SINGAPORE, March 27 — Half of expatriates here have been hit by rental increases of more than 40 per cent, while about seven in 10 businesses are ready to relocate their staff...
SINGAPORE, March 27 — Half of expatriates here have been hit by rental increases of more than 40 per cent, while about seven in 10 businesses are ready to relocate their staff out of Singapore if there is no relief from rising operating costs, a survey has found.
“This is the first time in the past 10 years where companies have expressed a readiness to leave Singapore should rental prices increase,” said EuroCham president Federico Donato in reply to TODAY’s queries. General cost increase due to inflation came in a close second at 21 per cent, followed by rising salaries .
In his comments to TODAY, Donato said: “As the rental has increased by a large extent, Singapore’s attractiveness to businesses have likewise been harmed.He added that the survey indicated that it was not just the rental costs but growing travel and shipping costs, for example, which impose added challenges for the businesses.
TODAY has sent queries to the Economic Development Board on when was the last time Singapore experienced a significant relocation of companies to other countries.
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