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    Singapore Round-up: Financial Growth of Developing Asian Countries to Remain Stable next Year; HDB to Launch 17,000 BTO Flats in 2018

    HDB will build 17,000 BTO flats next year. Asian countries are set to grow at 5.8% in 2018. Singapore has ranked among the costliest cities for expats.

    Bankbazaar Singapore – 20, December 2017

    Around 17,000 BTO (Built-to-Order) HDB flats will be built next year due to the heavy demand for flats among first-timer families and couples. Mature and non-mature towns, including Tengah, Sembawang, and Yishun will witness the launch of Housing & Development Board flats for the first time. This year, HDB launched 17,584 units and 17,891 units were built in 2016.

    On the other hand, ADB (Asian Development Bank) predicted that the developing countries in Asia will have a growth of 6% in 2017 and will continue to grow at a steady rate of 5.8% in 2018. The ADB also forecasted that China, the second largest economy in the world, will have a growth rate of 6.8% this year and 6.4% the following year. South Asia is estimated to grow at 6.5% in 2017.

    Google and Temasek conducted a research and predicted that the internet economy of Southeast Asia will make a profit of S$67.6 billion this year. This is set to increase four times by 2025, equivalent to a high CAGR (Compound Annual Growth Rate) of 27%. In 2015, the gross merchandise value (GMV) was US$2.5 billion in the ride-hailing services category and increased two times in value to US$5.1 billion in 2017. Customers booked over six million rides on Grab, Uber, and Go-jek in the latter half of this year, which is a massive increase (4x times) since 2015.

    ECA International published a list of the most expensive cities for expats and Singapore is in the 21st position in the world and in the 9th position among Asia-Pacific cities. As Asia is developing at a lightning speed, the cities in Asia are currently in the 25th position among the top 50 most affluent cities in the world. There are 14 Chinese cities in the list. The Angolan port city of Luanda was announced as the most expensive place in the world.

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