Cars are now a luxury item in SG

                                        

        The recent measures passed in Parliament during the recent Budget announcement by our Finance Minister, includes new taxes on cars whose Open Market Value exceeds S$ 50,000. There will be an additional 180% or $18,000 for every $10,000 increment above $50,000 Open Market Value for the car. This will mean easily tens of thousands more for the big CC cars such as above 3 litres, as well as the branded European marques such as the BMW 5, 6, 7 series to hundreds of thousands more  for the SuperCars such as the Ferraris, Lamboghinis and all those fancy -nini name ending cars from Italy.

     Additionally, the 2 additional items which the car buyer has to be concerned, has halved. That is the tenure of the loan (how long the loan period is allowed) and the percentage of the car's price which the prospective buyer can take a loan from the bank or finance company. The tenure is now dropped from 10 years to 5 years, hence this means that the buyer has to cough up much more in that shorter period of time. The loan amount is now at most 50% of the car's purchase price. So for the Toyota Corolla Altis with the recent COE of $70,000, the sell price is S$ 120,000. Hence, the buyer now has to fork out $60,000 in upfront monies and take the remaining $60,000 in loan repayable over 5 years. So that works out with compound interest to S$ 1,400 for 60 months or 5 years. The interest rate will effectively double to about 3.5 to 3.88 % from the current 1 to 1.3 % as the lenders (banks or finance houses) have to make the money they loaned to the buyer (in interest) in half the allowable time. From 10 to 5 years.  

      Well and good is my initial reaction, the Certificate of Entitlement will definately drop, in reaction to this latest measure to cool COE prices. Its so expensive to own a car in S'pore nowadays I wonder and sympathise for the new family who aspire to their set of wheels. Perhaps they will need to take Public Transport or the taxes occasionally, like in the past. If one has plenty of funds then it is in fact good for them, as the COE prices will come crashing down, or will they stay up ? Many people have been waiting to change their cars and they may still be able to plonk out cash to buy their 'dream' cars.

      Cars will be a luxury item, and hopefully the COE prices will come down. Its silly to spend so much on cars anyway.    

Give Denis Rodman the Peace Prize

                                                The former wild child of NBA with N. Korean
                                            Supreme Leader Kim Jong Un at a basketball game
                                   

         Stranger things have happened, such as the tragedy in S.Africa, with Oscar Pistorius shooting his girlfriend during Valentine's day, but that is for the courts to decide whether it was premeditated murder, manslaughter or a really unfortunate and tragic mistake.

         Denis Rodman, the clown and very talented former NBA rebounder, took the world by surprise by visiting North Korea and making buddies with the Supreme Leader, Kim Jong Un, the son of the late  leader Kim Jong Il.. 

          Given the latest developments by North Korea in shooting 'satellites' into space, the world is nautrally very concerned about Armageddon, or all out nuclear war. Hence, it is indeed a great thing that Denis (a 'brother" in black American terms) made the effort to reach out to this isolated leader, who obviously is a great fan of Rodman and NBA. He used his celebrity status to maximum effect hence showing the world that Kim is like all of us, an ordinary person who enjoys basketball,football and meeting with his 'pals'. We are all equal under the eyes of God.

         For this act of friendship (or comradeship), I recommend  Denis to receive the Nobel Peace Prize. He has lowered  the threat of war by a great degree. 

          "'Its looks like the start of a great friendship"'   -   from the film Casablanca. . 

          Seize the Day. Live long and Prosper.      

Chinese New Year 2013 Saints '78 Reunion

Left to Right (front row): Michael Chong,Gurdeep Singh,Albert Hong, Me, A. Surendran,Dr. Chia Boon Tat, Faisal Alsagoff

                                  Back Row : Chew Ping Nan, Paul Ezekiel, Sunil Sabnani

            Yesterday Friday 22nd February 2013, we arranged a 'lo hei' or Prosperity Lunch at my NUS Society Club premises at Kent Ridge, It was a hale and hearty affair, with 10 of us Saint Andrew's 'Old Boys' of the graduating class ('O' Levels) of 1978 making the effort to meet up, reconnect and build social connections again yesterday. The efforts to reconnect and link up were catalysed by us having our 50th year celebrations last year (2012) and also the school celebrating 150 years in existence. We had  2 days of festivities, one for us 50 year old 'boys' in the school compound, and another, on the next day at the Westin Stamford Ballroom where there were over 1000 old boys, girls and their spouses.   

            Organising our 50th year 'joint birthday party' and being alive was very well coordinated by 2 'brothers', Surendran Apparo and Chew Ping Nan. It was very well attended by over 60 'old boys' and more than 10 teachers.  (Yes, we are getting old, but not yet !). Kudos go to Surendran, Ping Nan, Albert Hong and a few others who had the Saints old boys coming from all over Singapore, Malaysia, Australia, Indonesia and even New Zealand (yes, Peter Khoo is THE man). Please visit my earlier posts put up in September 2012 for writeups on that memorable event.

          Coming back to yesterday's lunch, we had the obligatory 'Yu Sheng' (fish slices) and 'Lo Hei' (toss for prosperity), 8 courses and lots of banter about everything and anything current. It is indeed very heartening that the 'Saints Spirit' is still burning brightly after all these years (35 to be exact !!)

       Up and On !!   

  

Latest book on LKY's Insights of China, US and World

             February 2013 will be the release of this latest book by Singapore's worldwide respected visionary statesman, Mr. Lee Kwan Yew. Turning 89 this year, he has always been a brilliant analyst of world events and never minces his words in other words, 'telling it like it is' on topics ranging from social engineering, baby boomer trends, modern day democracy versus socialism and most importantly, a seer into the Chinese Government's positions. As prime minister of Singapore from 1967 till 1989 (32 years), his achievements in developing Singapore to a world class metropolis are second to none. 

        Some of his taglines are quite like soundbites, I quote this interview he gave Time magazine a few weeks ago. Quite brilliant.

       On dictators : " In a dictatorship, you chop heads, not count them"

    

Unbelievable ! Only in Singapore ; Condo Units selling like Cinema Tickets !

The Marina, one of a number of property developments in Sentosa

       I'm sure everyone of you has visited the cinemas recently. If you book by Internet, all you need is a valid credit card, choose your seat(s) and in 10 minutes, you are booked to watch the Zero Dark Thirty at the nearest or most convenient theatre near your home or office.

       For those of us, who wish to try our luck the old way, by going to the cinema and buying them from the counter, well you first scan the bank of LED screens situated outside the Golden Village ,Shaw, Eng Wah movie theatre. You will see the movies flashed up there, the time and also, if the tickets are finishing quickly, you would see the words "selling fast".

No problem, the ticket is what, $10 to $12. If you miss it, you can always catch another movie around the same time or wait and have dinner and catch the next available movie.

     Now, I ventured to this website by a prestigious developer, who is selling a number of "exclusive" condos by the waterside of Sentosa. What do I see there ?   'SELLING FAST'.

he Marina Collection - Unit Sizes & Pricing

Type	Size	Estimated Pricing	Units
3 Bedrooms	1,873 / 2,099 sqft	Upon Request	42 Units
4 Bedrooms	2,185 / 2,347 / 2,390 / 2,519 / 2,766 sqft	Upon Request	39 Units
4 Bedrooms + Studio	2,788 / 3,272 sqft	Upon Request	12 Units
Penthouse 4 Bedrooms	3,369 sqft	Upon Request	14 Units
Penthouse 5 Bedrooms	3,757 / 3,907 sqft	Upon Request	13 Units
Penthouse 6 Bedrooms	4,693 sqft	Upon Request	4 Units

    Wait a minute, these are selling at $5 to $8 miillion a Condo Unit ! SELLING FAST ???   

  

    My US and European friends,acquaintences and colleagues who read this will be astounded at the vibrancy and fluidity at which property is selling in Singapore. Is the developer engaging in Cinema Sales ? Do people have so much cash to spend over in Singapore ?

    Can you believe it ??   

Yu Sheng ; Toss for Luck

One of the traditions peculiar to the Singapore and Malaysian Chinese during Chinese New Year is the eating of the popular 'Yu Sheng' or fish pieces. Normally the fish is Salmon sashimi, or Ikan Parang (a tropical fish), and one can add sliced abalone which is mixed with many types of vegetables such as carrots, white radish, red yam, green yam,pomelo,cucumbers pomelo,groundnuts, pok chu crackers and with the added condiments such as Chinese 5 spice powder, ground cinnamon, plum sauce, extra virgin olive oil and ground white pepper.   

    'Yu Sheng' Picture courtesy of NoobCook.com

Normally eaten on the 7th day of the Lunar New Year, many eating establishments such as top restaurants, seafood joints and 'zhi char' coffeeshops now offer this dish for the 'entire month'  and even 1 week before the the actual Chinese New Year ! The fun for this dish is that the Yu Sheng dish is tossed for luck, and everyone shouts 'Lo Hei' (Prosperity) and 'Huat Ah'  (More Power to you !).

Yu Sheng 

with either Raw Salmon or Boiled Abalone

This year my family had the Yu Sheng on the eve of Chinese New Year. So while tossing, it is encouraged to toss the ingredients higher as it symbolizes 'bu bu gao shen' or translated 'with each step ever higher'. Every member of the family, friends and colleagues are encouraged to participate for our common good fortune and prosperity. So the typical phrases which we wish are ' Nian nian you yu'  (Each year will have wealth), Xue Yue Jing Bu (Improvement on one's studies, if one is a student), 'Wan Shi Ru Yi' (Business will be good) and 'Shen Ti Jian Kang' (Good Health).  

Cinnamon and Black Pepper for Taste 

This dish is only found in the Singapore and Malaysian Chinese Restaurants. So it is really a local creation. For my readers from the Western countries, do get to try some 'Prosperity Dish' every Chinese New Year. But only in Singapore and Malaysia and only for 1 month during the Lunar New Year Period. 


'Huat Arh !! ' 

The First Time