CNA938 Rewind - Open for Business: Is Malaysia's new sales tax on non-essentials necessary?
CNA938 Rewind
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From July 1st, Malaysia will impose a sales tax rate of 5 per cent or 10 per cent on non-essential and luxury goods, including salmon and imported fruits. The service tax will also be expanded to cover six new categories, including rental and leasing. But what necessitated it and how will it hit consumers both in Malaysia and shopping Singaporeans? Andrea Heng and Susan Ng chat to Cassey Lee, Economist, Senior Fellow and Coordinator for the Regional Economic Studies Programme at ISEAS-Yusof Ishak Institute to find out more.
CNA938 Rewind - Open for Business: Is Malaysia's new sales tax on non-essentials necessary?
From July 1st, Malaysia will impose a sales tax rate of 5 per cent or 10 per cent on non-essential and luxury goods, including salmon and imported fruits. The service tax will also be expanded to cover six new categories, including rental and leasing. But what necessitated it and how will it hit consumers both in Malaysia and shopping Singaporeans? Andrea Heng and Susan Ng chat to Cassey Lee, Economist, Senior Fellow and Coordinator for the Regional Economic Studies Programme at ISEAS-Yusof Ishak Institute to find out more.
12 mins
CNA938 Rewind - Malaysia's Booker Prize nominee Tash Aw discusses 'The South' – the first in a quartet of novels
In 'Culture Club', Melanie Oliveiro speaks with Malaysian author Tash Aw, known for international bestsellers like 'The Harmony Silk Factory' and the longlisted Booker Prize novel 'Five Star Billionaire'. Twenty years after his debut title, Aw will talk about 2025's 'The South' which is a coming-of-age tale of teenager Jay Lim who – with his family – moves south of the Malaysian peninsula to a neglected farm that they have inherited. Aw will talk about the characters and era that propel the story and how 'The South' is the first in a quartet of novels.
39 mins
CNA938 Rewind - Travel & the average Singaporean - an Allianz Partners survey
In 'Destination Anywhere', Melanie Oliveiro analyses key travel survey results released by Allianz Partners, a global firm providing B2B2C insurance and assistance. Managing Director Vinay Surana will discuss the Allianz Partners Travel Index survey which - for the first time - has released some Singapore findings. Surana will discuss trends like why some Singaporeans are not travelling; what concerns they have about going overseas; using AI for holiday planning; and even aisle passenger behavioural trends.
19 mins
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CNA
an hour ago
- CNA
Bao Er Cafe opens new outlet in Holland Village, serving its popular kaya toast and Hokkien mee
Fabulous kaya toast is coming to the village. Jeremy Tan, 40, and his wife Bao Er Thai, 46, behind viral kaya toast and Hokkien mee joint Bao Er Cafe (and its slightly fancier sibling Treasure Toast on Purvis Street), are set to open a new outlet – this time in the decidedly more glam Holland Village. Opening on Jul 1 within a shophouse at Lorong Mambong, the new spot will operate under the Bao Er Cafe banner – but with extended hours and a dinner focus that sets it apart from the original Balestier location. Bao Er is best known for its delicately light and crisp toast dripping with lemak kaya, as well as wok hei-laden Hokkien mee – all served in a no-frills setting in drab Balestier Plaza. SAME MENU, EXTENDED HOURS The Holland Village Bao Er will serve the same crowd-pleasing menu that made the original famous: Super thin toast with a thick slab of SCS butter and homemade kaya with freshly squeezed coconut milk, smoky Hokkien mee that draws long queues, plus wok hei bee hoon. However, prices will be closer to those at Treasure Toast – S$8.80 for the Hokkien mee (vs S$8 at Balestier) and S$6 for the kaya toast set (vs S$5 at Balestier). YOU CAN PURCHASE THEIR KAYA BY THE JAR For now, no new dishes have been planned. "Our manpower is too limited to handle new dishes at the moment," Tan explained. However, fans of their signature kaya can take some home – the luscious spread is sold in 250ml plastic containers for S$7.50. Unlike the Balestier outlet, which opens from 8am to 8pm, the new Holland Village one will operate from 7am to 10pm daily, making it Tan's first foray into a proper dinner service. 'We've always wanted to target areas like Serangoon Gardens, Holland Village – the nightlife there is better for serving dinner as well,' he says. Tan and his wife Thai will be personally manning the kitchen at Holland Village for now, ensuring consistency. STEEPER RENT AT UNIT WHERE PREVIOUS TENANT "RAN AWAY" This HV joint seats about 70 diners, a mix of air-conditioned and al fresco seats, versus the 50-plus seats at Balestier. Expect a vibe more in line with Treasure Toast's minimalist and casual aesthetic than Balestier's old-school feel. "The rent is steep in this area," Tan said, noting that he and his wife Thai, alongside their business partner, invested around S$200,000 to convert the space, which was formerly occupied by a mala hotpot shop called Spicysichuan SG 辣食你. According to Tan, the previous operators 'ran away' without notice, leaving the place vacant. Despite the previous tenant breaking the contract, he says they didn't enjoy a rental discount. 'We got the same rate as the previous tenant,' he added. WHY HOLLAND VILLAGE? Meanwhile, Tan shared that business at Treasure Toast is 'sustainable', even after the initial media hype and buzz died down. But he admitted that aside from busier lunch hours, its CBD location means it's "quite quiet at night". Tan hopes that his upcoming Holland Village eatery will have better evening footfall to justify its extended operating hours and higher rent. UNLIKELY PARTNERSHIP WITH OPTICAL SHOP BOSS This marks the second collaboration between Tan and his childhood pal, also named Jeremy (Wong), 39, following their Treasure Toast partnership. The latter is the owner of optical chain W Optics and the two have known each other since they were six years old. The division of labour remains the same: Tan and his missus handle the kitchen, while their partner leverages his optical chain business experience to manage backend operations, accounting and rental negotiations. BAO ER BALESTIER STILL DRAWING CROWDS Tan shared that business at Bao Er in Balestier is still going strong. 'Revenue is very consistent.' The outlet continues to draw loyal fans – with average waiting times of 20 to 30 minutes during peak hours. 'Parking is easier there and prices are lower,' he reasoned. That being said, the upcoming Holland Village outlet is a key piece in Tan's ambitious plans. "Once our Holland Village outlet is in place, we will look for more locations to open shop – not all central. So there will be a Bao Er located in the north, south, east, west, too'.
Independent Singapore
an hour ago
- Independent Singapore
‘Yes, an average Joe like me can also become a millionaire' — Singaporean, 35, shares his blueprint on how he got rich to own a Lamborghini
SINGAPORE: Through a recent street interview with Asian Boss, we got an inside look at one of Singapore's self-made young millionaires who casually dropped his blueprint with us for building wealth in the Lion City. This 35-year-old former chef—yes, a former chef, you read that right—is someone who even skipped culinary school in the U.S. just to save money. Not exactly the traditional image of millionaire material, is it? However, let's rewind a little bit more. Before this every day Singaporean started running multiple businesses, dabbling in private equity investments, and driving around the Little Red Dot with his million-dollar Lambo, he too, had a humble beginning. His financial philosophy? Less 'get rich quick,' more 'invest smart, hustle hard, skip the Rolex (for now),' to make even an average Joe like him leap to millionairehood, and here's what we think we can learn from his journey. Humble beginnings: From hot kitchen to cool capital Before all the private equity funds and fancy wheels, our millionaire hero was a chef. Like, knife skills, heat-of-the-kitchen, Michelin-level chef. After earning a diploma in Culinary Arts and Management, he honed his skills in prestigious kitchens. However, rather than serving soufflés forever, he made the bold decision to skip further studies at a prestigious culinary school in the U.S.—not because he wasn't accepted, but because he chose to save money. That tuition fund? He mentally labelled it a 'loan' from his parents and redirected the S$50,000 into his first foray into business—seafood trading and a backpack brand, both of which eventually brought solid returns. One business was sold to a larger retail group, and just like that, the seed of wealth began to sprout. This wasn't a rags-to-riches overnight success story. It was more like 'knives to net worth,' slowly building momentum one calculated risk at a time. Investing like a grown-up (even before he felt like one) These days, he splits his time between running a food-and-beverage corporate catering firm and investing in funds, such as Seatown—a private equity fund owned by Temasek Holdings. That's not exactly something you hear every day from a 35-year-old. His secret sauce? Making his money work harder than he does. He's not hoarding cash in bank accounts. Instead, he's spreading his chips across real estate, equity funds, and even good ol' fixed deposits. Because in his words, 'We've got to make the money work. As things get more expensive, we need to beat inflation.' Sounds simple enough, but the execution? That's where discipline meets dollars. Passion vs. paycheck: Can you have both? He's quick to crush the illusion that following your passion will immediately flood your bank account. 'You have to find ways to monetise your passion,' he advises. Translation: your guitar-playing dreams (unless you can immediately monetise from it) might need to wait while you build your e-commerce empire first. The key? Delay gratification, even if your heart screams otherwise. He confesses that, early on, he succumbed to temptation and splurged on a Rolex—only to regret it later. 'I needed that cash to function and build something,' he says. Lesson learned: Time is money, but the watch doesn't have to cost five figures. Millionaire mindset: No budgeting spreadsheet? Not a problem! While he doesn't use a strict Excel budget sheet (yes, really), he has a crystal-clear sense of his expenses and avoids debt like it's last week's leftovers. When it comes to credit cards, he's all about making them work for him. 'If you're going to spend the money anyway,' he reasons, 'Why not get miles or cashback?' Spoken like a man who knows his way around a rewards system and a balance sheet. Financial freedom is a work in progress So, is he financially free? 'Well… I don't think a lot of Singaporeans will feel entirely financially free,' he admits. 'Our cost is always rising,' but at 35, he's still got the drive—and the stamina—to hustle harder toward that goal. 'I'm still willing to go hard and work harder to make myself more financially free,' he says, with the quiet confidence of someone who knows the grind isn't over. Also, about that Lamborghini? Yes, it's his. Brand new, the car would've set him back around S$1 million—but he managed to snag it at a solid deal. Because even when you're playing in the millionaire league, a good bargain is always a win. But isn't Singapore just special? He acknowledges that Singapore gives hustlers a head start: a transparent business system, pro-enterprise government, and access to grants and info that budding entrepreneurs elsewhere might kill for. So he's still adamant that anyone can do this. Anyone can make it if you really put your heart and mind to it, since 'Singaporeans are very blessed,' with such privileges, he says. 'I came from nothing. (HDB flat kind of life),' he added, so if he can make it, 'the underdogs can make it too.' In his eyes, Singapore's infrastructure is solid, but the drive has to come from within. The social media mirage He wants people to know—especially the younger crowd—that success isn't about flexing your car, house, and watch on Instagram. 'People only see the five minutes we post something nice on social media, but they don't see the 10-, 12-, 14-hour workdays/sacrifices behind it.' See also New report hails Singapore as wealth capital of Asia-Pacific The glitz? That's the filtered version. The grind? That's real life. When asked what he wishes more people understood about him as a millionaire, he drops something unexpectedly personal: 'I had a very bad mental health struggle in 2021 during the COVID pandemic. I had anxiety. Sleepless nights. I eventually had to seek medical help.' He also admitted that he had once brushed off mental health as a 'joke' and just a 'Western thing'—until it hit him like a freight train. Now, he's an advocate for listening to your body, seeking help, and recognising that burnout can derail even the best-laid financial plans. The millionaire blueprint So what's the takeaway from this very grounded Singaporean success story? Start small. Even S$50K (or less) can snowball if you're smart. Make money work. Don't park it, invest it. Avoid the shiny stuff. Rolexes won't make you rich. Live simply. Financial freedom isn't about flaunting. Stay real. Mental health matters. Passion matters. But strategy matters most. Above all, this young millionaire's life proves one thing: You don't need to be born into money, win the lottery, or sell your soul to hustle culture. You just need grit, vision, and a willingness to delay gratification (plus, no worries about spreadsheeting if you don't want to). As he puts it, 'Yes, an average Joe can be a millionaire too,' and sometimes, that average Joe ends up driving a Lamborghini. Who knows, it could even be yours one day. Read another inspiring story of someone who made his passion a source of income and success: Raymond Lam: He could've inherited millions—instead, he broke free of his family's legacy to rule TV, Film, and Music as Hong Kong's only 'King of Chok'
CNA
3 hours ago
- CNA
CNA938 Rewind - Mind Your Money - To own or to lease? That is the question…
CNA938 Rewind With COE and motor insurance costs on the rise, is it still worth buying a car — or does leasing make more sense? Cheryl Goh weighs the options with Desmond Chan, Editor of SG Car Mart.
