McDermott, Technip and Subsea 7 are not the only service players in the oil and gas sector in Singapore, facing rising costs amidst declining revenue, who are set to relocate to Malaysia completely to cut costs, according to the Financial Times (FT). “There’s damage being inflicted on the city state by the slump in oil prices.”
Patently, Malaysia is cheaper than Singapore in many areas and made even cheaper by the decline in the ringgit. Real estate costs less, reducing expenditure on commercial property and staff housing. It’s also cheaper to buy or lease cars in Malaysia.
It’s expensive to own cars in Singapore, as a result of high registration fees and taxes and the high costs of securing a “certificate of entitlement” for the privilege of owning a car.
Singapore, despite having no oil and gas resources, was one of the top three refining centres in the world. However, Malaysia was increasingly competing with Singapore in the region’s oil, gas and petrochemicals markets, seizing opportunities. Already, the national oil corporation Petronas, is building a refinery in Johor, just across from Singapore.
Oslo-listed Subsea 7, an engineering contractor for offshore oil and gas, told FT that it was “committed to streamlining processes, reducing costs and finding efficiencies given ongoing market conditions”. Still, the company’s logistics base, an office managing offshore personnel and a unit handling inspection, maintenance and repair, are all in Singapore for now.
US-based McDermott, an oil and gas services firm, hopes its relocation to Malaysia would help it take advantage of the lower costs in its new base, and give it a larger presence given its proximity to customers.
France’ Technip, an oilfield services outfit, decided to focus only on Malaysia at the end of 2014 to rationalise costs, said the company in a statement. “Technip previously had two subsea hubs in Southeast Asia, one in Kuala Lumpur and another in Singapore.”
Damn. No wonder nowadays i see so many mat salleh shopping at Aeon bt indah. :(
Hope they dun cause too much Inflation.
Spore had been severely Inflated past decades by them.
:*:
McDermott, Technip and Subsea 7 are not the only service players in the oil and gas sector in Singapore, facing rising costs amidst declining revenue, who are set to relocate to Malaysia completely to cut costs, according to the Financial Times (FT). “There’s damage being inflicted on the city state by the slump in oil prices.”
Patently, Malaysia is cheaper than Singapore in many areas and made even cheaper by the decline in the ringgit. Real estate costs less, reducing expenditure on commercial property and staff housing. It’s also cheaper to buy or lease cars in Malaysia.
It’s expensive to own cars in Singapore, as a result of high registration fees and taxes and the high costs of securing a “certificate of entitlement” for the privilege of owning a car.
Singapore, despite having no oil and gas resources, was one of the top three refining centres in the world. However, Malaysia was increasingly competing with Singapore in the region’s oil, gas and petrochemicals markets, seizing opportunities. Already, the national oil corporation Petronas, is building a refinery in Johor, just across from Singapore.
Oslo-listed Subsea 7, an engineering contractor for offshore oil and gas, told FT that it was “committed to streamlining processes, reducing costs and finding efficiencies given ongoing market conditions”. Still, the company’s logistics base, an office managing offshore personnel and a unit handling inspection, maintenance and repair, are all in Singapore for now.
US-based McDermott, an oil and gas services firm, hopes its relocation to Malaysia would help it take advantage of the lower costs in its new base, and give it a larger presence given its proximity to customers.
France’ Technip, an oilfield services outfit, decided to focus only on Malaysia at the end of 2014 to rationalise costs, said the company in a statement. “Technip previously had two subsea hubs in Southeast Asia, one in Kuala Lumpur and another in Singapore.”
Coca Cola also the best. At frist it is good to drink, then it is bad for health and now also can use to clean toilets.
Property agents like salesmen sibeh lihai.
Hope they dun cause too much Inflation.
Spore had been severely Inflated past decades by them.
:*:
Haven't you ever heard this before - never ever trust a property agent and a used car salesman.
But property agents pretending to be some expert giving stupid advice is the worst lot. If you listen to him, sure kena jialat jialat.
Yes agree.
There's a large well-known property agency here that teaches their agents to tell people to give up HDB flats as they will depreciate in cost. Sell it and buy condos for price appreciation. I was almost taken in. One often seen agent from this agency even said buying SG property can be taken as a savings plan.
That's very dangerous and bad teaching. Unlike savings, if you are highly in debt with the bank and can't afford to continue the property loan payment, you are in deep trouble.
I checked the condo prices here recently and almost flipped. In the past, 570 sq ft is 1-bedroom. Now, it has become 2-bedroom! I don't know how they manage to squeeze it like that. And 420 sq ft which used to be Studio has now become 1-bedroom! Crazy small.....
As for prices, far from city prices are now easily $1,000 to $1,100 psf. City-fringe $1500-1600. Even more crazy.
So why sell a nice big HDB flat for 1/2 million to buy a small condo for $1.1 mil? I don't understand!
World Bank sets up its South East Asia Headquarters regional office in Malaysia
KUALA LUMPUR, March 28 — Malaysia has been recognised by the World Bank as among the top countries in the world to promote strong reforms, Prime Minister Datuk Seri Najib Razak said today at the official opening of the group’s regional office here.
Najib added that World Bank’s selection of Malaysia as the location for its Southeast Asian headquarters proves the efficacy of the country’s fiscal consolidation efforts, including the slashing of subsidies and the introduction of the Goods and Services Tax.
“I am pleased that President Jim Yong Kim cited Malaysia as one of the countries with strong reforms that promoted growth during IMF/World Bank annual meetings in Peru last October,” Najib said in his opening speech.
“Such a clear endorsement of the government’s reform and transformation agenda is welcomed indeed,” he added.
The World Bank Group office in Kuala Lumpur will serve as a knowledge and research centre.
Last month Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah, said the office, which would be located at Sasana Kijang, would enable Malaysia to share its development experience with other developing countries while benefitting from the World Bank’s international experience and expertise.
Najib said today the establishment of the World Bank office here indicated Malaysia’s international competitiveness.
“The establishment of the World Bank Group office here reinforces the fact that Malaysia is one of the most favoured locations for international organisations and businesses in the region,” he said.
- See more at: http://www.themalaymailonline.com/m...reform-agenda-najib-says#sthash.rmglUBTh.dpuf
OMG!! World bank is Bypassing the Asia Financial Hub over Malaysia as its SEA HQ? Are they joking? Imagine the PM can make billions wipe off from World Banks anytime u know
OMG!! World bank is Bypassing the Asia Financial Hub over Malaysia as its SEA HQ? Are they joking? Imagine the PM can make billions wipe off from World Banks anytime u know
Yes agree.
There's a large well-known property agency here that teaches their agents to tell people to give up HDB flats as they will depreciate in cost. Sell it and buy condos for price appreciation. I was almost taken in. One often seen agent from this agency even said buying SG property can be taken as a savings plan.
That's very dangerous and bad teaching. Unlike savings, if you are highly in debt with the bank and can't afford to continue the property loan payment, you are in deep trouble.
I checked the condo prices here recently and almost flipped. In the past, 570 sq ft is 1-bedroom. Now, it has become 2-bedroom! I don't know how they manage to squeeze it like that. And 420 sq ft which used to be Studio has now become 1-bedroom! Crazy small.....
As for prices, far from city prices are now easily $1,000 to $1,100 psf. City-fringe $1500-1600. Even more crazy.
So why sell a nice big HDB flat for 1/2 million to buy a small condo for $1.1 mil? I don't understand!
But property agents pretending to be some expert giving stupid advice is the worst lot. If you listen to him, sure kena jialat jialat.
Er your statement a bit contridictary, one you say should not sell HDB to buy Condo as per agent's advice, next you say condo prices going up... So a bit confused.
Be very careful before putting even a penny in Australia property ......
Melbourne CBD apartment values fall 30pc, settlement fears rise
Here is the full article ......
http://www.afr.com/real-estate/melb...ll-40pc-settlement-fears-rise-20160328-gnss6d