Serious Former GIC Economics Yeoh And Oppie Terry Caught Lying! Anyhow Say PAP And HDB Make Money From Land Sales!

[winnipegjets]

Accounting is a number game and can be tailored to fit the circumstances. PAP has one of the best accounting team in the country.

 

[mojito]

So it is true. We made no profits from land sales. We grow our savings more in stead. What is wrong wif saving more?

 

[tobelightlight]

PAP claimed that they didn't make any profit from land sale etc etc, which published the claim in The Straits Times and other news outlet in SG which is controlled by the state and PAP themselves.

How can i believe the PAP claims???? Can sinkies see through all these claim craps???

 

[GaoFar]

So it is true. We made no profits from land sales. We grow our savings more in stead. What is wrong wif saving more?

There is nothing wrong but something is "very wrong" with SInkies instead.

Complain complain but never do anything!

 

[bic_cherry]

View attachment 164830

SINGAPORE: A correction direction has been issued to alternative news website The Online Citizen (TOC) and Mr Yeoh Lam Keong, a former chief economist of Singapore sovereign wealth fund GIC, after they posted false and misleading statements about HDB’s deficits and Singapore’s past reserves.

Mr Yeoh published two Facebook posts on Oct 4, referring to the parliamentary reply from the National Development Minister to Mr Leong Mun Wai's question on HDB incurring an estimated development loss of about S$270 million from the Central Weave @ Ang Mo Kio Build-to-Order (BTO) project.

In a media release on Friday (Oct 14), the Ministry of National Development (MND) said Mr Yeoh's posts falsely convey that HDB will not incur a loss of about S$270 million from the project, and that the Government is free to sell state land at nominal or much lower cost than its fair market value.

"The Online Citizen (TOC) subsequently carried an article on the same day echoing the points raised in Yeoh’s Facebook posts," said MND.

On Oct 5, TOC published a second article headlined “Singapore’s reserves substantially profits from S$500m land sales in AMK BTO”.

The article claimed that Minister for National Development Desmond Lee’s parliamentary reply alluded to "profits being made from the land sale by the government" and that "such profits would go to the reserves", said the ministry.

"The headline falsely conveys that the Government’s sale of land to HDB for the AMK BTO project will lead to an increase in Singapore’s reserves."

Recipients of a correction direction under the Protection from Online Falsehoods and Manipulation Act (POFMA) are required to insert a notice against the original post or article, with a link to the Government’s clarification.

Mr Yeoh and TOC have added correction notices to the post and articles in question.

MND said that the losses incurred by HDB are "accurate and real", adding that the agency's deficits are covered using funding from the annual Budget, which is raised from taxes and other revenue streams.

"Real money is involved, and this is certainly not an 'accounting sleight of hand'," said MND.

It stressed that state land is part of Singapore's past reserves, and is not part of the assets that the Government can use as it wishes.

"When HDB requires land to develop flats, the land has to be taken out of the past reserves. HDB has to purchase the land by paying fair market value for the land, and the money goes into the past reserves. The estimated land cost for Central Weave @ AMK is about S$500 million," MND said.

"The Government cannot sell state land at nominal or much lower cost than its fair market value without the President’s approval, as doing so would constitute a draw on past reserves."

Singapore's past reserves are protected by the Constitution for the benefit of current and future generations, noted MND.

"The Government cannot sell state land at nominal or much lower cost than its fair market value without the President’s approval, as doing so would constitute a draw on past reserves," it said, adding that there is an established process to determine the fair market value of land.

"Neither the Government nor the past reserves profit from land sales," MND said.

"For the Central Weave @ AMK BTO project, HDB will pay the Government fair market value for the land, estimated to be about S$500 million. This money will be paid into the past reserves, but does not result in a net increase in the past reserves."

https://www.channelnewsasia.com/sin...cits-past-reserves-yeoh-lam-keong-toc-3008241

According to PAP self same accounting methods, all corporate and personal income taxes should be refunded for all.
Since when they loan out a piece of 99yrwrs leasehold land to HDB for SGD$500M, they deny receiving any revenue whatsoever at all, denying enrichment of coffers (which increased by value of $500M), because they only 'converted' a use of physical assets (over lease hold period) into a fiat currency form.
This is a plainly facetious argument, since it's the leasehold and not freehold title which was actually sold.
So likewise, when I collect my salary, it is merely a conversion from my time and energy assets into a fiat currency form. In no way have I been enriched in the process and in fact, just like the PAP/government has incurred the opportunity cost of not being able to host political propaganda activities on the vacant land mass , I too have incurred the personal cost of not being able to day dream, study as the result of me hard at work, performing the duties of my day job.
The PAP even used the denial of revenue from land sales to HDB ($500M in case of AMK Central Weave) as a government income and denied that citizens had contributed anything to the reserves when by simple maths, $558K of the price of the average HDB AMK Weave was paid to government as land costs.
There is no denial that both the government and the reserves are enriched repeatedly from these leasehold land leases and the majority citizens, if not all inhabitants have become a perpetual milking cow for the incumbent government in power, since people would willingly pay a pound of flesh to receive shelter from inclement weather (and against other humans with morals, the likes of politicians amassing political power).
But the government has been very unfair to the citizens in this case, because they apply two very different and contradicting methods to classify income, which should logically be accounted for in similar ways, just amortised/ divided over whatever duration the service or loan is conducted over.
It would be only a matter of time when the entire government becomes a charade, where home prices are stratospheric and the government is into massive financial accounts manipulation and propaganda, such as the CPF HDB grant which has already reached many times a citizen annual salary level in some cases and inflation continues unabated.
More and more administrators will need to be hired to keep the skeletons inside the closet and discordances swept under the carpet.

And when this growing can of worms finally explodes, it will not just demolish the nation, but destabilise the entire South East Asia also.
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S$500 million.

“The money that HDB will need to pay for the land must be paid back into the past reserves..."

https://www.todayonline.com/singapore/ang-mo-kio-bto-loss-s250m-desmond-lee-2010546
Since Central Weave @ AMK is 896 units, on average, each citizen who purchased a BTO HDB flat from HDB, on average, PERMANENTLY contributed $558K to the reserves for land they only TEMPORARILY borrowed to use.

 

[batman1]

If the govt sell state land at market price,sure make a huge profit. Where are the profit from sale of state land ??