What's left for Singaporeans?
Below is the first para of a Financial Times article posted in Singapore News Alternative about the surge of rich Russians coming to paradise. Financial Times, 21 Oct 2009 Singapore is attracting a surge of Russian investment as rich business people seek a politically stable home for their personal wealth as well as exposure to Asia’s rapid recovery from the global financial crisis. Officials and bankers say significant sums have been deposited in the island state’s booming private banking sector, with Russian money also flowing into the stock market through investments in property and luxury services companies. The issue is that other than investing in productive industries, a lot of money will be sunk in properties. If rich foreigners are flooding the market and buying up everything, eventually what will be left for the citizens? Yes, it is good money, like selling Alaska. Before we sell everything, there is a need to calibrate how much can be sold and how much should be reserved for citizens. (Ok, bad economics). Otherwise, the whole of the city, Orchard Road and Bukit Timah will be owned by foreigners and the citizens being left out. Exceptions will be the Istana and Oxley Rise.