acetylcholine wrote: ST Forum |Multi-property owner speaks up | Published on 5 Jan 2012
Source: The Straits Times / Forum (Published on 5 Jan 2012)
Personally, I feel that the writer has completely missed the point of the recent cooling measures implemented by the Government. Policies rarely benefit everyone across the board and there will always be people who suffer from such a policy change. In this circumstance, the Government has to keep in mind that the average Singaporean (unlike Mr. Tan) has to struggle with rising property prices, which has been driving up the cost of living in Singapore.
If this means that 'multi-property' owners such as Mr. Tan have to suffer, I say that this is simply part and parcel of the balancing process. The interests of all Singaporeans have to be protected and the country should not be run on the advice of a select group of people (such as Mr. Tan and REDAS).
Furthermore, a larger problem which the writer completely fails to address would be the likelihood of the market overheating in the event such cooling measures are not implemented. The rate at which the Singapore property market is growing is unsustainable and with the shaky outlook on the global economy, cooling down measures such as that implemented by the Government will only serve to stabilise the already overheated market. In the event where the global economy really crashes, at least our property market will not be facing a complete meltdown (too many Singaporeans are simply overextended vis-a-vis their home mortgages due to the inflated property prices). With this in mind, such a cooling down measure will also stand to benefit 'multi-property' owners such as Mr. Tan in the long run.
What do you all think?
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Mr Tan is a product of the old PAP/ 1st world grow GDP at all cost mentality (picture).
But the concept of the revered GDP bubble, never to be punctured/ deflated, begs challenge. Recent disasters, financial or otherwise, such as the SEC's culpability in the Bernie Madoff [wiki] ponzi scandal and sub prime mortgage crisis [wiki], current USD7.6T sovereign debt roll-over problem [Bloomberg], Japan's Fukushima Daiichi nuclear disaster [wiki], global warming/sea levels rising [wiki], disruptive occupy wall street [wiki] protests, the Arab spring [wiki] and its continued spread, all remain pertinent signals that government bureaucracies are under great strain and that the Keynesian [wiki] bad trip [wiki] of GDP growth at all cost has probably run its natural course.
GDP is like a fire, a good servant but a bad master. The primary role of the government, like all good kings of old, would be to care for the poor, the old and the disabled within their boundaries. With law and order, balanced budgets, the strength of the army for defense being primary considerations in arriving at this ideal; in any case, the gold standard of currency exchange [wiki] would have precluded 'growing the GDP', saving even the most evil of kings from their own disingenuity.
People like Mr CH Tan, having spent their whole life in the fashion of the times, aka 'growing the GDP', now feel that they should be honored by all others for the 'hard work' that they had put in.
But Mr Tan is not a gentleman, years in Pavlovian [dict] pursuit of GDP at all cost and being rewarded for so, has made Mr Tan's heart hard if not cold. The Singapore government national defense strategy of having Singaporeans owning HDB apartments/ their own home eclipses him. The stability of the local economy means little to him, ditto the fact that there is limited land in land scarce Singapore. Mr Tan wants to see his investments appreciate and he want to see that now.
A side note, not all GDP is beneficial. Whilst the post disaster contribution of Fukushima to Japan's national GDP would remain significant, none of it is desirable: massive clean up operations, national funds spent on compensating and rehousing affected families, medical treatments for cancer and radiation related diseases- none of these transactions I believe bring any value nor worth to the lives of those involved, let alone cause severe financial strain to an already debt burdened country. The large clean-up/ compensatory effort post disaster might mean no change in Fukushima's contribution to national GDP, but none except a twisted, malevolent leadership would wish this to befall a community.
The occupy wall street protest who claim to represent the '99%' have decided that GDP cannot be the sole purpose/ worth of mankind.
Mr Tan's contribution to Singapore society is less that what he himself imagines it to be. The interest of persons the likes of Mr Tan do not supersede the interest of all Singaporeans nor the interest of the PAP.
The world has and is changing and if Mr Tan just continues grumbling, there is a high chance that Mr Tan might lose everything.
Mr Tan once benefited from the Singapore government's overly elitist GDP growth policies to which a large segment of the population has failed to catch up. For Singapore to remain strong and united, the vote of every Singaporean must remain valid and respected.
Foreigners buying properties in Singapore pay 10% additional stamp duty, Mr Tan only need pay an additional 3% for an unlimited number of properties.
Dear Mr Tan, you are free to park your money anywhere else in this world where both you and your money feel more welcomed than in sunny Singapore, our shared home.
Rgds
B.C.
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06Jan211: Multi-property owner speaks up
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