In this way, the office space crunch can be eased without distorting market forces.

Other measures include helping businesses to innovate even as it continually reviews its tax regime as well as the foreign workers dependency ratio to make sure Singapore stays competitive.

Urging Singaporeans to look beyond short-term handouts, Mr Tharman said they should cast their eyes to the future.

This is why promoting lifelong learning is a major theme of this year’s Budget.

It’s also the reason behind giving incentives to companies to invest in research and development.

Mr Tharman said: “Singapore can tide over inflation, short-term problems. What matters is 5 years from now, are we going to be a vibrant economy, are we still going to be ahead and on top? That’s why we’re investing more in education, in R&D. That’s what Singaporeans will benefit from. So I would say we got to turn our minds away from the immediate benefits that are being handed out.” - CNA/ch
Source : Channel NewsAsia  - 17 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore SM Goh says growing the economy is important for the future

Singapore SM Goh says growing the economy is important for the future

By May Wong,
SINGAPORE : Senior Minister Goh Chok Tong said on Sunday Singaporeans should reflect on how to grow the country’s economy and build on its reserves for future Budgets instead of just asking for more assistance now.

Mr Goh made this point following feedback that some Singaporeans want the government to do more despite a generous Budget announced on Friday.

He also described this year’s Budget, announced on Friday, as a “compassionate, comprehensive and far-sighted one”.

In fact, he said few countries in Asia and the world are able to provide such a budget.

He was speaking to reporters at a charity Lunar New Year lunch on Sunday for some 1,000 senior citizens who also received something extra in the form of red packets.

The senior citizens at Marine Parade GRC are enjoying a little charity on top of what they will be receiving from the government.

During the Budget announcement on Friday, the government unveiled a slew of measures to help Singaporeans, like the elderly and the needy, cope with rising costs.

But Mr Goh said Singaporeans need to ask themselves how this Budget was possible in the first place, and not to just keep asking for more help.

Mr Goh said: “I think we should be realistic in our expectation. Because if we are not and we demand more and more of the Finance Minister without trying to understand how this can be produced, some time in the future, there’ll be disappointments.”

Senior Minister Goh said this year’s Budget is a far-sighted one because it has focused on providing funds for education, training and research and development.

And all these, he said, would help to grow the Singapore economy in the long term.

Mr Goh added that the objective is always to have a Budget that keeps an eye on the future.

So despite Singapore accumulating S$6.4 billion in reserves last year, the country should not dip unnecessarily into the reserves, which the Senior Minister likened to a golden goose which lays golden eggs.

He pointed out that exceptional economic and property market growth last year contributed to the reserves.

But it’s not possible and desirable to see the property prices continue to rise otherwise it’ll result in an oversupply and the economy will be overheated.

SM Goh said: “The reserves are like a golden goose which lays golden eggs. And if you try and dig into the reserves, you’re actually in a sense not feeding the reserves and the goose gets smaller. So we should, whenever we can, put some funds aside to grow the reserves and then use the earnings in the reserves, which is what we’re doing.

“Produce the wealth first and the surpluses before we talk about sharing and never, never dig into the reserves. That’s like killing the golden goose to get the meat. I think better try and fatten the goose, have more golden geese and then have more eggs to share.”

So if Singapore gets the basics right, the government can then deliver more of such compassionate and comprehensive budgets in the future. - CNA/ch
Source : Channel NewsAsia  - 17 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Where to find homes at or below $600,000 - Singapore

Where to find homes at or below $600,000  - Singapore

They include executive condos as well as older private apartments in suburban locations

By Joyce Teo, Property Correspondent 

THE IMPROVED PROPERTY MARKET has lifted the prices of apartments at Maysprings in Bukit Panjang. Most units are now going for $650,000 and below, compared with $500,000 and less a year ago.

THE property market has quietened considerably this year, but prices have yet to fall.
Nevertheless, if you have a modest budget of about $600,000 for a home, your choices are not just confined to HDB flats.

Some fairly new executive condominiums as well as older private condos or apartments are within reach, if you look hard enough.

These are typically 99-year leasehold properties in suburban locations such as Woodlands, Choa Chu Kang and Jurong.

Some city-fringe locations such as Geylang, where the red-light district is nestled, or small apartments in places such as Upper East Coast Road, may also offer some bargains. Landed homes, however, will require a bigger budget. So will new condo launches, unless you do not mind tiny studio apartments.

New versus Old

BUYERS tend to prefer buying new properties directly from developers, rather than old ones. They are drawn by the slick marketing promotions put out by developers and pay a premium for their new homes. But new properties may not be worth buying when you have a tight budget.

‘In 2006, all the record prices were achieved by new launches,’ said Knight Frank’s director of research and consultancy, Mr Nicholas Mak.

‘Units at Ardmore Park, an older development which is in a very good location and is well-maintained, were transacted at much lower prices than those in new high-end condos in not-so-good locations.’

It is the same in suburban locations, as buyers pay more for what is new, he said.

The 99-year leasehold apartments at the 636-unit Maysprings in the Bukit Panjang area are mostly going for $650,000 and below. A year ago, they went for $500,000 and below.

The 17-year-old, 616-unit Orchid Park Condominium in Yishun, which faces Lower Seletar Reservoir, also had some units that went for around $600,000.

At the West Bay Condominium, a 936 sq ft unit was sold for $585,000 in January, while a bigger 1,216 sq ft unit went for $650,000.

Studio apartments, which can range from around 500 sq ft to 600 sq ft, can be bought for $600,000 or less. The only problem is that there are not many of them in suburban projects, Mr Mak pointed out.

Private versus HDB

NOW that HDB prices have risen and there is overwhelming demand for new HDB flats, buyers may do well to consider private homes if they can afford them.

‘There will be growing demand for mass market properties as Singapore continues to create jobs,’ said Savills Singapore’s director of business development and marketing, Mr Ku Swee Yong. The opening of the two integrated resorts alone will create a significant number of entry-level jobs, he said.

‘Our unemployment rate is at a 10-year low, which means that we will need foreigners for some of these jobs,’ he said.

‘As long as rental values remain strong, capital values should also trend up.’

For those buyers who may one day want to rent out their homes, a private property could be a better choice than an HDB flat.

First of all, not everybody can buy an HDB flat. Also, there are leasing restrictions.

Yields may be higher for some HDB flats than private homes, but a private condo unit may be easier to rent out as condos usually come with amenities and security, property consultants said.

On average, net rental yields for private homes across Singapore are at 3.6 per cent, said Mr Mak.

Government data shows that the median rental rate in the fourth quarter of last year for Maysprings was $2.38 per sq ft a month. For a 904 sq ft unit at Maysprings, the rent would work out to $2,151 a month, or a 5.2 per cent gross yield.

The median rate was $2.09 psf for Orchid Park Condominium and $2.98 psf for West Bay Condominium.

Using this rate, the rent at West Bay Condominium would work out to $2,789 a month for a 936 sq ft unit.

Whether you are buying a property to live in or to rent out, know that you have a fair number of choices even if your budget is only $600,000.
 

Source : Straits Times - 17 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Budget boost for middle class - Singapore

Budget boost for middle class  - Singapore

By Zakir Hussain & Jamie Ee 

THIS year’s Budget has helped Singaporeans cope with their top concern - rising prices - by putting cash in the hands of both low-income and middle class workers, said MPs yesterday.
While bonuses for the poor and the elderly have been par for the course for several Budgets now, this year’s Budget saw the so-called ’sandwiched class’ receiving a big boost from a 20 per cent income tax rebate.

‘The savings can be considerable and help middle-income earners cope,’ said Hong Kah GRC MP Zaqy Mohamad on the Budget package Finance Minister Tharman Shanmugaratnam delivered in Parliament last Friday.

The economy grew by 7.7 per cent last year. But inflation - caused in part by high food prices globally - reached a 25-year high of 4.4 per cent last December, and is expected to rise further.

‘Some countries try to address the problem by putting price controls…The more practical way is what we do in Singapore,’ said Health Minister Khaw Boon Wan at a grassroots event last night.

‘Let the prices flow down to the market but we put extra money, because of good Budget growth, into Singaporeans’ pockets. And that’s the way we address rising inflation.’

The tax rebate announced last Friday is a 20 per cent reduction of the income tax paid this year on last year’s earnings. An individual who makes just under $100,000 a year and would normally pay $3,500 in taxes can save some $700 in cash.

This dwarfs the relatively modest sums some middle class workers received in previous Budgets and is equal to the largest payout of this year’s surplus-sharing programme - the Growth Dividends.

The dividends, which range from $100 to $700 in cash, will be given out in April and October, with more for the old and poor.

‘People used to say the middle-income have been left out, but not this year. They are getting something, so it’s a welcome relief,’ said tax expert Lam Kok Shang from KPMG.

MPs also noted that significant non-cash payouts were made: Children aged seven to 20 had their post-secondary education funds upped by up to $600, and Medisave accounts of citizens 51 and above received up to $450.

Mr Tharman said on Friday that investing in education and growing jobs and incomes were the best offsets against inflation.

But even for the shorter term, education top-ups and wider subsidies will help parents cope with higher tertiary fees, Aljunied GRC MP Cynthia Phua said.

Tanjong Pagar GRC MP Indranee Rajah said that it was an equitable Budget with something for everybody, yet those in need will get more.

Tampines GRC MP Sin Boon Ann wished small businesses had more help to cope with rising costs, while Pasir Ris-Punggol GRC MP Charles Chong felt rising health-care costs should be addressed. MPs said they would raise these and other issues when Parliament sits from Feb 25 to debate the Budget.

Commenting on the bumper Budget surplus of $6.45 billion, Mr Sin said it made the generous giveaways this year possible.

But Foreign Minister George Yeo sounded a note of caution when asked why there were not even more rebates. He said at a grassroots event: ‘When we look a year ahead, there are clouds on the horizon. So we have to be careful.’
 

Source : Straits Times - 17 Feb 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

City Square Residences - Singapore - District 08

City Square Residences - Singapore - District 08

City Square Residences

Developer : City Developments Ltd
Tenure : FH
TOP : 12/2009 expected
Property Type : CONDO
District : 8

Amenity: Farrer Park MRT, CitySquare

Facilities:(City Square Residences)

Swimming pool
2-lane bowling alley
BBQ
Fitness Area
Tennis Court
Playground
Putting Green
Full Condo Facilities

Unit Info:(City Square Residences)

Total Units: 910 in two towers
1 Room: 53 sq.m above (570 sq.ft. above)
2 Rooms: 78 to 121 sq.m. (840 to 1302 sq.ft.)
3 Rooms: 111 to 170 sq.m. (1195 to 1830 sq.ft.)
4 Rooms: 139 to 141 sq.m. (1496 to 1518 sq.ft.)

Singapore Real Estate - Buy, Sell, Rent, invest, Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com