Singapore Government To Boost Funding for Growing Population
The Singapore government has announced that it will be increasing its infrastructure development funds to enhance the lives of its growing population over the next ten years.
According to the National population and Talent Division (NPTD) of Singapore, the government plans to boost its housing supply as well as its transport and public facilities within the next five to ten years.
It is projected that the Housing and Development Board (HDB) will be delivering 25,000 new flats in 2012. This is in lieu of the development of new sites for private housing and executive condominiums.
NPTD also reported that the HDB will be upping its efforts in improving the state of living in the HDB estates with a SG$2.5 billion funding awarded by the Ministry of National Development (MND).
Community hospitals and nursing homes will also be constructed in Singapore between 2014 and 2018. These include St. Andrew’s Community Hospital and Changi General Hospital (both of which will be ready by 2014), Ng Teng Fong Hospital (expected to be operational by 2015), and Sengkang General Hospital (will be ready by 2018).
Singapore has been recently voted as “the most livable city in Asia” by expats according to a recent study. Tourists and workers from the world over have been attracted to the small city-state for its world-class attractions and amenities, stable government system, employment opportunities and clean surroundings.
The city-state’s conservative fiscal policies and open economy has also helped Singapore become a premier destination for Western companies that would like to expand their operations eastward. The country’s economy is one of the most stable in Asia and shows signs of resilience despite financial challenges in Europe and economic slowdowns in the US and China.
With lower corporate tax rates and tax incentives, foreigners who are looking into starting their businesses in Singapore will definitely benefit from the reported infrastructure boost. After all, they make up a huge chunk of the Singapore population.