TR EMERITUS

In spite of the prevailing public sentiments, National Development Minister Mah Bow Tan repeated his stance yesterday at Parliament that HDB flats are still "affordable" to Singaporeans. Mr Mah used a formula called the debt service ratio (DSR) which compares the monthly mortgage installment to the monthly household income to substantiate his claims. The DSR ranges between 17 to 25 percent for new flats and around 30 percent for mature flats in central locations. "These figures are within the international benchmark for housing affordability, which ranges from 30 per cent to 35 per cent," Mr Mah was quoted as saying in the Straits Times today. Mr Mah also admitted that "it is possible that prices of resale flats have risen faster than incomes when indexed against different years." in response to a question by PAP MP Lim Biow Chuan. In an extensive interview with the Straits Times a few weeks ago, Mr Mah used two sets of figures from the years 1999 and 2009 to show that the relative pace of income has "out-paced" that of HDB flat prices. The statistics were disputed by Reform Party member Hazel Poa who wrote on her blog that the results would be different if the base year is different, causing much embarrassment to Mr Mah. The increasingly unpopular Mr Mah has come under fire of late from Singaporeans for his failure to control runaway HDB flat prices which have hit a record high in the last few months, caused partially by rising demand fueled by mass immigration. Though PRs form some twenty percent of the buyers in the resale market, Mr Mah insisted that they have "negligible" impact on the prices. He also lashed out at first time home buyers for being "fussy" and having "unrealistic" expectations. Mr Mah earns around $2 million dollars a year, or more than 4 times the annual salary of U.S. President Barack Obama. PAP strongman Lee Kuan Yew castigated Singaporeans for being "daft" should they cast a protest vote against Mr Mah in the next general election over sky-rocketing HDB flat prices.   Debunking official myths of HDB flats series: 1 Myth 1: Singaporeans are “owners” of their HDB flats 2. Myth 2: HDB flats are “affordable” to most Singaporeans 3. Myth 3: Rising prices of HDB flats “generate” wealth for Singaporeans   Related articles: >> Why Mah Bow Tan’s policy of high HDB flats is wrong >> Letter to Mah Bow Tan on HDB policies >> Singaporean want govt to allay anxiety over HDB leasehold >> Mah Bow Tan embarrassed by Reform Party’s Hazel Poa >> Mah Bow Tan: “Unrealistic” expectations to blame for unhappiness about flats >> Taiwanese PR paid record $ 650,000 for 4-room resale flat >> Grace Fu: PRs are helpful to HDB flat owners selling their flats >> HDB launches “traveling exhibition” to trumpet its achievements in the heartlands >> PAP to upgrade 12,000 HDB households ahead of next election >> Mah Bow Tan: We do not want flat prices to go down >> Prices of resale flats to rise further as PR quota reached >> Taiwanese PR offers $50k COV for resale flat >> Mah Bow Tan: PRs have minimal impact on resale flat prices >> No empirical evidence to suggest that public housing is affordable in Singapore >> When will Singapore’s property bubble burst? >> Why HDB is unable to reveal break down costs of new flats now >> HDB to consider introducing rules to curb property speculation >> HDB blames Singaporeans for not selecting flats when given the chance >> Singaporeans worried about retirement after depleting CPF to pay for over-priced HDB flats >> Mah Bow Tan acknowledged that rising HDB flat prices has sparked “fresh concerns” >> PM Lee: Govt does not have control over prices of resale flats” >> COVs of resale flats shooting through the roof >> HDB resale price index hit record high in 2009 >> Singaporean wants PRs to live in rented flats instead of buying resale flats >> Singaporeans wants PRs to be banned from selling HDB flats at a profit >> Shanmugam: Singaporeans likely culprits for driving up HDB flat prices >> Mah Bow Tan: HDB flats remain affordable >> Means testing for PRs to buy resale flats >> Immigration and public housing: should the govt or people plan ahead? >> Grace Fu: hard to predict demand for housing >> Indonesian PR bought 4-room flat at $653,000 >> Mah Bow Tan asks home buyers to be realistic >> PAP MP blames young couples who cannot get a flat for not planning ahead >> Home affordability: HDB versus the public >> Demand vs supply: so many applicants, so few flats >> Number of applicants exceed number of flats >> HDB to increase supply of flats >> Mah: don’t compare with prices in the past >> ERA: 40 per cent of HDB flat buyers are PRs     Please join our Facebook discussion on this article here and invite your friends to do so as well to raise awareness among fellow Singaporeans. This page is maintained independently by a TR reader.   Copyright © 2009 – 2010 The Temasek Review (If you are going to reproduce this article on your blog or forum, please provide a link back to ours)  Read More →

The House "voted" yesterday in favour of the amendments to the Constitution to increase the maximum number of Non-Constituency MPs from six to nine and entrench the Nominated MP system. The result is a foregone conclusion since the ruling PAP controls 82 out of 84 seats in Parliament. Prime Minister Lee Hsien Loong introduced a series of "reforms" to Singapore's political system to allow more non-PAP MPs in Parliament to reflect the "aspirations" of Singaporeans to have a stronger opposition. However, the changes will not dent the PAP's traditional two-third majority in Parliament which empowers it to pass bills and legislation at will. Neither will the increased number of NCMPs and NMPs pose a threat to the PAP's political hegemony. As NCMPs do not represent any constituencies, it will be an uphill task for them to cultivate a political base for their parties to challenge the PAP in the future. In fact, the changes may work against the opposition as it will lull Singaporeans into a false sense of "security" into voting for the PAP under the illusion that the losing opposition candidate can still enter parliament as a NCMP. With public disgruntlement against the PAP at an all-time high, the next election represents the best opportunity for the opposition to increase its present tally of two seats in Parliament including winning a coveted GRC which will usher in multi-party politics in Singapore. What Singaporeans desire is a genuinely competitive political landscape and not one controlled and dominated by the PAP which has run the country uninterrupted for 50 continuous years.   Please join our Facebook page here and invite your friends to do so to create awareness of the current affairs affecting Singaporeans. Please use our online web form to contact us.  Read More →

OPINION For far too long, the Singapore opposition has been campaigning on the need to provide some sort of checks and balances to the PAP in Parliament during every general election. Though each individual political party has their own manifestos, they are more of academic interest since no single opposition party is strong enough to win the elections and form the government on its own. That is precisely why the opposition has been a punching bag for the PAP for the last twenty years or so - it is too weak and divided to replace the PAP to govern Singapore. Elections are about choosing the political party or coalition to govern the country and NOT having more opposition in Parliament to hold the ruling party accountable. The opposition seriously needs a radical strategic rethink if it should continue its tried and tested method of convincing Singaporeans to put more opposition in Parliament to check on the PAP. As the elections over the past decade have shown, the most credible opposition candidates besides the two incumbent MPs usually garner no more than 46 percent of the valid votes. This shows that it is not enough for the opposition to swing the middle ground of voters over to them by harping on the need to have an opposition in Parliament. Besides, the impending changes in the political system to put more non-PAP MPs in Parliament will probably dilute the enthusiasm among voters to vote for the opposition since they are guaranteed a place in Parliament as NCMPs anyway. The opposition should and must go for the juggernaut this time and not restrict itself to playing the bridesmaid in order to stand a realistic chance of challenging the PAP. It has to show Singaporeans that it has what it takes to govern Singapore and it has an alternative, bold and viable vision for the nation which is drastically different from the PAP. To quote an example: The voters are like an attached girl who is now pursued by another man. One has been her boyfriend for a number of years - the PAP. She hardly knows the new suitor who has expressed interest in her - the opposition. In order for this outsider to win the heart of the girl, he must be prepared to give her much more than her current boyfriend can offer. This man (opposition) should not be waiting for the girl (voters) to break up with her boyfriend (PAP) before going after her. He should indicate his interest early, pursue her relentlessly, propose to her and tell her what's in store for her in the future if she chooses him to even stand a fighting chance. Similarly, the opposition must reassure voters and convince them that they are capable of doing a better job than the PAP before there can be a significant swing in votes to them. Just harping on providing checks and balances to the PAP will not get the opposition anywhere - they will win at most 40 - 50 percent of the popular vote which is hardly enough to deny the PAP its traditional two-thirds majority in Parliament. The girl's heart is wavering due to the broken promises of her boyfriend. It is time for the suitor to go for the kill. An increasing number of Singaporeans are getting peeved with the PAP - young Singaporeans are struggling to buy HDB flats and start families of their own, middle-aged couples are stressing themselves out to make ends meet and elderly Singaporeans are frustrated at not being able to withdraw their CPFs - the ground is sweet for the opposition. The opposition has seen a number of qualified tertiary-educated professionals joining its ranks in the last few years including two former government scholars who became members of the Reform Party lately. While the parties may be weak individually, they will have a credible, impressive and formidable team if they stand together on a common platform with the intention of forming a coalition government to replace the PAP. There are three things the opposition need to do immediately: 1. Get all the opposition parties under a common coalition, e.g. the Singapore Democratic Alliance. 2. Use a catchy slogan which resonates well with the voters, e.g. "Singapore for Singaporeans." 3. Draft a comprehensive common manifesto documenting clearly the changes in policies which will be made if the opposition were to come to power. The next step will be to flood cyberspace with their campaign videos, manifestos and messages till they become deeply ingrained in the minds of the voters. This is the art of propaganda: one, you have to repeat a message again, again and again several times before they can register and have an impact on your intended audience and two, the message must be consistent, catchy and conspicuous. Having too many messages from too many parties will only confuse the audience and dilute their strength. We are now standing on the crossroads of history. The next general election will determine the collective fate of millions of Singaporeans who are born and bred here. The opposition must not let Singaporeans down again. Go for the juggernaut and teach the PAP a lesson it will never forget so that it will not take Singaporeans for granted ever again.   EDITORS’ NOTE: Please join our Facebook page here and invite your friends to do so to create awareness of the current affairs affecting Singaporeans.   Related articles: >> Triggering the Singapore political tsunami: How a highly motivated minority can sway an apathetic majority >> Singaporeans think highly of opposition’s chances in next general election >> What will happen to Singapore if the opposition wins the next general election >> Dr Ng Eng Hen welcomes greater contest from opposition >> Chee slammed again for introducing confrontational politics in Singapore >> Lim Hwee Hua: opposition “trying” to work the ground for next GE >> Let the next GE be a primer for Singapore’s own political tsunami >> Are opposition MPs becoming redundant in Singapore ? >> Why do we need so many strawberry PAP MPs in Parliament? >> PAP MPs complain of fast-pace of parliamentary debates >> Why PAP MPs are no more but a “wayang” >> A disaster in the making: PAP’s “instant tree” mentality >> Yes-men PAP MPs embarrassed themselves by saying instinctively “yes” to wrongly reduce budget   Please join our Facebook page here and invite your friends to do so to create awareness of the current affairs affecting Singaporeans. Please use our online web form to contact us.  Read More →