Daily Briefing: Singapore plans expansionary budget; New Jurong district to boost property demand

And here’s the deal on Singapore startups.

Singapore unveiled an expansionary fiscal budget to boost growth, providing breathing room to the central bank as it considers the need to provide more support for the economy weeks before its next policy decision. Finance Minister Heng Swee Keat, in his first budget to Parliament, pledged support for companies facing labor constraints and a faltering global outlook, promised higher wages for low-income earners and more assistance for elderly and needy households. Read more here.

There were no property-related measures announced in Finance Minister Heng Swee Keat’s maiden budget speech, which came as no surprise to experts. “(The) absence of changes to market cooling measures was expected as the government has conveyed its concern that premature easing of market cooling measures might lead to a market rebound,” said Tay Huey Ying, Head of Research, JLL Singapore. CBRE Research expects the government to continue monitoring the residential market. Find out more here.

One of the biggest event in Singapore’s fiscal calendar is underway now, and while Minister Heng is wrapping up his maiden speech as the Finance Minister, here are some important announcement he made earlier today that is important to you as a SME or startup owner. Minister Heng shared that there are three main thrusts for this year’s Budget, which includes: Addressing cyclical weaknesses, enabling firms to build more capabilities, as well as supporting people through change. Read more here.