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April 28th, 2008 by eyal | Filed under Asia, Living. |
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Got back to Bangkok last night after a delayed flight. I had a really nice time in Singapore meeting friends and going out for drinks and food at our usual places. Just like the last time I went back to Singapore in November, Singapore has both changed and remained the same. Three related change themes emerged this trip:
1. Everything is even more expensive than before, prices increased across the board for everything. Surprisingly though people aren’t talking or complaining about it too much. I think there’s a bit of a boiling the frog effect going on, the gradual increase doesn’t cause much outcry but if you step away like I did for half a year and return then things seem different.
2. It’s more crowded. Everywhere you go you see lots of people all the time. A lot more than before. There are several government initiatives to increase the population of Singapore dramatically by a couple of million people and like in most areas, the Singapore government is showing results. The main downside I see to their strategy though is that they’re targeting very high quality immigration. This sounds like a good idea and indeed those new immigrants contribute to the economy from the get-go but it also carries high risks. Highly competent and skilled immigrants become transient again when the economy takes a down turn or better opportunities come along. A lot of efforts are being made by the government to recruit Aussies for example, I doubt though that many Aussies will settle down in Singapore forever.
3. Related to the above, everywhere I went and had to deal with some official business (telecom, banking etc.) instead of the usual request to see my Employment Pass or Passport I was always asked to show my Singapore Identity Card. That was very new to me. It seems Singaporeans are getting more and more used to seeing foreigners are locals.
Overall it’s always nice to go back there. A kind of home away from home no matter where I live.
It’s a nice place, only spent 2 half days there though and would like to spend more time in the future. Once I caught the train from Singapore to KL and that was an experience.
Ever been to Aus?
Andrew – I’ve never been to KL, holding an Israeli passport has its drawbacks. I hear it’s a culturally fascinating place. Also has good diving spots and untouched nature outside the main urban areas.
I’ve never been to Aus either. Friends I met over the weekend have just returned from a trip there, they went to places like Yara valley and several others with a rented car. I would love to do a long road trip there. So many destinations in this world and such limited time and money :-)
That’s nice recap of your trip. I am totally agree with your doubt that many Aussies will settle down in Singapore forever. I can’t see a reason why an aussie wanna settle down in Singapore.
Having said that, I will park some money (if I have that much) in Singapore, go back once in a while. It is always the first place in mind if you wanna get your business, banking done.
Btw, I am having the same problem. I would love to visit Israel. With Malaysian passport? I think there might be a little troublesome…
Btw , if you got a chance, do visit Malaysia. It is an awesome place to be. Well, at least, that’s where I still call home…:)
Gav – yes, unfortunately politics get in the way. The Malaysian government decided not to allow its citizens to visit Israel and have stated on the passport that it is valid for all countries except for Israel. There is no such restriction by Israel. Malaysia did thate in solidarity with the some of the extremes in Arab world and they do not recognize the state of Israel. I think they are going to make an exception for Avram Grant and Tal Ben Haim for obvious reasons.
It’s funny that as an Israeli I can travel to Jordan and Egypt which are far more Muslim but not to Malaysia.
Far out, I’ve never experienced that sort of discrimination on an Aussie passport. Though I have travelled with a Russian through Eastern Europe and understand why certain pieced of paper have higher values than others.
Eyal how do you handle tax? What citizen are you for these purposes and what do you pay? I can fully see myself having to do something about this in the future, we are a pretty darn good place to live but tax like socialists do.
Glad you enjoyed your break in Spore, even if its only for a short 2 days.
You are right about the price increases, most acutely felt in property rentals, like your own experience with your previous apt in Spore… though this has now come to a virtual standstill this year.
I think most Singaporeans are still feeling the supposed “wealth effect” (real or otherwise) from the rolling good times of the last 2-3 years and the positive expectations from the hype for all the wonderful things taking place in Spore (IRs, GP, Financial centre, blah …).
Considering the average Sporean/family:
-little exposure to the stock market returns of the past 3 years,
-only partially own their one home and has not directly benefitted from the property price rise,
-average wage increases already have not kept pace with GDP growth of the past 3 years and now is looking to lag behind inflation…
The average Joe’s (or in this case, Tan, Ali or Kumar) murmurings and grumblings will only grow…
Having said that, Spore is one of the few countries in the world to have consistently ran current account surpluses, maintained positive trade balances, growing reserves… it is indeed a good place to call your financial and tax home…
but you know how i really feel about it :]
Agree with your other readers about Malaysia and Australia, its great to be able to just drive out of the city and within the hour, be amongst hills, fields or rolling coasts.
Did the great ocean road trip a couple of years back, a most enjoyable holiday…
Weekend drives upcountry into Malaysia, to Cameron highlands, Penang, Malacca or along the east coast are very pleasant as well.
Owe you that beer…
hopefully we’ll be drinking Singha with sand under our feet next time…
Good trading,
dc
Andrew – I’m no longer a resident of Israel, for good and for bad. The good part is the tax ;-)
dc – what you said all makes sense, I think the combination of the economic boom and all those initiatives have, for the first time I think, managed to infuse into Sg the famous buzz LKY used to speak about. Looking forward to that beer ;-)