Monthly Archives: September 2009

Wet markets’ buyout causes upset

Posted on 30 Sep 2009 | Comments Off on Wet markets’ buyout causes upset

PLANS to shut down five wet markets in Choa Chu Kang, Serangoon North, Bukit Batok West and Bukit Panjang are making two groups of people unhappy.

Residents in these neighbourhoods are upset over what looks to be a loss of lower prices, freshness and variety, and market stallholders are wondering what is to become of their livelihoods. Some have gone to see their Members of Parliament.

The target of their joint ire: supermarket chain Sheng Siong, which bought the markets from boutique property developer Heeton for $25.55 million.

The five markets to cease operations in March next year are in Choa Chu Kang Street 62, Choa Chu Kang Avenue 1, Serangoon North Avenue 3, Bukit Batok West Avenue 8 and Fajar Road.

Sheng Siong plans to convert them into ‘air-conditioned markets’, although it has yet to spell out how the space in these five sites will be used.

Wet market patrons have already equated ‘air-conditioned market’ with ’supermarket’, which they say they do not want or need. Continue reading →

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Protect the interests of first-time home buyers

Posted on 30 Sep 2009 | Comments Off on Protect the interests of first-time home buyers

I APPLAUD Miss Tan Hui Yee’s commentary yesterday, “Go back to basics for affordable flats”.

An HDB flat is more than just an asset; to many Singaporeans, especially first-time buyers, flats are their humble abode, their place of security. The convenient call to lower expectations cannot hold if the yardstick for affordability varies between the authorities and buyers.

The steady rise in the standard of living has led to a general increase in household incomes; however, the trend has been balanced out by a corresponding rise in the cost of living.

The recession and higher prices have led to home-seekers being unable to purchase flats, because a home loan would place an additional financial burden on them.

For speculators and investors, public housing has turned into a money-spinning tool – be it in terms of rental or investment. If the authorities sustain or even increase the value of public housing, demand and prices would continue to spiral upwards. Home prices in Singapore have soared in recent months, with transactions hitting record monthly highs. This could lead to a real estate bubble and buyers paying extremely inflated prices for their first homes. Continue reading →

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