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 Singapore, the wealthy Southeast Asia city-state, whose  government has faced growing resentment over a           widening wealth gap and rising cost of living, announced a  slew of measures in its latest budget to appease its       disgruntled citizens.

The government's 2013 budget, which placed greater emphasis on wealth redistribution than in previous years, included measures such as cash transfers for lower income citizens and raising taxes for owners of high-end residential properties and luxury cars, together with making it more difficult to hire foreign kerswor.

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Roslan Rahman | AFP | Getty Images
Pedestrians walk down a street in downtown financial district in Singapore.

A surprise contraction in Singapore's economy in the first quarter of this year shows that the wealthy island state continues to struggle, prompting Credit Suisse to call for more downgrades to the country's 2013 growth forecasts.

"Singapore clearly remains the sick man of ASEAN (The Association of Southeast Asian Nations) and, in the short term at least, must rely on a meaningful improvement in the global trade cycle to register a reasonable recovery," Robert Prior-Wandesforde, director, Asian economics at Credit Suisse said in a note on Friday.

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Kimberley Coole | Lonely Planet Images | Getty Images

Banks in Singapore are urgently scrutinizing their account holders as an imminent deadline on stricter tax evasion measures forces them to decide whether to send some of their wealthiest clients packing.

The Southeast Asian city-state has grown into the world's fourth-biggest offshore financial center but, with U.S. and European regulators on the hunt for tax cheats, the government is clamping down to forestall the kind of onslaught from foreign authorities that is now hitting Switzerland's banks.

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Thanks in part to its generous tax regime, Singapore has been a millionaire haven for years. But a new report says the tiny island state may soon overtake Switzerland as the world's largest offshore wealth hub.

The report, by WealthInsight, a London-based research firm, says Singapore is the fastest growing wealth center in the world, with $550 billion in assets under management – up from $50 billion in 2000. About $450 billion of that is offshore.

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Private home prices may keep inching up this year after the cost of suburban land rose an average of 22 per cent last year from 2011, a new report said.

Developers jostled to replenish their landbanks and were prepared to bid aggressively to secure sites on offer.

This sharp rise in land prices may translate to some upward pressure on selling prices for future projects in the primary market, the report said.
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The public housing sector, as well as the hybrid executive condominium (EC) market, will bear a significant load from the slew of cooling measures introduced by the government yesterday.

Beyond a broad range of measures that apply across residential properties, they will be subject to further specific policies announced by the authorities yesterday, which market watchers have welcomed.

The EC market, which has been in the limelight over escalating prices and whether it has served its purpose to cater to the sandwiched class, will see several measures put in place from today.
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Leung Chun-ying has highlighted Hong Kong's poverty challenges, but offered no new policy initiatives or targets. Photo: K.Y. Cheng
C.Y. 'not afraid to take tough decisions' after government recognises poverty levels for the first time, but no new initiatives announced
 
 
Hong Kong - one of the wealthiest places in the world - has acknowledged for the first time that it has a sizeable poverty problem by declaring that 1.31 million of its citizens are officially poor.

The number of people who fall below the new government-set poverty line falls to 1.01 million after welfare payments such as Comprehensive Social Security Assistance are factored in. 

 

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Singapore’s home sales rose in August as developers marketed more projects, rebounding from July when they slumped to the lowest since December 2009.

Home sales increased 54 percent to 742 units last month, compared with 482 in July, according to data from the Urban Redevelopment Authority released today. Sales in August last year were 1,427 units. 

 

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A new benchmark unit land price - higher by a whisker - is believed to have been set for residential land here.

Based on caveats evidence, Hong Kong's Swire Properties is thought to have bought all 12 units in the four-storey Hampton Court for $155 million. This is understood to work out to $2,526 per square foot per plot ratio (psf ppr), which is inclusive of an estimated development charge of $22.3 million.
Tagged in: Core Central Region
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Kwek Leng Beng, executive chairman of City Developments, says that unless the global and domestic economies rebound strongly and curbs on foreign buyers for private residential property sales are reviewed, the group expects some oversupply in the Singapore residential sector from next year onwards.
 
"The group would rather err on the side of caution in its land replenishment strategy," CDL said.
Generally, private home prices could drop like 5 per cent from now till next year assuming all the cooling measures remain intact, he said during the group's second quarter results briefing.

 

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Tom Bonaventure | The Image Bank | Getty Images

Singapore on Friday stuck to its tight monetary policy stance as expected even as GDP unexpectedly contracted in the first quarter, but lowered its inflation forecast for 2013, sending the Singapore dollar lower.

"MAS will maintain its policy of a modest and gradual appreciation of the Singapore dollar nominal effective exchange rate policy band," the Monetary Authority of Singapore (MAS) said in its half yearly monetary policy statement.

"There will be no change to the slope and width of the policy band, as well as the level at which it is centered," MAS added, saying its stance was appropriate for containing inflationary pressures. 

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Roslan Rahman | AFP | Getty Images

Singapore's economy should see a modest rebound this year, although uncertainty regarding the outlook for global growth means the recovery could be choppy, the country's central bank said in a report published on Tuesday.

The Monetary Authority of Singapore (MAS) reiterated its outlook for the Singapore economy to grow 1-3 percent this year, supported by consumption and a pick-up in overseas demand for Singapore's exports.

In its semi-annual economic review, the central bank added that several risks remained for the economy, which contracted 1.4 percent in the first quarter from the final quarter of last year.

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Singapore home prices increased at the slowest pace in six quarters after the government introduced new loan measures to cool prices in Asia’s second-most expensive housing market.

The island-state’s private residential property price index rose 0.4 percent to a record 216.2 points in the three months ended Sept. 30, after it climbed 1 percent in the second quarter, according to preliminary figures released by the Urban Redevelopment Authority today. That’s the smallest gain since the first quarter of 2012, when the index dropped 0.1 percent.

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Roslan Rahman | AFP | Getty Images

Singapore's latest push to encourage companies to hire locally is unlikely to have a significant impact on foreigners looking to land a job in the Southeast Asian financial hub, say experts.

"Posting a job on the new job bank for 14 days isn't a significant time period. The process of recruitment with regards to the salary range takes between one to six months," Mark Hall, vice president and country manager at staffing agency Kelly Services Singapore told CNBC.

 

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Suhaimi Abdullah - Getty Images

If recent weaker-than-expected economic data from Singapore is anything to go by, the city-state is heading for a quarterly growth contraction, economists say.

A negative quarterly gross domestic product (GDP) reading for the third quarter should not be a surprise given an unusually firm annualized quarter-on-quarter rise of 15.5 percent in the second quarter, but the scale of the contraction is something to watch for, they add. The latest GDP data is expected later this month. 

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Singaporeans' obsession with property has pushed their debt levels to a steep 75 per cent of gross domestic product (GDP), doubling from 38 per cent in 2000.
 
Household leverage at 75 per cent of GDP is high relative to other countries in the region, says a Standard Chartered report on leverage in 12 Asian countries.
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Mention the idea of working in an industrial estate to job seekers and many would envision colourless, nondescript factories where kopitiams are the only lunch places available.
 
But the new 15ha iPark at the mature industrial estate in Paya Lebar - with its glistening glass windows that showcase tenants, and gastronomic and retail offerings from the likes of Din Tai Fung and Charles & Keith - is a far cry from that perception.

 

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Singapore's north-east region comprises newer estates such as Punggol and Sengkang, and the mature estate of Hougang.
 
Together, the three areas make up District 19.
 
Residents in the area are served by popular shopping centres such as nex mall, Heartland Mall and Hougang Mall, and newer infrastructure such as the scenic Punggol Waterway.
 
The district is also connected by the North-East MRT line.
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Mention the far east of Singapore and one may think of the area as being inaccessible.
 
But home buyers are drawn to the area for its interesting mix of history, industry and entertainment.
 
District 17 covers the Changi and Loyang areas where you can find industrial hubs and factories, World War II relics and good food places in Changi Village.
 
Changi Airport is in the district and is popular among residents as a place to unwind. The colonial bungalows in Changi, now serving as chalets, offer a getaway for those who like to venture off the beaten track.
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Jurong Gateway, the area around Jurong East MRT station, is well on the way to becoming a major commercial hub in the western part of Singapore.

Upcoming launches of more shopping malls, a hospital, a hotel and office space will add buzz to the district, which used to be hilly jungle land dotted with prawn ponds and crocodile-infested rivers.

 

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District 1
Marina Bay Condo | Shenton Way Commercial | Marina Bayfront Condo | Central Boulevard Condo | Central Boulevard Towers | Marina View | V on Shenton | Marina South Pier Condo | Marina One Residences | Shenton Way Condo |
District 2
Pearl Bank En Bloc | Outram Park MRT Condo | Silat Residences | Avenue South Residence | Sky Everton | Sky Everton Freehold Condo Prices | Outram Road Condo | One Pearl Bank | Excellent Connectivity from One Pearl Bank | One Pearl Bank Design and Layouts | Pearl Bank Apartments | Asia Gardens | Anson Road Condo | Tanjong Pagar Condo | Tanjong Pagar Commercial | Greater Southern Waterfront | Wallich Residence | Tanjong Pagar Centre |
District 3
Queenstown Condo | Queens Peak Condo | Dundee Road Condo | Margaret Ville | Margaret Drive Condo | Alexandra View Condo | Prince Charles Crescent Condo | Rest of Central Region Condo | Principal Garden | Silat Avenue Condo | Jalan Bukit Merah Condo | Kampong Bahru Road Condo | Stirling Road Condo | Stirling Residences | Commonwealth Avenue Condo | The Crest @ Prince Charles Crescent | Commonwealth Towers | Highline Residences | Alex Residences |
District 4
Corals at Keppel Bay | Skyline Residences | Reflections at Keppel Bay |
District 5
Park West Condominium En-Bloc | West Coast Vale Condo | Park West Condominium | Parc Clematis | Parc Riviera | The Trilinq | Bijou | West Coast Way Condo | One Normanton Park | Normanton Park Condo | Clementi Avenue 1 Condo | Jalan Lempeng Condo |
District 7
CityGate Condo | Selegie Road Condo | Sophia Road Condo | Tan Quee Lan Street Condo | The M | Middle Road Condo | South Beach Residences | Duo Residences | Beach Road Bugis Rochor Condo | Midtown Suite | Midtown Bay | Midtown Bay Floor Plans and Facilities | Beach Road Commercial | Golden Mile Complex | Textile Centre | Golden Mile Complex En Bloc | Textile Centre En Bloc | The Oasis |
District 8
Peace Centre Mansions En Bloc | Perumal Road Condo | Northumberland Road Condo | Uptown at Farrer | 1953 Condo | LYF | Tessensohn Residence |
District 9
Cairnhill Mansions En Bloc | Orchard Bel-Air En-Bloc | Pacific Mansions En Bloc | Robertson Quay Condo | Paterson Road Condo | Cavenagh Gardens En-Bloc | Cavenagh Gardens | Cavenagh Road Condo | Orchard Boulevard Road Condo | Orchard Road Condo | Scotts Road Condo | Cairnhill Road Condo | Riviera Point | The Iveria | The Iveria Condo Floor Plans | Cairnhill Mansions | One Tree Hill | River Valley Road Condo | Martin Place Condo | Martin Modern | Kim Seng Road Condo | Handy Road Condo | Haus on Handy | Jiak Kim Street Condo | Riviere Condo | Fraser Residence Promenade | Avenir Condo | Pacific Mansions | Great World MRT Station Condo | Martin Place Residences | The Rise at Oxley Residences | Orchard Paterson Cairnhill Road Condo | Core Central Region Condo | Robertson Quay Condo | Paterson Collection | St Thomas Walk | Leonie Hill Road Condo | Horizon Towers | Leonie Gardens | New Futura | Cairnhill Nine | 3 Orchard by the Park | Twin Peaks |
District 10
Grange Road Condo | Farrer Road Condo | Tulip Gardens En Bloc | Tulip Garden Residences | Leedon Green | Leedon Green Floor Plans | Tulip Garden Residences Floor Plans | Tulip Garden | Tanglin Road Condo | Jervois Gardens | Crystal Towers | Juniper Hill Condo by AllGreen Properties | Juniper Hill | The Hyde at Balmoral | The Hyde | Balmoral Road Condo | Jervois Road Condo | Petit Jervois | Jervois Prive Exclusive Condo | Jervois Prive | Jervois Treasures Condo Floor Plans | Jervois Treasures | Tanglin Shopping Centre En Bloc | Tanglin Shopping Centre | Jervois Gardens En Bloc | Spring Grove En Bloc | Spring Grove | Hallmark Residences | Wilshire Residences | Sloane Residences | Ewe Boon Road Condo | Bukit Timah Road Condo | Bukit Timah Collection | Cluny Park Residence | Cuscaden Road Condo | Petit Cuscaden | Cuscaden Reserve | Cuscaden Reserve Condo Floor Plans | Boulevard 88 | Pollen and Bleu | Leedon Residence | Gramercy Park | Ardmore Three 3 | Sculptura Ardmore | RV Residences | Robin Residences | 18 Nouvel@ Anderson Road | Holland Road Condo | The Estoril | The Estoril En Bloc | Hollandia En Bloc | Hyll at Holland | Hollandia | TwentyOne Angullia Park | D'Leedon | Mon Jervois | Holland Village Residences | One Holland Village | One Holland Village A Mixed Development Design | Holland Village Condo | Van Holland | Van Holland Floor Plans | 15 Holland Hill | 15 Holland Hill Floor Plans |
District 11
Chancery Court En Bloc | Chancery Court Condo | Thomson Road Condo | Novena Condo | Newton Road Condo | Pullman Residences | Pullman Residences Floor Plans | Dunearn Road Condo | 386 Dunearn | Dunearn Court Condo | Derby Court | Fyve Derbyshire | Derbyshire Road Condo | Kampong Java Road |
District 12
Balestier Road Condo | Toa Payoh Condo | Neem Tree | Riverbay | Boon Teck Towers | Eight Riversuites | Boon Teck Towers En Bloc | Gem Residences | Kallang Riverside Condo |
District 13
Woodleigh Residences | Upper Serangoon Road Condo | Park Colonial | Woodleigh Lane Condo | Mattar Residences | Woodleigh MRT Condo | Woodleigh Condo | Woodleigh Link Condo | Bidadari New Estate Condo | Upper Aljunied Road Condo | Tre Ver | Raintree Gardens | Potong Pasir Avenue 1 Condo | Potong Pasir Condo | The Maisons | The Quinn | Mattar Road Condo | The Poiz Residences | The Venue Residences | Sant Ritz |
District 14
Eunos Condo | Eunos MRT Condo | Sims Avenue Condo | Changi Road Condo | Parc Esta | Eunosville | Eunosville En Bloc | City Plaza | City Plaza En Bloc | Paya Lebar Road Condo | Sims Drive Condo | Park Place Residences | Paya Lebar Quarters | Sims Avenue Condo | Paya Lebar Central |
District 15
Dunman Road Condo | Coastline Residences | Amber Sea | One Meyer | Albracca | Siglap MRT Station Condo | Marine Parade Road Condo | Casa Meyfort Condo | Meyer Mansion Floor Plans | Meyer Mansion | Meyer Modern | Nanak Mansions | Meyerhouse Exclusive Condominium | Meyerhouse | Meyerbank | Nyon | Rebirth of Amber Park Condo | Amber Park Condo Seafront Living | Amber Park | The Opus | Parkway Mansion | Amber Park En Bloc | Hawaii Tower En Bloc | Parkway Mansion En Bloc | Albracca En Bloc | Laguna Park | Laguna Park En Bloc | Tanjong Katong MRT Station Condo | Meyer Road Condo | Hawaii Tower | Katong Park MRT Condo | Katong Park Residences | Katong Park Towers | Amber Gardens Condo | Amber Road Condo | Neptune Court | Neptune Court En Bloc | Lagoon View | Lagoon View En Bloc | East Coast Marine Parade Condo | Katong Shopping Centre | Katong Shopping Centre En Bloc | Mountbatten Road Condo |
District 16
Siglap Road Condo | Mandarin Gardens | Mandarin Gardens En Bloc | New Upper Changi Road Condo | The Glades | Bedok South Condo |
District 17
The Inflora |
District 18
Tampines Court | Treasure at Tampines | Tampines Court En Bloc | Tampines Street 11 Condo | Tampines Avenue 10 Condo | Coco Palms |
District 19
Florence Regency En-Bloc | Florence Residences Condo Club | Florence Regency | Rio Casa | Kensington Park En-Bloc | Kensington Park | Serangoon Ville | Serangoon Ville En Bloc | Forestwood Residences | Hougang Avenue 2 Condo | Hougang Central Condo | Hougang Condo | Riverfront Residences | Hougang Avenue 7 Condo | Affinity | Serangoon North Avenue 1 Condo | The Garden Residences | New Condo | Serangoon Gardens Condo | Serangoon Central Condo | Lorong Lew Lian Condo | Riverbank Sengkang West Way Condominium | Yio Chu Kang Road Condo | Toho Green | Rivertrees Residences | Parc Botannia | Fernvale Road Condo | High Park Residences | Sengkang West Condo | New Tampines Road Condo | Kingsford Waterbay | Botanique at Bartley | Buangkok Condo | Buangkok MRT Station Condo | Sengkang Central Condo | Sengkang Grand Residences | Sengkang Central Residences | Sengkang Central Residences Floor Plans | Sengkang Grand Residences Floor Plans | Sengkang Central Residences Prices | Sengkang Grand Residences Prices |
District 20
Marymount Road Condo | Braddell View En Bloc | Lentor Hill Road Condo | Lentor Central Condo | Braddell View | Shunfu Road Condo | Jade Scape | Far Horizon Gardens | Far Horizon Gardens En Bloc | Ang Mo Kio Avenue 9 Condo | Faber Gardens | New Lorong Puntong Condo | Thomson Impressions Condo | Adana | Panorama | Upper Thomson Road Condo | Yio Chu Kang Road Condo | Lentor Road Condo | Caldecott Condo | Bishan Central Condo | Lentor Drive Condo |
District 21
Jalan Anak Bukit Condo | Beauty World Condo | Goh & Goh Building En Bloc | Pine Grove | Pine Grove Condo | Pandan Valley Condo | Ridgewood Condo | Ridgewood Condo En Bloc | Mayfair Collection | Mayfair Gardens Condo | Mayfair Modern | King Albert Park MRT Station Condo | Mount Sinai Condo | Ulu Pandan Road Condo | Pine Grove En Bloc |
District 22
Jurong Condo | Lake Grande Condo | Lakeville | J Gateway |
District 23
Toh Tuck Road Condo | Kismis View | Dairy Farm Road Condo | Dairy Farm Residences | Dairy Farm Residences Floor Plans | Foresque Residences | The Lanai | Hillion Residences | Bukit Batok Condo | Hillview Rise Condo | Dairy Farm Residences Prices |
District 25
Woodlands Square Condo | Woodlands Square Commercial | Woodlands Central Condo |
District 26
Springside Road Condo |
District 27
NorthPark Residences | Canberra Drive Condo Sembawang | Canberra Link Condo Sembawang | New Yishun Ave 4 Condo | The Wisteria | Condominium Yishun Central | Symphony Suites | Yishun Avenue 9 Condo | Sembawang Road Condo |
District 28
Jalan Kandis Condo | Kandis Residence |
Executive Condo
Parc Life EC | Choa Chu Kang Drive EC | Sol Acres EC | The Vales EC | Tampines Avenue 10 EC | Tampines Street 62 EC | Fernvale Lane EC | Tampines EC | Signature at Yishun | Choa Chu Kang Grove EC | Bukit Batok EC | Tengah EC | Choa Chu Kang Avenue 5 EC | Woodlands Avenue 12 EC | Sembawang Avenue EC | The Visionaire | New EC at Canberra Link | Canberra Link EC Sembawang | Parc Canberra | Yishun Avenue 9 EC | Yishun Street 51 EC | The Criterion EC Yishun | Yio Chu Kang Road EC | New EC | Serangoon North EC | Yishun Avenue 1 EC | The Terrace EC Punggol | The Amore EC Punggol | Westwood Residences EC | Anchorvale Lane EC Sengkang | Sungei Punggol Reservoir EC Sengkang | Anchorvale Street EC Sengkang | Ola EC | Ola EC Prices and Floor Plans | Westwood Avenue EC | Choa Chu Kang Way EC | Canberra Drive EC Sembawang | BrownStone EC | Choa Chu Kang EC | LakeLife EC Jurong | Jurong EC Jurong | Punggol Drive EC Punggol | Woodlands Avenue 5 EC Woodlands | Parc Canberra Floor Plans | Sumang Walk EC Punggol | Piermont Grand | Piermont Grand EC Prices | Punggol Central EC Punggol |
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