Daily Briefing: Singapore's Q1 GDP up 2.7%; Ex-trader fined over 1MDB saga

And here's what tenants need to know about renting a house in Singapore.

From CNBC via Yahoo!: Singapore's first quarter GDP rose 2.7 percent year-on-year as expected, the Ministry of Industry and Trade said on Thursday, as it affirmed the full-year forecast of 1.0 percent to 3.0 percent growth. "The GDP growth forecast for 2017 is maintained at "1.0 to 3.0 percent," the ministry said. "Although the performance of the Singapore economy was resilient in the first quarter, and the global growth outlook has improved slightly, downside risks in the global economy remain. Barring the materialization of downside risks, GDP growth is likely to come in higher than the 2.0 percent in 2016."

From AFP via Yahoo!: A former stocks trader was fined in Singapore Wednesday for his role in an international money-laundering scandal involving Malaysia's state fund 1MDB, the latest person to be penalised over the saga. Singapore, a regional financial centre known for its tough stance against corruption, was the first country to hand down criminal convictions related to the 1MDB investigations. Allegations that huge sums were misappropriated from the state fund triggered a scandal that has embroiled Malaysian Prime Minister Najib Razak, though he has denied any wrongdoing.

From Dollars and Sense via Yahoo!: Renting housing units in Singapore is common, especially with Singapore being one of the most attractive countries for expats to live and work in. Very often, these rental units are leased by expats who are often unsure of how long they will be staying in the country or permanent residents. Choosing to rent rather than purchase a housing unit in Singapore makes a lot of sense especially with the various regulations in place. HDBs are the most common form of housing in Singapore. However, foreigners are not entitled to purchase HDB flats or landed property, although they can still purchase private properties such as condominiums.

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