Complaints about prices of goods and services in Singapore being higher than those in HK, Taiwan or South Korea are getting increasingly common.
This news gives you a slight insight into the reasons why this is so: the PAP Government is the biggest and most avaricious rent-seeker in this country.
In the latest six-monthly review, the URA has raised steeply the development charges that commercial developers have to pay URA to enhance a site they own. The rise was the most steep for commercial sites which saw a 14.6% jump.
Why is there a need to raise such charges? Doesn't the PAP realize that there is a knock-on effect when it does this?
Higher charges potentially mean higher rental rates which in turn translate into higher costs of goods and properties on those sites.
This knock-on effect is more acute considering that the commercial property market in Singapore is really controlled by only a few developers, many of which are linked to Temasek.
So when will this madness stop?
The Alternative View
*Article first appeared on https://www.facebook.com/photo.php?fbid=662239577170711&set=a.5980976869...