By Augustine Low
Singapore: First World, Cosmopolitan City, Shining Metropolis.
But still a sampan.
How incongruous that Singapore should still see itself as a sampan, after all that the country has achieved, and all the talk about how the country is consistently able to punch above its weight on the global stage.
But PM Lee Hsien Loong’s assertion this week that Singapore is still no more than an upgraded sampan – “Sampan 2.0” as he calls it – may be a well thought-out response after all.
It works for the PAP for three reasons.
Firstly, marketers call it the status quo strategy. Who represents the status quo? The men in white, who have always found it hard to shake off the perception that the Party is unable to transform and reinvent itself.
So, keeping the metaphor of sampan is very much in keeping with the status quo. In essence, it says that you must not rock the boat. Why depart from what has worked well for nearly 70 years, and brought us to where we are today?
Secondly, the sampan metaphor makes Singapore so insignificant that it becomes a wake-up call. It says that even if you have done well, you must behave like an fisherman eager for the next big catch.
This rules out complacency – just because you are on the rise doesn’t mean you can’t decline and fall. Barack Obama has carried out this strategy well – even when polls showed he was winning state after state, he behaved as if he were still struggling to compete.
Thirdly, the sampan metaphor harks back to the idea that Singapore has been transformed from a mud-flat swamp or fishing village. This is among Lee Kuan Yew’s most memorable quotes: “Over 100 years ago, this was a mud-flat swamp. Ten years from now, this will be a metropolis. Never fear.”
If Singapore continues to see itself as a sampan, then memories of the country’s remarkable transformation under the PAP will remain vivid.
So, all things considered, as far as the PAP is concerned, let’s not ditch the sampan.
What about Singaporeans? How do we see ourselves?
This is Steve Jobs’ most iconic quote: “It’s more fun to be a pirate than to join the Navy.”
It represents what Apple is all about: vigorous, irrepressible, courageous, brash. It points to a law of life, with implications far beyond shared metrics and confined boundaries.
Singaporeans as pirates aboard a sampan? Now, that would really be something.
Augustine Low is a communications strategist.
Why PM wants the status quo
Political see saw. Really?
Former minister Raymond Lim says the next stage of Singapore’s development “is dependent on the young Singaporeans… whether we move from one party dominance to a two-party see-saw”.
As expected, Lim used an out-dated argument to question the need for a two-party system. Does such a system bring about consensus? And does it have the capacity to implement the decisions after consensus is reached.
Again, as expected, he pointed to the current gridlock in the US. He used a Barack Obama quote to make his point: “Is this change that we can believe in”?
We need to move away from arguments like these to come to a clearer understanding of the issues at stake:
One, single party dominance has its weaknesses. The main one is the lack of a responsible and robust check and balance system that sits outside government. However hard you try to manufacture such a system within government it will just not work. See how the recent housing and immigration policies have brought about so much pain for the people.
Two, the deep desire for change among the citizenry is not going to go away. And this desire is not just seen among the young, but also among the senior citizens.
Three, Singaporean are mature enough to sift the good from the bad. There are enough Singaporeans who have the maturity and ability to see which politicians and party are capable. The results of the last general election, presidential election and the two by-elections are clear indicators. It is timely to remember that a number of politicians even lost their deposits.
Forty eight years after independence and it is time to chuck some of the archaic thinking about politics into the dustbin of history.
HDB Flats for Singles: How They Will Affect You
Heaven forbid that we go one week without fighting over something in Singapore. The latest clash of arms is the “flats for singles” issue. Depending on which camp you’re in, this is either (1) a step toward remaking the Garden of Eden, or (2) turning the country into some sort of Stalinist, anti-family regime. We take a peek at both views, and ponder the effects on you:
What’s the Issue With Flats for Singles?
HDB has started selling flats directly to singles. This is under the Joint Singles Scheme, and the Single Singapore Citizen Scheme. We have an article explaining that here.
While singles are cheering, there’s also rising opposition to the idea. The impact can be felt by three main groups of people:
- Families Who Ballot / Will Ballot for BTO Flats
- Property Investors and Landlords
- Singles Who Can’t Get Married
1. Families Who Ballot / Will Ballot for BTO Flats
Around 30% of two-room flats are earmarked for singles. Because of overwhelming demand (each flat has about 58 singles fighting for it), excess flats from bidding exercises will also be allocated to singles. You can read the coverage on that here.
This bothers some families, who feel they may lose their flats. But how likely is that?
In our opinion, it’s improbable. Because take note: excess flats from bidding exercises are being given to singles. Families still have priority. And the fact that there’s an excess shows there’s more than enough flats to go around, at least in the two-room category.
Also, numbers suggest most families aren’t fighting for the same flats as singles. According to Channel NewsAsia:
“In comparison, the application rates of families for two-room flats came in much lower – between 0.8 and 1.1 for first-timers, and 1.9 and 3.2 for second-timers – which led to some property analysts to call on the HDB to increase the allocation of such units for singles.” – More Chances for Singles to Buy Flats (CNA, 21 Oct. 2013)
So long as the families keep getting their flats first, singles won’t be snatching homes from them. For more on how to ballot for flats, ask us on Facebook, or see our infographic guide.
2. Property Investors and Landlords
Treat your HDB flat like an asset? In that case, you’re losing a second group of potential buyers. The resale market already took a hit, when Permanent Residents (PRs) were forced to wait three years to buy.
As more flats become available to singles, it can only weigh down the Cash Over Valuation (COV). Property investor Charlie Sng feels that:
“There is no impact right now, because there are still a lot of singles who cannot get BTO flats. But as the number of flats for them grows, it will siphon off demand for resale flats. I think in future it will put some drag on COV prices…I suspect, a little bit, that this is part of HDB’s intent.”
My property’s near the train station. Perfect to rent, if you don’t want to leave your children any inheritance.
Charlie adds that the news isn’t favourable to landlords, for obvious reasons. Given the rate of property appreciation, almost every single will jump at a chance to buy instead of rent.
3. Singles Who Can’t Get Married
Single sex marriage isn’t permitted, so flats for singles are a godsend to gay couples. They’ll still be down $15,000 (the grant for getting married). But hey, at least they can get a home without buying private property.
Also, we have people who won’t settle down for personal reasons. The new singles schemes at least encourages them to stay on in Singapore.
Image Credits:
Phillipe Put, aenertia, HenryLeongHimWoh
Source: http://www.moneysmart.sg/housing-property/hdb-flats-for-singles-how-they-will-affect-you/
What Singaporeans Need to Know About Home Loan Refinancing in 2013
Back in 2011, I was convinced banks installed revolving doors just for home loan customers. People refinanced more often than we got to change underwear in NS. It was an industry norm; you’d pick the cheapest loan for three years, and then refinance on the fourth. Now from 2013 onward, it might not be that easy…but you can still save money:
What is Refinancing Anyway?
Refinancing is the process of transferring your home loan to another bank. We have an article on it, but here’s the quick summary:
When you get a home loan package, it tends to look something like this (exact numbers may vary):
Year 1: 3 Months SIBOR + 0.85%
Year 2: 3 Months SIBOR + 0.85%
Year 3: 3 Months SIBOR + 0.85%
Year 4 and Thereafter: 3 Months SIBOR + 1.25%! Special loyalty bonus! Now with extra cost!
(Don’t know what 3 months SIBOR means? Timothy Kua can explain that)
When you refinance, you switch the home loan package on that all-important fourth year. This keeps the home loan interest rates low. Refinancing is especially important in Singapore, because bank loans do not have permanent fixed rates.
Quick Note: Refinancing vs. Repricing
Refinancing means switching your home loan to another bank. Repricing also means switching your home loan, but to a package offered by the same bank you’re with.
For example, if you switch from a CIMB home loan package to a DBS home loan package, that’s refinancing. If you switch from CIMB home loan package X to CIMB home loan package Y, that’s repricing.
There is little difference between the two, except that legal and administrative paperwork might be cheaper. Some home loan packages offer one or two free repricings.
Why is Refinancing Different in 2013?
A number of factors makes refinancing different: new cooling measures, changing property market, Ben Bernanke’s mouth, etc. But while refinancing decisions are tougher, that doesn’t mean you can’t save money from it. You just need to look out for these:
- Rising Interest Rates
- Restrictions on Loan Tenure
- The New TDSR Framework
- Legal Subsidies are Restricted
1. Rising Interest Rates
Interest vs. money. It’s like an accountant’s version of extreme sports.
Interest rates are expected to rise, after being at their lowest for a decade. Now before you start ranting about Quantitative Easing, stop: contrary to popular belief, SIBOR hasn’t been shooting up like a heroin junkie.
Rather, the bank’s spread (the amount added to the 3 month SIBOR) has been going up. See, the recent slew of loan curbs has reduced the number of property buyers. That sucks for banks, who generate revenue by charging interest on home loans.
To make up for the falling number of borrowers, many banks are raising the interest they charge. This, more than anything, accounts for the rising rates.
This means home owners who want to refinance should check the “thereafter” rate on the new home loan they are eyeing (see the example above, where we wrote Year 4 and Thereafter). As interest rates rise, it might be wise to consider a good long term home loan package that has decent “thereafter” rates. Don’t be sucked into mistake of focusing only on the first 3 years and assume you can keep refinancing on the 4th year. Who knows, by then, the available home loan packages (4 years from now), might have year 1,2 and 3 rates that are higher than your existing “thereafter” rates. Nothing is 100% certain, but I’m just saying… 
If you need help looking for good long term home loan packages, you can look for one at SmartLoans.sg.
2. Restrictions on Loan Tenure
Under the new home loan curbs, the maximum loan tenure is 30 years for HDB flats and 35 years for private properties. This cannot be stretched by refinancing. An example:
Say I’ve had the same HDB home loan package for 11 years at Bank A. When I refinance into a new one at Bank B, the maximum loan tenure for the new package would be (30 – 11) = 19 years. It doesn’t matter if you got a longer loan tenure before (e.g. 40 year loan tenure). Everything will be re-adjusted to current rules and regulations when you refinance at this point.
Shorter loan tenures mean higher monthly repayments, which in turn mean a higher Total Debt Servicing Ratio (TDSR). Some borrowers may not be able to refinance because of this.
3. The New TDSR Framework
And once my kid’s in Poly, I can stop donating bone marrow to afford lunch.
There is a new TDSR framework for home loans. Here’s the most important thing you need to know:
When you refinance, you are subject to the new TDSR framework.
Refinancing means going through a whole process of credit checks again. Your Mortgage Servicing Ratio needs to be 30% or under, you get a haircut on variable income, etc. In particular, note that the TDSR framework takes into account all unsecured credit facilities, such as credit cards. This was not the case prior to 2013.
So because current loan restrictions are tighter than before, you may find that you no longer qualify for a home loan. Still, there’s no harm in trying to refinance, if your current rate is high.
(At worst, you’re just stuck with your existing loan package. There’s no cost to find out).
4. Legal Subsidies are Restricted
There are some legal costs when you refinance your home loan. You need to entrust somebody with the proceedings, and lawyers are paragons of honesty.
Well, the lawyer costs about $2,000 to $3,000, give or take. A repricing is cheaper, and might cost between $500 to $800 (Both can be paid by CPF).
In the past, the banks almost always subsidised the legal fees. But due to tweaks by the Monetary Authority of Singapore (MAS), a lot of banks are no longer allowed to do this. What this means is that if you want to refinance your home loan, you need to ensure your monthly savings are not negated by the legal fees you have to pay upfront. If you’re paying $3,000 in legal fees but saving $500/mth, that’s a worthwhile switch (it will take you 6 months to “break even”). However, if you’re paying $3,000 to save $50/mth, that might not be so worthwhile (it will take you 60 months or 5 years to “break even”).
The minimum loan size to get a legal subsidy (as of October 2013) is around $300,000 to $600,000. Many banks do not even offer legal subsidies. Some examples of banks that do (and their minimum loan size requirements) are:
ANZ – $300,000
Citibank – $400,000
SCB – $300,000
BOC – $600,000
Should You Refinance?
At the very least, you should compare your home loan rates every three to five years. There may be something cheaper on the market, and there’s no harm trying for it (at worst, you just don’t qualify). You can use this nifty calculator to check how much it’d save (or cost) you.
You should also refrain from taking on a personal loan, car loan, etc. if you intend to refinance. The added debt could drive your TDSR past the 60% limit.
Image Credits:
Images_of_Money, Thant Zin Myint, RambergMediaImages, Joe Lanman,
Source: http://www.moneysmart.sg/home-loans/what-singaporeans-need-to-know-about-home-loan-refinancing-in-2013/
What the MCST Does for Your Condo (and How to Spot the Good Ones)
Sure, there are good condo management teams out there. They’re just about as easy to find as UFOs, Bigfoot, or the Loch Ness Monster dancing a cha-cha in a kilt. They’re rare, is what I’m saying. But if you want your property to keep appreciating, and don’t want live in something resembling a Half-Life sewer level, you’d better pick a good one. Not all condo management teams are equal:
What is the MCST?
The Management Corporation Strata Title (MCST) refers to the managing body of your condo. It’s formed under the Building Management and Strata Management Act (BMSM), Chapter 30C.
The name of the managing body is always presented as MCST No. XXXX, where the serial number is issued by the Building Control Authority (BCA).
For new condos, the property developer finds a condo management company within two months of the Temporary Occupancy Permit (TOP). After the first Annual General Meeting (AGM), control of the management committee is turned over to the property owners.
From there, property owners are free to:
- Appoint a professional condo management firm
- Form a management council from the existing property owners (if enough of them will volunteer and be accepted)
- Keep the existing condo management
In the event a management council is formed from the property owners, it’s common for them to hire a Managing Agent. A Managing Agent is an employee with experience in property management, and she runs the entire damn co…uh, the day-to-day administration of the condo.
What Exactly is the MCST Meant to Do?
I’d write you a complete list, but I suspect that’s impractical because I expect to die before the age of 110.
Instead, you can e-mail the MCST directly, and ask for a list of that MCST’s specific responsibilities (it may vary based on the property in question). Let’s cover the basic responsibilities most of them have:
- Manage the payroll of the staff (cleaners, pool technicians, administrators, etc. Some higher end condo management firms may also have concierge services)
- Pick the security company
- Basic building maintenance. Keeping walkways clean, maintaining gym equipment, maintaining intercom systems that no one in the history of Earth has found useful
- Community building, through organising flea markets, New Year parties, open bulletin boards, etc.
- Asset enhancement. Upgrading of current facilities, landscaping, or even creation of new facilities (about as common as a midget NBA all-star team)
If the management team lets those responsibilities slip, you’ll see the effects. The pool gets murky, the car park becomes a used furniture dump, and the gym locker rooms invite World Health Organization probes. In short, bad condo management = lower property values.
We can stop wear and tear. Tell the residents not to use the lockers for storage (true story)
Here’s how you can spot a good MCST:
- Attend the AGMs
- Get Tenant Feedback (if You’re a Landlord)
- Look for Asset Enhancement, not Just Maintenance
- Check the Management Corporation’s Other Clients
1. Attend the AGMs
I talked to property investor Charlie Sng, who has flipped (and owns) his fair share of condo units over the years. He believes that…
“You should attend the AGM. I know it’s very troublesome. Sometimes I find those non-professional councils are even quite irritating. But if you can, just try to stay informed. Usually I want to hear from the managing agent.
If you hear that certain things like plumbing or the pool filter are not fixed, and you hear the issue repeated next year, maybe the management cannot afford to replace things.”
Okay, and let’s say they can’t. What then?
“You can try and vote them out, good luck to you…it usually won’t work because they have their own cliques…
…you can factor it into your decision to sell. And you better save up to pay for maintenance issues; get ready to pay your own repairman for everything. When condo management cannot balance the books, any maintenance will take forever. If you rent out the place, it can tick off your tenants.”
If you are thinking of buying, Charlie suggests you ask the residents about their management council.
“Usually they will say ‘don’t know, don’t care’. To me that still means okay. But if they complain, then my eyes will open very big, and my ears will perk up.”
2. Get Tenant Feedback (if You’re a Landlord)
The language barrier isn’t a problem to getting feedback?? How do you manage that?
By “tenant feedback”, I don’t mean tenants yelling on the phone about broken air-conditioning, cracked windows, etc. Trust me, you’ll hear about that whether or not you seek it.
I’m talking about the things tenants don’t usually think to mention. Is the gym well maintained? Are the stores or cafes in the condo (if it has them) worth a damn? Do the cleaners leave dog poop to bake on the walkway for hours? And if they’ve ever complained about the neighbours being loud, how did the condo management respond?
Your tenants are there every day. If it’s clear the condo is going to pieces, they’ll see it long before you. Just don’t expect a situation report; take the initiative and ask.
3. Look for Asset Enhancement, not Just Maintenance
Before, it was just a communal dump. Asset enhancement FTW.
Maintenance is the most basic task of the MCST. But good condo management goes beyond that.
You should look at how the common areas have been enhanced over the years. Some examples would be optimisation of facilities (e.g. using part of the very empty clubhouse for a movie room), improvements to equipment in locker rooms, gyms, etc., or new facilities for resident needs.
“If the management is good, I can see it straight away,” Charlie says, “They will be always changing things, always trying to improve things. Not just sit in one corner quietly, and only show their face when something is broken.”
Asset enhancement can contribute toward capital appreciation. For more on issues affecting property value, follow us on Facebook.
4. Check the Management Corporation’s Other Clients
Before buying, ask the agent who’s managing the condo. Then check up on the management agent, corporation, etc. and see what other places they’ve worked on.
“Usually I don’t ask, if the management has not changed from the first year,” Charlie says, “because most property developers will not pick those lousy ones.
Otherwise, I will take note of other places that the management agent or the firm has worked on. If there were complaints there, there will probably be complaints here. If the place is run by the property owners, then of course you just have to take a risk; no samples to see!”
Had any good/bad experiences with your condo management? We’d like to hear them here!
Image Credits:
ssedro, Balaji Dutt, techgeekteacher, goosmurf, kodomut
Source: http://www.moneysmart.sg/housing-property/what-the-mcst-does-for-your-condo-and-how-to-spot-the-good-ones/
Sampan, cruise ship …no stormy seas, I hope
By Abhijit Nag
I thought I was on an island. Now I am all at sea. Is this a cruise ship I am on, a sampan, a work boat, a luxury liner?
No, this isn’t the Anchor beer speaking. I am still reeling from the news that what I thought was the ground under my feet is being described as a vessel of some sort.
An upgraded sampan, said the Prime Minister, no less. However, he can trim his sails when needed. Witness the raft of changes since the elections.
On the other hand, how sound are the bearings of Koh Buck Song who wrote an article in The Straits Times headlined “Sink the old sampan, Singapore is now a cruise ship”?
If that was supposed to be a Gotcha moment, well , it wasn’t . The sampan didn’t sink like the Belgrano as the Prime Minister himself rushed to its defence. “My eyes popped out,” he said, apparently amazed at the utter absurdity of a sampan being mistaken for a cruise ship.
In reply to questions from reporters, he added with a laugh: “I think we have upgraded our sampan. It’s sampan 2.0.”
Sampan? Cruise ship? Are we talking of my Singapore? Tower blocks overlooking tree-lined avenues is what I see; the sea is nowhere in sight.
But then I am not a poet like Koh – and as for what the Prime Minister said, he was following the course set by his predecessors. Singapore is a sampan, they said, so sampan it is, albeit an upgraded sampan. After all, no one can say Singapore hasn’t changed in the nine years he has been prime minister. And, no, I am not thinking of the population explosion though it is surprising that amid all this talk of cruise ships and sampans, no one has compared Singapore to an overcrowded barracoon.
Quips aside, this is no storm in a tea cup. For the conflicting nautical analogies express different perceptions of Singapore.
Singapore is no longer a sampan; it has become a cruise ship, according to Koh. “The more limited imagery of a sampan has little room for the weak,” he wrote. “But, catering for an inclusive society, a cruise ship has a sick bay and duty medical personnel, and activities for the disabled, seniors and children.”
PM Lee did not argue for or against a more inclusive society. He simply said that though Singapore is no longer poor and defenceless, “we need to keep on working hard”. “Once you think you are in a cruise ship and you are on a holiday and everything must go swimmingly well and will be attended to for you,” he warned, “I think you are in trouble.”
But Koh never said cruise ships were just boatloads of fun. In fact, he mentioned the hard work put in by the operators and the crew to keep the cruise business running.
Still, not everyone can afford to go on a cruise.
There lies the irony. Koh talks of a more inclusive society but draws an analogy with something not everyone can afford.
Unwittingly, it shows how wide the disparity in incomes and experiences has grown that someone calling for a more inclusive society compares it with a ship that is definitely not egalitarian. We are not all on the same boat.
If Singapore is a ship, it is more like the vessels of yore which brought authors like Joseph Conrad and Somerset Maugham to these shores. Ships that carried the rich and the poor alike and hauled cargo too. But those days are long gone and Singapore is nothing if not “cutting edge”, to quote Koh, and “upgraded”, in the Prime Minister’s words.
So let’s not split hairs over Singapore’s nautical class but agree it’s a good ship and wish fair winds and following seas. “Something ‘bout a boat/Gives a man hope,” sang Jimmy Buffett. Give it a listen.
[fvplayer src=”http://youtube.com/watch?v=z0kElTGqm2g”]
Expat girl’s night-out
By Eimear Elkington
Having only recently arrived in Singapore I find myself constantly checking out new places to visit. Whether it’s cafes, shops, restaurants or bars, I want to experience the Singapore sights, especially once the sun goes down and the city lights up.
I’m always asking people for tips and recommendations, yet more and more I seem to be hearing the same suggestions. Being an Australian expat perhaps some people just assume what would suit me. But it got me thinking there must be a whole world of Singapore experiences outside of guidebooks and tourist recommendations. Perhaps I need to be more tenacious and adventurous and discover what else Singapore has to offer.
So far my Singapore experiences have largely centered around the expat community. It’s a socially active and inclusive community, and many clubs and societies exist to help expats network and mingle. Expats in Singapore are welcoming to new arrivals, and one of the first rites of passage for any new expat seems to be a night-out in Singapore.
The city supports a vibrant nightlife scene, offering a seemingly endless array of bars, clubs and restaurants. Drinking forms a large part of the culture in Europe and Asia Pacific, and nightlife remains an important element of the lifestyle for many expats. Any night of the week in Singapore you’ll find expats celebrating together or chilling with a wine after a hard day’s work.
Certain venues seem to be more appealing to the expat crowd for various reasons. Some have expat owners, or offer programming more specific to expat tastes, like Boomerang Bar in Robertson’s Quay, which plays Australian and New Zealand sports games or Kyo, on Cecil Street, which serves up fine food and drinks tailored to the ‘suits’ in the CBD.
If you had a dollar for every expat you saw in Club Street, Orchard and the ‘Three Quays’ (Clark Quay, Boat Quay and Robertson Quay), you’d be able to buy a BMW in no time. In these areas many bars are also located in clusters, making expat pub-crawls popular.
After a couple of months in Singapore, and many nights that ended up in Clark Quay, I began to see a lot of the same crowd at the same venues. Yet the locals I’d met also seemed to enjoy eating and drinking and socializing, so I wondered were they were hanging out while I was sitting at a table full of Australians. Certainly many locals also frequent bars in the CBD and the Quays, but there are certain local hangouts and customs that are uniquely Singaporean.
I took it upon myself to get out into the Singaporean suburbs and the HDB heartland and found a colorful and exciting world waiting for me. All through the day, but especially when the sun goes down, local restaurants and eateries in Singapore light up. In hawker centres dinner is served up fresh and eaten at communal tables. People sit at long benches, chairs squeezed in, chatting across the room and sharing plates of food. The range of cuisine is incredible, with many stores specialising in classics like roti prata, chicken rice, biryani, or fish head curry.
Food is the definite focus of any evening in Singapore, complimented with an icy beer (you’d be hard pressed to find a cocktail here!) Wandering the streets you hear a range of languages being spoken, and signs and advertising in Mandarin.
You’d have to ask a local where’s the best place for turtle soup or satay and make your way there through the hustle and bustle, with street vendors, stores open late, and shop fronts spilling out onto the pavement. It’s a loud, boisterous and entertaining atmosphere with whole communities of families and friends gathering together – with rarely an expat in sight!
While Singapore is famous for its night markets, food court culture and hawker centers, there are other more unique nightlife experiences to be had. Singapore hosts Thai style discos where women adorned with garlands dance on stage, and KTV bars where hostesses will sit and sing with patrons all night.
Zouk, Singapore’s longest running club, is also ranked among top global dance venues and offers a quintessential local dance club experience. On Friday and Saturday nights queues will snake around the building of clubbers looking to dance and party within Zouk’s walls.
While of course expats and locals alike enjoy chilling with a drink, or being entertained on a night out, there clearly appears to be a certain element of differentiation when it comes to venue choices. Many expats seem to regularly frequent the same venues and some rarely venture further afield.
And while sticking to these more ‘Western style’ venues may ease the culture shock of living in another country, there are many more diverse and enriching experiences that Singapore has to offer.
As Singapore’s diverse cultures attempt to coexist a certain element of segregation seems unavoidable. It takes effort to understand different cultures and the impetus to extend the olive branch. With the language in different venues varying from English to Mandarin to Malay, there can also be unavoidable language barriers.
Yet, while everyone benefits from a sense of community, going to interesting new venues would certainly enhance the expat experience. To get out of our comfort zones and socialise more together will only enrich both sides, broaden our horizons, and create more mutual understanding.
It would probably make for a much more fun night-out, too.
What is fair? Who determines what is fair?
In response to the sound and fury of market investors angry with the treatment of Sky One, the SGX rebutted bluntly: “ …. the SGX’s review revealed no threat to fair, orderly and transparent trading. Hence, no suspension occurred”.
But three weeks ago, billions of dollars were wiped off the the market capitalisation of three stocks – Blumont, Asiasons and LionGold – because the very same regulator deemed that “our review showed disorderliness in the market and lack of transparency that could also threaten the fairness of trading”.
Check out these words: “could also”. Not definitely, not emphatically but “could also”. So we let billions of dollars ride on a hunch?
Richard Teng, the Deputy Chief Regulatory Officer at the SGX, defends further: “In the case of Sky One, designation was not necessary. But for Blumont, Asiasons and LionGold, designation was instituted to remove the froth of excessive speculation in the market and permit the fundamentals to assert themselves in determining market prices.”
To put it curtly, should that not be the market’s job? Having flagged out the gaping flaws between the three companies’ fundamentals and their stock prices, should not the SGX have left the market determine the appropriate equilibrium? Why the interventionist approach?
Many investors would have been glad to live with the wild gyrations of these stocks. To declare a designated status is to allow trading with one hand in cuffs. It would have been wiser for the SGX to suspend the stocks for an extended period for the companies to clarify their situation and for broking houses to revisit the fundamentals and for the issues to be sufficiently aired.
By imposing the designated status, the SGX did not create “a fair, orderly and transparent trading” for the three companies or the market. To the contrary, it exacerbated the uncertainties for the investors, companies, their suppliers, bankers and others. Hence, the share prices of the three companies plunged.
Queries and suspensions are appropriate tools, and in many instances sufficient. . Declaring a designated status should only be utilized in cases where fraud or criminal breaches are suspected or detected. The SGX should be careful not to overplay its hand. The collateral damage could be extensive, as seen in the current inertia in the market.
So, what happened to integration?
Are locals and foreigners growing further apart in Singapore? An annual global survey of expats shows Singapore has slid down the rankings in social integration.
In the 2013 HSBC Expat Explorer survey released yesterday, Singapore has slipped from fourth to sixth in the overall experience of expatriates and fourth to seventh in the quality of life. But there has been a big drop in integration, down from 18th to 26th among the 37 countries surveyed.
This year’s report does not go into details, but last year’s report said:
“Expats living in Asia generally report finding it difficult to integrate into the local community. The number of expats who agreed strongly that they had integrated well in the local community in Asian countries including Malaysia (25%) Singapore (19%), Thailand (14%), and Hong Kong (11%) were much lower in comparison to many English-speaking countries such as Canada (44%), Australia (43%) and the UK (41%). The trend is highlighted when looking at the social activity of expats in these countries, with many expats in Hong Kong (50%), Thailand (48%) and Singapore (41%) in strong agreement that they tend to socialise with other expats rather than locals.“
This year’s report shows Singapore ranks sixth when it comes to making friends but 18th in making local friends and 21st in feeling welcome at work.
“Job market security is still a major concern for expats in Singapore, with 53% (compared to the global average of 39%) citing it as one of the top three threats to their financial wellbeing and confidence,” says the report.
The expats seem just as stressed as the locals. The survey shows Singapore ranks 32nd in work-life balance.
The expats are also feeling the pinch of the rising cost of living. The report says: “As well as the high cost of groceries and going out (65% and 64% said they are spending more respectively), Singapore emerges as one of the most expensive countries for public transport, with 63% of expats pointing out the higher costs.”
It adds: “The education and childcare system is also expensive (79% and 83% saw an increase in cost respectively) but it seems that expats are willing to pay the fees, because the higher costs are justified by the quality of service. Nearly eight in ten (78%) say that the quality of education is better in Singapore and 72% say the same for childcare.”
Singapore attractions
In fact, Singapore ranks second only to Germany as the best place to bring up a child.
And Singapore has other attractions. It ranks fifth in ease of setting up a new home.
More than half the respondents (54%) this year said they came to Singapore mainly because of better career prospects.
Last year’s report noted: “Singapore scores well as a place to live among expats, with 76% having found that their quality of life had improved upon relocation. And 74% witnessed an improvement in the financial status of their household. “
Singapore continues to attract skilled young professionals, says this year’s report, with 62% in the 18-34 age group.
Of the 228 expats surveyed in Singapore, 20% work in IT. While 29% came from Malaysia and 23% from India, 8% each came from Indonesia and the Philippines and 7% from China.
Top 10 Countries for Expatriates
| Country | Setting Up | Integration | Quality of life | Overall expat experience |
| Thailand | 3 | 3 | 3 | 1 |
| Bahrain | 6 | 23 | 2 | 2 |
| China | 15 | 4 | 2 | 3 |
| Cayman Islands | 1 | 24 | 3 | 4 |
| Australia | 2 | 14 | 8 | 5 |
| Singapore | 5 | 26 | 7 | 6 |
| India | 28 | 12 | 5 | 7 |
| Taiwan | 24 | 8 | 6 | 8 |
| Spain | 8 | 7 | 16 | 9 |
| Brazil | 20 | 1 | 17 | 10 |
In Asia, the highest proportion of expats earning more than $250,000 are located in Indonesia (22%), Japan (13%) and China (10%) compared with a global average of just 3%. Comparatively, the lowest-paid expats live in Europe, where average salaries are $53,000 annually.
Race and Sports — a better mix?
By Augustine Low
Chinese play basketball and table tennis, Malays play football and sepak takraw, and Indians gravitate towards hockey and cricket.
Racial dominance and racial imbalance in sports is nothing new.
So it was somewhat surprising when Football Association of Singapore President Zainudin Nordin told MediaCorp’s Suria channel recently that the country must pull in all races to play football.
He said: “Firstly, I’m proud of the Malay community for their talent in football to be successful. But if we want our nation to succeed, we need more talent regardless of race so that we can choose the best of the lot . . . we must give an opportunity to everyone and we must use the system of meritocracy to see who deserves it most.”
Zainudin, also MP for Bishan-Toa Payoh GRC, put it in the context of meritocracy. Really? Meritocracy? Since when has meritocracy been about the numbers game? If Malays have the passion and flair for football, and they work hard to excel at it, don’t they make it to the national team on merit?
There is possibly more to it than what was said. Remember, Zainudin is also Chairman of community organisation OnePeople.sg (OPSG). He made his remarks about pulling in more races for football not long after presenting an OPSG report on race relations in Singapore. The findings showed that there are still challenges to overcome in race relations.
It was revealed, for instance, that racial stereotyping is fairly common and that one in two Singapore residents do not have close friends from another race. OPSG announced that it aims for more opportunities and programmes to promote racial and religious harmony.
So Zainudin could be a little uncomfortable about the racial imbalance in football. Football is the most global of sports, and it is Singapore’s most high profile sport. As such, this makes Malay dominance in the sport all the more glaring.
The national team has always been dominated by Malays but not to the extent that it is today. In recent weeks, 23-man teams selected for Singapore feature only three non- Malays – Madhu Mohana, Gabriel Quak and Qiu Li. Qiu is China-born and only received his citizenship in 2008. So that leaves only one Singaporean Chinese and one Singaporean Indian in a 23-man national team.
In contrast: The first team of the celebrated 1977 Malaysia Cup winning squad coached by Choo Seng Quee had six Malay, five Chinese, two Indian players and one Eurasian. And the famous 1980 team coached by Jitta Singh which reached the final of the Pre-Olympics Qualifying Tournament had a first team comprising eight Malays, four Chinese, two Indians and one Eurasian.
So taken in that context, racial diversity has taken a backseat in Singapore football. It might also encourage stereotyping that Malays overwhelmingly prefer football over studies. This is certainly wrong, but it’s the sort of stereotyping that could well be fostered by almost total dominance of football by Malays.
Although racial imbalance in football may provide some discomfort, it is in itself not a problem. I am more concerned that our young do not seem to kick a ball around for fun anymore, and experience sports for the sheer joy of it.
As with many aspects of Singapore society, sports has become all too competitive. In schools, students select at least one CCA – either sports or uniformed group – and they clock up several hours each week on it. They prepare intensely for competition. They have to participate to earn points.
The situation may get better. In July, the Education Ministry announced that from 2014, the revamped PE syllabus will enable students to take part in more (up to six) types of sports and physical activities. This is the right way to go.
For now, I look at my 13-year-old son as a case in point. He does not have non-Chinese friends, and at the risk of oversimplifying, it is partly because he spends so many hours each week on a CCA that is Chinese-dominated. Whereas my friend’s teenage son has many non-Chinese friends – and I think it’s largely because his chosen sport is cricket!
My contention is that sports as a way to promote racial understanding and tolerance, and bridge racial divides, is largely underestimated. When I was my son’s age (many moons ago!), I had many Malay, Indian and Eurasian friends. We would think nothing of kicking a ball around for the joy of it. In fact we also played speak takraw, volleyball, basketball, table tennis, hockey . . . any sport we could get hold of equipment for.
Playing together, win or lose, for fun or for real, racial lines become blurred, cultural barriers are destroyed, and class divisions are transcended.
As legendary American football coach Vince Lombardi once said: “People who work together will win, whether it be against complex football defences, or the problems of modern society.”
Augustine Low is a communications strategist.