Singapore's Economy Booming

[cdnvic]

THE strong global economic tide has lifted the boats of most South-East Asian countries, but perhaps the most impressive performer is Singapore. Its national income per head is already higher than Spain's and New Zealand's, and five times that of its nearest neighbour, Malaysia. Yet in the year to the third quarter, its economy grew by 9.4%. Singapore is “a developed country that grows at developing-country rates,” as Robert Prior-Wandesforde, an economist at HSBC, puts it. Since the 1997 Asian crisis it has fared markedly better than its rival, Hong Kong (see chart).

The signs of a boom are unmissable. The shopping malls along Orchard Road are bustling. Fancy hotels are full of wealthy tourists despite cranking up their room rates. Marina Bay, by the financial district, is a forest of cranes as a $3.6 billion casino resort goes up. The Singapore Flyer, a giant Ferris wheel, looks down on the vast expanse of building site. Office rents have risen by 50% in the past year, while the price of homes is up by 28%.

http://www.economist.com/world/asia/displa...ory_id=10026525

[cdnvic]

Big push to train 74,000 S'poreans for tourism jobs

$360m to be spent over three years; older workers, housewives and retirees one target group

By Goh Chin Lian

THEY'RE hot, so hot that the Government is pumping in a record sum of more than $360 million to train 74,000 Singaporeans for tourism jobs.

This budget, which will fork out, on average, $5,000 for each worker, is to be spent over three years until 2010, when the two Integrated Resorts are slated to open.

In that time, you're going to hear all about these jobs, on TV and at roadshows across the island.

About 50,000 to 60,000 jobs are expected to be created, ranging from chefs to animal trainers to salesgirls.

This Tourism Talent Plan was announced by Manpower Minister Ng Eng Hen yesterday, when he also launched a Singapore Tourism Board campaign to publicise the jobs in the burgeoning industry.

Later, he toured the first roadshow, with demonstrations by birdshow presenters and chefs, among others, as well as career talks. The two-day event, launched yesterday, was held at the Atrium@Orchard, in Dhoby Ghaut.

These moves by the Government are to prevent the manpower crunch now facing hotels and other tourism players from getting worse.

In the talent plan, Dr Ng cited three ways to ensure a ready supply of workers.

One, let more students into tourism and hospitality courses, and offer more of such courses.

Two, train adult workers. Said Dr Ng: 'Whether it is someone looking for a mid-career switch, a second career, or even after retirement, or someone in the sector hoping to upgrade his skills, there will be a suitable training programme.'

Three, make tourism careers attractive by improving human resource practices and the image of these jobs.

Spending the millions of dollars on training is necessary, he said, as Singapore is on track to reach a record 10.2 million visitors this year.

But Singapore is also facing stiff competition from the region, he added.

Mega-developments like the IRs, and high-signature events such as the Formula One race are not sufficient to ensure tourists keep returning, he said.

'Don't forget our neighbours have got cheaper land, less expensive building costs and lower cost of labour as well, so they can compete.'

http://www.straitstimes.com/Free/Story/STIStory_170483.html

[Captain Chaos]

THE strong global economic tide has lifted the boats of most South-East Asian countries, but perhaps the most impressive performer is Singapore. Its national income per head is already higher than Spain's and New Zealand's, and five times that of its nearest neighbour, Malaysia. Yet in the year to the third quarter, its economy grew by 9.4%. Singapore is “a developed country that grows at developing-country rates,” as Robert Prior-Wandesforde, an economist at HSBC, puts it. Since the 1997 Asian crisis it has fared markedly better than its rival, Hong Kong (see chart).

The signs of a boom are unmissable. The shopping malls along Orchard Road are bustling. Fancy hotels are full of wealthy tourists despite cranking up their room rates. Marina Bay, by the financial district, is a forest of cranes as a $3.6 billion casino resort goes up. The Singapore Flyer, a giant Ferris wheel, looks down on the vast expanse of building site. Office rents have risen by 50% in the past year, while the price of homes is up by 28%.

http://www.economist.com/world/asia/displa...ory_id=10026525

The current full year forecast is only a little lower than Q3 - about 7 to 8% - apart from the usual suspects of construction, (financial) services and shipping - I keep hearing that manufacturing is contributing a good number too - have to say it's not my area so can't be sure about that.

Downsides are that the explosion in property prices is putting pressure on wages and this may hurt companies competitiveness. The Sing govt is gradually unshackling the Sing Dollar from the US$ which will help mitigate import inflation a bit.

When I first started coming to Singapore some 5 or 6 yrs ago, you never saw a crane, now you can't move for falling over another condo construction site ... and people are buying them ... personal interest rates here are basically nil so I suppose people would rather make speculative property investments than put their money in the bank.

Anyway, seems like the right place to be - economically speaking - at the moment ...

CC

[JimsKnight]

Hmm, good and bad (like anywhere really) but Singapore is more of a financial playground for the rich and affluent.

Great place if you're super rich already, but Singapore prices are a bit of a killer when it comes to living as a retiree on more frugal amounts

The cost of living is sky high, or so they say anyway.

[AlexLah]

Just back from amazing Singapore.

Lived there for two years and for example 2-3 years ago you could get a decent meal at a hawker station for 2 $S, now it is 4.

I rented a condo (2BR) for 2000 now it is 3000.

Just read that they gonna build the biggest solar panel production factory in the world.

Casino project will be ready 2010.

Building a circuit for racing (no not the F1)

Had a meeting with the people from Eurokars (importer of exlusive car makes like Porsche, Rolls and others) I was stunned on how many high end cars they sell per year in SG.

The hotel I stayed before was 180 a night, now it is 260......

Great country!

[Prakanong]

Got my tax bill sent through to me by Ernst and Young on Friday - now I know I chose the correct location over Thailand for the job!

Ok it was only for part of 2006 but I did have a bigger bar bill in a certain Bangkok bar recently!

Today's headline is the removal of deferred payments on property - this is to cool the property market and to help stop speculators. Very good idea in today's economic climate.

[Captain Chaos]

Hmm, good and bad (like anywhere really) but Singapore is more of a financial playground for the rich and affluent.

Great place if you're super rich already, but Singapore prices are a bit of a killer when it comes to living as a retiree on more frugal amounts

The cost of living is sky high, or so they say anyway.

Cost of living can be sky high but it depends on the lifestyle you want - living here comfortably but frugally is entirely possible IMHO. The lower tax compared to Thailand is a big plus for those who are in employment. That said, I would not propose to retire in Singapore - I think Thailand has far more to offer in terms of things to see and do once you've made your money and have time to explore ...

Just my two satangs...

CC

[Prakanong]

Hmm, good and bad (like anywhere really) but Singapore is more of a financial playground for the rich and affluent.

Great place if you're super rich already, but Singapore prices are a bit of a killer when it comes to living as a retiree on more frugal amounts

The cost of living is sky high, or so they say anyway.

Cost of living can be sky high but it depends on the lifestyle you want - living here comfortably but frugally is entirely possible IMHO. The lower tax compared to Thailand is a big plus for those who are in employment. That said, I would not propose to retire in Singapore - I think Thailand has far more to offer in terms of things to see and do once you've made your money and have time to explore ...

Just my two satangs...

CC

I would agree - place to work and not retire but that accepted - You could have a decent lifestyle on the tax saving between the two each month in Singapore.

OK my rent will probably jump next September but currently I reckon my rent would not be much cheaper for a place in Bangkok to the same standard and facilities - and in Bangkok the location would not be as nice given nature reserve's and general facilities in the area.

[cclub75]

The signs of a boom are unmissable. The shopping malls along Orchard Road are bustling. Fancy hotels are full of wealthy tourists despite cranking up their room rates. Marina Bay, by the financial district, is a forest of cranes as a $3.6 billion casino resort goes up. The Singapore Flyer, a giant Ferris wheel, looks down on the vast expanse of building site. Office rents have risen by 50% in the past year, while the price of homes is up by 28%.

And we should talk about what's going on "behind the scene"...

Singapore is becoming the Switzerland of SEA. Nothing less.

Banking. Wealth management. Voila the 2 keywords.

More and more foreigners put their money in Singapore. Secure and free.

One example : no taxes on interests earned ! Perfect for foreign currency time deposits.

They might be pain in the arse for politics, but basically they are still very, very smart about the ways to manage this city-country.

Viva Singapore !

[chickencurry]

Hmm, good and bad (like anywhere really) but Singapore is more of a financial playground for the rich and affluent.

Great place if you're super rich already, but Singapore prices are a bit of a killer when it comes to living as a retiree on more frugal amounts

The cost of living is sky high, or so they say anyway.

It's a great place to earn and save money but you don't need to be super-rich already - I am certainly not. You can spend as little or as much as you need to (if you don't need schooling fees or a car). Not everything is expensive.

Retirement not an option for many of us as you can only retire if you get Permanent Residence status. Rules and quotas change from year to year it is rumoured and are not advised. Statistics for 2006 have been published and make an interesting read - 57,000 people obtained PR in 2006 - 48.1 per cent from SE Asia countries, 45.6 per cent from other Asian countries and 6.3 per cent other. For those mathematically challenged, that is 93.7 per cent from Asian countries - so not much chance for an ageing Brit I guess - good job I got my Thai retirement visa already

[Prakanong]

Hmm, good and bad (like anywhere really) but Singapore is more of a financial playground for the rich and affluent.

Great place if you're super rich already, but Singapore prices are a bit of a killer when it comes to living as a retiree on more frugal amounts

The cost of living is sky high, or so they say anyway.

It's a great place to earn and save money but you don't need to be super-rich already - I am certainly not. You can spend as little or as much as you need to (if you don't need schooling fees or a car). Not everything is expensive.

Retirement not an option for many of us as you can only retire if you get Permanent Residence status. Rules and quotas change from year to year it is rumoured and are not advised. Statistics for 2006 have been published and make an interesting read - 57,000 people obtained PR in 2006 - 48.1 per cent from SE Asia countries, 45.6 per cent from other Asian countries and 6.3 per cent other. For those mathematically challenged, that is 93.7 per cent from Asian countries - so not much chance for an ageing Brit I guess - good job I got my Thai retirement visa already

I reckon a lot has to do who you work for and what sector you are in (amount company is putting into Singapore??) - no proof of this but people from my company both Asian and caucasion seem to get PR quite easily - I know an English guy got it after 3 months in country.

At work I know English, PI, Chinese, Indian, Canadian, Burmese all with it - I am probably one of the only ones in my department who has not gone for it.

[chickencurry]

Hmm, good and bad (like anywhere really) but Singapore is more of a financial playground for the rich and affluent.

Great place if you're super rich already, but Singapore prices are a bit of a killer when it comes to living as a retiree on more frugal amounts

The cost of living is sky high, or so they say anyway.

It's a great place to earn and save money but you don't need to be super-rich already - I am certainly not. You can spend as little or as much as you need to (if you don't need schooling fees or a car). Not everything is expensive.

Retirement not an option for many of us as you can only retire if you get Permanent Residence status. Rules and quotas change from year to year it is rumoured and are not advised. Statistics for 2006 have been published and make an interesting read - 57,000 people obtained PR in 2006 - 48.1 per cent from SE Asia countries, 45.6 per cent from other Asian countries and 6.3 per cent other. For those mathematically challenged, that is 93.7 per cent from Asian countries - so not much chance for an ageing Brit I guess - good job I got my Thai retirement visa already

I reckon a lot has to do who you work for and what sector you are in (amount company is putting into Singapore??) - no proof of this but people from my company both Asian and caucasion seem to get PR quite easily - I know an English guy got it after 3 months in country.

At work I know English, PI, Chinese, Indian, Canadian, Burmese all with it - I am probably one of the only ones in my department who has not gone for it.

But did they get PR during 2006 or before then? The rules appear to have changed in recent years. There is a self-assessment tool on ICA (Immigration) website. We tried it out just for a laugh and there are no questions regarding investment and don't seem to be interested what you earn either (max salary figure is very low). The questions lean towards race, age and qualifications.

Anyway we off to LOS at the end of the year and happy to have achieved relatively early retirement (thanks mainly due to the good business system, tax etc in Singapore)

[Prakanong]

Hmm, good and bad (like anywhere really) but Singapore is more of a financial playground for the rich and affluent.

Great place if you're super rich already, but Singapore prices are a bit of a killer when it comes to living as a retiree on more frugal amounts

The cost of living is sky high, or so they say anyway.

It's a great place to earn and save money but you don't need to be super-rich already - I am certainly not. You can spend as little or as much as you need to (if you don't need schooling fees or a car). Not everything is expensive.

Retirement not an option for many of us as you can only retire if you get Permanent Residence status. Rules and quotas change from year to year it is rumoured and are not advised. Statistics for 2006 have been published and make an interesting read - 57,000 people obtained PR in 2006 - 48.1 per cent from SE Asia countries, 45.6 per cent from other Asian countries and 6.3 per cent other. For those mathematically challenged, that is 93.7 per cent from Asian countries - so not much chance for an ageing Brit I guess - good job I got my Thai retirement visa already

I reckon a lot has to do who you work for and what sector you are in (amount company is putting into Singapore??) - no proof of this but people from my company both Asian and caucasion seem to get PR quite easily - I know an English guy got it after 3 months in country.

At work I know English, PI, Chinese, Indian, Canadian, Burmese all with it - I am probably one of the only ones in my department who has not gone for it.

But did they get PR during 2006 or before then? The rules appear to have changed in recent years. There is a self-assessment tool on ICA (Immigration) website. We tried it out just for a laugh and there are no questions regarding investment and don't seem to be interested what you earn either (max salary figure is very low). The questions lean towards race, age and qualifications.

Anyway we off to LOS at the end of the year and happy to have achieved relatively early retirement (thanks mainly due to the good business system, tax etc in Singapore)

There were some in 2006 - some before and a few this year. I was told you had to wait 2 years before I arrived in Singapore but when I got to the office met people with it after only 3 months.

I am in Biotech and they seem to want to attract this industry. We have no problems brining people here fom all over the place - its like the UN in our office.

Good luck with the retirement - I am sure you have earned it and will enjoy it

[mrtoad]

I was down on Sentosa looking at a few of the new developments on the Island, and clearly there is a lot of foreign money coming in and investing in property. My friend is building two custom built houses down there at present, and from my understanding these were both in the region of $12mil Sing. The amount of top of the range luxury cars and yachts there, along with all of the other new developments certainly suggest that the econonmy is rocking along quite nicely.

The openess to foreign investment and assimilation throught the PR make it a very attractive place to work, but certianly as has been mentioned not a place to retire, unless you have significant funds.