MONEY MARKET

• The official currency : Singapore dollar (sign: $; code: SGD)

• Notes : SGD 2, 5, 10, 50, 100, 500, 1,000, and SGD 10,000.

• Coins : 1, 5, 10, 20 and 50 cents and SGD 1.

• The US ,Australian dollar, Yen and British pound are accepted at major shopping centers and restaurants.

• Exchanging money in some banks will be plus a service charge on each exchange transaction at about S$2 or S$3.

• Major credit cards are generally accepted American Express, Diners Card, JCB, MasterCard and Visa…

CURRENCY DEPOSIT INSURANCE• Wide choice of currencies: Choice of 10 foreign currencies: AUD, CAD, CHF,

EUR, GBP, HKD, JPY, NZD, RMB and USD (Foreign Currency Fixed Deposit Account).

• The following Singapore dollar denominated deposits placed with a Deposit Insurance Scheme member are covered:– Savings account– Fixed deposit account– Current account– Money in CPF Investment Scheme

• The following deposits are NOT covered:– Foreign currency deposits– Structured deposits– Investment products such as unit trusts, shares and other securities

• Up to S$50,000.

EXCHANGE RATE• Singapore has the highest trade to GDP ratio in the world at 407.9

percent. (which is the sum of exports and imports divided by the gross domestic product.)

• The Asian Dollars Market has since grown to a total asset size of more than US$1 trillion.

• The trend appreciation of Singapore dollar over last decade has helped to limit imported inflation in Singapore.

SINGAPORE’S MORGATE MARKET

Persons per square mile : 18,645 (USA: 84)

Dominance of Housing & Development Board (HDB) in housing • Public Sector (HDB) from low income to upper middle

income groups – flats 82%.• Private sector - 18%

Two financing systems in Singapore• The HDB public finance. • The commercial finance.

The majority of the home purchases in Singapore is financed through the use of Central Provident Fund (CPF) - The CPF is the Singaporean’s social security system, providing pension, medical care as well as other schemes.

KEY INSTITUTIONS IN SINGAPORE’S HOUSING SYSTEM

HOUSING AND DEVELOPMENT

BOARD

CENTRAL PROVIDENT

FUND

COMMERCIAL BANKS, FINANCE

HOUSES

• HDB Town Planning • Collects employees’ and employer contributions

• Members can withdraw funds for approved purposes, including housing finance

• Builds and sells subsidized public housing (99 year leasehold)

• Offers mortgage loans - up to 30 years - 90% LTV - int rate = CPF saving rate + 0.1% = 2.6%

• Provides market interest rate mortgages to buyers

• Make loans to private sector developers for construction and investments

PUBLIC HOUSING SECTOR (HDB)

Public housing

House buyers

HDB

CPF

Commercial banks

Mortgage loans

Resale market

Contributions

Down paymentMortgage payments

Market rate mortgages

Gov

t loa

ns, g

rant

Purc

hase

of

govt

bon

ds

Housing grants

Down paymentMortgage payments

Direct purchase

PRIVATE HOUSING SECTOR

Private housing

House buyer

Developers

CPF

Banks

Contributions

Down payment Mortgage payment Market rate

mortgages

Loans

WHO CAN BY PROPERTIES IN SINGAPORE ?

SUBSIDIZED NEW PUBLIC HOUSING

ELIGIBLE CITIZENHOUSEHOLDS

MARKET PRICERESALE PUBLIC

HOUSING

CITIZENS ANDPERMANENT

RESIDENTS (PRS)

HDB direct sales

HDB secondary market

HOUSES CITIZENS ONLY Private housing market

APARTMENTS & CONDOMINIUMS

CITIZENS, PRS, FOREIGNERS

Private housing market

PRICES Average – August 2010

PUBLIC HOUSINGHDB flat

PRIVATE HOUSINGcondominium

3 Rooms 4 Rooms 5 Rooms Executive

> 2,000 sq ft

More than 750,000 (USD)

(700 sq ft) (970 sq ft) (1,200 sq ft) (1,400 sq ft)

213,860 (USD) 276,550 (USD) 329,755 (USD) 407,070 (USD)