TR EMERITUS

From our Correspondent The prices of mass market homes have now reached a record high comparable to the peak October 2007 levels according to an analyst from RBS. Units at Centro Residences, a mass market 99-year project located at Ang Mo Kio, were sold at between $1,100 and 1,200 psf. This was close to the price of Sui Generis, located at Balmoral Park, a prime area, which sold for $1,260 psf and The Soleil at Novena at $1,200 psf. Industry players generally agree that it is not sustainable to price low-end properties at about $1,000 psf. Many of the buyers are HDB upgraders who may be flushed with cash from the sale of their properties enabling them to finance their purchase. The record-low interest rates offered by the banks is also a contributory factor. The high HDB resale market is popping up the mass market private homes. The prices of some HDB units in prime areas like Bishan and Toa Payoh now higher than condominiums in the suburban areas like Woodlands and Jurong. A 3-room unit at Rosewood in Woodlands is worth a median price of between $520,000 and $550,000 which is comparable to a five room maisonette in Bishan and Marine Parade. Last year, a 5 room flat in Marina Parade fetch a record price of $730,000. The HDB resale market in turn helps to raise the selling price of new flats released by HDB. The prices of the recently launchedPunggol Residences range from $264,000 to $322,000 for the 4-room flats, and from $344,000 to $409,000 for the 5-room flats. (source: HDB) HDB claimed that "prices are below those of similar flats in the market and are affordable to first-time flat buyers." The price of new flats are pegged to around 7o to 80% of the prices of resale flats in the vicinity. The government has always insisted that HDB flats are affordable. The prices of HDB flats had increased by more than 5 times in the last decade while the salaries of Singapore workers have only increased marginally. The high cost of HDB flats is becoming a problem especially to young couples who may not have the financial means to purchase one. Despite the widespread public concern, it was not addressed by Prime Minister Lee in his recent National Rally which touches mostly on racial and religious harmony.  Read More →

This was forwarded to me hours ago I thought it made good reading and seemed to reflect some of the bitterness and anger ----- Original Message ----- From: Sent: Monday, August 17, 2009 1:03 AM Subject: RE: Bitter guy blogs about it I am an engineer. Over the past year, I have been squeezed out of my job by cheaper Chinese, Malaysian and Indian engineers. To them, $2000 is much when they remit back home. To me, I can’t even afford a HDB, as frugal as I try to be, because the foreigners keeps driving home prices up on a daily basis. To add insult to injury, more of the foreign graduates replacing me had their university fees paid by our very own Ministry of Education. These graduates were not only given free college education, they were even given a month allowance of few hundred dollars each. While I had to work part time to support my education in NUS, and I still remain in debt to my student loan. (BITTER LAUGH!!!!). I spent 2.5 years of my precious youth serving the SAF, during which I lost my first girlfriend during training. These foreigners were given PRs and citizenship in less than 2.5 years and they don’t even need to serve. If war breaks out, I have to protect 1/3 of the population fuilled with these people?? (Assuming they dun run away at the 1st sign of trouble??!!) SAF even sent me a letter threatening to fine me for going overseas without telling them…to attend a funeral of my uncle…(BITTER LAUGH!!!!). Hey, here’s an idea, why don’t I migrate to another country before migrating back. That will save me more time! I am working in odds jobs now 7 days a week. I am now almost 30 already. Inflation exceed my savings rate, and I find a home, marriage, kids and happy future beyond me. A simple illness or a year of unemployment could wipe me out. Yet the government is wondering why there are less marriages and births….(BITTER LAUGH!!!!) I bear no love to my country now. My country does not need to be attacked, it has already be invaded and taken over. Source: sammyboy.com  Read More →

From our Correspondent The issue of foreign talent cropped up again recently during Prime Minister Lee Hsien Loong's National Day speech. He urged Singaporeans to welcome new citizens and make them feel part of the community. This is followed a few days later by MM Lee Kuan Yew who reiterated the importance of having more foreign workers to sustain the economy. While few can deny the fact that Singapore needs foreign labor to maintain our current competitiveness and growth rates, there were concerns that our Permanent Residency (PRs) and citizenship are granted too easily thereby leading to a depreciation of its intrinsic value. There are now 1.68 million foreigners in Singapore, making up almost a third of the population. The rapid influx of foreigners have inflated the cost of living including housing, transport and food over the last few years. Foreigners are also blamed, rightly or wrongly, for snatching away the rice-bowls of Singaporeans who are not entitled to a minimal wage or retrenchment benefits. The median wage of the lowest income group has stagnated and even shown a decline in the past decade. New settlers are often ignorant of the local culture and sensitivities and some don't even speak English, the basic lingua franca uniting the various races in Singapore. An irate Singaporean wrote to the Straits Times Forum lately asking the government to include an English Proficiency Test as part of the criteria for citizenship. Are we attracting the best foreign talent or the second-rated talent who cannot make it in their own country? Based on anecdotal evidence, some PRs hold only semi-skilled or unskilled jobs back in their home countries. The creme la crop chose to migrate to other more attractive destinations like U.S., U.K., Australia and Canada. When is the last time Singapore snare a "big name" to take up citizenship? The current PR application makes it only too easy for foreigners to attain PR status in Singapore without proper assessment if they can fit into the community or if we truly require their talent. Under ICA guidelines, the following categories of foreigners are eligible to submit applications: Spouse and unmarried children (below 21 years old) of a Singapore Citizen (SC)/Permanent Resident (SPR) Aged parents of a Singapore Citizen P, Q or S work pass holders Investors/Entrepreneurs [ICA] Existing P and Q Pass holders must earn a minimum fixed salary of S$30,000 in the preceding year and have worked at least 2 years. S Pass applicants must be minimally paid a fixed monthly salary of $1,800. The processing time is only 3 months Foreigners residing outside Singapore who are interested to study, work and live in Singapore may apply for in-principle approval for permanent residence by submitting an application through SMC Management Consultants Pte Ltd in Singapore provided they satisfy certain guidelines. As PR is a stepping stone towards citizenship, the government should impose more stringent criteria to ensure we are getting the right people who will not only contribute to Singapore, but will fit into our multi-racial community too. In the past, only professionals, executives and those in managerial positions are offered PRs and citizenships. Nowadays, it seems that almost anybody can qualify as long one work for a minimum of 2 years with a take home pay of $1,800. This means that a beautician earning $2,000 a month, a Tze Char stall cook bringing home $2,500 a month and a construction site supervisor with a monthly pay of $2,800 will all qualified for PR though they may not even be able to speak simple English! With due respect to them, the foreigners holding these positions do not add extra value to Singapore. In fact, these occupations can easily be taken up by locals in the first place. They can be replaced at any time with little cost to the economy. What Singaporeans really need are P pass holders and skilled workers in fields where there is an urgent shortage of manpower, such as nursing, physiotherapy etc. Our correspondent is of the view that a more stringent criteria should be imposed to ensure the quality of the newcomers such as mandating that prospective candidates pass an English proficiency test and raising the minimum wage to more than $2,000 a month. While Singapore needs foreigners to supplement our declining birth rates, we must not "cheapen" our citizenship by "selling" it as in a "lelong" sale, opening our doors indiscriminately to anybody without assessing if he or she will be an asset or liability to our nation. We should also make an extra effort to attract the creme la crop to settle down in Singapore. Why are we not as attractive a destination as elsewhere? What are the reasons for one choosing us over let's say Australia? Is it because of the lifestyle, social security or the authoritarian system of government? As the old Chinese saying goes, "a general triumphs over a thousand foot soldiers easily". Is Singapore getting the "generals" or just the "foot soldiers"? If all the ruling party wants is to increase the "digits" in the economy, then it might as well import sheep! Singapore needs world-class thinkers, innovators, entrepreneurs and visionaries, but does our system offers them the space and freedom they need and crave? Again, the problem lies with the obsolete autocracy which does not foster intelligent, creative and brave citizens. MM Lee Kuan Yew once proclaimed his government to be a First Division Team like in soccer. Now, a first division team will need a continuous supply of first division players to retain its crown and importing second division players from foreign leagues will only condemn it to an ignonimous exit with time to come.    Read More →