Singapore’s economy expanded at a slower-than-expected annualised rate of 14.6 per cent in the first quarter from the fourth in a seasonally adjusted and annualised basis. In a statement, the Ministry of Trade and Industry (MTI) said that GDP grew by 6.7 per cent year-on-year in the first quarter of 2008, up from the 5.4 per cent increase in the preceding quarter. Manufacturing expanded 12.4 per cent...
May 2008
Singapore's annual inflation rate rose to a new 26-year high of 7.5 percent in April as food, housing and transportation costs soared and is now a risk to the economy, the government said on Friday. Food prices alone rose 8.5 percent, transportation and communication were 7.0 percent higher and housing costs became 11.8 percent more expensive, the statistics department said. It said April's inflation...
The International Court of Justice (ICJ) at The Hague in the Netherlands has awarded sovereignty over Pedra Branca island to Singapore, while the sovereignty of Middle Rocks has been awarded to Malaysia. The world court delivered the judgement on Friday, after several rounds of written and oral pleadings by the two disputing countries. The ICJ last heard arguments from both sides in November 2007. For...
National Development Minister Mah Bow Tan has said that the Housing and Development Board (HDB) has no intention to raise the administrative fee for the application of new flats. Speaking on the sidelines of the Draft Master Plan Exhibition on Friday, Mr Mah said the fees will remain at the current S$10, so as not to deter genuine flat buyers. He also justified the need to revise the application rules...
More than 770,000 HDB households will be receiving S$63 million worth of rebates for their Service and Conservancy Charges (S&CC) and rents in fiscal year 2008. The Finance Ministry said all eligible households will receive S&CC rebates. Three and four-room households will receive two months worth of S&CC rebates. And among low-income rental households, eligible one-room households will get...
The government has been taking the lead in turning its buildings green and is now asking Singapore CEOs to follow suit. Some experts say that planning to go green right from the design stage can mean substantial savings in energy costs later. The public sector is paving the way, with the Environment Building being a prime example of an energy-efficient government building. And private sector firms are...
The green building movement in Singapore has gained momentum and the Building and Construction Authority (BCA) hopes to spur it further by enhancing its Green Mark Incentive Scheme. At the BCA awards ceremony on Thursday, City Developments was named Singapore's first Green Mark Champion. This new award is given to developers and building owners who have at least ten projects that have attained the BCA...
The Housing & Development Board (HDB) has revised the application process for its Build-to-Order (BTO) and Balloting Exercise (BE) modes of sale to address recent increases in non-selection of new HDB flats. The changes will take effect from the May 2008 BTO exercise. Under the revision, first-timer applicants who reject two chances to select a flat will have their first-timer priorities removed for a...
CapitaMall Trust (CMT) has bought The Atrium@Orchard office development for about S$840 million. CMT said the purchase from the Singapore Land Authority (SLA) will be funded by a mix of debt and convertible bonds. Describing the acquisition as yield-accretive, the Trust plans to issue at least S$650 million worth of bonds. The Atrium@Orchard is a commercial development comprising two Grade A office...
SOON, when someone claims there is nothing to do in Singapore, you can tell him to go fly a kite. Or cycle around the island, literally. Alternatively, he can relax amid the rustic charms of Changi on a spa treatment table, soak up the carnival atmosphere at night festivals down by the Singapore River and Bras Basah area, or take in a theatre performance at the nearest community centre. Apart from a more...