Edited by Rivermore Academy
The Ministry of Law and the Singapore Land Authority announced that starting from July 20th, foreign nationals must obtain government approval to purchase land zoned for "commercial and residential" use.
The purpose of this measure is to protect residential land for Singaporeans, but for foreign nationals, especially Malaysians, it comes as a bolt from the blue.
For investors, they can no longer buy more land for investment purposes as they did before. Although previously purchased and developed land is unaffected, any redevelopment still requires government approval. On the other hand, investors may shift their focus from shophouses to other commercial real estate like office buildings and hotels.
For ordinary working individuals, this measure may have a greater impact on rental housing. In today's era of rising prices, rental prices have surged dramatically. Rent for public housing flats leased in the open market has increased by at least 100 Singapore dollars this year. As for private residential properties (including executive condominiums), rents have skyrocketed.
Despite the steep rise in rents, the rental market remains robust, and potential tenants face difficulty finding suitable accommodation. Especially with the end of the pandemic, more foreign nationals are arriving in Singapore for employment. However, since the Singapore government introduced cooling measures in April, foreign nationals have given up purchasing private residential properties and have turned to renting instead.
Finding rental properties is not easy, and even if one is found, tenants must face the challenge of rising rents. Therefore, you, as a foreign job seeker, will need a higher salary to cope with the situation.
Now, the question arises: How can you increase your salary?
The answer lies in enhancing knowledge and educational qualifications.
Some may ask, aren't knowledge and educational qualifications the same thing? Well, the answer is both yes and no.
Educational qualifications often refer to that piece of paper, which is considered by companies during interviews or promotions. Educational qualifications are the official recognition of an individual's learning achievements within the educational system, usually in the form of degrees or certificates. This is what most companies, and even the job market, believe in. Based on this piece of paper, companies can confidently increase a person's salary, as they know the person's minimum level of knowledge and ability. Without educational qualifications, the company's management may worry because they don't know if the person's minimum level is extremely poor to the point of not even having a degree. Consequently, they might be hesitant to hire them, let alone promote them with a salary increase.
This highlights the difference between knowledge and educational qualifications - "cognition" and "form." Educational qualifications are the official form, something widely acknowledged; whereas knowledge is something that only you know, obtained through various forms of learning and experiences. You know what you possess, but others don't.
While knowledge can make your excellence visible to your superiors or in a new company, it is crucial to have this "knowledge" visible to others first. Educational qualifications serve as that letter of introduction.
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