There is huge difference in different home property prices. The prices of luxury houses in Singapore have been rising rapidly. Last year, Singapore had reached on third position in luxury homes pricing across the world. In 2009 the hike had reached almost 17 percent. During the same year Singapore was almost on fifth position across the world. According to the Wealth Report 2011 published by Knight Frank, Singapore prime property prices rose up by 18 percent in 2010. Same report explains how the food price inflation happened in the year 2010. It reached almost 25 percent. The report of Urban Redevelopment Authority Singapore states that in year 2010 private houses as well as luxury homes prices rose almost 17.6 percent. The rental prices for the housing properties also increased in the same duration by approximately 18%.
Housing and Development Board (HDB) takes the responsibility of public housing in Singapore. This department works developing cost effective quality homes for all the citizens as well as redeveloping the present townships. It also works for slums resettling. It tries to provide low cost flats for the people staying in slums. Another important objective of HDB is to help the government in restricting the rising property prices by providing the required number of housing units. Urban redevelopment authority (URA) on the other hand plans the usage of the total available land. Singapore has only approximately 700 square Kilometers of land including the water bodies. This puts severe restrictions on the land usage. URA plans the land usage such that the available land is used in the most optimum manner.
Apart from the government initiative the overall environment in Singapore is also geared up towards entrepreneurship. There are various workshops and award programs which are arranged around the topic of entrepreneurship. Also the Singapore city provides world class atmosphere which will attract various entrepreneurs to make it their home. Singapore’s cosmopolitan environment also helps the people from various countries to settle there. It also attracts investments from high net worth individuals to invest their money in Singaporean enterprises. There were also some efforts to attract the talent which helped build USA to replicate similar success in Singapore.
Thus Singapore strives to build local enterprises by providing all kind of help to entrepreneurs. It also provides an excellent access network to the markets all over the world through its port. Singapore is relatively new to the entrepreneurship. However, it has already developed lot of infrastructures for the entrepreneurs in a few identified areas. It is ranked very highly in various surveys on the ability of the state to provide the required infrastructure to an entrepreneur. Generally, the entrepreneurs have nothing much to complain about the government other than the sometimes vague government policies. The report indicated the need to promote further local enterprises. So the government worked on a development plan for small and medium enterprises (SME). This SME master plan outlined the various infrastructure supports which the government will provide the ventures.
The British found Singapore port for their trading. Soon Singapore became one of the busiest trading centres around the world. It attracted people from various neighbouring countries as well as Europe to come and settled down there. Citizens of Singapore have been almost from all cities. However in the mid 20th century Singapore also developed a lot of unemployment as well as labour unrest. Around this time Economic Development Board (EDB) was set up with an objective of developing business in Singapore. In 1965 Singapore became an independent nation. Since then successive governments over the years started several initiatives to develop business conducive environment in Singapore. Initially Singapore was a trading centre. Then it developed manufacturing industries which was followed by technology development. Now the present focus of government on research and development, innovation, knowledge intensive industries.
Entrepreneurship requires access to capital, skilled labour, and markets for finished goods. It also needs conducive government policies. Singapore seems to have always provided all of these to the businesses. It has always supported the various entrepreneurship initiatives through EDB also. Singapore University also works towards creating the required talent pool and knowledge base. In fact it has developed an entrepreneurship centre to promote the entrepreneurship. Citizens of Singapore are also increasingly becoming interested to start new small scale or big scale business and become entrepreneurs. With the government support number of entrepreneurs is increased day by day. Numbers of people who start their own business are also increasing. After recession Singapore government form a special committee to figure out the ways to avoid the affects of recession in future.
Singapore is one of the rapidly growing countries across the world. Singapore is financially very strong. Singapore government itself takes an initiative to develop strong entrepreneurship and promotes the entrepreneurs as well. This attracts a lot of people to this island nation. Naturally, the property prices in this city nation are on the rise.
Singapore government and other related institutes are liable to pay taxes on their properties which are under their respective authorities. If the property prices rise up they have to pay the taxes accordingly. If the prices go down, the prices of assets will also go down. The property tax revenue of Singapore government is dependent on its property prices. Singapore government is very active in checking the market rates related to the housing. Due to the rapid financial growth and low interest rates, common people are unable to buy property. As per the economists, people have to keep in mind and be ready on financial basis to handle the situation of rising property prices. Agents, sellers and banks will gain profit with the rising property prices.
Singapore government is continuously focused on making Singapore as the best place to live in across the world. Due to the strong Singaporean economy investors are always interested to invest their money in property as well as business in Singapore. This makes Singapore one of the most expensive countries in the world. With the demand from international buyers for houses the property rates in Singapore has been ever increasing.
Following the gradual ‘value shift’ in companies’ focus on labor-intensive production and manufacturing to improving their design, marketing and distribution efforts, and providing better service to their consumers, companies which had done the latter are taking a bigger slice out of the profit pie in the market.
Most of these firms which had not responded fast enough to this shift are however, with the exception of Japan and Korea, Asian firms. This could be due to Asia’s roots in manufacturing and hence low-margin profit. A general unwillingness to aspire to be brand-owners also deters the efforts of Asian firms. In addition, the managerial style of ‘top-down’ system of many Asian companies do not promote new ideas coming from the lower management levels of the company, which may be deemed useful for its branding purpose.
As much as these Asian firms want to ride on this shift, they face much difficulty, as branding is an ongoing process and change would not be fast.
Asian firms could learn more from its Western counterparts, examples of successful companies as follows:
Apple, stresses on a thorough customer end-to-end service experience- a step more than just being a service provider. This enabled it to create a unique branding and hence excel. Therefore, there is a need for Asian firms to learn on this attribute which Apple possess.
On the other hand, some firms improve on its reputation by taking over other brands to enhance its own. For example, Lenovo’s acquisition of IBM’s personal computer division, Tata Motors’ acquisition of British automotive icons Jaguar and Land Rover, and Geely’s recent take over of Swedish Volvo from Ford.
However, Samsung, an Asian firm, had successfully branded itself after having gone through a long process of research and development to find out its consumers’ needs and wants. This shows that with enough time and resources, Asian firms can actually learn from their Western counterparts to build powerful brands.
Singapore market insights aims to bring you the latest business news in Singapore to help you achieve your dreams. The mind is a powerful weapon, with the latest information you can surpass your competitors to achieve what they are only dreaming of. The difference between being the number one and number two is great, as well as the profit difference when it comes to monetary conversions. The Singapore markets change every day, as the economy is booming. Along with it brings positive and negative changes that will affect the way you do business.
Take for example, the recent property market silence. Because of the latest cooling measures implemented by the government to favor first-time property owners and HDB owners, the government has made it harder for private home owners to own a HDB property as well. This impacted the property market greatly, and if you are in the property market as an agent or consumer, you would do well to read widely and regularly to be better advised in your situation.
Currently, the measures have suppressed the values of resale HDB flats, so enable them to be more affordable to first time home owners as HDBs are meant for Singaporeans to stay in and not speculate for gains.
These are the type of crucial information that you would be wise to educate yourself in. Not having this information would make you fall back in the race, you would lose out on your possible earnings as well as shoot yourself in the foot if you were looking to invest in a resale HDB now. Stay tuned to market insights to bring you the latest news on Singapore sectors such as housing, services and products and almost any form of business in Singapore.