atans1

EDB gifting billionaire money to cheong properties

In Property on 01/08/2019 at 1:10 pm

In Buying homes the billionaire way: two luxury homes are better than one, I reported that James Dyson was buying not one residential property but two properties S$118.8 (11.2% of S$1bn).

I’m surprised that cybernuts are not KPKB that the EDB is gifting him the money to play our property market

Singapore’s incentives include tax breaks for five years, which can be extended, and R&D grants that can cover up to 30 per cent of the cost of projects that involve product, application or process development, according to the Singapore Economic Development Board. They also offer expensive land at discounted rates, says a person with experience of Singapore’s economic planning. “They definitely would have given [Dyson] a favourable tax break,” they add.

Extract from FT quoted in Ang moh manufacturer employs more people here than in China and planning to employ a lot more.

How EDB got Dyson to come here: “The appeal of Singapore is zero tax”.

But if one is a fan of the PAP govt, one can argue that by giving him financial incentives to build his car in S’pore, EDB gets him to manufacture here) creating jobs and expertise), move his HQ here, and buy two properties: killing four birds with one stone.


 

  1. Very expensive stone though. Dunno about Dyson, but from trenches scuttlebutt talk, most of the MNCs receiving tax grants (partnership with IRAS), co-pay or reimbursement incentives, cheap land (via JTC & Ascendas — all part of MTI family), don’t employ much citizens if at all. Lots of PRs & foreigners (which are often fast tracked to PR).

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