Govt, Pricing themsleves Out of the Competition
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Harvey's Singapore at risk from "horrendous" rent rises
Chris Nicholls
Current.com
06 Feb 08
http://www.current.com.au/2008/02/06/article/FZQCANDCBG.htmlGerry Harvey has warned high rents are putting its Singapore operation at risk, along with the operations of its two major competitors.
Speaking in an exclusive interview with Current.com.au, the Harvey Norman co-founder and executive chairman rent rises of up to 50 per cent in one year, coupled with leases restricted to three years, meant all major electrical retailers there were under pressure.
"The rents are just horrendous, and trying to figure out how you can do business is a really difficult thing, because you think 'Well, how do you do this?'"
He said all three major players in the Singapore electrical retail market – Courts, Harvey Norman and Best Denki – had the same issues.
"We all have the same problem, and probably sooner or later one of the three of us will disappear, and there'll be two of us. Then there's a good chance there'll be one of us."
There may be a chance such attrition could have a positive effect, though, he said.
"Maybe with two we can say to the landlords 'Well, you've really got to have us in your shopping centres' … but at the moment with three, they play the three of us off against each other. If they've only got two, maybe that might help. It's which one of us will crack first."
Harvey said while they had no intention of being the first to crack, if landlords put rents up another 50 per cent, it would kill all three chains.
"I don't think they can do that, but if someone else is prepared to take the space, maybe they can and they just say 'We don't want electrical/computer shops in our shopping centres', and where do we go? There's nowhere to go."
He said even if Singapore had plenty of technology shoppers, if they themselves could not pay the rent, there was an issue.
The shopping centre issue in Singapore highlighted the positives in his Australian property ownership model, Harvey said.
"One of the great things we've done in Australia is we've bought so much property over the years … it protects your position long-term."
He cited a problem he had with a Robina shopping centre when Harvey Norman owned Rebel Sports as an example, where a rent rise after three years pushed them out, despite what he said were a raft of incentives to move in at the start.
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... as you can see, the FAP is so greedy for money, they're ruining the retail industry themselves... without any "global circumstances"...
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that's such a spastic conclusion to draw from the article.
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high rentals has been a source of concern for the govt, this they admitted just not very long ago, which is why the frenzy building of the new financial hub....
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Intresting.......
So, if Govt goes all out and lower cost for foregin Companies.... would the TS then claim that Govt has 'sold out' the country
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Originally posted by hloc:
Intresting.......
So, if Govt goes all out and lower cost for foregin Companies.... would the TS then claim that Govt has 'sold out' the country
I think what TS is trying to say is that....Foreign Companies are paying high rent = More $ for us
But its getting harder to make ends meet for the locals
Therefore.... if the foreign companies are paying alot of $ and the locals are still having a hard time ... is the money actually channeled back to the locals?
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Originally posted by Genie99a:
I think what TS is trying to say is that....Foreign Companies are paying high rent = More $ for us
But its getting harder to make ends meet for the locals
Therefore.... if the foreign companies are paying alot of $ and the locals are still having a hard time ... is the money actually channeled back to the locals?
... it takes you, to make them understand in more words and detail ... -
Originally posted by Genie99a:
I think what TS is trying to say is that....Foreign Companies are paying high rent = More $ for us
But its getting harder to make ends meet for the locals
Therefore.... if the foreign companies are paying alot of $ and the locals are still having a hard time ... is the money actually channeled back to the locals?
It would indeed be a good question if thats is what the TS is suggestion..... But from the 2 post the TS had posted..... I can't seem to find a part where the TS was asking is the 'Extra' cost being ''Channeled Back To The Locals"...... as you have said.And by the way..... the report state that the landlord (Ower of the Shopping Centre) is the one who is rising the cost of rent..... Is there a part that said the Govt own the Shopping Centre and are the one who is rising the price
Because as a 4 room HDB flat owner myself..... I'm rather happy that my unit is now worth more and I could rent it out at a higher price to foreginer......
Therefore, as there is a now a space crunch for both Office and Retail store in S'pore, there is no way rental will goes down...... unless there is way too much space in S'pore. All these are decided by 'Market Force'..... Harvey Norman could built themselve a Mega Store like Courts or Ikea..... then they could rent extra space to others and make money..... instead of paying extra rental to Capital Land, who OWN quite alot of S'pore Shopping Centre.
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They wanna earn $$..... and giving lots of execuess thats all...
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Originally posted by HyperFocal:
... it takes you, to make them understand in more words and detail ...So it would be nice if you could better explain your question....... thank you.....
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Originally posted by hloc:
And by the way..... the report state that the landlord (Ower of the Shopping Centre) is the one who is rising the cost of rent..... Is there a part that said the Govt own the Shopping Centre and are the one who is rising the price
Nope no part stated that the Govt owns the shopping centre .....So lets assume the shopping centre is private owned and they are rising prices.....
Are they rising prices in lieu with rising costs of living or purely to increase revenue....
If its to increase revenue..... well Harvey just stated its hard to carry on his business here .... so assuming Harvey leaves ... jobs lost
Lets assume someone else decides he can make a business so he pays the higher rent..... he then oncharges the cost of higher rent to who? YOU lor
So who suffer? Then the landlord happy happy
Should we tax him abit more to channel funds back to locals? So maybe the government should think of sumthing right? -
The relentless rising cost of living in Singapore
Posted by theonlinecitizen on August 27, 2007The following is a collated list of price increases which TOC could find – from various news reports, blogs, websites, forums, etc – since Jan 2006 to the present.
If we have left out any, please do let us know. If you have observed any price hikes around your neighbourhood (or anywhere else) please let us know also.
We can be reached at [email protected]
The list may not be comprehensive and any clarification is welcome.
2006Jan 9: Pump prices at all 29 Caltex stations will go up from 11pm on Monday night. Prices will go up by four cents per litre for all three grades. (link)
Feb 13: Polytechnics and ITE increase fees by $50 and $10 respectively (link) (link)
Feb 14: NTU, NUS to raise tuition fees by 3% from next academic year. Tuition fees at both the National University of Singapore and Nanyang Technological University will go up by S$180 for the next academic year. This 3 percent increase comes on the heels of a 5 percent hike just last year. (link)
Mar 6: Expect annual tuition fee increases. Hostel fees will also go up by 10% to 11% from next academic year. (NTU) (link)
Mar 9: Retail pump prices for Synergy petrol and diesel at all Esso and Mobil service stations in Singapore were increased by 6 cents a litre. (link) (link)
June 1: NTUC Car Co-Op raises fuel surcharge: We cannot continue subsidizing the fuel price increase in the long run without compromising the quality of service. Thus, the management has decided to implement a fuel surcharge of $0.30 for every 10km free with effect from 1 June 2006. (link)June 27: Electricity tariff to go up next quarter. Domestic users, for example, will have to pay 21.15 cents for every kWH of electricity, up from 20.49 cents currently. (link)
July 10: Comfort Delgro raises taxi fares. Besides raising the flag down fare and the peak hour surcharge from $1 to $2, ComfortDelgro is also making distance-related adjustment. (link) (link)
July: Taxi companies raise fares. (link) (link)
July 17: SMRT hikes taxi fares. (link)
Aug: SMRT, SBS apply for fare hike. (link)
Aug: NUS hikes tuition fees by between $180, $220, and $510, depending on faculty. (link)
Aug: ERP rates to go up at six gantries, mainly at CTE. (link)
Oct: Public Transport Council approves 1.7% fare increase for bus and trains. Adult EZ-link fares for buses and trains will increase by 1 to 3 cents, which amounts to an overall fare hike of 1.7 percent. (link)
Nov: SingPost revises postage rate. (link)
Nov 12: Rates for HDB rental flats pegged to income. (link)
Dec: Govt spells out fees to be frozen. (link)
2006: Loan sharks cases rise by 19%, to 10, 221 cases. (link)
2006: A total of 419 people committed suicide in 2006, up from 346 in 2003. The suicide rate per 100,000 residents - a sobering indicator in population statistics - is also on the upswing, growing from 9.3 in 2003 to 10.3 in 2006, figures from the Registry of Births and Deaths reveal. It is the fourth straight rise in as many years. (ST, Aug 13, 2007) (link)
2006: Islandwide, home rentals climbed 10 per cent in 2006. (ST, Aug 6, 2007) (link)
2006: At Alexandra Hospital, A&E charges went up from $55 to $60, as did C-class ward charges — from $21 to $23 — and subsidised specialist outpatient clinic consultation rates, from $18 to $20. (link)
2007
Jan: All diesel-driven vehicles to undergo smoke test. (link)
Jan: NUH’s A&E fee raised from $70 to $80. (link)
Jan: Skilled Foreign workers levy raised by $50, from $100 to $150, for all sectors. (link) (link)
Jan 26: SMU Law Course to cost more, NUS says it may increase fees too. (link)
Feb: KK Women’s and Children’s Hospital hikes ward treatment fees. (link)
Feb 14: Tax penalties from GST audits could increase. With the hike in Goods and Services Tax (GST) by two percentage points, tax analysts said tax penalties arising from businesses making mistakes in GST audits may also increase. (link)
Feb 25: Sunny Cove: Fees to Pulau Hantu Raised - As of 24th February 2007 (Saturday), the operator had increased the price for the chartering of boat to local water. With the price hike, all courses conducted at local water will be subjected to the increase from 25th February 2007 (Sunday) onwards. (link)
Feb 25: Eldershield premiums to go up by year’s end. (link)
April 1: Singapore Medical Association withdraws guidelines on fees. Doctors now have more flexibility to adjust their fees, following a decision by the Singapore Medical Association (SMA) to withdraw its guidelines on fees, as of 1 April. (link)
April 1: URA increase fees for Housing Developers’s Licence – from between $500 to $8,000. (link)
April 2: NUS revise car park charges. (link)
April 8: Means testing for hospital admission to start within a year. Subsidised patients that stay more than five days in a public hospital can expect some questions about their income. (link) (link)April 11: Ikea to start charging customers for plastic bags. (ST, 11 April, 2007)
April 25: The Singapore American School increased tuition fees by between $425 and $1,000. (link)
April: Within hours of each other, the four petrol companies in Singapore - First Shell, then Singapore Petroleum Company (SPC), ExxonMobil and lastly Chevron - each revised its prices. The retail price of petrol and diesel rose by 10 cents. (Electric New Paper) (link) (link)
May 12: Inflation heads for a higher plane. For now, the major public concern is a rise in the Goods and Services Tax (GST) from 5% to 7% in July, which is likely to exacerbate the series of worrying price increases over the past year. (Littlespeck)
May 14: NUH increase ward charges for B2 and C-class wards by $2, increases of 4 and 8 per cent. (link)
May 23: DBS raises its e-transaction fee for initial public offering (IPO) applications. Retail investors who applied for IPO shares launched on or after that date, through the local bank’s ATMs and Internet banking, were surprised that they now have to pay $2. (link)
May 29: New fee hikes at public hospitals and polyclinics. A NEW round of fee hikes is underway at most public hospitals and some polyclinics. Subsidised patients at four public hospitals will now pay $24 or $25 for every visit to a specialist clinic, up from about $21. All 18 polyclinics, which used to charge a standard consultation fee of $8 for adults, now charge anything from $8-$8.80. (link) (link) (link)
May: From milk to Milo, cooking oil to coffee, canned foods, processed foods, wheat products and more, prices have been rising recently at supermarkets and hypermarts here. (link) (link) (link)
June 1: Prices of milk go up. The price increase for condensed milk ranged from $0.10 to $0.50, which means the prices for some brands of condensed milk have gone up by nearly 45 per cent. The price increase for evaporated milk ranged from $0.15 to $0.47, marking a percentage increase of between 18 per cent to 48 per cent. (link) (link)
June 4: Online hosiery shop increases price. There will be a overall price increase on 4th June 2007 for all brands due to increased cost of yarns and cost of shipping. (link)June 6: Even before the Nets fee hike kicks in, a shoe shop in Parkway Parade has already started charging customers extra to cover the increase. (link)
June 7: Wholesale price of ducks goes up. The wholesale price of ducks has increased by 20 cents a kilogram. (link)
June 7: Eggs price increase. Eggs now cost between 17 cents and 18 cents each. (link)
June 29: Rental space rents rise. Islandwide, rents at Grade A malls have moved up by between 5-7 per cent in the first half of this year and could increase by another 5-6 per cent by end-2007, analysts said. (Business Times, June 29, 2007) (link)
June 29: Fees up by 14% on average at NUS. Two days before the higher 7-per-cent GST kicked in on July 1, prospective students of the continuing education arm of the National University of Singapore (NUS) received news that fees for many courses had gone up — by an average 14 per cent. (link)
July 1st: GST increased from 5% to 7%. (link) (link)
July 1st: THE Singapore Petroleum Company (SPC) and market leader ExxonMobil became the first companies to raise pump prices at their petrol stations following the GST hike. The two companies increased prices across the board for their three grades of petrol and diesel by 0.23 cents to 0.33 cents per litre from 7am. Caltex will be increasing its pump prices on Monday. (ST, July 1, 2007) (link) (link)
July 1st: NETS announced a price hike for its Electronic Funds Transfer Point-of-Sale (EFTPOS) and CashCard Services to between 1.5% and 1.8%. (link) (link)
July 1st: Pasir Ris – Punggol Town Council revise penalties for late payment of S&C charges to 2% and absorb 7% GST. (2004 rates) (2007 rates)
July 1st: Cigarette prices up as bar ban kicks in. Tobacco companies raised the prices of popular brands by an average of 40 cents. This brought the price of a 20-stick pack of Marlboro or Dunhill cigarettes, for example, to $11.60. (AsiaOne)
July 3: Resale price index for HDB flats rise 2.9% from 3 months before. (link)
July 4: The Committee Against GST Profiteering (CAP) has found price changes to be generally moderate since the announcement of the GST increase in November 2006. (link)
July 10: Changi General Hospital increases A&E charges. Following in the wake of earlier hikes by the National University Hospital and Alexandra Hospital, CGH this month increased its A&E attendance fee by $10 — or 15 per cent — to $75. For the B2 and C-class wards, the daily treatment fee went up by $1, representing a 6-to-10-per-cent increment. The daily ward charge for B2 wards also rose by $1, or 2 per cent. (link)
July 11: Starhub raise prices for cable tv packages. SCV subscribers pay $4 more across the board. (link) (link) (link)
July 11: The Committee Against GST Profiteering has received 33 complaints in the past six months about price increases, all dealing with food items. About 10 cases involve chain businesses. (ST, July 11, 2007) (link)
July 15: Electricity tariffs to be raised by almost 9% for July to September. (link)
July 18: Govt raises development charge from 50% to 70% for new building projects from 50 per cent to 70 per cent of the increase in value of the land. (link) (link)
July 21: HDB rents at 10-year high. For the first time in recent memory, monthly rents for some HDB flats have pushed northwards of $2,000 in leases signed in the last couple of months. (ST, 21 July 2007) (link)
July 25: Hospital bills up 10% to 30% across all ward classes. (link)
July: July inflation hits 2.6%, highest in over 12 years. (link)
July (CPI): Housing costs increased 4.9 per cent because of higher housing maintenance charges, electricity tariffs and rented accommodation costs. (ST, Aug 23, 2007) (link)July (CPI): Food prices went up by 1.4 per cent, mainly due to dearer cooked food, fresh fish, fruits, vegetables and milk powder. (link)
July (CPI): Transport and communication prices moved up by 1 per cent, reflecting mainly dearer petrol and higher car prices. (link)July (CPI): The index for education and stationery rose by 2.1 per cent as a result of higher fees at commercial institutions and universities. (link)
July (CPI): Prices of clothing and footwear increased by 3.9 per cent. (link)
July (CPI): Health care cost rose by 2.2 per cent on account of dearer chinese herbs and higher charges for general medical consultation and dental treatment. (link)
Aug 2: SBS, SMRT seeking bus, train fare increases. If approved, transport fares could rise by up to three cents from October. (link)Aug 2: Singapore Airlines raises fuel surcharge – from between US$2, US$5 and US$9. (link)
Aug 6: ERP rates at Orchard, YMCA and Fort Canning Tunnel to go up. From August 6, cars passing the Orchard, YMCA and Fort Canning Tunnel gantries will be charged an additional $0.50. That makes it $1 per entry. Rates for motorcycles will also double to $0.50. Goods vehicles and small buses will now be charged $1.50. Heavy goods vehicles and big buses will be charged $2. (link)
Aug 7: Student made to pay adult fare. (link)
Aug 7: Cost of living in S’pore getting higher compared to neighbours. Singapore retains its 9th position out of 41 Asian locations as the most costly city. (CNA)
Aug 7: Car insurance premiums likely to increase. Higher premium rates for car insurance look almost certain, after the motor sector suffered a second consecutive quarter of losses. Rises could be between 5 and 10 per cent, according to one insurer, as the industry battles higher claims. (AsiaOne, ST, Aug 7, 2007)
Aug 8: 17% hike in Delifrance’s tuna croissant sandwich, from $5.05 to $5.90. (link)
Aug 10: Change of supplier sees spike in price of medicine. A 80ml bottle of Minoxi 5 from Trima Pharmaceutical used to cost $38.50. This time round, the price was $45.50 for a 60ml bottle. Going by volume, the price increase was a hefty 57.6 per cent. (ST Forum, Aug 10, 2007) (link)
Aug 13: Up to 30% levy imposed on hotel room revenues during F1 race. The Trade and Industry Ministry (MTI) has decided a levy of 30 per cent for hotels on the trackside, and 20 per cent for others. (link)
Aug 23: More ERP gantries, extended hours. (link) (link)
Aug 24: By Aug 24, the Committee Against GST Profiteering had received 115 complaints on alleged GST profiteering. In the first two weeks of July, after the GST increase came into effect, 49 complaints were received, surpassing the 30 complaints received in May. (ST, Aug 29, 2007)
Aug 27: Singapore raises 2007 inflation forecast to 1-2 per cent. Singapore’s central bank confirmed an apparent off-the-cuff remark by Trade and Industry Minister Lim Hng Kiang in parliament that inflation would come in at 1-2 percent this year, above the government’s previous forecast of 0.5-1.5 percent. (Reuters)
Aug 29: Middle-aged suicide rate up. In 2003, there were 14 suicides (of men in their 40s and 50s) per 100,000. In 2006, it went up to 19 per 100,000. For women, there were 8 per 100,000. In 2006, it went up to 13 per 100,000. (TODAY, Aug 29, 2007) (link)
Aug 29: Storage boom as rents rise. Companies which provide self-storage facilities are reporting a rise in rentals by foreigners as rising rental prices force more of them to downsize. (The Electric New Paper, Aug 29, 2007) (link)
Aug 31: Government raises property development charges. For non-landed residential use, the charge was raised by an average of 58 percent with prime areas like Cantonment Road seeing the biggest jump of 112 percent. Areas seeing the highest increase (of over 100 percent) include Telok Ayer, Maxwell, Shenton, Anson and South Bridge Road. (CNA)
Sept 1st: New dog licensing rules. To discourage dog owners from keeping unlicensed dogs, allowing their dogs to stray or not muzzling dogs of breeds2 that are required to be muzzled in a public place (eg, the Rottweiller or Mastiff); the maximum fine for such offences has been raised from $500 to $5,000. (link)
Sept 5: Esso won’t go public on fuel price changes. IF YOU are an Esso customer, you will not know if the price of your fuel has changed until you drive right up to a pump. ExxonMobil - the biggest player here with 74 out of the total of about 200 stations - has adopted a new policy against revealing changes in pump prices to the media. Neither does it display prices at station entrances. (Straits Times, Sept 5, 2007)
Sept 11: Adult EZ-link fares for buses upped from October. From 1 October, adult EZ-link fares for buses will increase by between one and two cents. But there will be no increase for train fares. (CNA)
Sept 12: Special needs school raise fees by 100%. I was shocked to receive a letter in July stating that school fees would increase by 100 per cent from this month. No other institution - even private schools - operates in this manner by increasing its fees by 100 per cent. (Letter to ST forum)
Sept 13: Employers to buy medical insurance for foreign workers. From January next year (2008), employers will have to buy and maintain insurance for the medical expenses of all foreign workers on Work Permit or S Pass. (CNA)
Sept 25: Electricity tariffs to go up because of higher oil prices. Barely 2 months after the increase of 9% in July, electricity tariffs will again go up later this year because of higher oil prices. SP Services said electricity tariffs will be raised by an average of 0.86 cent, or 4.29 percent, per kilowatt-hour, for the three months from October to December. (CNA)
Sept 25: Cosmetics costing more? Taking a hit from the Goods and Services Tax hike, prices of consumer products in Singapore grew at a pace not seen since 1994. (TODAY)
Sept 27: Gardenia loaf of bread cost 5% more in three months. “Yesterday we found out that its price has soared to $2. If you work that out against the original $1.90, it means that the total price increased is 5.3 per cent in three months.” (Letter to ST forum page.)
Sept 29: Why higher fees for vacant flat? “MY LATE grandfather, who was the sole owner and occupier of a three-room HDB flat, had been paying $38 a month in conservancy fees to the town council. His estate now has to pay $55 a month (a 45 per cent increase) for the vacant flat, the reason being that the $38 concessionary charge no longer applies as it is now unoccupied.” (Letter to ST Forum Page)(link)
Sept: Singapore Indian Fine Arts Society to increase fees from between $5 to $10 due to the society becoming a GST-registered entity. (link)
Oct: Starhub Cable TV sports channels subscribers pay $10 more. (link)
Oct 1: Public transport fare increase takes effect.
Oct 1: Private home prices in Q3 up by 8%: URA flash estimate. The prices of private residential property in Singapore increased by eight per cent in the third quarter of this year.. (CNA)
Oct 1: HDB resale prices up by 6.5% in Q3: HDB’s flash estimate. Public housing resale prices went up by 6.5 percent in the third quarter of this year, compared to the previous three months. (CNA)
Oct 1: Petrol, diesel price up 3-5 cents. At 10am, Caltex increased its petrol and diesel prices by 3 cents a litre, while Shell upped its rates by 5 cents a litre. By 3pm, Singapore Petroleum Co followed suit by raising its pump rates by 5 cents a litre. The increase is the fifth upward revision since July, as crude oil prices hover at record levels above US$80 a barrel. (AsiaOne)
Oct 1: Hotel room rates expected to go up by 25% in Q4. Hotel room rates in Singapore in the fourth quarter are expected to be 25 per cent higher than that of last year, according to industry players. (CNA)
Oct 3: The price of chickens has risen by 20 to 50 per cent here since last week, caused by the wholesale price hike from Malaysia, among the factors, according to media reports. (Bernama)
Oct 4: Queensway Shopping Centre, Sim Lim Square and sky-high rentals in Singapore. As the leases are expiring about now, get ready for a radical change in Sim Lim Square, the highest�rentals for the shops selling the lowest margin products ever. (C Net Asia)
Oct 19: SIA ups fuel surcharge by between $3 and $9. The new charges, which are between $3 and nearly $9 more than the current surcharges, will apply to tickets issued from Oct 24 and to both SIA and SilkAir flights. (TODAY)Oct 20: Price of flour up 30%. The price of flour has increased again, but this time it has gone up by thirty percent. This is the biggest ever hike, according to industry watchers. From January, it will cost 20 cents more to buy a loaf of bread. (CNA)
Oct 22: Caltex petrol, diesel prices up. AMERICAN oil company Chevron raised pump prices of its Caltex petrol and diesel by five cents a litre on Monday - the sixth increase since July and the second in about a fortnight. The others - Shell, ExxonMobil and Singapore Petroleum - are likely to do likewise in the coming days. Chevron’s move brings its pump prices to record levels. (Straits Times)
Oct 26: Private home prices up 8.3% in Q3. Singapore private home prices rose 8.3 percent between July and September to their highest level in a decade. (Asia One)
Oct 27: Prices of HDB resale flats keep accelerating. ‘As at end-September, the HDB resale price index has increased by about 11 per cent since the start of the year,’ the HDB said. For five-room flats, the median resale price in Queenstown is the highest at $603,000, followed by Marine Parade at $560,000 and Bukit Merah at $530,000. (Straits Times)
Oct 28: Singapore raises noodle prices. Starting Nov. 1, the price of noodles in Singapore will increase 20 percent to 30 per cent, the Singapore Noodles Manufacturers’ Association announced on Sunday. (AHN News)
Oct 30: ERP rates going up again for third time this year. Electronic Road Pricing (ERP) rates are going up again for the third time this year. There will also be new gantries erected. From November 5, motorists will pay $3.50 from 7:30am to 8:00am. The amount charged goes up to $5.00 between 8:30am and 9:00am. This is a $1.50 increase in the 8:30am to 9:00am period since February this year. (CNA)
Oct 30: 100 bakeries to raise bread prices by up to 20%. OVER 100 bakeries have indicated that they will be raising bread prices by up to 20 per cent, following a jump in flour prices. (Straits Times)
Nov 2: Expect steep hikes in tyre, wheel and battery prices. BESIDES record fuel prices and higher Electronic Road Pricing rates, motorists must prepare to pay more for batteries, tyres and wheels. The Singapore Motor Tyre Dealers Association is preparing to announce sizeable price hikes, with battery prices going up by as much as 50 to 70 per cent. Tyre prices will go up by 20 to 30 per cent, and wheels by 10 to 20 per cent, the association’s assistant secretary, Mr Robert Tng, told The Straits Times. (Straits Times)
Nov 5: A TRIP to the supermarket will cost more now than it did at the beginning of the year. A Straits Times check on a random basket of basic goods sold at supermarkets here revealed price increases in almost every category, from fresh chicken to coffee and milk formula. (Straits Times)
Nov 5: Prices for Singapore Petroleum Company Limited (SPC) motor gasoline across all three grades and diesel will be increased by seven cents per litre. (SPC)
Nov 8: Raffles Place retailers face space crunch, soaring rents. A recent study by property consultant Cushman & Wakefield found rent rises of up to 24 per cent over the past two years in the area. (Straits Times)
Nov 23: Singapore’s October CPI up 3.6% on-year, 1.3% on-month. Singapore’s October consumer prices rose 3.6 percent from a year earlier after an increase in the Goods and Services Tax (GST), government data showed on Friday. (CNA)
Nov 29: Pump prices increase by 5 cents. All four oil companies — Shell, Caltex, ExxonMobil and Singapore Petroleum Company (SPC) — have increased pump prices for petrol and diesel by five cents. In the past 11 months, the price of petrol has shot up nine times and twice just in this month alone. (CNA)
Nov 29: Second Link toll charges to go up next year. VEHICLES from Singapore crossing into Johor via the Second Link Expressway will have to pay higher tolls from Jan 1, the Malaysian government announced yesterday. Passenger cars using the Second Link route will have to pay RM10.80 (S$4.60) next year, compared with RM8.40 now. (Asia One)
Dec 9: Price of luncheon meat soar, from $1 to as high as $3. Prices of luncheon meat have been on the rise since August when the Agri-Food and Veterinary Authority (AVA) rejected and destroyed a consignment of canned pork products from two food processing plants in China. (New Paper)
Dec 10: ComfortDelgro raises taxi fares. Commuters will pay between 18 per cent and 49 per cent more for a taxi ride home from the city from 5pm to midnight. (Straits Times) (CNA)
Dec 11: SCHOOL bus fares will go up by at least $5 to $10 in January, sparked by the increase in diesel prices in recent months. (Straits Times)
Dec 14: Singapore’s second-largest taxi operator SMRT will be raising its fares from next Friday, December 21. The changes are in line with the adjustments made by market leader ComfortDelGro which will be increasing fares from December 17. (CNA)
Dec 14: Hike in POSB coins charge excessive. “IN THE past, whenever I made a deposit or withdrawal in coins, I paid $5 in service charge for every $500. Now, I have to pay $15 for every $500. So if I changed $1,000 into coins, I would lose $30.” (ST Forum Page)
Dec 14: Adjustment rate for housing loan changed unilaterally. “This unilateral change in adjustment rate is an increase in effective interest on the loan, and it is done without changing the loan interest rates. Is it fair for banks to offer adjustment rates as a ‘feature’ to woo customers but, six months into the loan, unilaterally reduce the benefits of the feature?” (ST Forum Page)
Dec 14: Hike in luggage surcharge wasn’t publicized. “When they were at the check-in counter, they were informed that the overweight charge was $20, not $8, and if they did not pay up they would not get their boarding passes. They had no choice but to pay.” (ST Forum Page)
Dec 20: Potong Pasir to raise S&C charges. THE opposition-held Potong Pasir ward is raising its service and conservancy (S&C) charges for the first time in a decade. Residents there will pay between $2.50 and $8 more a month, depending on the size of their HDB flat. (Straits Times)
Dec 20: Expect to pay more for food from next month. SINGAPOREANS should brace themselves for a sharp hike in food prices starting from New Year’s Day, which could affect anything from curry puffs to ice cream. (Asia One)
Dec 24: Singapore’s Nov consumer prices up 4.2% year-on-year. Singapore’s consumer prices rose faster-than-expected in November. The consumer price index - a non-core measure of costs for goods and services - rose 4.2 percent from a year earlier, after rising 3.6 percent in October. (CNA)
Dec 28: Electricity tariffs to go up. Highest since 2001. From next month (Jan 2008), electricity tariffs will go up nearly 6 per cent, to 22.62 cents per kilowatt-hour (kwh). (Straits Times)
2007: HDB ups valuation and administrative fees for valuation report of flats. This is to include the new 7% GST. (link)
Quote:Aug 24:
‘With rents rising, and some retailers not passing on the GST hike until later, we expect CPI inflation to continue to climb, probably close to 3 per cent towards year-end,’ said Citigroup economist Chua Hak Bin.
“Consumers Association of Singapore president Yeo Guat Kwang, who is also MP for Aljunied GRC, said if prices go up because of supply and demand conditions, that cannot be helped: ‘What we need to ensure is that price adjustments are fair.
‘So far, we haven’t seen a phenomenon of businesses profiteering from the GST rise,’ said Mr Yeo, who is the deputy chairman of the Committee Against GST Profiteering.
‘Most importantly, prices of basic necessities have remained stable.’
(Straits Times, Aug 24, 2007)
Other reports:
A relentless spiral by Littlespeck. (link)
CASE survey. (link)
Govt spells out fees to be frozen. (link) (link)
2008
Jan 3: Second Link tolls to go up from Feb 1. The tolls for all motorists at Tuas Second Link will be raised by between 10 cents and S$4.40 from 1 February. Motorcyclists will need to pay 10 cents more than the current toll of 60 cents. Cars will be tolled S$4.60, while vans and small lorries will be charged S$10.50. The largest jump is for big lorries, which will have to pay S$21 – S$4.40 more than the current S$16.60. (Channel NewsAsia)
Jan 08: Motorists to face five new ERP gantries. MOTORISTS can expect to pay more over the next few months to use the roads when five new ERP gantries are up, many in the heart of residential areas. (Straits Times) (Straits Times)
Jan 14: Prices of CNY goodies to go up. BE PREPARED to spend 10 per cent to 20 per cent more on foodstuffs this Chinese New Year. (Straits Times)
Jan 15: Inflation in S’pore may hit 6.5% this month. CONSUMER prices in Singapore may surge a staggering 6.5 per cent this month, bringing full- year average inflation to an equally eye-popping 5 per cent, according to Citigroup. (Straits Times)
Jan 15: Hotel rates to surge 29%: study. Hotel room rates for corporate customers are projected to surge 29% in Singapore this year. (TODAY)
Jan 18: Lunar New Year dinner prices set to rise by at least 10 per cent. Prices for restaurant dinners are set to rise by at least 10 per cent. (CNA)
Jan 23: Prices of suckling pigs double due to supply shortage in China. The prices of suckling pigs have doubled recently due to a drop in supply from China, and a 5kg pig is going for as much as S$180. (CNA)
Jan 24: Singapore’s consumer price index (CPI) … rose 4.4 per cent last month from a year earlier, with transport contributing the most. (TODAY)
Jan 25: Resale HDB flat prices up 30% above valuation in Q4. BUYERS of resale Housing Board flats found themselves paying $22,000 above the valuation from October to December - a whopping 30 per cent increase more than the previous quarter. (Straits Times)
Jan 29: ERP rates to go up by S$0.50 at certain gantries from Feb 4. Electronic Road Pricing (ERP) rates are set to go up by S$0.50 starting 4 February, according to the Land Transport Authority. (CNA)Jan 30: ERP rates, more gantries to go up - but road tax cut by 15%. Minister Lim said 16 new gantries will go on between April and November, bringing the total number in operation to 71. This is just the start. The base ERP rate will be upped from $1 to $2, with the increments in $1 instead of the current 50 cents. To make ERP more effective in a rising affluent community, these changes will be made gradually. (Straits Times)
Jan 30: MediShield premiums to go up for better cover. YEARLY premiums for basic MediShield insurance are set to increase - by about $120 for most people - to ensure that subsidised patients saddled with big hospital bills will get better payouts. (Straits Times)
Jan 30: Prime Taxis to raise fares from March. AFTER holding out for over a month, Singapore’s smallest cab operator, Prime Taxis, will raise its fares to come in line with other companies here. (Straits Times)
Jan 30: Prices for tickets for all Cathay cineplexes to go up on Jan 31. Expect to pay up to $10.50 on a weekend. (TODAY)
Feb 02: Prices of vegetables are up between 5 and 10 per cent because higher oil prices. YOUR shopping basket will be a little more expensive this year, no thanks to a rise in vegetable prices. (The New Paper)
Feb 4: Singapore inflation may exceed 5 percent this year - PM Lee. Inflation in the city-state could accelerate to 5 percent this year after rising 2.1 percent in 2007 given rising commodity prices worldwide, the Business Times newspaper quoted Singapore Prime Minister Lee Hsien Loong as saying. (Forbes)
Feb 04: Businesses say new ERP gantries may increase operating costs. The rise in Electronic Road Pricing and increase in the number of ERP gantries is worrying at least one business - the couriers. (CNA)
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Originally posted by Genie99a:
Nope no part stated that the Govt owns the shopping centre .....So lets assume the shopping centre is private owned and they are rising prices.....
Are they rising prices in lieu with rising costs of living or purely to increase revenue....
If its to increase revenue..... well Harvey just stated its hard to carry on his business here .... so assuming Harvey leaves ... jobs lost
Lets assume someone else decides he can make a business so he pays the higher rent..... he then oncharges the cost of higher rent to who? YOU lor
So who suffer? Then the landlord happy happy
Should we tax him abit more to channel funds back to locals? So maybe the government should think of sumthing right?
Sadly.... if Harvey can't make it, someone else will take over..... or the shopping centre will have to lower rent to bring some other company in. That my friend, is 'Market Forces'..... is job going to be lost Of course there will be..... but are you willing to die die put more money into supporting a loss making business just to keep jobs Btw..... is Harvey employing 10000 works like PSA or Changi Airport Do you think that the Govt should give Harvey (which is a foregin company) some special support not given to local companies Intresting idea...... but of course if the Govt did so, then cost of rental will go up some more and more companies will be calling it a day..... then all back to square one.... and the whole thing comes full circle.
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i'm more worried about depressed wages of its workers if their profit margin remains even tighter.
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Originally posted by hloc:
Sadly.... if Harvey can't make it, someone else will take over..... or the shopping centre will have to lower rent to bring some other company in. That my friend, is 'Market Forces'Originally posted by Genie99a:
Lets assume someone else decides he can make a business so he pays the higher rent..... he then oncharges the cost of higher rent to who? You lor
Rental goes up .... and with rental going up, the foreign companies are also oncharging the costs back to us.....
The only thing not going up is wages
And this is electrical goods not Prada, and only 3 of the major players left in market.
So if Harvey profit margin decides to call it quits and we have 2 left.... does your spider-sense tell you that the landlord is playing punk? 50% increases in one year leh..... our inflation got 50% bo? Then that year that Harvey kenna the 50% increase to rent... he oncharge back to us or absorb?
Got problem in the electrical retail market bo? Left 3 big players nia wor. Is it the landlords? Or the govt?
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Sorry i give up dunno how the hell the words suddenly became bold
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Originally posted by hloc:
Intresting idea...... but of course if the Govt did so, then cost of rental will go up some more and more companies will be calling it a day..... then all back to square one.... and the whole thing comes full circle.
You don't tax them already rent rise le.I'm wondering what is the basis for them to raise rental 50% and if employers are still renting .... are they oncharging costs back to us or absorbing.
If they are absorbing that means the co. has room to be more competitive.
If oncharging have the wages in SG gone up significantly cause people are still buying when its expensive.
Free market is good.... but if monopolies come into power then it destroys the free market setting.
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Originally posted by hloc:
Because as a 4 room HDB flat owner myself..... I'm rather happy that my unit is now worth more and I could rent it out at a higher price to foreginer......
Outside of topic, i thought there is law that states you can't rent your HDB out (unless its a room i think).....Or has that been changed now? Cause if you own private prop, you can't rent it out you have to stay in the HDB then rent out the private. Or is that law now changed.
And i think you can't own more than 1 HDB.
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Ok.... Genie99a let me put it this way.....
Shop 'A' made a bad business decision and rented a place beyond their limit..... Shop 'A' then decided to increase the price of their service inorder to make up the drop in profit..... therefore you would have to pay more for the same service, product.... etc.
Question -
1) Is Shop 'A' the ONLY SHOP in S'pore that provide the service/product that you need
2) Is there no other place you could get the same service/product at a lower price
3) Is there no other alternate for you to get the same service/product
Let me give you another example.....
Shop 'A' increase their price..... WE as consumer REFUSE to pay the extra..... Shop 'A' can't stay afloat, and close down...... the Shopping Centre that Shop 'A' opened in found that their high rental cost is forcing many outlet to close.... because WE, as consumer, is voting with our wallet and refusing to pay. Shopping Centre would have not choice but to lower their rental inorder to keep doing business.
That my friend.... is "Market Forces''.... supply & demand....
The problem is S'porean will just pay the extra willing or unwillingly, therefore giving away their rights.
It's now CNY..... yet I have not brought any BBQ meat..... why
cause I refuse to be con in paying $50 for something I could have get for $42 just because it is CNY....... 1 week later, and price of BBQ meat will go back to normal, why is anyone silly enough to pay the extra just cause its CNY 
Its not like 20-30 years ago where we really only got to eat BBQ meat once or twice a year What the F**k..... I could eat BBQ meat till I'm sick every month of the year Why oh why would S'poreans now wants to pay double for it If we refuse to buy..... the shops would have lower their price..... CNY or no CNY 
If we keep giving in.... and support business that made bad decision.... we have only ourselves to blame.
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Originally posted by Genie99a:
Outside of topic, i thought there is law that states you can't rent your HDB out (unless its a room i think).....Or has that been changed now? Cause if you own private prop, you can't rent it out you have to stay in the HDB then rent out the private. Or is that law now changed.
And i think you can't own more than 1 HDB.
Correct friend.... you could only own 1 HDB unit.....
But I do have Bro & Sis..... and could live with them if I wanted too. Or I could rent out my whole unit for X amount of money.... and just rent a small room somewhere else at a lower cost..... therefore still make money.....
Put it this way..... a friend of mine had a Bro who was arrested by the CNB and is now servicing time.... 3 yrs I think. The Bro's 3 room HDB could have only bring in $700 - $800 plus just a few years back.... but now, it is being rented out at $1500..... Do you think my friend's Bro is complainting.......
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And this is electrical goods not Prada, and only 3 of the major players left in market
Btw..... Harvey might be one of the last 3 major player left..... but even if they close down.... U mean you are scare you can't find electrical goods anymore
You mean you have not heard of Sim Lim Square or smaller retail outlet around HDB estate Or even brought things from the Internet Canon S'pore sells DSLR lense at a fix price..... but most of the shops sells much lower. And even that, quite alot of us buy from overseas and people who have even better lobang.... this keep our cost down and bring business to smaller retailers......
Therefore as a Consumer, who is doing the paying..... it is very much up to you to look for a good deal. And not let the shops tell you how much you have to pay because they made the wrong decision when they setup shops.....