Tuesday, April 16, 2013

The Party Goes On

It's enough to make you do a double take. It is reported that Robert Prior-Wandesforde, director of Asian economies at Credit Suisse, actually said: "Singapore clearly remains the sick man of Asia... the economy continues to struggle badly."

How can that be? We are buying the pricey F-35 Lightning while our neighbours have to contend with the F-18 Hornet. Never mind if the $237-million (latest price estimate) F-35 has been banned from traveling within 25 miles of a thunderstorm, amid fears that lightning could cause its fuel tank to explode. Like those designer handbags, it's always the price tag that is the bragging factor.

And in spite of the umpteen rounds of cooling measures, the property market is doing just fine, thank you. New private home sales just chalked up an all-time high, the highest monthly sales volume since the Urban Redevelopment Authority (URA) began publishing monthly data in 2007. The total of 2,793 units sold beats the previous record of 2,772 in July 2009. Quite naturally, critics of Minister Khaw Boon Wan will claim he was never serious in addressing the bubble in the housing market. He was probably more concerned about losing the votes of those who had swallowed the asset enhancement poison pill, still waiting to cash in on their investment.

Even the used car sales dealers have much to cheer. Just when you thought the traffic situation will improve after the Monetary Authority of Singapore (MAS) introduced the loan curbs in February, the congestion is back. Thanks to the 2,500 used cars which are put back on the road. That's the number Singapore Vehicle Traders Association estimates have been sold after somebody with influence arm twisted MAS into relinquishing the borrowing limits for second-hand vehicles in that were in stock before February 25, the date when the new loan limits were imposed. Some 7,000 will qualify for full loans, thanks to the 60 day reprieve afforded by MAS. The policies to reduce vehicles on the road will have to take a step back, since business volume is always top priority in our culture of greed.

Ours is a place where a void deck, the empty space nobody wants a flat to be built in, can actually be marketed for $50,000 a month. The operator who rented the site above a multi-storey car park used the excuse to charge $1,777 for a place in her child care centre. Maybe the economist was right after all, only the sick can exploit the struggling masses to such an extent.


  1. " The operator who rented the site above a multi-storey car park used the excuse to charge $1,777 for a place in her child care centre. "

    Haha, a COE for place child centre ? So what is next ? COE for university place, COE for job ? Uniquely Singapore under mortally corrupted government indeed.

    1. It's no joke. It's open secret that those hard to get places in "premier schools" can be secured with a "donation" of as much as $10,000. Naturally, there are many modes of payment to avoid corruption charges, but the end result is not unlike the COV.

  2. Can somebody check out what kind of party is being held at Lhlhc Pte. Ltd? Why does it share the same address as GIC? Who are the directors of this company?

    #25-01 CAPITAL TOWER Downtown Singapore
    Singapore 68912 Singapore

  3. Haha...

    Every inch of space in Sg is worth a fortune; that is why we are having many millionaires staying in pigeonholes.
    But, there are more millionaires and billionaires in Vietnam, Indonesia, Korea and even Taiwan and Thailand

    Singapore is striving very hard to rival the afore-mentioned countries and it could very well achieves it soon.


  4. Singapore's economy sick??

    It is a joke lah!..

    -full employment
    -highest property prices ( and rising)
    -highest inflation ( among all ASIAN )
    -Stock market higher than 2008
    -Everyone wants to live here
    -Highest salaries for financial workers

    Sick man of ASEAN?? please add on the list:

  5. Depend on how you define being sick. Rich in means and sick in the spirit and soul, perhaps.

  6. walau for hundred thousand or so, suck cocks in public car parks. $237-million no hanky panky liaow.

  7. BBC

    [F-35 Joint Strike Fighter battles for future]

    "The F-35 Lightning II, better known as the Joint Strike Fighter,
    is the world’s most expensive military weapons programme.

    The F-35 is being developed in 3 variants that will eventually be used by the US Air Force, Navy, Marine Corps,
    as well as 8 other countries that have committed to buying the aircraft
    and are helping to pay for its development.

    The total programme cost is now estimated at about $400 billion,
    while the cost of sustaining the aircraft over their expected 30 year life is expected to run over $1 trillion,
    a figure that has led to headlined dubbing it –
    whether fairly or not – the 'trillion dollar fighter.'"


    1. If the fighters are never put into real use to even kill a single enemy, isn't that the same as pouring public funds down the drain which ultimately ended up in someone's pockets?

      Why are politicians so eager fighting a war that never was actually......because they are such greedy creatures to begin with?

  8. don't quite get what you want to say and how you demonstrate your point...

  9. Reminds me very much about the other ill-fated Lockheed Tristar L1011 jets "forced fed" down Japanese throats with ample lubrication paid directly by Lockheed into black accounts of nippon politicians who championed the plane over the 747. That's right, it's Lockheed again, it's a cursed project again, it's a faithful ally "buying" again, and of course, lots of goodies awaiting the black acoount holders on their retirements again. The L1011 had an infamous" operating history, I know I won't be at the F35 NDP flypast :)

    1. Just hope the F35 will not crash into the area where all the indispensable talents are seated during the NDP.

      Like there really langgar.
      The F35 lightning meets the Singapore lightning in a face-to-face discussion ... up close and personal.

  10. well done pappies ...

    with a deft stroke, the banks are saved from about $500 millions (???) of NON PERFORMING LOANS

    any influential "godfather" around ..

  11. What a coincidence SIN city adopts a 7% gst just like British Columbia! Canada has wanted the F35, so do the SIN city.