Is MBT a born again Christian?

[VIBGYOR]

Hallelujah!


S'pore govt to spend billions of dollars on infrastructural projects
By Wong Siew Ying, Channel NewsAsia | Posted: 06 February 2009

SINGAPORE : The Singapore government will implement more measures to stabilise the property market if needed.

The assurance came from National Development Minister Mah Bow Tan in Parliament on Friday.

Mr Mah said the government will go also go ahead with multi-billion dollars worth of infrastructural projects.

Marina Bay, Singapore's new premier business district, is taking shape.

So far, the government has invested S$5.7 billion on infrastructural works there.

And it is set to pump another S$1 billion into developing the area over the next 10 to 15 years.

Mr Mah said: "We are also pressing on with the infrastructure development for new regional commercial hubs at Jurong East, Paya Lebar and Kallang that were earmarked for development in URA's Master Plan 2008.

"A total of S$2.9 billion will be invested to implement essential infrastructure works for the progressive development of these three new growth areas."

These include the upgrading of existing transportation system, and building works for commercial developments, a hospital and the Science Centre.

More money will also be channelled to give public housing estates a facelift.

The government has spent S$2.4 billion on upgrading programmes over the last five years. And it has committed to invest another S$4.6 billion for the next five years.

With the global economic slowdown, demand in the construction sector is expected to moderate to about S$20 billion to S$29 billion over the next three years.

Still, the government is optimistic about prospects ahead.

Grace Fu, Senior Minister of State, National Development, said: "For 2009 alone, the value of government projects to be awarded will reach between S$18 billion and
S$20 billion. This will make up for the slack in private sector demand."

These projects include upgrading of community clubs and roads and building of new rental flats.

These are valued at between S$15 million and S$50 million each.

The government has previously announced a slew of measures to help developers and the construction industry ride out the tough times.

These measures include initiatives to ease the cash-flow of developers, and giving them more flexibility to stage the sale and construction of their developments in accordance with market conditions.

In addition, it is also promoting prompt and more frequent payment for public sector projects, as well as undertaking higher risk by lowering the security deposits for construction projects. - CNA

 

[VIBGYOR]

HDB help for homeowners affected by recession
By 938LIVE | Posted: 06 February 2009


Special Report

• Singapore Budget 2009

SINGAPORE: The Housing and Development Board (HDB) will temporarily reduce or defer loan repayments for up to six months to help households affected by the current recession.

National Development Minister Mah Bow Tan, speaking during the debate on his ministry's budget estimates in Parliament, said this move aims to help homeowners who have had their incomes affected by retrenchments or pay cuts.

"This gives them time to make adjustments to their lifestyles and consider longer-term options," he said.

"However, reducing the loan repayment cannot be a solution in itself, especially in cases where the poor financial situation is likely to persist.

"The longer we stretch the reduced repayments, the more the interest accumulates," he added.

Mr Mah warned that households could also be lulled into a false sense of financial security because of this.

He pointed out that HDB allowed very long periods of reduced repayments during the last economic downturn in 2003 and 2004.

Because of this, there are now 6,500 households in arrears.

Mr Mah said: "So we've got 6,500 households who are owing arrears for more than two years. Some of them are owing three years, four years. We had hoped by giving them more time, they would be better able to resolve their financial problems. Instead, they remain unable to service their loans and they are not nearer to a sustainable solution. In fact their circumstances have worsened significantly and their arrears have gone up."

That is why instead of providing short-term relief to its arrears cases, HDB now helps them find longer-term sustainable solutions to their problems, said Mr Mah.

To do this, affected households must be prepared to make tough adjustments and these include subletting a room or even the whole flat.

Homeowners can also consider downgrading their flats to help them get through these difficult times, said Mr Mah.

- 938LIVE.

 

[ahbengsong]

you should go to jail first before repenting.. ok ??..