Monthly Archives: September 2009

SC Global gives charity for kids a taste of F1

THANKS to an invitation from SC Global Developments Ltd, 40 children, caregivers and staff from Beyond Social Services were able to experience the heart-stopping moments of Formula One and the Porsche SC Global Carrera Cup Asia.
GLIMPSE OF THE FAST LIFE
Some of the children from Beyond Social Services with SC Global’s driver, Danny Watts

The property developer also donated $5,000 to the charity – which aims to help children and youth from disadvantaged backgrounds – in aid of its learning support programme.

The 40 children, aged six to 14, went for the practise sessions of the FI and the Porsche SC Global Carrera Cup Asia yesterday. On top of that, they also visited the Porsche support paddock, where they sat in the cockpit of the SC Global racing car and had their photo taken with SC Global’s driver, Danny Watts.

To sweeten the treat, the children also received a miniature model of SC Global’s race car as a memento.

Said SC Global chairman and chief executive Simon Cheong: ‘We are delighted to take the children to the Grand Prix – it is very heartwarming to see the excitement on their faces as the cars roar by.

‘While they may not all aspire to become racing drivers, perhaps this experience might stir in them big dreams of their own.’

Since 2008, SC Global has partnered Porsche Asia-Pacific to present the Singapore leg of the Porsche Carrera Cup Asia (PCCA) – which supports several rounds of the F1 season.

Source : Business Times – 26 Sep 2009

Why we peg to market rates: HDB

Letter from Ignatius Lourdesamy Deputy Director (Marketing & Projects) for Director (Estate Administration & Property), Housing & Development Board

I REFER to the letter “It’s not all about the numbers”, (Sept 16) by Mr See Leong Kit.

It is misleading for Mr See to use the example of flats at Pinnacle@Duxton to conclude that HDB is profiteering from the sale of public housing flats. HDB is able to recover the cost for some projects, while incurring significant losses for others. Overall, in the last three years, HDB incurred an average deficit of $1,045 million a year in its home ownership programme. This cost subsidy, which has to be financed by the Government, is reported in HDB’s audited financial statements.

Why does HDB benchmark its flat prices to market in spite of these huge deficits? Because this is the fairest way of pricing new HDB flats while ensuring equitable distribution of subsidies.

How is this done? HDB first determines a flat’s equivalent market price by taking into account various factors such as location, finishes for the flat and other attributes. This price reflects the flat’s value at the point of sale. It is what people are willing to pay in the open market. HDB then sells the flat at a significant discount, which is the subsidy given by the Government. Continue reading