Tag Archives: General

Are residents allowed to rent to foreign workers?

PRIVATE apartments cannot be used as workers’ dormitories. However, to be classified as a dormitory, a unit needs to accommodate more than eight workers. So it is perfectly legal for a private apartment owner to rent to foreign workers, as long as there are no more than eight of them.

The management corporation, says Mr Chan Kok Hong, managing director of CKH Strata Management, cannot restrict owners from doing this.

But Mr Teo Poh Siang, who runs estate management firm Wisely 98, says: ‘Units rented to foreign workers are usually very badly maintained and overcrowding is a prevailing issue.’

Common property may be damaged as a result. ‘The value of the property may be affected if foreign workers occupy more and more units,’ he says. Continue reading

Bank lending stands at 7-month high in June

Growth fuelled by home loans even as lending to businesses slows

BANK lending rose in June to the highest level in seven months as growth in home loans accelerated even as lending to businesses continued to slow.

The total amount of Singapore-dollar loans held by banks here grew by 0.5 per cent over the month to $272.2 billion at end-June, estimates from the Monetary Authority of Singapore show. That followed an expansion in overall bank lending of 0.3 per cent in May, fuelling optimism that both credit demand and supply could be recovering.

‘It’s not very dramatic, but it is one more sign of stabilisation in the economy,’ said David Cohen, director of Asian economic forecasting at Action Economics.

The main source of growth was consumer housing and bridging loans, which rose 1.5 per cent in June to $82.9 billion, after a 0.8 per cent increase in May. Continue reading