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Plight of hawkers sparks renewed concerns about fairness of contractual obligations

Mary Alavanza
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0
Plight of hawkers sparks renewed concerns about fairness of contractual obligations

SINGAPORE: On Jan 1, 2024, Singapore’s GST rate increased to 9%, and ingredient costs also surged, impacting the city-state’s vibrant hawker culture.

Many hawkers faced a tough choice: raise prices or reduce portions to manage rising expenses. This dilemma, often met with mixed customer reactions, highlights Singaporean hawkers’ lesser-known challenges.

Mr KF Seetoh, well-respected in the food industry through his work, Makansutra, recently penned an insightful article titled “The Problem with Hawkers.”

Transitioning from a long career in F&B to food journalism, Mr Seetoh’s observations struck a chord with many.

Here are eight significant challenges highlighted by Mr Seetoh that some hawkers in Singapore’s Social Enterprise Hawker Centres (SEHCs) face, as reported by Yahoo Life:

  1. Unsubsidised stalls: Contrary to popular belief, hawkers do not secure stalls at subsidised rates but instead bid for them, often at substantial costs. Bids at places like Golden Mile Food Centre have soared, with some reaching almost S$6,000, marking a departure from earlier practices.
  2. Monthly rentals: SEHCs impose an average monthly rental fee of S$2,000 (inclusive of GST), influencing the types of cuisines economically viable for hawkers.
  3. Cleaning and utensil costs: In addition to rent, hawkers must cover costs like monthly dishwashing fees (approximately S$650) and pay a surcharge per rack of crockery used, which can reach about S$800 per month, impacting their bottom line significantly.
  4. Compulsory budget meals: SEHCs require hawkers to offer S$3 budget meals and donate 30 monthly meals, intended to support affordability but posing challenges to profitability.
  5. Restrictions on crockery: Some SEHCs prohibit hawkers from using their own crockery, mandating the purchase of approved supplies bearing the centre’s logo, adding to operational expenses.
  6. Gas supply restrictions: Despite attempts to explore cost-effective options, SEHCs enforce using specified gas suppliers, limiting hawkers’ ability to reduce utility costs.
  7. Leave policies: Hawkers face fines for taking unplanned leaves without prior approval, a policy criticized for its rigidity and impact on hawkers’ well-being. A S$100 fine is imposed for each unapproved leave.
  8. Profit percentages and additional charges: SEHCs may impose fees based on gross turnover (GTO) and charge for space used by suppliers, further squeezing hawkers’ already narrow profit margins. GTO fees can be up to 15%.

Singaporeans online reactions reflect sympathy and concern, with many expressing surprise at the stringent leave policies and additional charges imposed on hawkers.

Although one commenter noted that “hawkers are entrepreneurs. It’s just like every other industry, there are always challenges to work through,” others pointed out, “these concerns need more attention if we don’t want our hawkers to go extinct.” 

Surprised about the leave policies, one noted, “I didn’t know about the S$100 fine for taking unplanned leave. The whole point of hawker is being your own boss,” he added.

The issue of unsubsidised stalls and high cleaning costs also drew comments.

“I thought paying for unsubsidised stalls and high cleaning costs was bad enough but apparently it can go higher even if you’re just dishing out popiah on a paper plate,” another user mentioned,

The compulsory budget meals and charity meals requirement also sparked debate.

“Rather than pushing hawkers to offer S$3 meals and 30 free meals, it should be an opt-in government program to supply 30-40 meals,” one user suggested. “It’s like asking the business to donate S$100-200 per month for free.”

Others highlighted the “vicious” cyclical nature of these challenges.

“Hawkers feel the pressure of rising costs and burdened ‘forced costs’,” one commenter stated. “In turn, they have to raise food prices, and then consumers complain about higher prices.”

One, whose parents were once hawkers, said he had never heard of such “crazy regulations.”

Another pointed out, “And then they wonder why the next generation is not picking up the hawking mantle.” /TISG

Read also: Is Cai Png Still Economical?

Featured image by Depositphotos

Singapore CEOs among the shortest-serving in the world—Study

Mary Alavanza
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0
Singapore CEOs among the shortest-serving in the world—Study

SINGAPORE: A new study reveals that Singaporean CEOs have some of the shortest tenures in the world, with an average duration of just 3.1 years, according to a report from BusinessFinancing.co.uk, which examined the resumes of 100,000 global CEOs active on LinkedIn.

The study aimed to identify countries, cities, and states where CEOs have the longest and shortest average tenures.

Singapore’s CEOs rank third in terms of shortest tenure, tied with Saudi Arabia and Uzbekistan, where CEOs also average 3.1 years in their roles.

Denmark, with an average tenure of 2.9 years, is leading the list for the shortest CEO terms, and Azerbaijan, where CEOs typically last 2.8 years. In contrast, some countries boast much longer CEO tenures.

Lebanon tops the list with an average CEO tenure of 8.5 years. Following closely are Turkmenistan with 7.9 years, Greece with 7.7 years, China with 6.8 years, and Italy rounding out the top five with 6.7 years.

Malaysia also stands out, ranking 16th globally, with CEOs serving an average of 6 years.

Laura Alber, the longest-tenured woman in the Fortune 500, shared insights into the benefits of long CEO tenures at Fortune’s Most Powerful Women Summit in 2023.

Ms Alber, who has led Williams-Sonoma for over a decade, said, “If you’re super present in what you’re doing, then you’re not always thinking about the next thing, which is counterintuitive to what most people tell you about careers.”

She emphasized, “If you give it your all, people notice, and they connect better with you and you get more done.”

For the complete report into which countries, cities, and states have CEOs with the longest tenures, check here. /TISG

Read also: Singapore CEOs are shifting focus to AI investments, deprioritising investing in sustainability initiatives

Featured image by Depositphotos

Indian PR asking for divorce advice urged to go back to India to file for divorce because “Singapore is more protective of women”

Anna Maria Romero
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0
Indian PR asking for divorce advice urged to go back to India to file for divorce because “Singapore is more protective of women”

SINGAPORE: A man wanting to get a divorce asked for advice on Reddit, saying he’s “unable to find a way to reconcile and make my marriage work.”

The man, who identified himself as a Singapore Permanent Resident from India, said that his marriage has been “pretty dysfunctional” for more than two years and that he and his wife have had problems with overbearing parents.

Despite efforts on his part, he wrote in his July 8 r/SingaporeRaw post that he’s not been able to find a compromise with his wife and her family and wants to “find a way to amicably end things,” adding that his wife is a good person whom he once loved.

He would like to present some steps to her so they can move on and forward, and he asked for recommendations for a good lawyer as the first step.

He also asked how the divorce process works for Permanent Residents whose marriages have been registered overseas. He wrote that they could also get a divorce in India but added this concern:

“However, courts there are quite lopsided, and the Singapore judicial system would be much fairer.”

Read also: MSF: Couples may plead mutual agreement as grounds for divorce from July 1

Commenters on his post agreed that the post author needs to find a good lawyer. One wrote that it should ideally be someone who can “explain the best and clear-cut way for a divorce.”

“An ugly divorce can lead to long-term suffering,” they added. As for filing for divorce in Singapore vs India, some commenters suggested that India may be better.

One wrote that in Singapore, the Women’s Charter “is one of the few good things that favour women here… think you better look for options in India instead.”

Another commenter, who said that the post author’s situation is “so complicated,” advised him that it was “better to go back to India because Singapore is very protective towards women.”

The Women’s Charter was passed in Parliament in Singapore in 1961. It was designed to protect and improve the rights of women and girls and guarantee that they are given greater equality under the law in legally sanctioned marriages.

As gender equality advocacy group AWARE puts it, the Charter gives married women the same rights as their husbands.

/TISG

Read also: Guess what’s the two main reasons married couples get divorced? Or just let this No. 1 divorce lawyer tell you

Singapore stocks continued their upward trend on Wednesday—STI gained 0.3%

Mary Alavanza
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0
Singapore stocks continued their upward trend on Wednesday—STI gained 0.3%

SINGAPORE: Singapore stocks continued their upward trend on Wednesday, July 10, following the previous day’s rally. The Straits Times Index (STI) gained 8.65 points, or 0.3%, reaching 3,434.74 at 9:01 am, The Business Times reports.

In the broader market, gainers outnumbered losers, with 58 stocks rising and 32 falling after 32.4 million securities valued at S$61.7 million were traded.

One of the day’s most heavily traded stocks by volume was Catalist-listed iX Biopharma. The pharmaceutical company saw its shares jump by S$0.007 or 24.1% to S$0.036, with 9.3 million securities traded.

Conversely, Yoma Strategic experienced a notable decline, with its shares falling by S$0.009 or 6.3%.

The Myanmar-focused company’s drop came after it clarified that no charges had been filed against its executive chairman, Sergei Pun, addressing recent media claims.

Singtel saw a modest gain of S$0.01 or 0.4%, trading at S$2.91 in the early hours.

Local banks had a mixed start. OCBC fell by S$0.04 or 0.3% to S$15.11, DBS climbed by S$0.33 or 0.9% to S$37.73, and UOB edged up by S$0.04 or 0.1% to S$32.91.

Looking at the global markets, US stocks showed mixed performance overnight. Two of the three major indices reached new highs, driven by Federal Reserve Chief Jerome Powell’s comments about modest progress in controlling inflation.

The S&P 500 increased by 0.1% to close at 5,576.98, while the Nasdaq Composite Index also gained 0.1% to end at 18,429.29, marking a record close for the sixth consecutive day.

However, the Dow Jones Industrial Average dipped slightly by 0.1% to 39,291.97.

In Europe, shares declined for the third consecutive session. The Stoxx 600 index recorded its largest daily percentage drop in nearly a month, falling by 0.9% to 511.76.

French stocks were particularly weak, influenced by ongoing political uncertainties. /TISG

Read also: Singapore stocks open higher on Tuesday—STI gained 0.5%

Featured image by Depositphotos

Recruitment director claims many Indian nurses see Singapore as springboard to other foreign countries

Mary Alavanza
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0
Recruitment director claims many Indian nurses see Singapore as springboard to other foreign countries

SINGAPORE: Many Indian nurses see Singapore as a stepping stone to opportunities in Europe and other Western countries, according to recruitment director Arun Kumar Ojha of Dynamic Health Staff, an agency that specialises in global recruitment of nurses from India.

The country’s advanced healthcare system and English-speaking environment make it an attractive “transit destination,” allowing nurses to gain valuable experience before moving on to more lucrative positions abroad.

According to The Straits Times, Mr Ramkumar S, executive director of the Meghalaya State Skill Development Society, noted that Singapore was a top destination for those seeking work abroad.

He mentioned this while discussing the Meghalaya state government job fair for nurses in 2023, attracting international recruiters from countries such as Japan and Britain.

He said, “The response was overwhelming. We had about 1,500 nurses who turned up, and many of them actually came with very little prior information. But they wanted to go to Australia and Singapore because they speak English there.”

Twenty-seven nurses also got job offers from Japan, which has been actively recruiting Indian nurses.

Candidates from Meghalaya and other north-eastern Indian states have strong English-language skills, which is a big plus for recruiters.

In Assam, 53 nurses have verified their professional records for the Singapore Nursing Board by the Assam Nurses’ Midwives’ & Health Visitors’ Council since July 2021, making them eligible for recruitment in Singapore.

The high demand for nurses in Singapore is due to high attrition rates and a growing global need for healthcare professionals. Many foreign nurses returned home after the borders reopened after the Covid-19 pandemic.

According to SNB figures, Singapore had 43,772 nurses and registered midwives in 2022, with about 75% of the 36,995 registered nurses being Singaporeans or permanent residents.

Most foreign nurses in Singapore were from the Philippines (13%), followed by Malaysia (5.7%), Myanmar (2.4%), India (1.3%), and China (1.27%).

To make up for the shortfall following the pandemic, 5,600 nurses were hired in the public healthcare system in 2023, according to Singapore’s Ministry of Health.

In 2023, Singapore’s Health Minister Ong Ye Kung stated that the ratio of local nurses to foreign nurses would be about 60 to 40 and that most of the nursing workforce would continue to be locals from nursing schools and mid-career training programmes.

Indian nurses are drawn to Singapore because of better salaries, the English-speaking environment, and the advanced healthcare system.

Mr Ojha explained that many Indian nurses see Singapore as a stepping stone to opportunities in Europe and elsewhere. This appeals to those in smaller towns and rural areas in India, where access to modern healthcare technologies is limited.

He noted that Singapore hospitals use advanced technologies like artificial intelligence, attracting Indian nurses seeking to gain experience over four to five years before potentially moving to Europe.

In the past three years, the firm has recruited about 300 nurses from India for placements in both public and private hospitals across Singapore.

Indian nurses working in Singapore typically earn between S$1,800 to S$2,500 per month, significantly more than their earnings back home, and receive additional benefits such as housing allowances and relocation support.

Statistics from The Hindu newspaper indicate that one in eight Indian nurses works overseas, with an estimated 640,000 Indian nurses employed abroad as of 2013.

In 2023, Kerala saw 27,000 nurses leaving for overseas positions, the southern state of India with the most global source of nursing professionals.

In recent years, nurses from states like Meghalaya have also increasingly sought opportunities abroad, with the state government facilitating overseas placements for nurses for the first time.

NLB Services’ 2024 report notes a steady growth in demand for Indian nurses abroad, projected to nearly double in six to seven years.

Initiatives in countries such as the United States, Britain, Canada, and Japan have streamlined entry processes for Indian nurses.

For example, Japan offers extendable three-year visas with salaries starting from S$1,700 per month, while nurses in the United Arab Emirates can earn upwards of S$3,000 monthly, often including perks like free accommodation and meals, similar to opportunities in Britain.

Professor Roy K. George from the Trained Nurses’ Association of India highlighted that “Singapore is just a transit destination” for Indian nurses who may either return to India or move on to Western countries.

He noted that Singapore’s high cost of living prompts them to carefully consider their financial prospects as “saving is less” in an expensive city like Singapore, despite the professional advantages it offers. /TISG

Featured image by Depositphotos

Singapore’s revamped anti-money laundering measures frustrate wealthy Chinese enough to leave for Hong Kong

Mary Alavanza
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0
Singapore’s revamped anti-money laundering measures frustrate wealthy Chinese enough to leave for Hong Kong

SINGAPORE: Hong Kong is drawing high-net-worth individuals (HNWIs) from mainland China, a significant reversal from recent years when political unrest and stricter regulations led many to relocate to Singapore.

The Edge Singapore reported that recent data from New World Wealth and Henley & Partners indicates that approximately 200 HNWIs are expected to move to Hong Kong this year, enticed by new tax incentives and tailored residency programs for family offices.

Rich Chinese return to Hong Kong as Singapore steps up scrutiny

In contrast, once a magnet for Chinese wealth, Singapore is stepping up with revamped anti-money laundering measures following a high-profile $3 billion laundering scandal.

These regulatory changes have sparked frustration among wealthy Chinese residents and prompted some to reconsider their financial base.

Hong Kong’s financial landscape has experienced a revival, with assets under management swelling to HK$31 trillion (S$5.36 trillion) in 2023, driven notably by a strong private banking sector and a threefold increase in net fund inflows.

Private bankers, speaking anonymously to Bloomberg News, attribute this rebound to Hong Kong’s strategic geographical positioning and improved business environment post-border reopening in 2023.

Efforts to attract talent, such as the top talent visa program launched in 2022, have proven successful, with over 68,000 applications approved, predominantly from mainland China. 

However, many people grew concerned about where the Chinese government policies were headed during COVID-19, prompting them to seek residence elsewhere amid geopolitical tensions.

Nonetheless, for individuals like Wang, a tech worker from Chongqing, holding a Hong Kong identity card facilitates easier international travel and financial operations, factors that continue to attract business-oriented individuals.

Meanwhile, Singapore’s response to the money laundering scandal has led to intensified scrutiny of Chinese wealth.

The Monetary Authority of Singapore’s introduction of a digital customer information-sharing platform has received mixed reactions, with some private bankers noting increased reluctance among clients facing scrutiny.

Zhiwu Chen, a professor of finance at the University of Hong Kong, said:

“For many of the mainland billionaires, because they don’t like the arbitrary government interventions or government checks or threats to their personal wealth, that’s why they wanted to move money out of China.”

“If Singapore would do as many checks and tighter regulations as the mainland, then why would they want to go there?” he added.

According to Mr Chen, he knows of billionaires who have “warmed up” to set up their family office operations in Hong Kong as their enthusiasm for Singapore has waned.

Hong Kong-based private banks are experiencing robust growth compared to their Singapore counterparts.

Sales of insurance products popular among wealthy mainland Chinese surged by 63% in Hong Kong during the first quarter of this year.

Despite these gains, Hong Kong’s attractiveness remains tempered by challenges such as limited offshore wealth mobility and a sluggish IPO market, which may influence future investment decisions among the ultra-rich.

Looking ahead, Hong Kong’s newly launched residency plan, offering residency to those investing HK$30 million, has attracted over 340 applications since its March inception, wrote Financial Secretary Paul Chan. The residency plan will likely bring more than HK$10 billion to Hong Kong.

According to Henley & Partners, Singapore ranks third globally as a popular destination for migrating millionaires, expecting to welcome a net 3,500 millionaires this year.

Hong Kong, on the other hand, is forecasted to rebound after a decline of about 500 due to migration in 2023, as noted by Andrew Amoils, head of research at New World Wealth, Henley’s research partner.

“Despite a tough past decade, Hong Kong is still one of the world’s top millionaire hubs,” he said. /TISG

Read also: Singapore aims to attract future industry leaders, not just high-net-worth individuals

Featured image by Depositphotos

Kim Ha Neul and Rain’s behind-the-scenes footage in “Red Swan” displays their commitment to the storyline

Lydia Koh
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0
Kim Ha Neul and Rain’s behind-the-scenes footage in “Red Swan” displays their commitment to the storyline

“Red Swan” on Disney+ recently debuted a behind-the-scenes peek at the creation of its first two episodes.

The series follows Oh Wan Soo (played by Kim Ha Neul), a former golfer who enters high society through her marriage to the heir of Hwain Group.

Threatened by power struggles within the family, Wan Soo confronts their hidden secrets with the help of her bodyguard, Seo Do Yoon (Rain).

Photo: Instagram/Disney Plus Korea

Spoilers

The newly released footage showcases the actors’ dedication during filming. It opens with scenes set in a simulated rainy Philippine street.

Standing in the downpour, Rain remains committed through running sequences in cold and wet conditions.

During breaks, he collaborates closely with the martial arts team, refining his action scenes through rigorous rehearsals that underscore his strong work ethic.

Kim Ha Neul and Jung Gyu Woon, portraying Kim Yong Guk, are seen preparing for a dance sequence at a banquet.

They exchange ideas and receive guidance from their coach, visibly improving and confidently executing their performances once filming commences.

Lively discussions

The video also captures the actors’ enthusiasm throughout late-night shoots. Ahead of a scene where Do Yoon escorts a drunken Wan Soo home, Rain and the director engage in lively discussions, aiming to enhance the emotional depth of the scene.

They conduct brief rehearsals together, with the director even stepping into Kim Ha Neul’s role to fine-tune the sequence. Kim Ha Neul, a respected South Korean actress, began her career in modelling before transitioning to acting.

Starting with roles in music videos, her talent was quickly recognised, propelling her into a successful acting career characterised by versatility and acclaim.

HSBC fined S$4.15M for offering incentives to unregistered intermediaries in MPF scheme

Mary Alavanza
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0
HSBC fined S$4.15M for offering incentives to unregistered intermediaries in MPF scheme

SINGAPORE: HSBC, the largest lender in Asia, has been fined HK$24 million (approx. S$4.15 million) by Hong Kong’s Mandatory Provident Fund Schemes Authority (MPFA).

The penalty stems from HSBC’s offering incentives to “unregistered intermediaries” to enrol clients in its Mandatory Provident Fund (MPF) scheme between 2020 and 2021.

According to Channel News Asia, Yip Sze Ki, the former head of pensions at HSBC, will also face an 18-month disqualification from senior executive roles within any MPF operator.

In a statement released on Friday, the MPFA highlighted that HSBC’s actions “did not comply” with the Mandatory Provident Fund Schemes Ordinance’s conduct requirements. 

HSBC told Reuters that it acknowledged the disciplinary action and collaborated fully with the pension regulator’s investigation, swiftly implementing corrective actions.

“We take our obligations to comply with applicable regulations very seriously and are pleased to have resolved the matter,” the HSBC spokesperson said.

The MPFA’s decision considered HSBC’s management of over HK$240 million assets across more than 2,400 scheme members.

The MPFA emphasised that HSBC’s allowance of unregistered intermediaries to sell and promote MPF schemes strikes at the heart of the regulatory regime. /TISG

Read also: HKMA fines DBS S$1.7M for repeated anti-money laundering failures

Featured image by Depositphotos

BLACKPINK Lisa’s ROCKSTAR tops Billboard’s Global Excl US; debuts at no. 4 on Global 200 and no. 70 on Hot 100 charts!

Lydia Koh
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0
BLACKPINK Lisa’s ROCKSTAR tops Billboard’s Global Excl US; debuts at no. 4 on Global 200 and no. 70 on Hot 100 charts!

BLACKPINK’s Lisa continues to break new ground in her ROCKSTAR era. Her highly anticipated solo comeback single is already setting new records for her career, securing impressive positions on this week’s major Billboard charts.

As of July 9, Lisa’s ROCKSTAR has topped the Billboard 200 Excl. U.S. chart. Additionally, it has entered the top 10 on the Global 200, securing the no. 4 spot, just ahead of Billie Eilish’s “Birds of a Feather” at no. 5.

Success on the charts

Furthermore, Lisa made her highest solo debut at no. 70 on the Billboard Hot 100, thanks to ROCKSTAR. This surpasses her previous solo tracks, “LALISA” and “MONEY,” which peaked at no. 84 and 90, respectively, in 2021.

On June 28, at approximately 9:00 a.m. KST (5:30 a.m. IST), Lisa introduced ROCKSTAR. The single generated significant buzz due to Lisa’s fierce image, with fans eagerly awaiting the music video.

The MV did not disappoint, featuring stunning visuals, cinematic storytelling, an iconic dance break, and rap flow, amassing 10 million YouTube views within 6 hours of its release.

The music video also highlighted Lisa’s connection to her roots, as it was shot in a Chinatown in Thailand and featured predominantly Thai locals.

Beyond Billboard, ROCKSTAR performs exceptionally well on Spotify, debuting at no. 8 on the US Chart. This marks the highest entry for a K-pop female soloist on the platform.

Exciting future projects

Lisa’s first solo release through her recently established agency, LLOUD is ROCKSTAR. In a gratitude message, Lisa assured fans that there is more to come, promising exciting future projects.

Lisa, also known by her full name, Lalisa Manobal, is a talented Thai rapper, singer, dancer, and model with a significant place in K-pop.

Lisa is the main dancer and the maknae (youngest member) of the globally renowned K-pop girl group BLACKPINK.

BLACKPINK debuted under YG Entertainment in August 2016 and has become one of the most popular girl groups in the world, known for their catchy songs, powerful dance routines, and stylish visuals.

“What is this madness?” — Spike in million-dollar HDB resale flats raises concerns about “Singaporeans becoming homeless”

Mary Alavanza
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0
“What is this madness?” — Spike in million-dollar HDB resale flats raises concerns about “Singaporeans becoming homeless”

SINGAPORE: The Singaporean property market has witnessed a spike in million-dollar resale Housing Board (HDB) flats, reaching nearly 100 units in June alone.

This unprecedented rise accompanies record-breaking price increases in HDB resale values, sparking widespread concern online, with some, surprised by the spike, stating, “What madness is this?”

According to flash estimates from SRX and 99.co on July 8, HDB resale prices soared by 1.8 per cent in June, marking the ninth consecutive month of price hikes.

This upward trend includes all room types across both mature and non-mature estates, despite a slight dip in resale volumes from May to June, The Straits Times reports.

Why million-dollar HDB resale flats spiked according to experts

ERA Singapore’s head of research and market intelligence, Wong Shanting, pointed out that the June launch of Build-To-Order (BTO) flats diverted some demand away from the resale market, contributing to decreased resale volumes.

Additionally, the June school holidays likely further dampened transaction volumes as potential buyers and sellers were on vacation.

Notably, the percentage of resale flats fetching at least S$1 million rose significantly, accounting for 4.4 per cent of total resale volumes in June.

This marks a 29.7 per cent increase from the previous month, with transactions rising from 74 units in May to 96 in June.

Nicholas Mak, chief research officer at Mogul.sg attributed this surge to heightened interest in flats located in prime areas or near MRT stations, likely to be classified under HDB’s new Prime or Plus categories with shorter Minimum Occupation Periods (MOP).

Buyers, especially those who didn’t want to wait long for new BTO flats, started buying resale flats more, driving prices higher.

Another factor contributing to the escalating prices is the dwindling supply of family-sized units in the resale market, particularly those priced between S$1 million and S$1.65 million.

Larger families or those prioritising spacious accommodations, such as three-bedroom flats in mature estates, are willing to pay premiums for such properties.

Christine Sun, Chief Researcher and Strategist at OrangeTee, highlighted positive consumer sentiment and strong economic indicators are the reasons behind the surge in million-dollar resale flat transactions.

She noted that “the upper-middle-income group who have experienced consistent wage growth,” including former private property owners downsizing into HDB flats, contributed significantly to this trend.

In terms of location, Kallang Whampoa(18) recorded the highest number of million-dollar transactions, followed by Geylang(11) and Bukit Merah(11).

Wong Siew Ying, head of research and content at PropNex, observed that several transactions were concentrated in developments like St George’s Towers, where units recently met their MOP requirements, allowing owners to sell at higher prices.

Singaporean concerns regarding housing affordability

However, amid the record-breaking transactions and price hikes, concerns have been mounting online regarding housing affordability.

Many Singaporeans voiced worries about the widening gap between property prices and average incomes, questioning the sustainability of affordable housing policies in the face of such rapid inflation in resale flat values.

One Singaporean online lamented, “If prices will not remain affordable for everyone, what’s the purpose of affordable housing?” Others are “worried about the future” of the thought of “Singaporeans becoming homeless.”

A commenter noted, “More than half of Singaporeans are not able to buy resale leasehold (not even freehold) property on a single income. Both parents must work at least. If not, they end up renting.

How can we have kids and follow traditional family values when even 99-year leasehold properties are expensive? In the future, there may be fewer locals and more immigrants from abroad.”

He added, “Remember when a single dad’s income could afford the mother to stay at home and care for a kid? No wonder the younger generation is mentally ill. Truly a rat race to the bottom.”

“Now the entire neighbourhood will be asking for S$1 million prices as well causing the overall market to go higher and higher,” another commenter added. /TISG

Read also: Singapore private homes “most expensive” in Asia-Pacific for second consecutive year, while HDB flats “most attainable”

Featured image by Depositphotos

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