A reassurance from Chok Tong

Last night heard Chok Tong reassuring the people that the govt had their interest at heart, citizens first and foreigners second. And the most important part, more properties would be made available and the government would "ensure that property prices do not fall out of sync with economic fundamentals." So basically he is saying that there will be more flats at affordable prices. Unfortunately 'more and affordable' are two words that are getting out of sync with the people. What is more when each cohort of citizens is about 30,000 heads and HDB sold less than 5,000 units of flats last year? When 30,000 people got hitched, there is a demand for 15,000 units and even at 50% rate, the demand is for 7,500 units. Out of sync or in sync? What about the additional demand from another few hundred foreigners, PRs and new citizens? Obviously 'more' means different things to different people. No need to explain further about the definition of affordability. It is totally out of sync from the hardlander's definition. The CPF was primarily a retirement fund but now would be emptied for the first 30 years to pay for an affordable flat. I agree that there will be plenty of CPF left if everyone will to go for a 2rm or 3rm flat. But the reality is that this is not the expectation of a Swiss standard level of living. With a huge chunk of money being used to pay for a flat, and expectation to set aside another chunk in minimum sum and Medisave, and the people still expected to save for their retirement, where is the disposable income? A family income of $5k is also very tight with 2 school going children. Are we in sync or out of sync? But if you everyone is having a million or several million dollar income, then everything is smooth going. Everything is in sync. Please tell us what is more and what is the meaning of affordable.

Correction to my HDB assumption

When I posted the article on 'Help save HDB' I used a ballpark figure of 20,000 units of flats sold for 2009. My assumption was way off the mark. I read from a report that the number of units sold was 4,736 units. Using a round figure of 5,000, 2,000,000,000/5,000, the deficit will come to $400,000 per unit of flat sold. Unbelieveable but it is true. I am prepare to change this number if anyone has a better number and wants to correct me. The $400,000 per unit is not only unbelieveable but incredible and even looks nonsensical.

More good news and good statistics

Foreigners are snapping up private properties in greater numbers. The numbers given in the ST shows that from 2007 to 2009, foreigners have bought about 20,000 units of properties here. If we are to extrapolate backwards, foreigners could have bought a few hundred thousands of private properties here. The good news is that more are coming in and buying. Another report says that Singapore is a choiced city for immigrants and there are enough in the waiting list to bring our population to 13m. This could easily triple or quadruple the prices of properties here, including those of public flats. The future of Singaporeans is so rosy. Wait for the 3rm flats to hit $1m and 4rm to hit $1.5m, and the bigger units in the $2m and more. Then Singaporeans can all sell out, move off to Lijiang or Chennai, or JB and Batam, build their own palaces and live there happily thereafter.

Menu for cannibals

Spotted this item in the menu of a high end restaurant - 'Cajun & Hickory Flavoured Roast German Baby Rib'. In Singapore of course.

The political party that will last a million years

Hsien Loong has announced that the PAP is all ready for the next General Election. It has another slate of high calibre candidates all ready to serve the people. This self renewal process of a political party, running in clockwork precision is second to none in the world. With such an efficient party, recruiting the best people into its fold, there is no chance that any other party could ever think of unseating it from power. Then there are other great factors in the PAP's favour. A great record of 45 years of achievement. An electoral system that is designed by the PAP and is obviously more favourable to it. And there are all the machinery that counts during a general election that will be activated to support the party. And there is a grateful people all sold by what the PAP can do for them. How else can any party hope to challenge the PAP? The PAP is probably the only political party that is designed to rule forever. This is another uniquely Singapore invention. It is an infallible party.