Stop complaining. Numbers on the street indicate the islands economy is booming.

[syed putra]

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Read the latest issue, Issue 1196: Data centre sweet spot here

Read the latest issue, Issue 1196: Data centre sweet spot here

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LUXURY

Singapore’s 240,000 millionaires spur spending on luxury brands​

Audrey Wan / BloombergMon, Jul 07, 2025 • 10:42 AM GMT+08 • 5 min read

Pedestrians in the Orchard Road area, a global hub for tourism and high-end retail in Singapore. Photo: Bloomberg

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Luxury spending is defying a global slump in wealthy Singapore, a beacon for high-end retailers grappling with sluggish demand in major markets including China and the US.

Luxury sales in the Southeast Asian city-state are expected to climb 7% to $13.9 billion this year compared to 2024, outpacing heavyweight regional shopping hubs Japan, China and South Korea, according to data shared with Bloomberg by Euromonitor International.

The country’s 2024 year-on-year growth surged past every other Asian market tracked by the analytics firm — except Japan. Next year, it’s projected to catch up to its 2019, pre-Covid peak of $14.7 billion.



Singapore covers just 280 square miles, fewer than New York City, and its population of around six million is dwarfed by the likes of Asian megacities like Tokyo and Shanghai. Yet it had the third-largest share of luxury store openings last year among 32 Asia-Pacific cities excluding those in China’s mainland, according to data shared with Bloomberg by commercial real estate firm Savills.

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Read the latest issue, Issue 1196: Data centre sweet spot here

Read the latest issue, Issue 1196: Data centre sweet spot here
HomeNewsLuxury
LUXURY

Singapore’s 240,000 millionaires spur spending on luxury brands​

Audrey Wan / BloombergMon, Jul 07, 2025 • 10:42 AM GMT+08 • 5 min read

Pedestrians in the Orchard Road area, a global hub for tourism and high-end retail in Singapore. Photo: Bloomberg

Follow us on Facebook and join our Telegram channel for the latest updates.
Luxury spending is defying a global slump in wealthy Singapore, a beacon for high-end retailers grappling with sluggish demand in major markets including China and the US.
Luxury sales in the Southeast Asian city-state are expected to climb 7% to $13.9 billion this year compared to 2024, outpacing heavyweight regional shopping hubs Japan, China and South Korea, according to data shared with Bloomberg by Euromonitor International.
The country’s 2024 year-on-year growth surged past every other Asian market tracked by the analytics firm — except Japan. Next year, it’s projected to catch up to its 2019, pre-Covid peak of $14.7 billion.
Singapore covers just 280 square miles, fewer than New York City, and its population of around six million is dwarfed by the likes of Asian megacities like Tokyo and Shanghai. Yet it had the third-largest share of luxury store openings last year among 32 Asia-Pacific cities excluding those in China’s mainland, according to data shared with Bloomberg by commercial real estate firm Savills.

 

[myfoot123]

Our HDB 3 room flat selling beyond $600K, surely is blooming and flourishing.

 

[sbfuncle]

In AI definition, anyone with net worth over US 1mil is deemed a millionaire.

Most of the samster here, like myself are all millionaires mah.

Even if we leemove property as a net worth, I believe there are still many samsters, including myself are millionaires.

 

[k1976]

Singapore cuts wait time for rich people seeking to set up

By Chanyaporn Chanjaroen & Gabrielle Ng / Bloomberg
09 Jul 2025, 03:38 pmUpdated - 05:48 pm

(July 9): Singapore’s financial regulator is shortening the waiting time for wealthy people seeking to manage assets in the Asian wealth hub, a senior official said Wednesday.

Family offices applying for tax incentives in the city-state now need to wait up to three months versus 12 months previously, deputy chairman Chee Hong Tat of the Monetary Authority of Singapore told reporters. MAS is also working with private banks to help their clients open accounts faster.

‘We want to maintain high standards and at the same time, we also want to make it convenient and business-ready for our clients,” Chee said.

 

[k1976]

Singapore one of the few major cities in Asia-Pacific region to offer attainable homes: Report​

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The median price of an HDB flat in 2024 was US$439,348 (S$562,402), down from US$461,289 in 2023, the report said.

ST PHOTO: GAVIN FOO

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Public housing

Published Jul 10, 2025, 02:00 PM
Updated Jul 10, 2025, 07:02 PM

SINGAPORE - Singapore is one of the few major cities in the Asia-Pacific region to offer attainable homes for purchase, a new report from the Urban Land Institute (ULI) has found.

The ULI, a global non-profit research and education organisation, considers home ownership attainable when the ratio of median home prices to median annual household income is below 5.

The price-to-income ratio of Housing Board flats in 2024 was 4.3, down from 4.7 in 2023. In 2022, the price-to-income ratio of HDB flats was 3.7.

Of the 51 market segments studied in the report on home attainability across the Asia-Pacific region, published on July 9, only three major cities had homes with a price-to-income ratio of 5 and below in 2024.

These comprised HDB flats in Singapore, and apartments in Melbourne in Australia and Kuala Lumpur in Malaysia.

The median price of an HDB flat in Singapore was US$439,348 (S$561,900) in 2024, down from US$461,289 in 2023. The report did not specify if the price factored in HDB grants.

Across the cities tracked by the ULI, median annual household income was highest in Singapore at US$101,666.

 

[k1976]

Q3 wave of condo launches will test demand for Singapore prime projects above S$3,000 psf benchmark​

Close to 2,000 units to be launched in the Core Central Region alone, in the biggest batch of new supply there since 2021

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• The batch of CCR projects this quarter will bring not just a step-up in supply, but also higher price points than the mass-market condos that sold well in the past. PHOTO: KNIGHT FRANK
• The batch of CCR projects this quarter will bring not just a step-up in supply, but also higher price points than the mass-market condos that sold well in the past. PHOTO: KNIGHT FRANK
• The batch of CCR projects this quarter will bring not just a step-up in supply, but also higher price points than the mass-market condos that sold well in the past. PHOTO: KNIGHT FRANK
• The batch of CCR projects this quarter will bring not just a step-up in supply, but also higher price points than the mass-market condos that sold well in the past. PHOTO: KNIGHT FRANK
• The batch of CCR projects this quarter will bring not just a step-up in supply, but also higher price points than the mass-market condos that sold well in the past. PHOTO: KNIGHT FRANK

Ry-Anne Lim​

Published Thu, Jul 10, 2025 · 06:01 PM

[SINGAPORE] A wave of new condominium launches in the coming weeks will pose a litmus test of buyer appetite for prime properties, with prices pushing past S$3,000 per square foot (psf) for several projects.

Some 10 new projects offering about 4,750 homes are expected to be marketed in July and August, before the start of the Hungry Ghost Festival. Beginning in the last week of August, the month-long event is a seasonally slow period for the property market.

Four of these projects are in the prime Core Central Region (CCR): W Residences Marina View, The Robertson Opus, Upperhouse at Orchard Boulevard, and River Green.

 

[k1976]

Add some icing to the cake….

Singapore to roll out business grants in October amid Trump tariff pressures​

The grant will be capped at S$100,000 (US$78,000) and will have a co-funding element, said Minister for Manpower Tan See Leng.

Members of the Singapore Economic Resilience Taskforce at the National Press Centre @ MDDI on Jul 10, 2025. (Photo: CNA/Tan Wen Lin)



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5 min


Abigail Ng
10 Jul 2025 02:00PM (Updated: 10 Jul 2025 06:14PM)
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FAST
SINGAPORE: To help Singapore companies adapt to the new tariff environment, the government will be launching a Business Adaptation Grant in October, the Singapore Economic Resilience Taskforce (SERT) announced on Thursday (Jul 10).

The grant will be capped at S$100,000 (US$78,000) per company and will have a co-funding element, said Minister for Manpower Tan See Leng.

 

[k1976]

Minimum requirement??

US$1.39 million: That’s the sum Singapore affluents say they need to retire comfortably​

This is above the global average of US$1.05 million, according to an HSBC survey

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• Despite heightened uncertainty and rising living costs, nearly two-thirds of affluent investors in Singapore remain confident about achieving their long-term financial goals. PHOTO: BT FILE
• Despite heightened uncertainty and rising living costs, nearly two-thirds of affluent investors in Singapore remain confident about achieving their long-term financial goals. PHOTO: BT FILE
• Despite heightened uncertainty and rising living costs, nearly two-thirds of affluent investors in Singapore remain confident about achieving their long-term financial goals. PHOTO: BT FILE
• Despite heightened uncertainty and rising living costs, nearly two-thirds of affluent investors in Singapore remain confident about achieving their long-term financial goals. PHOTO: BT FILE
• Despite heightened uncertainty and rising living costs, nearly two-thirds of affluent investors in Singapore remain confident about achieving their long-term financial goals. PHOTO: BT FILE

Bryan Cheong ​

Published Thu, Jul 10, 2025 · 10:53 AM

[SINGAPORE] Affluent investors based in Singapore said they will need US$1.39 million on average to retire comfortably – above the global average of US$1.05 million, according to HSBC’s 2025 Affluent Investor Snapshot report released on Wednesday (Jul 9).

That surpasses the retirement savings targets cited by investors in Hong Kong (US$1.11 million), Australia (US$1.23 million) and United Arab Emirates (US$1.17 million).

The study surveyed about 11,000 affluent investors across 12 markets globally, aged 21 to 69, each possessing investable assets ranging from US$100,000 to US$2 million.

 

[k1976]

Singapore's housing demand to keep rising amid lifestyle shifts, ageing population: URA, HDB​

At least 80,000 public and private homes will be built over the next 10 to 15 years, according to Singapore's latest land-use master plan.

A view of private residential apartments and public housing estates in Singapore. (File photo: Reuters/Edgar Su)



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7 min


Tang See Kit
10 Jul 2025 06:00AM
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FAST
SINGAPORE: Housing demand in Singapore is expected to continue rising, driven by an ageing population, smaller households and changing demographic patterns and lifestyle preferences.

The Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) said these trends were key considerations in the Draft Master Plan 2025 released last month, which outlines plans to build at least 80,000 public and private homes over the next 10 to 15 years.

 

[k1976]

Wish all samster Huat Kah Liao