Where did YPAP Sinha Shekhar get his money to buy 2 properties?

[kojakbt]

This was sent to me from a bro...

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First of all, in reference to http://www.jobsdb.com.sg/SG/<wbr>EN/Search/FindJobs?Key=<wbr>therapist&SearchFields=<wbr>Positions&JobCat=0&KeyOpt=<wbr>COMPLEX&JSRV=1&RLRSF=1

Basic requirement :Recognized Diploma/Degree in Physiotherapy/Occupational Therapy or equivalent

In reference to http://socialservicecareers.<wbr>com.sg/therapist.asp?<wbr>profession=speech-<wbr>languagetherapists

Diploma qualification start between $1,600 to $1,800.
Those with a Degree in the appropriate discipline enter the profession at $2,000 to $2,400.
Not sure which category Sinha falls under, but since he claim to be head of rehabilitation, he should have a diploma or degree.

In reference to http://www.amkh.com.sg/pdfs/<wbr>Annual_Report_2009.pdf

As at 2009, AMK-THK hospital has 272 employees.
3 people earn 100k to 150k per year
1 person earn 150k to 200k
1 peron earn above 200k

Staff costs is at about $1.4 million.

Unless AMK-THK hospital is playing some kind of accounting gymnastics, I am unable to see, how AMK-THK hospital would be able to pay salaries at market rates, seeing that it is a non-profit organisation.


<hr>
So in conclusion,

From news reports,
1. He is 41 years old now.
2. He has been a Singapore citizen for 17 years ( in 1994) at 25years old
3. He owned a resale flat (purchased with a bank loan) for 9 years before purchasing a Condo unit.

We do not know when he purchased the Condo or the HDB flat, but if assuming he purchased the Condo in 2009/2010, that would mean he bought the HDB flat in year 2000/2001, which is during the dot.com bubble burst.


But since he mentioned that income from rental is lower than his bank loan, we can safely assume he bought between the year 1995 to 1999 which is a period of growth and it would mean he bought at a higher price with high interests.

In the year 1995/1999 he would be about 26/30 years of age,

At age 26 or 30 years old, assuming he didn't start as a Head of Rehab in AMK-THK hospital;


There is no way someone on his own, earning $1,600 to $1,800 or $2,000 to $2,400, can purchase a HDB flat with a bank loan, unless it's a 3 room flat.


There is no way a non-profit organisation will fork out the maximum of $1800 or $2400 as they have to keep costs very low.

And the percentage of the salary he earned would also be needed to pay for utilites, his children's school fees, food and transport fares, etc.
So, there is now way, he can purchase a Condo with another bank loan, while servicing an existing bank loan with those salaries.


Assuming his wife is sharing the financial burden or he is from a rich family....we have no case.

But if he is the sole breadwinner....we have to question...where did he get the additional funds to get a second bank loan to purchase the Condo?

Or are we to believe he has been the Head of Rehabilitation for the past 9 years earning a minimum of $3,000/mth.


I have yet to see anyone, short of top management and doctors, in non-profit organizations being paid salaries until they can afford 2 properties.

So, again...where or how did he get the extra funds?

 

[palden]

Please la,he is part of MIW. Do you think income tax will check him? In the first place where did his 20% downpayment comes from? Definitely something fishy la.

 

[myfoot123]

[COLOR="_______"]People who draws $4000/mth also dare not invest in condo. There is indeed something fishy going-on. The highly suspected scenario is to use the rent he collected from HDB to pay for part of his condo installments. His salary alone cannot achieve it. While doing so, he violated HDB regulations and we must force HDB to investigate and make him accountable for Singaporeans who need a flat to stay.

Besides he thought his job is iron-rice bowl too so no harm speculating in property and he took that big risk. He than expect the condo price to escalate in future and sell them away reaping profit. Thus he Po-lum-par PAP hoping his property value will go up if PAP gets a renewed mandate. If the condo crash like those SARs years, I can assure he will be the first to jump MRT track.[/COLOR]

 

[Einfield]

The cork sucker will claim he got "Other Source" of income, so unless IRAS open his file, we will never know, Since he try associate himself with PAP, he expect a certain protection but I think he is so low in the list, YPAP will quickly kick him out if the pressure from the netizen is so great that the relevenat board "Have to be seen" doing some kind of investigation on him.

 

[halsey02]

As at 2009, AMK-THK hospital has 272 employees.
3 people earn 100k to 150k per year
1 person earn 150k to 200k
1 peron earn above 200k

Brahmin was the unreported 'employee' who earns more than $400,000 a year, for he is not an emplyee, a CONSULTANT..who charges MANAGEMENT FEES & profit sharing..get it....

 

[Watchman]

People who draws $4000/mth also dare not invest in condo. There is indeed something fishy going-on. The highly suspected scenario is to use the rent he collected from HDB to pay for part of his condo installments. His salary alone cannot achieve it. While doing so, he violated HDB regulations and we must force HDB to investigate and make him accountable for Singaporeans who need a flat to stay.

Singaporeans still will not admit we are piled up in debt .

This is a atypical of so many residents here using the debt of
one to pay for another .