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New Paper
19-05-2025
- General
- New Paper
New bus service 230M linking Kim Keat and Toa Payoh Bus Interchange to start on June 8
From June 8, Toa Payoh residents living in Kim Keat estate will be able to travel directly to Toa Payoh Bus Interchange on a new supplementary bus service. Service 230M will operate from Toa Payoh Bus Interchange, ply Lorong 6 Toa Payoh and Toa Payoh East, before looping at Kim Keat Avenue and returning to the interchange. Operating from 6.30am to 9pm on weekdays and 9am to 9pm on weekends and public holidays, the new service is a variant of service 230 and takes commuters from Kim Keat to the Toa Payoh interchange directly. It is a shorter route serving 10 selected bus stops along the Service 230 route. Service 230 serves only bus stops close to Toa Payoh HDB Hub and no longer stops at the interchange after a recent route revision. Bishan-Toa Payoh GRC MP Saktiandi Supaat, who oversees Toa Payoh East area, told The Straits Times on May 19 that he had received feedback from some residents who wanted a direct service from Kim Keat to Toa Payoh Interchange, instead of merely the bus stops outside Toa Payoh HDB Hub. He noted that service 230M would let residents access Toa Payoh HDB Hub and Toa Payoh Interchange without crossing the road or taking the underpass. As the new supplementary bus service does not ply Lorong 7 Toa Payoh and Lorong 8 Toa Payoh, Mr Saktiandi said some residents may enjoy the shorter commute to and from Toa Payoh Interchange. Introduced in September 2023, service 230 is a loop service that originally served 12 bus stops along Lorong 6 Toa Payoh, Toa Payoh East, Kim Keat Avenue as well as Toa Payoh Interchange. Its route was extended and amended in January under the Land Transport Authority's Bus Connectivity Enhancement Programme (BCEP), so the service now starts and ends at Caldecott MRT station - an interchange station on the Thomson-East Coast Line and Circle Line. Following the amendment, service 230 covers more stops in Lorong 7 Toa Payoh and Lorong 8 Toa Payoh, and no longer serves Toa Payoh Interchange. Launched in July 2024, BCEP is a $900 million initiative to improve public bus connectivity for residents of new housing projects. Service 230M, which will be run by public transport operator SBS Transit, was one of the new bus services announced in April under the BCEP. He added that they will also have an alternative bus service to take if they want to get to Toa Payoh Polyclinic, Pei Chun Public School and Kim Keat Palm Market and Food Centre. "Residents in the wider Toa Payoh East area, not just those in Kim Keat, will have access to both Caldecott MRT station and Toa Payoh interchange," said Mr Saktiandi, adding that both 230 and 230M services will benefit residents beyond those in the newer Build-To-Order (BTO) estates, including Kim Keat Beacon. Residents interviewed by ST welcomed the new service, with most saying that having another bus service is always beneficial. Mr Lim Jin Xing, 35, a Kim Keat resident of over three decades who will be moving into the new BTO estate Kim Keat Ripples, said the reintroduction of a bus service that takes people to and from Toa Payoh interchange will alleviate the overcrowding on buses during the morning peak hour. As the software engineer frequently commutes to Toa Payoh HDB Hub for meals and Toa Payoh interchange to get to work, he said he was happy when the launch of the parent service 230 was announced as the other available bus service - 238, which begins its route at Toa Payoh interchange - is often crowded. When the route of service 230 was amended in early 2025 to exclude Toa Payoh interchange, Mr Lim said residents living in the area were affected, although he was not personally inconvenienced. He is glad that there will now be more buses connecting Toa Payoh interchange to Kim Keat Avenue. Ms Karen Siow, 62, echoed this, adding that it is good that the new bus service will remove the need to walk from the bus stop near Toa Payoh interchange, which is tiring for elderly persons with mobility issues. The procurement executive said she takes service 230 to Toa Payoh Swimming Complex, before alighting and getting onto another bus that can take her to Toa Payoh Interchange. So she was happy to find out that service 230M will stop at Toa Payoh Interchange, and said it was "much needed".
Straits Times
19-05-2025
- Straits Times
New bus service 230M linking Kim Keat and Toa Payoh Bus Interchange to start on June 8
Service 230M, which will be run by public transport operator SBS Transit, will operate from Toa Payoh Bus Interchange and loop at Kim Keat Avenue. PHOTO: ST FILE New bus service 230M linking Kim Keat and Toa Payoh Bus Interchange to start on June 8 SINGAPORE – From June 8 , Toa Payoh residents living in Kim Keat estate will be able to travel directly to Toa Payoh Bus Interchange via a new supplementary bus service. Service 230M will operate from Toa Payoh Bus Interchange, ply Lorong 6 Toa Payoh and Toa Payoh East, before looping at Kim Keat Avenue and returning to the interchange . Operating from 6.30am to 9pm on weekdays and 9am to 9pm on weekends and public holidays , the new service is a variant of service 230 and takes commuters from Kim Keat to the Toa Payoh interchange directly. It is a shorter route serving 10 selected bus stops along the Service 230 route. Service 230 serves only bus stops close to Toa Payoh Hub and no longer stops at the interchange after a recent route revision. Bishan-Toa Payoh GRC MP Saktiandi Supaa t, who oversees the Toa Payoh East area, told The Straits Times on May 19 that he had received feedback from some residents who wanted a direct bus service from Kim Keat to Toa Payoh Interchange, instead of merely the bus stops outside Toa Payoh Hub. He noted that service 230M would allow residents to access Toa Payoh Hub and Toa Payoh Interchange without crossing the road or taking the underpass. As the new supplementary bus service does not ply Lorong 7 Toa Payoh and Lorong 8 Toa Payoh, Mr Saktiandi said some residents may enjoy the shorter commute to and from Toa Payoh Interchange. Introduced in September 2023 , service 230 is a loop service that originally served 12 bus stops along Lorong 6 Toa Payoh, Toa Payoh East, Kim Keat Avenue as well as Toa Payoh Interchange. Its route was extended and amended in January under the Land Transport Authority's Bus Connectivity Enhancement Programme (BCEP), so the service now starts and ends at Caldecott MRT station – an interchange station on the Thomson-East Coast Line and Circle Line. Following the amendment, service 230 covers more stops in Lorong 7 Toa Payoh and Lorong 8 Toa Payoh, and no longer serves Toa Payoh Interchange. Launched in July 2024 , BCEP is a $900 million initiative to improve public bus connectivity for residents of new housing projects. 230M, which will be run by public transport operator SBS Transit, was one of the new bus services announced in April under the BCEP. He added that they will also have an alternative bus service to take if they want to get to Toa Payoh Polyclinic, Pei Chun Public School and Kim Keat Palm Market and Food Centre. 'Residents in the wider Toa Payoh East area, not just those in Kim Keat, will have access to both Caldecott MRT station and Toa Payoh interchange,' said Mr Saktiandi, adding that both 230 and 230M services will benefit residents beyond those in the newer Build-To-Order (BTO) estates, including Kim Keat Beacon. Residents interviewed by ST welcomed the new service, with most saying that having another bus service is always beneficial. Mr Lim Jin Xing , a Kim Keat resident of over three decades who will be moving into the new BTO estate Kim Keat Ripples, said the reintroduction of a bus service that takes people to and from Toa Payoh Interchange will alleviate the overcrowding on buses during the morning peak hour. As the software engineer , 35 , frequently commutes to Toa Payoh Hub for meals and Toa Payoh Interchange to get to work, he said he was happy when the launch of the parent service 230 was announced as the other available bus service – 238, which begins its route at Toa Payoh Interchange – is often crowded. When the route of service 230 was amended in early 2025 to exclude Toa Payoh Interchange, Mr Lim said residents living in the area were affected, although he was not personally inconvenienced. He is glad that there will now be more buses connecting Toa Payoh Interchange to Kim Keat Avenue. Ms Karen Siow , 62 , echoed this, adding that it is good that the new bus service will remove the need to walk from the bus stop near Toa Payoh Interchange, which is tiring for elderly persons with mobility issues. The procurement executive said she takes service 230 to Toa Payoh Swimming Complex, before alighting and getting onto another bus that can take her to Toa Payoh Interchange. So she was happy to find out that service 230M will stop at Toa Payoh Interchange, and said it was 'much needed'. Join ST's WhatsApp Channel and get the latest news and must-reads.
New Straits Times
13-05-2025
- Business
- New Straits Times
Southeast Asian stocks, currencies gain in first reaction to China-US trade deal
KUALA LUMPUR: Southeast Asian equity markets gained on Tuesday, while regional currencies benefited from a faltering US dollar, in their first reaction to the US-China trade deal, although there was the overhang of caution that weighed on Asian markets broadly. The financial markets in Thailand, Malaysia, Indonesia, the Philippines and Singapore were closed for the Vesak Day holiday on Monday, when global markets rallied after the United States and China struck a deal over the weekend to temporarily slash reciprocal tariffs. Malaysian shares surged 2.1 per cent to their highest since March 3 on resuming trade on Tuesday, while Philippine stocks advanced 1.6 per cent to levels unseen since January 8. Thai stocks rose 0.8 per cent, and Singapore's benchmark was up 0.5 per cent. A number of Southeast Asian countries are economically reliant on China. Taiwan's benchmark mirrored the 1 per cent gain from the previous session, though South Korean stocks were flat, taking a breather after a more-than-1 per cent jump on Monday. The rally in the broader Asian stock markets also ran out of steam as resurgent worries about US President Donald Trump's trade policies and their impact on the global economy kept risk sentiment in check. The evolving trade policies remain a significant economic risk factor, potentially driving both inflation and growth constraints for the US even at the lower tariff levels, said Saktiandi Supaat, Maybank's chief FX strategist. That also weighed on the dollar index, whose rally on Monday had flipped to a 0.2 per cent dip by Tuesday afternoon in Asia. That, though, lifted Southeast Asian currencies. The Thai baht advanced as much as 1 per cent to 33.135 per US dollar, while the Indian rupee added 0.4 per cent, and the Philippine peso and Singapore dollar gained 0.2 per cent each. The Malaysian ringgit bucked the trend to drop 0.5 per cent, declining for the sixth straight session. It has weakened since the country's central bank held interest rates steady on Thursday and flagged risks of slower economic growth. Indian stocks fell over 1 per cent while Pakistan's benchmark surrendered most gains to edge up 0.2 per cent. Both markets had surged on Monday after India and Pakistan reached a ceasefire over the weekend after days of military conflict. India is due to release inflation data later in the day. However, the focus will be on the US inflation report hours later, with analysts expecting tariff-driven price increases in certain goods.
Independent Singapore
09-05-2025
- Business
- Independent Singapore
Singaporeans on possibility of S$ parity with US$
SINGAPORE: The Singapore dollar, like other Asian currencies, performed well this week even as the United States dollar struggled amid the uncertainties brought on by President Donald Trump's tariff announcements. Singapore's currency has risen by almost 6% so far in 2025. Meanwhile, according to some reports, Taiwan's dollar has seen an 8% spike, and South Korean, Malaysian, and Hong Kong currencies have also soared recently. Moreover, experts have been quoted as saying they expect this to continue in the coming months, with an article in CNA even saying that the US dollar and the Singapore dollar, currently at $1 to S$1.29, could reach parity. CNA quoted Saktiandi Supaat, the head of Maybank's FX research, as saying, 'We observe that there is a diversification away from the USD, and the SGD appears to be one of the beneficiaries of this theme.' He touted the stability of the Singapore dollar, saying that many perceive it as a safe haven in the region. CNA added that Maybank expects the exchange rate to reach US$1 to S$1.265 by the last quarter of 2025. Meanwhile, the chief economist at Bank of Singapore, Mansoor Mohi-uddin, said that parity between the two currencies could be achievable 'in our lifetimes' and cited the example of the Swiss franc, which did so in the wake of the financial crisis of 2008. Netizens responding to the CNA report have had mixed reactions, with some saying they had a hard time accepting the idea of parity. Others said they believe it may happen. 'In 20 years, SGD has already appreciated 25% against the USD. So yeah, 1 to 1 is a very real possibility within our lifetimes. Way weirder things have happened,' wrote a Reddit user. He warned, however, that this would be an unwelcome development for some, adding, 'This is definitely bad news for the 18-year-old who just opened his IBKR account and is dumping his entire NS paycheck into the S&P 500 every month. After all, US markets have returned 13% pa for his entire life, so it must remain that way into the future forever.' While some expressed concerns over the implications for Singapore's economy, others fretted over what this would mean for living costs. 'We are already considered expensive compared to other SEA countries. If our currency becomes 1:1 with the US, many MNCs (multinational corporations) would rather go elsewhere to set up their business functions, as their costs would be significantly higher, not to mention our exports becoming more expensive for the consumer, which would affect demand.' Another argued otherwise, saying, 'If this happens (1 SGD:1 USD), it means SGD is very strong and whatever we export is more expensive and, thus, affects our export trade. It might also affect tourism as it will be more expensive for tourists. 'Conversely, it would be good for imports and our holiday trips due to the cheaper exchange rate.' Some answered that if Singapore were too expensive for multinational companies to set up shop in, people would lose their jobs. /TISG Read also: Ringgit further strengthens against US dollar as Fed signals dovish stance on inflation
Business Times
09-05-2025
- Business
- Business Times
How the Singapore dollar could perform against the US dollar this year
[SINGAPORE] Fading US exceptionalism could pave the way for further appreciation of the Singapore dollar against the greenback, said analysts. The Singdollar surged to around 1.29 per US dollar on Monday (May 5) – a level not seen since September 2024. That drove its year-to-date gain to about 5 per cent, with its five-day gain at around 1 per cent. Among other Asian currencies, the Taiwan dollar surged to highs not seen in over 30 years, while the Malaysian ringgit and safe-haven Japanese yen also strengthened. On Friday morning during Asia trade, the US dollar/Singapore dollar was last at 1.30. Asian currencies jumped as the US dollar weakened on worries that the tariff war could hurt the US economy. However, Donald Trump has suggested the US may strike trade deals with some countries as soon as this week. Amid the uncertainty, in the short term till the end of 2025, analysts expect the Singdollar to further appreciate against the greenback and hover within the 1.26 to 1.29 range. The broader trajectory points to continued strength against the US dollar. As global investors pull back from the US dollar, the Singdollar is emerging as a resilient alternative, said Saktiandi Supaat, Maybank head of FX research. 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 'The Singapore dollar can continue to appreciate against the US dollar as US exceptionalism fades and a broad diversification on a flight to quality away from the US dollar continues,' he said. He added that the Monetary Authority of Singapore's policy stance is also responsible for the steady appreciation of the Singapore dollar. Saktiandi said that the city-state's stability and strong fundamentals – including a strong reserves position and credible central bank policy – make its currency a more attractive option when markets look for alternatives to the greenback. The strengthening of the Singdollar has been supported by improved regional sentiment, which ANZ Research attributes to easing tariff concerns amid trade talks between US and its trading partners. 'More fundamentally, we continue to question US dollar's status as a primary reserve currency and a safe haven… (as) the rise in US protectionist measures have significantly heightened economic policy uncertainty,' says Christopher Wong, OCBC FX strategist. The analyst, however, posited that the overshoot in the Singdollar for the last few days is 'due for correction' now that market activity has started picking up. He said the US Federal Reserve keeping rates steady on Wednesday supports the US dollar, and a near term rebound for the Singdollar back to 1.31 per US dollar 'should not be ruled out'. 'As a result, traders may start closing out their previous bets against the US dollar. Unless there is a new reason for the US dollar to weaken further, we can expect the USD/SGD exchange rate to stabilise and possibly drift slightly higher,' Wong added. Tariff impact Philip Wee, DBS' senior FX strategist noted that countries should focus on ensuring continued access to the US market rather than currency competitiveness. 'Singapore's primary concern about US tariffs lies more in their secondary impact – how global trade disruptions and weakening external demand could weigh on its export-driven economy,' Wee said. He added that Trump's approach to fixing global imbalances – using tariffs as leverage in trade negotiations – undermines the trade recycling system that has historically financed US deficits in the US dollar-centric global economy and financial system established after World War II. The shift, he suggested, is starting to have far-reaching implications. Wee cited the Taiwan dollar's sharp gains on May 2 and May 5 as a sign of growing caution among Asian exporters and institutional investors, who are concerned about potential losses on their US dollar-denominated earnings and assets amid fears of a broader confidence crisis in the US dollar. Beyond tariffs, Wee highlighted uncertainty around the Trump administration's proposed tax reforms and financial sector deregulation, both of which could introduce further volatility to the global financial system. While global financial systems face potential disruption, Singapore appears to be holding steady. 'Singapore dollar rates have been falling with Singapore Government Securities, one of the best performing sovereign debt in the world,' Saktiandi added. 'In uncertain times like these, we would suggest that is a testament to Singapore's strengths.'
