Singapore the world's 9th most expensive city
Singapore has been ranked the ninth most expensive city in the world, surpassing New York, London, Frankfurt and Hong Kong which are normally associated with high-end living, according to latest Economist Intelligence Unit survey.While Singapore has dropped three notches from last year’s...
Continue Reading • 20 Feb 2012
More S'poreans to benefit from tax benefits
In his Budget 2012 speech today, Finance Minister Tharman Shanmugaratnam announced that the government will help lower income and elderly Singaporeans by introducing a three-pronged permanent Goods and Services Tax (GST) voucher that will fully offset the seven percent GST that the lower half of...
Continue Reading • 17 Feb 2012
Govt to build an inclusive, stronger Singapore
Singapore Budget 2012 has seen the government setting out to build an inclusive society for all Singaporeans.To sustain future economic growth, the government will restructure and upgrade the economy by growing productivity and relying less on an expanding workforce.Delivering the budget, Finance...
Continue Reading • 17 Feb 2012
Govt to help elderly unlock home savings
Singapore's elderly will soon benefit from a government-led initiative to help them make better use of their money in their golden years by moving to smaller homes.Called the Silver Housing Bonus, S$20,000 will be given to older Singaporeans who wish to sell their homes and shift to 3-room or...
Continue Reading • 17 Feb 2012
Singapore GDP growth to slow to 1-3%
Singapore's Ministry of Trade and Industry (MTI) expects Singapore's GDP to grow between a meagre one and three percent this year. "We are already seeing weaker demand in our manufacturing sector, reflecting sluggishness in the developed markets. However, prospects remain positive for...
Continue Reading • 17 Feb 2012
S'pore has enough firepower amid looming economic risks
Singapore’s GDP growth has been forecasted to slow to 2.7 percent this year from 4.8 percent last year, accompanied by weaker external demand, according to the International Monetary Fund (IMF).The IMF noted that the outlook is clouded by “significant downside risks” —...
Continue Reading • 17 Feb 2012
Koh Brothers net profit up 80%
Property firm Koh Brothers recorded a net profit increase of 80 percent to S$19.9 million last year. However, the company’s gross revenue decreased six percent to S$341.1 million in the year ended 3 December 2011.The company’s construction division was responsible for the bulk of...
Continue Reading • 17 Feb 2012
Roxy-Pacific net profit hits S$49.7m
Roxy-Pacific Holdings Limited (Roxy-Pacific) net profit surged 16 percent to S$49.7 million for the financial year (FY) ending 31 December 2011, backed by S$183.7 million in revenue.The group posted a nine percent growth in revenue from its hotel ownership segment, attributed to an improved AOR...
Continue Reading • 17 Feb 2012
UK mortgages to remain cheap
Thanks to record low mortgage interest rates, cheap mortgages in the UK are expected to lend a helping hand to millions of homeowners for another five years, according to experts.Optimism over home loans emerged on 15 February 2011, following the latest economic forecast from the Bank of England,...
Continue Reading • 17 Feb 2012
CapitaLand Chairman Richard Hu to leave post in April
Richard Hu (pictured), Chairman and independent Non-executive Director at CapitaLand, will retire on 30 April and will be succeeded by Ng Kee Choe, who has been an independent Non-Executive Director of the firm since 16 April 2010.Also retiring on the same date are fellow independent...
Continue Reading • 17 Feb 2012
Fund managers positive on global economic sentiment
A growing number of fund managers are regaining their confidence in global equities and in the growth of the global economy, specifically in China. The positive sentiment has helped improve the economic outlook across the region and eased concerns over the Eurozone debt crisis. These findings are...
Continue Reading • 17 Feb 2012
Innovation is key for construction productivity: Khaw
Innovation and an eye for minute details like water pipes are imperative to boosting construction productivity, according to Khaw Boon Wan, Minister of National Development. “If we benchmark ourselves against Australia, Hong Kong, Japan, we are lagging behind in construction...
Continue Reading • 16 Feb 2012
UK mortgage customers face shortfall
Over 70,000 homeowners in the UK with insurance policies on mortgages will receive smaller endowments this year.Aviva, one of the largest insurers in the country, has slashed some of the bonuses it paid on its investment funds. This means that the endowments of most customers will not provide...
Continue Reading • 16 Feb 2012
US mortgage delinquencies rise to 6.01%
Mortgage delinquencies in the US increased to 6.01 percent in Q4 last year, from 5.88 percent in the preceding quarter, according to credit data giant TransUnion.The rise in delinquencies came after nearly two years of a decline. “To see that, quarter over quarter, fewer homeowners were...
Continue Reading • 15 Feb 2012
S'pore average household income up 11%
The average Singaporean household income increased 11 percent to SS$7,040 in 2011, from S$6,340 in 2010, according to latest figures released by the Singapore Department of Statistics.“Household income from work increased for all income groups, in tandem with strong employment creation in...
Continue Reading • 15 Feb 2012
HDB to be more active in IRH scheme
MPs have questioned the HDB’s Interim Rental Housing (IRH) scheme in Parliament, claiming that large families were assigned just one flat. In response, Maliki Osman, Senior Parliamentary Secretary for the Ministry of National Development, said the HDB will take on a more active role in...
Continue Reading • 15 Feb 2012
CEA receives feedback from public
While the Council for Estate Agencies (CEA) considers a potentially shorter timeframe for dispute resolution, National Development Minister Khaw Boon Wan has responded to Singaporeans’ feedback over a recent blog post about the CEA entitled ‘A Very Busy First Year’.Mr Khaw...
Continue Reading • 14 Feb 2012
CapitaLand's full-year revenue surpasses S$1b mark again
CapitaLand Limited has announced that its net profit for 2011 reached S$1.06 billion, marking the company’s sixth consecutive year of profit in excess of S$1 billion.Boosted by higher revenue contributions from development projects in its core markets of Singapore, Australia, China and...
Continue Reading • 14 Feb 2012
Wing Tai's Q2 net profit inches up
Wing Tai Holdings recorded a net profit of S$34.2 million for the second quarter ended 31 December 2011, a slight increase of one percent from the restated S$33.9 million in the previous year.Meanwhile, the group’s revenue for the quarter increased 18 percent year-on-year to S$185.6 million...
Continue Reading • 14 Feb 2012
Australia's mortgage approvals beat forecasts
December’s volume of mortgage approvals in Australia surpassed economists' forecasts, as many home buyers rushed to acquire loans after the central bank slashed interest rates.According to the statistics bureau in Sydney, the amount of mortgages granted to buy or build houses rose 2.3...
Continue Reading • 14 Feb 2012