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I can still use my other family member's name to buy the private property while i am still staying in the 'less-than 5 years HDB flat"!!!

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pharoah88 ( Date: 01-Sep-2010 22:24) Posted:

Three years enough
Letter from Maxie Tay
AS A property agent handling private and HDB resale transactions, I’ve observed that speculators are sub-letting HDB flats (some illegally) for the high rental yields while staying in their private properties, or vice versa.
At the same time, private resale volume is declining — the fear of a double-dip recession seems to be making an impact.
While I applaud the move to curb runaway HDB prices and soften private resale prices to help first-time buyers, I feel a three-year MOP with the condition of no subletting and no investing in private property would be sufficient.

Five years might put the private property market on ice, and send the entire market into a downward spiral.

Singapore an accounting hub? Panel calls for more post-grad courses
SINGAPORE
The panel, which included participants from public practice and executive search services, were gathered at a recent roundtable organised by the Association of Chartered Certified Accountants (ACCA) Singapore and the Institute of Internal Auditors Singapore (IIAS).
IIAS president Uantchern Loh noted: “In the re-set world of corporate governance and regulatory compliance, we see a growing demand in the region for highly-qualified talents to be Certified Internal Auditors [CIA].”
And the dearth of post-graduate courses and niche specialist pathways in the accountancy field was cited as a concern, as such options would also be needed to meet the needs of foreign graduates, the panel pointed out.
It added that post-graduate courses which incorporate an Asian perspective could put Singapore in a better position to compete with European and American universities.
The panel also concluded that, while accountancy graduates here “were technically proficient, many of them had deficiencies in language skills”.

“This was considered a significant impediment as communication skills were critical in a high value-add services-based economy,” said the panel, which added that “more diverse skill sets are required today due to the rising complexity of the business environment”. — The lack of post-graduate courses in accountancy could hamper Singapore’s bid to become an accounting hub, a panel of experts concluded yesterday.ESTHER NG

Through-train route could hurt N(A) students

Letter from Denis Edward

THE new route through which some Normal Academic (N(A)) students can bypass the O-level exams and go straight into a polytechnic may limit the student’s capacity.

The top local universities select local students based on 20 per cent of their O-level results and 80 per cent of their tertiary education results.

Therefore, N(A) students who choose to take the direct route into poly may be at a disadvantage if they wish to pursue a degree from these universities later on.

Poly graduates who have completed the O-level exam could be in a more competitive position when they apply to enter these universities.

While the recently formed Singapore Institute of Technology (SIT) caters to poly students who wish to pursue a degree, it will not have enough places to meet the demand.

There are more than 20,000 polytechnic students graduating every year. But the SIT will be able to accommodate only 3,500 students by 2015 and it will offer only engineering courses.

Polytechnics conduct a Direct Admissions Exercise, in which both Express and N(A) students are offered the opportunity to earn themselves a place even before their O-levels.

This current measure benefits all students and maintains the reputation of the polytechnics.

Sample of pricing plans by telcos D ownload speeds M onthly pricing B undled services M1 25Mbps-1000Mbps $39-$399 F ree incoming and outgoing calls on M1’s new fixed line service SingTel 150Mbps/200Mbps $85.90-$109.90 U nlimited local calls on fixed line, video chat, online storage, TV Apps store, mioTV

Next Generation Broadband Network
• 5 service providers onboard: LGA, M1, SingTel, StarHub and SuperInternet
• Consumers can sign up from today; with the earliest services to be available from next week.
• Offers ultra-high broadband speeds of up to 1 Gbps

• By end of the year, 60% coverage of island; By 2012, 95%

Next-gen broadband: More choices for consumers

Hedirman Supian and

Millet Enriquez

hedirman@mediacorp.com.sg

SINGAPORE

The providers comprise the three local telcos — M1, SingTel and StarHub — as well as two smaller operators, SuperInternet and LGA.

The added competition has translated into cheaper Internet subscription rates.

SingTel is offering a 150Mbps service for $85.90 per month while M1 is offering a 100Mbps service for $59 a month.

SuperInternet managing director Benjamin Tan said his firm plans to offer a 100Mbps service for $49.80 a month.

LGA, a firm that’s targeting enterprises, SMEs and business consumers, will announce its pricing plans next month, while a StarHub spokesperson said the telco will reveal its plans tomorrow.

These five retail service providers (RSPs) buy bandwidth wholesale from Nucleus Connect, the operating company for the new broadband network, and offer Internet access and services to consumers and enterprises.

Nucleus Connect chief executive David Storrie said he expects five more RSPs to enter the market by the end of the year.

While prices will get more competitive as the NGNBN is rolled out to more areas, Ms Sherlin Pang, an analyst from research firm IDC, does not expect Internet subscription rates to hit rock bottom.

“Instead of a price war that is seen in Hong Kong (where prices drop to $35 per month for 1Gbps), I don’t think it will happen here as the Singapore market is not as competitive and is still somewhat regulated,” she said.

Meanwhile, SingTel has unveiled a slew of new broadband services targeted at retail consumers and small businesses that will leverage on the NGNBN and its own extensive fibre infrastructure.

This includes a new consumer offering, exStream, which offers download speeds of up to 200Mbps, uplinks of up to 100Mbps and international bandwidth of up to 25Mbps.

This will be a “game changer for SingTel”, said Mr Allen Lew, SingTel’s chief executive officer for its Singapore operations.

For SMEs, the telco has introduced eVolve, which will use its own infrastructure and will only carry business traffic. Telco analyst Alfred Low of Phillip Securities said it is too early to tell whether the new initiatives will bode well for Sing-Tel but he expects competition to further heat up among the telcos as StarHub also launches its own set of products.

When it comes to choosing telcos, broadband speed is not the only consideration for consumers like teacher Gibbson Ang, 27.

Mr Ang, who is currently paying $70 a month for his 12Mbps service, said: “For me, the top factor in my decision would be a provider that can offer the best pricing and package in other services as well.”— The wait for faster and cheaper broadband is over. Consumers can soon sign up for Internet access on the Next Generation National Broadband Network (NGNBN) from five providers, with more to come later this year.

S’pore population grew 1.8% to 5.08 million
Singapore’s total population grew 1.8 per cent to 5.08 million as at end June, the Department of Statistics said in its first release from the 2010 Population Census.
According to the department, Singapore registered a lower population growth due to the slower growth in the number of permanent residents and non-residents.
The number of permanent residents grew by 1.5 per cent, down from at least 6 per cent growth annually between 2005 and last year.
Growth in the number of non-residents slowed to 4.1 per cent, down from the peak of 19 per cent in 2008. The number of citizens increased by 0.9 per cent between last year and this year.

The Chinese formed 74 per cent of the population, while the Malays and Indians took up 13 per cent and 9.2 per cent.

Three years enough
Letter from Maxie Tay
AS A property agent handling private and HDB resale transactions, I’ve observed that speculators are sub-letting HDB flats (some illegally) for the high rental yields while staying in their private properties, or vice versa.
At the same time, private resale volume is declining — the fear of a double-dip recession seems to be making an impact.
While I applaud the move to curb runaway HDB prices and soften private resale prices to help first-time buyers, I feel a three-year MOP with the condition of no subletting and no investing in private property would be sufficient.

Five years might put the private property market on ice, and send the entire market into a downward spiral.

Nest egg delayed
Letter from Chi Han-Hsuan
THE latest regulations came as a shock to my wife and me. Why can’t HDB flat owners stay in their flats and invest in private property without a five-year MOP?
Private properties are a long-term investments, like blue chip stocks or precious commodities such as gold — they appreciate in value over time and are a good hedge against inflation.
I believe the Government’s stance all along has been to curb the use of HDB flats for speculation, and those who want to invest should buy private property.
So, why discourage flat-owners from investing in private property?
A five-year MOP is too long and restrictive.
My wife and I recently bought an HDB flat without a loan and plan to invest in a condominium for our retirement. But now we’ll have to wait before we can do so.
The Government shouldn’t be discouraging HDB owners with excess cash from buying private property as a safe, long-term investment in their nest egg.

Rather, it should be imposing restrictions on foreigners buying private residential properties.

Minimum Occupation Period [MOP] doesn’t hit the spOt

What about retirees?

Letter from Yin Poh Leng

I APPLAUD the new rules to cool the property market and think the measures will encourage financial prudence and curb speculative activity.

But there are some gaps.

First, there are no curbs in the private property market on foreign investors who play a part in driving prices up.

Will Singaporeans be priced out of prime areas?

Then, there’s the new rule that private property owners must sell off their property if they want to own an HDB flat.

That means a retired couple who want to downgrade to a flat, but rent out their private apartment for living expenses, would not be able to do so.

On the other hand, a young couple that has fulfilled the five-year minimum occupation period (MOP) can rent out their flat while they move to a private property.

Would not the case of the retired couple better fulfil the mantra that an HDB flat should be for staying in and not for generating income?

Similarly, we should look at those who currently own both an HDB flat and a private home. Should they decide to live in their private property, they should be required to sell off their flat.

Releasing these units back into the market will help to meet the demand by young couples who need a place to live.

pharoah88 ( Date: 31-Aug-2010 15:18) Posted:

Minimum occupation period [MOP] now 5 years

Esther Ng

estherng@mediacorp.com.sg

SINGAPORE

Now, buyers of non-subsidised public resale flats must wait at least five years before they can sell or sub-let their unit.

The lengthening of the MOP, announced yesterday, is a contrast to the previous approach of reducing the time that flat owners needed to occupy their flats.

And Member of Parliament Lee Bee Wah, deputy chairperson of the Government Parliamentary Committee (National Development), believes the “pressure” had grown on the Housing and Development Board to take action on this policy.

“We’ve had feedback from the ground that people were buying HDB flats to rent them out and not live in them,” Ms Lee told MediaCorp.

The policy change was coupled with an announcement on dual ownership of public and private housing.

[#### It is analogous tO dual cItIzenshIp ? receIvIng benefIts frOm sIdes ? ####]

Private residential property owners who buy a non-subsidised HDB flat must sell their private property within six months from the date of purchase of their HDB flat.

Owners of non-subsidised flats are also not allowed to buy a private residential property during the MOP of their flat.

Analysts agreed the moves were meant to keep HDB flats for home ownership rather than as investment vehicles.

Reducing the MOP had liberalised the market and allowed flat owners to “monetise their asset”, but there were “undesirable” consequences, for instance, investors driving up Cash-Over-Valuation levels, resale prices and rentals, Ngee Ann Polytechnic real estate lecturer Nicholas Mak said.

“It’s the right time to do something about it, and not when polls are expected in, say, two months’ time,” Mr Mak said.

In the past, flat owners could rent their flats only after 10 years if they had paid up their loan and 15 years if they had not. This was reduced to five years in 2007, for flats bought directly from HDB or from the open market with a Central Provident Fund Housing Grant, and three years for owners of non-subsidised flats.

When asked about the reversal, the HDB said: “Despite the introduction of measures in March, sentiment to buy resale HDB flats has remained strong in tandem with the improved economic outlook.

The HDB resale price index has risen sharply, showing quarter-on-quarter increases of 2.8 per cent in the first quarter and 4.1 per cent in the second quarter.

”The additional measures reinforces the Government’s commitment to provide affordable and adequate public housing supply for first-timer households as it is designed to curtail demand from those who do not need housing urgently.

Households who buy their flats with the intent of occupying them will not be affected by this change.”

Property experts agreed that the measures would reduce speculation and short-term investment, but not without ramifications.

“Based on our recent records, about 10 per cent of all HDB resale purchases are by private property dwellers.

These may be investors who will now not be able to purchase HDB flats and keep their private property for investment purposes,” PropNex CEO Mohamed Ismail said.— It used to be one to 2.5 years. Then, the Minimum Occupation Period (MOP) was increased in March to three years.

Okay, forget meritocracy, but what about professionalism?

ooi kee beng

Perhaps because the man’s main concern is to be confrontational, and in the blogosphere the competition on that score is relentless, many of his entries have tested the boundaries of rationality.
Very often, these are full of contradictions and are not worth commenting on.
However, a recent one where Dr Mahathir claims that proponents of meritocracy are as racists as anyone else does require a reaction.
For starters, just because most of us have racist tendencies does
It is also undeniable that political slogans always conceal a political agenda, and not always in an opaque manner either.
This goes for “Malaysian Malaysia” as much as it does for “Ketuanan Melayu”; and for “Middle Malaysia” as much as it does for “One Malaysia”.
However, that is not the real issue.
Although Dr Mahathir recognises that meritocracy, imposed without consideration for social inequalities, will merely favour those who are already privileged economically or otherwise, he does not draw the obvious conclusion that we are talking about a condition we may provocatively call a class struggle.
This brings us back to 1970.
During the days when the New Economic Policy (NEP) was being drafted, it was obvious that the issue was poverty. The official insight gained from the May 13 riots was that the Malay community was not getting any richer despite independence.
After three elections, there were no signs that their lot would improve dramatically, and if that situation was not remedied, the country could not possibly enjoy political stability and economic growth.
And so, the attempt was made to remodel Malaysian society.
Once class inequalities were lessened, inter-ethnic tension would follow suit, and so the NEP would succeed by making race passé as a political tool. The poor had to be helped, and the Malays had to be helped. That was the dilemma, which had to be solved within the ultimate project of turning Malaysia into a prosperous and stable country. Malaysia’s former Prime Minister, Dr Mahathir Mohamad, has been making a name for himself as a blogger after he retired in 2003.ooi kee beng not make racism all right, especially in public policy. That point need not be belaboured.
Criteria For Success
Thus, three criteria for success competed with each other.
First, the lot of the Malay community as a whole had to improve dramatically.
Second, the income gap among Malaysians as a whole must diminish.
Third, the national economy as a whole must experience impressive economic growth.
Since the political structure had always been racebased, it was easy for the system to continue along those lines, and the implementation of the NEP favoured racial interests over class concerns. This created a system of patronage which over time encouraged mediocrity over excellence, quota strictness over merit, and political concerns over judicial correctness.
What is sad is that after 40 years of the NEP, it is still the racial aspect, now evolved into Malay Supremacy, which continues to be taken by Dr Mahathir and others as the most effective political tool at their disposal.
Other crucial values are overshadowed. The income gap, also within the Malay community, remains enormous, leading to a host of social problems that the country can do without, such as a low level of education, criminality, corruption and, worst of all, a sustained weakness for racial politics.
The only gap that seems to have lessened impressively is the one between party and state.
Malaysia may have managed relatively well economically, but the signs are now many that the goods times are over, and the developmental and resource edge that it had over most other Asian countries is now gone.
The rule of law, especially important in a country as heterogeneous as Malaysia, has been increasingly compromised, as has the quality of education in schools and universities. The key project of uniting the nation has also been disregarded other than in occasional sloganeering exercises.
Meritocratic values can no doubt be misused in the service of vested interests, but what a country with self-esteem and ambition cannot do without is professionalism, be this in the civil service, the education system, the police or the managerial and entrepreneurial classes.
As a result, governance in general has lost credibility and legitimacy. Indeed, the area where professionalism is most needed today is in governance.

The writer is a senior fellow at the Institute of South-east Asian Studies. His latest book is In Lieu of Ideology: An Intellectual Biography of Goh Keng Swee (Iseas).

MINDEF unveils details of NS recognition award

BOTH SEXES ARE NOW EQUAL

TIME TO BE FAIR

DRAFT NATIONAL SERVICE WOMEN

By Channel NewsAsia, Updated: 31/08/2010

MINDEF unveils details of NS recognition award

National Servicemen (NSmen) undergo In-Camp Training as part of their National Service journey. The NSRA is designed to provide sustained recognition of the NS contributions made by Singapore citizens

SINGAPORE: The Defence Ministry has given details of the National Service Recognition Award (NSRA) announced by Prime Minister Lee Hsien Loong at the National Day Rally.

The award is to recognise Singapore citizens who have served national service.

MINDEF said the NSRA is a monetary award of between S$9,000 and S$10,500 for each citizen NSman by the time he completes his operationally ready national service (ORNS) training cycle, better known as the reservist training cycle.

The money will be disbursed equally at three significant milestones during the serviceman’s full—time training and ORNS.

MINDEF said eligible NSmen will receive S$3,000 at each of the milestones.

Commanders — those holding the ranks of third sergeant and above in the SAF, and sergeant and above in the HomeTeam — will receive S$3,500, S$500 more.

MINDEF said the first milestone will be the serviceman’s operationally ready date, which is when he completes his full—time national service. The payment will be made when he completes the 20th month full—time national service.

The second tranche will be paid after the completion of three high—key in—camp training or five in—camp trainings, whichever is earlier.

The last tranche will be paid when the full ORNS training cycle is completed.

The award for the first milestone will be deposited into the post—secondary education account (PSEA) to meet the full—time NSman’s aspiration to further his studies.

The second and third payments will be deposited into the serviceman’s CPF Ordinary, MediSave and Special accounts in line with prevailing CPF contribution rates.

The serviceman can use this amount for housing, healthcare and retirement.

The NSRA takes effect from Aug 29.

—CNA/wk

prOvIde FREE EDUCATION

tIll University

pOpUlatIO grOwth

wIll dOUble

pharoah88 ( Date: 31-Aug-2010 18:27) Posted:

By Channel NewsAsia, Updated: 31/08/2010

Singapore population growth slows

Street scene in Singapore

SINGAPORE: The Department of Statistics (DOS) said Singapore registered a lower population growth this year due to the slower growth in the number of permanent residents and non—residents.

In the advance release of the 2010 Population Census, DOS said Singapore’s total population grew 1.8 per cent to 5.08 million as at end June.

The number of permanent residents grew by 1.5 per cent, down from at least six per cent growth annually, between 2005 and 2009.

Growth in the number of non—residents also slowed to 4.1 per cent, down from the peaks of 15 per cent in 2007 and 19 per cent in 2008.

The number of Singapore citizens increased by 0.9 per cent between 2009 and 2010.

DOS said the resident population has grown older, with the median age going up to 37.4 years this year from 34 years in 2000.

The inflow of permanent residents has reduced the pace of ageing.

In 2010, the old—age support ratio for the resident population was 8.2, higher than the old—age support ratio of 7.2 for the citizen population.

The old—age ratio is the number of persons aged 15 to 64 years per elderly persons aged 65 years and over.

The decline in the old—age support ratio among the resident population between 2000 and 2010 was also slower than that for the citizen population.

The Chinese formed 74 per cent of the resident population, while the Malays and Indians took up 13 per cent and 9.2 per cent of the population share.

Bedok has the largest group of Singapore residents with 294,500, followed by Jurong West with 267,500 and Tampines with 261,700.

Sengkang recorded the largest growth in the number of Singapore residents, with an increase of 105,800 Singapore residents between 2000 and 2010.

Bedok also had the largest number of elderly residents aged 65 years and over.

Other relatively older estates such as Bukit Merah and Ang Mo Kio had larger populations of elderly residents.

The advance report is the first release of data from the 2010 Population Census.

—CNA/wk

By Channel NewsAsia, Updated: 31/08/2010

Singapore population growth slows

Street scene in Singapore

SINGAPORE: The Department of Statistics (DOS) said Singapore registered a lower population growth this year due to the slower growth in the number of permanent residents and non—residents.

In the advance release of the 2010 Population Census, DOS said Singapore’s total population grew 1.8 per cent to 5.08 million as at end June.

The number of permanent residents grew by 1.5 per cent, down from at least six per cent growth annually, between 2005 and 2009.

Growth in the number of non—residents also slowed to 4.1 per cent, down from the peaks of 15 per cent in 2007 and 19 per cent in 2008.

The number of Singapore citizens increased by 0.9 per cent between 2009 and 2010.

DOS said the resident population has grown older, with the median age going up to 37.4 years this year from 34 years in 2000.

The inflow of permanent residents has reduced the pace of ageing.

In 2010, the old—age support ratio for the resident population was 8.2, higher than the old—age support ratio of 7.2 for the citizen population.

The old—age ratio is the number of persons aged 15 to 64 years per elderly persons aged 65 years and over.

The decline in the old—age support ratio among the resident population between 2000 and 2010 was also slower than that for the citizen population.

The Chinese formed 74 per cent of the resident population, while the Malays and Indians took up 13 per cent and 9.2 per cent of the population share.

Bedok has the largest group of Singapore residents with 294,500, followed by Jurong West with 267,500 and Tampines with 261,700.

Sengkang recorded the largest growth in the number of Singapore residents, with an increase of 105,800 Singapore residents between 2000 and 2010.

Bedok also had the largest number of elderly residents aged 65 years and over.

Other relatively older estates such as Bukit Merah and Ang Mo Kio had larger populations of elderly residents.

The advance report is the first release of data from the 2010 Population Census.

—CNA/wk

A third round of cooling measures

Millet Enriquez

emelita@mediacorp.com.sg

The new measures

Stamp duty

• Levy imposed on those selling residential properties within three years, up from one year

Curbs on buyers with outstanding home loans

• Have to pay 10 per cent in cash, up from 5 per cent

• Can borrow only up to 70 per cent of a property’s value, down from 80 per cent

Concurrent ownership of HDB flat and private residential property

• HDB owner not allowed to own private property during five-year minimum occupation period, up from three years

• Private property owners who buy a non-subsidised HDB flat must sell their private property within six months from date of flat purchase

Shorter waiting time and larger supply of flats, says Mah Bow Tan

Ong Dai Lin

dailin@mediacorp.com.sg

If you ask me whether it has got anything to do with the elections, the answer is yes. Everything has got to do with the elections.

Mr Mah Bow Tan, National Development Minister