According to a Straits Times report, average sales value of both resale and new condos crossed the S$1 million mark in Q2 this year.
You wonder who's snapping up these homes when the government reported that median household income in 2010 was just S$5,000. This figure is also likely to be skewed as Permanent Residents are kneaded into the calculation. So the actual income is in all likelihood, lower than the figure published.
Without a strong and independent Press, our politicians will continue to use statistics as a smokescreen.
Indeed, a publication by the World Bank describes how a free press is no longer a luxury but essential to equitable economic development.
In an effort to revitalise the nation (and win votes), Malaysian PM Najib promised to review press controls and media censorship. Following his speech, there are even calls to totally abolish such stifling laws.
Will PM Lee ever do the same?
Will we ever find out the actual standard of life of Singaporeans and Singaporeans alone?
The PAP has always played the "housing value" card whether at elections or a Sunday luncheon.
MM Lee continues to forewarn that without the PAP, our housing value will fall. The former Minister Mentor even went so far as to challenge Aljunied GRC voters to compare the GRC's housing values with Opposition run Hougang estates.
Unfortunately for him, they didn't listen.
In 2002, there was a study by IMF covering 16 OECD nations that claimed that rising housing prices have positive effect on consumption. This would be music to our ministers' ears.
Bearing in mind that the sample size consisted mainly of developed states in Europe and North America, does the study apply to Singapore?
A Singapore Management University faculty member, backed by the Wharton-Singapore Management University Research Centre did her own study using Ministry data and rejected the findings.
This paper claimed that rising housing prices did not create wealth effect. Rather, there was some evidence to say that "house price increase appear to have a dampening effect on aggregate consumption".
One implication of this is that "policy makers should treat housing wealth as distinct from other assets when considering the impact of wealth on consumption".
Put simply, rising housing value does not necessarily mean that standard of living is improving or that Singaporeans spend more.
One key reason could be that unlike the OECD countries studied, many Singaporeans have their retirement savings wiped out by housing loans.
Another possible reason is the relative low purchasing power of Singaporeans caused by stagnant wages and a general lack of subsidies on anything from petrol to healthcare. This is confirmed by the widely circulated UBS Prices & Earnings Study.
Thus, it will be interesting to know who are the ones buying those million dollar properties.
What's pretty clear, not all are Singaporeans.
Showing posts with label MM Lee. Show all posts
Showing posts with label MM Lee. Show all posts
Monday, 26 September 2011
Saturday, 14 May 2011
MM Lee and SM Goh to leave
Some people would be rejoicing reading the headline.
But they have come out to say they are leaving the cabinet, not retiring from politics.
On the surface, it makes little difference whatsoever.
Their roles in the cabinet were created specially for them without any clear idea of the areas of responsbility.
Still, this would save taxpayers a few million dollars each year.
From SM Goh's perspective, it would give him alot more time to reverse the shocking decline in support in Marine Parade GRC and also ensure that TPL doesn't make the team look sillier than it already is.
From MM Lee's perspective, it may help shed the party's hard-handed image that we've come to be so familiar with. In any case, time is not on his side.
But they have come out to say they are leaving the cabinet, not retiring from politics.
On the surface, it makes little difference whatsoever.
Their roles in the cabinet were created specially for them without any clear idea of the areas of responsbility.
Still, this would save taxpayers a few million dollars each year.
From SM Goh's perspective, it would give him alot more time to reverse the shocking decline in support in Marine Parade GRC and also ensure that TPL doesn't make the team look sillier than it already is.
From MM Lee's perspective, it may help shed the party's hard-handed image that we've come to be so familiar with. In any case, time is not on his side.
Tuesday, 3 May 2011
Where Father does not meet son...
'If they choose (the opposition), then I say, good luck to them. They have five years to ruminate and to regret what they did. And I have no doubts they will regret it,' MM Lee
I'm guessing that MM Lee wouldn't be expressing many more of his views this GE.
Saturday, 30 April 2011
GE: MM Lee cautions Aljunied voters of consequences of voting in opposition
As usual, the PAP is trying to paint doomsday scenarios if opposition gets voted.
Here's a line by line analysis of MM Lee's wise words.
SINGAPORE: Minister Mentor Lee Kuan Yew has urged the voters of Aljunied GRC to exercise their vote carefully in the 7 May General Election.
This is because a wrong choice would mean they lose a strong team of office holders and ground parliamentarians. Mr Lee was speaking to the media after a visit to Tampines Central on Friday night.
"Strong team" to who? The people? or PAP?
What has George Yeo's team done?
Let me remind Aljunied voters that in 2008, Aljunied GRC was voted one of the dirtiest towns in Singapore. And George Yeo's strong team of office holders considered raising conservancy fees as a quick fix. Thankfully they made a u-turn in the face of a barrage of online criticisms.
You see, with more opposition in parliment, we will make the PAP think twice before passing unpopular policies.
Mr Lee's visit there was to support Mr Heng Swee Keat, PAP's new candidate in the Tampines GRC slate.
Mr Heng was once Minister Mentor Lee's principal private secretary during his career in the civil service. His last post before leaving for politics was as the managing director of the Monetary Authority of Singapore (MAS).
Mr Lee said: "He is the man who saw Singapore through the financial crisis and we recovered faster than other countries, but he's a potential Minister for Finance or Minister for Trade and Industry and we've got to have people like that in reserve."
MM Lee, is he also the man who oversaw our economy when we were the first Asia country to dip into recession when the crisis started?
So Mr Lee's advice to all voters and in particular those in Aljunied GRC is to look at the track record of the candidates and the programmes they have for the constituency.
We have looked into the track record. Unfortunately for your new PAP, it isn't particularly impressive considering that you have the most expensive ministers on the whole planet."During election time, all claims are made recklessly, but they are simplistic. Election rallies' slogans sell," he warned.
The Minister Mentor urged Aljunied GRC's voters to compare the property prices of their GRC with those in the neighbouring Hougang division, an opposition stronghold.
He said they would realise the prices are not the same. "You have the wrong government, you have your property prices go right down," he said.
Minister Mentor Lee went on to say: "If you are in Aljunied, ask yourself: do you want one MP, one non-constituency MP, one celebrity, two unknowns, to look after you? Or, have two ministers, one Speaker of Parliament, one very good ground worker (Ong Ye Kung) and Cynthia Phua to look after the place?
Isn't an elected government suppose to take care of ALL citizens, whether or not they are supporters?
Will Obama wash his hands off Texas because they are Republican?
So it shouldn't matter if the new team is made up of incumbent ministers or unknowns. We want to judge people on track record (yes I said it) and commitment to Singaporeans."What will happen to your property values and your own comfort, the drains and mosquitoes and so on in the five years? You have this celebrity, he has been away 30 years, he comes back, how does he connect with us?
We've given PAP nearly 50 years. Let's give this "celebrity" 5 years in office and then we will decide again. If he screws up, the voters will replace him in 2016. Let's not judge too early."It may well happen. If they win, in which case, the people of Aljunied live with the results. The only way people learn is when they have to pay a price."
And how do you know that? What if the lives of Aljunied Singaporeans actually get better? What will you say?Mr Lee was also unfazed by the large crowds at the opposition rallies, as he feels that does not translate into the final results on Polling Day.
Mr Lee also provided data to counter opposition's claims that foreigners in Singapore were taking away jobs from Singaporeans.
He said total employment in Singapore rose by 786,000 between 2006 and last year. That's a cumulative increase of 34 percent.
Last year alone, 115,900 jobs were added, with half going to Singaporeans.
Even if that were true, why are we creating 57,950 jobs for foreigners? Leave that to their own governments back home. I don't know of any country except UAE where the government creates as many jobs for foreigners. (Still, UAE citizens sit on top of the economic ladder so I hear. Not sure if it's the same here)
Preliminary estimates also show that total employment grew by 23,700 in the first three months of this year.
Mr Lee pointed out that the Singapore government has no reason to look after the interest of foreigners.
More foreigners means more spending on consumption no matter what. That will add to GDP de facto. Higher GDP growth means more bonuses for ministers. So there isn't any reason to look after the interest of foreigners?
He added that the PAP government has created more jobs than Singaporeans can fill.
That's because we have too many labour intensive jobs and exploitative MNCs on our shores. Move up the value chain, services chain-- Singaporeans are talented and hardworking and if given the chance, we can grow the economy by ourselves! Let our local run businesses thrive! Downplay the significance of MNCs.
I'm seeing ordinary foreigners taking away our PMET jobs when there are locals who can perform these jobs.
He said no country has done that except Singapore.
Mr Lee also released data stating that the overall unemployment rate was 2.2 percent last year.
The resident jobless rate was 3.1 percent, the second lowest over the period of 2000 and 2010.
Resident includes Singaporeans and PRs. PRs will have to be employed otherwise they will be out of this country. Stop skewing the statistics. Give us the jobless rate for Singaporeans only and we can judge.
Mr Lee added that foreigners are brought into Singapore to attract investments, in turn creating even more jobs for locals.
Some examples include how the equipment supplying company, Applied Materials, employs over 500 staff, and 85 percent of them are Singaporeans.
To be honest, I wouldn't expect any less. For every Applied Materials, there would be two Johnson & Johnsons or Citibanks.
And based on a construction manpower study done last year, which surveyed 1,000 contracting firms, two-thirds of professional, managerial, executive and technical positions are held by Singaporeans.
- CNA/ir
Here's a line by line analysis of MM Lee's wise words.
SINGAPORE: Minister Mentor Lee Kuan Yew has urged the voters of Aljunied GRC to exercise their vote carefully in the 7 May General Election.
This is because a wrong choice would mean they lose a strong team of office holders and ground parliamentarians. Mr Lee was speaking to the media after a visit to Tampines Central on Friday night.
"Strong team" to who? The people? or PAP?
What has George Yeo's team done?
Let me remind Aljunied voters that in 2008, Aljunied GRC was voted one of the dirtiest towns in Singapore. And George Yeo's strong team of office holders considered raising conservancy fees as a quick fix. Thankfully they made a u-turn in the face of a barrage of online criticisms.
You see, with more opposition in parliment, we will make the PAP think twice before passing unpopular policies.
Mr Lee's visit there was to support Mr Heng Swee Keat, PAP's new candidate in the Tampines GRC slate.
Mr Heng was once Minister Mentor Lee's principal private secretary during his career in the civil service. His last post before leaving for politics was as the managing director of the Monetary Authority of Singapore (MAS).
Mr Lee said: "He is the man who saw Singapore through the financial crisis and we recovered faster than other countries, but he's a potential Minister for Finance or Minister for Trade and Industry and we've got to have people like that in reserve."
MM Lee, is he also the man who oversaw our economy when we were the first Asia country to dip into recession when the crisis started?
So Mr Lee's advice to all voters and in particular those in Aljunied GRC is to look at the track record of the candidates and the programmes they have for the constituency.
We have looked into the track record. Unfortunately for your new PAP, it isn't particularly impressive considering that you have the most expensive ministers on the whole planet."During election time, all claims are made recklessly, but they are simplistic. Election rallies' slogans sell," he warned.
The Minister Mentor urged Aljunied GRC's voters to compare the property prices of their GRC with those in the neighbouring Hougang division, an opposition stronghold.
He said they would realise the prices are not the same. "You have the wrong government, you have your property prices go right down," he said.
Minister Mentor Lee went on to say: "If you are in Aljunied, ask yourself: do you want one MP, one non-constituency MP, one celebrity, two unknowns, to look after you? Or, have two ministers, one Speaker of Parliament, one very good ground worker (Ong Ye Kung) and Cynthia Phua to look after the place?
Isn't an elected government suppose to take care of ALL citizens, whether or not they are supporters?
Will Obama wash his hands off Texas because they are Republican?
So it shouldn't matter if the new team is made up of incumbent ministers or unknowns. We want to judge people on track record (yes I said it) and commitment to Singaporeans."What will happen to your property values and your own comfort, the drains and mosquitoes and so on in the five years? You have this celebrity, he has been away 30 years, he comes back, how does he connect with us?
We've given PAP nearly 50 years. Let's give this "celebrity" 5 years in office and then we will decide again. If he screws up, the voters will replace him in 2016. Let's not judge too early."It may well happen. If they win, in which case, the people of Aljunied live with the results. The only way people learn is when they have to pay a price."
And how do you know that? What if the lives of Aljunied Singaporeans actually get better? What will you say?Mr Lee was also unfazed by the large crowds at the opposition rallies, as he feels that does not translate into the final results on Polling Day.
Mr Lee also provided data to counter opposition's claims that foreigners in Singapore were taking away jobs from Singaporeans.
He said total employment in Singapore rose by 786,000 between 2006 and last year. That's a cumulative increase of 34 percent.
Last year alone, 115,900 jobs were added, with half going to Singaporeans.
Even if that were true, why are we creating 57,950 jobs for foreigners? Leave that to their own governments back home. I don't know of any country except UAE where the government creates as many jobs for foreigners. (Still, UAE citizens sit on top of the economic ladder so I hear. Not sure if it's the same here)
Preliminary estimates also show that total employment grew by 23,700 in the first three months of this year.
Mr Lee pointed out that the Singapore government has no reason to look after the interest of foreigners.
More foreigners means more spending on consumption no matter what. That will add to GDP de facto. Higher GDP growth means more bonuses for ministers. So there isn't any reason to look after the interest of foreigners?
He added that the PAP government has created more jobs than Singaporeans can fill.
That's because we have too many labour intensive jobs and exploitative MNCs on our shores. Move up the value chain, services chain-- Singaporeans are talented and hardworking and if given the chance, we can grow the economy by ourselves! Let our local run businesses thrive! Downplay the significance of MNCs.
I'm seeing ordinary foreigners taking away our PMET jobs when there are locals who can perform these jobs.
He said no country has done that except Singapore.
Mr Lee also released data stating that the overall unemployment rate was 2.2 percent last year.
The resident jobless rate was 3.1 percent, the second lowest over the period of 2000 and 2010.
Resident includes Singaporeans and PRs. PRs will have to be employed otherwise they will be out of this country. Stop skewing the statistics. Give us the jobless rate for Singaporeans only and we can judge.
Mr Lee added that foreigners are brought into Singapore to attract investments, in turn creating even more jobs for locals.
Some examples include how the equipment supplying company, Applied Materials, employs over 500 staff, and 85 percent of them are Singaporeans.
To be honest, I wouldn't expect any less. For every Applied Materials, there would be two Johnson & Johnsons or Citibanks.
And based on a construction manpower study done last year, which surveyed 1,000 contracting firms, two-thirds of professional, managerial, executive and technical positions are held by Singaporeans.
- CNA/ir
Tuesday, 26 April 2011
MM Lee said he doesn't care if native Singaporeans fall behind
Quote from his interview with NatGeo:
Over time, the MM says, Singaporeans have become "less hard-driving and hard-striving." This is why it is a good thing, the MM says, that the nation has welcomed so many Chinese immigrants (25 percent of the population is now foreign-born). He is aware that many Singaporeans are unhappy with the influx of immigrants, especially those educated newcomers prepared to fight for higher paying jobs. But taking a typically Darwinian stance, the MM describes the country's new subjects as "hungry," with parents who "pushed the children very hard." If native Singaporeans are falling behind because "the spurs are not stuck into the hide," that is their problem.
Well MM, if the current crop of ministers are voted out because "the spurs are not stuck into the hide", that is their problem.
Over time, the MM says, Singaporeans have become "less hard-driving and hard-striving." This is why it is a good thing, the MM says, that the nation has welcomed so many Chinese immigrants (25 percent of the population is now foreign-born). He is aware that many Singaporeans are unhappy with the influx of immigrants, especially those educated newcomers prepared to fight for higher paying jobs. But taking a typically Darwinian stance, the MM describes the country's new subjects as "hungry," with parents who "pushed the children very hard." If native Singaporeans are falling behind because "the spurs are not stuck into the hide," that is their problem.
Well MM, if the current crop of ministers are voted out because "the spurs are not stuck into the hide", that is their problem.
Monday, 25 April 2011
MM reminds Singaporeans they are not living in Disney World.
My humble comments on MM's pre nomination lecture.
He's urged them to look at the fundamentals
- Dear MM, it's precisely the fundamentals that aren't so good. I've written about this in a post on your track record of late.
He reminded Singaporeans not to risk their assets, property values, and job opportunities.
- I've dealth with property values in one of my earlier posts.
- I can see no proof of how PAP has enhanced job opportunities unless they give us a breakdown of the total number or % of jobs created that went to Singaporeans.
Mr Lee explained that the PAP got Singapore to where it is by careful and painstaking selection of their successors, men and women of integrity and quality.
They fill the top positions in Parliament, the administration, the Police and the Singapore Armed Forces.
- I think the problem why enterpreneurship, creativity and productivity is lacking in Singapore is because we may have too many men in uniform in leadership positions. Food for thought.
Highlighting Singapore's achievements, Mr Lee reminded voters that no country in the world has housed 85% of its population in public housing of high quality with the remaining 15% able to afford to buy condominiums and landed properties.
-The problem is that the proportion of those in public vs private housing hasn't changed much since then. If the people of a society has progressed, then shouldn't we see a bigger proportion of citizens living in private housing over time?
- Singaporeans don't really own their houses, not in the pure sense. The banks actually own the houses. And seeing that most loan tenures are 30 years, one can argue that most Singaporeans dont own their houses until three long decades later. Even so, the PAP has devised an ingenious scheme to "allow" the elderly to sell their houses back to HDB at low prices.
The Central Provident Fund was also expanded and this has enabled people to buy homes, co-pay for medical and dental expenses, and still have an adequate balance for retirement.
- The British gave us the CPF. The PAP turned CPF upside down. The reason why many have little in retirement funds is because the CPF was "expanded" primarly to allow people to buy expensive housing leases from local banks. These banks literally made a killing here.
So Mr Lee's message to voters - do not rock the foundation and remember where Singapore came from, and how difficult it was that the country has got to where it is.
- The country is going nowhere, at least not forward. That's why you sir, despite decades of steadfast refusal, finally allowed casinos to inhabit our island. I guess your team of ministers have simply ran out of ideas. Isn't it time for citizens to "rock the foundation" now?
The Minister Mentor reminded Singaporeans they are not living in Disney World.
- I'm not sure if i should laugh or cry at this remark?
He's urged them to look at the fundamentals
- Dear MM, it's precisely the fundamentals that aren't so good. I've written about this in a post on your track record of late.
He reminded Singaporeans not to risk their assets, property values, and job opportunities.
- I've dealth with property values in one of my earlier posts.
- I can see no proof of how PAP has enhanced job opportunities unless they give us a breakdown of the total number or % of jobs created that went to Singaporeans.
Mr Lee explained that the PAP got Singapore to where it is by careful and painstaking selection of their successors, men and women of integrity and quality.
They fill the top positions in Parliament, the administration, the Police and the Singapore Armed Forces.
- I think the problem why enterpreneurship, creativity and productivity is lacking in Singapore is because we may have too many men in uniform in leadership positions. Food for thought.
Highlighting Singapore's achievements, Mr Lee reminded voters that no country in the world has housed 85% of its population in public housing of high quality with the remaining 15% able to afford to buy condominiums and landed properties.
-The problem is that the proportion of those in public vs private housing hasn't changed much since then. If the people of a society has progressed, then shouldn't we see a bigger proportion of citizens living in private housing over time?
- Singaporeans don't really own their houses, not in the pure sense. The banks actually own the houses. And seeing that most loan tenures are 30 years, one can argue that most Singaporeans dont own their houses until three long decades later. Even so, the PAP has devised an ingenious scheme to "allow" the elderly to sell their houses back to HDB at low prices.
The Central Provident Fund was also expanded and this has enabled people to buy homes, co-pay for medical and dental expenses, and still have an adequate balance for retirement.
- The British gave us the CPF. The PAP turned CPF upside down. The reason why many have little in retirement funds is because the CPF was "expanded" primarly to allow people to buy expensive housing leases from local banks. These banks literally made a killing here.
So Mr Lee's message to voters - do not rock the foundation and remember where Singapore came from, and how difficult it was that the country has got to where it is.
- The country is going nowhere, at least not forward. That's why you sir, despite decades of steadfast refusal, finally allowed casinos to inhabit our island. I guess your team of ministers have simply ran out of ideas. Isn't it time for citizens to "rock the foundation" now?
The Minister Mentor reminded Singaporeans they are not living in Disney World.
- I'm not sure if i should laugh or cry at this remark?
Thursday, 21 April 2011
MM's believe it or not?!
I beg your pardon! Did they say those things?
A collecion of unbelievably outrageous comments from MM and his band of millionaire ministers.
Brings back haunting memories of a certain fascist dictator from WWII.
Originally posted by Wendy in 2009.
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