I will be going short on whatever this fellow is buying

Mike Norman, founder of the Economic Contrarian Update has this to say about the housing market back in 31st Dec 2006:

Question: What is your opinion on no-money-down housing developments, like those going up in the Poconos? — Scott (Fair Lawn, NJ)
Mike Norman: Scott, I think no money down is great. It's one of the ways that Americans are benefiting from trends like globalization and the rising use of technology. By lowering capital costs we have access to more credit and that helps the real estate market. As long as we don't enact policy that harms these macro trends, then there is little risk in these highly leveraged loans. As for the Pocono developments themselves, they may have run up too far too fast just as most other properties have, but long-term they're fine.



Mike Norman, again on Fox news, expounding his ever-optimistic view of the housing market. He might as well be renaming his company to the Economic Optimist instead.

Singapore is Tops again - in terms of Pay

Article on the earnings of the top world leaders. Singapore is tops again - enuff said.

The Union Bank of Singapore

The Singapore Investment fund (GIC) was reported to have invested 11 bn CHf in convertible notes in UBS. The terms of the deal are as follows:

a. Convertible note with 9% interest payment
b. Maturity period of 2 years
c. Upon maturity, if stock price lower or equal to 51.50 Chf, convert @ price = 51.50, Approx 213.6 million shares, equating a 10% stake
d. Upon maturity, if stock price higher or equal to 73.60 Chf, convert @ price = 73.60, Approx 149.5 million share, equating a 7% stake
e. If upon maturity, price is between 51.5 and 73.6, strike will equal price

Kinda like buying a call option strike at 73.6 + selling a put option strike at 51.5 with maturity 2 years.

What it means,

1. Great positive publicity for sovereign funds - providing a much needed source of liquidity and shedding the 'barbarians at the gate' image
2. Positive signalling effect for investors with investment horizon greater than 2 years for financial stocks
3. Dilution effect for existing shareholders - looks like some investors will not be pleased, expect to see some defensive moves from the board and the chief executive

Going forward,

Expect more capital injections to the investment banks as the credit turmoil continues with the liquidity coming from the Middle East, China and countries with huge foreign reserves.
A further depreciation of the US dollar if these sovereign funds liqiudate their holdings in US treasuries to fund their investments (if investments are to be paid in currencies other than USD)

Condolences to a fellow Singaporean rower

I am deeply sadden to hear the news about the sudden passing our five Singapore dragonboat rowers in Cambodia, My thoughts are with their families during this difficult time. I am still in a state of shock as I type this entry.

Stephen Loh was a member of the Singapore national team since 1999 and I had fond memories rowing with him when I was still part of the Singapore team. He was a great team mate to have around, always dependable and was one of the fittest member in the squad. He has got a great personality and his smile and kind words never fail to lift my spirits after a tough workout.

I will miss him greatly.

Will we ever have this in the Singapore Parliament?

Check out the exchange between Gordon Brown (the current UK PM) and David Cameron (the opposition leader).

'He's demonstrating no common sense at all. Would they see a Prime Minister who trys to control everything but actually can't run antyhing.' - David Cameron addressing Gordon Brown.

Gordon Brown's government is under tremendous pressure these couple of days due to the many failings which happened lately - the loss of 25 million UK citizens' bank data, the handling of the Northern Rock fiasco did not help the Labour party any bit.

I am impressed by the quality of the exchange - something I dont forsee taking place in Singapore at least for the next decade

St Pancras is a Star!!

Had the pleasant experience of using the St Pancras station since last week and my verdict is that the station is simply fantastic! With the old Waterloo station, there was the usual feel that you simply wish to get in and get out into the train as quickly as possible - it was a functional place where people basically wait to get onto the train.


The St Pancras station was different - it evoked the same kinda of feeling as Changi Airport - where I wouldn't mind checking in half an hour earlier just to bask in the atmosphere. The new station went beyond fulfilling the functional need - I simply loved it!

And to top it all off, I was lucky enough to get complimentary drinks and canapes at the champagne bar in St Pancras. Wifey, we are heading to St Pancras this weekend! Yuppie!

Saying Goodbye to Eurostar Waterloo

A typical week for me would be as follows:
Starting Monday
a. Crawling outta bed at 5.30 am in the moring - it gets tougher in winter .. I am finding it harder and harder to leave the cosy bed, especially with my wife beside me ...
b. Leave the flat by 6.00 am to catch the tube to Waterloo station - it's bloody cold and dark at 6 in the morning in winter
c. Check into the Waterloo Eurostar station for the 7.09am train to Paris - on some days I barely make it
d. Reach Gard du Nord in Paris at 10.59 am Paris time and make my way to the office

And on Friday, I make the return trip home across the Atlantic, usually reaching home at about 9 or 10pm London time.

The interesting thing to note is the different way I am treated by the immigration officers. The French officers usually take less than 20 seconds to waive me through the checkpoint. They take a look at my passport, have a look at my unwashed face and let me through. At the british checkpoint, it usually takes me between 2 to 5 minutes, a barrage of questions unleased upon me; what am I doing in the UK, what is my wife doing, how long will I stay in the UK, what's my occupation, why do I make that many visits to Malaysia (cos I used to be working for a Malaysia client); I have grown smarter since and I now know that a BIG smile usually works wonder.



I was this close to missing the train at Waterloo .... The train departs at 7.09am ... That was the last time I departed from the Waterloo station.
Beginning 14th Nov, the Eurostar departs from the St Pancras Station, which I think is long overdue; the train travels on the normal rail lines from Waterloo to Ashford, UK, which means travelling at a speed no faster than 70km/h until it reaches Ashford.

Check out the volatility on the FTSE this afternnon

Check out the volatility on the FTSE index during the last 30 mins of trading. What can I say ... it's a see-saw, no, it's a roller coaster ride out there!

What happens in a market where there are no buyers??

If a tree falls in a forest and no one is around to hear it, does it make a sound?
If there are no buyers in a market, will there be any prices?
We have not seen the end of the credit turmoil - check out the the interesting comments given by the CFO of Citi - some of his comments border on desperation and pure absurdity.
'No market to hedge CDO book' , 'No observable prices to judge prices', Citi is really in deep deep trouble here.
I am quite skeptical about our local banks as well - they did report holdings of CDOs on their books in August but Singapore accounting rules do not require them to mark these positions to market/model since these CDOs are held-to-maturity. The question is, if the underlying securities are marked down in ratings or have a higher risk of default, the cash flows from these CDOs will no longer be guaranteed. Expect more volatility ahead.

Losing Credibility

It's a holiday today in Paris and I am working in the office. I like working in the office when it is the holidays as the quiet surroundings bring a sense of peace and serenity, especially when you have a big problem on your hands.

This week has got to be the most nerve-racking and morale-deflating week of my life. I have lost my credibility due to the repeated failed attempts to resolve a production issue on the client's side. The problem, in many ways, is complex, and it is not helped by the fact that I was working alone on this, together with the developer who seem to have as much difficulty as I have in deciphering where the issue lie.
As consultants, we are usually put on the firing line first and in my eagerness to move forward, I broke the one rule that should never be broken - I gave advise without first testing it on my end and the advice given was quite a disaster. The client was furious and the matter escalated to upper management. Guess my project manager had a pretty tough time with higher management yesterday, this client is not an easy one to deal with.

My credibility lost and my confidence naturally shaken. It's tough to pick up the pieces and try to move forward, but it's nevertheless a good learning experience. I am glad it is a holiday in Paris today. I miss a hug from my wife....

;-) Today also happens to be my fifth year working in this company ... Nice!

Teachers to be trained to teach Financial Literacy

So, NIE is going to train 500 teachers to teach Financial Literacy over the next 18 months.

NIE is partnering with Citi Foundation to 'build a framework that provides a comprehensive and structured nationwide teacher development education programme to equip teachers in schools with the financial literacy skills,' said an NIE statement.

Prof Lee Sing Kong, Director of NIE said: 'First, we provide teachers with basic financial literacy skills of managing their own finances and thereafter, pedagogical training to empower them with engaging pedagogy to reach out to their students. Equipped with resources and engaging pedagogy for the teaching and learning of financial literacy in a fun and meaningful way, the teachers can apply the financial literacy principles in classroom teaching and enrichment activities for students.'

#interpretation# I think NIE better start paying these teachers a better salary in the event that these teachers decide to make a career change. hahaha...
Financial Literacy is defined in wiki as 'the ability of individuals to make appropriate decisions in managing their personal finances'. Wow. That's a lot of knowledge to impart in order for anyone to make 'appropriate' decisions.

Mr Piyush Gupta, Head of Asean, Markets and Banking and Citi County Officer, Singapore, said it is important to give children a head-start in the disciplines of financial budgeting, planning and investing, to help them better understand how to use financial resources available to meet their goals in life.

#interpretation# I am not too comfortable when financial institutions tie up to 'impart' knowledge to impressionable young people. These institutions earn fat margins on selling exotic and complex financial products - what other better ways to sell these financial products of mass destruction than to teach people how to buy them ...

Stamford Bridge, It's in the Blood

Think me and wifey are on a spectator sports diet this couple of weeks. We are heading for the Chelsea/Everton clash next weekend at Stamford Bridge ... wow wee!

Our First Trip To Wembley Stadium

Wifey and I just returned from the first ever NFL's international series match between Miami Dolphins and the NY Giants at Wembley Stadium.

The London weather was in her usual foul mood and there was constant rain throughout the match, resulting in seven fumbles and a missed field goal for each team. It was a first of sorts for wifey and I. First time at the Wembley stadium - the size and atmosphere was just astonishing, our first time at an NFL match - we were learning about the game as it progresses, and our first cheeseburger since arriving in London.

We took a train to the Wembley Park Tube station followed by a 15 minutes walk up to the main entrance of the Wembley stadium.


The pre-game show included performances by the British band 'The Feeling' as well as R&B singer Jocelyn Brown. John Terry and Lewis Hamilton made guest appearances for the coin toss.


The Gaints eventually topped the Dolphins 13-10, holding off a late challenge in the last two minutes of the last quarter.

Between American football and Soccer, I think I still prefer the latter. Next up, Stamford Bridge. Chelsea Vs Everton 11th Nov.

We are heading to Wembley Stadium!!

Wifey and I are heading to watch the Miami Dolphins Vs the New York Giants at the new Wembley Stadium this Sunday!!
Hoorray!

SORA rates driven by Fed's liquidity machine

The US Federal Reserve has pumped $25.5 billion in liquidity into the financial system so far this week, raising concerns of continued troubles in short-term funding markets.
The central bank released $8.5 billion in cash on Tuesday and $6.5 billion on Wednesday. The intervention came after the Fed pumped out $10.5 billion on Monday.
And look what happens to the SORA! (Singapore Overnight Rate Average). Singapore's soaking up all the liquidity. The possible explanation is this:

a. Singapore banks buys USD using SGD (last three days USD/SGD spiked up to 1.466 compared to the current 1.458)
b. MAS funds the SG banks SGD borrowings at lower rate to soak up the USD (lower SORA)

;-) a good way to profit if you know when the Fed is going to pump out more USD ...

Industrial Action by French Unions over Sarkozy's reform plans

Well the French railway unions have decided to go on a strike tomorrow and friday. This strike will be pitting the railway workers against Mr Sarkozy's resolve to reform the current pension privileges enjoyed by some half million French civil servants. The pension privileges include early retirement at 50, shorter contribution period and generous pension payouts compared to other public sector workers.
The French unions have threatened to bring the transport system to its knees as in previous strikes in 1995 and 2003. This time may be different - as Sarkozy was elected on a reform-focused platform and is believed to have the quiet support of the rest of the nation.

This will be one strike that will seriously jeopardize my travel plans - gosh guess I may just have to find a Rugby World Cup Final ticket and stay in Paris instead! Wifey, is that fine with you?

MAS in Inflation fighting mode

Wow, seems that MAS has began inflation fighting in Singapore. SGD is appreciating across all major currencies as at today.

USD is down almost 4% YTD
EUR is up 3% YTD, falling from a peak of 5%
JPY is down 3% YTD

If viewed at a one-month's window, all currencies are down against the SGD except for the kiwi. So you can almost guess who our major trading partners are ...

Automation - Boon or Bane?

Having worked for 5 years in an IT firm for the finance industry, I cannot help but see automation from both sides of the coin. Financial institutions, since the turn of the century, have embarked on a cost-cutting imperative in order to boost their profit margins. The banks embraced technology wholeheartedly; catch-phrases like 'STP' (Straight-Through-Processing) were coined, to illustrate the ability of using technology to process trades from cradle to grave without manual intervention. The end result is increased productivity and more time or effort can be placed on eliminating exceptions to the well-oiled transaction process.

This increased automation of the finance factory invariably lead to job losses and also increased demand on highly-skilled workers who are both conversant in finance and technology. The increased faith and expenses in technology no doubt provides many rewards but most are oblivious to the dark side of this increased addiction to automation.

Increasingly, I noticed that the concept of STP is hijacked and many users are using this term loosely, relentlessly trying to increase their automation rate across all processes as much as possible. Automation works fine if processes follow a fixed and orderly path. Exceptions from this path can be easily identified and eliminated. However, if in the first place, the path is not predicable, and if there are thousands of possible credible outcomes, any effort at automation will be costly and dangerous.

I recalled an encounter with a client who was happily recounting their efforts at increasing their STP rate. As we dived deeper into their processes, it became apparently that there are some exceptions which are not captured and have serious implications. Jokingly I cracked up, "Yeap, looks like you have STPed your problems as well".

The age of inflation

Mr Alan Greenspan gave various interviews ahead of his new book 'The Age of Turbulence'. In his interviews, he raised the following points:

a. The world economy looks set to enter into an inflationary phase. The last decade marked a disinflationary period due to globalisation - the integration of a billion workers from China to India to Russia had a disinflationary effect on the world economy. The result was low inflation with coupled with even lower rates producing a hefty increase in asset prices. In the next decade, the disinflationary effects will gradually ebb as the world economy reaches a new equilibrium with the additional resources
b. UK home prices look set to tumble. UK housing is more exposed than the US to adjustable-rate mortgages and these are highly interest-rate sensitive
c. Bubbles are inevitable - Humans can't seem to be able to learn from mistakes. "Human nature moves from euphoria to fear"
d. The Fed under his leadership does not prickle bubbles but instead allow a full deflation of the bubble as evident in the dot-com crash. I wonder how the Fed under Bernanke will respond to the current credit crisis - will he prick the bubble by holding rates or will he allow the credit party to continue?

The Fed convenes for a meeting tomorrow for a rate-setting decision. I am hoping that Bernake will not cut rates - this credit crunch needs to be worked off by hard labour and higher savings by the American workers/consumers, not by a bail-out from the Fed.

Life is about Trade-offs?

On my previous trip back home, I had the pleasure of meeting up with a former lecturer in NUS who is now working at an investment bank as an educator. He was sharing with me about his thoughts on decision-making in life and how we actively seek to find a better alternative to our current status.
I didn't think too much about it till I went for an afternoon run today; my thoughts drifted and I started comparing the trade-offs coming here to London from Singapore.
Some trade-offs are easy to quantify: Taking a swim in an Olympic-sized outdoor pool under the nestling morning sun for SGD1 Vs Bumping into bodies in a quarter Olympic-sized heated indoor pool for GBP4. Singapore public pools wins hands down.
Other trade-offs are slightly difficult to quantify: Lying in Hyde Park under the warm summer sun and a cool nice breeze, watching stage one of the Tour de France. Taking nice long runs in the cool dry minty weather, allowing me to stay fresh and dry throughout the run. London doesn't feel so bad after all ..
However, there are some trade-offs which I can never put a price on: Watching my baby nephew grow up, the family dinners, having mum's hands around my shoulder when I am back home late at night for dinner..
Well I guess it is tough trying to work out which alternative is better and as I struggled up a long hard upslope, it suddenly came to me - there is no point trying to make sense of what I have missed out on, instead, focus on the present and make the best out of whatever decisions that I have made. With that, I gasped another mouthful of air and reached the top of that favourite spot of mine in Hampstead Heath.

Interview of Mr Lee Kuan Yew with the IHT

I am not exactly sure when it began, but as I grew older, I am starting, more and more, to appreciate and admire MM Lee Kuan Yew's leadership in carving out a successful city state in an unstable and convulsing Southeast Asia. The underlying ideology for the Singapore political party as MM Lee remarked in his interview with IHT is driven by a pragmatic purpose - to make this place better and make it work. His interview with the IHT is definitely worth a read.

Subprime toxicity reaches Singapore shores

So, one of DBS bank's off-balance sheet structure has difficulty finding investors. The bank had to inject emergency funds owning to the turmoil created by the sub-prime crisis in the U.S.
The bank had no obligatory provision set up initially as it thought that the structure would be funded wholly by investors. I guess now they are sitting on a pile of loans which nobody wanted and a chunk of credit risk which they did not factor into their books.

Inflation to rise in Singapore

Trade and Industry Minister Lim Hng Kiang. -- ST PHOTO: ASHLEIGH SIM

Well, it is about time that the Singapore economy shows signs of heating, as evident in Mr Lim Hng Kiang's address to the Parliment on Monday.
I was just as surprised to find that our CPI has only increased at an annual rate of 1% over the last three years. Surprisingly, the teh tarik and the kopi had a price increase by almost 15% over the last year. Well maybe teh tarik and kopi just did not make it to the CPI basket. Guess the folks in MTI may have substituted hot beverages with hot tap water.

'We look at an inflation forecast of between 1 to 2 per cent this year, which is a little higher than our previous years, but definitely still reasonable, considering that this is more than 16 quarters of growth,' Mr Lim told MPs.

Given MAS' exchange rate policy for keeping inflation in check, expect a modest strengthening of the Singapore dollar against our main trading partners like U.S, EuroZone and Malaysia.

The best homecoming gift

This has to be the best homecoming gift I have ever received from my sister. On the 4th of August, as I was flying back to Singapore from London, baby Galen was born, I believe, to celebrate my homecoming. ;-)
Baby Galen weighs a healthy 3.1kg at birth, and is extremely lovable. He's got big brown eyes, rosy little cheeks and a pair of really pretty feet.
As I type, little Galen is sleeping blissfully in his cot, his little chest rising each time he takes in a new breath. Time seems to pass a little more slowly and peacefully when I am around him.
I am wishing that little Galen will grow up to be a intelligent, honest and compassionate young man. Sleep well young Galen.

The hottest property market in the world

It was a rude awakening, as if woken from a sweet dream that my Singaporean expat bosses lamented about the rising costs of accommodation. Housing rent and business rent has imploded in Singapore, giving her the distinction of being the hottest property market in the world according to Jones Lang LaSalle. (See the rate of increase as illustrated above)

It was reported that this price surge had taken the government by surprise, though I believe this bears testimony to the government's successful effort in re-making Singapore into a country of choice for foreign businesses as well as foreign talents. Kudos to the party-in-charge. They deserve their million dollar salary.

As for me, I watch in earnest at how Singapore has progressed and am ambivalent over her fantastic growth in the last year while I was away. I am proud to see her as a serious contender to Hong Kong, London or even New York as the most 'happening' city for work and play. On the other hand, I am getting increasingly clueless as to when I will be able to come back to our lovely shores and be able to afford a decent looking flat - most probably I will have to start looking at the properties in Johor Bahru ...

Nevertheless, I am counting down the number of days before I arrive back in sunny Singapore. Enough of croissants, President-brand butter, oats, I am getting ready for nasi lemak, oily noodles and good-o Tiong Bahru porridge.

I need to start learning French

Had the pleasure (or misfortune) of being part of a discussion between two chief developers, a developer and a passionate project manager regarding issues around a new development. I was the only non-French speaking person in the discussion - my french never went beyond counting to ten and saying 'Oui' or 'Non' or maybe throw in a 'Je voudrais' - and my French colleagues were kind enough to entertain me. Our discussion went like this:

Chief developer A: So we are gathered here for ..
Chief developer B: Developer C, you look like you lost 20kilos, what happen?
Developer C: I lost a couple of pounds, not kilos. (in French) It is all becos of this joker sitting beside me (he was pointing to me)
*Laughs all around* I was acting blur. True, I was testing the development done by him, but no way I was pushing him that hard. Anyway he looked pretty good when he's slimmer.
Chief developer B: So whats the problem? (he was referring to the issues)
Project Manager D: Well, this is the list of reviews we have from the client (begins to go through the list of issues)
Chief developer B: attente, attente .. What are these problems? Why are we speaking in Engrish now?
Project Manager D: Because *my_name* can speaks only English, so ...
Chief developer B: I see, so you are the problem (pointing at me) ...
All: Hahahaha ...

They were nice enough to do the whole discussion in English, breaking once in a while to French when talking about something really technical, but giving excuses before they do so.

I guess it is about time I start picking up some French phrases. Will try to write one post in French ... hmmm...

Liberty on Wheels

On my way to work, spotted something new on the streets of Passy, Paris. Nope, it was not an automatic dog-poo clean-up machine. I still occasionally get ambushed by a pile of dog-poo when I am not paying attention to where my feet is landing.


It is the new communal bike program which was launched early this week. Aptly named as Velib', a play of words 'Velo' (bike) and 'liberte' (liberty), there are approximately 10,600 of these grey-ish looking bikes installed at 750 docking stations each situated 300m apart.
Parisians' response to these bikes were pretty healthy, judging by the number of people I saw riding these bikes on my way to work. I am really eager to try one of these out this week - the handsome looking self-service docking machines apparently spew out instructions in eight different languages - all that I need is supposedly a bank card.

Tour de France, here I come ... check out the lovely basket at the front of the Velib', doesn't it look gorgeous?

It's Flooding in London

The whole Circle line is suspended due to flooding.
And that's not all - the Bakeroo line is part suspended due to industrial action.
Bet this is goona be a wet and slow weekend. Better to stay at home ....

BBC Summer Series - Night out with the London Symphony Orchestra

Against the backdrop of the tall, cold and erect office buildings in Canary Wharf, the BBC presented it's annual Summer Galas. Wife and I attended the evening's performance of 'The music of Hollywood' by The London Symphony Orchestra. We sat, at times lying on our backs on the nicely-trimmed grass park with a bottle of chardonnay and some chocolates from M&S.
The evening started with the familiar rendition of the 20th Century Fox FanFare, followed by classics such as movie themes from 'Out of Africa' (brought a drop of tear to my right eye), 'Jurassic Park', 'Superman' and not forgetting 'StarWars'.

It was a nice conclusion to the six months project I have done in Canary Wharf. Will be heading to Paris office for the next couple of weeks and prepare myself for the next assignment.

Durex Condom Tester - Have you got what it takes

For a moment, I thought my eyes were playing tricks on me. This has got to be the best job in the world if there ever was one.

Some years back, when I went back for my reservist training in the armed forces, I would lie to my friends that I was a durex consultant, whose responsibilities include condom testing, running statistical reports to investigate which condoms sell best in Asia, what are the new flavors - ('durian' is my favourite) which will soon be rolled out in Singapore. Most, if not all, are taken in, and I will soon have a big crowd of reservists sitting round me in the canteen, listening me talk about my work as a durex consultant. A handful who knew me since junior college, having known me as a geek, remarked 'Of all the people (i think he meant losers here) I knew in school, you have got the best job, the best that any guy could want' - and they were so very green with envy. Picture their disappointment and anguish when I reveal that it was all a big lie.

But hey, to all my friends whom I have tricked in the past, guess I wasn't too far off the mark. Interested testers, please sign up here.

New Nike Ad - Woods pokes fun at Federer

Watch for the final twist...


Nike Ad - Roger Federer And Tiger Woods

Le Tour De France Opening Ceremony

Made a stop over at Trafalgar Square after work earlier this evening to watch the Opening Ceremony of the Tour De France. For the first time in the Tour's history, London will host the Le Grand Depart, which includes the Opening Ceremony and the Prologue Race. Stage 1 of the race will start from Central London and end in Canterbury.

The weather, which was a total letdown this week, was surprisingly cooperative this evening. The sun was peeking out from the clouds and it was just the perfect opening ceremony anyone could hope for.

The highlight of the opening ceremony was the introduction of the various teams and the cyclists. Here's one of the crowd favourite, Great Britain's very own son, Bradley Wiggins.


Team Milram from Italy, headed by Alessandro Petacchi. Loved the baby blue jerseys.

Team Discovery Channel - living in Lance Armstrong's shadow

Team Euskaltel-Euskadi. A Spanish team, mostly climbing specialists

Team T-mobile making their way to the stage in Trafalgar Sqaure where they are introduced to the crowd.

This cheeky chap has got his admirers - stopping to steal a kiss from the crowd. Bet this is something he wouldn't dare try when the race starts.

The great Tour de France Sale. Everything must go.

This is gonna be one exciting weekend.

Dr Live Freely encourages you to FLIP your property

I have been watching the spectacular growth in the Singapore property prices for the past year. Before coming to London, wife and I were actually looking at a couple of apartments but due to our plans to move abroad, we decided not to commit ourselves to purchasing an apartment. The last time I checked, one of those apartment I was interested in, was sold en-bloc, the owner of another apartment is now asking for a price 40% above valuation.

So it is not surprising at all that everyone is trying to jump onto the property bandwagon, even this fellow here. A few points he made in his article which I do not agree with:

a. Mentions about the buzz and hype of the coming events - the assumption that these events will attract more investors is misleading. There is no clear correlation between those events he mentioned and the asset prices. There is a certain amount of risk to undertake if we are to assume that investors looking for properties will be drawn to Singapore because of an IR or an F1 race. In addition,, we are still not sure if there will ever be a night race due to safety concerns and we cannot be certain if the integrated resorts (IR) will ever be as successful as those in Macau or Las Vegas.

b. Suggests that anyone with cash should invest in properties and it is almost certain to make money. In the example he gave in the article, the investor has no intention of living in the property - the intention is to quickly offload the property before its completion date to a higher buyer. Everything works perfectly in a exuberant market but one of the key points which he seems to have missed is the liquidity of the market when the property holder wants to sell. In a market downturn, there may not be enough buyers to support the market.

c. 'Buy Low, Sell High' - isn't this the correct time to sell High? Why is he touting to buy now? Unless he is selling ....

With a population growth at about 1.275% per year, and with the supply of residential properties in Singapore growing at approximately 3% for the last two years , surely there will be an overhang at some point in time.


It is in the good times that bad decisions are made.

Pride London 2007

"Dear, see only hor, cannot touch okay"
Beloved wife and I went down to Regent's Street today to catch the Pride London Parade. It's been a while since we ventured out of our tiny flat in north London.

Thousands of people turned up for the event, dressed up in mostly pink and outrageous and wild costumes.

The skies did little to liven up the carnival, and the march nearly could not take place due to the suspected terror plots uncovered the day before.

The Pink Brigade


Teachers Union making a stand. They are just one of the many unions participating in the parade.


Bus Top dancing, anyone?
Favorite was the Superman costume followed next by Wonder women. No prizes for guessing the preferred choice for the ladies.



A member of the London Olympics 2012 swimming team

Inspiration for the dress definitely came from here


The message sent out was clear - End Homophobia. Love One, Love All.