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CNA
2 days ago
- Business
- CNA
Singapore needs to 'think harder' on ways to integrate AI into work: PM Wong
SINGAPORE: Singapore will have to put more thought into helping businesses, especially smaller ones, harness the use of artificial intelligence in their work processes, said Prime Minister Lawrence Wong on Tuesday (Jul 29). To this, Mr Wong said Singapore is well positioned to do so "company-by-company" given its compact size, adding that the country should also "not just rush headlong" into AI and think hard on how to redesign jobs and retrain workers at the same time. He was speaking during a dialogue at an Institute of Policy Studies (IPS) and Singapore Business Federation (SBF) conference titled "Global-City Singapore: SG60 and Beyond". The dialogue was moderated by IPS director Janadas Devan and covered a wide range of topics including US trade tariffs, Singapore's social compact and inequality in Southeast Asia. In response to a question from Ambassador-at-large Tommy Koh about how prepared Singapore is to harness the benefits of the technology, Mr Wong said there is a lot of potential to be unlocked when it comes to AI. "We will have to think harder about how we can help every company, big and small, especially our smaller enterprises, make full use of AI." That will involve integrating it into processes, transforming businesses and industries, and elevating productivity in a more significant way. While AI is relatively accessible, most people still do not make use of its full potential, Mr Wong said. 'Most of us use AI the way we use Google. That's not exactly the best way to use AI.' Mr Wong said he recently spoke with a chief executive officer who set aside some time with his management team to think about how AI can transform their company. The team realised there were 'tremendous advantages' that they had not thought about before. 'That kind of a transformation – if we can make it happen, company by company – can yield significant advantages for us. 'If there is any country that can do that, it is us, because we are small, we are compact, and we can do this, company by company.' A pre-conference survey by IPS found that c ompanies in Singapore are less ambitious than firms in other Southeast Asian countries when it comes to future automation plans. Most of the Singapore companies polled in the survey also expect automation to have a limited impact on employment compared with firms in some Southeast Asian countries. Mr Wong said that there are rewards for countries that are technology pioneers and are on the cutting edge. 'But in fact, the big advantage of technology is when there is broad-based adoption, when countries really, truly harness technology across the entire economy,' he said. 'That's when you reap the real benefits.' AI'S IMPACT ON JOBS While adopting AI, however, Singapore will also need to think 'equally hard' about doing so in a way that creates jobs for locals. History suggests that jobs will disappear and evolve because of technology, but the newly created jobs are usually better and higher paying. But there are concerns that AI will be different because it can do so many things that humans can. 'People are worried, people are wondering, and there are good reasons to be concerned,' said Mr Wong. Singapore has no choice when it comes to adopting technology, but should try to do so in a 'meaningful and deliberate manner' that creates jobs. 'It's up to us,' he said. 'And again, we can do it in Singapore because we have the ability as a compact system.' The government has a good relationship with employers and unions, and can discuss how to redesign jobs and retrain workers. 'That's what we must do in Singapore, not just rush headlong into AI,' he said. 'Embrace it, adopt it, but always make sure that the technological changes that we harness, the power of technology, benefits workers not replaces them, and always ensures that workers will thrive in this new environment.' GLOBAL CITY AMID GEOPOLITICAL TENSIONS Mr Wong also responded to a question from Mr Janadas about how Singapore is preparing to face global challenges such as trade tariffs and an uncertain economic outlook. Beyond the immediate issues, however, Singapore's government and society need to think about how to prepare for a very different environment. 'We will need to update and refresh our economic strategies for a changed world,' he said. The Singapore Economic Resilience Taskforce is thinking about how best to do this, and will be making some announcements in due course,' Mr Wong said. The taskforce was formed in April to help businesses and workers deal with the effects of the US tariffs. Deputy Prime Minister Gan Kim Yong, who heads the task force, will be speaking at the same conference later on Tuesday. Even in a fragmented world, there will be a 'global network of cosmopolitan cities' that stand out. 'We want to be one of them – a shining node where the human spirit thrives, where people want to be here to do business and to make things happen,' he said, when asked what Singapore's place is in a changing world. Singapore does not have to copy others, but should have confidence to chart a path. 'We will never be like New York or Paris, and we don't have to be. Here, we are cosmopolitan, but we are Asian, we are multicultural,' he said. He acknowledged that some will say Singapore is boring, and there is some truth to that even as the country tries to be more exciting and have more lifestyle offerings. 'But at the same time, we are stable, we are predictable, we are reliable, and we are trusted,' he said. 'And these are intangible assets that others would die to have.' Singapore should embrace its strengths and competitive advantage, build on them and add value to the world. 'We can make it happen. We already are, in many ways, successful, because of our track record, because of our reputation, and we can build on these strong foundations to do even better.'
Borneo Post
7 days ago
- Business
- Borneo Post
Sarawak, Thailand explore trade, investment ties through networking session
Abang Karim (front, third right) presents a memento to Worawan while (from right) Chai and Ting look on. KUCHING (July 24): The Sarawak Business Federation (SBF) and a visiting Thailand Trade Mission to Borneo jointly hosted a networking session at a hotel here yesterday, aimed at fostering business collaboration between Sarawak and Thailand. Leading the Thai trade delegation was Minister-Counsellor (Commercial) and director of the Department of International Trade and Promotion (DITP) for Malaysia, Worawan Wanwil. According to SBF in a press release, the session brought together Sarawak industry leaders, entrepreneurs and trade representatives, offering a platform to explore opportunities in cross-border trade, investment, and joint ventures. Key sectors of interest highlighted during the discussions included food and beverage, glass, medical biotechnology, health and wellness, logistics, digital economy, and manufacturing. SBF president Dato Sri Abang Abdul Karim Tun Openg, deputy president Datuk Philip Ting, and secretary-general Datuk Jonathan Chai were present to welcome the delegation. In their remarks, SBF leaders highlighted the importance of strengthening bilateral ties and leveraging economic strengths of both nations for mutual growth. lead sarawak business federation Thailand Trade Mission to Borneo
Business Times
23-07-2025
- Business
- Business Times
HDB offers more than 5,500 BTO flats in July with four Prime projects in Bukit Merah, Clementi, Toa Payoh
[SINGAPORE] A total of 5,547 Build-To-Order (BTO) flats across eight projects were launched for sale on Wednesday (Jul 23) by the Housing and Development Board (HDB) under its July BTO exercise. HDB also put up 4,662 Sale of Balance Flats (SBF) for sale under its July SBF exercise – the second SBF exercise this year. Four Prime category projects were offered, in Bukit Merah (Alexandra Peaks and Alexandra Vista), Clementi (Clementi Emerald) and Toa Payoh (Toa Payoh Ascent). This round, HDB has also raised the additional subsidies for Prime flats to keep flats more affordable for Singaporeans. In line with this, subsidy recovery rates for this round's Prime projects will increase to 12 per cent for Clementi and 11 per cent for Bukit Merah and Toa Payoh, up from 9 per cent in the June exercise. Prime flats command higher market values due to their more favourable attributes, and thus receive additional subsidies to ensure their affordability and accessibility to Singaporeans across a range of incomes. Their selling prices are substantially lower than those of comparable resale flats, as part of the subsidy is recovered upon the flat's first sale. Huttons senior director of data analystics, Lee Sze Teck, noted that the subsidy clawback for the July BTO exercise is the highest to date. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up He pointed out that the clawback for an Alexandra Peaks project launched in December 2023 was 8 per cent, but the clawback for the project in the current July batch has risen to 11 per cent, 'presumably due to higher HDB resale prices'. 'If resale flat prices continue to rise, HDB may need to give more subsidies for Prime flats in future BTO projects. The question is how high can the clawback go,' said Lee. PropNex CEO Kelvin Fong believes the higher subsidy clawback rates are unlikely to deter applicants, as the Prime projects on offer are in 'attractive' locations. In the Standard category, flats are available under four projects across Bukit Panjang (Bangkit Breeze), Sembawang (Sembawang Beacon), Tampines (Simei Symphony) and Woodlands (Woodlands North Grove). Seven out of 10 of the BTO flats offered this time have waiting times of four years or less, HDB said. About 1,396 flats at Bangkit Breeze and Clementi Emerald have waiting times under three years. Another 775 flats at Sembawang Beacon have a three-year waiting time. Starting prices, excluding grants, range from S$148,000 for a two-room flexi under the Sembawang Beacon project to S$658,000 for a five-room unit at the Simei Symphony project. Eligible first-timer families may apply for the Enhanced Central Provident Fund Housing Grant (EHG) of up to S$120,000. HDB said this allows buyers to purchase a three-room Standard flat starting from S$162,000, or a four-room Standard flat starting from S$248,000. This is the first BTO exercise where the HDB's relaxed income assessment rules – which let young couples get higher loans – kick in. This allows couples to delay their income assessment for a housing loan until just before they collect the keys to their flat, so long as one party is a full-time student or national serviceman. Christine Sun, OrangeTee Group's chief researcher and strategist, said this shifts the assessment focus from immediate to future income. 'We expect more couples to opt for larger or pricier flats, as they are more likely to qualify for a higher loan amount, given that many would have been working for some time by then,' Sun said. Given that this is the first BTO sales exercise granting priority access to singles who apply for two-room flexi flats to live with or near their parents, PropNex's Fong expects higher demand for two-room flexi flats from singles. For SBF units, starting prices before EHG are S$81,000 for a 30-year lease community care apartment, S$111,000 for a two-room flexi, S$351,000 for a five-room unit and S$645,000 for an executive flat.
Business Times
23-07-2025
- Business
- Business Times
HDB launches more than 5,500 BTO flats in July exercise
[SINGAPORE] A total of 5,547 Build-To-Order (BTO) flats across eight projects were launched for sale on Wednesday (Jul 23) by the Housing and Development Board (HDB) under its July BTO exercise. HDB also put up 4,662 Sale of Balance Flats (SBF) for sale under its July SBF exercise – the second SBF exercise this year. For this round, new flats in the Standard category are available under four projects across Bukit Panjang, Sembawang, Tampines and Woodlands. The projects are Bangkit Breeze in Bukit Panjang, Sembawang Beacon, Simei Symphony in Tampines, and Woodlands North Grove. For the Prime category, new flats are available under four projects across Bukit Merah, Clementi and Toa Payoh. The projects are Alexandra Peaks and Alexandra Vista in Bukit Merah, Clementi Emerald and Toa Payoh Ascent. Seven out of 10 of the BTO flats have waiting times of four years or less, HDB said. About 1,396 flats at Bangkit Breeze and Clementi Emerald have waiting times of less than three years. Another 775 flats at Sembawang Beacon will have a waiting time of three years. BTO flat types range from two-roomers to five roomers. Starting prices, excluding grants, range from S$148,000 for a two-room flexi under the Sembawang Beacon project to S$658,000 for a five-room unit at the Simei Symphony project. Eligible first-timer families may apply for the Enhanced Central Provident Fund Housing Grant (EHG) of up to S$120,000. HDB said this allows buyers to purchase a three-room Standard flat starting from S$162,000, or a four-room Standard flat starting from S$248,000. For SBF units, starting prices before EHG are S$81,000 for a 30-year lease community care apartment, S$111,000 for a two-room flexi, S$351,000 for a five-room unit and S$645,00 for an executive flat.
CNA
23-07-2025
- Business
- CNA
HDB launches 10,200 new flats for sale, with 4 Prime projects
SINGAPORE: The Housing and Development Board (HDB) launched 10,209 flats for sale in July's Build-to-Order (BTO) sales exercise, it said on Wednesday (Jul 23). This includes 5,547 BTO flats and 4,662 Sale of Balance (SBF) flats, it said in a press release. Seven out of 10 BTO flats up for sale have waiting times of four years or lower, including 1,396 units with less than three years' waiting time at Clementi Emerald and Bangkit Breeze. Sembawang Beacon, the first BTO project in the new Sembawang North neighbourhood, will comprise 775 units and has a wait time of three years. HDB noted that flat buyers looking to move into their homes sooner can consider applying in the SBF exercise, where 1,733 - or more than a third of SBF flats - have been completed. BTO FLATS, SUBSIDY CLAWBACK There are four standard and four prime BTO projects offered in the latest sales exercise, comprising flats ranging from two-room flexi to 3Gen flats. The standard projects on offer are in Bukit Panjang, Sembawang, Tampines and Woodlands, while the prime projects include two in Bukit Merah and one each in Clementi and Toa Payoh. "To ensure affordability, all new flats are priced with significant market discounts," HDB said. On top of the market discounts, Prime flats - which command higher market values due to their more favourable locational attributes - get additional subsidies to ensure affordability and accessibility. The selling prices for these new flats are substantially lower than the transacted prices of comparable resale flats, said HDB. Correspondingly, one of the additional restrictions that come with Prime flats is the subsidy clawback upon resale, which is derived as a percentage of the flat's resale or valuation price, whichever is higher. Alexandra Peaks, Alexandra Vista and Toa Payoh Ascent will have subsidy clawback rates of 11 per cent, while Clementi Emerald will have a 12 per cent subsidy recovery rate. "They are commensurate with the extent of the additional subsidies provided for the respective projects," HDB said. Eligible first-timer families stand to benefit from the enhanced CPF housing grant of up to S$120,000 (US$94,000). With the grant, homebuyers can purchase a 3-room standard flat starting from S$162,000 or a 4-room standard flat starting from S$248,000, said the Housing Board. CHANGES FROM JULY HDB also outlined some changes that will take effect from the current sales exercise, including improvements to the Family Care Scheme, which will provide priority access to parents and their children, when applying for a new flat to live with or near each other. First announced in March, the allocation quota for three-room and larger BTO flats for second-timer families has also been raised by 5 percentage points. The deferred income assessment rules have been expanded, such that only one party in a couple needs to be a recent or current full-time student or National Serviceman. Previously, both parties needed to meet the requirement. The Fresh Start Housing Grant, provided to support second-timer public rental families to buy a new standard two-room Flexi or standard three-room flat on a shorter lease, was also enhanced to S$75,000 from S$50,000. SBF FLATS The 4,662 SBF flats offered in the current exercise are more than the 3,000 units HDB previously committed to, it noted. Together with the 5,590 such flats offered in February, the total SBF supply this year has exceeded 10,200 flats. This is the largest annual supply of SBF flats since 2016, HDB said. Like BTO flats, SBF flats are subsidised and priced lower than comparable resale flats. Eligible first-timer singles can apply for any of the two-room flexi SBF flats across the island in this sales exercise, HDB said.
