View Full Version : More expats leaving Singapore?
Do you guys get the sense that more and more expats living in Singapore are leaving recently? Could this be due to the high cost of business in Singapore?
more like due to the Xenophobic experience they are facing with the uber paranoid citizens spur on by Xenophobics in the society with agendas.
more like due to the Xenophobic experience they are facing with the uber paranoid citizens spur on by Xenophobics in the society with agendas.
I am not sure about the xenophobic factor, but I do notice some companies are planning to move out of Singapore and they have started transferring expats home or relocating them to other countries.
yesnomaybe
29-05-14, 16:20
Statistics show about additional 100,000 people in Singapore annually so no need to worry
we welcome all foreign TALENT...sorry i mean TENANT:D:D:D
Statistics show about additional 100,000 people in Singapore annually so no need to worry
This should also include foreigner workers right?
I am not sure about the xenophobic factor, but I do notice some companies are planning to move out of Singapore and they have started transferring expats home or relocating them to other countries.
some segment of the business are push up by lack of labour. especially the high low cost labour industry. the other factors are US are doing better people some go back to seek employment. the others are local push factors can renew employment pass etc.
Maybe found out talents holding fake education cert
only the good one...after seeing how bad the rest are....mostly south asinas still here....bcos cant get any worse off...
This article sums it up nicely
http://www.bloomberg.com/news/2014-05-21/barclays-to-credit-suisse-shrink-singapore-space-southeast-asia.html
I personally know the situation at Credit Suisse and Barclays. CS has been retrenching in a phased manner since last 1 yr and Barclays has just layed off 700 people last month. Lots of HDBs and Condos vacant in east area. Just couple of years back 2 bed HDBs in Tampines used to go for 2.3k and there used to be bidding wars created by agents and the agents and owners laughed all the way to the bank. Now tables have turned. I personally know a 3 bedroom HDB used to rent out for 2.5k last year and this year remained vacant for one month and then no choice rented it out for 2.2k.
Quotes from the article:
Credit Suisse is planning a phased exit from its One Raffles Quay office space in the downtown area this year, according to a person with knowledge of the matter who asked not to be named, citing confidentiality. It’s also seeking replacement tenants at some of its leased office space in Changi, near the airport, the person said
Barclays had 3,500 full-time employees in Singapore in October 2013, according to a press release marking 40 years in the country. That was down from 4,700 about a year earlier, bank data from September 2012 show.
This article sums it up nicely
http://www.bloomberg.com/news/2014-05-21/barclays-to-credit-suisse-shrink-singapore-space-southeast-asia.html
I personally know the situation at Credit Suisse and Barclays. CS has been retrenching in a phased manner since last 1 yr and Barclays has just layed off 700 people last month. Lots of HDBs and Condos vacant in east area. Just couple of years back 2 bed HDBs in Tampines used to go for 2.3k and there used to be bidding wars created by agents and the agents and owners laughed all the way to the bank. Now tables have turned. I personally know a 3 bedroom HDB used to rent out for 2.5k last year and this year remained vacant for one month and then no choice rented it out for 2.2k.
We don't miss foreign companies who don't respect local hiring. Let them exit so our local banks can prosper.
I believe some of these banks had exceeded their FT quota. Were forced to layoff non-Singaporean to meet regulations. Or, simply many of them did not have their permit renewed. Perhaps in the past they managed to bypass the law which were not strictly enforced.
I believe some of these banks had exceeded their FT quota. Were forced to layoff non-Singaporean to meet regulations. Or, simply many of them did not have their permit renewed. Perhaps in the past they managed to bypass the law which were not strictly enforced.
No not at all. The banks are now under pressure to reduce costs and hence they are moving the IT and back office jobs to cheaper locations like India, malaysia, china etc.
http://www.channelnewsasia.com/news/business/more-diverse-tenants-in/1127676.html
Property consultants say that as financial institutions continue to rationalise their real estate costs, others such as dotcom companies are expanding in prime city locations to attract "Gen Y" talent.
SINGAPORE: The office leasing market in the central business district has seen a greater diversification in tenants over the past 12 months.
Property consultants say that as financial institutions continue to rationalise their real estate costs, others such as dotcom companies are expanding in prime city locations to attract "Gen Y" talent.
Unlike those in other cities, tech companies in Singapore are located in prime business locations, which analysts say is quite uniquely Singapore.
“The growth is pretty aggressive,” said Marcus Loo, executive director of office services at Colliers International.
“For example, Google have taken 200 odd thousand square feet in Asia Square and they are poised to take probably 20-30 per cent more space in the building. LinkedIn has just done a deal at MBFC (Marina Bay Financial Centre) of two floors, that's about 45,000 square feet.
Analysts say that other than dotcom companies, firms in the insurance sector are also leasing prime office space in the CBD.
According to consultancy CBRE, office demand from the financial institutions has not been as strong. Last year, such demand accounted for under one-third of the leasing transactions over 30,000 square feet, compared to more than half in 2010.
Colliers International estimates that financial institutions take up about 11 million square feet of office space islandwide, about 16 per cent of the total existing stock.
"Based on CBRE estimates, we had close to 2.1 million square feet of take-up space last year and that's very encouraging,” said Desmond Sim, head of research at CBRE.
“We saw the tenant profile in Marina Bay and Raffles Place becoming more diversified. For example, we had Lego, the toy manufacturer, taking up close to 30,000 square feet in MBFC. We have Mead Johnson, the baby milk and nutritional pharmaceutical company, taking up space and more recently, we have bookings.com."
Analysts say the average monthly rental rate for Grade A office buildings in the CBD is around S$12.50 per square foot -- about three times more than those in the suburban areas. However, tech firms are willing to pay more in order to attract talent.
"CBD offers the company the opportunity to hire the best and brightest,” said Mr Loo.
“We are talking about tech firms who need to hire staff that belong to Gen Y, and in the Gen Y profile, they would rather work in a convenient location for a good brand in a nice building versus going out to a suburban location."
Looking ahead, analysts say banks will continue to be a dominant occupier of office space in Singapore.
But demand from the tech sector is expected to grow further as companies are drawn to the talent pool in the region.
We don't miss foreign companies who don't respect local hiring. Let them exit so our local banks can prosper.
Local that doing F&B may not agree with you
Allthepies
30-05-14, 07:32
East becomes dead town soon? Near airport also not good? :tongue3:
CBD huat ah...less reliant on banking staffs means CBD rental will be more resilient during recession :cheers1::cheers1:
Can sleep soundly:sleep:
Haha...Ringo...Ringo...Still trying to turn and twist again...Haha....No wonder many forumers called you Twist and Turn Expert. Why are you keep avoiding my very simple question? I am really, really, really, really really sad now.
Sorry to hijack your thread but you are not responding to my question? I am not as smart as you. You are supposed to be an expert with your "Land Storm 4.0" prophecy. I am really looking forward to hear from you. Please do not disappoint me. OK?
Do you guys get the sense that more and more expats living in Singapore are leaving recently? Could this be due to the high cost of business in Singapore?
Alibaba to Buy Stake in Singapore Post
Investment Is Part of Chinese Internet Giant's Plan to Boost Its Global Presence
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By CHUN HAN WONG CONNECT
Updated May 28, 2014 8:12 a.m. ET
China's Alibaba is buying a stake in Singapore Post, which plans to use proceeds to grow its e-commerce business in Southeast Asia. Associated Press
SINGAPORE—Chinese Internet giant Alibaba Group Holding will pay about 312.5 million Singapore dollars ($249 million) for a minority stake in Singapore Post Ltd., the city-state's main postal service, as part of a tie-up to create an international e-commerce logistics business.
The deal follows a string of investments by Alibaba in overseas e-commerce companies in recent years, aimed at boosting the online retailer's ability to handle international shipments and help customers source for goods from outside China. It would also help China's largest e-commerce company plant its flag in Southeast Asia's burgeoning consumer markets.
be prepare for a rental price war!
thread starter tremble leow. bo kong jiow wei. kwai kwai.
be prepare for a rental price war!
thread starter tremble leow. bo kong jiow wei. kwai kwai.
When the price is high can't afford to buy, when price is low no courage to buy. In the end just do nothing.
When the price is high can't afford to buy, when price is low no courage to buy. In the end just do nothing.
haha, well said.
haha, well said.
You are not really living if you are always afraid to die
Quotes from the article:
Quote from Savills, article issued today:
• Vodafone to lease 30,000 sq ft at Asia Square Tower 2
• Jardine Lloyd Thompson closing in on agreement to lease 40,000 sq ft at CapitaGreen
• Aon closing in on agreement to lease 70,000 sq ft at SGX Centre 1
• Willis (Singapore) to lease 20,000 sq ft at SGX Centre 1
• Rabobank closing in on agreement to lease almost 20,000 sq ft at South Beach Tower
Separately, Oracle is said to have leased 70,000 sq ft of business park space at Galaxis at Fusionopolis Phase 5.
We don't miss foreign companies who don't respect local hiring. Let them exit so our local banks can prosper.
It is not that Foreign Companies do not respect local hiring
Senior Minister of State for Manpower Amy Khor said that a “Singaporeans first” policy would not benefit the economy in the long term.
Definitely more expats are coming in, some to join as new citizens.
Quote from Savills, article issued today:
• Vodafone to lease 30,000 sq ft at Asia Square Tower 2
• Jardine Lloyd Thompson closing in on agreement to lease 40,000 sq ft at CapitaGreen
• Aon closing in on agreement to lease 70,000 sq ft at SGX Centre 1
• Willis (Singapore) to lease 20,000 sq ft at SGX Centre 1
• Rabobank closing in on agreement to lease almost 20,000 sq ft at South Beach Tower
Separately, Oracle is said to have leased 70,000 sq ft of business park space at Galaxis at Fusionopolis Phase 5.
The difference is none of the companies pay salaries like how banks pay. Banks really rock man! Juniour staff get paid like 8K SGD a month and which is why they can rent fu*ked up 40 year old HDBs for 2.5k a month. The new companies that are coming in will pay their staff cheapo 3k-5k a month. These cheapo people will at best rent a common room or master room. Rents will crash thats for sure!
Also I am not talking about cheapo local banks like DBS, OCBC, Bank of Singapore etc. I am talking about Credit Suisse, UBS and Barclays. These banks hire top paying staff. Analysts make 8k. In Bank of SIngapore and SGX I know even AVPs hardly make 7k.
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