The best

Will there be savings

a recession account
next year? for you to
start using for
ECONOMIC
How your BTO flats are priced the new year
DEVELOPMENT to remain affordable
PROPERTY CURRENT AFFAIRS

Vol. 01 THE DIGITAL BULLETIN December 2022

ECONOMIC DEVELOPMENT

2023: THE NEXT

GREAT DEPRESSION?
As we head towards the start of a new year, warning signs that the
global economy is headed for a recession are flashing bright red.
CEOs from JPMorgan, General Motors, Walmart, United and Union
Pacific are preparing for an economic slowdown.

Rising interest rates, record inflation, political
unrest, and other factors could contribute into a
recession. So far this year, Singapore’s economic
activity has remained “resilient” despite the rising
cost of living. In particular, the country has experi-
enced a significant rise in inflation on the back of
rising food and energy costs. The goods and ser-
vices tax (GST) rate will also be increased from
7 to 8 per cent by 1 Jan 2023. While Singapore
does not expect its economy to slip into a recession or
stagflation next year, residents are urged to prepare
for the significant headwinds ahead.
Click here to read full article. >>

CURRENT AFFAIRS
PROPERTY

BEST SAVINGS ACCOUNTS

IN SINGAPORE (DEC 2022)
Savings Realistic*Interest Max. Interest
Account Rate (p.a) Rate (p.a.)

3.85% 7.80%
ONE

2.65% 7.65%
360
WHAT GRANTS CAN YOU
GET WHEN APPLYING
2.00% 2.50%
JUMPSTART
for 18-26 years old
FOR RESALE FLAT?

*Based on $10,000 balance, $2,000 credited salary, CLICK TO FIND OUT!

$500 credit card spend and 3 bill payments. Click here
to view full table. >>

SP-TAQWA is an authorised representative of AIA Singapore Private Limited (Reg. No. 201106386R)
 CURRENT AFFAIRS
SG STILL THE
WORLD’S MOST
EXPENSIVE CITY
True to its Asian thirst to
be number one, Singapore
remains as the world’s most
expensive city for 8th time
in 10 years, according to
a survey done by Econo-
mist Intelligence Unit (EIU),
which was released on
Thursday (Dec 1).
EIU said that the country
has faced a consistently
high cost of living. The
city-state has the world’s
highest transport prices
and is also among the most
expensive cities for clothing,
alcohol and tobacco.
The Singapore government
has rolled out a comprehen-
sive set of measures total-
ling more than S$3.5 billion
across three packages this
year, in light of rising living
expenses.
Just last year, Singapore
shared the second position
with Paris after Tel Aviv
stole the first spot.
The republic has tied with
America’s New York
this year, citing a combina-
tion of high incomes and a
strong exchange rate that
propelled both financial
hubs to the top of the list.
Click here to read full
article. >>
ECONOMIC DEVELOPMENT
THE TRAGIC
FALL OF FTX
CRYPTO
EXCHANGE
Crypto exchange FTX has filed for bankruptcy protection in the Unit-
ed States. Things went downhill for FTX after the world’s largest crypto-
currency exchange, Binance, reversed on a deal to save the company.
The chief executive of FTX, Sam Bankman-Fried, has since resigned.
HOW THIS AFFECTS SG?
• Singapore users are the second-largest group of the site with
over 240,000 unique visitors montly.
• Singapore’s Temasek suffered a loss after writing down S$379
million investment in the exchange pre-crash.
• Billions of dollars were lost in a matter of days since November.
• Deputy Prime Minister Lawrence Wong said that the collapse has
‘very limited’ impact on Singapore’s financial system and economy.
Click here to read full article. >>
PROPERTY IN A NUTSHELL*:
10.8%
IS YOUR
incurred when HDB acquired
flats from former owners
$102M
BTO REALLY
AFFORDABLE? 30%
Building costs
The government has promised to
keep Built-To-Order (BTO) flats $2.077B
$3.167B
affordable for buyers. Mr Des-
mond Lee, Minister of National 59.2%
Development has said that a
Land costs
first-timer couple with a monthly
household income of $3,000
can pay the monthly instalments
*Based on the 2021-2022 financial year, where
for three-room BTO flats costing HDB made $5.346 billion for the total develop-
$194,000 and $245,000, fully ment costs of 13,506 new flats.
from their Central Provident
Fund (CPF), without any cash HDB’s statement comes after the issue
outlay. of affordability and pricing of BTO
flats was raised multiple times in recent
It costs HDB on average
months, including in Parliament. Click
$396,000 to develop each here to read full article. >>
new flat with an estimated
$365,700 collected in sales
proceeds per unit.
HDB added that as BTO flats
are highly subsidised, their sell-
ing prices cannot fully cover de-
velopment costs, which include
construction and land costs.
SP-TAQWA is an authorised representative of AIA Singapore Private Limited (Reg. No. 201106386R)
 RESOURCES & REFERENCES
ECONOMIC DEVELOPMENT

• Picciotto, R. (2022, December 6). Here’s what America’s top CEOs are saying about a possible reces-
sion in 2023. CNBC. https://www.cnbc.com/amp/2022/12/06/recession-walmart-jpmorgan-gm-ce-
os-talk-about-possible-slowdown.html

• FTX collapse: “Very limited” impact on Singapore’s financial system and economy, says DPM Wong.
(n.d.). CNA. Retrieved December 15, 2022, from https://www.channelnewsasia.com/singapore/ftx-col-
lapse-singapore-financial-system-economy-very-limited-spillovers-lawrence-wong-mas-3111301‌

CURRENT AFFAIRS

• Best Savings Accounts Singapore (2022 Dec): Which Bank Has The Best Interest Rate? (2022, Decem-
ber 1). Blog.seedly.sg. https://blog.seedly.sg/best-savings-accounts-singapore/

• W
‌ ith “consistently high cost of living”, Singapore ranked world’s most expensive city for 8th time in a
decade: Survey. (n.d.). TODAY. Retrieved December 15, 2022, from https://www.todayonline.com/
singapore/consistently-high-cost-living-singapore-ranked-worlds-most-expensive-city-8th-time-decade-sur-
vey-2061111

PROPERTY

• Pinky. (2018, October 23). The COMPLETE List of Grants for Buying a HDB Resale Flat in Singapore.
Carousell. https://blog.carousell.com/homes/hdb-resale-flat-grants-singapore/

• c‌ ue. (2022, December 7). How are BTO flats priced, and what are the land and building costs? HDB
gives the breakdown | The Straits Times. Www.straitstimes.com. https://www.straitstimes.com/singa-
pore/housing/how-are-bto-flats-priced-and-what-are-their-land-and-building-costs-hdb-gives-the-break-
down?fbclid=PAAaZVGHxG9mkS5WA9jaBD3Tx6OnEuitKEjJTOXbl-C7iSrjMC8jQLF9luqL8

SP-TAQWA is an authorised representative of AIA Singapore Private Limited (Reg. No. 201106386R)