TR EMERITUS

By Yoong Siew Wah Politics in many countries in the world where elections are held every four or five years to determine which political party should form the government of the day has one thing in common. The incumbent government will try everthing in its power to ensure its return to power in the election. So in the period before the election, the government can be seen to be offering sweeteners to potential electors in order to win their votes. For instance in Singapore, reasonably-priced HDB flats are being built to deflect the ruffled feelings of potential flat-buying citizens who were intimdated by the frenzy of the overheated HDB flat market in terms of prices and availability. Another inducement is the upgrading of aging HDB flats both in the PAP constituencies and opposition wards. Currently, there is talk of the restoration of the employers' cut of the CPF to the workers. To complete the destruction of the opposition hope of ever coming close to capturing any PAP seats, whether single ward or GRC, will be the inevitable gerrymandering of electorial boundaries which will indicate how soon the General Election will take place. For the PAP it will be a case of head I win and tail you lose. In spite of all these vote-catching preparations, it cannot be said that the PAP is not worried about the ground situation which is favourable to the opposition and is likely to improve with the approach of the General Election. The internet is full of exhortations to Singapore electors, especially the young voters, not to vote the PAP. The mainstream media is not overly friendly to the oppositiion but it can be assured of robust support from the new media, especially the redoubtable netizens. Discomfited PAP leaders are scrambling to salvage the situation and to try to find a plan to break the spirit and solidarity of the opposition. Is it a co-incidence that a former president of the Reform Party chose this moment to pick up a quarrel with the secretary-general of the party Kenneth Jeyaratnam to present a sombre picture of disunity within the party? This is exactly what the PAP leaders hope to see happen to the opposition. Is this an act of providence to strengthen the hand of the PAP? Reform Party is the best bet to capture the Bishan-Toa Payoh GRC in combination with the Singapore Democratic Alliance. Is there going to be a domino effect on the opposition whether by providence or otherwise thereby snuffing out opposition chances in the General Election? Whether by providence or not, the opposition, especially Kenneth Jeyaratnam, should tighten up their security to ensure that no mercenary is infiltrated into their parties to cause disunity. It is still not too late to do that now. There is a Chinese saying: To repair the pen after the sheep have escaped is not too late. (wang yang bu lao, wei wei wan yi)   About the Author: Mr Yoong is the former director of Singapore’s Internal Security Department from 1971 – 1974. He blogs here   Other articles by Yoong Siew Wah: >> Is the opposition capable of epoch-making? >> The Somnolent DPM >>  Lim Swee Say: The Consummate Joker >> Is MM Lee adding value to Singapore?  Read More →

Fueled by the return of foreigners as the economy improves, the prices of resale HDB flats continue its relentless climb to reach a fresh record in the first quarter of the year. Median Cash Over Valuation (COVs) also increase by $1,000, hitting $25,000 with flats in Bishan fetching higher COVs of around $32,000. The high COVs demanded by some flat sellers are pricing more and more ordinary Singaporeans out of the resale market. About 20 percent of the buyers of resale flats are PRs, which has "minimal" impact on prices, according to National Development Minister Mah Bow Tan. The state media reported last year of one Indonesian Singapore PR who forked out a record high $653,000 for a 4-room resale flat in Queenstown though he could well afford a private condomonium. The prices of HDB flats have sky-rocketed in recent years, caused partially by increased demand from immigration in the face of a limited supply of new flats. Despite evidence showing otherwise, Mr Mah is adamant that HDB flats remain affordable to Singapore. He also lashed out at home buyers for being "fussy" and having "unrealistic" expectations. The state media proclaimed that the prices of resale flats show signs of "stabilizing". It remains to be seen if prices will drop in the new few months ahead. An increasing number of young couples are forced to postpone marriage and starting a family of their own as they are unable to afford a roof over their heads at today's astronomical prices thereby exacerbating the country's declining birth rates.   Debunking official myths of HDB flats series: 1 Myth 1: Singaporeans are “owners” of their HDB flats 2. Myth 2: HDB flats are “affordable” to most Singaporeans 3. Myth 3: Rising prices of HDB flats “generate” wealth for Singaporeans   Related articles: >> Why Mah Bow Tan's policy of high HDB flats is wrong >> Letter to Mah Bow Tan on HDB policies >> Singaporean want govt to allay anxiety over HDB leasehold >> Mah Bow Tan embarrassed by Reform Party’s Hazel Poa >> Mah Bow Tan: “Unrealistic” expectations to blame for unhappiness about flats >> Taiwanese PR paid record $ 650,000 for 4-room resale flat >> Grace Fu: PRs are helpful to HDB flat owners selling their flats >> HDB launches “traveling exhibition” to trumpet its achievements in the heartlands >> PAP to upgrade 12,000 HDB households ahead of next election >> Mah Bow Tan: We do not want flat prices to go down >> Prices of resale flats to rise further as PR quota reached >> Taiwanese PR offers $50k COV for resale flat >> Mah Bow Tan: PRs have minimal impact on resale flat prices >> No empirical evidence to suggest that public housing is affordable in Singapore >> When will Singapore’s property bubble burst? >> Why HDB is unable to reveal break down costs of new flats now >> HDB to consider introducing rules to curb property speculation >> HDB blames Singaporeans for not selecting flats when given the chance >> Singaporeans worried about retirement after depleting CPF to pay for over-priced HDB flats >> Mah Bow Tan acknowledged that rising HDB flat prices has sparked “fresh concerns” >> PM Lee: Govt does not have control over prices of resale flats” >> COVs of resale flats shooting through the roof >> HDB resale price index hit record high in 2009 >> Singaporean wants PRs to live in rented flats instead of buying resale flats >> Singaporeans wants PRs to be banned from selling HDB flats at a profit >> Shanmugam: Singaporeans likely culprits for driving up HDB flat prices >> Mah Bow Tan: HDB flats remain affordable >> Means testing for PRs to buy resale flats >> Immigration and public housing: should the govt or people plan ahead? >> Grace Fu: hard to predict demand for housing >> Indonesian PR bought 4-room flat at $653,000 >> Mah Bow Tan asks home buyers to be realistic >> PAP MP blames young couples who cannot get a flat for not planning ahead >> Home affordability: HDB versus the public >> Demand vs supply: so many applicants, so few flats >> Number of applicants exceed number of flats >> HDB to increase supply of flats >> Mah: don’t compare with prices in the past >> ERA: 40 per cent of HDB flat buyers are PRs     Please join our Facebook discussion on this article here and invite your friends to do so as well to raise awareness among fellow Singaporeans. This page is maintained independently by a TR reader.   Copyright © 2009 – 2010 The Temasek Review (If you are going to reproduce this article on your blog or forum, please provide a link back to ours)  Read More →

From: Herald Sun By Phillip Hudson April 24, 2010 12:01AM FOREIGN students and temporary residents will face tough new rules when buying a house and will have to sell on leaving Australia. The Federal Government's crackdown, to be announced today, reverses its December 2008 decision to relax foreign ownership rules. Bowing to public pressure, the Government will also introduce a hotline for concerned locals to "dob in" foreigners they suspect of breaching the rules. Under the rules, temporary residents and foreign students will be: SCREENED by the Foreign Investment Review Board to determine if they will be allowed to buy a property. FORCED to sell property when they leave Australia. PUNISHED if they do not sell by a government-ordered sale plus confiscation of any capital gain.. REQUIRED to build on vacant land within two years of purchase to stop "land banking". Failure to do so would also lead to a government-ordered sale. There have been growing claims that real estate prices have been forced up by wealthy Asian families, especially from China and Korea, buying up property and outbidding locals at auctions. The Government is concerned by anecdotal reports that foreigners are "collecting" houses, often in the same street, and leaving them empty when there is a shortage of housing. Assistant Treasurer Senator Nick Sherry said he wanted to ensure foreigners did not put "pressure on housing availability for Australians". Treasury is investigating 50 suspicious residential buys by foreigners in Melbourne. Senator Sherry said the changes would "ensure that investment is in Australia's interests and in line with community expectations". He said the Government would catch cheats with new powers allowing it to cross-match information from Land Victoria and the Immigration Department. It will also rely on members of the public to report suspicious property buyers to a new hotline: 1 800 031 227. "I want to make sure everyone in the community has a direct line to report their concerns," Senator Sherry said. "If you do the wrong thing, you will be found out." New penalties, which may be linked to the value of the property, will apply to buyers, sellers and estate agents. There is no data showing how many properties have been bought by temporary residents. Since the Government's 2008 change, the median house price in Melbourne has risen from $450,000 to $524,500. Foreigners living overseas are still prevented from buying existing homes and only allowed to buy or build new ones. Source: http://www.news.com.au/money/property/australian-federal-government-gets-tough-on-foreign-ownership-rules/story-e6frfmd0-1225857643432  Read More →