“SINGAPORE, July 29 – Singapore state investor Temasek said on Wednesday its portfolio had fallen by S$40 billion as of end-March 2009 from a year ago.
“In our Temasek Review last year, we reported an annual value-at-risk of almost S$40 billion last March. This meant a 16 percent probability for our portfolio value to drop more than S$40 billion by March this year. Indeed,
it has turned out to be so, and more,” CEO Ho Ching said in a speech.
Temasek had S$185 billion in assets as of end-March 2008, which fell to S$127 billion as of November 2008. Ho did not give the exact portfolio level.”
And the last word Ho Ching; “maybe more..................”
Than suddenly:....................................
Singapore's property prices surged whereas the rest of the world facing property slumps.
“Housing market braced for brutal 2009 as prices and mortgage lending plunge”
“The housing market is poised for a grim 2009 after figures yesterday showed another sharp fall in prices in December and a record low number of new mortgages.
The average house price in Britain fell a bigger-than-expected 2.2% last month, the Halifax said, leaving them a record 16.2% down from a year earlier.”
http://www.theguardian.com/business/2009/jan/02/halifax-house-prices
“Massive recovery in Singapore prompts housing bubble fears
[THIS IS AN ARCHIVED ARTICLE - JUMP TO LATEST]
After residential property prices in Singapore surged 15.75% in Q3 2009, the government warned against speculation, and the formation of a property bubble. From a six-year low of 953 housing units sold in Q4 2008, sales soared to 10,120 units in Q2, and 11,518 units in Q3 2009.”
http://www.globalpropertyguide.com/Asia/singapore/Price-History-Archive/...
During this period, it accounted for 25.7 percent of the total population, up from 18.7 percent in the previous decade (Table 1). As of 2010, the nonresident population stood at 1,305,011 out of a total population of 5,076,732.
“In 2008, annualized growth of the nonresident population peaked at some 19.0 percent, while that of the resident population steadied at just 1.7 percent. Population growth rates for both nonresidents and residents, however, have begun to ease since the 2008-09 Great Recession, with 4.1 percent growth among the former and 1.0 percent among the latter in 2010.”
http://www.migrationpolicy.org/article/rapid-growth-singapores-immigrant...
Question: was it coincidence ?
80% of Singaporean live in HDB flat. HDB has the last say in HDB resale valuations. So is the Government the one manipulated the price? Was it done to cover back Temasek's looses ?, coincidence?
Is our Government in deep problem? By high property prices you have less money in the retirement account as most of the money being stuck in paying the high mortgages , even if you sell your property, you are being checkmate as the minimum sum will come in.
In a nutshell your cpf being wipe off.
In conclusion readers; I leave you to judge : Is Temasek telling the truth? Are we paying a heavy price for their mistakes?
Aziz kassim