Taken from TODAY Business Section on 5th August, Wednesday
Archive for the 'Property News' Category
Business Times – 12 Jul 2008 Next 5 to 10 years will be most promising for S’pore: MM Lee We are going to move into a new plateau, a new platform, he says By LEE U-WEN
(SINGAPORE) For someone who has openly admitted that he worries constantlyabout the future of the country he’s helped to build, Minister Mentor LeeKuan Yew yesterday painted a surprisingly upbeat picture of what the nearfuture holds for Singapore.The next five to 10 years will be the ‘most promising’ in the Republic’sentire history, said Mr Lee last night at a dialogue organised by theEconomic Society of Singapore (ESS).
Responding to a question about whether he was still optimistic about Singapore’s growth prospects, Mr Lee said: ‘If there are no big recessions worldwide, easily 4 to 6 per cent, maybe 7 to 8 per cent (a year). We should be all right.’
The hour-long dialogue at the Ritz-Carlton Hotel – attended by over 800guests including economists and academics – was the first time that Mr Lee had spoken at an ESS event since 1969.
‘We are going to move into a new plateau, a new platform. I took a drivearound Marina Bay the other day. You can see the boardwalk they are putting up, the integrated resorts, Clarke Quay, the Singapore River. This will be a beautiful city in five years. In 10 years, it will be wonderful and on a different plane,’ he said.
But with Singapore facing tough structural issues such as an ageing and dwindling domestic population, Mr Lee described the country as ‘not normal’ compared to other cities such as Hong Kong and Macau. ‘We are on our own, running our own navy, army and air force. Hong Kong does not do that, neither does Macau. We therefore have no room for making mistakes, hence the biggest expenditure in our budget is defence, followed by education. Without defence, you are inviting everyone to just walk in and take over – and they will,’ he said.
At the end of the day, Mr Lee said, the government had a duty to give the best life possible for the population. But the ‘biggest problem’, he said, was in retaining talented individuals that want to make Singapore their home. ‘We have educated Singaporeans in English to the best of the world’s standards, made them viable and employable anywhere in the world. You need that core group who are able, well-trained, to say this is my country and I’m going to build it up,’ said Mr Lee.
On the flip side, however, he explained how Singapore has been successful in attracting talent from overseas who eventually take root and settle down here. ‘We have lost some whom we would have dearly loved to keep. We’ve trained them, high fliers who went to the US to top universities, then worked for financial corporations and big institutions. Maybe they’ll come back, maybe they won’t. At the same time, we have even larger numbers of people – from India, China, Malaysia, Indonesia, Thailand, Nepal, who want to stay here,’ he said. ‘I’m not so pessimistic about the trade-off. I think so far we are net winners.’ Mr Lee was also asked about whether Singapore needed a liberal democracy to succeed economically, a suggestion that the Minister Mentor pounced on. ‘Over the years, nations have become quite ideological in saying that if you want to succeed, you must have a free market and liberal democracy. The idea is that if everyone had a liberal democracy, there would be no wars. I doubt that. ”They are prescribing universal rules for the whole world. My question to them is: ‘Have you ever run Singapore? Do you know how we got here?’. . . We are not stupid people, they give us all this advice. The International Bar Association, who are they? Have you ever built a community and given them jobs? We have, and we know what’s good for us.’
Mr Lee then suggested how there was a conspiracy by foreigners against Singapore’s success story. ‘Why? Because we are a little red dot. They see us as a threat. The Russians are studying us. How does this little country, with so little talent, keep its ruling party in place and run a tight ship, honest and effective, and make progress? Can they do it? I don’t know. They are picking up points here and there. If they can, good luck to them.’ The key to being successful in this regard, he added, was to ‘have a feel for the people and be honest and meritocratic’. ‘Can this system last? I’m not sure. I’ve done my job. I’ve passed it on to the next generation. I hope they will pass it on to an equally confident generation. As long as they can do it, they will last.’
Copyright C 2007 Singapore Press Holdings Ltd. All rights reserved.
Residents in Woodlands New Town get to enjoy more recreation spaces at their doorsteps
The Urban Redevelopment Authority today unveiled the design proposals for the Woodlands Waterfront, comprising a coastal promenade and a park in Woodlands. The new facilities are part of URA’s plans to enhance our living environment by capitalising on our natural assets.
More Info (Click here)
Taken from URA Websites New Releases dated 26 January 2008
Business Times – 08 Jan 2008
By CHUANG PECK MING
(SINGAPORE) A slowdown in the American or European economy will not reduce the rate of Singapore’s economic growth, according to Minister Mentor Lee Kuan Yew.
Barring a ‘big recession’, China and India – where the economies are tipped to expand by 8-10 per cent yearly – will provide the dynamism to pull the rest of Asia’s conomies along in the next five years, Mr Lee said last night at a dialogue session hosted by the Institute of Southeast Asian Studies (ISEAS).
At the end of the five years, Singapore will reach a new plateau, leaving the ‘old Singapore’ behind as more Singaporeans can enjoy the finer things in life, including arts and culture.
Mr Lee said the economy should then do well as the two integrated resorts (IRs) will be in full operation to give the tourism and hospitality sectors a big boost.
And if things go well in another five years, he said Singapore will be like Italy or Austria today.
Which is not a bad thing, considering where it had started from – zero resources and given a low chance of survival, according to Mr Lee.
Singapore must now consolidate what it has achieved, and not risk it, he said. When it had few ‘chips’ in the early days, it could take more risk; now that it has more, Singapore should move cautiously, Mr Lee said.
With no natural resources like oil to fall back on, he said Singaporeans have been toughened and motivated to succeed. If Singapore had been rich in oil, Mr Lee said it would not be where it is today.
Responding to a question on the Government of Singapore Investment Corporation’s (GIC) acquisition of a 9 per cent stake in Swiss bank UBS in the wake of the US sub-prime mortgage woes, Mr Lee said Singapore is not averse to American banks or financial institutions.
He noted that Temasek invested US$4.4 billion in Merrill Lynch, the American investment banking giant.
GIC paid $14 billion for a 9 per cent stake in UBS – making it the biggest shareholder – because GIC has confidence in the bank’s management and growth potential, Mr Lee said. ‘It is comfortable with UBS.’
But he also pointed out that Temasek is also comfortable with Merrill Lynch and believes that the investment bank will recover from the losses it suffered.
Touching on the United States presidential race, Mr Lee said whoever is elected the next US president will have a plateful of foreign policy issues to deal with, including a more assertive Russia and a rising China and India.
Still, at the end of the day, he said the US remains an unbeatable economic and military power. Time and again, the US economy has made a strong comeback after showing signs of faltering.
Mr Lee said the US economy stays resiliently strong and that it is well ahead on the technology front.
The Chinese are keenly aware of this – and would not engage the Americans in a confrontation that would upset China’s economic development, he indicated.
Taken from the Business Time.
As annouced by the Government of Singapore in Parliment, there will be no more intervention as at present since the END of Deferred Payment Scheme for uncompleted privates properties.
On 26th October 2007, Friday, The government pushed the STOP button for Deferred payment Scheme for uncompleted projects. Meaning, buyer would only need to fork out maximum of 20% of the property sales price and then do not need to pay the balance until the development is built and ready to occupied. (TOP-Temporary Occupation Permit). Buyer need to pay 80% of the property price upon TOP.
‘There is no need and there is no intention for us to take any further action,’ National Development Minister Mah Bow Tan said in Parliament yesterday.
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Condo Names can crack many Heads
Recently alot of condominiums are coming up. Developers are all cracking their heads away on a good name for their project. French, Indonesian, etc languages are all being used. This could at times make us so difficult to pronounce.
I came across this funny article in The Straits Times sometimes back. Its really create a little smile on my face. Even, I could get the pronunciation wrong.
