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Lawrence Wong to serve as GIC’s deputy chairman starting 1 October

Deputy Prime Minister Lawrence Wong is set to become the deputy chairman of GIC from 1 October, following Mr Tharman Shanmugaratnam’s transition to Singapore’s ninth president. Additionally, Mr Wong leads the Monetary Authority of Singapore (MAS) as its chairman.

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SINGAPORE – Deputy Prime Minister Lawrence Wong is set to step into his new role as the deputy chairman of the sovereign wealth fund GIC, effective from 1 October.

This move follows the vacancy left by Mr Tharman Shanmugaratnam in July when he stepped down from his official appointments and resigned from the People’s Action Party to run as a presidential candidate in the Presidential Election 2023.

Mr Tharman subsequently won the presidential race and was inaugurated as Singapore’s ninth president on 14 September, succeeding Madam Halimah Yacob.

Mr Wong, who has served on the GIC board since November 2018, will work alongside the chairman, Prime Minister Lee Hsien Loong. Together, they will shoulder the responsibility of guiding the board in its monitoring of GIC’s long-term asset allocation and portfolio performance.

It’s worth noting that in July, following Mr Tharman’s departure from the position, Mr Wong was named the chairman of GIC’s investment strategies committee.

Beyond these responsibilities, Mr Wong has witnessed a significant expansion of his leadership roles in recent months. He succeeded Mr Tharman as the chairman of the Monetary Authority of Singapore (MAS) in July. This appointment is slated to last until 31 May 2026.

In addition to these pivotal financial roles, Mr Wong holds the position of Finance Minister and chairs the Economic Development Board’s International Advisory Council.

He is also a member of the Future Economy Council, the Research, Innovation and Enterprise Council and the National Research Foundation Board.

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Singapore

Condominium in Hougang bans dog-walking, sparking petition from over 90 dog owners

Riverfront Residences in Hougang has imposed a ban on dog-walking following complaints of uncleared faeces. The decision, which forces pet owners to use an underground parking lot, has sparked a petition signed by over 90 dog owners calling for a more targeted solution.

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Photo of the notice from ShinMin Daily

Riverfront Residences, a condominium in Hougang, has banned dog-walking on its premises following complaints about uncleared dog faeces damaging the lawns and public amenities.

The decision, communicated via a notice issued at the end of August 2024, has drawn significant backlash from dog owners living in the estate, who have since submitted a petition to reverse the ban, according to a report by Shin Min Daily News.

The management’s decision was prompted by repeated incidents of faeces and urine left on the property grounds, which reportedly led to damage to the landscaping and complaints from residents.

In response, a rule was introduced that forbids dog-walking on the condominium’s ground floor areas, forcing pet owners to use an underground parking lot to exit the compound with their pets.

The alternative route, however, has been met with concerns from the condominium’s residents. Ms Liu, a 46-year-old resident, highlighted that the dimly lit and busy parking lot lacks a designated pathway, making it an unsafe environment for walking dogs. “It’s not a good place to walk your dog,” she said.

Other dog owners echoed her sentiments. One resident, Ms Liang (41), shared that she had specifically moved from public housing to the condominium in order to provide a better environment for her golden retriever. She expressed frustration at the sudden imposition of the rule, stating that she would not have chosen the property had she known about its pet-unfriendly policies.

Another dog owner, Ms Huang, raised concerns about her elderly dog, who struggles with mobility and can only manage short walks. “It’s been very inconvenient,” she said, adding that the management should target irresponsible pet owners instead of punishing all residents. Liu agreed, noting that most dog owners in the condominium were responsible and only a few “bad apples” failed to clean up after their pets.

Riverfront Residences, located along Hougang Avenue 7, was completed in 2023 and has since attracted a significant number of pet-owning residents.

However, the recent ban has left many feeling that their concerns are not being adequately addressed. According to the Shin Min report, over 90 dog owners have submitted a petition urging the management to reconsider the rule and address the issue through stricter enforcement on individual offenders rather than a blanket prohibition.

Residents are now awaiting the management’s response to the petition, with many hoping for a more balanced approach that addresses the problem without unduly inconveniencing responsible pet owners.

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Politics

Dr Tan Cheng Bock questions S$335 million Founders’ Memorial cost, citing Lee Kuan Yew’s stance

Dr Tan Cheng Bock has raised concerns over the S$335 million cost of Singapore’s Founders’ Memorial, citing Lee Kuan Yew’s opposition to monuments and suggesting the funds could be better used for healthcare. The memorial, slated for completion by 2028, faces rising costs, with the estimated cost not including operating or land costs.

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On 14 September 2023, Dr Tan Cheng Bock, former People’s Action Party (PAP) MP and founder of the Progress Singapore Party, publicly expressed concerns over the estimated S$335 million cost for the Founders’ Memorial.

In a detailed Facebook post, he questioned the necessity of such an extravagant expenditure and referred to the late Prime Minister Lee Kuan Yew’s known opposition to monuments in his honour.

Dr Tan highlighted a poignant moment from Lee Kuan Yew’s eulogy, delivered by his grandson, Li Shengwu, on 29 March 2015.

Li recalled how, when it was once suggested that a monument be built for him, Lee Kuan Yew had responded, “Remember Ozymandias.” This reference was to a sonnet by Percy Bysshe Shelley about Ramses II, in which a traveler encounters the ruins of a once-grand statue in the desert. The statue bore the inscription: “My name is Ozymandias, King of Kings; look on my works, ye mighty, and despair!” But nothing else remained of the empire.

Li Shengwu reflected that his grandfather’s remark underscored his belief that if Singapore failed, a monument would be useless, and if it thrived, a monument would be unnecessary.

“His legacy is not cold stone, but a living nation. We could no more forget him than we could forget the sky,” Li said, adding that Lee Kuan Yew’s enduring contribution lay in the strong institutions he built, which persist beyond the individual and ensure Singapore’s stability.

In his post, Dr Tan echoed these sentiments, questioning whether spending S$335 million on a memorial aligned with the founding leaders’ values.

He suggested that the funds might be better spent addressing pressing national issues, particularly healthcare, as Singapore’s population continues to age. Dr Tan, who served for decades as a practising doctor, called for investments in a home care system, noting that such a move would reduce the strain on hospitals while improving the well-being of the elderly.

The estimated S$335 million figure was revealed during a Parliamentary session on 9 September 2023, in response to a question posed by Louis Chua, a Workers’ Party MP for Sengkang GRC. Minister for Culture, Community and Youth Edwin Tong provided the cost breakdown, explaining that the figure covers construction, the fit-out of exhibition galleries, a viewing gallery, an outdoor amphitheatre, family spaces, amenities, and a five-hectare outdoor garden.

Mr Tong added that the final operating costs for the memorial are still being worked out alongside the development of operational plans.

Notably, Mr Tong’s disclosure did not include land costs.

Lee Hsien Yang, son of the late Lee Kuan Yew, also responded to Dr Tan’s post, pointing out that the five-hectare site in Bay East Garden could significantly increase the overall cost.

He noted that a nearby plot of land at Marina Gardens Crescent, measuring about 1.5 hectares, was tendered earlier in 2023 but rejected for a bid of S$984 per square foot, deemed too low by the Urban Redevelopment Authority (URA). Based on this price, the value of the land for the Founders’ Memorial could exceed S$500 million, pushing the overall cost of the project even higher.

The Founders’ Memorial, initially slated for completion in 2025 to coincide with Singapore’s 60th birthday, is now expected to open by the end of 2028. The project was delayed due to extensive infrastructural work at its Bay East Garden location and disruptions caused by the Covid-19 pandemic. The twin two-storey buildings, designed by Kengo Kuma & Associates and Singapore’s K2LD Architects, will house an integrated gallery and public gardens, intended to serve as a space for reflection on Singapore’s past and inspiration for the future.

While Minister Tong emphasized that the memorial aims to capture the spirit of the nation and foster unity, Dr Tan urged that the focus should remain on practical solutions for Singapore’s future. He argued that a simpler, more humble memorial would be more in line with the founding leaders’ values, allowing the remainder of the funds to be redirected toward initiatives that benefit the nation’s aging population.

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