Latest news with #CertificateofEntitlement
Time Out
3 days ago
- Business
- Time Out
Revealed: Asia's most expensive cities to 'live well' in 2025
If you like living the high life but want to stretch your dollar, then this new list is a good guide for where not to go. According to the Julius Baer Group's Global Wealth & Lifestyle Report 2025, three cities in Asia have made it to a list of the top most expensive cities for 'living well'. The Julius Baer Lifestyle Index tracks the cost of living a high-net-worth lifestyle in 25 cities around the world. Some things it takes into consideration: residential property prices, private healthcare costs, business class flights, luxury goods, and even the cost of an MBA. This year, a survey of high-net-worth individuals adds insight into their habits and perspectives. So, the most expensive cities in Asia for high-fliers? Singapore, Hong Kong, and Shanghai. Singapore gets the (dubious) honour of being No. 1 on the list, and for the third year running too. It ranks first globally for the cost of cars (no thanks to the Certificate of Entitlement that must be purchased to own a car in Singapore) and women's handbags. So maybe get your Louis Vuitton goods somewhere else. Treadmills, on the other hand, are the most affordable index item to get in the country – all the better to work off those degustation dinners. Hong Kong is the third-most expensive city in the world for living well. It slipped one place compared to its ranking last year, losing its second-place spot to London. This is not a place where you want to get in trouble – lawyers are the city's costliest index item. But we guess you can drink your sorrows with endless bottles of champagne, its cheapest index item. Nevertheless, Hong Kong remains attractive to the wealthy thanks to its welcoming tax and investment environment, as well as its proximity to China. Finally, Shanghai, which slipped from No. 4 to No. 6 this year. According to the report, Shanghai's fall in the ranking could be due to cultural reasons – displays of wealth are increasingly frowned upon in China. Perhaps it's a good idea to keep it modest after all: individuals can expect to pay a hefty sum for fine dining meals, the priciest globally, and watches, which have seen a more than 11% increase in price over the last year. These are the top 10 most expensive cities for living well: Singapore London Hong Kong Monaco Zurich Shanghai Dubai New York Paris Milan
Online Citizen
4 days ago
- Automotive
- Online Citizen
SM Lee defends market approach for COE while Jamus Lim urges more empathy and social fairness
SINGAPORE: On 15 July 2025, Senior Minister Lee Hsien Loong staunchly defended Singapore's Certificate of Entitlement (COE) system during a dialogue at the 69th Annual Dinner of the Economic Society of Singapore (ESS). Responding to public concerns over affordability and fairness, Lee reiterated that the COE system remains a vital mechanism to allocate Singapore's scarce road space through market pricing. During the event, moderator and ESS President Euston Quah raised the question of whether COEs should be made more affordable for those who may have greater need for a car. Lee replied that while he understood the desire to tailor COE prices to individual circumstances, but any attempt to engineer it too finely to meet individual needs would fail. 'There's really no easy way to make something which is valuable be distributed fairly, and at the same time, very cheap,' Lee explained, adding that trying to factor in individual needs such as family size or disability would make the system contradictory and unmanageable. Lee reiterated the purpose of the COE system: to use market forces to manage limited road space and control car ownership. He noted that the Government had already brought forward future quotas to increase COE supply and ease upward price pressure, but cautioned that managing demand remained the core challenge. Lee rejected alternatives like Beijing's licence plate lottery, arguing it would not be suited to Singapore's context. Pressed again by Quah on whether special groups should receive concessions, Lee maintained that while Singaporeans are entitled to reliable, affordable public transport, car ownership was not a guaranteed right. 'I can guarantee every Singaporean affordable, convenient transportation. I cannot guarantee every Singaporean an affordable car,' Lee stated. 'It is different from HDB houses. Every Singaporean household can get one. But cars, no.' Lee suggested that instead of adjusting the COE system, the Government could provide direct financial assistance to those in need. 'For example, if you have a child, it is better that I give you a bigger baby bonus rather than a cheaper COE,' he said, arguing that such an approach is more transparent and less prone to loopholes. Jamus Lim calls for deeper social values in policymaking In a Facebook post on 16 July 2025, Workers' Party Member of Parliament Associate Professor Jamus Lim acknowledged Lee's 'masterclass' in economic reasoning but expressed concern about over-reliance on market mechanisms. The Sengkang MP stressed that values such as compassion, equity, and loyalty cannot be captured by prices alone. 'What's sorely missing… is how those with genuine needs may not have the purchasing power to meet those needs, even if their needs may have more merit,' Lim wrote. Lim contended that when Lee defaults to an auction-based mechanism, he is not merely saying, 'I don't have the wisdom to decide. Let the market choose.' Rather, he is conceding the fulfilment of needs to those who are better positioned financially — those with more money. While acknowledging that Lee had rightly underscored the importance of access to public transport, Lim argued that not every facet of life should be governed by market logic. 'Society has values—about compassion, equity, respect, and loyalty—that's are poorly valued by impersonal markets,' Lim wrote, drawing parallels to family and civic life where altruism prevails over transaction. Lim called on Singaporeans to view existing policies not as immutable structures, but as systems open to reform. 'We are not mindless slaves to the prevailing structures… If we want to head toward a more empathetic and just society, then it is on us to seize that vision and make it real,' he stated. SM Lee responds to Lim's post publicly in rare gesture In a rare gesture, Lee's official Facebook account commented directly on Lim's post, reiterating key points from his dialogue remarks. Lee clarified that the Government's approach was to (1) ensure access to efficient public transport, and (2) directly assist groups in need, such as by increasing financial grants to families with young children. Rather than complicate the COE system, these targeted interventions better address social needs, Lee maintained. 'Therefore where we disagree is not over who cares more for our fellow Singaporeans, but what is the best way to meet people's needs and take care of them,' added Lee. Lim calls for more targeted measures In response, Lim thanked Lee for elaborating on his position, acknowledging the clarity on the two points raised. He agreed with the focus on accessible public transport and recognised the rationale behind financial grants, but argued for a more direct mechanism to signal support for specific social groups. 'I, however, favour a more targeted mechanism, ' Lim explained. 'It would not only better channel behavior toward a specific social objective, but also signal more directly as to how the government is helping certain groups out (while also blunting the transactional nature of the system).' Lim concluded by emphasising that the disagreement was not about who cares more for Singaporeans, but about different philosophies on how best to help them. ' And that, in turn, hinges on our differing beliefs about the behavior of people, and the efficacy of markets,' Lim wrote. Calls grow for needs-based tweaks to COE system amid fairness concerns A Netizen commented on Jamus Lim's post agreed that while the COE system is efficient, it can be unfair to those with genuine needs who cannot outbid wealthier buyers. The comment suggested ideas like reserving a portion of COEs for people with special needs, offering targeted subsidies, or creating separate COE categories for essential use vehicles. Others proposed measures such as instalment payments or capped bids to protect vulnerable groups from price spikes. Some pointed to international examples like Beijing's licence lottery, arguing it shows how non-market allocation can reduce inequality and traffic. Others noted that Singapore's own public housing and education subsidies prove needs-based systems can work. A comment criticised past governance for being overly profit-driven and for letting market forces dominate basic social goods like housing. Assoc Prof Lim himself replied that modern economics offers practical tools—like better auction designs and exemptions—that could balance efficiency with fairness if society chooses to act.
Business Times
5 days ago
- Business
- Business Times
Impact of US tariffs will outlast Trump: SM Lee
[SINGAPORE] The impact of US tariffs will last beyond US President Donald Trump, as economic policies cannot be easily reversed, said Senior Minister Lee Hsien Loong on Tuesday (Jul 15). Asked if the impact of US tariffs might be temporary, SM Lee replied firmly: 'I do not believe that. 'It will not remain like this, but it will not go back to the status quo ante,' he said in a dialogue at the Economic Society of Singapore's annual dinner. 'In trade policy, economic policy, once you make a move, you can't take it back. There are consequences.' If future US leaders try to roll back the tariffs, they will face objections from businesses that relied on those protections and have vested interests, he said. He noted that former US president Joe Biden did not overturn earlier tariffs that Trump imposed on China in his first term. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'It's politically not possible because then you will be attacked: 'You know, your predecessor did this to protect us. Why are you unilaterally giving away a chip? You must bargain for something.'' As for what the new framework for the global economy might be, SM Lee said: 'I suppose the best framework is the world temporarily minus one.' This means the framework 'mostly remains', but the US is trying to change the rules – even as it 'still has to do business with the world'. But he referred to it as 'temporary', because the US may eventually return and 'participate again in a more open and constructive way'. Meanwhile, like-minded countries can collaborate through platforms such as the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, he said. 'We should try to make the multilateral framework less bad, rather than write it off.' The economics of climate change and policymaking Geopolitics was one of three themes in the dialogue, alongside climate change and domestic policy issues such as healthcare costs and the Certificate of Entitlement (COE) system. On climate change, SM Lee said that Singapore aims to be 'a good global citizen' and do its part, even though it does not contribute much to global emissions. Singapore should try to do this in a 'rational way', he added, pointing to its carbon tax. This may cause some businesses to reconsider their plans if they cannot cut emissions, he noted. 'But if we are serious about wanting to peak before 2030 and to decline progressively after that, then there's really no alternative,' he said, referring to Singapore's emission targets. 'If everybody can do it without pain, then you probably haven't done very much,' he quipped. On domestic policy, SM Lee stressed that many ministries – not just economic ones – must understand economic forces such as incentives. At the same time, there are areas where the government must intervene so that market forces do not diminish social outcomes, such as healthcare. The healthcare system must be structured with enough intervention to prevent the private sector from 'running off on its own', yet enough 'costing and pricing' to encourage efficiency and discourage overuse, he said. 'I think that we have a balance which works not badly now, although this is a continuing challenge because healthcare technology and costs keep on moving year by year.' For instance, integrated shield plans mean patients do not have to pay at the point of use – but this is causing market failure and something must be done, he noted. On COEs, SM Lee acknowledged that there are 'many good arguments' on making these cheaper for some users, such as those with young children. Yet a system that takes in all these concerns will be too complicated, and may end up with contradictions and the wrong incentives. 'There is really no easy way to make something which is valuable be distributed fairly, and at the same time, very cheap,' he said. The government can guarantee every Singaporean affordable transport, but cannot guarantee that every Singaporean can easily afford a car, he added.
Business Times
5 days ago
- Automotive
- Business Times
Sealion 6 plug-in hybrid becomes first car with a petrol engine that BYD brings to Singapore
[SINGAPORE] For the first time, China auto giant BYD has launched a car with a petrol engine in Singapore, joining its current range of full electric vehicles (EVs) here. Set to be launched on Wednesday (Jul 15), the Sealion 6 DM-i large sport utility vehicle is a plug-in hybrid electric vehicle (PHEV) that runs on petrol, but can also cover short distances on electricity alone. It is priced from S$212,888 including a Certificate of Entitlement. BYD said the aim is to capitalise on Singapore's expanded charging facilities and greater acceptance of EVs, while still appealing to customers who worry about range. BYD Singapore managing director James Ng told The Business Times: 'We feel it is timely to introduce our Sealion 6 to Singapore now as the charging network is quite widespread, (yet) there are still a handful of customers who want to drive further, such as to Malaysia, but have concerns about chargers.' Conventional hybrid EVs have a petrol engine, electric motor and battery. They recover energy from braking or slowing down, and can cover very short distances on full electricity, typically less than 1 km. 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 Unlike conventional hybrids, PHEVs have larger batteries that can be charged from an external source – the same as EVs – and can therefore travel further on full electric power. BYD's PHEVs combine the strengths of battery EVs and an internal combustion engine, said Ng. 'With the electric range, you can charge every two or three days and drive it like an EV, but also go further without worry.' Less range anxiety The Sealion has a 1.5-litre petrol engine and an electric motor, with a maximum combined output of 216 kilowatts (kW). The car is capable of 18 kW direct-current fast charging, meaning its 18.3 kW-hour battery pack can be charged in around 80 minutes. BYD estimates the car's electric range at around 80 km and its total maximum range at 1,100 km. BYD began operating in Singapore in 2014, and previously sold only EVs here. Fuelled by aggressive sales tactics and government EV incentives, the Chinese brand has risen to the top of the Republic's market, with 3,827 cars registered in the first five months of 2025. It aims to sell 10,000 cars by the end of the year. PHEVs have been available in Singapore since 2013, but have not seen widespread adoption as they are typically more expensive than both conventional hybrids and EVs, due to the higher cost of larger batteries and lesser incentives. Incentives for EVs go up to S$40,000, but the maximum incentive for a PHEV is S$2,500. In the first five months of 2025, 159 PHEVs were registered, compared to 7,838 EVs. But PHEVs make up a big chunk of its sales elsewhere. Of 380,000 passenger vehicles that BYD sold across all markets in June, 45 per cent were PHEVs. In China, where most of BYD's sales are, the same incentives apply to EVs and most PHEVs. In Singapore, PHEVs have mainly come from more luxurious brands such as BMW, Mercedes-Benz and Volvo, with mainstream manufacturers like GAC, Jaecoo and Mazda introducing PHEV models here only this year.
Time of India
5 days ago
- Business
- Time of India
Zoho's Sridhar Vembu on how to make Indian cities livable like Singapore that limits car ownership through certificates
Zoho founder Sridhar Vembu has called for building extensive public transport networks across Indian cities to make them more livable, citing Singapore as a successful model that limits car ownership through policy innovation. 'I want to add that Singapore, one of the most advanced economies in the world and one of the most livable cities, relies extensively on public transport,' Vembu wrote on X. 'Singapore also limits the number of private cars through the mechanism of open market trading of Certificate of Entitlement (COE), which is required to own a car. The certificate itself can cost over SGD 100,000—on top of the car's price. Indian cities are far denser than Singapore. We have to build extensive public transport to make our cities livable. It can be done.' Vembu's remarks came in response to a post by MP Tejasvi Surya , who criticised the Karnataka government's Rs 18,500 crore tunnel road project in Bengaluru . Surya argued that the project serves only the top 10% of car owners while neglecting mass transit needs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Domchanch: 1 Trick to Reduce Belly Fat? Home Fitness Hack Shop Now Undo 'The Rs 18,500 crore tunnel road is a deadweight on Bengaluru,' Surya said. 'What the city actually needs are: 16,580 BMTC buses by 2031 (we have just 6,800 now) 317 km Metro by 2031 (only 78 km operational today) Yellow Line has been ready for four years but remains unopened. Over 20 flyover and road projects are stalled. Instead of addressing these issues, CM Siddaramaiah and DCM DK Shivakumar are pushing a vanity project that serves the few, not the many.' In June, the Karnataka cabinet approved two major underground tunnel corridors under a Build-Own-Operate-Transfer (BOOT) model. Private players will recover costs through tolls collected over 30 years. Deputy CM Shivakumar said global tenders would be floated 'in the next two or three days.' According to the project's detailed report, the 16.6 km tunnel from Esteem Mall in Hebbal to Silk Board Junction will cut travel time from 90 minutes to 45. Entry/exit ramps are proposed at Mehkri Circle, Race Course, and Lalbagh. The estimated toll for cars is Rs 330. Other proposed tolls include: Live Events Hebbal–Sarjapur/HSR Layout (16.3 km): Rs 320 Hebbal–Hosur Main Road (12.7 km): Rs 250 Hebbal–Seshadri Road (9 km): Rs 180 Mehkri Circle–Silk Board (12.5 km): Rs 245 Tolls are expected to rise annually by 5% (based on WPI), capped at 40%. Vembu's post prompted responses from several users on X. One asked, 'Sir, will the Indian public even accept something like Singapore's car ownership certification model? More importantly, do our policymakers even think in that direction?' Another user commented, 'Sridhar Sir, come to Delhi and I'll show you how car manufacturers shape public transport policy. Every day, at least 10,000 cars leave Delhi for Gurgaon—just to get to Cyber City. Why isn't there a direct Metro line from Delhi to Gurgaon? That's the real question.' A third user wrote, 'People often mistake public infrastructure for just bigger roads and bridges. But real infrastructure means building world-class public transport that even the elite prefer to use.'
