Sembawang Town Council has $233 million reserves!!!
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What on earth is the town council holding on to so much money????
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hMz...time to upgrade the neighbourhood liao....balconies for all households..
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Can u quote us the source?Originally posted by Cindyfeh:What on earth is the town council holding on to so much money???? -
Anyway, even if it is $233M... You think it is still possible to get lift landing for every block?Originally posted by Cindyfeh:What on earth is the town council holding on to so much money???? -
http://www.todayonline.com/articles/87632.aspOriginally posted by pat33:Can u quote us the source?
Upgraded lifts, pedestrian malls, security systems, fitness corners in the offing
THE Town Councils of East Coast and Tampines have announced their renewal packages, which are worth $500 million and $300 million, respectively.
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Yesterday, Sembawang Town Council announced its plans for a $570 million mega makeover.
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Over the next five years, housing estates in the Sembawang, Admiralty, Canberra, Chong Pang, Marsiling, Nee Soon Central, Nee Soon East and Woodlands estates will receive more linkways, upgraded lifts, pedestrian malls, parks, security systems and fitness corners.
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A huge chunk of the funds — to the tune of $336 million — will be channelled into lift upgrading projects and $4 million will be spent on the construction of three new parks.
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Yishun will get a new hospital and improved library, Sembawang a new bus interchange, Woodlands a polytechnic, and Chong Pang new pedestrian malls.
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Unveiling these plans at an appreciation dinner yesterday, Sembawang Town Council chairman Hawazi Daipi said: "It is a plan that will benefit all ages. While much effort has been put in to looking after the needs of our elderly residents and disabled in this Town Renewal Plan, we also made sure children as well as adult residents are well taken care of. We also pay attention to integrate our facilities in a way that will help enhance family and community bonding."
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During the dinner, grassroots leaders and residents of Sembawang Town Council paid a special tribute to Dr Tony Tan, MP for Sembawang GRC and Adviser to Sembawang Town Council, by means of a slide presentation and token of appreciation for his years of contribution to the town council.
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Formerly the Deputy Prime Minister before he retired from the Cabinet in September, Dr Tan, 65, had been an MP in Sembawang since he entered politics in 1979. Dr Tan has recently taken up positions in the Government of Singapore Investment Corporation and Singapore Press Holdings.
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In the last five years, 21,000 households in the older estates benefited from a total of 25 Upgrading Programmes costing $340 million. In addition, 600 improvement projects were implemented throughout the area.
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According to Mr Hawazi, Sembawang Town Council is in "very sound financial health" with a surplus of $8.6 million and $233 million in its reserves. Its decision to invest its funds has paid off.
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"Our funds with our fund managers have given us a total return of $25 million in the last two years, or a yield of 16 per cent per annum," said Mr Hawazi -
reserve of $233million!!! then why are they still collecting so much for conservancy? like NKF? so much money in reserve still no enough?
its investment is indeed impressive. Is it due to Tony's advice? If it is, let hope he will do even better for Singapore Investment Corp. -
Again, would it be enough to suit everyone's demand for lifting landing or link walkways?Originally posted by pearlie27:reserve of $233million!!! then why are they still collecting so much for conservancy? like NKF? so much money in reserve still no enough?
its investment is indeed impressive. Is it due to Tony's advice? If it is, let hope he will do even better for Singapore Investment Corp. -
Money is only used during election time.
The next few years after this coming election will be to collect and accumulate more money for the next election. -
so what if they have 1 billion? we have US200 billion in reserves. did we ever benefit from it?
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Gt dey 'subsidise' Public housing and education lah
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I hope that they can give some of their money to Potong Pasir TC and Hougang TC who need it more than them
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sembawang is one of the biggest TC in singapore, after collecting S&C charges from residents over the years $233mln is possible.
I wonder who is their fund mgr, temasek?
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i live in chong pang
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What are the plans with building surplus of $230 millions?
(1) 50% on salaries and bonuses of talents. 50% on concrete arches, boundaries demarcation, shelters, footpaths, and flowerbeds.?
(2) 50% set up as endowment fund (principal sums remain unused) to create jobs. 50% set up as endowment fund for major repairs, and maintenance and to subsidise regular upkeep to avoid raising maintenance charges.?
Can continuing pumping of monies into concrete make our people more competitive and create jobs?
Which approach is more proactive and pro-people ? (1) or (2) ? -
Whoever is their fund mgr, I dunnoe. I just hope its not temasek or GIC. Why? Read further down..Originally posted by KumSioJui:sembawang is one of the biggest TC in singapore, after collecting S&C charges from residents over the years $233mln is possible.
I wonder who is their fund mgr, temasek?
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What Mr Hawazi claimed:
"According to Mr Hawazi, Sembawang Town Council is in "very sound financial health" with a surplus of $8.6 million and $233 million in its reserves. Its decision to invest its funds has paid off.
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"Our funds with our fund managers have given us a total return of $25 million in the last two years, or a yield of 16 per cent per annum," said Mr Hawazi"
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If you do some simple maths...
If Sembawang reserve earned $25 million between Nov '03 and Nov '05, it means it started with $208 million.
25/208 = 12% gain over 2 years
Per annum gain = 6%
I Wonder if there is a typo in 16 per cent per annum as claimed by Hawazi.
On a side note, here is the STI for the same periods:
Nov '03 = 1750
Nov '05 = 2300
Per annum STI gain is 15%!
Now, who is kidding who on "very sound financial".... -
I don't think they invested in shares, $200mln no need to buy shares, can syndicate it out as a loan and get much better return than risking on stock market, bank already charge close to 20% for corporate loan.
I think somemore this is still part of public money if found out they speculated on shares it would become another huge scandal. I think they either loaned it out or bought garmen bonds with it, that way money still preserved and returns will be regular also. -
On a side side note.
If the 16% is not a typo and really 16% p.a., it will mean Nov '03 reserve starts at about 78 million!
Check: 78 x (0.16 x 2 yrs) = 25 mil
To bring us to 233 mil of Nov '05, it means Sembawang Town Council collected 130 mil over 2 years from the residents!!!
233 = 78 + 25 + 130
By definition of reserve, this 130 mil is whats left over from paying off the expenses, i.e. surplus!
Such good business! Where can I apply to be an employee of that town council?? Wonder how much is their bonus? -
Originally posted by Cindyfeh:
town council job can be very switch off ah.. but you join garmen what position you get will depend on your academic, more academic of course better pay. But still follow some pay "scheme" which if you are so qualified you better off working outside.
On a side side note.
If the 16% is not a typo and really 16% p.a., it will mean Nov '03 reserve starts at about 78 million!
Check: 78 x (0.16 x 2 yrs) = 25 mil
To bring us to 233 mil of Nov '05, it means Sembawang Town Council collected 130 mil over 2 years from the residents!!!
233 = 78 + 25 + 130
[b]By definition of reserve, this 130 mil is whats left over from paying off the expenses, i.e. surplus!
Such good business! Where can I apply to be an employee of that town council?? Wonder how much is their bonus?[/b]
But be warned, t council job everyday revolves ard attending to complaints from residents abt corridor lights spoil lah, ceiling leaking lah, tap no water ah ... neighbours dog keep barking ah, people want to rent void deck for funeral or wedding lah ... processing tenders for contractors to do repairs lah, a lot of nitty gritty siao ah pee to do. -
ARe you refering to my STI calculation?Originally posted by KumSioJui:I don't think they invested in shares, $200mln no need to buy shares, can syndicate it out as a loan and get much better return than risking on stock market, bank already charge close to 20% for corporate loan.
I think somemore this is still part of public money if found out they speculated on shares it would become another huge scandal. I think they either loaned it out or bought garmen bonds with it, that way money still preserved and returns will be regular also.
I am just using that as an example that 6% P.a. Sembawang Town council earned is nothing to brag about.
20% for coproate loan? Where do u get that figure?
Garmen bond yield 3-4% per annum. If the $208 mil was invested in garmen bonds, it will not give 16 or even 6% p.a. yield. -
I think bonds when they indicate 3% or 4%, my understanding is thats on top of existing interest rates.
banks dun charge abt 20% meh? Then how they can give me so much dividend every year?
I just guessing -
extracted from ST forum.
Ensure no place for 'pork-barrel' politics
HOT on the heels of the $160 million renewal plan announced recently by the Aljunied Town Council, the East Coast Town Council has been allocated $500 million for its five-year plan. The Jalan Besar Town Council is expected to announce its plan early next year.
While such programmes are welcome, especially to residents in Aljunied and East Coast who are the direct beneficiaries, many Singaporeans cannot help but view them as the Government's adoption of 'pork-barrel' politics - loosely translated to mean government spending that is intended to benefit constituents in return for their political support - coming as they do before the impending General Election.
As the Prime Minister himself deplores pork-barrel politics, as evidenced by his recent criticism of the practice in Japan when speaking at a luncheon organised by the Foreign Correspondents Association ('Singapore's PM criticises Japan's pork-barrel politics'; Japan Today, Oct 7), he should ensure that before the next election is held, budgets for such five-year renewal plans are allocated to all the remaining constituencies that have yet to announce such plans.
Better still, let the parties contesting the election come up with their plans on how to utilise these funds to benefit the residents in these wards. Residents can then decide for themselves which platforms to endorse - besides other considerations - and vote accordingly.
This way, the MPs can then be held accountable, ensuring that they fulfil their election promises before their five years are up.
Jeffrey Ho Loon Poh -
What is Pork barrel politics?
In politics, a pork barrel (or pork barrel politics) is a derogatory term describing government spending that is intended to benefit constituents of a politician in return for their political support, either in the form of campaign contributions or votes.
Source: http://en.wikipedia.org/wiki/Pork_barrel
Let's see:
$160 mil Aljunied
$500 mil East Coast
$300 mil Tampines
$570 mil Sembawang
$___ mil Jalan Besar
Looks like the PM's talk on pork barrel politics apply to others but not his own party members. He should suspend his party members' pork barrel decisions.
*sigh* -
where do u guys get the numbers from? i have been reading economist, and for a long time, it is indicated that singapore's foreign reserve hovers around USD76b (including gold). Gold is not included in other countries' figures.Originally posted by dragg:so what if they have 1 billion? we have US200 billion in reserves. did we ever benefit from it? -
Originally posted by Cindyfeh:
Oh my is this another "honest mistake" by our MIW. 6% and 16% annual returns makes a huge difference. My guess is this is another attempt to mislead the electorate ahead of the coming election
Whoever is their fund mgr, I dunnoe. I just hope its not temasek or GIC. Why? Read further down..
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What Mr Hawazi claimed:
"According to Mr Hawazi, Sembawang Town Council is in "very sound financial health" with a surplus of $8.6 million and $[b]233 million in its reserves. Its decision to invest its funds has paid off.
.
"Our funds with our fund managers have given us a total return of $25 million in the last two years, or a yield of 16 per cent per annum," said Mr Hawazi"
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If you do some simple maths...
If Sembawang reserve earned $25 million between Nov '03 and Nov '05, it means it started with $208 million.
25/208 = 12% gain over 2 years
Per annum gain = 6%
I Wonder if there is a typo in 16 per cent per annum as claimed by Hawazi.
On a side note, here is the STI for the same periods:
Nov '03 = 1750
Nov '05 = 2300
Per annum STI gain is 15%!
Now, who is kidding who on "very sound financial"....
[/b] -
Finance 101Originally posted by KumSioJui:I think bonds when they indicate 3% or 4%, my understanding is thats on top of existing interest rates.
banks dun charge abt 20% meh? Then how they can give me so much dividend every year?
I just guessing
singapore Gov bond rates of 3 or 4% is gross (you can think of it as the real bond rate is 1% then the inflation rate is 2 or 3%)
Unless its a short term overdraft account, bank corporate lending rate will not hit 20%. There again, overdrafts are to solve companies' short term cash flow problem. There can be many overdrafts handled by a bank per day. I don't think Sembawang Town Council goes into that.