The #RidoutGate Mega-Thread!

[Willamshakespear]

Many citizens living in small HDB flats are astonished by Worldwide buyers of Singapore land scarce properties & which will give a better ROI than in other nations, due to our port location & hard work by forefathers & founding fathers to transform Singapore to what it is for us & our generations - a land of opportunities.

The bone of contention now, brought into the public sphere - our Parliament - that has much MORE critical issues to deal with as there is only limited time while our World changes by the hour - is sadly over mere parcels of VACANT land that had sought to use it to benefit our nation whom values TRANSPARENCY, as those who rent them are Cabinet Ministers whom are chosen thru our free & fair Election of legislatives to represent us for sure have higher responsibilities to 3.5 million citizens & another 1.5 inhabitants on our land, than the average worker whom lives in a 2, 3, 4 or more rooms flat, that had not been left behind in our national policies evident by our peace & prosperity compared to other nations,

Would those whom are playing evident 'envy politics' be happy if rich FOREIGNERS from US, EU & especially China instead of renting those parcels - bought over them due to the kind of wealth they can obtain easily with their HIGH population count & HUGE markets, thru our Rule of Law & transparent transactions? And then only to complain later about foreigners owning precious land holdings?

At least our Ministers only RENT those huge lands & for genuine purposes based upon their capacity & responsibilities of civil appointment. They too are citizens, & can easily buy even bigger palaces elsewhere than here at mere fractions of the price for the same landspace. By renting, they had proven they had no intention to hog such huge lands, & will rather leave it to others whom need it, or else, they would have bought it without a care to others like other rich conglomerates & the corrupted.

So who is the TRAITOR in Singapore that had attempted to use this minor issue to not just divide our social fabric, to twist facts, but ensure our transparent Rule of Law to benefit foreigners to own huge land space in our land scarce Singapore for his own delusions of grandeur to RULE over all of us, instead? May fellow citizens rise above politics, have a CRITICAL mind as our forefathers had, & see thru the charade,

/

May i ask K J , what is the point of your question ?

K J what thing you trying to achieve ?

Expect KC to raise this powerful question in Parliament

 

[Kee Chew]

An Open Letter to the President demanding a Committee of Inquiry​

K JEYARETNAM 2 DAYS AGO 14 COMMENTS

Dear Madam Halimah Yacob

On 5 May 2023 I raised concerns in a series of social media posts on my blog about two properties managed by the Singapore Land Authority (SLA) which are being tenanted by two senior Cabinet Ministers Shanmugam and Balakrishnan.

On 13 May in response to my concerns, SLA issued a statement confirming that Senior Ministers Shanmugam and Balakrishnan are the tenants of the two compounds on Ridout Road which they inhabit for their own use. The statement is otherwise devoid of useful facts but SLA said that more details will be provided on this issue at the next parliamentary session in July.

SLA properties are state assets on land managed as part of our reserves for the nation. As such these SLA assets fall within your remit as President under your duty both to safeguard the reserves and also in the interests of fairness, to prevent them being used just to benefit a select group at the expense of all Singaporeans.

We are lectured frequently by Government Ministers on the need to ensure that the state receives the full market value for the land it owns. Otherwise, the Ministers say, it would constitute a drain on Past Reserves and be unfair to future generations of Singaporeans. As recently as March 2023, Indranee Rajah, Minister in the Prime Minister’s Office, was reported by The Straits Times as saying in Parliament that excluding “land costs in pricing HDB flats would not only erode Singapore’s reserves but also benefit only a select group of flat buyers at the expense of all Singaporeans.” In the light of Ms Rajah’s remarks, there are legitimate concerns that Mr Shanmugam and Mr Balakrishnan are not paying the full market value that could be realised for the properties and are enjoying a benefit from State assets only available to a select few and that this is therefore a drain on the reserves.

There is a clear conflict of interest here. Why has Mr Shanmugam been allowed to rent a property from SLA when the authority managing these properties is under his control as Minister of Law? Even the statement by SLA exonerating him and Balakrishnan would have come within his remit. Would you not agree that this conflict of interest is egregious and that in the circumstances he should NOT have been allowed to bid and that there must therefore be serious doubts over whether the tender process was open, fair and without favour? This matter is serious enough to warrant a Committee of Inquiry (COI)

Whereas I have no confidence that a transparent complete and fair account of this issue will be presented in Parliament in July, I have no doubt that many MPs will make long speeches taking up the bulk of the Parliamentary session. A few inoffensive and vague questions will be asked by both sides of the house (for faux balance) and then an ad hominem attack will be launched on me from a place where the senior ministers enjoy parliamentary privilege and I have no right of reply. Then we will hear no more.

Without a COI chaired by an independent judge how are we to find out which procedures were adhered to in the process that led to these two senior Ministers being able to rent these two enormous state owned properties at a time when they already owned prestigious and large family homes? This involves two of our most senior Cabinet Ministers. The properties are not mere Good Class Bungalows or ordinary B&Ws. One of the properties sits on the largest residential plot of land in the entire nation after the Istana. One of the most puzzling aspects is why would the Ministers rent at all, given the lack of security and stability that tenure offers, without some kind of sweetheart deal?

More concerns are raised by SLA confirming that Shanmugam was the only bidder for his property. How convenient! Without the price being tested in a free and open market how can SLA confidently state that the rental rate achieved was market value? Even more concerning is that both Ministers appear to have been able to renew their leases for a further three years without a new auction. Ordinarily tenants of these properties do not enjoy any security of tenure and this aspect alone makes them an odd choice for housing senior ministers.

SLA states that the rents paid are above the market guide rate. Again an Inquiry would need to investigate this claim. I have provided some realistic market valuations below. SLA provides no details as to the guide rents or what the Ministers’ initial rents were and whether this was revised upward or indeed downward at the renewal stage. It also provided no information on what the previous tenants had been paying in rent.

Critical to the market guide rent valuation is the matter of the property upgrading. Was the rent rate low and had the properties been empty for a few years because without security of tenure no ordinary tenant would take on the cost of improving the property? As landlord did SLA, contrary to normal commercial practice, make the tenants responsible for maintenance and upkeep? Was that condition relaxed for the incoming Ministers?

I understand that there have been extensive renovations under the new tenancies including new kitchens, tennis courts and swimming pools. A comparison of the maps shows new structures and the back (kitchens and former servant area) of one property to have been extended in two directions. There are of course new structures serving as guard posts. Alarmingly aerial photographs show that the properties, in what can only be described as an act of ecological vandalism, have been cleared of trees.

What tenant would undertake such expansive work at their own cost when they could lose the property after two years? Were they in fact promised unlimited renewal of their leases without obstruction? Did one or both tenants enjoy a rent free period whilst these improvements were under construction. Did the state in fact pay for any of the renovations or does it now pay for the ongoing maintenance or upkeep making the rents rate very advantageous and offering a benefit not available to other potential tenants? These are simple yes or no questions that SLA must answer.

I have calculated based on other sale transactions of Good Class Bungalows (GCB) that the value of the land per square foot should not be less than $1100 per square foot (and probably considerably more) which makes the two properties’ combined valuation not less than $440 million. However these properties by sheer size alone are unique and do not really have a comparison unless someone in your office has done a valuation for the Istana.

On a 1% yield the market rental for 26 should be not less than $2.6 million a year while the rental for 31 should be not less than $1.4 million. But this surely is well below the long term real rate of return on the assets of Temasek, GIC and MAS that the Finance Minister uses to calculate the amount of the Net Investment Returns Contribution (NIRC) that is added to the revenue side of the Budget every year. This appears to be not less than 2% p.a. If we apply the same rate to the land reserves then SLA should be aiming to achieve a rental of over $5.2 million p.a. for 26 and $2.8 million for 31 Ridout Road. Even that rate is extremely undemanding as the rental yield from private property in Singapore is currently over 3% (see here)

It is difficult to see how the two Ministers could afford to pay even a 1% yield based on their salaries or even using family wealth or past earnings. Even were the rentals’ arm’s-length, transparent, free of conflict and represented the true open market value, it is clear that the properties would fetch more if they were redeveloped as either public housing or as private condominiums. I have calculated that together the two properties should be worth over $1 billion after development costs and as much as three or four times that (see here) This should be of great concern to your office.

SLA may argue that these properties and the other historic bungalows it manages represent part of the unique heritage of Singapore that must be preserved and that the land on which they sit is a “green lung”. If this is so then why were the two Ministers allowed to clear most of the ancient trees that stood on these properties, apparently to build amenities for themselves like swimming pools and tennis courts? I understand that permission is required to fell any trees with a girth of 1 metre or more. Were the requisite permissions obtained? If they are heritage properties then why are they only being leased to senior Ministers who already own other large landed family properties where they can relax? How does that represent fair use for Singaporeans?

I have a good record for highlighting and finding constitutional breaches and failures to follow the correct procedures. In 2012 I identified a failure to seek Presidential approval for a loan (although I was denied standing to press this in court). Subsequent to the public interest shown when I raised the constitutional breach, the Auditor General discovered a second loan issued without Presidential approval (see my blog here). This second loan was recalled and the President’s approval sought in the correct manner. Madam President, have you been made aware by parliament of these State assets being enjoyed by the Ministers? Given my insight into the valuations and Ms Rajah’s statement that achieving anything less than full market value for the land would be an unacceptable drain on the reserves, benefitting a select few at the expense of the vast majority of Singaporeans, would you not agree that your approval should have been sought for these lease agreements?

Finally, SLA stated that Mr Shanmugam notified a senior Cabinet colleague about his intention to bid for the property. There are very few Cabinet Ministers senior to Mr Shanmugam. I do hope that senior colleague was not our PM. Previously in connection with his problematic purchase of condos at Nassim Jade, we were told that Mr Lee Hsien Loong, our then DPM, was not aware that he had been offered the condos at a deep discount being unaware of the going market value. I respectfully suggest he would not be the best person to recognise a current guide rent and advise on it.

Yours sincerely

Kenneth Jeyaretnam

​

Published by kjeyaretnam​

I'm a Singaporean economist who became an opposition activist. I blog to provide an alternative to the porkies that the Pinkies tell. It just so happens that my alternative is the truth. That's why I've never been sued in any civil or criminal court no matter how hard hitting my criticism. I'm quoted and interviewed and asked to speak across the world but largely censored in Singapore in an effort to silence my political opinions. The left hate me because they think I split their vote and because I eschew their outmoded economic models. Models that don't work. The Right and the Conservatives hate me because I'm a liberal. I'm not sure what the middle think of me. I don't think there are more than a handful of people in the middle, here in Singapore. I'm a Singaporean born and bred, dual heritage, my parents Singaporean established here before the State of Singapore was created. I'm not Eurasian. I read economics at Cambridge and could be broadly described as from the Keynesian school but I believe in interventions. I was formerly a successful hedge fund manager. After economics and politics my greatest interests are history, film and Makan. I run but I run so I can eat like a Singaporean.

 

[Willamshakespear]

My insignificant nobody simpleton me & sadly, would be derisively label by Mr KJ, whom claims to uplift Singaporeans & yet felt free to label anyone whom does not support his views as 'porkie' or other mocking terms. It's ok with me & the other 60% whom voted decisively & saw better days, far more that other nations are currently facing now. No doubt life is still a struggle, but we were born with genetic material to rise above every obstacle, as our forefathers & founding fathers had taught us to, & saw the successes, even if limited deemed by the greedy, which is further than any of those whom had the same opportunity to rise back in 1965...

My humble apologies to you, as your resume that you freely showed, to put yourself far ahead than others. sadly, is not UNACHIEVABLE by many MORE others. Me too am an adherent of the great John Maynard Keynes & his theories, that saved USA from its economic despair in the 1920s & thru it, became a great nation, & again during the then ex Prez Obama Administration, that saw USA's survival. JMK had proven his theories are not just theories, but REALITIES.

However, one must NOT & NEVER take his words & theories out of context, the way theologians used & misused Religion had done & saw widespread slaughter & sufferings.

This era is no longer that of Adam Smith or JMK. We Humanity can still trust their theories as it had been proven workable, but equally, we MUST ADAPT & use those theories to put to good use, not just to Humanity, but to our fellow citizens.

Free Market is real & should be upheld at anytime & era, as trade is the lifeblood of Humankind. Only thru a free market can Humanity progress, as proven for millennia by our civilization's progress, no matter who rules intelligently or foolishly to their own demise. However, the Free Market has to be REGULATED by ELECTED legislators whom represents Humankind within their constituencies, to one's situational or NATIONAL needs, or else the Free Market will only be chaos & although will stabilized eventually, many will had suffered & be long dead.

Sadly again, end the lofty seemingly intellectual phrases, just answer the questions honestly, if you have a heart for Singaporeans:-

/

May i ask K J , what is the point of your question ?

K J what thing you trying to achieve ?

Expect KC to raise this powerful question in Parliament

 

[glockman]

Everyone can kpkb, insist on a COI and/or parliamentary debates, and end result : there was no wrong doing. We already know the play, it's all wayang. Why? Because the pap owns spore and everything in it.

 

[birdie69]

My insignificant nobody simpleton me & sadly, would be derisively label by Mr KJ, whom claims to uplift Singaporeans & yet felt free to label anyone whom does not support his views as 'porkie' or other mocking terms. It's ok with me & the other 60% whom voted decisively & saw better days, far more that other nations are currently facing now. No doubt life is still a struggle, but we were born with genetic material to rise above every obstacle, as our forefathers & founding fathers had taught us to, & saw the successes, even if limited deemed by the greedy, which is further than any of those whom had the same opportunity to rise back in 1965...

My humble apologies to you, as your resume that you freely showed, to put yourself far ahead than others. sadly, is not UNACHIEVABLE by many MORE others. Me too am an adherent of the great John Maynard Keynes & his theories, that saved USA from its economic despair in the 1920s & thru it, became a great nation, & again during the then ex Prez Obama Administration, that saw USA's survival. JMK had proven his theories are not just theories, but REALITIES.

However, one must NOT & NEVER take his words & theories out of context, the way theologians used & misused Religion had done & saw widespread slaughter & sufferings.

This era is no longer that of Adam Smith or JMK. We Humanity can still trust their theories as it had been proven workable, but equally, we MUST ADAPT & use those theories to put to good use, not just to Humanity, but to our fellow citizens.

Free Market is real & should be upheld at anytime & era, as trade is the lifeblood of Humankind. Only thru a free market can Humanity progress, as proven for millennia by our civilization's progress, no matter who rules intelligently or foolishly to their own demise. However, the Free Market has to be REGULATED by ELECTED legislators whom represents Humankind within their constituencies, to one's situational or NATIONAL needs, or else the Free Market will only be chaos & although will stabilized eventually, many will had suffered & be long dead.

Sadly again, end the lofty seemingly intellectual phrases, just answer the questions honestly, if you have a heart for Singaporeans:-

I thought our President will be clearing her leave till her last day of work in September. So, she has no time to organise this COI.

ORD mood.

 

[SBFNews]

Everyone can kpkb, insist on a COI and/or parliamentary debates, and end result : there was no wrong doing. We already know the play, it's all wayang. Why? Because the pap owns spore and everything in it.

It's OK. Life continues. 60% approves this.

 

[po2wq]

Now I wonder who lives in No. 69 Ridout Road.

dun haf no 69 @ ridout road ... iz rid out ...

 

[Merl Haggard]

Two headed snake no shame Shamu was already living in a GCB standing on more than 20,000 sq ft of land in Queen Astrid Park, and yet he's still not contented,

Who the fuck does he think he is? A White Rajah?

 

[LexLuthor]

Everyone can kpkb, insist on a COI and/or parliamentary debates, and end result : there was no wrong doing. We already know the play, it's all wayang. Why? Because the pap owns spore and everything in it.

He lives on such a big piece of land, no wonder he is unable to empathize with knocking sound from neighboring apartment.

 

[Loofydralb]

Writing to that useless halimah and expect something will happen?
Gosh, don't you people know that her landed property was sourced for her to buy cheap as befitting a president.

 

[SBFNews]

He lives on such a big piece of land, no wonder he is unable to empathize with knocking sound from neighboring apartment.

Your assessment ounds very legit.

 

[glockman]

He lives on such a big piece of land, no wonder he is unable to empathize with knocking sound from neighboring apartment.

Your assessment ounds very legit.

Or whistling

 

[JohnTan]

​

PAP, opposition MPs file questions on Ridout Road state properties; WP urges SLA to release more info in advance​

Nuria Ling/TODAY
A view of the entrance to 31 Ridout Road taken on May 13, 2023
www.todayonline.com

Mr Singh also asked whether there are any rules or conventions to ensure that Cabinet ministers do not take advantage of privileged information received in the course of their duties in regard to the lease of government properties.

The party added that it will still continue studying the matter and other MPs from the party may also file questions on the matter as more information becomes available.

“As questions continue to be asked in the public domain about the circumstances behind the leasing of both properties to Cabinet ministers, we call on the Singapore Land Authority to release all relevant and material facts in advance, such as the guide rent for both properties, so as to make for a fuller and more meaningful debate in Parliament,” the statement read.

The three PAP Members of Parliament (MPs) who said that they have filed questions for Parliament on the matter are Bukit Batok MP Murali Pillai, Potong Pasir MP Sitoh Yih Pin and Mr Zhulkarnain Abdul Rahim, MP for Chua Chu Kang Group Representation Constituency.
Mr Murali on Thursday said that he has filed four questions regarding the properties earlier this week on May 16.

Among others, he asked whether Mr Shanmugam was "involved in his official capacity" in any decisions relating to the rental of these properties, and what measures have been put in place to ensure that any bidder is not provided with any advantage over other bidders.
Mr Sitoh asked for the rental rates for the properties, SLA's standard tenancy operating procedures and whether the statutory board has followed the procedures.

​

Mr Zhulkarnain asked for the circumstances under which the properties came to be rented to the ministers and how had SLA marketed the bungalows.

In response to TODAY's queries on WP's request, SLA reiterated that more details will be announced in July.

In its statement on May 13, the statutory board said that "more details on this issue" would be provided during the next parliamentary session in July.

It added that 26 Ridout Road had been vacant for more than four years before it was tenanted to Mr Shanmugam in 2018, and that the minister had notified a "senior Cabinet colleague" that he was making a bid for the property.

It also said that Mr Shanmugam was the only bidder and his offer, made through an agent, was higher than the guide rent — which was not disclosed to him.

Mr Shanmugam renewed the tenancy for another three years in June 2021, it added.

As for 31 Ridout Road, SLA said that the property had been vacant for more than six years before it was tenanted to Dr Balakrishnan.

​

He put in a bid in November 2018 that was above the guide rent, which was also not disclosed to him.

SLA said that Dr Balakrishnan was the highest bidder. His tenancy was granted with effect from October 2019, and renewed three years later.
Ridout Road is off Holland Road and near the Dempsey Hill lifestyle and entertainment area.

According to SLA data, the property at 31 Ridout Road has a land area of 136,101sqft.

Information on the property at 26 Ridout Road could only be found within a lot that included 24 and 31 Ridout Road, with a total land area of 525,171sqft.

Those bungalows have been empty for years. It's sinkies good fortune that two PAP ministers decided to rent it and provide the State with some rental income. And to think that oppies can still try to stir shit about this. It's so maddening!!!!

 

[Kee Chew]

Hear Say Bro Yang just Double Down on the matter .

Jialat liao ! :(

 

[LexLuthor]

Hear Say Bro Yang just Double Down on the matter .

Jialat liao ! :(

He absconded liao, according to national papers.

 

[Kee Chew]

https://www.theonlinecitizen.com/20...zZWLgrS4WdTvJaHH5ddLKZmtKLJDv8jiNUVWpFZ2F2nEU

 

[Kee Chew]

 

[Kee Chew]

He absconded liao, according to national papers.

Hear Say , Bro Lim Tean also double down ,

It took 2 weeks and after the public had expressed its outrage and disgust for the trio of
PAP MPs- Murali, Sitoh and Zhulkarnain to announce on the same day that they had
filed parliamentary questions on 26 and 31 Ridout Road.

But they have not asked the most obvious question! Wasn’t there a conflict of
interest in Shanmugam and Vivian renting these opulent Black and White Houses
which come with palatial grounds?

I pointed out in my post 2 days ago that the landlord of these houses is the
Government of Singapore! The person who signs on behalf of the Government
on the leases is the Collector of Land Revenue. SLA is only an agent for the government.
Are Shanmugam and Vivian not members of the government? If they are isn’t this a
classic case of ”Ownself rent Ownself” and a clear conflict or interest?

Are we so daft to think that this conflict of interest can be resolved simply by
Shanmugam notifying a “Senior cabinet colleague”? So what was this conversation about?
Was it simply “Hi buddy, I have taken 26 Ridout Road” to which his Senior cabinet colleague
may have said “Congratulations! When is the house-warming?”. And who was this
“Senior cabinet colleague”?What is the difficulty in naming him?

As for Vivian, he does not even appear to have informed any “Senior cabinet colleague”.
Have a look at the extract of the Ministerial Code below and you will realise what I was
getting at,and the host of problematic questions which arise out of 26 and 31 Ridout Road!

 

[Kee Chew]

 

[laksaboy]

This is my true story.

Last year I was hiking along Ridout Road, from Margaret Drive, then up north towards Dempsey Hill. Then outside one of the houses (near the Swettenham Road junction), I saw this banner outside:

I'm not sure if the UN has a branch office at Ridout Road, or one of the 'ordinary residents' there is a true believer and advocate of this nonsense.