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Tag: expensive

  • Car Buyers Adopt Wait And See Attitude

    Car Buyers Adopt Wait And See Attitude

    It is the first weekend of the Chinese Lunar New Year and some showrooms saw a steady flow of prospective buyers on Saturday (Feb 21).

    Despite Certificate of Entitlement (COE) premiums, especially for small cars, going down recently due to a higher number of de-registrations, car dealers said many buyers were still taking a “wait-and-see” approach.

    And although market demand is growing, many hope the COE will slide further before they commit to a purchase.

    Neo Nam Heng, president of the Automobile Importer & Exporter Association, said: “We’re projecting more COEs coming into the market because from January figures, you can see there are already 5,000 or more deregistered vehicles.”

    Mr Neo added: “Besides the supply-demand issues, there are other factors like currency exchange rates and the CEV (carbon emissions-based vehicle scheme) rebates. Euro and yen are so weak that there are substantial savings for importers to support the COE price. So COE prices will be softened, but not collapse.”

     

    Source: www.channelnewsasia.com

  • Singapore Is World’s Most Expensive City To Live In

    Singapore Is World’s Most Expensive City To Live In

    Singapore has topped the Economist Intelligence Unit (EIU) list of the world’s most expensive cities to live in, according to the 2014 list released yesterday (this morning, March 4, Singapore time).

    Singapore jumped five places from No 6 last year to top this year’s list after rising in the list in recent years. The city was ranked No 18 a decade ago in the EIU’s Worldwide Cost of Living Survey.

    The Republic’s strong currency, which has appreciated about 40 per cent over the past decade, combined with soaring utility bills and the high cost of car ownership contributed to Singapore’s rise in the list, according to the EIU. Singapore is also the most expensive place in the world to buy clothes.

    Paris, Oslo, Zurich and Sydney also made the top five of the EIU list. Tokyo, the most expensive city to live in for 2013, fell to joint sixth place alongside Caracas, Geneva and Melbourne. At No 10 is Copenhagen.

    “Improving sentiment in structurally expensive European cities combined with the continued rise of Asian hubs means that these two regions continue to supply most of the world’s most expensive cities,” said Mr Jon Copestake, the editor of the EIU report.

    “But Asian cities also continue to make up many of the world’s cheapest, especially in the Indian subcontinent.”

    Predominantly higher costs of groceries has been singled out as a reason for most Asian cities figuring highly in this year’s list, with Tokyo still at the top of the list for everyday food items.

    The EIU’s Worldwide Cost of Living Survey, which is published twice a year, compares more than 400 individual prices across 160 products and services including food, clothing, household supplies, home rentals, transport and utility prices. All cities are compared against New York City as a base.

    According to the EIU statement, the survey is meant to let human resource line managers and expatriate executives compare the cost of living in 140 cities in 93 countries, which would allow hiring companies to calculate a fair remuneration package for relocating employees.

     

    Source: www.todayonline.com

  • Singapore Is Most Liveabe City In Asia For Expatriates

    Singapore Is Most Liveabe City In Asia For Expatriates

    Singapore remains the most liveable city in Asia and the world for expatriates while Hong Kong slips to the 33rd place from 17th in the global ranking of expatriate living conditions published by ECA International.

    In Asia, Kuala Lumpur and George Town both ranked 16th in Asia and 118th in the world, while Johor Baharu 21st in Asia and 126th in the world.

    In 2014, Kuala Lumpur was 16th, George Town (17th) and Johor Baharu (21st) in Asia.

    ECA International regional director – Asia Lee Quane said: “Good air quality, solid infrastructure, decent medical facilities, low crime and health risks have contributed to Singapore maintaining its position at the top of the global ranking for quality of living for Asian assignees.

    “The fact that Singapore comes out top time and time again does make it a very attractive proposition for companies looking to set up in offices the region, particularly when conditions in Hong Kong (Singapore’s archival for the past few years) have deteriorated a little.”

    Updated annually, ECA assesses 450 locations worldwide on the quality of living based on climate; availability of health services; housing and utilities; isolation; access to a social network and leisure facilities; infrastructure; personal safety; political tensions, and air quality.

    Singapore is followed by Sydney and Adelaide in the ranking for Asian assignees.

    In mainland China, Shanghai, ranked 110th globally, is China’s most liveable city followed by Beijing (122nd).

    Scores have remained steady across most Chinese locations but Chongqing and Shenzhen saw the highest improvement over the year.

    In India, Bangalore, ranked 171st globally scores most favourably followed by Mumbai and Chennai. New Delhi (204th) is the least liveable.

    Along with Beijing, Delhi has the worst score for air quality not just in Asia but globally.

    In Thailand, the declaration of martial law has led to a worsening in socio-political scores for locations there, plummeting Bangkok and Chang Mai both to the 112th spot, down from last year’s 108th.

     

    Source: https://sg.news.yahoo.com

  • 5th Floor 5 Room Pinnacle@Duxton Flat Sold for $918,000

    5th Floor 5 Room Pinnacle@Duxton Flat Sold for $918,000

    SINGAPORE – A second Pinnacle@Duxton unit has been sold on the resale market.

    The five-room, 106 sq m flat on the fifth floor of the iconic Housing Board project at Tanjong Pagar went for $918,000 on Monday.

    A 43-year-old DWG agent who handled the transaction said the buyers, who paid fully in cash, are a local couple in their 60s and their daughter who are downgrading from a private property. The sellers are a local couple in their mid-40s, who live with their two young children.

    “The flat is on a very low floor, so the current owners were more realistic with the price,” said the agent, who declined to be named. “They bought the flat for under $400,000,so they are quite happy with the selling price.”

    This sale comes after the five-year minimum occupation period for most home owners at the project ended last month. Last week, The Straits Times reported that a four-room flat between the 34th and 36th storeys was sold for $900,000.

     

    Source: www.straitstimes.com

  • First Deflation In 5 Years But Still No Savings On Food And Healthcare

    First Deflation In 5 Years But Still No Savings On Food And Healthcare

    Despite a strong Singapore dollar and falling oil prices, Singaporeans have said they have not noticed savings in areas such as food and healthcare.

    While the Consumer Price Index showed an overall decrease, food inflation for November stemmed the slide, rising 2.9 per cent year-on-year and up from 2.8 per cent in the previous month.

    This is despite oil prices driving down transport costs, and a strong Singapore dollar compared to regional currencies.

    The Monetary Authority of Singapore (MAS) said food prices rose 0.2 per cent due to more costly non-cooked food items, and higher prices of regional food supplies and hawker meals.

    F&B outlets Channel NewsAsia spoke to agreed, but cited other reasons too.

    Said Mr Dilip Ghosh, owner of Urban Fairways Golf Cafe and Bar: “Essentially, the costs of food and drinks rise because I believe for our supplier, rental and manpower costs go up. So as a whole, all our costs increase.”

    Rookery’s general manager, Mr Joshua Wee, said the two main cost drivers for his establishment were rent and labour. “We needed to invest in automation of some things, so that we do not have to pass back the high costs to the consumers,” he said.

    Senior economist at Mizuho Bank, Mr Vishnu Varathan, said that although a strong Singapore dollar buffers against rising costs in the region, it cannot absorb the increased cost for local services in a tight labour market, among other volatile conditions.

    He said: “If they are looking to see very rapid price drops in terms of food or any items they are consuming, that may not come through as quickly for three reasons. One, your labour costs may not be dropping. It may stabilise, but it may not drop as quickly, and businesses always need to build a buffer.

    “Two, even if you get oil prices dropping, that may not fully offset other things such as your Causeway toll going up and hence food from across the Causeway becoming more expensive.

    “Rentals also take a while to adjust, and in the meantime, hawkers may not be so willing to adjust their prices so quickly in case they get hit by a sudden increase in, say, oil prices, because certain things are volatile.”

    Mr Varathan said that because of this buffering effect, the public may not feel the price drop immediately. Instead, prices are likely to continue rising in the medium term, just at a slower pace.

     

    Source: www.channelnewsasia.com