DE LEVIATHAN @ SG

Diary of A Singaporean Mind: The plight of Singapore's son Fandi Ahmad....

2012-02-04T15:18:00.000+08:00

Diary of A Singaporean Mind: The plight of Singapore's son Fandi Ahmad....

Eradicating The Leviathan Mindset

2012-01-31T00:08:00.000+08:00

Read more about LEVIATHAN and how a civil society can correct the damages of excessive government under the following links :-

(a) Meaning of Leviathan

(b) Thomas Hobbes & Leviathan in Literature

(d) A Framework For Thinking About Civil Society

(e) How can civil society correct the damages of excessive government?

Diary of A Singaporean Mind: Obama's 2012 State of the Union Address

2012-01-30T19:05:00.000+08:00

Diary of A Singaporean Mind: Obama's 2012 State of the Union Address

祝：龙马精神新年快乐 GONG XI FA CAI

2012-01-20T23:59:00.007+08:00

祝：
龙马精神
新年快乐
GONG XI FA CAI

TODAYonline | Voices | Political success is not a transaction

2012-01-12T09:31:00.001+08:00

TODAYonline Voices Political success is not a transaction

" ... a non-alignment of values is one of the reasons why individuals decline to enter politics."

TODAYonline | World | Britain likely to push through laws against excessive boardroom pay

2012-01-09T14:41:00.000+08:00

TODAYonline World Britain likely to push through laws against excessive boardroom pay

A Great "Ponding" Shot

2012-01-04T17:06:00.000+08:00

I happened to drop by Republic Polytechnic (one of my past projects) to deliver some documents today and took this shot. It will certainly make a great "PONDING" shot of the New Year 2012. Wish them a "Great Open House 2012" from 5 Jan 2012.

The Pond at Republic Polytechnic

TODAYonline | Singapore | 'Substantial cuts' to political appointment holders' salaries proposed

2012-01-04T13:18:00.000+08:00

TODAYonline Singapore 'Substantial cuts' to political appointment holders' salaries proposed

The committee had decided to benchmark an entry-level minister's salary to the median income of the top 1,000 earners, who are Singapore citizens, with a 40 per cent discount to signify the ethos and sacrifice of political service.

Based on 2011 income data from the Inland Revenue Authority of Singapore, the new benchmark figure is S$1.1 million.

The suggested salary formula features fixed and variable pay components that are linked to performance and national outcomes. The formula is as such:Annual salary (20 months) = fixed component (13 months) + annual variable component (usually 1 month) + individual performance bonus (3 months for good performers) +national bonus (3 months if targets are met).

This means that an entry-level minister, whose annual salary is S$1.1 million (20 months), will draw a fixed salary of S$715,000. The remainder is variable.

TODAYonline | Voices | Corporate mindset, more than salaries, needs to be tackled

2012-01-04T13:02:00.001+08:00

TODAYonline Voices Corporate mindset, more than salaries, needs to be tackled

HAPPY NEW YEAR 2012

2011-12-31T08:00:00.000+08:00

。 ° · 。 · ˚ ˚ ˛ ˚ ˛
。° 。 ° 。˚ ˛ · ˚ ˚ ˛
★HAPPY★ 。 · ˚ ˚ ˛
。NEW YEAR 。。°
_Π_＿。 ˚ ˚ ˛ ˚ ˛
/____＿/ ＼。˚ ˚ ˛ ˚
l田田田 |門| ˚ ˛

Wishing All Friends - Happy Holidays

2011-12-30T17:00:00.000+08:00

Myspace Graphics, Season's Greetings Graphics at WishAFriend.com

What will the world be like in 2012?

2011-12-28T10:43:00.000+08:00

What will change in 2012? What will stay the same? Here are 12 presentations that take a look at where we’ve all been in 2011 and predict trends that we’ll see in the coming year.

Link :- Read them here.

Story of the Year 2011 - Of Tall Trees (Leviathan) and Mushrooms

2011-12-27T23:45:00.006+08:00

2011 was an eventful Year. The World was "rocked" with events from The Great Sendai / Miyagi Earthquake and Tsunami ... The Great Bangkok Flood ... just as NZ Christchurch was jolted by another quake as I started to draft this posting while the Euro-Zone Crisis continues..

It had been an exciting year for me personally. Two major events had been most significant, meaningful and memorable for me to have participated in 2011.

(a) The Presidential Election Campaign

(b) The Opening of the New Clementi Interchange

The first was for supporting a friend on a worthy cause and brought me closer to a better understanding of the new social media.

PE 2011 Collectibles

The second was part of my regular job for a project and brought me closer to look at the recent events hitting the SMRT as a public transporter. Both has a wave of nostalgia.

Does the arrow means MRT and Bus fares will continue to rise as HDB flat prices skyrocket in the background ?

I was thinking what to write to close for 2011 and to welcome 2012 in a new way for this blog. I thought it would be great to recap the following "Story of the Year 2011" which now appears very well said during the last General Election, retrospectively.

Quote

The story was :-

...about a village which was sheltered by special tall trees which protected it from storms. Yet the villagers were tempted by mushrooms which spouted only every five years.

"The villagers asked, 'Are these mushrooms any good? They are so pretty. Shall we remove some of these tall trees and allow the wild mushrooms to grow?' And so the wise old man told them that these mushrooms may look pretty but some of them are poisonous, and 'if you associate too closely with them, these wild mushrooms will weaken us, stunt our growth, and retard our development. Leave them alone, protect the trees, these trees are special trees'."

Unquote

As if a magical spell was casted, we watched the "story" befallen on the SMRT, as I also wrote here in this blog about its corporate culture; and ironically on the great story teller during GE 2011.

If the CEO can't change the culture and the Leader (great story teller) could not spot the poisonous mushrooms, what do you do? Appoint a "BOI" and bring in an Union "Superman" while another tries to stamp out the villagers' noise? There are no more Wise Old Man to "re-juvenate" this simple story of Tall Trees (Leviathan) and Mushrooms again ..... One must at be an ardent practitioner of taiji or at least make it to the Exco of an International Tai Chi Federation to stay cool when the crisis get too heated up. Does this sum up "what politics are all about" (when we struggled to Hi 5, LOL) ?

It is easier to tell a story than solve an organisational cultural issue as the reality will unfold. With this, I close 2011 for this blog, as we await Story of the Year for 2012 - "How to lower Ministers' Million Dollar Salaries without having them to ruminate and regret for 5 years?". I will return with a new series on What exacerbates Middle Income Stagnation in Singpore and the Marginalization of PMETs jobs due to "Foreign Talents" in the new year.

All the best in the New Year ahead. Cheers.

Blame SMRT’s corporate culture

2011-12-22T18:00:00.000+08:00

Tend to agree with this article by P N Balji. I share similar thoughts in my earlier posting, "SMRT - A Public Transporter that Went Terribly Wrong with its Business Model ".

'Blame SMRT’s corporate culture, LTA’s lack of regular checks'

TODAYonline | Voices | Timely measures were taken to prevent property market bubble

2011-12-21T13:12:00.000+08:00

TODAYonline Voices Timely measures were taken to prevent property market bubble

Elderly woman suffers head injury after SMRT bus fall.

2011-12-20T08:00:00.003+08:00

Now another incident involving SMRT as reported in Yahoo News. Blame it on bad luck?

Elderly woman suffers head injury after SMRT bus fall.

Ding was with her daughter at Orchard Road near the Heeren on Sunday night when they both boarded bus service 164.

While on the bus, the bus captain suddenly jammed the brakes, causing the 54-year-old Ding to lose her footing and fall. She then hit her head on a seat and fell unconscious. It’s believed she fractured her skull during the fall.

She was sent to the Singapore General Hospital where an operation was performed to stop the internal bleeding in her brain. She is still in critical condition.

Diary of A Singaporean Mind: MRT breakdown and what is wrong with our transport system....

2011-12-19T13:39:00.000+08:00

Diary of A Singaporean Mind: MRT breakdown and what is wrong with our transport system....

SMRT - A Public Transporter that Went Terribly Wrong with its Business Model

2011-12-19T07:40:00.004+08:00

My recent involvement in the commissioning of the new air-conditioned Clementi Bus Interchange brought me out of the construction industry and closer to the Singapore transportation industry.

The first day Transport Minister Lui Tuck Yew took over his portfolio after the May General Election, I witnessed him personally standing at the Jurong East MRT Station platform to appreciate the morning crowded condition at Jurong East MRT Station "first-hand". I was greatly impressed by him. That was before the new platform was opened.

It must have been a sigh of relief for him after the opening ! ... Hmmm ... what is left to be done is probably to add more new trains, and perhaps things will be back to "normal" till the next GE in 2015. Meanwhile, SMRT would probably continue with its incremental annual fare hikes despite public protest about SMRT's profits.

I would have thought so personally too. Personally, I have been involved in the new Clementi Bus Interchange commissioning recently. The old Clementi Bus Interchange used to be my "transit" point between SBS Bus 173 and the feeder service No 96 to NUS during my undergraduate days. I recall most weekends before the Final Exam in 1987, we would study on campus and visit the Clementi Hawker Centre for some nice food to "spur" us on. It was great for me to help see to the upgrading of this nostalgic suburban HDB hub, some 20-over years later.

Routes can remain unchanged for over 20 years, but facilities must be maintained, if not upgraded.

Upgraded Clementi Town Centre

Meanwhile, I also heard about the switch to the temporary Jurong East Bus Interchange as the Jurong East Interchange will also be upgraded to an "air-con" one just like the Clementi Bus Interchange, etc.

Then, suddenly all the bad news seem to hit the "headlines" for the public transport industry again for public scrutiny.

First, several serious and fatal accidents; with drivers even escaping from the scene. Next was a China SBS driver of Service No 52, though with the "right initiative" to escape from a traffic jam; drove his passengers on a 2-hour "joy-ride" when he got lost whilst seeking "guidance" from the control centre as reported by Channel 8 news reporter Wu Liang Xiang who happened to be in that SBS bus. Our public transporter adopts sophisticated GPS technology so that they can charge us "distance-based" fares but the same technology could neither tell the control centre where the bus was nor guide the driver to its proper destination, as could be seen in the video. Do they expect the public to pay to add to their "efficiency" ? LOL. Profits yes!, customer service...hmmm...maybe not ?

The previous weekend, I read in the Straits Times about shops in MRT Xchanges making losses and SMRT taking legal actions to wind them up for not paying rentals. To me this was wrong strategy for the SMRT. It had deviated from its responsibility and "core competence" as a public transporter by "improving the shopping experience" in its premises ... something I had posted in this blog here when the vandalism case hit. I doubt such improved "shopping experience", a brain-child of the current CEO who used to managed Singapore's Duty Free chain; could be sustained as they compete with the surrounding shopping malls. The basic lesson any MBA student would have learned about "competitive strategy" is to concentrate on your "core competence", not straying into something which will tie-down your limited resources, where others who know best are not your direct competitors. It must be a joke now that they are ranked by a US consultancy for topping in corporate governance ranking; above top firms like SIA & OCBC.

One Graffiti painter broke into its "restricted" Changi Depot premises, you could dismiss your responsibility and blame "others" including the public for the shortcomings. SMRT could start to do "nonsense" like what as I wrote here for "face-saving" but when another Graffiti hit at another depot, what did that demonstrated? No chance to push the blame, but what are the remedial actions? Just add more cameras at the perimeter fences hoping to re-coup back from future fare increases?

Is it something wrong with the corporate culture and "The Million Dollar Salary Syndrome" I wrote sometime ago when a Thai girl fell into the track and lost her 2 legs at the Ang Mo Kio Station? You could turn it into a legal case ... but then ...???

Or did the Workers Party really hit the nail at the right spot when it called for a nationalised transport system during GE 2011? The ex-PMO Minister and Second Transport Minister Lim Hwee Hua had said that 'commuters would be worse off with nationalised transport system'. Is this really so, putting her loss at the last GE aside?

The 2 recent SMRT outages certainly illustrate that the "profit and market mechanism" isn't working, definitely not when the "corporate culture and business model" is all wrong. How long could it last to hide under the "skirt" of the PTC to deliver a never-ending stream of incremental profits annually? Certainly, the Workers' Party should raise questions over train disruptions , as it is the only opposition party capable to highlight the needs of a "nationalised transport system", which is not purely motivated by pure profits alone.

SMRT should think about "service delivery" first as a public transporter and forget about becoming another corporate giant motivated solely by profits and at the expense of the general fare-paying public and its shareholders. We certianly do not need any enhancement of "shopping experience" at the expense of a safe ride.

Hmmm...I wrote about the upgrading of the Clementi Bus Interchange and the surrounding HDB hub. As I recently sat for lunch at Swensen at Clementi Mall which overlooks the Clementi MRT Station, I recall it was opened in 1987, the year I graduated from NUS. Clementi Town / Interchange went through the upgrading I wrote above, what about our MRT 1 which is more than 20 years old? Care to read here (my letter published in TODAY, 2 July 2003) about the "Dare and Imagination" of LTA when the NEL was opened "driverless" ? I dare not imagine the worst scenario. Are they waiting for the fares to rise first? It is increased incrementally every year after all.

Breakdown in communication - that is only good as the introductory part of an excuse. Where is the "maintenance" to deliver that undisrupted service and safe ride which justifies the incremental annual fare increase? It was no wonder the initial reaction of the outage was to inform SMRT taxi drivers about "income opportunity" - more profits? Something must be wrong with the corporate social responsibility, corporate culture and business model of SMRT. Or do you need a nasty accident as part of the feedback mechanism to justify spending on maintenance?

Communication Problem ? - Interesting Sign at old Temporary Clementi Bus Interchange - No jaywalking ? SBS drivers must run in Bus Park ? SBS Driver take buses within Bus Park free ?

Diary of A Singaporean Mind: Finally tough effective measures to rein in property prices....

2011-12-15T11:46:00.000+08:00

Diary of A Singaporean Mind: Finally tough effective measures to rein in property prices....

Revisiting The Property Bubble & Investment Trap Part 3 - Quick 2011 Year End Review of the Property Market & External Business Environment

2011-12-13T18:04:00.000+08:00

After the Presidential Election campaign, I last wrote about the Singapore property market in End Sep 2011. I had not written much since then, for the following 2 reasons.

(a) As I put in my last posting, I believe it would be about "going back to the basics" for our property market ... "that property prices might move sidewards due to the world recession from 2009 and probably drag on for sometime longer due to the Earthquake, Tsunami and Nuclear Crisis in Japan and then the re-emergence of the Euro-zone debt crisis".

There were no significant "internal changes" to the property market since the May General Election and a change of MND Minister, until perhaps last night when new control measures were announced; except for the ever-continuing ridiculous pricing of some new EC & DBSS launches, despite the negative volatile economic picture arising from the Euro-Zone debt crisis. I will elaborate later on.

(b) I was busily involved in the commissioning of the new Clementi Bus Interchange, as the final phase of the Clementi Town Centre / Suburban Mall / Bus Interchange development project.

New Clementi Bus Interchange

The Old Clementi Temporary Bus Interchange

Just a short distance away, a new DBSS project was launched at prices which seemed ridiculously high to me considering the present negative volatile business environment and uncertainty of employment. So you may understand how difficult it is for me to comprehend and accept property prices if they are still ridiculous, when construction cost data are at my finger tips.

An interesting architectural shot taken of Clementi Towers

Appreciating in context - The Singapore's Property Market

Following GE 2011, my particular attention was on what measures the new MND Minister would take since "affordable public housing" was a "hot-potato" issue during the last GE. Nothing much came until yesterday night. These are my observations :-

(a) Ramped-up BTO supply. That the new MND Minister was able to "largely cleared the backlog of BTO first-timer applicants" with his ramped-up BTO programme in just 6 months, perhaps made it just too simple for the previous intelligent MND Minister to even think about it. No wonder his predecessor was too busy, and took more than a year; figuring out how to implement control measures to "fix" prices for "asset enhancement" but not simply to supply more affordable BTO flats when the waiting threatens with backlog ... or was it a bargain for electoral votes so that he could be empowered again to enhance your property value? This certainly looked "going back to the basics" for the new Minister and not of our property market that I wrote on 23 Sep 2011(LOL).

(b) Issue of HDB pricing. The next issue which the new MND Minister could not answer for his predecessor was still on "affordability" of HDB flats. He has so far kept silent on the contentious issue of pricing HDB flats, which emerged as a top election issue. HDB, under Mr Mah, maintained that market-based pricing made more sense, although opposition parties had argued for a more transparent cost-based method.

I had posted on 17 Sep 2011 - "Since the stepping down of Mr Mah Bow Tan as MND Minister and the taking-over by Mr Khaw Boon Wan, I believe nothing has changed to the pricing formula for new BTO flats or even EC. If Mr Mah could not explain about profits on BTO flats and do something to the pricing formula, I believe there is nothing more Mr Khaw would do too, judging from his actions so far." [Re-visit the top-read posting in this Blog; posted on 21 April 2011 just before GE 2011 - "An illegal raid on the reserves? Mr Mah Should Explain About Ballooning Land Costs"]

"CPF grants are helpful but it seems like we are just taking money from one pocket to return it to another. We must seriously consider the pricing formula for HDB flats and seek to make it a transparent one as much as possible," said Zainudin, MP to Bishan-Toa Payoh GRC and his own PAP comrade in Parliament.

But do you now know the pricing formula for new HDB flats?

But I am sure you have read this :-

"As a result of rising land costs and the need to keep flats affordable, the size of HDB flats has shrunk by 5 to 10 per cent over the last two to three decades. For example, a five-room flat in Bukit Batok Central built in 1989 has a floor area of 121 sq m, compared to 110 sq m for a similar unit built in 2003....The shrinking size of public flats here has not lowered Singaporeans' quality of living, according to HDB CEO Cheong Koon Hean" but experts like Colin Tan disagreed as reported in this article in TODAY.

"The new cooling measures mean any foreigners who want to buy a property will incur an additional 10 per cent stamp duty and another 3 per cent stamp duty. Including the seller's stamp duty, it may go up 25 per cent to break even in the next four years. The foreigner has to be really bullish about the property market," ... "With the additional 10 per cent, it will add $150,000 to the total cost of the stamp duty, which is already at 3 per cent," for most private condominium which is priced at about S$1 million.

Why the latest round of control measures?

I was chatting with a a new citizen colleague (formerly a China national) early this week. I told him that I expect prices of properties here to consolidate drastically next year. My arguments are the same as you might have read my previous posting(s) such as this in Oct 2010, but now also supported by new dismayed developments of the continuing financial crisis in the Euro-Zone.

He disagreed with me and told me a major price consolidation next year is unlikely. His reason - Just look at the number of China investors coming to Singapore to buy properties. China had tightened the property market and price had consolidated so much as evident at the End of Autumn which traditionally is the highest sale-volume month. I was monitoring the H-Share related HSI index and property counters and this review maybe a good simple summary. So China investors are instead investing here in Singapore. Perhaps unknown to you, many China investors are buying their 2nd or even 3rd property (home or here) with hard cash while many Singaporean genuine homeowners are struggling to pay off one very expensive property purchase with a "mortgage". He was right but that was before the new control measures were announced.

Sometime last year, you had heard our PM Lee said a double-dipped recession was unlikely; but just a few days back he would have thought otherwise as his NTUC Labour Chief told us to "bite 3 bullets instead of 1". Next, this would become his excuse for you to improve productivity but perhaps still let pay stagnate another 10 years ... (Read about what I call the $10K Salary Syndrome here) ..... Coincidentally, in U-Channel, I heard about the latest control measures.

If you asked me whether it is too late, I would say "Yes". But is it fair? ... Certainly yes... Why? Simply...those Singaporeans whom I considered to be daring enough ... had gone forward to purchase their expensive EC, DBSS etc at prices still ridiculous to me ...while the market was left 'open" to the foreigners since many moons ago after MBT announced earlier control measures ... "Tharman mentioned "no capital controls"...[read my posting dated 7 Dec 2010 more than a year ago here] ... and you may recall that the revision of income ceiling for HDB flats purchase was implemented exactly 1 year late since PM Lee first announced it during N-Day Rally in 2010. So the "capital controls actually came one year late but implemented in the form of new property control measures by KBW. For the obvious reason which I had also mentioned before...to trap all those buyers for the last one year in - locals and foreigners included, while the "price was still ridiculous". This is for the sake of the economy in future and the Govt coffer.

Read here, HK is looking at relaxing restrictions on mortgages for residential properties if economic conditions worsen ...

Read here, China is looking at relaxing restrictions - "China's thin margin for error in property policies". ... "Fears that the euro might collapse, unleashing a tsunami of financial and economic disruptions around the globe, have added urgency to concerns that China's campaign to cool overheated housing prices may go too far."

But ... we in Singapore is putting in new control measures ... I am afraid a substantial number might have already been trapped ... Is it really "An entire nation held hostage by the property market" ?

Is this effective to prevent a future drastic fall in property prices and a collapse or have you burnt your pocket and are already trapped?

Not if you had already committed and bought "high" in the last one year ... but good for those who are looking forward to a 10~15% price consolidation in the private mass property market, or a 15~20% price fall in the Central Core Area. It is worth the wait - isn't it, if you are not already entrapped?

Appreciating In Context the External Business Environment & Property Markets

Asia's economy looks heading for a 'yo-yo' year in 2012.

European banks' claims on Asia, excluding Japan, amount to $1.4 trillion, according to data from the Bank for International Settlements. If Europe's debt problems intensify and its banks retrench, they may pull back some of that credit with little warning, leaving Asia vulnerable to a sudden exodus of capital.

Singapore stands out among the most heavily exposed, with European bank claims amounting to 83 % of the country's gross domestic product, according to a Bank of America-Merrill Lynch economist, so you can imagine how much exposure we have to the Euro-Zone Crisis.

For some Asian economies, it is China rather than Europe that will most influence 2012's course. China is the largest trading partner for many Asian countries, and it is no longer simply an assembly point for goods destined for export.

That means what happens inside China matters a great deal for the rest of Asia. The biggest domestic worry centers on China's cooling property market, and the repercussions for bank lending and local government borrowing.

Beijing orchestrated a real estate slowdown this year to try to avoid a damaging property boom and bust. But the side effect has been a rise in troubled loans to developers, and a drop in land sales that has cut off a vital source of revenue for heavily indebted local governments.

Credit Suisse, which has been among the more bearish in its forecasts on China's housing sector, predicted property prices would fall 10 percent in 2012, bringing the cumulative decline to 20 percent from a mid-2011 peak.

China's central bank said on Dec 2 that home prices were at a "turning point" and banks were concerned about a possible chain reaction if prices were to fall by 20 percent. Many market watchers took that as a signal that Beijing would ease some of the restrictions it placed on home purchases.

China has already reduced the amount of reserves that big banks must hold, a measure that freed up an estimated $55 billion to $63 billion in lending capacity.

Economists expect China to continue lowering banks' reserve requirements. That in turn should help spark stronger growth in the second half of 2012.

So for Singapore, it is still worthwhile to look at China as an economic driver of growth. At least, it looks certain as an indicator of the direction for growth in Asia and its property market is of paramount concern.

The Likely Future Direction

Can the new MND Minister delivers the 10~15% price consolidation that those who still have not committed in private properties might be waiting for? And what sort of price are we looking at as fair as genuine home buyer?

In my posting last October 2010, I wrote about my general observations of the whole property market after the earlier control measures were announced. They were :-

Falling prices in land bids by developers

(a) Fall in price of DBSS land bids by about 10% to a base of about $220~$230 psf ppr.

(b) Fall in price of EC land bids by about 20% to about $230 ~ $ 240 psf ppr

(c) Fall in price of Private Mass Market Condo land bids by about 10%~15% to about $320~$340 psf ppr.

While there was a fall in bidding price for land psf, we did not see a corresponding fall in sale price of new launches since then. Most of these lands would probably have been pushed out in new launches by now or will have to be pushed out very soon as the URA requires development to commence with a certain time frame.

With the latest control measures announced, I expect "construction costs" to actually fall at least in the short run, probably to match the fall in land bids then.

While a 10~15 % fall in prices of private property seems imminent, whether it will materialise into a major price correction of say 25~30% will depend very much on the "external drivers", either on the Euro-Crisis or China's growth which has shown sign of slowing down recently and the future direction of the China's property market.

I read in the papers that developers are now offering discounts of about 10% to foreigners to offset the additional 10% stamp duty payable by foreigners due to the new control measures. You can see there is certainly a comfortable margin for developers to do so. Those who have paid high prices in the last one year would probably regret.

During the 2006~2007 boom of HDB re-sale flats MBT seemed to have successfully engineered for the HDB re-sale index to rise despite a fall in prices of private property index - The infamous asset enhancement scheme.

In the first series of my posting, I had explained how developers had tried and probably succeeded to push up prices of private properties by a "$200 psf" benchmark. This was propped up and made "sustainable" by the HDB re-sale index which defied a severe fall through the Lehman crisis. With supply of BTO now increased, I am looking at a different scenario.

The 2008 financial tsunami had shown that "nothing is impossible even for big banks". We have seen Dubai's sudden fall. What will the Euro-Zone Crisis deliver at the end? China is smart enough this time round, not to help out Europe but will help itself due to their imminent change of leadership in 2012. I am still looking at a major correction in private property prices by the end of 2012. This round of control measure will just lessen the pain of the fall for those who have not yet committed but certainly not for those who had been daring enough to commit in the last one year but got trapped by the "$200 psf benchmark" pushed up prices.

Next let's see if more will lose jobs as banks start to retrench. And do not forget, Singapore stands out among the most heavily exposed to the European banks. That you have voted for a "financially savy" EP may not help you out any more.

Diary of A Singaporean Mind: Taxi fare hikes and what is wrong with the system.....

2011-12-07T23:04:00.000+08:00

Diary of A Singaporean Mind: Taxi fare hikes and what is wrong with the system.....

Diary of A Singaporean Mind: The middle class squeeze...

2011-12-06T13:11:00.000+08:00

Diary of A Singaporean Mind: The middle class squeeze...

Public housing concerns raised in Parliament

2011-10-18T08:00:00.006+08:00

Read Yahoo News; Link : Public housing concerns raised in Parliament

Diary of A Singaporean Mind: CPF : New Face, New Media, Old Ideas....

2011-10-13T22:44:00.000+08:00

Diary of A Singaporean Mind: CPF : New Face, New Media, Old Ideas....

CPF - my views | Tan Kin Lian's Blog

2011-10-12T23:35:00.000+08:00

CPF - my views Tan Kin Lian's Blog

Rich Mate Poor Mate II

2011-10-06T22:37:00.000+08:00

Johnny Chan - Investment bank chief experiences the life of the elderly poor.

Johnny Chan was born to an industrialist family, and is known as one of the ‘wealthy third generation’. After graduating overseas, Johnny has worked in multinational investment banks. He describes the investment amounts he has handled as ‘astonishing’.

In this episode, Johnny will live with poor elderly people in a shabby cage house; work as a street hawker in a dawn market; scavenge on the street; and work in an undesirable cleaning job. He will reflect on how the elderly can live the rest of their lives with dignity.

Watch : rthk.hk's Rich Mate Poor Mate II

Revisiting The Property Bubble & Investment Trap Part 2 - It is back to basics again

2011-09-23T01:00:00.000+08:00

Those who have visited this blog recently after the Presidential Election should have noted my focus back on the watch of the external economic "drivers". Those who are not familiar with what the word "driver" means would probably have to re-visit and search in my postings in the first series on "The Property Bubble & Investment Trap". Yes, I am not talking about same "driver" analogy WP's MP LTK was talking during GE 2011. They are what could be driving the volatile financial market recently, especially the last one week.

As I write this posting, I had watched the S$ vs RMB exchange dropping from S$1 : RMB 5.36 to as low as S$1 : RMB 4.86 today. With all the attention now shifted back to the Euro-zone, we had seen in the past weeks US$ vs S$ rising from US$1 : S$1.21 to above US$1 : S$1.31. The volatite market is certainly worrying. If this persist, our construction workers from China are going to shake their heads. The smart ones would have remitted a substantial portion of their savings back home to China.

Many investors on expensive properties in Singapore are notably from China. If they are relying on monthly rental income as remittances, they be very keen to know ... Will this trend continue? What will the MAS do?

Just as I was wondering about the global financial picture, I came across this article, "Safe havens in Singapore property" by a pretty well known property analyst. While I may not have totally agree with some of his views on other topics in certain of my previous postings, I like what he said in this article, on the following points.

Leaving his points about S&P and fundamentals about stocks and REITs aside, I will pick out some interesting points he said or mentioned in his article:-

(a) "For most global investors, it is back to basics again ...".

This is particularly so, after what we had all have seen with the Lehman Bros Crisis.

(b) "The thin ray of positive light coming from the U.S. is for interest rates to remain low over the next two years, hopefully on the back of a U.S. recovery. Let's not forget that troubles in Europe and Japan may delay the U.S. recovery by some more."

I had mentioned somewhere in my previous postings, that property prices might move sidewards due to the world recession from 2009 and probably drag on for sometime longer due to the Earthquake, Tsunami and Nuclear Crisis in Japan and then the re-emergence of the Euro-zone debt crisis.

(c) "... they stated that the Federal Reserve's pledge to keep U.S. interest rates at record lows until mid-2013 will benefit REITs through low interest costs which can possibly widen profit margins."

If you look at this mid-2013 date, you would also realised that I had cited it in several of my postings in the first series. More specifically, my prediction of a major correction / possible crash of our property market in 2012 ~ 2013. You may re-visit my article, "The Property Bubble & Investment Trap Part XI - Currency war may fuel bubbles - Impact on Mid Range & Luxury Class Properties" posted on 24 Oct 2010. Other analysts had also mentioned the same about 2013. So, is 2013 or even earlier a year to watch?

One year has past since my article, and the past 2 QE. PM Lee had also bought time and taken a year to implement the revision of "income ceiling" for BTO flats & ECs - what I termed the $10K salary dilemma.

Is the sudden rocking of the financial market a pre-cursor for QE3? Or is it the start of another real nightmare or the "perfect storm" for our property market and also who ever has been given the mandate to safe-guard our reserves? Hang Seng Index had just dropped over 900 points and oil prices dropped 4%...and the whole world financial markets are rocking ...

(d) "... what might be considered "safe haven properties" in physical real estate?" ...

1. Freehold or 999-year leasehold properties
2. Trading at more than 10 per cent discount relative to other projects within walking distance
3. Comes with a good quality tenancy contract of at least 3 per cent of gross rental yield

With the prices rising faster in the outskirts of Singapore, and prices of older freehold properties in districts 9, 10, 11 being stagnant, my choice targets are centered around properties in the core central region (CCR).

Wow, short-term yield is only 3% for "safe haven" properties. If that is the case, why should you be buying ECs (especially if they are new launches) still at ridiculous prices rather than such "safe haven" properties, when there is a possibility that the EC prices may correct by 20~25% from current high, whether or not "control measures" are still in place, unless FH ones in these key districts are too expensive for you as an average middle income earner. The analyst's advice maybe be for the richer "long-term" investors, but do watch the external economic "drivers" and interpret his advice correctly if you are not in the extraordinary richer class.

(3) "And given the low interest rates over the next two or more years, investors can consider taking on some borrowings to boost the cash-on-cash returns. However, leaning on the side of conservatism and allowing some space for errors, an investor can borrow at between 50-70 per cent of the property value and still sleep soundly even if the downpour should become a thunderstorm."

Why did he put a cautionary note to his whole advice if it is really that "safe heven"? Now, you would probably see why I had re-posted recently certain good advices from Tan Kin Lian's blog postings, as well as other bloggers here in this blog. It is not because I had supported him in his recent PE campaign and wish to help him recover his standing after the PE. It is simply that I share his insights and thinking that things must return "to the basics again". At least, this would give some hope for a cure, for the average middle income earners, who still believe in investing in properties, having seen through the rough waters since the Lehman crisis.

Now, you will see why I had advised to use "single" income as a gauge, even if you can make $10,000 a month. Now you will see why Tan Kin Lian say if you use "dual income" do factor it to about 70% of the combined income. Our analyst above said, go as low as 50%; even if it is "safe haven". So when you are talking about ECs which is just LH 99 years, do think twice.

Finally, there is a "driver" to watch in China & US as 2012 will certainly be a year for change of political leadership in China and possibly in the US too. Will President Obama finally "CHANGE" the US economy or will the US economy finally "CHANGE" him? I believe it would be about "going back to the basics" for him too and the US economy and world financial system, if not for other politicians and political systems worldwide.

Home loan rates likely to climb

2011-09-22T20:16:00.000+08:00

Home loan rates will likely climb next year, warn analysts

Analysts warn that Singapore's interest rates will likely climb in March next year, according to a Channel NewsAsia (CNA) report.

This means that loans, which currently range from one to 1.2 percent, will likely increase by as much as 0.3 percentage points by early next year. This comes even if the Singapore interbank offered rate (Sibor) component of mortgage loans remains low.

The report said that refinancing loans in the country is increasing but the rising cost of funds offshore, along with banks' profitability, may force banks to increase rates.

TODAYonline | Business | Personal Finance | Buying property: A reality check

2011-09-18T15:05:00.001+08:00

TODAYonline Business Personal Finance Buying property: A reality check

Read also Tan Kin Lian's advice in his Blog :- Buying a property on dual income
Link :- http://tankinlian.blogspot.com/2011/09/buying-property-on-dual-income.html

Re-visit my blog posting on 26 Aug 2010, just before PM Lee announced the revision of the income ceiling for purchase of HDB BTO & ECs.
Link : The Property Bubble & Investment Trap Part III - Certainty of Employment ?

Revisiting The Property Bubble & Investment Trap Part I - What's next with the MND Minister, with the New Parliament Opening Soon?

2011-09-17T23:47:00.001+08:00

Read this posting in Yahoo News :- Private home and EC sales slide 16 per cent in August. Sales slide but not the price.

REDAS is requesting the Govt to review the current control measures on property purchases.

I had posted "Minister Mah had not address Profits for BTO Flats and the "Ballooning" Land Costs" and "An illegal raid on the reserves? Mr Mah Should Explain About Ballooning Land Costs" on 5 May and 21 April 2011 respectively, just before GE 2011.

Since the stepping down of Mr Mah Bow Tan as MND Minister and the taking-over by Mr Khaw Boon Wan, I believe nothing has changed to the pricing formula for new BTO flats or even EC. If Mr Mah could not explain about profits on BTO flats and do something to the pricing formula, I believe there is nothing more Mr Khaw would do too, judging from his actions so far.

Happy watching to you on what our Govt can do further to the property market, while I follow up more closely on the "external drivers" to bring you more interesting reads and postings, as this article by Collin Tan in TODAY seems to suggest, Link : Worry more about risk levels and less about supply. And if you had read my posting on 14 Jan 2011, The Property Bubble & Investment Trap Part XIV - Opening Shock in 2011; it could also be something for you to ponder and know why Collin Tan had said to "worry more about risk levels" and "less about supply".

The developers would want to push out new "supply" to test and push up the private property market, and the Govt would still want to profit from "land sales" [especially when GIC had just lost more billions from investing in UBS] ... and there you are, its back to "EC" after taking exactly one year to adjust "income eligibility bracket" for BTO and ECs, after PM Lee had announced it in the previous N-Day Rally and having seen MBT stepping down from his MND ministerial post.

Diary of A Singaporean Mind: Developers to Khaw : Review cooling measures...

2011-09-15T19:56:00.003+08:00

I had posted the following comments in Tan Kin Lian's Blog a few days ago. There was also a request from a keen visitor to my blog that I write an update about the Singapore property market. While I will be following up shortly on this topic, I thought it might be apt to post the following while referring to a posting by a popular Blogger, Lucky Tan; on this same subject. All these testify to the "perspective" and direction many independent minds are watching and thinking about (be it Tan Kin Lian, Lucky Tan, Yahoo News or even myself) what our PAP Govt would and should have done and how the property market is currently reacting...in the light of evolving circumstances facing the world economy.

Quote

Developers are a calculative lot. They are afraid of the oversupply.

Now REDAS is asking the Govt for an indepth review of the property cooling measures.

Read :-
http://sg.news.yahoo.com/redas-calls-indepth-review-property-cooling-measures-160000774.html

But if you look at the prices of the recent EC launches at Arc at Tampines ... the price isn't cheap. It starts at above S$741~$875 psf for 2rm, $693~$810 psf for 3rm.

Those who are not careful enough of the mechanics of their marketing techniques, they would be "tricked" into committing when price is still high.

Wait for a real correction of the property market, which looks quite certain if the world economy is going to be dragged down further...watch the US and Europe.

Unquote

Diary of A Singaporean Mind: How people can just fall into policy blackholes....

2011-09-13T21:34:00.000+08:00

Diary of A Singaporean Mind: How people can just fall into policy blackholes....

Emergency Fund | Tan Kin Lian's Blog

2011-09-07T22:22:00.000+08:00

Emergency Fund Tan Kin Lian's Blog

Low interest rate is harmful | Tan Kin Lian's Blog

2011-09-07T22:21:00.000+08:00

Low interest rate is harmful Tan Kin Lian's Blog

Danger for the property market | Tan Kin Lian's Blog

2011-09-07T22:20:00.000+08:00

Danger for the property market Tan Kin Lian's Blog

TODAYonline | Voices | Discourage the practice of COV

2011-09-06T09:19:00.000+08:00

TODAYonline Voices Discourage the practice of COV

TODAYonline | Singapore | 'Don't let political divide turn into divided society'

2011-09-06T09:14:00.000+08:00

A political divide has already happen ...
TODAYonline Singapore 'Don't let political divide turn into divided society'

TODAYonline | Business | Property | Out with COVs, there's a better way

2011-09-05T11:07:00.000+08:00

TODAYonline Business Property Out with COVs, there's a better way

Observe Presidential Election Cooling Off Day - 26 Aug 2011

2011-08-25T23:15:00.000+08:00

Come 28 August 2011 .....?

2011-08-25T20:08:00.000+08:00

In my last posting, I asked if Dr TT is tailing, based on the Yahoo News survey. There was a high percentage polled out of the nearly 5,000 respondents, some 71% who would prefer "Someone who questions government policies". Is this also saying something like Dr TT will get nearly 30% of the votes?

In any public chatroom in the Internet, if there were only few chatters; "weird" comments could be totally ignored. If there was a long list of comments, and the comments were nearly all negative, it would also not generate 100% votes against a candidate closely related to the ruling PAP party. 100% negative comments would probably garnered 60% pro-PAP or 40% pro-opposition votes as observed during GE2011.

Hence, how will the EP results turn out in 2011?

This is a nice piece "The ugliest election in Singapore history?", by writer Catherine Lim in Yahoo News. I believe she is one who will never download any "apps" from the PAP into her grey matter. LOL.

If only she would stand for election, our preamble in Paragraph 1 above that 71% would prefer "Someone who questions government policies" would be put to real test, and we could perhaps see the first lady President just like what Dr Tony Tan mentioned in his opening paragraphs at his lunch-time Rally speech.

Wow, read this :-

"the constitution was created more than 20 years ago by a self-serving government that provided it with enough ambiguities to allow for an interpretation that will always suit their purpose, it is no longer relevant. Indeed, it contradicts the new spirit of openness, transparency and expanded powers for the people"

But until then, how will our political climate be evolving with PE 2011? The average Singaporeans may not be politically matured to understand how our legal mechanics would work, but they are certainly the people casting the votes and might even vote on instincts or emotions.

From scenario in Paragraph 1 above, where some 30% of the votes might be stuck on the extreme right (held by Dr TT) end of the spectrum, will a swelling middle ground then encroach into the comfort zone on the far left 30% occupied by TJS?

The answer seems to lie in the crowd at TKL's Rally held at Yio Chu Kang Stadium last night because TCB has yet to have his when this posting was written. Just look at the crowd that turned up last night despite the frequent personal attacks on TKL in the blogosphere by those crankiest of all.

It would be interesting to interpret the PE results come May 28. Will this "swelling middle" ground snatches away a substantial portion of TJS's would-be voters to create the closest fight of all amongst only 3 TANs. The loudest TCB's yet to be held Indoor Rally in theory should be aimed strategically at grabbing more votes from Dr TT's 30%. Then Paragraph 1 scenario above would not just be assumption but reality.

Come 28 August 2011, will Singaporeans be unified in the same boat? As one rally speaker had said with analogy, what "boat" would we be rowing in? [some emphasis for clarification are mine] :-

(a) Dr TT : Let's row forward in the same boat ? [With the same PAP policies]

(b) Dr TCB : Let's row forward in the same boat but more slowly ? [With same PAP policies but he will certainly take his time to sort things out, don't forget his "Singaporeans First" took 12 years for him to claim credit and only now when he stands for PE]

(d) Mr TJS - Let's row the same boat but in the opposite direction ?[With confrontational politics? - N.B. Politics is not just about you saying you would chose not to confront.....].

Let's vote with conviction and look forward to 28 August 2011 for the real answer. Hi 5 !

Tan Kin Lian giving his rally speech in different languages

Tan Kin Lian & Voice of the People

Mr & Mrs Tan Kin Lian

Crowd mobbed TKL with Hi-5 as media team tried to get the best shot.

Tan Kin Lian Hi-5 with supporters after rally.

Supporters carrying placards of the 5 values - Honesty, Courage, Fairness, Positive Attitude, Public Service & Voice of the People

Presidential Election Watch Part VII - Is Dr Tony Tan Tailing Behind in the Presidential Election Race?

2011-08-24T01:00:00.000+08:00

Yahoo News (Singapore) did a survey. The poll has expired and the results are as shown below.

POLL

What kind of President do you want for Singapore?

Someone who questions government policies (3552) 71%

Someone who will act only as advised by the Cabinet (81) 2%

Someone who will make protection of reserves the top priority (1161) 23%

Someone who will be a figurehead, focusing on ceremonial duties (199) 4%

If the results shown above were anything close to represent what is actually the feeling on the ground, about 71% had voted that they want "Someone who questions government policies" as President. Considering the sample size, it should be representative.

If so, the candidate who is unofficially endorsed by the ruling PAP Govt. Dr Tony Tan must be tailing in this PE Race since he had declared he would only fit the role as defined by our Constitution and as interpreted by Law Minister K Shanmugam.

I have been observing what issues Dr Tony would finally bring up to anchor his campaign. It looks certain that he would not deviate from the "threatening" economic condition facing the world economy.

Dr Tony Tan was speaking at the NTUC financial and business services cluster National Day observance ceremony on 19 Aug morning when he said :-

"If the impact of the financial and economic contagion spreads to Singapore, as we have seen in 2008 and 2009, the consequences can be very sudden, very widespread and very destructive."

"As I said, I think we should start making contingency plans. Be prepared, it's not too early so that if the crisis hits us, we have the plans ready,"

Since the President also has a diplomatic role in business delegations, Dr Tan said he can create opportunities for Singaporeans and its businesses overseas.....

Remaining optimistic, Dr Tan is convinced that the nation's best days lie ahead and said, "With the right leadership, co-operation between the government, employees and unions, we can face the future with confidence."

You can read more about it in thie Yahoo report [ Link : Gov’t should be prepared for economic uncertainties: Tony Tan ]

Is Dr Tony Tan trying to cite economic uncertainties to instill some fear in voters in order to win votes. He is drawing out PAP past economic "weapons" as a supporting argument while he has only custodial powers if elected and does not believe in "Voice of the People". Had he forgotten that he had spoken in the past as DPM in support CPF and wage cuts for all Singaporeans while citing a controversial PERC report?

At his rally, he is bound to cite the "resilient package" again as a PAP carrot to aid his campaign. Singaporeans will be "daft" and confused.

His warning was again repeated last Sunday in the following Yahoo New report :-

Put economy and welfare in perspective: Tony Tan

But will he questions the Govt policies to favour Singaporeans at large? Will he supports another CPF cut knowing Singaporeans' past CPF savings have been greatly reduced due to the various crises and the blunt use of the CPF as an economic tool to save an ailing economy in the past.

The NTUC is going "all out" in support of Dr Tony Tan's candidacy. Suddenly, they are starting to raise issue with the CPF of those reaching age 50, or the baby-boomers borned in the late 50s and 60s. See my re-posting of TODAY's report in this blog and my comment : "TODAY Online Singapore - CPF for older workers should be reviewed : Seng Han Thong"

I am really looking forward to what he would say in his lunch-time Rally at Raffles Place. It will demonstrate how serious he views the contest at this critical stretch with Polling Day just round the corner this Saturday. If Singaporeans are smart enough to understand the individual platforms of the 4 PE candidates, it looks certain Dr Tony Tan will have a hard time.

TODAYonline | Voices | Are these companies contravening the Employment Act?

2011-08-23T11:56:00.000+08:00

TODAYonline Voices Are these companies contravening the Employment Act?

THINK HAPPINESS: My President, My Voice

2011-08-23T09:39:00.000+08:00

THINK HAPPINESS: My President, My Voice: The Workers’ Party yesterday released a statement about how their constituents are being disadvantaged by shameful politicking.

What is ...

HDB abusing its power as land owner, says WP - Channel NewsAsia

2011-08-23T09:33:00.000+08:00

HDB abusing its power as land owner, says WP - Channel NewsAsia

Property Crash Coming? (See Graph)

2011-08-23T00:18:00.000+08:00

Property Crash Coming? (See Graph)
[Salary.sg Blog]

Diary of A Singaporean Mind: Dr. Lim Hock Siew challenges Tony Tan

2011-08-23T00:10:00.000+08:00

Diary of A Singaporean Mind: Dr. Lim Hock Siew challenges Tony Tan

TODAYonline | Singapore | CPF for older workers should be reviewed: Seng Han Thong

2011-08-22T18:12:00.000+08:00

TODAY Online Singapore - CPF for older workers should be reviewed : Seng Han Thong

Because of the Presidential Election and the NTUC affiliated unions" backing of the unofficial Govt endorsed candidate Dr Tony Tan, it seems that all are speaking up tp help him.

Remember Dr Tony Tan once spoked aloud for CPF and Wages to be cut for all working Singaporeans while citing a controversial PERC report.

Read my posting on 25 July :

Presidential Election Watch Part III - Dr Tony Tan & Singaporeans' CPF Savings & Wage Cuts

I think Dr Tony Tan is afraid to lose "baby-boomers" votes.

Voters’ expectations could shape President’s role

2011-08-21T02:14:00.000+08:00

The Constitution explicitly states the President's powers, but circumstances such as people's expectations and the President's political acuity will go some way in charting new pathways for the highest office in Singapore, said two commentators.

Speaking on the Elected President's mandate at a forum organised by local human rights body Maruah on Saturday, constitutional law expert Kevin Tan and civil society activist Alex Au highlighted "grey areas" surrounding the Presidency to show that the role is not straightforward.

Read this Yahoo Article in full here at this Link.

So what will Dr Tan Cheng Bock do if he wants to be the People's voice?

2011-08-21T01:07:00.003+08:00

PE Candidates should not promise what they cannot deliver : Tan Cheng Bock - Channel NewsAsia

So what would Dr Tan Cheng Bock do as he said he would also want to represent the People's Voice? So far, we know he will "de-cage" the PMO from the Istana. Asking the PM to leave from the Istana is for himself. How about the people of Singapore? So what will he deliver for the people of Singapore?

Up to now, I am still confused by his logics and arguments. We can't be going back to the old PAP way of muddling through the extinct Feedback Unit.

Tan Kin Lian's speech on Nomination Day, Aug 17 2011

2011-08-17T17:00:00.004+08:00

TODAYonline | Voices | Voters' perception matters on Aug 27

2011-08-16T11:01:00.000+08:00

TODAYonline Voices Voters' perception matters on Aug 27

A Visually Handicapped endorses Tan Kin Lian with his song - The answer is really up to you.

2011-08-14T01:02:00.004+08:00

Visually handicapped Daniel singing in support of Presidential candidate Tan Kin Lian : Video

Although Daniel is visually handicapped, he sees Tan Kin Lian's values and believes he is the best choice for President.

Presidential Election Watch Part VI - They really know how to cajole!

2011-08-12T23:58:00.000+08:00

As the PE Race hots up with 4 CoEs issued to the 4 TANs, the NTUC 19 affiliated unions are drumming up their support behind the unofficial PAP-endorsed candidate, Dr Tony Tan.

Quote from TODAY Aug 12, "S'pore economy on course: Lim Swee Say" :-

"Labour Chief Lim Swee Say says the Singapore economy should stay on course even as the global economy heads for another storm."

"Mr Lim, who's also the Minister in the Prime Minister's Office, stressed that Singapore's drive towards a cheaper, better and faster economy must continue."

"He's confident that Singapore workers can "do it again", in the same way they overcame the economic downturn in 2009."

While both Dr Tony Tan and DPM Tharman are warning about the same economic "storm" looming ahead, the NTUC Chief is 'confident that Singapore workers can "do it again" '. Don't forget Dr Tony Tan would support a CPF and wage cut for all Singaporeans, to the extent of citing a controversial report [Read my posting -"Presidential Election Watch Part III - Dr Tony Tan & Singaporeans' CPF Savings & Wage Cuts" ]. But goodness, are workers expected "to do it again" and have their CPF cut again to "upturn the downturn" but with an EP concurring and "intimating" it to our PM? If there is no "Voice of the People", we would not even know about it, while he is doing this in protecting our reserves.

Tan Kin Lian with Supporters

I wonder if DPM Tharman's definition of "fairness" in his N-Day speech to Bukit Batok grassroots is same as what Tan Kin Lian is talking about in his PE campaign, based on the 5 values of "honesty, fairness, positive attitude, courage and public service".

When Tan Kin Lian left NTUC Income in 2007, it was before the Lehman Bros Crisis. Certainly, the NTUC top management would believe then in having "to professionalise" the managment when the whole world was talking about it to justify their "million-dollar" salaries. Were the NTUC Income's investments hit by the 2008 Lehman Bros Crisis soon after Tan Kin Lian left? If not, who was the CEO who made the long-term investment before the crisis? I know they would argue the Board must be smarter than the CEO then. I am wondering.

Who were those who probably had an eye over the NTUC Income board? Certainly, not without the current and previous NTUC Labour Chief. One has a "deaf frog" mindset thinking we will be "on course even as the global economy heads for another storm." The other had shed 3 rounds of tears to impress Singaporeans that there was no group think within our Govt and is now having more than 5 years to ruminate and regret during retirement for not objecting to build the 2 casinos. Maybe one day, both of them will ruminate and regret having had to "to professionalise" the management of NTUC Income once upon a time. Will it be this coming crisis?

They really know how to cajole!

Better believe in "Voice of the People" and trust the 5 values - Honesty, Fairness, Positive attitude, Courage and Public Service.

Voice of the People

TODAYonline | Business | Property | Are private home prices in for a correction?

2011-08-12T17:12:00.000+08:00

TODAYonline Business Property Are private home prices in for a correction?

PE Presidential hopeful Tan Kin Lian highlights humble beginnings - Channel NewsAsia

2011-08-11T22:07:00.001+08:00

PE Presidential hopeful Tan Kin Lian highlights humble beginnings - Channel NewsAsia

2011-08-11T22:07:00.000+08:00

PE Presidential hopeful Tan Kin Lian highlights humble beginnings - Channel NewsAsia

He has ‘extremely important roles and powers’

2011-08-09T17:22:00.000+08:00

He has ‘extremely important roles and powers’ [ Yours Truly Singapore Blog ]

Presidential Election Watch Part V - Value of Fairness

2011-08-08T07:30:00.001+08:00

As Law Minister Shanmugan created a "mini-storm" with his remarks at the IPS Seminar that "The President can speak on issues only as authorised by the Cabinet; and he must follow the advice of the Cabinet in the discharge of his duties.", DPM Tharman Shanmugaratnam seemed to agree with at least one of Tan Kin Lian's tenet of 5 values - FAIRNESS.

The DPM was speaking speaking at a grassroots National Day dinner at Bukit Batok, as reported by Yahoo at this link, "Next 3-4 years will be tough: DPM Tharman".

He highlighted four broad strategies which could help Singaporeans stay afloat during this troubled environment and look forward with optimism.

These include the need for Singaporeans to keep the spirit of consensus and avoid divisiveness.

He noted that the country needs to avoid the problems seen "vividly" in the US and Europe, where although they have mature democracies, they also possess "dysfunctional politics".

"The debate in the US over the debt ceiling was a symptom of that -- a divided Congress unable to agree and willing to take a risk with the American economy and people."

This, he said, is the reason why it will be of extreme importance to sustain "a tone of openness, respect and understanding" in discussions in the mainstream media and online.

The second key point which he pointed out is that Singaporeans should continue to deal with the crisis with a spirit of fairness.

"We come together and take care of the interests of low- and middle-income Singaporeans, and of businesses and we prepare for recovery," he added.

"When we recover, we share prosperity, again with a sense of fairness. Those who have sacrificed more should get more, especially those with lower incomes."

I am sure Singaporeans will give due weight to such advice by the DPM but maybe not what the Law Minister had said during the IPS Seminar ....."Whether the President actually wields influence - depends on who the President is. If he is someone who commands little or no respect, then influence will be limited."

In all fairness, let's substitute the word "President" with "Minister" in the above sentence he made at the IPS seminar.

HOW TO PLAN FOR YOUR FINANCIAL FUTURE? "Live" Ustream with Mr Tan Kin Lian

2011-08-07T23:55:00.003+08:00

Free desktop streaming application by Ustream

Date: Sunday 7 August 2011

Time: 10pm - 11pm

Tan Kin Lian will be taking Q&A during this USTREAM session.

Location: http://www.ustream.tv/channel/tan-kin-lian-for-president

Do attend this talk in the comfort of your own home!

Pose your question on planning your financial future for Mr Tan to answer during Q & A session at 10:45pm via the following methods.

a. Type in the chat feature on Ustream
b. Email your questions to Mr Tan directly at kinlian(at)gmail.com
c. Tweet with the hash tag #tkl2011 on Twitter
d. Leave a comment on our Facebook Events page

http://www.facebook.com/event.php?eid=261707313843146

TODAYonline | Voices | Where can Tony Tan contribute more?

2011-08-07T02:02:00.000+08:00

TODAYonline Voices Where can Tony Tan contribute more?

Law Minister’s veiled threat to the electorate?

2011-08-07T01:09:00.001+08:00

Law Minister’s veiled threat to the electorate? [ Muhammad Ridzal (马锐兆) Abdul Hamid 's Blog ]

'No requirement that President should be dumb'

2011-08-07T01:06:00.000+08:00

'No requirement that President should be dumb' - [ Yahoo News - FTP ]

Presidential election a referendum on PAP

2011-08-07T00:59:00.001+08:00

Presidential election a referendum on PAP [ The New Straits Times ]

TODAYonline | Voices | Should President be 'voice of the people?'

2011-08-06T00:23:00.000+08:00

TODAYonline Voices Should President be 'voice of the people?'

THINK HAPPINESS: NTUC President should have held tongue

2011-08-03T22:37:00.001+08:00

THINK HAPPINESS: NTUC President should have held tongue: "NOTE SENT TO NTUC PRESIDENT JOHN DE PAYVA I write to you as your union member. You disclosed recently that you invited one of the presidential candidates to speak to fellow union members. The NTUC has always supported values of fair treatment and equal opportunities. It is therefore unfortunate that it has not invited others in similar situations to do the same....."

Singapore Election Watch: NTUC says Tony Tan "fits the bill"

2011-08-03T22:34:00.001+08:00

Singapore Election Watch: NTUC says Tony Tan "fits the bill": "President of NTUC John De Payva told local media that while he personally believes Dr Tony Tan fits the bill, he added 'We are mindful of who we think should be President, but we have not decided whether to endorse or not to endorse.".....

Video streaming of Financial Planning Talk | Tan Kin Lian's Blog

2011-08-02T23:30:00.003+08:00

Video streaming of Financial Planning Talk Tan Kin Lian's Blog

Financial Planning for young people

This 1 hour talk, which includes Q&A, is targeted at young people who have just started work. It gives them important tips on financial planning that are useful to help them to make the right decisions on savings and investing their savings. More importantly, it tells them about what are the financial products to avoid - so that they do not tie their long term savings in a financial product that gives them a poor return.

http://www.tkl2011.com/ TAN KIN LIAN for President Web-site

Presidential Election Watch Part IV - Why “Voice of the People” is a good platform for Presidential Election?

2011-08-01T01:04:00.000+08:00

Over the past weeks, the media and Internet has been engrossed in active discussion, as well as "noise"; on the Constitutional Roles and Responsibilities of the EP vs Expectations and Prediction of Candidates' Performance.

Objectively, or not; there are those who argued against an "activist" EP [View this Link - An activist President will destroy the Office, divide the Nation].

Those who argued that the EP has no consitutional power, to be the "Voice of the People", have actually lowered their own expectations of the EP. It is easier to keep quiet (silent diplomacy) than to speak up.

Just see how potential PE candidate Tan Kin Lian is running a "hands-on" by identifying and raising issues in the form of publicised "statements" and has to face the grind of public scrutiny from both the mainstream and new media. See how negative an attack it could be painted out to be by his critics here at this Link, even when there were hardly any substantiated truths. [TKL’s election manifesto in action].

TKL runs a "Hands On" Campaign with Supporters

Tan Kin Lian wrote in his Blog :

Somebody made this observation, "If you give views that support the government's views, you are not politicizing, but if you give views that are different, you are politicizing".

I want to encourage Singaporeans to be broad minded, and to accept alternative views, without applying labels such as "politicizing", "anti-PAP" or "pro-PAP". There is no need to label each view.

He must be referring to this post here at this link. [ Double Standards of the PAP on the role of the Elected President ]

This is not just from the perspective of and on the PE candidates himself. Usually, the critics had politicized themselves. They chose to use words unfairly to favour / dishonour candidate(s) they are supporting or not supporting...BIAS. This is against the scenario of supporting or not supporting a candidate fairly based on real facts or his past deeds.

Obviously, for a EP candidate who has not even taken office yet, but only campaigning; it is not fair to use "personal yardstick" and "prediction" to gauge his would be performance and to "measure" him.

For roles and responsibilities of the EP, these could be and are defined by the Constitution.

While the role of being the "Voice of the People" is not stated in the constitution, it is also not excluded. It is up to the people to decide if they wish to elect a President who promises to play this role in a constructive manner.

Obviously, the EP will be intelligent enough to reflect the "Voice of the People" only relating to his "Roles and responsibilities". Certainly, this should not be a "minority" voice. Whether or not the EP will "go wrong" whilst speaking up, the EP should be judged on his actual performance. Choose one who is logically with the right "values".

Due to "structural issues" within our political process, is it then necessary to see where the thin line falls between the role and responsibilities of the Govt with "executive powers" and those of the EP with "custodial powers"? Our Govt now wants to keep them separate, distinct and possibly intact.

But if our elected MPs and the Govt as a whole, which has been given the "executive powers", had chosen to remain silent, less vocal or ended up eccentrically ineffective on certain issues genuinely affecting the common people; should the EP then speaks up as "Voice of the People", whilst also representing the majority?

Next is whether the Constitution should give the EP a "leeway" to say more outside his "authorised" roles and responsibilities which are defined by the Constitution. Again, if the Govt refuses to amend the Constitution in this respect, can the EP raise this up openly?

The EP need not be an assertive activist on the Govt, but be the people's voice in real needs. As the Chinese saying goes, like "a dragonfly skimming over water". If the Govt is intelligent enough, it should act. If not come the next GE, voters will be intelligent enough to act. If the Govt does listen up, it is all for the better for all Singaporeans.

The real practical issue is the Govt should not view an "activist" EP in the defensive as if he is an "opposition". This will not only be an obstacle in view of the EP process, but also the political process, just like the way it wants to view the opposition. In rebutting online rumours about his son, Presidential hopeful Dr Tony Tan was reported to have said, “I am confident that Singaporeans are savvy enough to see through these distractions and will make up their minds based on solid facts and focus on the real issues at hand”. This is one real issue to tackle.

The previous weekend, I dropped in at TKL's Supporters' Gathering / Town Hall Meeting at Bay View Hotel. There was a motivational talk for supporters by Mountaineer David Lim. A lesson was borrowed from the Everest Team.

Borrowing a Lesson from Singapore Everest Team

Certainly, David Lim's Key#4 - 1% Rule would be handy. Not just in moving the campaign each day in the positive direction but also to guard against the "crankiest" of abuses and distractions in the social media. As David Lim had put it, the media owes you no favour. I am sure this would certainly apply for the more out-spoken "activist" candidates.

Key # 4 : 1% Rule - Certainly very useful.

..... The media owes you no favour.

"The media owes you no favour." - Mountaineer & Motivational Speaker David Lim

It is still relatively easier to keep quiet and face lesser expectations. I would certainly take my hat off to an EP candidate who opts to be more vocal on a platform to represent the “Voice of the People”. The least during campaigning, he would have to work harder to demonstrate his true characters and values while addressing issues and voters are given the opportunity to judge.

Loan quantum puts flat beyond reach

2011-07-29T10:40:00.000+08:00

Loan quantum puts flat beyond reach ( S T Online 29 July 2011 )

Singapore 'likely to be hit' if US defaults

2011-07-29T09:46:00.000+08:00

Singapore 'likely to be hit' if US defaults [ST Online 29 July 2011]

Fare hikes 'help bus workers and operators'

2011-07-28T09:56:00.000+08:00

Fare hikes 'help bus workers and operators' (ST Online 28 July 2011)

Be clear about president's role

2011-07-28T09:27:00.000+08:00

Be clear about president's role (ST Forum 28 July 2011 : Letter by Richard Goh)

Review older staff's frozen wages

2011-07-27T23:49:00.000+08:00

Review older staff's frozen wages

How to Choose Your Best President

2011-07-26T17:06:00.000+08:00

How to Choose Your Best President - An Article by Dr Tommy S W Wong. [ Author of book series "Wisdom on How to Live Life" ]

Long term yield on GIC portfolio | Tan Kin Lian's Blog

2011-07-26T10:08:00.000+08:00

Long term yield on GIC portfolio Tan Kin Lian's Blog

Statement by Tan Kin Lian – Ensure CPF savings are secure and adequate for retirement needs | Tan Kin Lian's Blog

2011-07-26T09:53:00.000+08:00

Statement by Tan Kin Lian – Ensure CPF savings are secure and adequate for retirement needs Tan Kin Lian's Blog

TODAYonline | Singapore | GIC reveals performance over 5, 10 years

2011-07-26T09:32:00.000+08:00

TODAYonline Singapore GIC reveals performance over 5, 10 years

Should the President of Singapore be expressive of his views?

2011-07-25T17:14:00.000+08:00

Should the President of Singapore be expressive of his views? [Small steps for Social PR Blog]

Presidential Election Watch Part III - Dr Tony Tan & Singaporeans' CPF Savings & Wage Cuts

2011-07-25T01:41:00.001+08:00

Further to my posting, Presidential Election Watch Part II - Tony Tan As EP - Too Close For Comfort ? , let me take you closer on a topic which concerns all Singaporeans deeply - CPF Savings.

Straits Times (15 July 2011)'s headlines read "NTUC looking at reviewing CPF for older workers".

"The labour movement is taking a closer look at the current practice whereby the Central Provident Fund (CPF) contribution rates of workers are cut when they reach 50 years old, and cut further when they turn 65."

Why is the NTUC suddenly announcing to look at CPF for older workers now? Is this due to PAP's poor showing in GE 2011 that the PAP must act urgently if it does not wish to lose more votes in the next GE? Is it also because of the Presidential Election and that PAP's "unofficial" endorsed candidate Dr Tony Tan is taking part?

I said somewhere in this blog that baby-boomers of the early 1960s had often been made the "guinea pigs" of the Govt's CPF and wage restraint policies during the period post 911 and SAR crises. Affordability of HDB flats today is also an issue closely knitted to the several rounds of past CPF cuts. So are Singaporeans' CPF limited savings left for retirement. You may read what I had posted on 23 Feb 2011 about its impact on middle income earners, lest to mention about the burden on lower income earners.

Wage and CPF cuts were very sensitive and "sore" issues for all working Singaporeans in 2003. The photo below were just some headlines of my letters to the two free-sheets then - TODAY and Streats. These headlines now still paint an old scary picture. You need not read the details in my old letters to appreciate. Re-visiting this topic will certainly bring your attention on what Dr Tony Tan said then as a DPM.

Headlines of my letters to TODAY & STREATS in 2003

Today, CPF issue is still a very "sore" topic. You may read recent letters published in ST Forum, as follows. The impact of the ill implementation of the past CPF policies still lingers on:

(a) Cutting CPF because of age is wrong

(b) Seniors need more CPF, not less

What had Dr Tony Tan said or done to Singaporeans' CPF and wages in 2003 that "he needs to be measured, considered" now, as in DPM Teo's words; since he is a hot PE candidate unofficially endorsed with PAP's blessings?

You may feel the "heat of argument" and "bad mood" by reading the various articles here at this Yahoo Group site link. Perhaps, the "media workers" were very much affected personally too which made their voices exceptionally louder.

A review dated 27 Aug 2003 by Mellanie Hewlitt captioned "Spore's labour costs higher than US, Australia? Really?", with reference to a commentary by Lee Han Shih published in TODAY dated 19 Aug 2003, and is still available here at this Yahoo Group link.

Lee Han Shih, a free-lance jounalist; was a "terrific" writer to me and the depth of his commentaries was always thought-provoking and a worthy read. If you have not heard of him, perhaps you can get a short introduction and his final article in BT here. "With his departure, Lee Han Shih will take with him what little spark of indepedent thought and insightful journalism there is in Singapore's local government controlled media."

Let's get back to Dr Tony Tan and the CPF issue. It had attracted Lee Han Shih's critical bombardment on the bloated and top-heavy state administration then, which still see our Government doing nothing till GE 2011, that Mr Gerard Ee has now been tasked to chair a committee to review Ministers' Pay. You may want to read my earlier Blog posting, "Budget gives more than required - Ministers' Pay?".

In the article by Mellanie Hewlitt mentioned above, Dr Tony Tan addressed Sembawang Shipyard workers in a National Day gathering; and cautioned them about the need to cut CPF and wages to make Singapore competitive by citing the a PERC report which claimed that the labor costs in Singapore were higher than USA and Australia. The purpose was to convince the shipyard workers to take a cut in CPF and wages cut.

Perhaps, you should read Dr Tony Tan's controversial arguments via the links.

In Wikipedia today, his words were turned into praises, by citing him as speaking against retired MM Lee then ..... If you had read the comments by Lee Han Shih then, you will probably feel, appreciate or even identify with the sentiments on the ground, especially if you are borned in the 1960s and 70s. Up till today, maybe only Rupert Murdoch would praise the Singapore’s ministerial pay, working Singaporeans would blame, if not cursed Dr Tony Tan and the Govt for those words.

Quote Wikipedia

Unusually for a PAP Minister, Tan clashed with his colleagues and then-Prime Minister Lee Kuan Yew over issues such as the Graduate Mothers Scheme, under which the children of mothers without university degrees received lower priority when registering for primary school. Tan, then Minister for Education, advocated abandoning the policy, which was ultimately scrapped. He also took the lead in espousing a cut in CPF in the 1980s, which Prime Minister Lee Kuan Yew had said would not be allowed except “in an economic crisis”.

Unquote

Quote "Standard & Poor's"

DBS Group Holdings and other Singapore banks may face higher defaults on home loans following the Government's decision to cut CPF contributions,research firm Standard & Poor's (S&P) said yesterday.

DBS, United Overseas Bank and Oversea-Chinese Banking Corp have said they are prepared to defer payments on home loans after the Government cut employers' contribution rate to 13 per cent of a worker's salary, from 16 per cent.

"These restructuring efforts by banks, however, are tantamount to a technical default on loans," S&P said. "In the short term, the level of problematic consumer credits is likely to increase." - Bloomberg

Unquote

Quote "South China Morning Post"

What will happen in Singapore is foreign employers will take what native Singaporean workers lose through this cut.

There will be a transfer of wealth from the people who worked for it to the multinational corporations (MNCs). This could be excusable if these MNCs then invested the money back in Singapore but the difficulty is capital investment in Singapore is dropping faster than a rock in freefall and has never been lower than it is now, relative to the size of the economy. The MNCs are mostly in exit mode now. They will not put the money back into Singapore. They will just take it home with them.

Then you get to that fuzzy thinking that labour costs are an obstruction to economic performance. If so, Mr Tan, may I ask you what is the point of economic effort? Is it not to improve the prosperity of those who participate? What sort of an achievement is it if you instead make them poorer?

Unquote

Quote "TODAY"

When Deputy Prime Minister Tony Tan cited an Asia-Pacific report that rated Singapore as having the fourth-highest labour cost in the region, and even more expensive than in the United States or Australia, it raised puzzled and, for many, angry eyebrows among not only the man in the street, but economists and academics as well.

The study was conducted by the consulting firm, Perc or Political and Economic Risk Consultancy.

Unquote

Quote "A Netizen's comments"

Here we have a goverment who thinks they know best and never consults the citizen of any decision that's made. In these times of difficulties we have a 650 million Esplanade splurge.....

We have a goverment who on one hand splurge on the Esplanade scrimp on HDB upgrades. Who won't learnt after repeated mistakes of bankrupt contractors delaying the upgrading project time and again. It is only after flare ups do they take attention to the issue.

Have they gone so fat that they have gone thick in the head?? PAP is entirely faultless.

I see now an increasingly bleak future for Singapore. The goverment has a death gripe on the enterprises here and practises pseudo-deregulations and privatisations. They have no directions. Despite top scholarly decisions made, Singapore's economy is going down, down down. And now, to top it all, they have resorted to pointing fingers shifting blames. The lowest of the low. Our salaries is higher than US.

Now we can all look forward to work till the end of our lives trying to pay up mortgage and have a absolutely zero quality of life.

I can barely survive on my own, much less talk about getting married and having children. I guess that option is reserved for the PRs and the FTs. I am in a country where Singaporeans and it's goverment look down on it's own Singaporean citizens. Where they give all the key roles and development to Angmoh FTs and PRs.

Unquote.

Those were part of PENGSAN's words on 28 Aug 2003.....and the scenario today isn't much different or better.

After the sacred cow (CPF) was slaughtered, Dr Tony Tan left the Cabinet in 2005 to become Executive Director of the Government of Singapore Investment Corporation (GIC), and Chairman of Singapore Press Holdings Limited (SPH). In Presidential Election Watch Part II - Tony Tan As EP - Too Close For Comfort ? , I asked did Dr Tony Tan safeguarded the interest of the stake-holders, particularly SPH shareholders; in his commercial decisions? While ordinary Singaporeans fell backwards, with the burden after the CPF scared cow was slaughtered, even up till today. You may recall who took over the PM post in 2004.

Since then, what had those CPF cuts and wage restriant policies delivered? Income stagnation for most Singaporeans and even PMETs? More foreign workers and FTs brought in; even though CPF and wage cuts were supported by Dr Tony Tan when he was DPM under the PAP Govt. Costly HDB flats, medical bills and expensive transport costs? You name it ... you have it.

Only in a Election Budget for GE 2011, had the PAP wanted to help Singaporeans to increase their general income by 30% over the next 10 years by boosting national productivity by 2~3% annually, while Ministers' pay had ballooned since 2003 (just like housing costs) to its current level that forced a re-think after losing votes. Imagine if you were a baby-boomer borned in the 1960s and you had to work till 60 years old to get back what you had sacrificed through CPF and wage cuts in the past years? Does it make sense anymore ?

Only after a poor GE showing does the NTUC wanted to talk about helping older workers reviewing CPF for older workers on reaching 50 and over. Lim Boon Heng, as Union Chief; was talking about "pre-emptive layoffs" for Singaporeans above 40 years old back then and Dr Tony Tan was advocating along with the PAP Govt to cut CPF and wages for all Singaporeans.

Not surprisingly and on hindsight, I was retrenched personally in 2005 after working 13 years with a Korean MNC contractor. Like other Singaporeans, I sacrificed in terms of those CPF cuts and wage restraints. Did they help? When retrenched 2 years later after the CPF cut, I was initially offered "2 months" compensation in pay after the 13-year stint.....Mortgage had to be re-structured, etc. If not for a personal "turn-around" strategy and pure luck that my own skill-set was saleable then, OMG...

Is it now on hindsight that Dr Tony Tan realised he has to speak up for Singaporeans to "undo" his earlier "wrong" on CPF and wage cuts? What had Dr Tony Tan done as a "follow-up" on the CPF and wage cut issue after he left the Cabinet, if he was indeed concerned about workers' wages and their livelihood? I am sure he could positively claim that as Singaporeans' aspirations now which he could help convey to our Govt. if he is elected. Will higher income materialise in 10 years' time? This was what PAP promised to deliver in GE 2011, and very much in the hands of the present Govt. Dr Tony Tan maintains he has no "executive" powers, didn't he?

The Singapore Govt. often left problems to be compounded, not "extinguished" it after "fire-fighting"; and Dr Tony Tan could be a part of it again as EP.

I must say Singaporeans should "measure" it and weigh it against his becoming the EP and having to protect our reserves and your CPF savings invested through the GIC that he once chaired till 1 July 2011, if he is elected. Are the PAP Govt, President SR Nathan (PAP endorsed) and Tony Tan as ex-GIC Chairman (unofficially endorsed) all striving for an "effortless" but "smooth" handover?

Is there a need to vote in an obedient President, so closely linked to the Govt in power; who is not vested with "executive" powers, after all; in order to ensure our aspirations are would be realised some 10 years later. It is still "too close for comfort" and any other suitably qualified and capable candidate could still provide the same "checks and balances", and need not be that "close" to the present Govt. in power.

In this Presidential Election, I wish to vote for a candidate who is "measured and considered" to be simple, but yet a clear and logical thinker, willing to speak up for the people, financially experienced and capable to safeguard foremost my own CPF, even before our national reserves. Why? Because "executive powers" means your CPF savings may be "raided" first whilst politicians like Mr Mah Bow Tan could argue that "a proposal to lower flat prices by paying less for the land is an illegal raid on the reserves". Only the "right values" will ensure the right "checks and balances".

Indeed for Dr Tony Tan, "What sort of an achievement is it if you instead make them poorer?"

LINKS :-

www.tkl2011.com TAN KIN LIAN FOR PRESIDENT WEBSITE

www.facebook.com/kinlian TAN KIN LIAN FACEBOOK

www.tankinlian.blogspot.com TAN KIN LIAN BLOG

http://www.facebook.com/kinlian#!/TanKinLian TAN KIN LIAN FOR PRESIDENT FACEBOOK

TODAYonline | Voices | Singaporeans, not Murdoch, the best judge of our system

2011-07-22T22:46:00.000+08:00

TODAYonline Voices Singaporeans, not Murdoch, the best judge of our system

TODAYonline | Voices | A temporary park connector?

2011-07-22T09:33:00.000+08:00

TODAYonline Voices A temporary park connector?

Cutting CPF because of age is wrong

2011-07-20T15:16:00.000+08:00

Cutting CPF because of age is wrong

Seniors need more CPF, not less

2011-07-20T15:15:00.000+08:00

Seniors need more CPF, not less

Wrong to say prices for new flats are falling: Khaw

2011-07-19T10:17:00.001+08:00

Wrong to say prices for new flats are falling: Khaw.

Speaking to reporters after his first official visit to the HDB Hub, MND Minister Khaw Boon Wan noted that 'pricing a flat is quite tricky as there are many factors at play', citing variables like the floor the unit is on, location and proximity to amenities like MRT stations.

But nothing can be more important than what the GOVT wants to charge for the LAND ?

Visit to Bukit Timah Railway Station and a Walk with Tan Kin Lian on the KTM Railway Track

2011-07-18T23:53:00.005+08:00

I joined President hopeful, Mr Tan Kin Lian; for a walk on the KTM Railway Track yesterday.

It was a nostalgic walk, as I used to stay in the kampong near the Bukit Timah Railway Station.

As a kid, I had to walk a few hundred metres daily along the track from where I stayed, to wait for the school bus to take me from the Railway Station to Bukit Batok West Primary which is now the German European School (Primary).

It was an interesting walk. See whom we met on the track.

The Bukit Timah Railway Station.

The Rear View of the Station. There used to be a Sarabat stall when I was young.

The 3 Tracks - There used to be a Parking Track where Race Horses were transferred to the Turf Club.

The corner where I waited for the school bus as a kid.

Approach to the Bridge over Bt Timah Road.

Mr Tan Kin Lian shaking hands with Mr Tan Jee Say.

Mr Tan Kin Lian greeting Dr Ang Yong Guan.

The Bridge

Mr Tan Kin Lian greeting Dr Tan Cheng Bock.

"Ambushed" by MediaCorp 5

Mr Tan Kin Lian being interviewed by MediaCorp 5.

Mr Tan Kin Lian and supporters passing the PIE flyovers.

Walking towards Hindhede Drive

MediaCorp filming supporters walking towards Hindhede Drive.

Passer-By Biking on the Track.

Passer-By biker negotiating an obstacle.

Supporters leaving for Hindhede Drive.

Mr & Mrs Tan Kin Lian chatting with old-folks on the way.

TODAYonline | Singapore | Tan Jee Say joins the fray

2011-07-16T10:05:00.000+08:00

TODAYonline Singapore Tan Jee Say joins the fray

Thoughts of a Singapore Statistician: Will Minister Lui Teck Yew be joining MP Raymond L...

2011-07-13T13:52:00.000+08:00

Thoughts of a Singapore Statistician: Will Minister Lui Teck Yew be joining MP Raymond L...:

TODAYonline | Singapore | Tan Kin Lian shares his thoughts

2011-07-13T09:34:00.000+08:00

TODAYonline Singapore Tan Kin Lian shares his thoughts

TODAYonline | Singapore | WP reiterates call for National Transport Corporation

2011-07-13T09:33:00.000+08:00

TODAYonline Singapore WP reiterates call for National Transport Corporation

Tide turns against Tan Kin Lian ???

2011-07-12T22:26:00.000+08:00

"Tide turns against Tan Kin Lian” becomes “Tide turns against Tanya Wei” in Temasek Review Emeritus. Read the comments.

Diary of A Singaporean Mind: Tan Kin Lian on the President's role and responsibilities...

2011-07-10T12:54:00.000+08:00

Diary of A Singaporean Mind: Tan Kin Lian on the President's role and responsibilities...

More swing voters in 2011 General Election

2011-07-08T12:13:00.000+08:00

More swing voters in 2011 General Election

Dr Tony Tan files presidential eligibility forms

2011-07-08T00:01:00.000+08:00

Dr Tony Tan files presidential eligibility forms

Tan Kin Lian submits his bid to stand for Presidential Election 2011 - Press Conference

2011-07-07T22:42:00.000+08:00

Related links:
Q&A Session Part 1 - http://www.youtube.com/watch?v=EqkrvLPsdJw
Q&A Session Part 2 - http://www.youtube.com/watch?v=oa0ab-9qXVI
Q&A Session Part 3 - http://www.youtube.com/watch?v=PwxUV_hAP_Q
Q&A Session Part 4 - http://www.youtube.com/watch?v=o85UuXtAz-4
Q&A Session Final Part - http://www.youtube.com/watch?v=F-ckgKxuJHg

Tan Kin Lian's Facebook - http://www.facebook.com/TanKinLian
Presidential Election Website - http://www.tkl2011.com/

President's right and...

2011-07-07T17:17:00.001+08:00

President's right and...

Presidency: What do new voters know?

2011-07-07T17:17:00.000+08:00

Presidency: What do new voters know?

Introductory speech by Tan Kin Lian at Media Conference | Tan Kin Lian's Blog

2011-07-07T17:06:00.000+08:00

Introductory speech by Tan Kin Lian at Media Conference Tan Kin Lian's Blog

Guided by the right values - Ivy Singh | Tan Kin Lian's Blog

2011-07-07T17:04:00.000+08:00

Guided by the right values - Ivy Singh Tan Kin Lian's Blog

Presidential Election Watch Part II - Tony Tan As EP - Too Close For Comfort ?

2011-07-07T15:38:00.058+08:00

As outgoing President SR Nathan seems to start "campaigning" for a pro-establishment President, i.e., to support Dr Tony Tan, let me start to write about what I think about the 3 President hopefuls.

With his ringing endorsement of Tony Tan's candidacy, President Nathan warned of the danger of having a leader who bows to populist pressure and once again reminded Singaporeans to look at the big picture in relation to government decisions that had proven to be for the good of the nation in the end. This sounds like the signature tone of the PAP Government.

He reiterated that Singapore needs leaders with "strong character and vision who resist populist pressures and the temptation to sacrifice the long-term interests of the nation in response to those who merely snipe without having to take responsibility".

Is the President's message made both in support of his own "unchallenged" tenure and also Tony Tan's not so transparent independent candidacy? Although Tony Tan has declared his independence, the overwhelming endorsement by his old and new PAP comrades so far speaks of the intimate proximity of his candidacy with the ruling PAP party which is desirous for a "easy, smooth and efficient" handover. After all, Tony Tan had just handed over his GIC vice-chairmanship and the chairmanship of SPH, a wealthy public-listed GLC.

Is this closeness between Tony Tan and the PAP Government and Party then too close for comfort? Let me illustrates and query further.

Before Tony Tan announced his candidacy, DPM Teo Chee Hian spoked on "Why President isn't like an MP" [My paper, 20 Jun 2011].

While an MP should work with residents, be active and be on the ground, the President has a different role to play, he said.

Mr Teo explained: "He needs to be measured, considered, and at the same time, also a unifying factor at a higher level for all Singaporeans.

"This is not a general election...electing an MP is different from electing a president."

"It is important that voters and Singaporeans understand the differences, so that they will be able...to select the appropriate person."

Firstly, how could we use the DPM's words now to "measure and consider" Tony Tan as a candidate? This should be fair considering the closely knitted kinship between the DPM Teo and Tony Tan's families through the OCBC link.

Tony Tan was the Chairman of SPH Ltd, upto 1 July 2011; which not only control our main stream media but also made aggressive pursuits into the commercial property market in Singapore.

One such aggressive acquisition is a sub-urban mall developed by the HDB, The Clementi Mall. SPH Ltd through its indirect subsidiary SG Domain Pte Ltd (SGDPL) and the direct subsidiary of SGDPL, CM Domain Pte Ltd (CMDPL); acquired the mall from the HDB at S$541,898,000. The bid was 41.8% higher than the next lower bid at S$382 million. The winning gap of S$159.89 million was almost equivalent to the lowest bid submitted by Sim Lian Holdings @ S$170 million. The No. 2 ~ No. 5 bids were from S$382 ~ S$303 million (avg of about S$343 million). You can read more about the bids here at this link published by HDB InfoWEB. You can read about SPH Ltd's press statement (10 Nov 2009) about the successful tender and acquisition of Clementi Mall here at this link.

Yes, this was transparent matter as SPH Ltd is a public listed company. But note that SPH Ltd had paid some 57.7% higher than what seems to be the average market price at S$343 million submitted by the competitors.

What led SPH together with its equity partners and stakeholders in CM Domain Pte Ltd, namely NTUC Fairprice and NTUC Income; to put up such an aggressive acquisition? Note : The 2 residentail blocks attached to the Mall still belong to HDB and the Bus Interchange and attached shops still belong to the LTA.

And this all had happened just before the Mid-Nov 2009 APEC Meeting hosted in Singapore when PM Lee and other Asian leaders were all talking about "the fear of asset bubbles" in emerging Asian economies. Read this report by The Wall Street Journal, "Bubble Fears Surface at APEC Gathering" (14 Nov 2009); here at this link. Note this was reported 4 days after the announcement of the successful acquisition of Clementi Mall by SPH Ltd.

As Chairman of SPH, did Tony Tan safeguard the interest of the stake-holders, particularly SPH shareholders who were investing in the shorter term? And why such a high excessive bid for the HDB to make such a huge profit?

While managing the GIC, was Tony Tan just as aggressive in his investment strategy? Are our reserves which includes our CPF monies then safe-guarded? What difference would it make now that he has resigned, and that he might take over as "guardian angel" of our reserves if he is indeed elected as President?

Now, you will know why I feel uneasy about his closeness with the PAP if he is elected President?

Note : Next, I will be writing about Tony Tan and our past CPF rate cuts.

Tan Kin Lian to hand in application for Certificate of Eligibility to run for President - Channel NewsAsia

2011-07-07T12:13:00.000+08:00

Tan Kin Lian to hand in application for Certificate of Eligibility to run for President - Channel NewsAsia

DE LEVIATHAN @ SG

Diary of A Singaporean Mind: The plight of Singapore's son Fandi Ahmad....

Eradicating The Leviathan Mindset

Diary of A Singaporean Mind: Obama's 2012 State of the Union Address

祝 ：龙马精神 新年快乐 GONG XI FA CAI

TODAYonline | Voices | Political success is not a transaction

TODAYonline | World | Britain likely to push through laws against excessive boardroom pay

A Great "Ponding" Shot

I happened to drop by Republic Polytechnic (one of my past projects) to deliver some documents today and took this shot. It will certainly make a great "PONDING" shot of the New Year 2012. Wish them a "Great Open House 2012" from 5 Jan 2012.

TODAYonline | Singapore | 'Substantial cuts' to political appointment holders' salaries proposed

TODAYonline | Voices | Corporate mindset, more than salaries, needs to be tackled

HAPPY NEW YEAR 2012

。 ° · 。 · ˚ ˚ ˛ ˚ ˛。° 。 ° 。˚ ˛ · ˚ ˚ ˛★HAPPY★ 。 · ˚ ˚ ˛。NEW YEAR 。 。°_Π_＿ 。 ˚ ˚ ˛ ˚ ˛/____＿/ ＼。˚ ˚ ˛ ˚ l田田田 |門| ˚ ˛

Wishing All Friends - Happy Holidays

What will the world be like in 2012?

Story of the Year 2011 - Of Tall Trees (Leviathan) and Mushrooms

Blame SMRT’s corporate culture

TODAYonline | Voices | Timely measures were taken to prevent property market bubble

Elderly woman suffers head injury after SMRT bus fall.

Now another incident involving SMRT as reported in Yahoo News. Blame it on bad luck?

Elderly woman suffers head injury after SMRT bus fall.

Diary of A Singaporean Mind: MRT breakdown and what is wrong with our transport system....

SMRT - A Public Transporter that Went Terribly Wrong with its Business Model

Diary of A Singaporean Mind: Finally tough effective measures to rein in property prices....

Revisiting The Property Bubble & Investment Trap Part 3 - Quick 2011 Year End Review of the Property Market & External Business Environment

Diary of A Singaporean Mind: Taxi fare hikes and what is wrong with the system.....

Diary of A Singaporean Mind: The middle class squeeze...

Public housing concerns raised in Parliament

Diary of A Singaporean Mind: CPF : New Face, New Media, Old Ideas....

CPF - my views | Tan Kin Lian's Blog

Rich Mate Poor Mate II

Revisiting The Property Bubble & Investment Trap Part 2 - It is back to basics again

Home loan rates likely to climb

Home loan rates will likely climb next year, warn analysts

TODAYonline | Business | Personal Finance | Buying property: A reality check

Revisiting The Property Bubble & Investment Trap Part I - What's next with the MND Minister, with the New Parliament Opening Soon?

Diary of A Singaporean Mind: Developers to Khaw : Review cooling measures...

Diary of A Singaporean Mind: How people can just fall into policy blackholes....

Emergency Fund | Tan Kin Lian's Blog

Low interest rate is harmful | Tan Kin Lian's Blog

Danger for the property market | Tan Kin Lian's Blog

TODAYonline | Voices | Discourage the practice of COV

TODAYonline | Singapore | 'Don't let political divide turn into divided society'

TODAYonline | Business | Property | Out with COVs, there's a better way

Observe Presidential Election Cooling Off Day - 26 Aug 2011

Come 28 August 2011 .....?

Presidential Election Watch Part VII - Is Dr Tony Tan Tailing Behind in the Presidential Election Race?

TODAYonline | Voices | Are these companies contravening the Employment Act?

THINK HAPPINESS: My President, My Voice

HDB abusing its power as land owner, says WP - Channel NewsAsia

Property Crash Coming? (See Graph)

Diary of A Singaporean Mind: Dr. Lim Hock Siew challenges Tony Tan

TODAYonline | Singapore | CPF for older workers should be reviewed: Seng Han Thong

Presidential Election Watch Part III - Dr Tony Tan & Singaporeans' CPF Savings & Wage Cuts

Voters’ expectations could shape President’s role

So what will Dr Tan Cheng Bock do if he wants to be the People's voice?

Tan Kin Lian's speech on Nomination Day, Aug 17 2011

TODAYonline | Voices | Voters' perception matters on Aug 27

A Visually Handicapped endorses Tan Kin Lian with his song - The answer is really up to you.

Presidential Election Watch Part VI - They really know how to cajole!

TODAYonline | Business | Property | Are private home prices in for a correction?

PE Presidential hopeful Tan Kin Lian highlights humble beginnings - Channel NewsAsia

PE Presidential hopeful Tan Kin Lian highlights humble beginnings - Channel NewsAsia

He has ‘extremely important roles and powers’

Presidential Election Watch Part V - Value of Fairness

HOW TO PLAN FOR YOUR FINANCIAL FUTURE? "Live" Ustream with Mr Tan Kin Lian

TODAYonline | Voices | Where can Tony Tan contribute more?

Law Minister’s veiled threat to the electorate?

Law Minister’s veiled threat to the electorate? [ Muhammad Ridzal (马锐兆) Abdul Hamid 's Blog ]

'No requirement that President should be dumb'

'No requirement that President should be dumb' - [ Yahoo News - FTP ]

Presidential election a referendum on PAP

TODAYonline | Voices | Should President be 'voice of the people?'

THINK HAPPINESS: NTUC President should have held tongue

Singapore Election Watch: NTUC says Tony Tan "fits the bill"

Video streaming of Financial Planning Talk | Tan Kin Lian's Blog

Presidential Election Watch Part IV - Why “Voice of the People” is a good platform for Presidential Election?

Loan quantum puts flat beyond reach

Singapore 'likely to be hit' if US defaults

Fare hikes 'help bus workers and operators'

祝：龙马精神新年快乐 GONG XI FA CAI

。 ° · 。 · ˚ ˚ ˛ ˚ ˛
。° 。 ° 。˚ ˛ · ˚ ˚ ˛
★HAPPY★ 。 · ˚ ˚ ˛
。NEW YEAR 。。°
_Π_＿。 ˚ ˚ ˛ ˚ ˛
/____＿/ ＼。˚ ˚ ˛ ˚
l田田田 |門| ˚ ˛