SG Rich Uses Humdinga to Bypass Congest Roads

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Sky-high prices pushing S’poreans to the edge

March 8th, 2014 | Author: Online Press

Some Singaporeans are concerned that more attention has been paid to attracting wealth than addressing their needs. (Photo: Manfred Gottschalk/Getty Images)


(4 Mar) – Singapore’s super rich are always on the lookout for new playthings. At a jetty near the Changi Airport over the weekend, a vehicle called The Humdinga – a cross between a Hummer and a boat was launched. The amphibious car is designed for disaster relief and policing, but to some wealthier residents, the chance to bypass traffic by dipping into the waterways to reach the office, golf course or their yacht, is pretty alluring.

For the wealthiest, the news this week that Singapore now tops Tokyo and Osaka as the world’s most expensive city, according to a survey by the Economist Intelligence Unit (EIU), is probably not much of a surprise. But for ordinary Singaporeans, the daily cost of living has become a serious concern.

“The cost of living here has risen so rapidly in recent years that it’s practically impossible for young couples to afford housing or quality childcare unless they’re both working in relatively well-paying, white-collar jobs,” said Ashwin, an MBA student at the INSEAD School of Business.

Local residents look at increasing foreign wealth as the main influence on rising costs, although expats too are starting to feel the pinch.

“It is getting prohibitive,” said New Zealander Jo Dix. “As an expat I think we’re lucky – we have higher salaries than locals. If you’re a local person, I don’t know how you afford to live here. In some ways I think Singapore is pricing itself out of the market in terms of liveability.”

Some Singaporeans are concerned that more attention has been paid to attracting wealth than addressing the needs of locals. A report last year by Singapore Management University’s Lien Centre for Social Innovation found median income of employed residents in the bottom 20 per cent fell by eight per cent between 1998 to 2010, while the income of those in the highest-earning fifth jumped by 27 per cent.

Read more: www.independent.co.uk/news/world/asia/singapore-sting-skyhigh-prices-are-pushing-locals-to-the-edge-of-affordability-9169183.html




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