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Too strong, too fast: Singapore dollar strength may not last, say analysts

The Sing dollar has gained more than 6 per cent against the greenback year to date, making it one of the top performing Southeast Asian currencies alongside the Thai baht. However, analysts expect it to give up some of its gains soon. SINGAPORE: The Singapore dollar has been one of the strongest Southeast Asian currencies in 2017, defying expectations with a year-to-date gain of 6.1 per cent against the greenback. But most analysts say this uptrend may have run its course. DBS Bank’s senior currency strategist Philip Wee, for one,Read More

Two freehold sites in Balmoral Road area for sale

  View of the freehold residential sites at Balmoral Road and Ewe Boon Road. Two adjoining freehold residential redevelopment sites within the Balmoral Road area have been put up for sale by public tender, revealed marketing agent Edmund Tie & Co. Launched in a concurrent but separate tender, the two sites at Balmoral Road and Ewe Boon Road are zoned residential, with a gross plot ratio of 1.6 and a building height control of up to 12 storeys under the 2014 Master Plan. The sites have a combined area ofRead More

Government Eases up On Seller Stamp Duty, Relaxes TDSR Rule For Retirees Needing Cash Loans

    Certain residential property measures related to the sellers’ stamp duty (SSD) as well as the total debt servicing ratio framework (TDSR) has been relaxed. However, there would still be no change to the additional buyers’ stamp duty (ABSD) charge, as well as the loan-to-valuation (LTV) limits. The SSD is currently payable by those who sell a residential property within 4 years of purchase, at rates of between 4% and 16% of the property’s value. The changes will see the SSD holding period cut to 3 years instead of 4Read More

MAS bars former Goldman Sachs banker from trading in Singapore over 1MDB-related breaches

SINGAPORE: The Monetary Authority of Singapore (MAS) on Monday (Mar 13) issued a 10-year Prohibition Order (PO) against former Goldman Sachs director Tim Leissner for 1MDB-related breaches. The local financial regulator said in its press release that it served notice of its intention to issue a PO against Mr Leissner last December, and invited him to submit written representation why it should not be done. It said Mr Leissner was found to have issued in June 2015 an unauthorised letter to a financial institution based in Luxembourg, and to have made falseRead More

Singapore central bank to set up dedicated teams to combat money laundering

SINGAPORE – The Monetary Authority of Singapore (MAS) will set up dedicated departments to combat money laundering and strengthen enforcement, it said on Monday. This will take effect on Aug 1. Singapore’s financial sector faces the risk of being used as a conduit for money laundering and terrorist financing activities, the banking regulator said. “While MAS has in place a robust regime to protect the integrity of Singapore’s financial system, the increasing complexities of transnational flows necessitates heightened supervisory focus on combatting money laundering and other illicit financing activities,” it added.Read More