Man with economics degree jobless for 8 months, says he only asked for S$4.5k
Writing on the r/askSingapore forum, the local, who has four years of experience (most of it in the banking industry) and a PTE degree in economics, shared that it had been eight long months since he last held a full-time job.
He went on to add that his expectations were not too demanding. His previous pay had been S$4,100, and all he was hoping for was something in the range of S$4,500, an amount that he said was comparable to what 'many fresh graduates' now receive.
Yet even with such modest requests, doors remained firmly shut. 'It's been way too difficult,' he expressed.
The prolonged struggle led him to question if locals might be 'asking for too much.' He also raised broader concerns, asking if jobs were being shifted to neighbouring countries in Southeast Asia or if his qualifications 'were simply not good enough.'
In the meantime, to tide himself over, the local said he has taken up temporary work at a café. 'Job market's been brutal lately.'
His post drew responses from other Reddit users, many of whom shared similar frustrations about the current job market and their own challenges with unemployment.
'Generally, I think it's quite tough,' one user commented. 'It took me like 9 months to land a job, and I sent like over a hundred applications monthly.'
Another said, 'Found a job this year after 2 months of searching, but it's mostly luck and the right opportunity, but I agree it is quite tough at the moment, as most popular roles get 600+ applicants easily, and HR is too overwhelmed to get back to most folks. Got ghosted a few times midway, too, which was frustrating.'
A third wrote, 'Job market's been brutal lately, honestly feels like employers want 5 years' experience, a master's degree, and 24/7 availability, but still paying fresh grad salary. It's not really about locals asking for too much, it's more about companies cutting costs and squeezing talent. Don't lose hope, though.'
Others, however, said that this has perhaps nothing to do with the job market and everything to do with his skills and expectations.
One remarked, 'It definitely means your resume and/or past experience is not cutting it. There really are tons of temp/ renewable contract roles in banking. Not sure what your exact background is, but S$4.5k is not 'fresh grad salary' at many places….'
Another told him, 'If you are asking for S$4.5k but nobody wants you, it means you are not worth S$4.5k. You either make your profile more attractive, reduce your expectations, or continue working in the cafe. Simple as that.'
In other news, a man shared on social media that he is now having second thoughts about applying for a (Build-to-Order) BTO flat with his wife after she repeatedly lied about using a male online streaming app and spending over S$3,000 on virtual gifts.
On Monday (Jul 21), he took to the r/SingaporeRaw subreddit to seek advice. In his post, he said that when he first caught her sending expensive gifts to male singers from China, she dismissed his concerns and deleted both the app and her messaging accounts so that he 'could not see their conversations.'
Read more: Man reconsiders BTO plans after wife repeatedly lied about using male online streaming app and spending over S$3k on virtual gifts
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Independent Singapore
24 minutes ago
- Independent Singapore
Should you park more savings in ringgit? What weekly JB visitors need to know about hedging, FX rates, and Malaysian bank accounts
MALAYSIA: For Singaporeans who head to Johor Bahru every weekend to shop, dine, or stay overnight, the question of whether to 'hedge' against a rising ringgit is becoming a common personal finance dilemma. On Facebook, one frequent traveller to JB shared that he keeps RM10,000 (S$3,000) in cash as a hedge. 'I usually buy when the rate is 3.35, which is more favourable than 3.25 now. I go to JB to stay at a hotel once a week. Should I increase my hedge to RM20,000 or RM30,000? Should I open a ringgit account in a Malaysian bank to earn 3% interest if available?' he asked. The post has sparked lively debate online, touching on everything from the feasibility of opening a Malaysian bank account as a foreigner to whether ringgit deposits actually make sense in the long run. Why hedge in ringgit? For those who spend regularly across the Causeway, holding a stash of ringgit can act as a buffer against short-term fluctuations. If the currency strengthens from 3.35 to 3.25 against the Singapore dollar, those who stocked up earlier effectively lock in cheaper hotel stays, meals, and shopping. Some commuters liken it to 'prepaying' for future consumption, much like buying travel vouchers. The difference, however, is that the ringgit's track record is one of long-term depreciation, making such hedges inherently speculative. See also Ipoh - The Perfect Weekend Escape from Singapore Treat ringgit as spending money, not an investment Many online reactions stressed that the ringgit should be viewed as a convenience for spending, not a long-term hedge. 'It depends if you are going to spend it in M'sia. The ringgit generally depreciates against a basket of currencies. The interest rates are deceptively high — that still isn't enough to prop up the ringgit. I have money in both countries, but my M'sian deposits are only for spending in Malaysia, not investments (including hedging). The rest are in SGD and USD. Meanwhile, my M'sian friends invest in SGD instead,' one netizen said. The remark reflects a widely shared sentiment: even Malaysians often look outward to the Singapore dollar as a safer store of value. For Singaporeans, that reinforces the idea that holding large ringgit balances is more about easing weekend expenses than actually building wealth. Banking hurdles for foreigners Others pointed out that opening a bank account in Malaysia is not as straightforward as it sounds. 'Not as easy to open a Malaysian bank account if you're a foreigner post the 1mdb saga. Couple of conditions to satisfy from having a job to serving a housing loan. Best to check with the banks. I wouldn't go through the hassle to hedge,' a Facebook commenter said. See also It's June! Best time to hit the beach in Johor Bahru! The analysis here is sobering: the perceived 3% interest rate that might entice Singaporeans is largely out of reach unless one has the right residency or employment status. The banking restrictions act as a natural barrier, which means hedging strategies that rely on Malaysian deposits are impractical for the average JB weekender. The risk of holding too much cash A few users also warned against hoarding physical notes. 'Hope you're not buying via physical notes, I have a stack of ringgit from 80s that local money changer that refuse to take in. I have to go to Maybank in Malaysia to exchange…. This will never happen to SG currency… So I never think to hedge such [an] unstable currency unless you have huge business dealings using their currency,' one netizen shared. Their story highlights a hidden risk: Currency redesigns and policy changes can make old notes less liquid. For Singaporeans used to the Singapore dollar's stability, the idea of notes becoming unexchangeable at money changers can be bothersome. It highlights the reality that large ringgit stashes aren't just vulnerable to exchange rates, but also to the currency's weaker credibility over time. So, should you hedge in ringgit? For Singaporeans who cross into JB weekly, keeping a good sum of ringgit can provide convenience and certainty. It smooths out the volatility of daily exchange rates and saves the hassle of multiple trips to the money changer, but the consensus from online reactions is clear: treat ringgit holdings as a way to pre-pay for your future consumption, not as an investment. Those who try to turn this into a profit-making strategy may be overlooking two realities: that the ringgit has historically lost ground against the Singapore dollar and that Malaysia's tighter banking rules make it difficult for foreigners to truly benefit from higher interest rates. Add to this the risk of holding too much physical cash, and the idea of 'hedging' starts to look less like a smart investment play and more like a lifestyle convenience. Ultimately, the safer long-term bet is still to keep savings in stronger currencies such as the Singapore dollar or US dollar, while using the ringgit simply as a practical tool for weekends across the Causeway. Read also: Ringgit edges higher as US dollar weakens, buoyed by steady domestic demand
Business Times
26 minutes ago
- Business Times
Foreign investment in Singapore real estate surges in Q2, but small market may limit further gains
[SINGAPORE] Foreign investment in Singapore property jumped in the second quarter of this year to US$2.3 billion, 572.5 per cent higher than the US$342 million from the same period in 2024, led by mixed-use and industrial real estate, according to real estate consultancy Knight Frank. This was also the biggest increase in the Asia-Pacific (Apac). However, it is uncertain that this pace of growth will be sustained, said Christine Li, head of research for Apac at Knight Frank, to The Business Times. 'Foreign investors always have an interest in Singapore's assets, but the market proves challenging as Singapore does not have a large pool of institutional-grade assets available for acquisition, unlike some larger economies in the region. Asset owners also hold Singapore assets for (a) longer-term horizon,' she noted. PGIM Real Estate, which manages US$210 billion of property assets globally, agrees. 'This is a market which we like, but it's a relatively small market, and it's difficult to deploy capital,' PGIM's Raimondo Amabile, co-head of real estate and global chief investment officer, told BT recently. Still, the Newark-based firm bought Stamford Court with Elevate Capital Group for S$132 million in October 2024. The building is currently being redeveloped into a mixed-use lifestyle hub that will feature a co-working space by Singapore-based co-working brand The Great Room when it opens in the second half of 2026. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up For overseas investors seeking to deploy funds in the city-state, Li suggested looking into value-add opportunities to reap benefits, given the number of ageing assets, in sectors such as office, industrial and hotels. Knight Frank's data covers completed and pending transactions. These include City Developments Ltd's agreement to sell its 50.1 per cent stake in the South Beach mixed hotel-office project to its Malaysian partner, IOI Properties Group, for about S$834.2 million. Another sizeable deal is Mapletree Industrial Trust 's sale of three industrial assets for S$535.3 million to Canada's Brookfield Asset Management. Both are scheduled to be completed in the current quarter. JLL is slightly more bullish, seeing the return of so-called core funds – owned or managed by the likes of pension funds, insurance companies and those with a low-risk profile – to Singapore. Dominance of funds with higher risk 'Core funds that are geography-agnostic are divesting office assets elsewhere with plans to invest into Singapore. Post-capital recycling, 2026 will likely see core funds re-enter Singapore,' it said in a July report. Currently, capital in the city-state is dominated by value-add and opportunistic players, referring to those with a medium-to-high risk appetite, it noted. These usually include the likes of private-equity players, real estate investment trusts and high-net-worth individuals comfortable with higher risks. JLL's data on foreign investment in Singapore property shows similar strong growth. In the nine-month period ended Jun 30, overseas investors pumped US$3.7 billion into Singapore – a year-on-year surge of 442 per cent. Global investors accounted for 68 per cent of the inbound volumes. Apart from Singapore, Australia and Japan were among the top three biggest recipients of foreign investments in Apac during Q2 2025. While American investors are driving the majority of the interest in the Apac region, European buyers have also been active, particularly as they seek to diversify away from the US. 'We are seeing an increase in interest from European investors in the Asia-Pacific region, with many considering reducing their exposures to the US market and reallocating it to other regions,' said Guy Sainsbury, head of investment operations, Asia-Pacific, at Savills Investment Management. Comprising mostly pension funds and private-equity funds, and family offices on a smaller scale, these European investors are most interested in Australia and Japan when considering investments in the region, he added. 'One of the best propositions' Australia captured US$3.8 billion worth of foreign investment in Q2, according to Knight Frank. Apart from being a 118 per cent jump from the same period in 2024, it was also almost a third of the total US$12.1 billion in cross-border activity for Asia-Pacific, noted the real estate consultancy. 'Australia is one of the best propositions right now,' PGIM's Amabile said. A growing population, positive net immigration and low unemployment are spurring demand for residential sectors such as co-living. He added that PGIM is investing a lot of capital in the country, particularly in the build-to-rent sector. It also appears to be positive on Australia's retail sector. In June, PGIM teamed up with Australia's Assembly Funds Management to buy the Woodgrove Shopping Centre in Melbourne for A$440 million (S$366.5 million). Rising net immigration, as well as an anticipated increase in foreign students, is also driving optimism in Australia's student accommodation market. Earlier in August, the Australian government said the country will lift its cap on foreign students by 9 per cent to 295,000 next year. It will also prioritise applicants from South-east Asia. The announcement led the shares of Wee Hur, a Singapore-listed operator/owner of purpose-built student accommodation (PBSA) in Australia, to jump 6.5 per cent to a record high on Aug 6. Growing optimism is leading overseas investors, including those from Singapore, to 'actively' form joint ventures with local players to buy assets in the PBSA sector, said the JLL report. These include Temasek's Mapletree Investments, which said in July that it had started looking at opportunities in Australia , where it said there is growing demand and structural under-supply in the asset. Australia's office sector has also been drawing foreign investors, particularly from Japan. During Q2, Odakyu Electric Railway bought a 10 per cent stake in Salesforce Tower, Sydney's tallest office building. That follows a US$375 million purchase by Daibiru of 135 King Street at the end of March. Foreign investors are likely to continue favouring the country, particularly if the Reserve Bank of Australia sticks to the path to lower interest rates, said market players. The central bank cut the main cash rate by a quarter point to a two-year low of 3.6 per cent on Aug 12. Active Japanese market Japan was also a top pick for foreign investors during Q2. Knight Frank's data showed foreign investors buying around US$2.4 billion in assets, mostly in the residential and industrial sectors. This was despite a 14.8 per cent year-on-year drop in transaction volumes. Given the push by the Tokyo Stock Exchange for companies to restructure their balance sheets to enhance shareholder value, some real estate assets have been made available. The restructure has also fuelled dealmaking in Japan, with mergers and acquisitions hitting a record US$232 billion in the first half of the year. Reforms to tackle chronic low valuations among Japanese firms are fuelling a flurry of foreign and activist-investor interest. The appetite for more deals remains strong, bolstered by Japan's low interest rates. The active private-equity market in Japan is spilling over to real estate, said PGIM's Amabile. And the foreign investors include those hailing from Singapore. CapitaLand Investment in June announced that its private fund, CapitaLand Ascott Residence Asia Fund II, bought a prime mixed-use asset in Tokyo for more than 30 billion yen (S$267.2 million) European investors are also drawn to the residential and multi-family build-to-rent market in Japan, said Savills' Sainsbury.
Business Times
2 hours ago
- Business Times
Foreign investment in Singapore real estate surges in Q2, but size of market may limit further gains
[SINGAPORE] Foreign investment in Singapore property jumped in the second quarter of this year to US$2.3 billion, 572.5 per cent higher than the US$342 million from the same period in 2024, led by mixed-use and industrial real estate, according to real estate consultancy Knight Frank. This was also the biggest increase in the Asia-Pacific (Apac). However, it is uncertain that this pace of growth will sustain, said Christine Li, head of research for Apac at Knight Frank, to The Business Times. 'Foreign investors always have an interest in Singapore's assets, but the market proves challenging as Singapore does not have a large pool of institutional-grade assets available for acquisition, unlike some larger economies in the region. Asset owners also hold Singapore assets for (a) longer-term horizon,' she noted. PGIM Real Estate, which manages US$210 billion of property assets globally, agrees. 'This is a market which we like, but it's a relatively small market, and it's difficult to deploy capital,' PGIM's Raimondo Amabile, co-head of real estate and global chief investment officer, told BT recently. Still, the Newark-based firm bought Stamford Court with Elevate Capital Group for S$132 million in October 2024. The building is currently being redeveloped into a mixed-use lifestyle hub that will feature a co-working space by Singapore-based co-working brand The Great Room when it opens in the second half of 2026. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up For overseas investors seeking to deploy funds in the city-state, Li suggested looking into value-add opportunities to reap benefits, given the number of ageing assets, in sectors such as office, industrial and hotels. Knight Frank's data covers completed and pending transactions. These include City Developments Ltd's agreement to sell its 50.1 per cent stake in the South Beach mixed hotel-office project to its Malaysian partner, IOI Properties Group, for about S$834.2 million. Another sizeable deal is Mapletree Industrial Trust 's sale of three industrial assets for S$535.3 million to Canada's Brookfield Asset Management. Both are scheduled to be completed in the current quarter. JLL is slightly more bullish, seeing the return of so-called core funds – owned or managed by the likes of pension funds, insurance companies and those with a low-risk profile – re-entering Singapore. Dominance of funds with higher risk 'Core funds that are geography-agnostic are divesting office assets elsewhere with plans to invest into Singapore. Post-capital recycling, 2026 will likely see core funds re-enter Singapore,' it said in a July report. Currently, capital in the city-state is dominated by value-add and opportunistic players, referring to those with a medium-to-high risk appetite, it noted. These usually include the likes of private-equity players, real estate investment trusts and high-net-worth individuals comfortable with higher risks. JLL's data on foreign investment in Singapore property shows similar strong growth. In the nine-month period ended Jun 30, overseas investors pumped US$3.7 billion into Singapore – a year-on-year surge of 442 per cent. Global investors accounted for 68 per cent of the inbound volumes. Apart from Singapore, Australia and Japan were among the top three biggest recipients of foreign investments in Apac during Q2 2025. While American investors are driving the majority of the interest in the Apac region, European buyers have also been active, particularly as they seek to diversify away from the US. 'We are seeing an increase in interest from European investors in the Asia-Pacific region, with many considering reducing their exposures to the US market and reallocating it to other regions,' said Guy Sainsbury, head of investment operations, Asia-Pacific, at Savills Investment Management. Comprising mostly pension funds and private-equity funds, and family offices on a smaller scale, these European investors are most interested in Australia and Japan when considering investments in the region, he added. Australia captured US$3.8 billion worth of foreign investment in Q2, according to Knight Frank. Apart from being a 118 per cent jump from the same period in 2024, it was also almost a third of the total US$12.1 billion in cross-border activity for Asia-Pacific, noted the real estate consultancy. 'One of the best propositions' 'Australia is one of the best propositions right now,' PGIM's Amabile said. A growing population, positive net immigration and low unemployment are spurring demand for residential sectors such as co-living. He added that PGIM is investing a lot of capital in the country, particularly in the build-to-rent sector. It also appears to be positive on Australia's retail sector. In June, PGIM teamed up with Australia's Assembly Funds Management to buy the Woodgrove Shopping Centre in Melbourne for A$440 million (S$366.5 million). Rising net immigration, as well as an anticipated increase in foreign students, is also driving optimism in Australia's student accommodation market. Earlier in August, the Australian government said the country will lift its cap on foreign students by 9 per cent to 295,000 next year. It will also prioritise applicants from South-east Asia. The announcement led the shares of Wee Hur, a Singapore-listed operator/owner of purpose-built student accommodation (PBSA) in Australia, to jump 6.5 percent to a record high on Aug 6. Growing optimism is leading overseas investors, including those from Singapore, to 'actively' form joint ventures with local players to buy assets in the PBSA sector, said the JLL report. These include Temasek's Mapletree Investments, which said in July that it had started looking at opportunities in Australia , where it said there is growing demand and structural undersupply in the asset. Australia's office sector has also been drawing foreign investors, particularly from Japan. During Q2, Odakyu Electric Railway bought a 10 per cent stake in Salesforce Tower, Sydney's tallest office building. That follows a US$375 million purchase by Daibiru of 135 King Street at the end of March. Foreign investors are likely to continue favouring the country, particularly if the Reserve Bank of Australia sticks to the path to lower interest rates, said market players. The central bank cut the main cash rate by a quarter point to a two-year low of 3.6 per cent on Aug 12. Active Japanese market Japan was also a top pick for foreign investors during Q2. Knight Frank's data showed foreign investors buying around US$2.4 billion in assets, mostly in the residential and industrial sectors. This was despite a 14.8 per cent year-on-year drop in transaction volumes. Given the push by the Tokyo Stock Exchange for companies to restructure their balance sheets to enhance shareholder value, some real estate assets have been made available. The restructure has also fuelled dealmaking in Japan, with mergers and acquisitions hitting a record US$232 billion in the first half of the year. Reforms to tackle chronic low valuations among Japanese firms are fuelling a flurry of foreign and activist-investor interest. The appetite for more deals remains strong, bolstered by Japan's low interest rates. The active private-equity market in Japan is spilling over to real estate, said PGIM's Amabile. And the foreign investors include those hailing from Singapore. CapitaLand Investment in June announced that its private fund, CapitaLand Ascott Residence Asia Fund II, bought a prime mixed-use asset in Tokyo for more than 30 billion yen (S$267.2 million) European investors are also drawn to the residential and multi-family build-to-rent market in Japan, said Savills' Sainsbury.
