Haunted by a living myth

Singaporeans are asset rich. Those who live in bigger flats, 5 rms and above, are better off. A Pavithran Vidyadharan, welcome to Singapore, wrote to the ST, ‘ I hope on Friday, when Finance Minister Tharman Shanmugaratnam announces this year’s Budget, he will be more generous with goodies for five room and HDB executive flat owners. There is a misconception that such owners are high income earners, and they don’t need much help. It is not necessarily so. They could be living in the bigger HDB flats because their family is large; some could be taking care of their aged parents and in laws; and some could even be taking care of divorced or widowed siblings and their children.’ There are many other reasons why those living in bigger flats may not be better off. The older policies and pricing allowed many average Singaporeans to buy bigger flats as they were ‘really, truly’ affordable in every sense of the word. Some of them could now be retired and have lesser or no income. And with the great inflation Singapore Style, with no money in the pocket, life can be equally tough for those living in bigger flats. The demons of inflation and false wealth will be knocking at the doors of these asset rich Singaporeans. The only solution is to down grade and down grade and down grade. This will also apply to the wealthy scions who have inherited wealth and big properties. If they don’t inherit a business to generate the same wealth to maintain the high living lifestyle, and not professional enough to command million dollar incomes, they too will join the down grade queue. Just to repaint a house can be tens of thousands. And this is likely the main reason why the very rich do not think a few hundred millions would be enough for their children as the cost of living and inflation will soon erode whatever wealth there is there.

I am watching the property prices

I have been watching the property prices for more than 30 years. I have watched how the prices charged up and come tumbling down during a crisis. It looks like a roller coaster going up and down, beyond anyone’s control. The most spectacular time would be the recent years. After the financial crisis when prices plunged, all was doomed. Then everything turned around with everyone cheering happily as the prices went up and up. The developers, the housing agents, the investors, the home owners were all smiling. The govt was also smiling. I watch when there was an over supply of HDB flats. I watch when the HDB cut down on its building programme. I watch as the population grew with more PRs and new citizens flooding our shores. I watch how from a position of over supply turns into a position of severe shortages. And I am still watching. I watch how the frantic release of land to build more flats and the demands continue to be strong. I watch how the affordable HDB flats continue to be affordable despite all the price hikes while salary remains crawling at a snail pace. And I am watching happily as everyone says property prices are very affordable, can still go up some more, and no need to panic as there are plenty on the supply side. I am still watching. I never read the kpkbs in cyberspace and did not know what is happening. For the next 30 years, if I am still around, I will still be watching how the property prices go through the roof of the sky, and everyone claiming so affordable. It is such a wonderful past time just watching….

What did Mah Bow Tan say in Parliament?

Singapore Minister: Will Take Further Measures On Property If Necessary SINGAPORE -(Dow Jones)- Singapore Minister for National Development Mah Bow Tan Monday said the government is closely monitoring the property market and will take further steps to keep property prices at sustainable levels if needed…. "It is not the intention of the latest measures to crash the (property) market... but rather to cool the market," Mah said in response to a question in Parliament…. The above is quoted from Dow Jones. What is Mah Bow Tan trying to say? The current property prices are reasonable and sustainable. It also means that the prices can still go up and he is quite comfortable with it. There is no intent to bring the prices down and there is still no bubble yet. When there is a bubble, when the prices are unsustainable, more measures will be introduced. When or at what kind of prices will be enough to bring in new measures? What is not said is that for a $400k property, if the price goes up by 10% or $40k, the young people waiting to buy will effectively receive a pay cut of $40k. How many young people can tahan such a pay cut when their pay rise is normally $200 to $400 or $3k to $5k annually? And if the current prices are sustainable and no cause for alarm or stopping it to climb further, the young couples are as good as chasing a rainbow that only gets further away by the days. Salary increases, $4k pa, housing price up by $40k pa. Sure die one.

A very controversial statement

I am writing this in response to Solo Bear’s latest article on the govt’s policy to keep the Chinese a majority in this country. I will leave his personal attack on LKY aside as I do not know what were the reasons for his persistent attack. Since independence, and during the colonial times, the Chinese have been a majority till now. The issue is whether this a bad thing? What if another racial group becomes a majority, would it be better for everyone? For discussion’s sake, let’s say the Malays become a majority in the country, what kind of changes can we expect? Becoming more Islamic like our neighbours, with more tolerance and intolerance issues being precipitated, everything becomes so sensitive and objectionable? Would we become something like Malaysia or Indonesia, and would it be a better place to live for everyone? Would everyone be free to practise and live their ways of life, culture and religion like it is now? The experience in the region is a rude reminder that the majorities often find it so convenient and easy to conduct racial genocides against the minorities, particularly the Chinese and Indians except in this island, where the minorities can feel so safe and secure, and knowing that the law will come down hard on the Chinese majority at the slightest thought of intimidating the minorities. On the same basis, what would it be like if the Indians become a majority here instead of the Chinese or Malays? Would the same policies of the govt continue, or would new policies be for the better or the worst? Having live through the last 60 years and witnessing how living conditions have improved for all the races, I have no reasons to want a change in the racial composition of the population. It is easy for me to say so, I admit, as a member of the majority. I know, the minorities will have very strong views on this. I must say that under a Chinese majority rule polity, anyone who is able will be able to succeed by his sheer effort, ability and industry, not a right by virtue of his colour or creed. Some will be more successful than others for other reasons but not because they were the majority, as many Chinese too were struggling to improve their own conditions but not getting anywhere. I don’t like what I see in neighbouring countries on what the fate of the Chinese Singaporeans could be if they become a minority. If the govt can continue with a policy of providing and assisting the minorities in every way possible to make them compete better with the majority, I think this can be a better place for everyone. The govt can do more to help the less able of the minorities to make their lives better for the good of everyone. I think Solo Bear’s position is that a Chinese majority is not a good thing for the minorities. And I believe he thinks a change from this balance is good for everyone. Please think about the alternatives, and feel free to disagree with me and share your views generously, with a little restraint on the adjectives: ) PS. I will delete this thread if the discussion gets uncontrollable and unreasonable. It is a test of the maturity of Singaporeans to be able to discuss issues rationally with minimal emotional outbursts.

Intolerance or primitive mindset?

I was looking at the picture of this Afghan girl, Bibi Aisha, with holes on her face in place of her nose. She ran away from an arranged marriage and was caught. Her husband cut off her nose and her ears. With an artificial nose attached and waiting for a more permanent nose and features, you can see how beautiful she was. The act to disfigure her must have a lot of support in her tribes as it is part of their culture and practices. And the husband must be doing an honourable act, in delivering justice in their own ways. Many who share this form of justice and primitive acts must be very proud of the husband and would be saying Aisha deserved it. Is this intolerance, primitive or the correct way of conducting life? The answers will be from white to black, with many apologists explaining why it was justified. A state of frenzy has been drummed up in Malaysia, the most advanced and moderate Islamic country on the celebration of Valentine’s Day. One reason mentioned and I quote from the Selangor’s Islamic authority, ‘It is celebrated in many ways, starting with greeting cards, flowers and dance parties. In fact, some celebrate it with a date which would eventually lead to illicit sex. Clearly, the celebration is not part of Islamic teaching, it violates the syariah and contradicts the universal code of ethics.’ Which part of this celebration violates Islamic teachings? The part leading to illicit sex, I believe. I believe it also said that ‘some’ and not all will lead to this part of the act. Many who celebrate Valentine’s Day will not engage in illicit sex. And Valentine’s Day does not dictate or encourage anyone to participate in illicit sex as part of the celebration. Don’t get me wrong, the Islamic authority has all the right to ban whatever that they deemed fit and their believers must adhere to them. The Muslim should not celebrate Valentine’s Day for whatever reasons they want to uphold. The Christians or Westerners can go ahead to celebrate their Valentine’s Day in whatever way they choose to, even illicit sex, as long as it is mutually consensual. When both parties can accept each other’s position, life will go on as normal. For this issue to be debated so emotionally, it is a sign of intolerance. Let’s hope the intolerance will not be exploited into something ugly, like cutting off noses and ears. The religious police are expected to be snooping around dark corners to check on the identities and religious backgrounds of couples in close proximity. I hope they will do it discretely and would not behave like rogues, and leave the non Muslims alone.