The file server is temporarily offline for disk maintenance. Estimated Time to be up: 2330hrs
- wong chee tat :)
Monday, March 11, 2013
More gifts in kind may get tax deductions
More gifts in kind may get tax deductions
SINGAPORE : The government is looking at expanding the qualifying list for tax deduction of donations in kind.
Currently certain gifts in kind, including computers, shares, land, buildings, and works of art, already qualify for tax deductions.
But Minister of State for Finance Josephine Teo said there is scope to expand this list to include services, so as to support more of such contributions.
The Finance Ministry, together with the Culture, Community and Youth Ministry, will study how it is done in other countries.
They will also work with community partners to "develop a sensible way to value non—standard gifts".
Nominated MP Laurence Lien said: "I think you can do more to foster generosity by encouraging giving of all kinds, tax deduction for a wider list of gifts in kind. Many companies have new products that they are willing to give away to charity. This is particularly since Singapore is home to many MNCs with export—import functions.
"Currently the 250 per cent tax reduction is given for only a very limited number of products. Why computers and not other products?"
Alvin Yeo, MP for Chua Chu Kang GRC, said: "Donations in kind, apart from a very limited category, as enumerated by Mr Laurence Lien, or in the form of services, do not attract any relief at all. Do we want to force private entities to go through circuitous means to obtain tax relief that their good work merits?
"Would charities attract more donations if these could be rendered in—kind or in the form of services, and treated the same in terms of tax relief?"
Mrs Teo replied: "Given the very wide range of possible gifts, we will have to find an appropriate and not overly cumbersome way for the valuation of gifts. This is not to make things difficult or circuitous as Mr Alvin Yeo described it for potential donors, but to ensure a sense of fairness and equitability."
She said about S$3 million in computer donations and S$18 million in arts and artefacts received tax deductions from 2005 to 2011.
— CNA/ms
SINGAPORE : The government is looking at expanding the qualifying list for tax deduction of donations in kind.
Currently certain gifts in kind, including computers, shares, land, buildings, and works of art, already qualify for tax deductions.
But Minister of State for Finance Josephine Teo said there is scope to expand this list to include services, so as to support more of such contributions.
The Finance Ministry, together with the Culture, Community and Youth Ministry, will study how it is done in other countries.
They will also work with community partners to "develop a sensible way to value non—standard gifts".
Nominated MP Laurence Lien said: "I think you can do more to foster generosity by encouraging giving of all kinds, tax deduction for a wider list of gifts in kind. Many companies have new products that they are willing to give away to charity. This is particularly since Singapore is home to many MNCs with export—import functions.
"Currently the 250 per cent tax reduction is given for only a very limited number of products. Why computers and not other products?"
Alvin Yeo, MP for Chua Chu Kang GRC, said: "Donations in kind, apart from a very limited category, as enumerated by Mr Laurence Lien, or in the form of services, do not attract any relief at all. Do we want to force private entities to go through circuitous means to obtain tax relief that their good work merits?
"Would charities attract more donations if these could be rendered in—kind or in the form of services, and treated the same in terms of tax relief?"
Mrs Teo replied: "Given the very wide range of possible gifts, we will have to find an appropriate and not overly cumbersome way for the valuation of gifts. This is not to make things difficult or circuitous as Mr Alvin Yeo described it for potential donors, but to ensure a sense of fairness and equitability."
She said about S$3 million in computer donations and S$18 million in arts and artefacts received tax deductions from 2005 to 2011.
— CNA/ms
SimCity rebuilt for modern life
SimCity rebuilt for modern life
Posted: 05 March 2013 1046 hrs
SAN FRANCISCO: A 10-year wait ends Tuesday with the arrival of 'SimCity,' a computer game that challenges players to build thriving cities in the face of conditions such as limited funds and climate change.
The sequel to the city-building computer game that factors in real-world consequences of energy choices, urban plans, and policy decisions debuts in the US for $60 a copy.
'SimCity' will be available in Britain three days later as part of a global rollout, according to game publisher Electronic Arts. The game is tailored for play on personal computers powered by Windows software.
Millions of people have played SimCity since the computer game designed by Will Wright was first released in 1989 but the Maxis Studio title to hit on Tuesday will be the first fresh installment to the franchise in a decade.
The original title won a broad, devoted following and led to a successful line of "Sims" strategy games in which players manipulate worlds and animated characters in simulations of real life.
Technology in 'SimCity' has been updated along with forces influencing the health of cities and the happiness of inhabitants, according to Maxis.
Along with rich 3-D graphics, the game will have a new simulation engine that enhances its realism and extends ramifications of urban design decisions past borders to affect neighboring cities.
SimCity has garnered enthusiastic reviews and won early endorsements from Twitter co-founder Biz Stone and the director of the Academy Award-winning documentary "An Inconvenient Truth."
Maxis collaborated on the title with Games For Change, a group devoted to the creation of games that combine fun with learning about social issues.
"I love the game," said "Inconvenient Truth" director Davis Guggenheim, who played an early version with his son last year.
"Climate change is the biggest crisis of our time, but there is a disconnect because it is not in front of us," he added.
"When you play 'SimCity' it is in your face; if you build a coal power plant you feel the consequences -- smog in the city, water table getting dirty, and your people getting angry."
Twitter co-founder Stone described 'SimCity' as encouraging systems that help make "better humans, a smarter world and a healthier planet."
Players become virtual mayors, guiding development of pretend cities and reaping rewards or suffering ramifications of decisions.
"Their mission is to make a thriving, happy city," Erik Reynolds of EA said of the game on the eve of its release. "It you don't have enough schools, you will have uneducated Sims and uneducated Sims get up to no good."
People can play SimCity solo, or establish in-game regions open where as many at 16 cities can be built by different players.
"If you have a super-dirty coal burning town and a neighbor is green, when the wind is blowing in their direction they will reap what you've sown," Reynolds said.
Play in regions is hosted at the EA online Origin game forum.
Early this year, EA kicked off a SimCityEDU project with in-house nonprofit studio GlassLab to test the game's potential as a tool for promoting science, math, and engineering in public schools.
Some teachers and children in schools in the California city of Oakland dabbled with SimCity game as part of a GlassLab effort to explore its potential for teaching children and getting them excited about technology studies.
"There is huge focus on mastering new skills to run a successful city," said GlassLab general manager Jessica Lindl.
"These children are coming in on their own during recess to play the game and we literally have to tear them away from the computer when it is time to go back to class," she continued.
Feedback from the students will be used to specialize a version of SimCity for schools, according to Lindl. Backers of GlassLab include the John D. and Catherine T. MacArthur Foundation and the Bill and Melinda Gates Foundation.
- AFP/ck
- wong chee tat :)
Posted: 05 March 2013 1046 hrs
SAN FRANCISCO: A 10-year wait ends Tuesday with the arrival of 'SimCity,' a computer game that challenges players to build thriving cities in the face of conditions such as limited funds and climate change.
The sequel to the city-building computer game that factors in real-world consequences of energy choices, urban plans, and policy decisions debuts in the US for $60 a copy.
'SimCity' will be available in Britain three days later as part of a global rollout, according to game publisher Electronic Arts. The game is tailored for play on personal computers powered by Windows software.
Millions of people have played SimCity since the computer game designed by Will Wright was first released in 1989 but the Maxis Studio title to hit on Tuesday will be the first fresh installment to the franchise in a decade.
The original title won a broad, devoted following and led to a successful line of "Sims" strategy games in which players manipulate worlds and animated characters in simulations of real life.
Technology in 'SimCity' has been updated along with forces influencing the health of cities and the happiness of inhabitants, according to Maxis.
Along with rich 3-D graphics, the game will have a new simulation engine that enhances its realism and extends ramifications of urban design decisions past borders to affect neighboring cities.
SimCity has garnered enthusiastic reviews and won early endorsements from Twitter co-founder Biz Stone and the director of the Academy Award-winning documentary "An Inconvenient Truth."
Maxis collaborated on the title with Games For Change, a group devoted to the creation of games that combine fun with learning about social issues.
"I love the game," said "Inconvenient Truth" director Davis Guggenheim, who played an early version with his son last year.
"Climate change is the biggest crisis of our time, but there is a disconnect because it is not in front of us," he added.
"When you play 'SimCity' it is in your face; if you build a coal power plant you feel the consequences -- smog in the city, water table getting dirty, and your people getting angry."
Twitter co-founder Stone described 'SimCity' as encouraging systems that help make "better humans, a smarter world and a healthier planet."
Players become virtual mayors, guiding development of pretend cities and reaping rewards or suffering ramifications of decisions.
"Their mission is to make a thriving, happy city," Erik Reynolds of EA said of the game on the eve of its release. "It you don't have enough schools, you will have uneducated Sims and uneducated Sims get up to no good."
People can play SimCity solo, or establish in-game regions open where as many at 16 cities can be built by different players.
"If you have a super-dirty coal burning town and a neighbor is green, when the wind is blowing in their direction they will reap what you've sown," Reynolds said.
Play in regions is hosted at the EA online Origin game forum.
Early this year, EA kicked off a SimCityEDU project with in-house nonprofit studio GlassLab to test the game's potential as a tool for promoting science, math, and engineering in public schools.
Some teachers and children in schools in the California city of Oakland dabbled with SimCity game as part of a GlassLab effort to explore its potential for teaching children and getting them excited about technology studies.
"There is huge focus on mastering new skills to run a successful city," said GlassLab general manager Jessica Lindl.
"These children are coming in on their own during recess to play the game and we literally have to tear them away from the computer when it is time to go back to class," she continued.
Feedback from the students will be used to specialize a version of SimCity for schools, according to Lindl. Backers of GlassLab include the John D. and Catherine T. MacArthur Foundation and the Bill and Melinda Gates Foundation.
- AFP/ck
- wong chee tat :)
New UK cyber-champ: Chemist's winning formula cracks 'F1 race hack'
New UK cyber-champ: Chemist's winning formula cracks 'F1 race hack'
Free radical beats year-long security challenge
By John Leyden • Get more from this author
Posted in Security, 11th March 2013 12:43 GMT
A 28-year-old chemist is the new UK Cyber Security Champion after triumphing in a year-long competition that tested computer defence skills.
Stephen Miller, from Hertfordshire, beat thousands of other hopefuls after competing in several online and face-to-face heats over the past 12 months. Miller, who works as a lab team manager at a major pharmaceutical company, has taken part in the tournament since it launched in 2010, building up his skills along the way. Although he has no formal computer security training, examiners praised his abilities.
He was named as Blighty's e-champion after the final masterclass round of 2013's Cyber Security Challenge UK on Sunday. Miller's prize includes free access to industry training courses. The runner-up was Steve Jarvis, a 24-year-old from Southampton, who works in the IT team for a hedge fund and also has had no formal cyber-security training.
This year’s final was organised by security teams at HP and Cassidian Cyber Security. The 40 finalists took on the role of infosec professionals at a fictitious technology communications supplier to a Formula 1 racing team, which had been hacked in the lead up to a Grand Prix.
Players had to spot signs of malicious attacks and come up with the best counter-measures, both technical and policy based, to fix them. The competition was designed to test contestants with problems facing real IT security pros in many sectors across industry and government.
"To succeed in this competition and become the UK’s new cyber security champion, Stephen has had to demonstrate not only exceptional technical skills but also an ability to relate them to a common business scenario," said Jonathan Bathurst of HP's UK public sector biz.
"This requires an ability to weigh up risk, take into account budgets and operational limitations and be able to present a coherent case to a non-technical audience with sensible measures that are in the best interest of the organisation for the future. It is this skill set that employers value highest of all and the competition was designed to identify."
'A powerful demonstration of the hidden talent'
Stephanie Daman, chief exec of Cyber Security Challenge UK, added: "Stephen’s success in the challenge, as a chemist with no formal training in this profession, is a powerful demonstration of the hidden talent that exists in people from across all types of professional backgrounds."
The culmination of this season's competition was immediately followed by the launch of a new programme of competitions for the 2013-14 Cyber Security Challenge UK. Registrations are now open at www.cybersecuritychallenge.org.uk.
The fourth season of the challenge will include rounds designed specifically for school pupils through to regional training camps delivered in partnership with universities. The season will also include a greater range of tests including mobile forensics, incident response, malware analysis, and software vulnerabilities.
Prizes will include a bursary for a master's degree in cyber security, sponsored by the Institute of Engineering and Technology, at three UK universities. This year also sees the debut of a Cyber Security Challenge app for iOS and Android. The app will distribute kill tests, news on the challenge and an access point for advice on computer security careers. It has been launched with a brand new cipher to crack from PwC, available through the app.
Cyber Security Challenge UK runs a series of national competitions ultimately aimed at attracting talented people into the profession, and supporting interested people with information about cyber security careers and learning opportunities. The scheme is supported by government departments, IT firms, universities and trade groups including the Cabinet Office, PwC, BT, GCHQ, QinetiQ, the SANS Institute, Sophos and Blighty's Serious Organised Crime Agency (SOCA). ®
- wong chee tat :)
Free radical beats year-long security challenge
By John Leyden • Get more from this author
Posted in Security, 11th March 2013 12:43 GMT
A 28-year-old chemist is the new UK Cyber Security Champion after triumphing in a year-long competition that tested computer defence skills.
Stephen Miller, from Hertfordshire, beat thousands of other hopefuls after competing in several online and face-to-face heats over the past 12 months. Miller, who works as a lab team manager at a major pharmaceutical company, has taken part in the tournament since it launched in 2010, building up his skills along the way. Although he has no formal computer security training, examiners praised his abilities.
He was named as Blighty's e-champion after the final masterclass round of 2013's Cyber Security Challenge UK on Sunday. Miller's prize includes free access to industry training courses. The runner-up was Steve Jarvis, a 24-year-old from Southampton, who works in the IT team for a hedge fund and also has had no formal cyber-security training.
This year’s final was organised by security teams at HP and Cassidian Cyber Security. The 40 finalists took on the role of infosec professionals at a fictitious technology communications supplier to a Formula 1 racing team, which had been hacked in the lead up to a Grand Prix.
Players had to spot signs of malicious attacks and come up with the best counter-measures, both technical and policy based, to fix them. The competition was designed to test contestants with problems facing real IT security pros in many sectors across industry and government.
"To succeed in this competition and become the UK’s new cyber security champion, Stephen has had to demonstrate not only exceptional technical skills but also an ability to relate them to a common business scenario," said Jonathan Bathurst of HP's UK public sector biz.
"This requires an ability to weigh up risk, take into account budgets and operational limitations and be able to present a coherent case to a non-technical audience with sensible measures that are in the best interest of the organisation for the future. It is this skill set that employers value highest of all and the competition was designed to identify."
'A powerful demonstration of the hidden talent'
Stephanie Daman, chief exec of Cyber Security Challenge UK, added: "Stephen’s success in the challenge, as a chemist with no formal training in this profession, is a powerful demonstration of the hidden talent that exists in people from across all types of professional backgrounds."
The culmination of this season's competition was immediately followed by the launch of a new programme of competitions for the 2013-14 Cyber Security Challenge UK. Registrations are now open at www.cybersecuritychallenge.org.uk.
The fourth season of the challenge will include rounds designed specifically for school pupils through to regional training camps delivered in partnership with universities. The season will also include a greater range of tests including mobile forensics, incident response, malware analysis, and software vulnerabilities.
Prizes will include a bursary for a master's degree in cyber security, sponsored by the Institute of Engineering and Technology, at three UK universities. This year also sees the debut of a Cyber Security Challenge app for iOS and Android. The app will distribute kill tests, news on the challenge and an access point for advice on computer security careers. It has been launched with a brand new cipher to crack from PwC, available through the app.
Cyber Security Challenge UK runs a series of national competitions ultimately aimed at attracting talented people into the profession, and supporting interested people with information about cyber security careers and learning opportunities. The scheme is supported by government departments, IT firms, universities and trade groups including the Cabinet Office, PwC, BT, GCHQ, QinetiQ, the SANS Institute, Sophos and Blighty's Serious Organised Crime Agency (SOCA). ®
- wong chee tat :)
Pirate Bay sails to North Korea?
Pirate Bay sails to North Korea?
Posted: 05 March 2013 1323 hrs
SEOUL: After Google chairman Eric Schmidt and former NBA star Dennis Rodman, the file-sharing site The Pirate Bay is claiming to be the latest unexpected visitor to North Korea.
In a posting on its website, The Pirate Bay, which was ejected from Sweden last week, claimed it had sought "virtual sanctuary" in North Korea, apparently at the personal invitation of leader Kim Jong-Un.
"Today we can reveal that we have been invited by the leader of the republic of Korea, to fight our battles from their network," the posting said.
The statement carried the website's logo of a pirate ship, whose mainsail had been coloured in the design of North Korea's national flag.
"It's a country opening up and one thing is sure, they do not care about threats like others do," it added.
The jocular tone of the post, and the mistake in referring to the "republic of Korea" -- the formal name for South not North Korea -- led some to suggest the website was playing a practical joke.
The blogging website North Korea Tech, said tracking Internet traffic from a PC to the Pirate Bay website did appear to show it flowing to North Korea's Internet gateway point.
"What happens after that is unclear," the website said Tuesday, adding that North Korea was unlikely to have the bandwidth volume needed by a site like The Pirate Bay.
The TorrentFreak website also found that The Pirate Bay was routing through a North Korean netblock, but suggested this was being used to hide Pirate Bay's true location.
"The cloud servers behind it are still believed to be hosted elsewhere in the world," it said.
Founded in 2003, The Pirate Bay -- which boasts more than 30 million users -- makes it possible to skirt copyright fees and share music, film and other files using bit torrent technology, or peer-to-peer links offered on the site.
It had hosted its website in Sweden for three years, before being forced out, and was believed to be looking at Norway and Spain as possible alternatives.
A domestic intranet was launched in North Korea in 2008, but is cut off from the rest of the world, allowing its very limited number of users to exchange state-approved information and little more.
Access to the full-blown Internet is for the super-elite only, meaning a few hundred people or maybe 1,000 at most, analysts estimate.
-AFP/gn
- wong chee tat :)
Posted: 05 March 2013 1323 hrs
SEOUL: After Google chairman Eric Schmidt and former NBA star Dennis Rodman, the file-sharing site The Pirate Bay is claiming to be the latest unexpected visitor to North Korea.
In a posting on its website, The Pirate Bay, which was ejected from Sweden last week, claimed it had sought "virtual sanctuary" in North Korea, apparently at the personal invitation of leader Kim Jong-Un.
"Today we can reveal that we have been invited by the leader of the republic of Korea, to fight our battles from their network," the posting said.
The statement carried the website's logo of a pirate ship, whose mainsail had been coloured in the design of North Korea's national flag.
"It's a country opening up and one thing is sure, they do not care about threats like others do," it added.
The jocular tone of the post, and the mistake in referring to the "republic of Korea" -- the formal name for South not North Korea -- led some to suggest the website was playing a practical joke.
The blogging website North Korea Tech, said tracking Internet traffic from a PC to the Pirate Bay website did appear to show it flowing to North Korea's Internet gateway point.
"What happens after that is unclear," the website said Tuesday, adding that North Korea was unlikely to have the bandwidth volume needed by a site like The Pirate Bay.
The TorrentFreak website also found that The Pirate Bay was routing through a North Korean netblock, but suggested this was being used to hide Pirate Bay's true location.
"The cloud servers behind it are still believed to be hosted elsewhere in the world," it said.
Founded in 2003, The Pirate Bay -- which boasts more than 30 million users -- makes it possible to skirt copyright fees and share music, film and other files using bit torrent technology, or peer-to-peer links offered on the site.
It had hosted its website in Sweden for three years, before being forced out, and was believed to be looking at Norway and Spain as possible alternatives.
A domestic intranet was launched in North Korea in 2008, but is cut off from the rest of the world, allowing its very limited number of users to exchange state-approved information and little more.
Access to the full-blown Internet is for the super-elite only, meaning a few hundred people or maybe 1,000 at most, analysts estimate.
-AFP/gn
- wong chee tat :)
Australian central bank computers hacked
Australian central bank computers hacked
Posted: 11 March 2013 1129 hrs
SYDNEY: Computer networks at the Reserve Bank of Australia have been hacked, officials said Monday, with some reportedly infected by Chinese-developed malware searching for sensitive information.
The central bank revealed the attacks after investigations by The Australian Financial Review found multiple computers had been compromised by malicious software seeking intelligence.
The newspaper said in one attack a Chinese-developed malware spy programme was searching in 2011 for information on sensitive G20 negotiations, where Beijing's exchange rate and currency reserves were on the agenda.
A Reserve Bank official confirmed the G20 virus to AFP and said it was confined to only "a few" computers. The official did not say what information was stolen or who was targeted, and would not confirm the Chinese connection.
A defence department official told AFP the "targeting of high-profile events, such as the G20, by state-sponsored adversaries, cyber-criminals and issue-motivated groups is a real and persistent threat".
"At least 65 percent of cyber intrusions on Australian computers have an economic focus," the official added.
"Cyber intruders are looking for information on Australia's business dealings, intellectual property, scientific data and the government's intentions."
In another sophisticated incident in 2011, revealed on the central bank's disclosure log under its freedom of information obligations, "targeted" emails were received regarding its strategic planning for 2012.
"Malicious email was highly targeted, utilising a possibly legitimate external account purporting to be a senior bank staff member," an official report by the bank's risk management unit said.
"As the email had no attachment, it bypassed existing security controls, allowing users to potentially access the malicious payload via the Internet browsing infrastructure."
Six users clicked on the mail, which had a legitimate email signature and a plausible subject title and content.
"Bank assets could have been potentially compromised, leading to service information loss and reputation (damage)," the official report said.
In a statement released Monday, the bank said it took cyber security and its potential consequences "extremely seriously".
"The bank has comprehensive security arrangements in place which have isolated these attacks and ensured that viruses have not been spread across the bank's network or systems," it said.
"At no point have these attacks caused the bank's data or information to be lost or its systems to be corrupted. The Bank's IT systems operate safely, securely and with a high degree of resilience."
In 2011, the computers of Australia's prime minister plus foreign and defence ministers were all suspected to have been hacked.
Reports and security experts said the attacks originated in China but Beijing dismissed the allegations as "groundless and made out of ulterior purposes".
At the time, Canberra said cyber attacks had become so frequent that government and private networks were under "continuous threat".
It said foreign intelligence agencies, criminal organisations and commercial competitors were all to blame.
Last year, Chinese telecoms giant Huawei was barred from bidding for contracts on Australia's ambitious Aus$36 billion (US$37 billion) broadband rollout due to fears of cyber attacks.
- AFP/xq/fl
- wong chee tat :)
Posted: 11 March 2013 1129 hrs
SYDNEY: Computer networks at the Reserve Bank of Australia have been hacked, officials said Monday, with some reportedly infected by Chinese-developed malware searching for sensitive information.
The central bank revealed the attacks after investigations by The Australian Financial Review found multiple computers had been compromised by malicious software seeking intelligence.
The newspaper said in one attack a Chinese-developed malware spy programme was searching in 2011 for information on sensitive G20 negotiations, where Beijing's exchange rate and currency reserves were on the agenda.
A Reserve Bank official confirmed the G20 virus to AFP and said it was confined to only "a few" computers. The official did not say what information was stolen or who was targeted, and would not confirm the Chinese connection.
A defence department official told AFP the "targeting of high-profile events, such as the G20, by state-sponsored adversaries, cyber-criminals and issue-motivated groups is a real and persistent threat".
"At least 65 percent of cyber intrusions on Australian computers have an economic focus," the official added.
"Cyber intruders are looking for information on Australia's business dealings, intellectual property, scientific data and the government's intentions."
In another sophisticated incident in 2011, revealed on the central bank's disclosure log under its freedom of information obligations, "targeted" emails were received regarding its strategic planning for 2012.
"Malicious email was highly targeted, utilising a possibly legitimate external account purporting to be a senior bank staff member," an official report by the bank's risk management unit said.
"As the email had no attachment, it bypassed existing security controls, allowing users to potentially access the malicious payload via the Internet browsing infrastructure."
Six users clicked on the mail, which had a legitimate email signature and a plausible subject title and content.
"Bank assets could have been potentially compromised, leading to service information loss and reputation (damage)," the official report said.
In a statement released Monday, the bank said it took cyber security and its potential consequences "extremely seriously".
"The bank has comprehensive security arrangements in place which have isolated these attacks and ensured that viruses have not been spread across the bank's network or systems," it said.
"At no point have these attacks caused the bank's data or information to be lost or its systems to be corrupted. The Bank's IT systems operate safely, securely and with a high degree of resilience."
In 2011, the computers of Australia's prime minister plus foreign and defence ministers were all suspected to have been hacked.
Reports and security experts said the attacks originated in China but Beijing dismissed the allegations as "groundless and made out of ulterior purposes".
At the time, Canberra said cyber attacks had become so frequent that government and private networks were under "continuous threat".
It said foreign intelligence agencies, criminal organisations and commercial competitors were all to blame.
Last year, Chinese telecoms giant Huawei was barred from bidding for contracts on Australia's ambitious Aus$36 billion (US$37 billion) broadband rollout due to fears of cyber attacks.
- AFP/xq/fl
- wong chee tat :)
Households, businesses to benefit from energy plans
Households, businesses to benefit from energy plans
Posted: 11 March 2013 1644 hrs
SINGAPORE: Households and businesses will stand to benefit from more advanced energy management systems and dynamic pricing plans that will help reduce their energy costs.
The government will increase competition in the electricity retail market, by lowering the contestability threshold for Commercial and Industrial (C&I) consumers.
The threshold will go down from the current 10MWh to 4MWh by October next year.
Minister in Prime Minister's Office S Iswaran said in Parliament when fully implemented, small and medium enterprises (SMEs) across all sectors will benefit.
He said town councils will also be a key beneficiary as all of them would be able to negotiate for retail packages at competitive market prices.
He assured the needy will continue to receive assistance.
Mr Iswaran said: "Notwithstanding these efforts, we recognise that energy costs may still be a cause for concern for some households. Our policy is to allow the price of our energy to reflect its true cost and not to subsidise energy consumption, which would be wasteful and unsustainable.
"Instead, we provide targeted assistance to low- and middle-income households through the permanent Utility-Save (U-Save) rebates which were announced in last year's Budget. This year's Budget has doubled the U-Save rebates across all categories of HDB households, via an additional one-off GST Voucher-U-Save special payment."
- CNA/xq
- wong chee tat :)
Posted: 11 March 2013 1644 hrs
SINGAPORE: Households and businesses will stand to benefit from more advanced energy management systems and dynamic pricing plans that will help reduce their energy costs.
The government will increase competition in the electricity retail market, by lowering the contestability threshold for Commercial and Industrial (C&I) consumers.
The threshold will go down from the current 10MWh to 4MWh by October next year.
Minister in Prime Minister's Office S Iswaran said in Parliament when fully implemented, small and medium enterprises (SMEs) across all sectors will benefit.
He said town councils will also be a key beneficiary as all of them would be able to negotiate for retail packages at competitive market prices.
He assured the needy will continue to receive assistance.
Mr Iswaran said: "Notwithstanding these efforts, we recognise that energy costs may still be a cause for concern for some households. Our policy is to allow the price of our energy to reflect its true cost and not to subsidise energy consumption, which would be wasteful and unsustainable.
"Instead, we provide targeted assistance to low- and middle-income households through the permanent Utility-Save (U-Save) rebates which were announced in last year's Budget. This year's Budget has doubled the U-Save rebates across all categories of HDB households, via an additional one-off GST Voucher-U-Save special payment."
- CNA/xq
- wong chee tat :)
MTI expects 3-4% economic growth in S'pore for rest of the decade
MTI expects 3-4% economic growth in S'pore for rest of the decade
By S Ramesh | Posted: 11 March 2013 1505 hrs
SINGAPORE: Trade and Industry Minister Lim Hng Kiang pointed out that Singapore's economy is expected to grow at an average of three to four per cent for the rest of the decade and for a country that has enjoyed twice that rate of growth since 2003, the slowdown will be a significant change.
He added given the weak external environment and the tighter labour situation domestically, Singapore expects a modest one to three per cent growth in 2013.
He said his ministry has two strategies for achieving quality economic growth.
The first is staying open and flexible to tap global and regional opportunities, and the second is restructuring the economy so that companies and workers can achieve higher productivity and sustainability.
Free trade agreements (FTAs) are also another way to help small and medium enterprises (SMEs) globalise through a large and comprehensive network of trade agreements with major trading partners such as China, Australia and India.
Mr Lim said: "These FTAs improve market access for our companies as they expand overseas. In 2012, more than 1,700 companies benefited from our FTAs, and we expect this number to increase as we expand our FTA networks and make them more user-friendly."
Mr Lim said the Singapore economy must remain open to investment and talent flow, to bring in new activities and bring companies out into the region.
Speaking in Parliament during the ministry's budget debate, he said the slowdown would be most acutely felt in the workforce as the population ages and the citizen workforce shrinks over time. To deal with this slowdown, companies must restructure and aim for higher productivity.
Mr Lim emphasised that restructuring is painful, but it is unavoidable.
Mr Lim said the government sees opportunities for Singapore companies seeking to tap Asia's growth and the continuing economic integration of the region in four sectors.
One is the pharmaceutical industry, which offers high wages and employs more than 5,700 people, where 80 per cent perform skilled jobs.
Mr Lim said biologics is one niche area within the industry that has been gaining momentum.
Over the next three to five years, the sector will create at least 500 highly-skilled jobs for chemists, microbiologists, biotechnologists, engineers and technicians.
The next sector is baby products and services - fuelled mainly by the population boom in Asia and the rising middle class.
Mr Lim said Singapore has become an established hub for commercial and innovation activities in baby nutrition and baby care.
The silver industry is also a potential growth segment, said Mr Lim, and Singapore is well-placed to tap the market.
High-end logistics services, which extend beyond the physical flow of goods, will also see much growth.
But Mr Lim cautioned that while Singapore strives hard to tap new opportunities, it continues to face domestic constraints in land, labour and energy.
However, the manpower and land constraints give companies no choice but to press on with the drive towards greater productivity.
Mr Lim said: "Nonetheless, we are mindful that drastic and sudden policy changes in our domestic business environment can impact businesses adversely."
Several Members of Parliament had also raised concerns about how SMEs could cope with the restructuring.
Mr Lim said: "We pay particular attention to our SMEs, as they are an important part of our economy and they provide good jobs for some 1.3 million Singaporeans."
He added: "This year, we will work with the Asian Development Bank (ADB) and private insurers to expand the ADB's Trade Finance Programme to enhance trade flows for Singapore-based companies. Many companies already benefit from this programme, which currently supports over US$1 billion of trade capacity. Given that our companies are exporting to Asia's emerging markets, demand for such trade financing programmes will continue to be high."
He said the government is committed to help SMEs through this difficult transition period, and many of the assistance measures introduced this year have been weighed to benefit SMEs more.
He said this was done consciously and deliberately to help them.
Mr Lim said: "Overall, we want to create a conducive business environment for SMEs to tap growth opportunities, drive productivity and innovation as well as build capabilities. Last April, Minister of State Teo Ser Luck led a committee of representatives from MTI, SPRING, IE Singapore and key industry partners to comprehensively review our schemes for SMEs. Arising from this review are eight strategies, which will be implemented to help SMEs."
One such programme is the SME Talent Programme, which was earlier announced at Budget. It will create a pipeline of local talent for SMEs.
Under the programme, SPRING will match over 3,000 promising polytechnic and ITE students with SMEs over the next 5 years.
Upon graduation, these students will start their careers with SMEs that can offer them good jobs and training.
Mr Lim said: "We will work through the trade associations and chambers (TACs) for this programme, since they know the industry best and will be able to identify progressive SMEs to work with. We hope that this will attract more local talent to join SMEs and encourage the entrepreneurial spirit in Singapore. The government will co-fund the programme, which will amount to more than S$70 million over five years."
Mr Lim said there are no quick fixes in addressing the challenges, and the path of restructuring will not be easy but the government is committed to help companies face the challenges.
- CNA/xq
- wong chee tat :)
By S Ramesh | Posted: 11 March 2013 1505 hrs
SINGAPORE: Trade and Industry Minister Lim Hng Kiang pointed out that Singapore's economy is expected to grow at an average of three to four per cent for the rest of the decade and for a country that has enjoyed twice that rate of growth since 2003, the slowdown will be a significant change.
He added given the weak external environment and the tighter labour situation domestically, Singapore expects a modest one to three per cent growth in 2013.
He said his ministry has two strategies for achieving quality economic growth.
The first is staying open and flexible to tap global and regional opportunities, and the second is restructuring the economy so that companies and workers can achieve higher productivity and sustainability.
Free trade agreements (FTAs) are also another way to help small and medium enterprises (SMEs) globalise through a large and comprehensive network of trade agreements with major trading partners such as China, Australia and India.
Mr Lim said: "These FTAs improve market access for our companies as they expand overseas. In 2012, more than 1,700 companies benefited from our FTAs, and we expect this number to increase as we expand our FTA networks and make them more user-friendly."
Mr Lim said the Singapore economy must remain open to investment and talent flow, to bring in new activities and bring companies out into the region.
Speaking in Parliament during the ministry's budget debate, he said the slowdown would be most acutely felt in the workforce as the population ages and the citizen workforce shrinks over time. To deal with this slowdown, companies must restructure and aim for higher productivity.
Mr Lim emphasised that restructuring is painful, but it is unavoidable.
Mr Lim said the government sees opportunities for Singapore companies seeking to tap Asia's growth and the continuing economic integration of the region in four sectors.
One is the pharmaceutical industry, which offers high wages and employs more than 5,700 people, where 80 per cent perform skilled jobs.
Mr Lim said biologics is one niche area within the industry that has been gaining momentum.
Over the next three to five years, the sector will create at least 500 highly-skilled jobs for chemists, microbiologists, biotechnologists, engineers and technicians.
The next sector is baby products and services - fuelled mainly by the population boom in Asia and the rising middle class.
Mr Lim said Singapore has become an established hub for commercial and innovation activities in baby nutrition and baby care.
The silver industry is also a potential growth segment, said Mr Lim, and Singapore is well-placed to tap the market.
High-end logistics services, which extend beyond the physical flow of goods, will also see much growth.
But Mr Lim cautioned that while Singapore strives hard to tap new opportunities, it continues to face domestic constraints in land, labour and energy.
However, the manpower and land constraints give companies no choice but to press on with the drive towards greater productivity.
Mr Lim said: "Nonetheless, we are mindful that drastic and sudden policy changes in our domestic business environment can impact businesses adversely."
Several Members of Parliament had also raised concerns about how SMEs could cope with the restructuring.
Mr Lim said: "We pay particular attention to our SMEs, as they are an important part of our economy and they provide good jobs for some 1.3 million Singaporeans."
He added: "This year, we will work with the Asian Development Bank (ADB) and private insurers to expand the ADB's Trade Finance Programme to enhance trade flows for Singapore-based companies. Many companies already benefit from this programme, which currently supports over US$1 billion of trade capacity. Given that our companies are exporting to Asia's emerging markets, demand for such trade financing programmes will continue to be high."
He said the government is committed to help SMEs through this difficult transition period, and many of the assistance measures introduced this year have been weighed to benefit SMEs more.
He said this was done consciously and deliberately to help them.
Mr Lim said: "Overall, we want to create a conducive business environment for SMEs to tap growth opportunities, drive productivity and innovation as well as build capabilities. Last April, Minister of State Teo Ser Luck led a committee of representatives from MTI, SPRING, IE Singapore and key industry partners to comprehensively review our schemes for SMEs. Arising from this review are eight strategies, which will be implemented to help SMEs."
One such programme is the SME Talent Programme, which was earlier announced at Budget. It will create a pipeline of local talent for SMEs.
Under the programme, SPRING will match over 3,000 promising polytechnic and ITE students with SMEs over the next 5 years.
Upon graduation, these students will start their careers with SMEs that can offer them good jobs and training.
Mr Lim said: "We will work through the trade associations and chambers (TACs) for this programme, since they know the industry best and will be able to identify progressive SMEs to work with. We hope that this will attract more local talent to join SMEs and encourage the entrepreneurial spirit in Singapore. The government will co-fund the programme, which will amount to more than S$70 million over five years."
Mr Lim said there are no quick fixes in addressing the challenges, and the path of restructuring will not be easy but the government is committed to help companies face the challenges.
- CNA/xq
- wong chee tat :)
Not true that new housing scheme only appeals to small group: Khaw
Not true that new housing scheme only appeals to small group: Khaw
By Olivia Siong | Posted: 11 March 2013 1421 hrs
SINGAPORE: National Development Minister Khaw Boon Wan has rebutted claims that the new scheme, which allows singles to buy new flats directly from the government, appeals to only a small group of people.
Mr Khaw had announced last week that singles aged 35 and above who earn up to S$5,000 a month will be allowed to apply for two-room Build-to-Order (BTO) flats.
He was responding to a clarification raised by MP for Nee Soon GRC Lee Bee Wah in Parliament.
Ms Lee said she had received feedback from her residents that they might not fall into the 5,000-dollar income ceiling.
Separately, Mr Khaw said he had also received feedback that the new scheme is something that only a few can enjoy.
In response, Mr Khaw said more than 80 per cent of singles aged above 35 earn under S$5,000.
Mr Khaw stressed this is not a small group.
He said it is fair to open up the scheme to this group of singles first, before reviewing the conditions again.
Mr Khaw added if the demand is manageable, he will definitely consider raising the income ceiling.
"If you set too high a salary ceiling, what it means is when you have to ration and through balloting, then it is luck of the draw and you may end up offering units to those who are earning S$10,000, while depriving those who are truly earning S$4,000 or S$3,000, who may need it more badly and have fewer options," explained Mr Khaw.
Mr Khaw added that it is not possible to try and forge a perfect solution in policy making.
He said his approach is to be clear of where the end point is, but to start off cautiously and progressively open up.
This is opposed to opening up in a liberal manner in the beginning, and risk disappointing many at the first stage.
Responding to another point raised by Ms Lee that some might prefer to buy three-room flats so that they can live with their parents, Mr Khaw said he understood the wish.
He added some have also written to him to ask for five-room flats.
But Mr Khaw said his ministry will need to judge the demand for the two-room flats first, before liberalising from there.
As for those who want to stay with their parents, Mr Khaw said they can already apply as a family unit for three, four, or five-room BTO units.
- CNA/xq
- wong chee tat :)
By Olivia Siong | Posted: 11 March 2013 1421 hrs
SINGAPORE: National Development Minister Khaw Boon Wan has rebutted claims that the new scheme, which allows singles to buy new flats directly from the government, appeals to only a small group of people.
Mr Khaw had announced last week that singles aged 35 and above who earn up to S$5,000 a month will be allowed to apply for two-room Build-to-Order (BTO) flats.
He was responding to a clarification raised by MP for Nee Soon GRC Lee Bee Wah in Parliament.
Ms Lee said she had received feedback from her residents that they might not fall into the 5,000-dollar income ceiling.
Separately, Mr Khaw said he had also received feedback that the new scheme is something that only a few can enjoy.
In response, Mr Khaw said more than 80 per cent of singles aged above 35 earn under S$5,000.
Mr Khaw stressed this is not a small group.
He said it is fair to open up the scheme to this group of singles first, before reviewing the conditions again.
Mr Khaw added if the demand is manageable, he will definitely consider raising the income ceiling.
"If you set too high a salary ceiling, what it means is when you have to ration and through balloting, then it is luck of the draw and you may end up offering units to those who are earning S$10,000, while depriving those who are truly earning S$4,000 or S$3,000, who may need it more badly and have fewer options," explained Mr Khaw.
Mr Khaw added that it is not possible to try and forge a perfect solution in policy making.
He said his approach is to be clear of where the end point is, but to start off cautiously and progressively open up.
This is opposed to opening up in a liberal manner in the beginning, and risk disappointing many at the first stage.
Responding to another point raised by Ms Lee that some might prefer to buy three-room flats so that they can live with their parents, Mr Khaw said he understood the wish.
He added some have also written to him to ask for five-room flats.
But Mr Khaw said his ministry will need to judge the demand for the two-room flats first, before liberalising from there.
As for those who want to stay with their parents, Mr Khaw said they can already apply as a family unit for three, four, or five-room BTO units.
- CNA/xq
- wong chee tat :)
Government to increase supply of rental flats by 20% to 60,000
Government to increase supply of rental flats by 20% to 60,000
By Olivia Siong | Posted: 11 March 2013 1236 hrs
SINGAPORE: The government will ramp up the supply of rental flats to 60,000, a 20 per cent increase from the 50,000 last year.
Announcing this in Parliament on Monday, Senior Parliamentary Secretary for National Development Maliki Osman said the government has always been committed to helping the weak and vulnerable victims of circumstances.
Dr Maliki said one way the government has done this is through supporting low-income families own their own homes.
But for those who cannot afford their own home, the government has provided rental flats.
Dr Maliki also stressed that although market rents have increased significantly, the public rental structure has not increased since 2006.
He added that the government also has no plans to do so.
In administering the public rental scheme, Dr Maliki said there are rules in place to focus help at the vulnerable.
This is while ensuring that imprudent behaviour is not encouraged, and the work ethic is not eroded.
But he added that in the application of these rules, the government will consider the merit of each case and exercise flexibility and compassion to help those in dire need.
Dr Maliki said the government helps vulnerable families holistically and fundamentally.
This is to prevent them from getting into difficulties, and to help them get out if they do get into difficulties and to also prevent entrenchment.
- CNA/de
- wong chee tat :)
By Olivia Siong | Posted: 11 March 2013 1236 hrs
SINGAPORE: The government will ramp up the supply of rental flats to 60,000, a 20 per cent increase from the 50,000 last year.
Announcing this in Parliament on Monday, Senior Parliamentary Secretary for National Development Maliki Osman said the government has always been committed to helping the weak and vulnerable victims of circumstances.
Dr Maliki said one way the government has done this is through supporting low-income families own their own homes.
But for those who cannot afford their own home, the government has provided rental flats.
Dr Maliki also stressed that although market rents have increased significantly, the public rental structure has not increased since 2006.
He added that the government also has no plans to do so.
In administering the public rental scheme, Dr Maliki said there are rules in place to focus help at the vulnerable.
This is while ensuring that imprudent behaviour is not encouraged, and the work ethic is not eroded.
But he added that in the application of these rules, the government will consider the merit of each case and exercise flexibility and compassion to help those in dire need.
Dr Maliki said the government helps vulnerable families holistically and fundamentally.
This is to prevent them from getting into difficulties, and to help them get out if they do get into difficulties and to also prevent entrenchment.
- CNA/de
- wong chee tat :)
Govt open to extending singles' housing policy to more people
Govt open to extending singles' housing policy to more people
By Dylan Loh | Posted: 10 March 2013 1714 hrs
SINGAPORE: National Development Minister Khaw Boon Wan says the government is open to raising the income ceiling to allow more singles to buy new HDB flats.
But this will depend on how manageable application rates are for the new scheme, which was announced on Friday during the Committee of Supply debate for the Ministry for National Development.
Singaporeans aged 35 and above, who are singles and earn up to S$5,000 a month, can soon apply to buy two-room Build-To-Order (BTO) flats in non-mature estates.
The government is still finalising details of the policy but aims to let the first batch of eligible singles apply in the July BTO launch.
Speaking on the sidelines of a community event on Sunday, Mr Khaw said housing policies need to be gently tweaked before more adjustments are made.
He explained that baby steps are taken so as not to impact the property market drastically.
This goes for building new homes too, and the trick is to determine the correct supply to meet demand.
Mr Khaw said it would not be practical for the government to build 25,000 flats annually, if there are only 15,000 marriages.
Building in excess may also hurt the rental market where some 40,000 HDB flats are being sublet in whole.
"There are something like 80,000, 90,000 families out there - which is a lot - who are depending on rental income. So they will suffer, for example, if there is a collapse in the rental market," said Mr Khaw.
Mr Khaw said housing policies cannot be toyed around with, like the computer game "SimCity" where players are tasked to develop a virtual city.
"Singapore is not 'SimCity', because if you manipulate wrongly, it hurts people, real people, fellow Singaporeans. Then what? So, I think, let's be a little bit reflective," he said.
Mr Khaw said there is no one perfect housing initiative that will please everybody. The important thing is for Singaporeans to think carefully about the trade-offs between different policies, he said.
In this respect, he hopes citizens will come forward and have a conversation with him, as the government fine-tunes the various steps taken to improve the housing situation in Singapore.
Mr Khaw said it should take around two to four months to gather views from different stakeholders.
While Members of Parliament and the public have offered suggestions, Mr Khaw said it is crucial to determine which of them are workable.
And a key indicator of this is how housing prices are impacted.
Whatever trade-offs are made, they have to be sustainable over the long term, said Mr Khaw.
On the various cooling measures introduced, Mr Khaw said the government is aiming for a "soft-landing" approach, not a sharp correction to the property market.
He said around 40 to 50 per cent of homeowners are still servicing mortgages and a drastic drop in property prices may prompt banks to ask the homeowners to top up loans, causing severe financial problems.
- CNA/ir
- wong chee tat :)
By Dylan Loh | Posted: 10 March 2013 1714 hrs
SINGAPORE: National Development Minister Khaw Boon Wan says the government is open to raising the income ceiling to allow more singles to buy new HDB flats.
But this will depend on how manageable application rates are for the new scheme, which was announced on Friday during the Committee of Supply debate for the Ministry for National Development.
Singaporeans aged 35 and above, who are singles and earn up to S$5,000 a month, can soon apply to buy two-room Build-To-Order (BTO) flats in non-mature estates.
The government is still finalising details of the policy but aims to let the first batch of eligible singles apply in the July BTO launch.
Speaking on the sidelines of a community event on Sunday, Mr Khaw said housing policies need to be gently tweaked before more adjustments are made.
He explained that baby steps are taken so as not to impact the property market drastically.
This goes for building new homes too, and the trick is to determine the correct supply to meet demand.
Mr Khaw said it would not be practical for the government to build 25,000 flats annually, if there are only 15,000 marriages.
Building in excess may also hurt the rental market where some 40,000 HDB flats are being sublet in whole.
"There are something like 80,000, 90,000 families out there - which is a lot - who are depending on rental income. So they will suffer, for example, if there is a collapse in the rental market," said Mr Khaw.
Mr Khaw said housing policies cannot be toyed around with, like the computer game "SimCity" where players are tasked to develop a virtual city.
"Singapore is not 'SimCity', because if you manipulate wrongly, it hurts people, real people, fellow Singaporeans. Then what? So, I think, let's be a little bit reflective," he said.
Mr Khaw said there is no one perfect housing initiative that will please everybody. The important thing is for Singaporeans to think carefully about the trade-offs between different policies, he said.
In this respect, he hopes citizens will come forward and have a conversation with him, as the government fine-tunes the various steps taken to improve the housing situation in Singapore.
Mr Khaw said it should take around two to four months to gather views from different stakeholders.
While Members of Parliament and the public have offered suggestions, Mr Khaw said it is crucial to determine which of them are workable.
And a key indicator of this is how housing prices are impacted.
Whatever trade-offs are made, they have to be sustainable over the long term, said Mr Khaw.
On the various cooling measures introduced, Mr Khaw said the government is aiming for a "soft-landing" approach, not a sharp correction to the property market.
He said around 40 to 50 per cent of homeowners are still servicing mortgages and a drastic drop in property prices may prompt banks to ask the homeowners to top up loans, causing severe financial problems.
- CNA/ir
- wong chee tat :)
Potential home owners welcome new housing scheme
Potential home owners welcome new housing scheme
By Saifulbahri Ismail | Posted: 09 March 2013 2107 hrs
SINGAPORE: Potential home owners may not be in a rush to exercise their options in the housing schemes announced in Parliament.
Although they welcomed the schemes, they said everything depends on their individual circumstances.
When Yoko Lee divorced in 2010, he was barred from buying a flat until five years later. Mr Lee and his 12-year-old daughter had little choice but to find other housing options. They stayed with relatives and now live in a rental one-room flat.
With the revised policy, the 30-year-old salesman will now be able to buy a Built-to-Order (BTO) flat faster and move on with life.
Mr Lee said: "The reason for me to get a BTO flat is for my daughter's sake. Basically, she always wanted her own room and if she gets her own room she has a better living environment. That's always been her dream as well."
The changes in housing policy announced in Parliament had something for everyone. Married couples without children applying for a flat for the first time will receive more help.
The Parenthood Provisional Housing Scheme has been extended to this group. They will be able to rent a flat while waiting for their homes to be completed.
One such person is Lester Kok and he said: "For young couples, one of the things that's preventing us from having kids is actually the lack of our own place. Given the option to rent a place, apart from our parent's home is a good option. The primary reason why we want to move out from our parents is not only for independence but more for intimacy, to really live with one another without complications of family habits. It's important for just the two of us to live together for a period of time right after we're married."
However, not all may be excited about the new changes.
Property analysts said young families whose flats are near completion will not have any incentive to start renting a flat.
CEO of Propnex, Mohd Ismail said: "Because every house you start to rent unfurnished, you have to spend money, time, effort to make it a home for the next one to two years, and that's going to cost you. After you receive the keys to your BTO flat, you still have the cost of renovations and other things. So, it would not be wise for people to take advantage just because it's extended and spend your money in a temporary home, where all these savings should be reserved for an eventual dream home which is for the long term."
HDB said if demand exceeds supply, priority must still be given to those with children.
More details will be released next month.
- CNA/ck
- wong chee tat :)
By Saifulbahri Ismail | Posted: 09 March 2013 2107 hrs
SINGAPORE: Potential home owners may not be in a rush to exercise their options in the housing schemes announced in Parliament.
Although they welcomed the schemes, they said everything depends on their individual circumstances.
When Yoko Lee divorced in 2010, he was barred from buying a flat until five years later. Mr Lee and his 12-year-old daughter had little choice but to find other housing options. They stayed with relatives and now live in a rental one-room flat.
With the revised policy, the 30-year-old salesman will now be able to buy a Built-to-Order (BTO) flat faster and move on with life.
Mr Lee said: "The reason for me to get a BTO flat is for my daughter's sake. Basically, she always wanted her own room and if she gets her own room she has a better living environment. That's always been her dream as well."
The changes in housing policy announced in Parliament had something for everyone. Married couples without children applying for a flat for the first time will receive more help.
The Parenthood Provisional Housing Scheme has been extended to this group. They will be able to rent a flat while waiting for their homes to be completed.
One such person is Lester Kok and he said: "For young couples, one of the things that's preventing us from having kids is actually the lack of our own place. Given the option to rent a place, apart from our parent's home is a good option. The primary reason why we want to move out from our parents is not only for independence but more for intimacy, to really live with one another without complications of family habits. It's important for just the two of us to live together for a period of time right after we're married."
However, not all may be excited about the new changes.
Property analysts said young families whose flats are near completion will not have any incentive to start renting a flat.
CEO of Propnex, Mohd Ismail said: "Because every house you start to rent unfurnished, you have to spend money, time, effort to make it a home for the next one to two years, and that's going to cost you. After you receive the keys to your BTO flat, you still have the cost of renovations and other things. So, it would not be wise for people to take advantage just because it's extended and spend your money in a temporary home, where all these savings should be reserved for an eventual dream home which is for the long term."
HDB said if demand exceeds supply, priority must still be given to those with children.
More details will be released next month.
- CNA/ck
- wong chee tat :)
Time for HDB to go back to where it started & examine affordability: Liang
Time for HDB to go back to where it started & examine affordability: Liang
By S Ramesh | Posted: 09 March 2013 1957 hrs
SINGAPORE: Deputy Chair of the National Development Government Parliamentary Committee, Liang Eng Hwa said it's probably time for HDB to go back to the drawing board and examine the issue of affordability.
Both he and at least one property analyst are waiting for more details of the new housing schemes announced in Parliament on Friday.
More help for first time married couples and singles to meet their housing needs were just some of the measures announced by National Development Minister Khaw Boon Wan in Parliament on Friday.
Mr Liang said the measures take into account feedback given to the government by Members of Parliament (MPs).
He said: "We see action being taken. Minister Khaw Boon Wan has been listening and also discussing with many of our MPs. There will be some safeguards, there will be some rules to go by. But, by and large we should be accommodative to help the singles especially to get flats.
"Many of them, as flat prices go up, they buy from the resale and with higher COV (cash over valuation), it is going to cost them quite a fair bit. And so we should try to assist them especially those in the lower income groups to give them a peace of mind with a home set aside a number, quota for our singles so that they do not have to compete with the many others."
Key executive officer of ERA, Eugene Lim said: "It serves their needs but there will be some who will be asking why not three-room flats. Currently, most of the singles who buy flats in the resale market are buying the three-room flat type, so they are pretty used to the size. Allowing them to buy two-room flats is actually capping the size of the flats they are used to."
Both, however, agree that it's time to go back to the basics of quality housing at affordable prices.
Mr Liang said: "When public housing started, the main intent was to provide quality housing at affordable prices. This appreciating asset portion was not intended to be. But as the country progressed, with our economic growth and incomes going up and savings going up, the value of the flat has gone up as well and it is a good thing. It does add wealth to our citizens, who do see their valuation go up and the possibility of them to monetise.
"As we see property prices at these kinds of levels and the economic growth that we will see in the next two decades which will be slower and coupled with the demographic changes like the ageing population, the lower fertility rate, more singles, all these do impact public housing going forward including whether it will be appreciating asset.
"The HDB should go back to where it started and look at affordability. We must tackle the affordability part, though flats are still affordable, they are on the upward end of the range of affordability.
"We should look at how we can price our flats so that it can be affordable to Singaporeans, especially for the first time home buyers and come out with different packages or schemes so that the lower income groups are able to buy a flat and raise a family."
Mr Lim said: "The idea is not to bring down the property market prices, the idea is to keep housing affordable and monitor the response of the market and make necessary tweaks to the system.
"For example, is it necessary to cap it at two-room flats for singles or should they also allow them to buy three-room flats which is something they are used to. The adjustment in the BTO ratios increase to 30 per cent only applies to small flats. What about extending it to four-room flats because four-room flat owners are made up of majority families with one or two children, some even have three children. The current policy of applying to three-room flats sort of limits the scope of the policy; no policy is cast in stone we expect after implementation they may tweak the necessary parts they need to do so."
Also described as timely, the plan to impose a quota on non citizens renting HDB flats and rooms to prevent the formation of foreigner enclaves.
Both said the numbers are becoming more visible in some estates causing some unease and discomfort to the residents.
- CNA/ck
- wong chee tat :)
By S Ramesh | Posted: 09 March 2013 1957 hrs
SINGAPORE: Deputy Chair of the National Development Government Parliamentary Committee, Liang Eng Hwa said it's probably time for HDB to go back to the drawing board and examine the issue of affordability.
Both he and at least one property analyst are waiting for more details of the new housing schemes announced in Parliament on Friday.
More help for first time married couples and singles to meet their housing needs were just some of the measures announced by National Development Minister Khaw Boon Wan in Parliament on Friday.
Mr Liang said the measures take into account feedback given to the government by Members of Parliament (MPs).
He said: "We see action being taken. Minister Khaw Boon Wan has been listening and also discussing with many of our MPs. There will be some safeguards, there will be some rules to go by. But, by and large we should be accommodative to help the singles especially to get flats.
"Many of them, as flat prices go up, they buy from the resale and with higher COV (cash over valuation), it is going to cost them quite a fair bit. And so we should try to assist them especially those in the lower income groups to give them a peace of mind with a home set aside a number, quota for our singles so that they do not have to compete with the many others."
Key executive officer of ERA, Eugene Lim said: "It serves their needs but there will be some who will be asking why not three-room flats. Currently, most of the singles who buy flats in the resale market are buying the three-room flat type, so they are pretty used to the size. Allowing them to buy two-room flats is actually capping the size of the flats they are used to."
Both, however, agree that it's time to go back to the basics of quality housing at affordable prices.
Mr Liang said: "When public housing started, the main intent was to provide quality housing at affordable prices. This appreciating asset portion was not intended to be. But as the country progressed, with our economic growth and incomes going up and savings going up, the value of the flat has gone up as well and it is a good thing. It does add wealth to our citizens, who do see their valuation go up and the possibility of them to monetise.
"As we see property prices at these kinds of levels and the economic growth that we will see in the next two decades which will be slower and coupled with the demographic changes like the ageing population, the lower fertility rate, more singles, all these do impact public housing going forward including whether it will be appreciating asset.
"The HDB should go back to where it started and look at affordability. We must tackle the affordability part, though flats are still affordable, they are on the upward end of the range of affordability.
"We should look at how we can price our flats so that it can be affordable to Singaporeans, especially for the first time home buyers and come out with different packages or schemes so that the lower income groups are able to buy a flat and raise a family."
Mr Lim said: "The idea is not to bring down the property market prices, the idea is to keep housing affordable and monitor the response of the market and make necessary tweaks to the system.
"For example, is it necessary to cap it at two-room flats for singles or should they also allow them to buy three-room flats which is something they are used to. The adjustment in the BTO ratios increase to 30 per cent only applies to small flats. What about extending it to four-room flats because four-room flat owners are made up of majority families with one or two children, some even have three children. The current policy of applying to three-room flats sort of limits the scope of the policy; no policy is cast in stone we expect after implementation they may tweak the necessary parts they need to do so."
Also described as timely, the plan to impose a quota on non citizens renting HDB flats and rooms to prevent the formation of foreigner enclaves.
Both said the numbers are becoming more visible in some estates causing some unease and discomfort to the residents.
- CNA/ck
- wong chee tat :)
Subscribe to:
Posts (Atom)