$2 billion over 20 years

Posted by on November 26, 2008 4 Comments

Over the last two decades, 14 PAP town councils have accumulated about S$2 billion in sinking funds. That works out to about S$200,000 per HDB block in Singapore. There are about 9,000 HDB blocks in Singapore.

Channel NewsAsia

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4 Responses to “$2 billion over 20 years”

  1. someday 26 November 2008

    where are the money now?

  2. Yogi Bear 27 November 2008

    Is it so difficult to get straight answers (no more excuses) to the following?

    1. What is the breakdown of the accumulated $2 billion in terms of investment profit and loss vs growth in S&C contribution due to increased fees/higher number of households (annual basis)?

    2. Why is 3% p.a.return over 6 years a better strategy than 6% p.a. return just making safe investments with fixed deposits and Singapore government bonds?

    3. Does it make sense to risk 20 (or more) years worth of interest with high risk structured products in the event of 100% loss? Bear in mind that the town council is an estate manager and NOT a hedge fund manager.

    4. How will the town councils justify the massive over-collection? Note: NKF-type excuse will not be tolerated.

    5. What is the number of residents hauled to a criminal court to compel payment because they are unable to cope with the S&C fees?

    6. What is the appropriate punitive measure for the town councils which have lost money? Compare Q5.

    7. Moving forward, what will the town councils propose for a more balanced approach in terms of sinking fund levels and management?

  3. aiyoyo 28 November 2008

    aiyoyo

    $2b!!!

    not sure the TCs got the $2b look?

    aiyoyo

  4. tiredsingaporean 28 November 2008

    Just continue to question the TCs and you guys will see different answers from them at different time. Reasons: they lost so much $$$ and they dare not admit cos this is illegal or too many funds been transferred here and there that they themselves are unable to trace back and of course, who dare question the one authorising the transfers. Get that?