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Singapore Property | Foreign Ownership

2011-04-17T21:50:00.000-07:00

Singapore Property | Foreign Ownership

The prices and ownership of Singapore Property has been very much in the news with the WP (Workers Party) Manifesto for the Singapore General Elections 2011 looming. Frankly, I don't think that their plan to provide housing for Singaporeans at a "Flat Rate" is workable.

On the other hand, I disagree with ruling party PAP Minister Mah Bow Tan's rebuttal last week. I think that a Creative Deflation of property prices is good and desirable. It is not the government's job to protect the interests of investors (I call them speculators), and property developers. They have been living off the fat of the land for far too long at the expense of lower to middle class true blue Singaporeans. If this goes on, most of the property will be owned by well-to-do foreigners and rich individuals/companies.

Anyway, they have many other ways to invest in Singapore, like via the SGX etc or better still set factories or businesses. Moderating the inflow of "hot" funds through property investment will help prevent the Singapore dollar and economy from overheating. The direct result would be affordable housing for Singaporeans beyond the HDB option.

Also, we should give Singaporeans citizens every opportunity to own affordable dream homes that are within their means and to generate income from their investment properties through rental income streams.

Therefore, if I were the PM after the next Singapore General Elections 2011, I would implement the following changes in the Singapore Residential Property Act:

PROPOSED NEW SINGAPORE RESIDENTIAL PROPERTY ACT 2012

1. Landed Property / HDB Property:

Only Singaporeans can own landed property and housing built by HDB and other government organizations. Permanent Residents and Foreigners are not allowed to own landed property and housing built by HDB and other government organizations. PRs and Foreigners owning such property can keep them (for now) but if they choose to sell, it must be to Singaporeans who have been citizens for at least 10 years or have fully discharged their National Service obligations. Should one of the PR/Foreign owners pass away, the property must be sold or transferred to a Singaporean. This law had been in-force in Australia where land is plentiful, so I do see why we can't do it for land scarce Singapore where property prices are spiraling out of control.

On the issue of affordability of housing for lower paid foreign workers, this should be the responsibility of the companies who employ them. If they cannot afford to house them, then they should find ways of being less reliant of them. We have enough border hoppers here already. It is time employers consider the cost of employing locals versus foreigners and create jobs that fit into this new equation. Tax payers should not be burdened by this liability.

2. Freehold Apartments:
Foreigners are allowed to buy new and old freehold apartments but can only sell them to Singaporeans.

3. 99-year Leasehold Apartments
The current law applies for now.

New Property Tax (over and above current taxes, levies etc)

Proceeds of this tax to be used to provide affordable housing for Singaporeans via the HDB and other government authorities.

The Tax Rate is from 10%-50% of the profit derived from the housing sales transaction nett of normal transaction costs like Conveyance etc. This tax will be paid by the seller. Under this law, a seller who can provide verifiable standard documentary evidence that they have lost money /broke even on the property transaction, need not pay for such tax. Rental income derived from such property would not be computed as "profits".

Check and balances will be introduced to prevent under-declaration of the sales proceeds through the set up of the detailed database of property sales by a government agency. Taxes can be retrospectively claimed from errant tax payers, if they are found years later, to have under-declared the sales amount taxable. Criminal charges similar to the Income Tax law will also be applicable.

First time property owners who are the sellers of the property are exempt from this tax.

For every property sold by the seller within 5 years, the seller's tax liability will increase the rate by 10% until the maximum of 50% per property. That means if a seller sells six properties within 5 years, the fifth and subsequent property will attract a rate of 50% per property sold. After the 5 years, the tax base is reset at 10% for the first property of this seller.

This rule applies as long as one common person owns the properties. To illustrate how the tax applies, if A sells properties with one or more parties, i.e. A+B, A+C, A+D, A+E, A+F+G, A+G+H all these properties will attract the increasing rate up to 50%. As lawyers will access to the database of these linked property ownerships, they will be able to apportioned the progressively higher percentage tax charges to A and the rest will attract the lower rate depending on their involvement of property transactions within their 5 year time frame (in consultation with the owners concerned).

Unfortunately, I am not the PM nor am I affiliated to any Singapore Political Party so this law may probably never be passed.

I fully realize that this proposal may have some potholes, but this can be worked out be the implementers who are undoubtedly highly paid for such tasks.

But this is my dream for Singaporeans. May Singapore prosper. In particular, may true blue Singaporeans prosper.

PS: I am a landed and apartment property owner. So I stand to lose if such an Property Act comes into effect. But this is of no consequence as it will benefit the future generations of Singaporeans who are here to stay.

Double Helix Bridge | Singapore

2010-04-23T22:05:00.000-07:00

Double Helix Bridge | Singapore

Singapore's newest iconic symbol - the DNA inspired 280 meter - the world's first Double Helix Bridge (named The Helix) is set to open to pedestrian traffic on 24 April 2010 (together with the Youth Olympic Park).

The pedestrian connection incorporates a unique ‘double-helix’ structure, a world’s first in architectural and engineering bridge design. It comprises two opposite spiraling steel members that are held together by a series of connecting struts to form a tubular structure. This provides an inherent strength, ideal for the curved form. Its resemblance to the structure of DNA, the basic building block of life, symbolizes “life and continuity”, “renewal”, “everlasting abundance” and “growth”, reflecting our aspirations for Marina Bay.

The Youth Olympics Park is the site for some of the inaugural Youth Olympics Games in 14-26 August 2010.

The curved Double Helix Bridge spans the Marina Bay and parallels the Benjamin Sheares Bridge (ECP).

Made of special duplex stainless steel, it is is already being touted as an architectural marvel and engineering feat. The helix structure is phenomenal because if all the steel tubes forming the major and minor helix were laid end to end, it measures 2,250 meters long, and the entire structure weighs about 1,700 tons, which is equivalent to about 1,130 saloon cars.

The major and minor helix, which spiral in opposite directions, have an overall diameter of 10.8 meters and 9.4 meters respectively, or about three-storeys high.

The total cost of Singapore's curved Double Helix Bridge, Youth Olympic Park and the performances Bands (jugglers, stilt-walkers and fire-twirlers) / 2-minute pyrotechnic display is S$82.9 million.

It is a 5 minutes walk from one end of the Helix bridge to the other. The full bridge will lead to the Marina Bay Sands IR when its Phase II opens in June 2010. MBS First Phase opens in early May.

Even in the evenings, the bridge lights are beautiful and the mood lights can be adjusted to suit major events by the Bay like the annual Singapore NDP (National Day Parade).

The pedestrian footpath bridge is built to take 16,000 people. It arches 8.8m above Marina Bay, giving enough clearance under it for pleasure craft to enter the Bay.

A new 6-lane vehicular bridge, running parallel, is next to the Double Helix Bridge will open on April 25.

The Marina Bay already has many attractions like the original Merlion statue, the Esplanade Theaters by the Bay, the Floating stage Platform (venue of the NDP of recent years), the world's tallest moving observation wheel - Singapore Flyer , the Formula 1 (F1) City Night Racing Track and the Marina Barrage.

The Double Helix Bridge adds to these yet to be opened upcoming Singapore icons:

Marina Sands Bay Integrated Resort
New Marina Bay Botanic Garden
Singapore's New Downtown - the Marina Bay Financial District
Circle Line MRT Station at Marina
Fullerton Bay Hotel and Customs House, a nightspot complex

which will compete with established tourism orientated areas in Singapore like Orchard Road and Sentosa.

Worldex Timeshare Reseller - CASE Warning

2010-04-10T03:20:00.000-07:00

CASE Warning Over Worldex Practices After 137 Complaints

A total of 137 customers have filed complaints with CASE about Worldex since it was set up in November 2008.

Some of the questionable ones include offering to buy over timeshares contracts from clients on condition they wait for 30 to 60 years before receiving their payout from Worldex, plus profit (???????). Some timeshare customers were allegedly also made to pay extra "consultation fees" of several hundred dollars when they attended presentations at Worldex office.

CASE said that multiple parties are named in Worldex's membership agreements, which would lead to confusion among timeshare clients as to whom they could make a claim against should there be a default.

Other customers have also complained of being misled by the company's claims and alleged failure on its part to honour promises of cheap holidays.

They had typically invested around $10,000 each, believing the company would let them book steeply discounted holidays with 5-star accommodation through a special website.

But they later realised that the deals were not as cheap as promised, and that they could find lower-priced alternatives. Customers were told they would be given a password to an "exclusive booking website" operated by Worldex.

When they logged into the booking site, the rates were horrible. They were at least $100 more per night compared with the rates on the hotels' website.

Customers complained that by the time Worldex sent them the password to the site, it had been two months and the cooling-off period had lapsed.

According to company documents, obtained by The Straits Times, telemarketers are instructed to tell potential customers that the company does "foreign real estate sales and leasing".

But it is registered with the Accounting and Corporated Regulatory (ACRA) as a business and management consultancy. Its website states it does business travel management.

Worldex is also listed on ACRA as a live business, with its registered office located on the 6th floor of Tong Building in Orchard Road.

When The Straits Times visited the office yesterday, it found a company called River Marketing occupying that address. A check on ACRA found no such business exists with that name.

When contacted yesterday, Mr Peter Mitch Mabbort, who is listed as Worldex's executive shareholder in company documents, declined to comment.

Mr Seah Seng Choon, executive director of CASE, said that if it received more complaints, it would consider taking legal action under the Consumer Protection Fair Trading Act.

He advised timeshare owners to carry out appropriate checks on companies if they are offering free or discounted holidays: "Check the companies' websites, and with other people who have signed up, to see if customers have successfully booked holidays before".

Mr Seah warned timeshare investors to be cautious of companies that offer to buy over their timeshare memberships. Timeshare companies have consistently been one of the top sources of consumer gripes lodged with CASE. Last year, they attracted 2,523 complaints (some people never learn).

The Straits Times reported last year that more timeshare companies have begun luring customers with offers to buy over their existing timeshare agreements, on the condition they pay a substantial fee.

Such cases have gone up 10-fold since they started surfacing in 2003, and now comprise more than a quarter of timeshare complaints.

ASIALINX

Some timeshare resellers like Asialinx try to lock clients in with powerful agreements like Power of Attorney (POA) which no one in their right minds should ever ever sign without hiring their own lawyer to vet every single document related to the timeshare sales agreement. If the company does not hand you all the documents related to the timeshare sale agreement for your lawyer's scrutiny, be on guard, something fishy may be afoot. Don't try to save money and rely on Asialinx 's lawyer to protect your interest. You must hire a lawyer who has your interest at heart 100%.

If you would not give Power of Attorney to someone you love and trust, to handle your financial affairs, why in heavens name would you sign a POA over to someone you don't even know, let alone trust 100%. As this is an unregulated industry in Singapore which has numerous (CASE) complaints against it, you have to be extremely careful of not getting yourself out of the frying pan and into the fire.

At the meeting, they will tell you that yours is one of the few timeshares they are prepared to buy "off the market". This is bullshit. How can they make money on low volume sales? If their business plan allows them to make a lot of money on low sales volume, then, their profit margins on each sale must be incredibly high. Either way, this is not good news for you, the seller.

At a meeting with Peter Mitch Mabbort several years back, "Mitch" had implied that I was stupid not to accept his offer. Looking at what has happened to Worldex "investors", I am so glad I was "stupid".

I was always able to keep a level head (while others were losing theirs) because my #1 Rule at such meetings are: "The only reason these people are seeing you is to make money. If they are doing acts of kindness, they'll be out of business very quickly". If you want to make a bet, go to the casino. At least, you'll have more fun.

#2 Rule: "Never sign anything on the spot. Go back and think about it. Talk to other knowledgeable people". These timeshare people will be happy to see you again, believe me (no matter what they say to the contrary). There are no queues to get in. Even if they cannot entertain you, there are many other such companies around who will gladly take your business. All you have to do is sit back and wait. The "opportunity" arrives every few months. Not that I'm saying you should take it!

Related Articles:

Why Can't I Sell My Timeshares?

CASE Warning Over Worldex After 137 Complaints

Buy blu-ray | ebay sg

2009-11-08T20:35:00.000-08:00

Buying Blu-ray from ebay sg

Buying Blu-ray, DVD discs from ebay sg

Beware of buying from ebay sellers (on sg or other ebay sites) who won't accept paypal payments. These are usually shady operators or even downright crooks. If they don't accept paypal payments, pay only COD (cash on delivery) if absolutely necessary [not bank transfers] as ebay will not provide buyer protection for such non-paypal transactions.

Usually such illegal ebay transactions come with inducements such as attractive immediate discounts, or discounts for future deals etc. There are no guarantee that the blu-ray, dvd etc discs you get are not pirated or self-burnt discs, or even playable or actual movies at all.

If you deal with such ebay sellers in transactions other than via paypal, there is no way ebay (even ebay sg) can get refunds from these crooked ebay sellers for you. So buyers beware!

The other thing to look out for is to examine the past transactions of these sellers. What do buyers (not sellers) say about the seller. Are the feedback positive or negative. Are the transactions about blu-ray or dvd discs or unrelated items?

A good seller should have at least 100 good / positive reviews by ebay buyers to be on the safe side. Better still, they are ebay Power Sellers. These people / companies have a good reputation to protect and hence are less unlikely to default on their obligations. These ebay sellers also are more likely to take their warranty seriously such as refunds or exchanges on faulty or misrepresented items.

Also check to see if the buyers' comments / feedback are recent or were made sometime back and there are no recent comments. This could indicate a hijack or transferred account.

By reading all of the seller's reviews (particularly the neutral and negative feedback), we will have a good idea of how they operate and what kind of problems you are likely to face with them.

Another thing to scrutinize is whether the same used / pre-owned item has been sold in multiples of times. It may indicate a problem with that item.

As ebay often reminds buyers, it is an public auction site for buyers and sellers. It cannot guarantee the quality or quantity of the products sold via ebay. If payments is made via pay pal, it would be able to mediate and help you secure a refund. If there are no pay pal payments, you are on your own pal. Paypal is a subsidiary of ebay.

A very cheap price is usually indicative potential problems in the purchase. If you don't mind some minor (or maybe even major problems) with the bluray or dvd, then ok go ahead and bid for the ebay item.

Cheap is good, but getting the Good Stuff is even more important. This applies to blu-ray and other product / service purchase from ebay.

Here are some signs that your ebay purchase may encounter problems:

product that is an unbelievable bargain or non-existent in the market
item has yet to be released by the company (internationally)
there is no original photo of the product. Image given is a stock photo or generic picture
seller lacks a good track record or have a low transaction record
seller offers free shipping which is obviously expensive due to weight and / or distance - relative to the total amount paid by you
not shipped from the place registered by seller on ebay
seller is located in country where law enforcement for commercial transactions are of low priority eg China, Romania etc
inducement to make an "off ebay" purchase
given a huge discount if you remit a wire / bank / money transfer directly to the seller. The excuse usually given is that this item is not eligible for paypal for whatsoever reason
do not respond to bids won "automatically" or "by default"
listings that last for only 1 or 2 days
asked to send money to another person other than the one registered on ebay (this could be an indication of a hijacked ebay account)
claims that the purchase is guaranteed by some unknown / new (non-existent) division of ebay which usually is not paypal
the item is no longer available on ebay but offered to you directly via email or any other non-ebay site
purchases which involve you contact the seller by email rather than clicking on the conventional ebay "Buy It Now" button
feedback is in a language inconsistent with the seller's country
there are no recent buyers' feedback or feedback is not related to the item being sold
does not reply to your questions or takes a very long time to respond
erratic ebay page load - 1-2 second delay or flickering indicate redirecting from a genuine listing to a fraudulent page
your bids are rejected for whatsoever reason and you are given a "Second Chance" to rebid via an email. You are usually asked to click on a link that takes you to a fake ebay site.
Never click on an emailed link which is supposed to take you to the ebay / paypal site. Always type in the site directly via your web browser or use the "Favourites" or "Bookmarks" tab you have created yourself.
Bidder needs to be pre-approved or item is listed in a private auction
Do not remit money to a seller labeled as "NLRU" - "No Longer a Registered User" by ebay.

Photobooks | Singapore

2009-07-23T06:04:00.000-07:00

Photobook Companies | Singapore

If you are not happy with your usual photo albums or photo slide shows on your PC or over the YouTube or Web Albums, you can have your photo memories printed into a book or magazine. But be warned, it will cost you an arm and a leg to do so.

Here is a comparison of the services of various photobook companies in Singapore offering you can opportunity to make a high class coffee table book for your digital memories. As these are early days, costs will probably go down as other companies come onstream. Costs can probably be cheaper if they can get one-run print shops in China and India to do the printing.

DigiBook
www.thedigibook.com
$68.50 for 48 pages in A5 portrait format.
Need 4 working days by local post
Printed in Singapore

Good:
9mb software takes one minute to download
Can choose binding style (eg case bound, spiral or perfect)
Provides video tutorials on how to use their software

Bad:
No option to select paper quality
200gsm Paper super stiff
No option to sort pictures according to chronological order
Difficult to upload large files (may have to burn CD and post it to them)
Pictures grainy even at A5 size
Binding poor - pages not properly glued to book spine, unable to fully open the book
All pictures have to be in portrait orientation
Does not provide prices upfront, making it difficult to determine its competitiveness

Shutterfly
www.shutterfly.com
$218.65 (inclusive of $29.77 for shipping) for 57 pages in a 12-inch square book.
Need 10 working days for international shipping
Printed overseas

Good:
Ability to group pictures according to your choice in one page with their layout story board tool
Allows standout pictures to take up a whole page
148gsm paper quality is good - smooth and nice to flip
Single photo in a page look best

Bad:
With differing layout, book may come out looking cluttered like a scrapbook
Cannot adjust size of pictures within the page
Must place photos within the template layout
Long captions may not fit into the page

Photobook Singapore
www.photobooksingapore.com
$112 for 40 pages in A4 horizontal format
Need 3 working days fpr delivery by DHL Express
Printed in Malaysia

Good:
Download of 85.6mb design software is quick on broadband
Filmstrip format for selection of photos
Easy to sort photos according to chronological order
Drag and drop features in book's template
Allows you to enhance your pictures, it original is not hi-res.
170gsm paper was smooth and glossy, nice to flip and defect-free
Single photo per page looks impressive
Overall, best value for money.

Bad:
Difficult to auto-connect; takes 30 minutes for 104 mb upload.
Unable to print a label on the spine of the book
Captions look amateurish, does not match pictures

Snapfish
www.snapfish.com
up to 9 photos per page
S$78.83 (inclusive of S$14.99 for shipping) for 50 pages in A4 horizontal format
Need 9 working days for international shipping
Printed overseas

Good:
Good selection of everyday and elegant fonts
Template auto-fill feature enables you to easily sort pictures
Final product looked sleek and pleasant.
135gsm paper and printing quality felt similar to Shutterfly though slightly more expensive.

Bad:
Took 2 tries before being able to upload 500 pic folder for photobook.
Some inconsistencies at the spine area
Snapfish logo on the back cover and page cheapens the book value.

AlbumStories
www.albumstories.com
Coffee table book 8" x 11.5" from S$109.90 for a 20 page book
Printed in Singapore

Good:
They have a physical shop at Peninsula Plaza #01-09 so you can check out quality before ordering.
They offer a wide variety of book designs from slim soft cover magazine-like books to thick fine art coffee table books
You can save on shipping by picking up the book directly from their shop
They can design the book for you (at a fee) if you don't want to use their online template
No limit to the number of photos you can place per page

Bad:
Looks more expensive than the others, but may be offsetted by better quality than the rest.

Price Comparison:

Digibook = na (no quote given before ordering)
Shutterfly = US$39.99 (8"x11" 20 page book, leather-bound hard cover)
PhotobookSingapore = S$98 (8"x11"40 pages only, debossed, not leather)
Snapfish = US$49.99 (12"x12" 20 page book, leather-bound hard cover)
AlbumStories = S$S$109.90 (8"x11.5" 20 page book, leather-bound hard cover)

Some of these photobooks companies do road shows eg Album Stories with Popular. You can get a good package deal at these special events.

Bank Negara Raids Walton (M)

2009-07-23T03:38:00.000-07:00

Bank Negara Malaysia Raids Walton International Property Group (M) Sdn Bhd

Ref No: 03/09/04

Embargo: For immediate release

On 5 March 2009, Bank Negara Malaysia raided Walton International Property Group (M) Sdn Bhd under the Exchange Control Act (ECA) 1953. The raids were simultaneously conducted at the premises of the company in Kuala Lumpur (W. Persekutuan), Kota Kinabalu (Sabah) and Kuching ( Sarawak ) following complaints received from members of the public. Relevant documents of the company were seized for purpose of the investigation.

Members of the public are advised to be cautious of this type of land banking schemes promoted by the company. Any elements of deposit-taking activities and public offerings such as ‘interest schemes' or investment in real estates schemes (better known as ‘real estate investment trusts' - REITs) should be referred to the appropriate authorities such as Bank Negara Malaysia, Suruhanjaya Syarikat Malaysia and Suruhanjaya Sekuriti. Members of the public are also advised to use lawful remittance channels when making payment or sending money overseas. A list of legitimate remittance channels can be referred at the Bank Negara Malaysia's website ( www.bnm.gov.my ) for either licensed banks or licensed non-bank remittance operators.

For further enquiries, members of the public can contact Bank Negara Malaysia at the following contact points:

Laman Informasi Nasihat dan Khidmat (BNMLINK)
(Walk-in Customer Service Centre)
Ground Floor, Block D
Jalan Dato' Onn
50480 Kuala Lumpur

BNMTELELINK (Customer Service Call Centre)
1-300-88-5465 or
E-mail: bnmtelelink@bnm.gov.my

Above press release is a full quote from Bank Negara via Bernama News Agency regarding its raid of Walton (M)'s offices in March 2009.

We understand from theedgemalaysia.com on 6 March 2009, that "documents were seized for the purposes of the investigation" under Exchange Control Act (ECA) 1953.

This raid operation DO NOT comes in as a surprise because other Land Banking like UK Land International (M) Sdn Bhd, Profitable Plots Sdn Bhd and Edgeworth Properties (Malaysia) Sdn Bhd was raided on 24 October 2008.

The Companies Commission of Malaysia (SSM) raided the offices of the three companies on Oct 24 after months of surveillance and seized "relevant assets including ICT equipment and documents" to assist in its investigations.

"We decided to take action against these companies because of recent developments in Britain.

"One of these three companies’ parent company is facing winding-up action by the British authorities," said SSM deputy chief executive Rokiah Md Noor.

"We are concerned about the interests of their investors here, as well as investors who have put money into similar companies offering land banking schemes."

The above is a cautionary note to those who intend to invest in Walton or any landbanking scheme. Bank Negara won't simultaneously raid Walton 's Malaysian offices (Kuala Lumpur, Kota Kinabalu and Kuching on 5 March 2009), if they don't have good reasons for doing so.

Also, you can't trust people in forums claiming to be very successful in landbanking investments. They could be landbanking sales people drumming up support for their business.

In any case, with the credit crisis in the USA and elsewhere, there is no reason for people to buy raw land (land between two big cities) from Walton or any other landbanks when you can get a great piece of US property in the city or suburb for as little as US$30,000 or less.

Then there are people who say that if a company has been around for a long time, it cannot be a scam. Go and tell that to investors of Bernie Madoff's ponzi scheme. He set up his investment vehicle , Bernard L. Madoff Investment Securities LLC in 1960 and fooled some of the smartest financial experts (hedge funds) in the US, Switzerland, Japan etc. Worst still, he did it right under the supervisory eyes and noses of the US SEC Regulators. The Sanford alleged ponzi scheme goes as far back as 2001.

Furthermore, even big and "solid" legit companies can fail, just like Lehman Bros., AIG, Wachovia, and Washington Mutual. Then, there was the fire sale vs bankruptcy situation with Merrill Lynch, Bank of America, Bear Stearns, JP Morgan (and problems within Citibank and Goldman Sachs) which caused investors to lose a big chunk of their invested funds.

So there is no such thing as a safe "sure thing" investment. Higher returns is always there to cover higher risk. So don't go crying to the government / regulators if something goes wrong. Even for regulated investments, the government is not going to cover your losses as those who invested in Lehman minibonds via DBS, UOB etc will tell you. Landbanking is not a regulated industry. So be warned.

This is what Walton promises you when you attend one of their presentations. What they don't tell you is that: "Past performance is no guarantee of future returns":

More About Walton Landbanking scheme

Useful Tips What To Do at PC | IT Shows

2009-07-22T21:27:00.000-07:00

Useful Tips on What To Do at PC | IT Shows

Here are some Useful Tips on What to Do / Not Do at PC / IT / Computer Shows. It will help you save time, money and energy when looking for that much needed PC / IT / Computer product:

Usually held at the onset of the (Singapore) school holidays (quarterly intervals by different exhibition organizers). So this has to be factored in when making your overseas vacation;
Expect visitor-packed aisles making walking and browsing very difficult at times. Do not take small children (and partners who are likely to be agitated by large crowds and loud noises) to these exhibitions. Wear comfortable shoes and clothing and be prepared for long hours standing / walking in poorly air-conditioned / ventilated exhibition halls due to over crowding;
buying strategy:

Round 1 - (at home) Do your homework on product specs / prices etc.
Round 2 - (at exhibition) take note of prices, specs and booth numbers.
Round 3 - compare deals and make buying decision.
Round 4 - (at home) unpack and test products. If it is not in good working condition, bring it back to the exhibitor for an exchange during exhibition hours
Round 5 - (at exhibition) here we go again!;

If you are buying big items like TVs, printers, etc, make sure you buy them at the end of your visit as it is difficult to navigate them around unending and frantic crowds. Pack a good trolley in your car in case the exhibitor does not provide you with a free trolley or won't take home delivery orders for big items. If you are buying a fast moving item, ask the exhibitor to store your item for collection later, make sure you get a delivery/collection receipt;
Bargains can be had at these computer shows, if not in price, at least in terms of "extras" thrown in to sweeten the deals. So make sure you ask / bargain;
Gizmos fans will be able to test the products without the compulsion to buy immediately
Sales staff are usually knowledgeable, it not, ask the manager on duty;
Car parking is a problem and expect a long wait for taxis;
Come well prepared with a list of targeted products of interest to you. Do your research and narrow down your selections by checking technical features / prices online - especially for products which have newer models in the span of months like cameras etc. If you find something new which you are unfamiliar with, it is better to go home and do your research and come back at a later time to make a purchase. This ensures you don't get a product which don't meet with your requirements;
Listen in to knowledgeable visitors' questions / comments and seek their advice if necessary;
For technical products, be sure to double check out their technical literature and product manual to confirm the product's specifications / features before buying. Don't rely solely on sales staff hearsay;
Be sure to read and mark out the good deals of interest to you in the computer show's newspaper supplement (usually the 1st day of the exhibition in the Straits Times and Today) and make sure you bring it along if it has a special price coupon;
At certain hours there may be spot (cheap) sales, check out for these deals;
Excess stocks may be "auctioned" off at the last day of the show but don't count of the very good deals to be on this auction list;
If you didn't have the time to check out all the special offers, you can go to the shop of the exhibitor on the 2nd day after the computer exhibition closes to see if you can get the same deal as that at the PC / IT fair;
be wary when dealing with overseas companies which do have a local office especially newer companies. You may have problems with product exchanges / servicing / warranty;
make sure you can afford and really need these items, even if it is on hire purchase. There's a tendency to make impulse purchases at such PC Fairs - due to marketing hype and crowd buying frenzy. It is not uncommon to get a feeling of regret when the product is brought home and found to be not as useful as originally thought;
Questions to ask yourself before buying:

in what way will this product better my life?
how often will I be using this product?
when will I be replacing this product with a newer one (eg when it is damaged beyond repair or when a newer, better model comes out?)
will I be saving money if I buy this product now? Will it be cheaper in one year's time? Can I wait for one year?
have I done my homework on this product? Is this the product that best meets my requirements for the next 2-3 years or even longer?

Happy bargain hunting at the exhibition!

For the list of PC / IT / Computer Shows in Singapore 2009, click on link below:

List of PC / It / Computer Shows in Singapore 2009

PC | IT Exhibitions | Singapore 2009

2009-07-22T19:28:00.000-07:00

PC | IT Exhibitions | Singapore 2009

This is the list of PC, IT, Computer Exhibitions scheduled in Singapore in 2009:

IT Show 2009
12 March to 15 March 2009, 12pm to 9pm
Singapore International Convention & Exhibition Centre Suntec Singapore (Suntec City)
IT Show takes up 300,000 sq ft with 800 exhibitors of Levels 1,2,3,4 & 6 of Suntec Singapore.
IT Show features a wide range of computer and consumer electronics and accessories, software and backup systems.

PC Show, Digital Imaging, Game and Consumer Electronics 2009
11-14 June 2009, 12-9 pm
Levels 1, 3, 4 and 6 at Suntec Singapore (Suntec City) with 600 exhibitors with S$51.7 million sales generated during the PC Show.
PC Show Exhibitors features desktop computers, laptops, wireless network, printers, computer accessories, car GPS system etc

Comex - It & Consumer Technology Exhibition
10-13 September 2009, 12-9pm
Suntec Singapore, Levels 1, 2, 3, 4 & 6
Comex is SG's biggest I.T. exhibition with 820 leading manufacturers and suppliers.
Comex Exhibition Space: 345,000 sq ft of IT, Digital Entertainment, Mobile and Consumer Products

SITEX Expo
26-29 November 2009, 11 am - 9 pm
Singapore Expo, Halls 5 & 6
200 exhibitors in 226,042 sq ft (in 2008) floor space
SITEX Expo longest running IT fair - since 1988 is the launch pad for Singapore's best infocomm and consumer electronic products with S$45 million sales generated at SITEX Expo.

Hot New Products to look out for:

Digital pens
High capacity, high speed memory cards
Mirrorless Dslr with large sensors (Olympus, Panasonic, Samsung, Pentax, Sigma) with HD Video capabilities
Next generation Smart phones
Netbooks
Compact cameras with GPS and good low light shooting capabilities

Related Article:

How to get the most of that PC / It Exhibition visit:

Useful Tips on What to Do at PC | IT Exhibitions:

Timeshare Companies Complaints

2009-07-15T07:11:00.000-07:00

Timeshare Companies Complaints

Interval Resorts Network (IRN) has issued an important warning which all timeshare owners should take heed of. This advisory is found in the IRN website and read as follows:

[Quote] "Members Importance notice

It has come to our attention that certain companies/ parties (with some allegedly representing themselves to be agents of IRN, ATC or the Timeshare Association of Singapore) have been contacting members like yourself by way of telephone calls purporting to assist them with offers to rent, sell, terminate and/ or repurchase your membership for interested third parties.

The Management of IRN and Asian Travel Club (ATC) would like to WARN ALL members to refrain from entertaining such calls and against taking up such offers. We would also like to stress the following:

IRN does NOT engage in any rental, resale/ repurchase of ATC memberships by itself or any other third party;
IRN does NOT appoint any agents to act on it’s behalf in respect of such rental, resale/ repurchase of any memberships;
IRN does NOT approve of any such rental, resale/ repurchase transactions;
ALL members are urged to inform IRN accordingly if you have been contacted with sufficient details in order that the necessary reports may be lodged with the relevant authorities;
IRN does NOT divulge personal particulars and details of your membership to any third party for any purpose whatsoever.

Some of these companies have also been known to contact members under fictitious company's name and have also even purported to offer Cash Back/Money Back guarantees.

The following are the names of some of the companies that our members have been contacted by way of telephone calls:

Asialinx Asset Management Pte Ltd
Worldex Pte Ltd
Project Media Pte Ltd
Max Mega Pte Ltd
Supreme Motivation Tours Pte Ltd
Lee & Chandran Pte Ltd
Zealz Corp Pte Ltd

We urge you to contact us immediately at our special helpline at 68356481 or 68356486 between 10.00am – 9.00pm (Tues-Sat) if you have been contacted by any of these companies. We value you as our member and we will continue to strive to provide you with a positive and enriching experience for many years to come. " [Unquote]

Members of the public should be careful when dealing with the 7 companies and follow CASE advisory strictly. Just because IRN and ATC are complaining about Asialinx, Worldex, Project Media, MaxMega, Supreme Motivation Tours, Lee & Changran and Zealz Corp., it does not mean timeshare owners can throw caution to the wind when dealing with IRN and ATC too. In fact, after all the bad publicity about timeshares, I don't see why anyone would even consider buying any timeshare product when there is no regulation protecting buyers from unscrupulous timeshare companies. If you must buy, check with CASE, Timeshare Association (Singapore) as to whether the company you intend to deal with is reputable and not blacklisted company.

Read about press coverage on the complaints and CASE action on Singapore timeshare between 2001-2004 companies from the following link by the Timeshare Victim Support Group:

http://www.geocities.com/hcspore03/press_archives.htm

CASE | Timeshares

2009-07-15T06:53:00.000-07:00

Advice from CASE regarding Timeshares

Here are some good advice by the Consumer Association of Singapore (CASE) on Timeshares

Do not attend a timeshare presentation only for the gift; very often, there are so many restrictions, the free gift is seldom worth the time you spend. Go only if you are interested in a timeshare holiday.
Buy only from a member of Timeshare Association (Singapore; they have promised that you may cancel the contract within 5 days if you decide that you have been misled or if you think the timeshare package is not something you really need or can afford.
Pay only by cheque, and not by credit card; cheques can be stopped, but credit card payment cannot be cancelled.
Do not buy a timeshare scheme for investment purposes; you often have difficulty in re-selling them.
Do not buy timeshare solely for the right to travel to other resorts.
There are sometimes tiresome conditions to fulfill before you are allowed to exchange your resort for another.
Do not buy a timeshare out of pity for the salesperson having to talk to you for so many hours or for fear that he or she will lose his/her job. Remember that you are paying out a large sum of your hard-earned money.

CASE also advises owners not to resell your unwanted timeshares through timeshare resellers / brokers. You will not only end up paying exorbitant fees, but also after all that effort and expense, you will find that you will not be able to get your timeshares sold. If you need to sell your timeshare, contact the resort owner directly and see if they are willing to purchase your timeshare.

UAG | Wine Investment

2009-07-10T07:11:00.000-07:00

UAG | Wine Investment

Straits Times, 7 July 2009 (page B4) reports another sad story of investments that should never have been. This time is about a wine "buy back" investment firm Universal Assets Group (UAG) which had its office at BTH Building in Defu Lane 10 sealed by the landlord after it had defaulted on its office rent by one and a half months. Their office used to be at Suntec City.

UAG (established in 2005) offered wine trading and brokerage services, as well as a scheme whereby customers could buy fine wine (read: expensive wines, not the stuff we usually drink) and sell it back to the company a year later for a profit (said to be about 10-12% to be paid out in February or March this year). Some 1000 customers individually invested about $6,000 to $91,000 in UAG's new age Australian / French wine buy back scheme. One case of wine usually costs about $10,000 - unless business is really bad.

UAG was established in 2005 and used to have offices in Singapore, Hong Kong, Shanghai and Australia. We understand that UAG gets wine brokers to do cold / hard selling and charges a 12% sales commission according to some sources.

At the UAG YouTube posting, their video was promising a 30% return on investment. At other ads like in the MRT trains, they were promising as much as 40% returns. Watch the UAG youtube video here. So much for a "peace of mind" investment.

As my rich old uncle always tells me: "If anything can go wrong with an investment, it will. So go through all the fine details over and over again. Don't take anyone's word or promises at face value. If they promise you high returns, be extra careful. There is no such thing as guaranteed returns or high returns without high risks. So do your homework and don't come asking me for money if your investments go bust".

Another YouTube video posted by UAG featuring Universal Assets Group CEO, Mr. Dominic Sim, on an exclusive interview with China CBN TV on fine wine investing.

It would seem that UAG over estimated the wine market potential which took a big hit due to the Credit Crisis late 2008. However, some buyers claim that they could not sell their wines at an auction market via their designated wine brokers even after one year. If there are no buyers in the open market, how can you make a profit?

In May, a group of investors filed a police report regarding overdue payments that were promised to them in writing. So far, they were paid a fraction of the amount due or none at all. 17 disgruntle customers also filed a complaint with CASE. Consumer Association of Singapore is trying to track down the directors of UAG to serve them a voluntary compliance agreement. The unhappy UAG clients intend to take a class action legal suit against UAG to recover their money. The Small Claims Tribunal will not take the case as it involves an investment product.

Our research shows that there are at least 5 other wine investment companies. Hopefully their wine does not go sour on them too. Irene Ang, local business woman and celebrity is said to be an early investor of wines here. In my mind, if you don't have a wine shop or drink wine by the barrels and have a huge wine cellar in your basement, you have no business investing in wine. If you don't have place to store your wines, UAG will charge you storage and insurance at $2.50 per bottle per year.

What is going on in Singapore? Are there insufficient legitimate investment vehicles for them to invest in? Investing in bottled wine? What next, bottled water which will make you fabulously rich when Singapore's water agreement with Malaysia expires in 2061? Hopefully these guys would get paid in wine. Drink up guys! That was your Plan B, isn't it?

Wine investing is an unregulated investment, so if there is a problem, you'll have to get a lawyer to sort out the problem. Don't expect CASE to bail you out. If the company goes bust, there's not much you can do. Even if they have assets after closing shop, it would only be enough to pay up a fraction of their financial commitments.

For those who think wine investment is still a good investment, consider this:

Risks of Wine Investment:

Wine Spoilage due to poor temperature & environmental control at the warehouse
Low Market Liquidity, i.e. you can't buy/sell at a time of your choosing
Bankruptcy Risk - the Wine company/importer selling you the wines can go bust (if a couple of top 10 banks in the USA can go bust, so can any other company - BIG or small)
High Holding Costs i.e. warehousing costs, insurance can easily come to 3-4% per year of the value of the investment. This means you'll have to sell the wines at considerably higher prices with each succeeding year to cover these costs
Demand & Price Fluctuation - it can go down especially luxury (expensive) wines during bad times.

Like landbanking, there is no such thing as a sure thing. Just talk to those people who bought Layman Brothers minibombs. The chances of these people getting 50% of their money back (not counting the deduction of legal and other costs) are pretty slim.

I have an ostrich farm in Australia. Wanna buy?

Timeshare | MaxMega

2009-07-10T06:30:00.000-07:00

MaxMega Timeshare Update

Straits Times, 2 July 2009 (page B4) reported that MaxMega vacated their Tras Street premises about 2 weeks ago leaving timeshare investors in a lurch.

As reported in my earlier article on MaxMega, a group of 33 unhappy buyers had complained to CASE that MaxMega had failed in their promise to recover their investments with other timeshare companies and provide additional payouts. This after the buyers had signed contracts and paid substantial fees upfront ranging from $5,000 to $40,000. They were later told that they could not recover their investments and were asked to fork out even more money for another timeshare resale product.

CASE served a voluntary compliance agreement two weeks ago to MaxMega directors, Yaacob Yusoff and Muhammad Yazid Samri. The agreement would have committed them to ending unfair practices, failing which CASE would file an injunction to stop MaxMega's operations. The directors had not replied by te deadline of 30 June. If there is no response from them, CASE will leave it to the police to investigate further.

Investors are awaiting the outcome of police investigations before taking legal action against the company.

This episode once again proves my contention that it is not worthwhile to make deals with these types of timeshare resellers.

Timeshares Resale | LGM | MaxMega

2009-05-15T20:28:00.000-07:00

Timeshares Resale | LGM | MaxMega

The questionable timeshare resale deals related to LGM, Mexmega Group ( Colco Ventures ) was mentioned in Today Weekend Singapore issue, 16-17 May 2009 (page 4).

According to Today's report customers wanting, to avoid paying hefty maintenance fees, were promised timeshare contract termination. What they got instead was another "big hole in the pocket" contract (after coughing up absurd top up fees which promises to make the hapless timeshare owners' contract "valid" and eligible for "cashback").

In one case cited in the Today's article, a retiree Wong Liang Yong, 69, had spent close to $80,000 since 1996 when he bought two timeshare "investments" for $25,000. As he found the $1,000 maintenance fees costly to upkeep, he was agreeable to terminate his timeshares as LGM had promised him a "cashback" of around $25,000 within five years. The catch: pay LGM $10,000, which he did. Unfortunately, the deal was disallowed by MAS, according to sources.

Mr Wong went on to sign two more timeshare resale contracts. In February 2009, another timeshare firm, Maxmega Group promised him a cashback of $104,000 within 18 months, but he had to fork out $35,000 first, which he unfortunately did again.

Two weeks after signing the contracts, Maxmega told him that "they had problems with LGM as it had been suspended".

"They said Maxmega is an agent for Colco Ventures - a firm that has taken over all the timeshares all over the world, and it could not use LGM services. So it had to charge me some $200,000 liability for subscription fees," he said.

Mr Wong became upset when the company threatened to sue him if he did not pay. He then contacted other timeshare victims. On Friday, 8 May 2009, the 16 unhappy timeshare victims went to the Consumers Association of Singapore (Case), but only six filed complaints against Maxmega.

They are hoping Case can help them recover the money paid to Max-mega. Case will be sending a Voluntary Compliance Agreement to Maxmega and will investigate whether Maxmega has breached the Consumer Protection Fair Trading Act. If so, Case will file an injunction against Maxmega.

If this fails to get back their money, the timeshare victims might consider "legal action" against Maxmega.

Since 2008, Case has received a total of 27 complaints against timeshare companies totaling $791,000 in value.

In recent months, according to my scam-watch sources, there have been an increase in the number of calls for newer companies claiming that they've got "a limited number of very serious immediate" buyers for your unwanted timeshare contracts. Run a company check of these companies via Registry of Companies (ROC) to make sure they are not a $2 (or even a $50,000) company.

These timeshare resale companies claim that they have cheques issued by reputable banks ready for your to collect upon the sale. Such claims should be verified with the banks concerned.

They will claim that they are a member of OTE (Organisation for Timeshare in Europe). Beware, OTE no longer exists by this name and anyone claiming they are member of OTE may not know what they are talking about or are deliberately misleading you. The OTE has changed its name to Resort Development Organisation (RDO) recently.

Many of these companies know, that in a bad economy, people will be desperate to sell their burdensome timeshares. Use extreme prejudice when dealing with these people. Do not be desperate or greedy. Walk in to such resellers invitations with your eyes wide open and have a healthy dose of skepticism. Don't sign any deals on the spot. You have the right to have your proposed contract validated by a lawyer. Get details and check around, especially forums.

My lawyers say that if it is a honest-to-goodness deal, it won't be a one-sided secretive deal that will disappear the moment you walk out the door. If it is, then be prepared to walk out of a room with your cash locked up inside - the moment you walk out of the door. That is the practice with most of the timeshare resale companies in Singapore right now. Who are the good guys? I don't know. Nobody knows. Do you think you will get lucky this time? Or do you want an legally binding deal? Your call.

If you asked me, I will prefer to cut loss on my initial timeshare investment of say, $30,000 rather than keep doubling up my losses to who-knows-what amount. With $30,000, I can put food in my pantry for the next 60 years or so in today's dollars. Why re-invest junk investments?

Update July 2009: MaxMega Timeshare Seller

Related Must Read Article For Your Financial Well-Being: Why Can't I Sell My Timeshares?

Online DVD Rental Singapore

2009-03-20T19:37:00.000-07:00

Online DVD Rental Singapore Compared

Hollywoodclicks started its Singapore online DVD rentals in 2004. Today, there are 2 more online major rental stores - Videohub and Homepal. Are these online DVD rental worth subscribing?

It depends. Their business model is very similar to the US Netflix, so they all have common advantages and disadvantages. To view it in perspective, we should also compare them to the brick and mortar stores we are familiar with.

Cost:

As online renters usually offer time-based plans, we should find out what is the true cost per disc. To calculate cost, you must find out the unit cost per disc, not the absolute cost of the rental package. Let's take Hollywoodclick's $24.61 month's supply of DVD rentals using their 1-DVD-at-a-time plan. First, you need to calculate the "unproductive" days which is 8 weekend days and the public holidays in the month. Next you will have to add the shipment transit time which is 2 days for a postal round trip assuming you follow the strict drop-off routine (see next paragraph). The company will need another one day to process your rental. Using these parameters, we can calculate our actual cost. Assuming there are 30 days in a month, minus 8 weekends, minus an odd public holiday, you technically have 21 days left. 21 divided by 3 days turnaround, you'll have an average 7 DVDs per month. 7 divided by $24.61 is $3.51 per disc. Now this does not compare favorably with regular rental stores and certainly not a good deal as Gramophone's which charges $3 for a one-off rental. It will be cheaper if you use their time-based package at $30 per month which allows you to borrow an "unlimited" number of discs at 3 DVDs at any one time. Again, if you are tardy in returning the discs on time, the costs go up by default.

We assume that you will watch it on the day/night itself and return it by post within 24 hours but no later than 3pm the following day (i.e. if you receive the disc on Tuesday 4pm, you'll have to return it by 3pm on Wednesday to ensure that the postal people pick it up on their 3-4pm route).

In a Straits Times 29 October 2008 "Just click for blockbusters" it erroneously reported that a $41.73 per month plan gets a customer 3 discs a week which implied a cost of $3 per disc. This is wrong. It actually costs the customer $3.50 per disc assuming they return the discs within 4 days. If you hold onto the discs longer, your costs go up proportionately.

Of course, to be fair, when comparing costs between online and brick stores, we must factor the transport costs as well (MRT, Bus fares, petrol & parking for car owners) and time spent outside the home to make their dvd selection. This could easily amount to $2-5 dollars per trip.

I recently tested Homepal's service. This is what I got for a 3-DVD one month plan. Homepal made 9 dispatches of 3 DVDs (which averages a 3 days' turnaround time between dispatches) I returned the dvds within 24 hours before the post office working day pick up time of 3pm. Yes, it is not easy to make the plan cost productive for you!). This works out to 27 rentals within one month or $1.37 per disc ($36.95 divided by 27 rentals per month). They did not dispatch one old title I wanted. Most of the titles I took were catalog items and more than two-thirds are not my top picks. This is a slightly better performance than the service I got from Hollywoodclicks earlier.

No Late Fees:
Don't be fooled by the marketing gimmick that you won't be penalized for returning the discs late. In a time-based plan, the clock is ticking, and time costs you big bucks. I am not saying that it is a scam, but this is the way the rental business works - you buy time to enjoy the viewing pleasure of the DVDs or Blu-rays. The more time you take, the more money you pay - in this case, the less DVDs you can rent.

There had been a lot of controversy in the US when the US Netflix subscribers took up a class action suit against the DVD rental company which "quietly throttled" heavy users. "Throttling" refers to the company deliberately delaying the mailing of discs to users whom it deemed to have returned the discs too quickly. The company paid out millions in the 2006 settlement.

This happened to me with one of these local online renters. When it happened the second time, I called the person in charge to complain. He denied that the company practices throttling. After that, the service resumed at a satisfactory pace. So if the company does not turn around the discs within 3-4 working days, you should call up the company for an explanation. They can't blame it on the post office as the PO is very efficient with its automated central sorting system. You can expect the postman to deliver your package by the following day ie less than 24 hours.

In summary, it is not cheaper to rent from online stores. So let's examine their other advantages. This assumption is bias in favor of heavy renters where every rental adds up to a considerable amount.

Convenience and Hassle Free:

Discs are delivered at your doorstep. Yes, that is a plus point. But you will still have to drop off the discs to a post box. So this is a half-step convenience akin to you calling the DVD rental company to deliver the discs to you, but you still have to personally return the discs at their shop. So I'll rate this as a half-convenience.

However, for people who are very busy, live in outlying places, don't have their own private transport, and don't like to go out much, this may be a compelling selling point.

Titles: Range, Availability, Quality, Uniqueness & Frequency of New Releases:

This is debatable. Some brick stores have a bigger collection. The more important criteria is availability. My own experience is that it is harder to get hot (and of course new) titles from online stores. For brick stores, there is more transparency. You can actually see the titles that are available on the shelves. You can't do this with online stores. Unless they have a system to let subscribers see their queue number for the title, your guess is as good as mine as to when you will receive the discs requested. Next, the quality and frequency of new titles added. While online renters do have unique titles, these titles are not numerous enough to keep subscribers on a month to month basis.

My other pet peeve is the transparency of the titles offered by on line rental stores. Homepal allows you to view almost their whole catalog before signing up. The same cannot be said about Hollywoodclicks. This definitely deters serious renters like me from buying rental packages from them. How do they expect us to make a decision to re-subscribe when we don't know what titles are available from them? After all, the availability of product is the key to us buying their services. This is not lottery, lor.

Service/Support:

Generally the staff is friendlier at Hollywoodclicks than Homepal; though in terms of disc turnround Homepal scores marginally better and their catalog titles seems better. The Homepal polystyrene packaging is more sturdy and less likely to result in breakages compared to Hollywoodclicks' thin ply cardboard sleeve. I once received a cracked DVD from Hollywoodclicks which I promptly return and luckily they did not charge me for it.

Final Assessment: Are Online DVD Rentals in Singapore Worthwhile?

At the bottom line, what counts is whether they have titles you want and can't get elsewhere. Here is a simply way to evaluate if it is worthwhile to sign up with a brick or online store monthly plan. Count the number of titles you must (high priority) borrow (excluding the new / hot titles which may be difficult to get even within a one month period) and divide it with the total package cost. If it is costs you $3 and below, go for it as this it. Whatever extra titles you get is a bonus which help will reduce the cost of your rental - assuming you want to borrow as many titles with your monthly rental plan.

Please do not get me wrong, I am not discouraging the usage of online DVD rentals. However, when we buy a service, we should expect a minimum standard, otherwise we should look for alternatives. In these uncertain times, it is not advisable to tie big sums of money or sign up for big rental plans in case the company goes belly up. Do that when the economy is healthy and expanding.

Advice to Heavy Renters
Don't sign up for the monthly plan continuously with one store. It will be taxing on your time and won't give you value for money as there won't be enough good titles for you to rent. Instead, sign up with a company that offers the traditional "no expiry plan" which enables you to use up the rental credits / coupons at a leisurely pace rather than on a monthly basis.

Criteria to Sign Up for A Monthly Plan
You sign up for a monthly plan when there are at least 10 titles you can almost definitely borrow within a month. (see "Final Assessment: Are Online DVD Rentals in Singapore Worthwhile?" above). Usually you will get good value for money if you sign up for their monthly plan once or twice per year. If you are a serious movie lover, you will sign up with different stores once a year - as and when they meet your monthly sign-up criteria.

Below are a comparison of services offered by the significant online DVD rental companies in Singapore:

www.hollywoodclicks.com
Membership: Simple
Cost are reasonable, depending on the titles you are targeting for.
1-DVD-at-a-time $24.61
3-DVDs-at-a-time $41.73
5-DVDs-at-a-time 69.55
8-DVDs-at-a-time $104.86
Payment: Accepts Credit Cards
Sign-up is easy, Calls you to confirm your address before shipping
Free Trials: There is a two-week free trial per household
Free Shipping of Discs - dispatched Monday-Friday
Email notification of dispatch and receipt of DVDs
Packaging: Cardboard sleeve may result in damage of DVDs in transit.
Cancellation of rentals: At least 2 days before next renewal provided you return all the discs and cancel titles on your DVD Request List.
Phone Support: Friendly
Titles: Ultra-secretive about their titles. 12,000 DVDs (no Blu-Rays), several unique titles, only a limited number of titles can be viewed online before subscribing
Movie Information: Professional but basic
Pioneer in online business but not now the largest.

www.homepal.com.sg
Membership: Complicated'
Cost are reasonable depending on the titles you are targeting for.
1-disc-at-a-time $22.95/month
3-disc-at-a-time $36.95/month
5-discs-at-a-time $53.95/month
Accepts Casual memberships @ $5 with refundable deposit of at least $50 per disc.
Payment: Accepts Credit Cards, WorldPay, GIRO and Cheques (which have to be cleared before the service begins)
Free Trials: None
Sign-up is easy, Calls you to confirm your address before shipping
Email notification of dispatch and receipt of DVDs
Free Shipping of Discs - dispatched Monday-Saturday
Packaging: Sturdy polystyrene sleeve less likely to result in damage of DVDs in transit.
Cancellation of rentals: At least 2 days before next renewal provided you return all the discs and cancel titles on your DVD Request List.
Phone Support: Not So Friendly
Titles: Secretive. Does not state how many DVDs (no Blu-Rays) they have for rental (claim to be 10,000), several unique titles, can view most titles online before subscribing.
Movie Information on Website: More info than Hollywoodclick though there are some typo errors. They have a search by alphabetical listing which enables you to find out what they have quickly. Searching by genres is a waste of time as it frequently features the same title over many of the genres.

www.videohub.sg
Membership: Extremely Complicated.
Have not figured the cost yet, probably slightly more expensive than the two companies above. Will check them out when they meet my rental criteria.
$15.90 for 18 points and $75.90 for unlimited points. Different points are deducted for different types of discs (VCDs, DVDs, Blu-Ray discs). Very difficult to calculate unit costs, probably around $4 per DVD.
Accepts Casual memberships @ $5 with refundable deposit of at least $50 per disc.
Payment: Accepts Credit Cards, PayPal, Cheque, Bank Transfer, ATM. Need to pay a refundable deposit if you pay other than Credit Cards. Free Trials: 2 Week Free Trial, automatically signs you up to paid plan if you do not cancel after trial period has expired.
Sign-up is easy, Calls you to confirm your address before shipping
Email notification of dispatch and receipt of DVDs
Free Shipping of Discs - dispatched Monday-Saturday
Packaging: Sturdy polystyrene sleeve less likely to result in damage of DVDs in transit.
Cancellation of rentals: At least 2 days before next renewal provided you return all the discs and cancel titles on your DVD Request List.
Phone Support: Not Very Friendly
Titles: Secretive. Does not state how many DVDs, VCDs and Blu-Rays. They have for rental (claim to be 10,000), several unique mostly B titles, can view most titles online before subscribing.
Movie Information on Website: Good, but fancy Flash scripts resulting in slow loading of pages
Their cramped brick store is Starlight Video at AMK.

www.VideoEZY.com.sg
About $1 more than your average rental store.
Not a full online store. You browse their website, call 6440 9331 and they will deliver the discs to your home by motorcycle much like a pizza delivery.
Charges:
New Release Rental - $6.50/disc
Catalogue Rental - $5.50/disc
Delivery Charge - $2.50 each way for delivery and collection (However, if you rent additional movies when your titles are due for collection, we will waive the collection charge).
Extension Fee – All titles that are returned late are subject to a charge of $1 per title per day.
Delivery:
The first call is at 12pm and the last call is at 7pm
Advance order can be made no earlier than 24 hours prior to delivery
Ezy delivery is only applicable to DVDs (no deliveries for Blu-ray discs, you have to pick them up directly from their stores).
Pay the video delivery man by cash only. Means you will need someone at home to receive and pay the Video EZY deliveryman.

www.7 frames.com
About $1 more than your average rental store.
DVD Rental Charges (no membership plans):
$5 for new titles and $4 for catalog for 2 day rental. Late returns is $1 per day per disc.
7 frames is not a full online DVD renting store, only small brick store in Upper East Coast Road. You visit their site and call their store at 68418416 or 64499809. They will deliver the discs by van 3 hours after the order had been placed. Pay the deliveryman by cash only. It means you will need someone at home to receive and pay the 7 frames deliveryman. Video Delivery /Collection start from 6pm
First call for orders start at 12pm and last call is at 8pm, everyday.
Titles: Limited, no Blu-rays
Website Info: Nice site but turn off the irritating background music.

Rental packages are subject to change. Please check the company's website before commiting to the service.

Well there you have it. If you know of other online stores in Singapore renting DVD / Blu-ray, please let me know via the Comments box below.

Till then, enjoy your DVD, Blu-ray movies etc.

Related Article: Best DVD Video Rental Companies in Singapore

Lighting Strikes Merlion

2009-03-19T08:39:00.000-07:00

Lighting Strikes the Merlion - Good or Bad Omen?

On 28 February 2009, Lighting Struck the Merlion and created two big holes in the head of Singapore's most famous icon which required extensive repairs.

Is the lighting strike on the Merlion a bad omen for Singapore?

Is it as significant as the 9/11 when terrorist driven planes crashed into the Twin Towers of the WTC? Was the bad karma of 9/11 responsible the Sub-Prime Crisis which has led to the demise of many big well known Wall Street companies in 2009 and possibly creating the Greatest Depression the USA has ever witness in the past 100 years? Was it responsible for US citizens electing a politician as unqualified as Barack Obama? A Hope Dope we can't believe in? Every day we are subjected to Obama's annoying blame game whinny criticism of others when we know that he is the Commander-in-Chief in charge of everything that goes on in the USA and the world at large. At least George W. Bush does not make excuses when things go wrong. And let's not blame everything on poor ol' W. The US financial deregulation process had been going on from the Reagan years and accelerated during the Democratic Clinton watch.

Now, back to Singapore. Is the damage on the Merlion a bad omen for Singapore? Well, the Merlion statute prominently stands watch over Singapore's Shenton Way financial district, just as the WTC is strategically located a the sea front near the Wall Street.

What does feng shui experts have to say about the lighting strike on the Merlion - the first significant reported incident in its 36 year history. Here are some polite assessments by our feng shui experts:

Master Clarice Georgia V Chan: "warn that “Deliverance” must be accompanied by change of mindset and attitude along with correct actions before new and better way of living can be achieved."

Geomancer John Lok of Fengshui0011.com is positive: "As the Merlion was hit by light on its head, it could signify that Singaporeans will be able to see more clearly, as this is a wake-up call to all Singaporeans."

Master Lim Koon Hian of San Yen Geomancy Centre, agreed: "the event signified that Singaporeans would experience a wake-up call, and a greater understanding of events around them."

Fengshui master Gwee Kim Woon of Fulu Geomancy Centre: 'This could mean that it has averted a more serious disaster. Judging from the Merlion's position, it is possible that the lightning strike could bring about a release of good fortune in Singapore. The lightning strike could be interpreted as the 'ignition' of wealth and luck for Singapore."

Fengshui master Lee Yuhon: "The event marked the arrival of 'negative forces' from the south of Singapore. It was caused by negative forces which had accumulated in the area. The lightning strike could mean that something bad may happen in the southern part of Singapore."

Master David Tong of CMG Consulting: 'The Merlion is an icon of Singapore, and an icon getting struck by lightning is not a good thing. In Chinese metaphysics, we learn that everything happens for a reason. It could be that the recession we are already in could get worse."

Local Singaporeans blame the creation of the Marina Barrage which turn the Marina Bay from a healthy marine water body into a stale water reservoir. This has brought bad feng shui over the financial district that for years have benefited from the unimpeded tidal waters from the South China Sea.

My own feng shui expert is not too happy with the development. A hit on the head is no laughing matter, he says. It tells us that something is gonna make our heads spin round and round. Certainly, it is not the spinning of the casino roulette wheels at the Sands Marina Integrated Resort (IR). So all you still free spending Singaporeans out there, tighten your belts and get ready for the bad times. Those under 40 who have not seen a really bad recession, this will be a head kicker.

Hopefully, it will also be an eye opener for our political leaders too. After all, the ruling party, the PAP's logo looks like a lighting going through a big hole. This puts them at greater risk of some kind of "strike" as the party sorts of represents the "head" of the merlion. If they do not heed to the grumblings on the ground, they are likely to get a big surprise on Election Day or some ugly international incident could cast them in bad light.

The recent vicious physical attack on MP Seng Han Thong and threats on GRC MP Denise Phua is indicative on the rapidly changing social mood in Singapore due to declining standards of living and poorer career opportunities.

Let's hope things do not come to a head.

Related Article:

The Merlion Legend

Buy Used DVDs Singapore

2009-03-19T07:02:00.000-07:00

Buy Used DVDs / Blu-Ray Discs in Singapore

Why are there no Used / Pre-Owned / Second-hand DVDs on Sale in Singapore?

The foremost answer as to why it is difficult to find shops / stores selling used / pre-owned / second-hand DVDs / Blu-Ray discs in Singapore - Government Regulation.

For entrepreneurs to start a business retailing used / pre-owned DVDs, they first need to apply for an annual film distribution license from the MDA (Media Development Authority). MDA's fees as quoted ad verbatim in their website are given below:

Applicants of the Film (General) Distribution Licence can either apply for a one-year or a three-year license. The license fees are S$600 for a one-year licence and S$1,500 for a three-year license. A security deposit of S$20,000 by cheque or a bank guarantee will have to be furnished.

Applicants of the Film (Restricted) Distribution Licence can either apply for a one-year or a three-year license. The license fees are S$1,200 for a one-year licence and S$3,000 for a three-year license. A security deposit of S$30,000 by cheque or a bank guarantee will have to be furnished. Applicants must also comply with the following conditions for the sale and marketing of restricted (i.e. NC16 and M18) videos:

Ensure compliance with the stipulated age requirements;
Ensure that films rated NC16 and M18 and selected PG videos carry the appropriate consumer advice issued by the Board of Film Censors;
Ensure that the display of publicity materials conform to the guidelines issued by the Board of Film Censors.

Obviously, such hefty fees will deter smaller outfits which have to contend with equally sky high shop retail rentals as well as other overheads like staffing etc.

In addition, such businesses cannot buy DVDs / Blu-Ray discs from customers directly if these DVDs / BluRay discs do not have the official MDA film rating stickers.

This smacks of bureaucratic overkill and prevents entrepreneurs from tapping new markets and increasing employment and economic wealth for the country. Such a policy encourages piracy, and supports big film companies at the expense of consumers and potential small Sg businesses.

While the easing of film censorship have come a long way since the dark days of the pre-quasi-liberalized Board of Film Censors (BFC), Singapore has still a long way to go before SG residents are given the freedom of personal choice which will enable them to stretch their limited dollars among other things. Businesses are also limited in their options to offer services that will benefit consumers.

At the moment, second-hand DvDs, BluRay, etc are only offered in limited range in the following type of Singapore stores:

DVD rental stores which want to get rid of surplus ex-rental titles like Gramophone, Ezy Video
Second hand shops like Cash Converters who have licenses to deal with second hand goods

Probably the best way to buy used / pre-owned / second hand DVDs or BluRay is by checking online for individuals wishing to sell their collections. Buying from these people can be risky as you don't know if there is something wrong with the discs or that it is pirated /self-burnt.

Buying from ebay

You don't see many second hand DVDs or Blu-Rays on www.ebay.com.sg because of the government regulations on such trades.

Buying Blu-ray, dvd discs from ebay sg singapore. Click to Read more here.

Purchasing from Amazon etc

So if you want to buy used / pre-owned / second hand DVDs or Blu-Ray discs, you will have to ask an overseas friend to buy and mail it to you. I am told that Sg Customs may close an eye if you bring in PG rated discs from the likes of Amazon but don't count of being lucky all the time. If caught, you have to pay for the MDA licensing fees before you can take receipt of the discs. Otherwise, you will have to send the discs back or have it destroyed under Customs sg supervision.

Of course, you could buy budget Code 3 DVDs but do not expect the quality to be similar to those full priced Region 1 discs from the USA. These are precisely the reason why people go underground and do lots of illegal things like ripping, downloading or buying pirated discs from surround countries. You won't find pirated DVDs discs at Sim Lim Square nowadays but there are lots of opportunities to buy contraband items if you look hard enough. Contraband items that may support terrorist / criminal activities. Why are we helping crooks when we can be supporting legitimate businesses, big and small, in Singapore?

What a terrible waste of Singapore taxpayer resources.

Related Article: Best DVD Video Rental Companies in Singapore

Merlion Legend | Origins

2008-12-10T20:38:00.000-08:00

The Origins of the Merlion Legend

This article discusses the origins of the Merlion legend. Here, we attempt to strip fact (or at least apply some logical assessment) from fiction. In doing so, we hope to have a better understanding of what the merlion could actually have been like if it had existed sometime in the past.

Physical Characteristics of the Merlion?

Is it a fish or mammal? If we examine the stories behind the merlion legend,

The official documentation in Sejarah Melayu (Malay Annals) related to a Palembang Prince Sri Tri Buana sighting a strange beast that looked like a "lion" during his visit to Singapore. But lions did not exist in South Asia. The only Asiatic lions lived in a small area in northwest India. Could he have mistaken it for a tiger? This seems unlikely for a presumably highly educated member of the royal family. In his lifetime, he must have seen tigers in his realms, so he should have known a tiger from a lion. Anyway, his traveling companions must also have collaborated with his story so we will have to assume that it looked something like a lion.

Could it be some Chinese settlers playing a trick on the visiting dignitary by putting their lion dance costume? This is also highly unlikely as there were probably no Chinese settlers here at that time and the lion dance costume don't look like a real animal.

We know that it was sighted on coastal lands and in the sea, so we can assume that it must be some sort of sea mammal. We will have to assume it is a mammal as they are said to be intelligent and could probably interact with other species. It probably fed on fish and / or vegetation.

This would rule out the merlion being a fish unless you are talking about lungfish and mudskippers which are too small to attract any attention.

Some would suggest that it could be sea reptile / dinosaur like the one reportedly living in the Loch Ness. Ancient Asian people's (particularly the Chinese) encounters with dragons suggests that this may be so. However, the disappearance of dinosaurs long before the evolution of man makes this theory highly unlikely. Until it can proven that dinosaurs existed in recent history, we can dismiss the merlion-dinosaur link.

However, recent discoveries of giant squid and prehistoric fish leaves some room for speculation of the merlion being a prehistoric creature of some sort.

A giant snake? Maybe, but large snakes are not known in this region.

Crocodiles and alligators? Southeast Asian people are likely to be very familiar with these reptiles so it is unlikely people would mistaken crocodiles and alligators for monsters - no matter how big they grew.

Komodo dragons (monitor lizards) existed in Indonesia. Maybe the Javanese experience with these giant reptiles helped shaped the merlion's physical characteristics. If this is so, then the merlion's tail should probably been more lizard-like. Komodo dragons are not sea creatures.

However, the legend states that it had a head of a lion and a tail of a fish. This does not imply it was a lion but that it had a big medusa-like or tentacle-like head to borrow from the Greek legends. Its tail suggest that its back end was closer that of a marine mammal like the dolphin or whale - indicating that it was a powerful swimmer and could possibly live underwater for a long time.

The description that it looked like a lion may have implied that it was fierce-some looking and was not something you wanted to mess around with. It also indicated it was a powerful / strong creature which was not afraid of anything.

Its size is subject to conjecture - it was said to be both big and small. If this is true, we would have to assume that different people saw the parents and baby of the merlion separately. Alternatively, it could indicate that the creature was highly adaptable and could change shape quickly.

In terms of color, it would probably be silver grey to make it less visible in the sea. However, some suggested that it was closer to a sea lion coat's color. This is because its name is merlion - "mer" being french word for "sea or marine". So could it be a sea lion? It is unlikely that a merlion would be a sea lion or even a golden seal as these animals do not live in this part of the world (except in the zoos, of course). Moreover, these animals are relatively small compared to the descriptions of the merlion which is supposed to be gigantic.

Frankly, we don't believe the merlion had pearly scales if it was a mammal. It is also highly unlikely that creatures which spend most of their time in the sea would have a long mane like a lion. The merlion would have to be streamlined to facilitate swimming - just like other sea mammals. Could mammals' whiskers be mistaken for hair? This again, would seem to be highly unlikely.

There are no indications of its birth or death. We will have to assume it lived a long time - possibly a hundred years. No bones were found on land but this is not uncommon for sea / marine creatures. Stories that it appeared in a storm suggests that it spent much of its time in deep sea and thrived in rough seas. It was probably a nocturnal creature. It had very good eyesight and had good vision even in the deepest, darkest ocean. This implies that it could live in places which other creatures could not or would not.

It possibly spawned its young on land. It probably also took care of its young for a few years. We are not sure if it produced its own milk for its young or gave it regurgitated food. When its offspring was big enough to fend for itself, it left for the seas. In all likelihood, merlions were not social animals. They formed a family unit only when they had an offspring to take care of. There are no indication how often the merlions bred. We will have to assume that they only bred one offspring in its lifetime. It probably traded species proliferation for longevity.

Where did the merlion originally come from?

Possibly from the deep seas in the central Pacific. The merlion myth is similar to the legends of mermaids of the Greeks and possibly myths about the lost continents of Atlantis in the Atlantic ocean and Mu of the Pacific ocean. However, the existence of these civilizations have not been proven. From its rare sightings, we can deduce that it may be a migratory animal - alternating between Singapore and the deeps of the Pacific. Its migratory habits is likely to be tied to the migratory patterns of its main source of food - namely fish.

Possibly because it was a safe place to raise its young due to the lack of natural predators from land or its coastal waters. Smaller land mass usually could not support large animals. Its deep coastal waters were also an advantage of such a creature. Singapore's volcanic origins could also be a factor in its choice. Singapore may have reminded the merlion of the natural environment of its lost homeland many thousands of years ago.

When was the Merlion last seen?

The last records were from the Malay Annals (literary and historical work from the 15th or 16th century). It documents the visit of Prince Nila Utama of the Sri Vijaya empire in the 11th Century to ancient Singapore. According to fragmented records, the Sumatran prince's ship had to make landfall in Singapore (then called Temasek) after the ship had been damaged by a big storm.

As they waded ashore near the Singapore river, he saw a mystical creature which looked like a lion that could also swim like a fish. It disappeared as soon as it saw the men. The prince decided to renamed the island "Singapura" which in Sanskrit means Lion (singa) City (pura) after this encounter. As their ship was leaving Temasek, they felt a feeling of dread as they sensed that something with glowing eyes was following them though they could not see what it was. It only disappeared when the ship was several miles away from the island. This may indicate that the merlion is territorial and / or protecting its young.

South Asian and Chinese sailors also reported sighting strange creatures which some attributed to manatees, dolphins or simply swimming animals etc. though none of these animals looked remotely like the merlion.

By the time of the British rule of Singapore, only oral traditions existed of a strange creature that once lived in Singapore. These stories related to the creature guarding Singapore from an unknown threat from ancient times. Was the story made up by locals to scare away blood-thirsty, slave-taking Asian pirates - particularly those from the Sulu Sea?

Why did the merlion simply disappear? Perhaps, its time had come . Maybe it retired to the deep ocean to avoid contact with humankind.

What the merlion means to people

Today, only statues (an exaggerated physical recreation of the merlion) exists throughout Asia to remind us of the time when animals, not man ruled the earth. Perhaps it is only an allegorical tale about the necessity to be in harmony with nature.

As a famous quote goes: "A richest person is not one who has the most. But the one who needs the least."

With the threat of global warming etc, it is a timely reminder that humankind do not have absolute control of planet earth. If we do not take care of our environment, we too can become as extinct like the merlion. What good are legends if there are no people to remember them by?

Perhaps, the merlion legend serves as a lesson on survival. Like feng shui, the merlion can protect the country from destructive elements only in a limited way. In the end, it is all up to us. Some empires exist for a thousand years. Some last only a hundred years. During our short time on earth, we should make the most of it. To create a future we can be proud of. To ensure that we do not end up being a forgotten chapter in the history of mankind. A story very much like the merlion legend.

While the merlion is a mythical beast as far as we know, its characteristics and spirit lives on in the hearts and minds of many Singaporeans.

Fact or fable, we love our much venerated merlion just the same.

Related Article:

For a light-hearted story about the Merlion, read my partner's article on the Merlion Legend here.

Car Park Rates | Singapore

2008-12-09T08:06:00.000-08:00

The Cheapest and Most Expensive Car Parks in Singapore

Before shopping on Sundays, check out which are the cheapest and most expensive car park rates in the City Hall / Orchard area. With the ERP-like automated gantries collecting car park fees, most drivers do not really know how much they pay when they patronize these shopping centres. So before you go downtown for shopping, do check out the carpark rates below. It will help you make some savings while you shop.

The building's carpark rates are indicative of what the weekday rates are like too. But their rates are not as absurd as those car parks in the Shenton Way / CBD area. Most CBD car parks charge $2 plus per half an hour (or $16 for 4 hours) during office hours! The most expensive car park lot is Shenton House ($3 per 1/2 hour) which works out to $24 for 4 hours of parking during office hours! So people with noisy, over-priced Lamborghinis, this is the place where you won't get your cars scratched.

The parking rates given below in (red) is the equivalent rate for 4 hours from noon to 4pm:

Orchard Road:

International Building:
$2.00 per entry ($2)

Shaw Centre
$2.14 per entry ($2.14)

Far East Plaza
$3 per entry ($3)

Forum The Shopping Mall
$3.20 per entry ($3.20)

Far East Shopping Centre
$3.21 per entry ($3.21)

Pacific Plaza
$3.50 per entry ($3.50)

Royal Plaza On Scotts
$4 per entry ($4)

Wheelock Place
$4 per entry ($4)

Tangs
$4.50 per entry ($4.50)

Centrepoint
$1 for 1st hour, $1.20 per subsequent hour ($4.60)

Cathay Cineleisure Orchard
$3.75 for first 3 hours, $1.07 per subsequent hour ($4.82)

Grand Hyatt
$5.35 per entry ($5.35)

Cairnhill Place
$3.50 for first 3 hours, $1.50 per subsequent 30 mins ($6.50)

Wisma Atria
$3.50 for 2 hours, $.0.80 per subsequent 30 mins ($6.70)

Hilton Hotel
$7 per entry ($7)

Orchard Plaza
$1 per 30 min, $3.50 per entry (5pm-7am) ($8)

Lucky Plaza
$1.61 for 1st hour, $1.28 per subsequent 30 mins
$3.21 per entry (5pm-7am) ($9.29)

Orchard Point
$2.40 per hour (8am-10pm)
$4.80 per hour (10pm-8am) ($9.60)

Paragon
$3.40 for 1st hour, $0.70 per subsequent 35 mins.
Additional $1.07 surcharge from noon to 2.30pm ($10.07)

Ngee Ann City
$2.48 for 1st hour, $1.58 per subsequent 30 mins.
$4.28 per entry (6pm-7.59am) ($11.96)

Park Hotel Orchard Singapore
$3.50 for 1st hour, $1.50 per subsequent 30 mins.
$5 per entry after 5pm ($12.50)

City Hall Area:

North Bridge Centre
$1.55 per entry ($1.55)

Capitol Centre
$2 per entry ($2)

The Adelphi
$2.10 per entry ($2.10)

National Library
$2.10 per entry ($2.10)

Peninsula Plaza
$2.50 per entry ($2.50)

Beach Centre
$3 per entry ($3)

Esplanade- Theatres by the Bay
Free parking except on public holidays (6am-2pm)
$1.50 per hour (2-6pm)
$5.50 per hour (6-10pm)
$1.50 per entry (10pm-6am) ($3)

Millenia Walk
$2 for 1st 2 hours, $1 per subsequent hour ($4)

The Ritz Carlton Millenia
$2 for 1st 2 hours, $1 per subsequent hour ($4)

Bras Basah, Bain Street (Block 232)
$0.50 per 30 mins (7am-1am) ($4)

Marina Square
$2.14 for 1st 2 hours, $1.07 per hour for next 2 subsequent hours,
$1.07 per subsequent 30 mins (7am-2am) ($4.28)

Suntec City
$1.07 per hour ($4.28)

Raffles City
$2 for 1st 2 hours, $0.30 per subsequent 15 mins ($4.40)

Raffles Hotel
$6 per entry ($6)

Peninsula Excelsior Hotel
$1.50 per hour (8am-5pm)
$3 per entry after 5pm ($6)

Carlton Hotel
$6 per entry ($6)

Odeon Towers
$2.20 for 1st hour, $0.90 fpr subsequent 30 mins (7am-5pm)
$2.20 per entry after 5pm ($7.60)

Funan DigitalLife Mall
$2 for 1st hour, $0.50 for subsequent 30 mins (7am-5pm)
$2.10 per entry (5pm-11.59am) ($8)

Expensive Car Parking in other Singapore Buildings:

Colliers International recently ranked Singapore as the 12th most expensive place to park a car in the 17 Asia Pacific cities surveyed by them. According to Colliers, the estimated median of unreserved parking in Singapore is US$182.00 (S$249.34) per month. In global terms, Singapore ranked the 68th most expensive in terms of car parks out of the 138 cities surveyed.

This high cost of parking is attributed to the limited availability of parking space in the Central Business District (CBD). The recent ruling that building developers have the flexibility to provide up to 20 per cent fewer parking lots than the prevailing car parking provisions standards for commercial buildings have motivated many building owners to convert some of their carpark space into retail / office space - further curtailing the number of car park space available.

What with a ratio of 12 cars per 100 Singaporeans, you can only expect car park rates to go up faster than your blood pressure rates. This figure implies one car per 2.1 Singapore families (100 / 12 / 4 ) - assuming a family unit of 4.

You can also check which buildings charges the most expensive / cheapest car park rates in other Singapore Buildings online at sgcarmart.com (which can also be accessed via your mobile phone if your handphone has an internet connection). You can also buy the "Singapore Car Park Rates Guide" in printed form from sgCarMart. They currently have a promotional tie up with SPC whereby you can get the Singapore car park rates guide for free if you buy $10 worth of Choice store products. So get it, check it and save money.

freak weather | Singapore

2008-12-08T01:47:00.000-08:00

Freak Weather in Singapore

Sunny Singapore experienced extremely freak wet weather conditions, not seen here for the past 20 years or more. Those who were on the Singapore roads on 14 & 15 January 2008 witnessed these ferocious tropical storm conditions on two consecutive afternoons at about the same time of the day (4pm).

The freak rainfall was so heavy, the cars and other road vehicles on the highway had to slow down to a crawl. Even with the cars’ hazard lights on, it was difficult for drivers to see through the driving, blinding rain even at two car lengths away. All they saw was a grey-blur sheet of hard torrential rain. Many drivers even had to stop their cars intermittently as it was virtually impossible to see what was ahead of them - something that was very dangerous to do on a highway! Luckily, all the cars had kept their distance from the other cars as they too were experiencing the same zero visibility conditions and were clocking drive speeds of less than 10 mph.

Fortunately, the freaky weather did not last too long as strong winds blew the rainstorm clouds quickly westwards of Singapore. In the photos below, you will be able to see part of the dark storm clouds behind a small section of the Singapore city skyline. The Singapore skies over the city cleared after about 15 minutes. Because of the rainstorm did not last long, no serious damage were reported here.

Below are photos taken after the severe rain had whittled to a drizzle. From these pictures you can see the remaining low rain clouds drifting at about mid-level of some of the Singapore skyscrapers. This is quite unusual as these Singapore city skyscrapers - the tallest of which is only 280 meters high due to local aviation regulations - as seen in these photos, are not very tall buildings by world standards. The photos were taken by my son using his hand phone camera in a moving vehicle.

Could this freak weather in Singapore be due to global warming? Only time will tell.

Find out the predictions of global warming for 2008 and how it will affect us. Don't be fooled into believing that we don't have global warming, if we experience cold spells. This is part of the"two faces" of extreme weather caused by global warming. Many of the anti-global warming proponents are big business "fronts" aimed at preventing global warming legislation from being enacted in their respective countries as it would affect their bottom line. Global warming measures are to keep the climate within normal range - neither too hot or too cold so people can live comfortably and the environment, their livelihood and way of life will not destroyed as a result of abnormal climate change.

Freak Weather - Waterspout Spotted in Singapor

Reminds me of the waterspout that hit Singapore on 7 May 2007. Here is the home video using time lapsed photography taken by a home security system. Time lapsed photography of course results in the video being speeded up. Video was taken near Shaw Towers with the East Coast Expressway (ECP) in the foreground. Sorry, we have no audio on this video, but I'm sure you will have a blast with this speeded up freak show. The phenomenon lasted for 15 minutes. If you think our featured video is too short, visit YouTube or LiveLeak and view other videos of the waterspout. The last waterspout was seen off Sentosa on 13 August 2006 - lasted for 5 minutes. According to the Meteorological Services, such waterspouts occur about once or twice a year but further off-shore.

Freak Cold Spell in Singapore

Singapore experienced the coldest temperature in 74 years on 13 Mar 2008. Singapore's temperature dipped to 12.8 degrees Celsius - about the average day time temperature in wintry Hong Kong. Singapore, which lies less than 100 miles north of the Equator, recorded the coldest spell in its history on 30 Jan 1934, when thermometers dipped to 19.4 degrees Celsius (Straits Times, 14 Mar 2008).

Feng Shui: Marina Bay Sands IR

2008-12-02T05:51:00.000-08:00

Feng Shui: Marina Bay Sands IR

The Marina Bay Sands Integrated Resort (IR) is the biggest and most expensive development project ($5.4 billion on 50.9-acre prime waterfront site near the financial district,) undertaken in Singapore. It is also the world's most expensive casino project so far. Usually the undertaking of a major construction project like this in the country is an indicator of excessive market confidence. It usually precedes a major market top with a fierce recession following close behind. But life goes on, and in 2-5 years, you can expect business to be booming like never before.

The casino project is without its problems like escalating project costs and the financial problems of Las Vegas Sands. LVS problems is not due to earnings problems but the difficulty of getting funding for their many projects due to the current Credit Crisis. Once funding have been secured, things will proceed at full steam. The IR was slated for a staggered opening in 2009. (UPDATE: Now slated to open in early May 2010)

About Feng Shui
To most foreigners, it would seem that the Chinese are a superstitious lot. But feng shui is not about ghosts and spirits. It is all about living in harmony with nature. To make use of nature to improve our lives. To place things which could be potentially dangerous in a location where it would do the least harm. When people are in harmony with nature and themselves, they can do great things. Some of the feng shui is pretty much common sense things which we may overlook due to our disorganized and hectic modern lifestyles.

Marina Bay Sands IR - good feng shui or bad feng shui?
Many people blame the "bad" feng shui of the Marina Bay IR as the cause of Las Vegas Sands current problems. This sounds like gobbly-gook to me. How can a property that has yet to be completed bring bad luck? Now this is pure superstition or wishful thinking by the anti-gambling crowd who are hoping against hope that the project will fail.

Don't get me wrong. I'm against gambling too. But let's face facts. There are hundreds of Singaporeans who are going to Batam, Genting and Star Cruise's voyage-to-nowhere to gamble every weekend. If these silly folks got money to burn, it might as well be in Singapore and provide employment to the locals here - especially the 40-50 year old workers.

Many people think that the feng shui elements has been artificially implanted into the Marina Bay IR as an afterthought. However, architect Moshe Safdie and LV Sands maintain that they have utilized the services of the Chinese geomancy experts when designing the casino property.

Marina Bay Sands IR - Good Feng Shui or Bad Feng Shui? Let us examine the Differing Assessments of Geomancy Experts :

50 Storey Garden Rooftop / Sky Garden / Sky Park

Safdie wanted the building to capture the essence of Singapore as a garden city, make it an iconic and first of its kind building in the world and fusing it with good urban design sense. The 1 hectare (larger than 2 football fields) sky garden, maximize space for more greenery and provides a 360 degree view of the city and the Singapore Straits.

Critics said that the roof / sky garden looked like an aircraft carrier. To others, it represented an incomplete or broken flyover / expressway that goes nowhere.

Geomancer Victor Li, who has worked with The Raffles Hotel and The Grand Hyatt Singapore, said: "On their own, the three tall buildings look like three ancestral tablets and, with the sky garden, it looks like a broken flyover, with 'neither head nor tail'." He said the Mandarin phrase 'neither head nor tail' has a negative connotation, usually used to describe things that are incomplete and imperfect.

Geomancer Gwee Kim Woon says that the buildings are positioned in the shape of a bat and the Mandarin work for “bat” sounds similar to “luck”, so that is good news.

The Sharp Blade That “Cuts” The Financial District

Master Tan Khoon Yong of Way Onnet Group said it resembles a blade that will affect (cut) all buildings surrounding the IR, especially the Swissotel Stamford. "Also, because the rooftop is flat, it restricts the development and growth for the IR," he said.

Knife-edge buildings are not new in Singapore:

We have had blade-like buildings like the Gateway, the UOB Building (said to be designed by feng shui experts to "chop off" competitors), the Suntec City with the biggest monument to Feng Shui - Fountain of Wealth and even the Esplanade Theatres on the Bay. I recalled when the design of the Esplanade was first released to the public, there was a chorus of disapproval and naysayers predicting that these "bug eye" looking theaters were doomed to failure. Today, it is a much photographed iconic building which look like durians (their unique dome structure actually represents the top part of the microphone) with an impressive track record for money-making performing arts shows.

Master Chong said it's like a scholar's hat, meaning the IR will bring new learning to Singapore.

Pools on the Tower Rooftops

While geomancer Adelina Pang has no problem with the flat roof, she warned that the garden should not have ponds or water features, because this would symbolize a drowning building.

Master Chong said that the garden has water and plants, like a mountain. We have water, and the water flows to the MICE (meetings, incentive travel, conventions, exhibitions) business.

The 3 Slanted Hotel Towers

LV Sands wanted the towers to be iconic and dramatic

Critics said that the towers looked like ancestral tablets (tombstones) which is a bad omen.

Feng Shui Proponents disagreed saying that all buildings look like a rectangle ancestral tablets. The experts said that the towers with a gradually broadening base would negate any resemblance to an ancestral tablet.

Master Chong Swan Lek (who advised Genting Highlands, Marina Bay and Sentosa years ago) said: "You look properly, they are three warriors standing a foot apart. They are guarding the gateway to Singapore. Tablets are straight up, these are curved".

Gaps Between The Three Towers

Critics said that the wind tunnels (gaps between buildings) will bring bad luck to the financial district, and hotels such as Swissotel Stamford and The Fullerton.

Master Chong Swan Lek, 66, commenting on the negative remarks, said it is not a geomancer's job "to tell the architect what to do". His input to the Sands project, however, had the designers splitting one original hotel block into three to let the qi (wind) through. Asked if geomancy could reduce gambling's social ills, he said "You would have to tighten the law".

On the gaps, which critics say are wind tunnels that bring bad luck to the financial district:
Master Chong: We split them so that the qi (wind) could pass through. The Swissotel does not even face the IR. It faces Maybank, the mouth of the Singapore River, not the lagoon. The IR actually becomes the kao san (backer). They got it wrong.

If you think the Marina Bay Sands towers seem odd, look at these funny-looking, crooked buildings that are coming up at Marina South. These buildings are called 'FLOATING' BLOCKS: Surbana. They are planning for 30- to 50-storey-high blocks on shallow pools, making them appear to float on water.

Lotus Shaped Art Science Museum

LVS wants the museum to look like a hand opening up to the heavens with three interwoven low-rise domes to give an impression of flow and fluidity.

People from both camps supported the idea of a bloom along the waterfront. in the form of the lotus-shaped Art-Science museum. Architect John Ting said: "To us in Asia, the lotus is providential and if you know how to capitalize on the concept of a lotus, it can be iconic."

Master Cheong said: "Art-Science Museum is shaped like the divine lotus. Its five fingers complements the Esplanade. Water flows in and is recycled. Money flows into the casino and back to Singapore, so it won't flow out into Batam and Bintan" - which also plans to have competing casinos.

The Three Domes

Master Chong says they are like three coins. In feng shui, when a household has problems, you give them three coins to ward off evil and bring prosperity. Some amateur feng shui practitioners suggested that gamblers could get lucky if they throw three coins in the fountains at the IR.

Elements

Feng shui-friendly elements — glass, crystal and water are put into good use to enhance the qi qualities of the property.

Location and Orientation

The site has yin water flowing from right to left. Entering from between 95 - 105 degrees more towards 95, water will enter from the birth 长生 or nurture 养 direction and exit from either sickness 病 or death 死 direction. These are based on estimation from a Google map. Although there isn't much benefit from any of these water entrances, at least water exits from very bad directions. This site is unable to tap on the prosperity 帝旺 incoming water direction unless it faces east, which is not feasible.

The highway behind the casino is also a cause for concern. This is probably why the architecture of the site has 3 such tall towers. They are to block off the energy from behind. The highway will have a north-south orientation. Referring to the 3 combination water theory again, it is actually favorable for traffic from to move from north to south. But gravely unfavorable to move from south to north. And since the highway is 2-way. The feng shui master must have not left this to chance and decided to block it off altogether.

Based on the feedback from my usually reliable feng shui experts, it looks like LVS' Marina Bay Sands IR will bring good luck to the company if it survives the bad patch of project financing difficulties.

Some anti-government and anti-casino critics are hoping that the Marina Bay Sand project will fail. This is highly unlikely as I am reliably informed that there are many corporate "big guns" waiting eagerly at the sidelines for a chance to muscle in on this casino action should LVS run into problems - especially those who had failed to secure this lucrative 30-year concession earlier. As Chinese always say: "Crisis = Opportunity". So with or without LVS, the Marina Bay IR would still be completed. But LVS holds all the good cards, so it is highly likely they will win this high stakes game.

The plus factors in LVS favor: LVS has recently announced that much of its 120,000 sqm convention space has been booked by some 15 international MICE operators till 2013. On 5 December 2008, it said that 50% of its retail space (which is 20% smaller than VivoCity) of 800,000 sqm had been taken up mainly by 300 high fashion European, American, Japanese and some Korean labels including crowd drawer Victoria Secrets. The bigger stores will open in 2009 and the others in 2010. LVS has put on hold projects that have lower yield and putting greater resources on potential projects like the one in Singapore.

Singaporeans are not poor people. The tai tais alone can occupy several casino tables. Casinos have deep pockets and can afford to offer perks like complimentary food, drinks & hotel rooms (it has 2,500 premium hotel rooms). It can also afford to provide VIP treatment (like invitations to significant photo opportunity events) and tickets to concerts to get the well heeled mahjong crowd to regularly patronize their 15,000 sqm casino. Its many attractions like the Art and Science museum, a skating rink, boat rides through the shopping mall and two floating crystal pavilions for dining and entertainment will also pull casual visitors to the gaming tables.

Believe me, gambling is big business in Singapore. Singaporeans just love to gamble. They will bet on anything that moves. Some have gone to jail just to prove the point. So let the dice roll and may the feng shui force be with you when you are in the casino - a definite maybe.

timeshare resale

2008-12-01T21:44:00.000-08:00

Why Can't I Sell My Timeshares?

A short answer to this question is: there is no resale value for your timeshare because you've been sold an overpriced product. Because the sale of timeshares is unregulated in Singapore, timeshares have been sold at an absurd premium here compared to countries where timeshares are regulated.

LGM says it is prepared to buy your timeshare at about 80% of the price you paid for but you will have to buy their lifetime vacation travel club plan of $40,000 which means that you will have to fork out 50% or more cash depending on the value of your existing timeshare property. This hefty price tag represents $1,000 premium per year assuming you faithfully use this travel program for 40 years without fail.

It it a good deal? It depends on whether the travel company will honor their lifetime commitments to you. Looking at the way timeshares are performing as an equity product, I have serious doubts. You can bargain down resaler's price tag by reducing the lifetime (years covered) of the product but I doubt it will solve your core problem - which is reducing your travel costs over the long term.

As anyone who have joined a lifetime membership program like signing up for a slimming program or a car polishing service will tell you, it takes a lot of discipline to use the service intensively and the chances of the service lasting a lifetime is pretty slim. So a lifetime membership program is a loser's game at best. Companies that offer a lifetime membership count on buyers not using the service intensively throughout their lifetimes even if the company lasts a "lifetime".

There are other 'timeshare resale" companies offering such resale / terminating solutions for your timeshares. This is their code word for your timeshare being "unmarketable" i.e. your time share is "not registered" (or "fake") . They will also use their "whispering system" to determine your property's value. Friends who have seen this piece of paper from this whispering system were not impressed by it. Ironically, insiders says that there is no such thing as a "non-registered" timeshare. (You can confirm it with companies like LGM). To sell your timeshare to these re-sellers, you'll have to buy their product and top up more good money for a bad investment. There is no way you will be able to get cash back. And worst still, this new product is no better than the old one - even worst possibly.

For companies which offer an opportunity for cash back, - there is a catch - you will first have to buy their expensive product and than market it at a some timeshare auction site. This auction process may take a few months (according to them: 2-6 months) depending on the availability of buyers (sic).

You will have to assume that these companies will be around in the ensuing months while your new investment is being auctioned off. You'll also have to assume that there are buyers to this big ticket item. Insiders say you'll have to mark down your price to move the product as these resellers do not guarantee the sale of the product. Even if they guarantee, there is no guarantee they will keep their word.

You may be able to sell it if your price is right. It is all about how desperate you are in selling your second-hand product at a lower price. How much money will you eventually get back, if any at all? Your guess is as good as mine.

At the end of the presentation process, if you don't buy, they will usually subject you to an intimidation process. They will try to imply that you are, well not stupid, but there is obviously some wrong with you if you can't see a "good" deal because "many people" have benefited from such a scheme. You can't talk to these people and even if you do there is no guarantee that you will have a happy ending like them.

This process inevitably involves a time limit to take up the offer - which is usually means that you must sign up immediately. They say that their offer is not available tomorrow. This is nonsense. Of course, you can buy tomorrow. It is not like they have people lining up outside their office to buy their "fast selling" product.

CASE has given good advice to the public about timeshares and everyone should apply it when dealing with these companies: "If you are asked to buy something immediately.... leave immediately".

CASE other advice is to deal directly with the resort owners rather than middle men like these.

As mentioned in my earlier post, don't upgrade, don't invest more money unless you are prepared to take more risks with your hard earned money.

You should only average down on your investment if the company and industry is financially sound, has long term growth prospects and the ability to give consistently good customer value over the decades - and this usually applies to public listed companies in a regulated stock exchange.

Now that timeshares are difficult for these companies to sell, due to bad press, they are diversifying into vacation travel membership plans. I heard that some of these companies are also moving into landbanking (heaven forbid!). Landbanking is another unregulated business in Singapore, so you can expect a lot of companies will be getting into landbanking. Some are good companies, but many are likely to be fly-by-night companies out to sell you a scam. Read more about landbanking in Singapore by clicking here.

Business have been so tough for these timeshare resellers, they are now doing home visits / calls. I would not advise against this as it is difficult to terminate the meeting when they are at your home and you may be setting yourself up for junk mails and sales calls.

Be careful when dealing with such companies. Insiders say that timeshare reselling are not allowed in Singapore. I am unable to verify this claim but looking at the huge list of blacklisted timeshare resale companies, there is probably some element of truth in it.

How do you know whether you are dealing in an unreliable timeshare resale company? Look at their "profile":

How they approach you:

How did they get your name and phone number
What they promise on the phone versus what you get eventually. On the phone, they will tell you that you won't need to fork out a single cent. But during the presentation, they will ask you to pay a big sum of money by credit card.
The type of people who will interview you
Lengthy interview process to give the impression they are "serious" people. Its actual effect is to wear you down so you will be glad to fork out more money to remove your uncertainties about your ill-fated timeshares.
The threat of losing the opportunity to sell your timeshare if you don't sign up with them immediately - "We can only buy 20 timeshares, and we have reached our last quota today". This is nonsense. It is a high pressure tactic to make you commit cash before you are able to do due diligence. You can always come back if you have the cash. The question is whether they have ceased operations because of you-know-what.
The devaluation of your timeshare - they will claim that your timeshare is "not registered" without substantiating their claims.
Their highly secretive, non-transparent "whispering system" which provides no proof that you are getting a fair price of your timeshare
You will have to buy their product which costs more than your timeshare
There is no "cooling off" period as required by legislation
You can't show the contract to your lawyers
The contract is very sketchy of details of their commitments and pricing versus what they promise you verbally. The "contract" is loaded in their favor.
Gated-mentality - locked doors to keep out unwanted visitors
More staff than customers in the office. Most of them idle. You are shuttled from one person to another if you are a "difficult" customer.
And for Pete's sake don't sign on the dotted line because some ang mio tell you that this is the only way you can sell your timeshare. Particularly if the person is from the UK and has a fancy job description title. Chances are he is probably in it for possibly a cut in the action as a broker.

Check with the Consumer Association of Singapore (Case), Timeshare Association (Singapore) and international timeshare blacklist websites to see if the company you intend to deal with is not blacklisted or on their watch list.

By all means, do go to these timeshare resale presentations if you must - just simply for its therapeutic value ie. to vent your frustrations. But don't buy unless you know exactly what you are getting into. Believe, more times than not, you really don't know what is going on until well after the purchase. By which time, it is game over for you.

Questions to Ask if you want to attend a timeshare resale presentation:
Is your company registered with Registry of Companies?
Is your company a member of the Timeshare Association (Singapore)?
Are there any complaints against your company with CASE or MAS?

Then tell them: "Do you mind if I check these details with the 3 organizations concerned before signing up with you?"

If pushed for a commitment, say: "I don't have any money right now. Can I settle payment in one month's time?"

If they insist on an immediate commitment, threaten to make a complaint with CASE. Insist on collecting any gift they promised you for sitting through a 1-2 hour presentation.

Jewellery Singapore

2008-12-01T18:33:00.000-08:00

Jewellery Singapore - Shortchanged on Gold

As recession begins to bite, some Singapore jewellers seems to be skimping of the gold content according to the Today's Consumer Alert report: "Not all that glitters is all gold" and Straits Times "Jewellery that's not worth its weight in gold" on 2 December 2008.

For the first time, the Consumer Association of Singapore (Case) has tested the fineness standard in gold sold in shops in the Singapore suburbs. Case found that out of the 30 pieces taken from 30 retailers, one-sixth (5 pieces) of the samples taken failed to meet the 22-carat or 91.6% pure gold standard. SAO said that most of the 5 failed its test by a few decimal points. The worst score was 85.94 per cent.

There have also been instances of 8 retailers overcharging for example charging customers for the gold that was lost in the making of the jewellery, a practice stopped here in 1995.

Also, most jewelery retailers weighed the gold items only when they were asked to do so.

Worse still, three out of the five items that failed the gold test came from retailers who were members of the Singapore Jewelers Association.

Two of the shops carried the SAO (Singapore Assay Office) certification yet sold jewelery that did not carry the SAO hallmark.

The 5 jewellers claimed ignorance and blamed their suppliers. Casehas referred the cases of the 5 retailers as Catherine Goldsmith & Jewellery, Chan Foon Jade & Jewellery, Boon Lay Goldsmiths & Jewellers, Teng Huat Jewellery and Sri Meeachi Jewellers to Spring Singapore and the Trade and Industry Ministry for further investigation.

These jewellers are blaming their suppliers for their items failing the gold purity test. Hello? These jewelers should know that as sellers to the public, they are responsible in ensuring the gold meets the fineness standard. The buck stops with them. So they better have their jewellery items checked before they put it up for sale.

On 7 December 2008, the Singapore Jewellers Association announced that it has set up a Hotline: 6533-4053 for the public to call if they require assistance in getting a refund from association members whose 24k or 22k gold does not meet fineness standards. Members who flout rules may be blacklisted or kicked out of the association, though this has not been done before.

The jewellers' group is looking into getting a special X-ray device in its office so members can analyze any jewellery item's gold content in minutes.

Chan Foon Jade & Jewel, Boon Lay Goldsmiths & jewellers and Teng Huat Jewellery are members of the association.

The Singapore Jewellery Market

This year, Case received 2 gold-related complaints from the public and none last year. In 2006, jewelery sales were estimated to be worth $1.5 billion of which gold jewellery sales were a "small" percentage according to Ho Nai Chuen, President of the Singapore Jewellers Association. Only 30 out of the estimated 500 jewellery outlets in Singapore are certified, Mr Ho of the Singapore Jewellers Association said. They cited high costs of creditation(certification costs $1.10 per item for retailers) as the reason for not having the jewellery certified by Singapore Assay Office.

The Singapore Jewellers Association is the only group in the jewellery trade which is worth over $1 billion in sales in Singapore alone. It has 155 members with about 335 outlets across the island. Of the 500 jewellery outlets in Singapore, Mr Ho estimates that 100 of them have a substantial gold jewellery inventory.

How to Avoid Being Shortchanged on Gold Jewellery:

Have the jewellery weighed in your presence without the price tag. Ask for a detailed breakdown to be stated in the receipt ie. unit price per gram, gold purity and net weight of the gold item.
Check the hallmarks (etched inscriptions) on jewellery items which should have the jeweller's stamp and another mark indicating the purity of the gold. In addition, those certified by the Singapore Assay Office should have the SAO stamp.
If you have doubts about the gold content in the jewellery you have purchased, you can send it to SAO for testing. Each item will cost $2.40 for an x-ray test (which will not damage your item) A simple pass/fail result can be obtained within an hour. A more detailed report which included the gold and alloy content used, takes about a day.
If the item fails the test, make a complaint with the Ministry of Trade and Industry, under the Consumer Protection (Trade Description and Safety Requirements) Act. Consumers who are overcharged can approach Spring Singapore under the Weights and Measures Act. If the retailer has breached the Consumer Protection Act, you can make a claim at the Small Claims Tribunal. For tourists, you can make a complaint through the Singapore Tourist Promotion Board (STPB).
Avoid jewellery shops that bills you for "gold loss" in their price. They should only charge the net weight based n current prices, negotiable workmanship fees and tax.

If jewellery items at certain stores are advertised at much lower prices than other retailers, there is reason for you to be on your guard. In gold jewellery, there is no such thing as "cheap and good". You get what you pay for.

Singapore Shopping

2008-11-14T08:26:00.000-08:00

Singapore Shopping
Where & What are the Best Deals

There are good bargains to be had if you are a smart shopper in Singapore. Here are some tips where you can get the best deals and what are the items that are hot:

The Great Singapore Sale

The Great Singapore Sale - GSS starts on 1 May and ends on 31 July 2009. This is a great time to look for cheap bargains when shopping in Singapore ( SG )!

I always try to do my major purchases and stretch my dollar when shopping in Singapore during the Great Singapore Sale - GSS as it saves me lots of money Discounts can be 30-40% off the regular prices, sometimes 70%!.

You don't have to limit your shopping to popular tourist areas in Singapore like the Orchard or Marina area. The heartlands (suburbs) shops also have a lot to offer for hardcore shopaholics - people who have the time and legs to shop till they drop.

Always shop around Singapore before you buy. The best strategy is to do window shopping before the Great Singapore Sale - GSS and check out the prices. This will enable you to know what are buys and what are hype.

The hardcore GSS bargain hunters usually queue up before the store opens on the first day of the sale to clean up all the best bargains. Be prepared to jostle in crowds especially on weekends. The sale to die for is not for the faint-heart. Grab, grab, grab, like it is the last day of your life! If you don't know how to be a savvy shopper, don't go shopping in Singapore expecting to get real bargains.

If you know where and when to shop, everyday is a GSS Day!

Singaporeans are great at bargaining and that helps a lot too when shopping at non-fixed price shops. Always ask, even in fixed price shops - not only for a direct price mark down but also special offers like freebies etc. Some stores offer discounts if you go for their Up-sized Purchase, Best Buys or Today's Deals.

Besides GSS, the usually are year-end sales and you can get some good buys in November / December when stores have their year-end sales.

If the recession gets worse, you can expect stores to offer closing down sales and even auction liquidation sales.

Get Good Deals Even When There is No GSS by being a Smart SG Singapore Shopper!

Here are some SG places where you may find bargains even when there is no GSS :

Sportswear (including shoes) & Budget Young Fashion:

Heeren, Queensway Shopping Centre (aka Sports Haven), Far East Plaza, Pennisula Plaza & Bugis Shop Houses, Suntec City, Holland Village & IMM shops sells clothes at reasonable to cheap (sometimes at factory) prices. (ask for discounts). Queensway Shopping Centre is known as the Sports Haven because it has practically everything you need as a sports person.

Electronics, IT, Cameras, Gadgets:

Sim Lim Square and Funan (look for Star Retailer logo on their shop front, compare prices with various shops before asking for a product demo and ask for discounts). Make sure the "free gifts" that are thrown in with the purchase are not actually bundled offers by the manufacturer.

Be wary of Bait and Switch marketing tactics - i.e. the retailer says they have something better and induce you to buy a more expensive model).

Be careful if the retailer tells you that the product is not in their store and they will get it from their "storage". This usually means they will get it from another store and it is likely they will mark up a small fee for the service which may be higher than the retail price offered by the original store holding the stock.

Established electronic / IT retailers like Challenger (Funan), Harvey Norman, Best, Audio House (Liang Court), Courts (Tampines Ave.10), Song Brothers (Sim Lim) also have regular sales offers. They sometimes do mailers to get buyers into their store.

When buying electronic products, it is best to do your research on the product features and quality online before stepping into the stores. It will save you a lot time if you focus on price rather than on the product features when you do shopping in these places. This is to avoid a situation when a salesperson (though not all) is motivated to sell you something based on how much commission they can make rather than what is the best product for your budget. Also salespeople cannot be expected to know everything about every product.

Department Stores:

Robinsons, John Little's, Takashimaya, Isetan, Tangs, Mustafa. Mustafa @ Serangoon Road Little India is opened 24 hours a day. During the Great Singapore Sale many shops are opened late - some up to midnight (particularly those located in the Orchard Road area) so you have a chance to shop till you drop.

Branded / Luxury Goods:

Prices / offers may vary from one branded store / boutique to another. Must be knowledgeable of prices and products to get good deals. Window shop before buying. Many brand name fashion labels are located in SG plus numerous home grown labels in the major shopping centres (see Tourists Discounts below for some of the major shopping malls in Singapore). LV (Louis Vuitton) Boutique, Esprit are a good place to start. The more famous brand names are located at Orchard Road.

Good bargains and new product launch can also be had during the Singapore Fashion Festival (Spring) in March-April and Singapore Fashion Week (Fall) in October.

Special Exhibitions & Fairs:

Special short term events like PC or IT shows and other specialized product events offer excellent buying opportunities for big ticket items. Even if you don't get a significantly lower price for the new line of products, you will get lots of free gifts and other offers with your purchases. Computer exhibitions are usually held four times a year during the school holidays at either Suntec City and the Singapore Expo.

Also at these PC / IT shows, there are special spot (hour) sales plus closing sales where they try to get rid of unsold stocks. Watch for queues forming for indications of special deals being offered.

Companies like Robinsons, John Little's, Popular, MPH, Metro etc regularly hold warehouse sales and good bargains can be had at these Convention Centers.

These events are usually held at the Singapore Expo, Suntec City and other exhibition venues. Check out the exhibition calendar at these venues' website regularly to see if there is any interesting upcoming events at these venues.

Factory Outlet / Warehouse Sales:

Check the newspapers advertisements especially the Classified Ads). More factory outlet or Surplus Stores are likely to be set up in outlying areas of Singapore. A casual drive through the factory areas of MacPherson, Kallang, Ubi etc sometimes bring good shopping values as these wholesalers liquidate stocks or are going out of business. Such sales intensify at year's end.

Daiso - the "almost everything is $2" store also offers knick-knacks from stationery to household items - some are of great value. The major Daiso stores are at IMM and Vivocity.

Toyogo - Sells a wide variety of plastic items including three-piece set for microwave and freezer-safe containers at $3.50 and a 7-liter ice cooler box for $15. Toyogo is located at #01-1207, Block 11 Toa Payoh Industrial Park, Lorong 8. Nearest MRT station - Toa Payoh. Open: 10am-7pm daily.

Books:

Borders, Kinokuniya, Popular & Times. You can get better discounts if you sign up for a free Membership Card and buy the week's Special Deals etc. Members are informed of any special sales events by email. They also have warehouse sales at Singapore Expo.

Shenton Publications - 1,000 books, 80% of retail price, some as low as $1. Shenton Publication's 400 sq ft warehouse is at #03-06 Block 1085 Eunos Ave 7A, near Paya Lebar MRT. Open: Noon to 6pm Wed-Sun

Groceries:

If you are interested in cutting your grocery bills, you can buy fruits (Jurong), fish (Jurong), vegetables (Pasir Panjang) in bulk and split the purchases with your friends and relatives. These wholesale centers will sell it to you at almost the same price as that they offer to retailers, so it is a good bargain. "Bulk" here refers to buying one box of (for example) apples or minimum quantity of vegetables. However, they do not deliver. So you'll need transport and the time to do make the weekly purchases. They are opens only in the early mornings - Mondays to Fridays.

Another alternative is to visit the small farms at Yio Chu Kang if you want organic foods but variety is limited to what they grow in their respective farms.

If you don't have the time to go to these wholesalers, buy from NTUC FairPrice, Giant or Siong Hoe for slightly lower grocery prices. NTUC members get a better discounts. If you have time for fresh foods shopping in the mornings, visit the neighbourhood "wet markets" for slightly better prices.

Tai Hua - Soy sauce and canned food (eg longan & pineapple) distributor. Prices 10-20% lower than retail shops. Tai Hua is at 12 Jalan Besut, nearest MRT Lakeside. Open: 10am-4pm, Mon-Fri.

Tee Yih Jia - Manufacturer of pastry skins, roti prata and glutinous rice balls. Prices 10-30% lower. Tee Yih Jia is located at 1 Senoko Road, nearest MRT station - Sembawang. Open: 8am-5pm, Mon-Fri.

Super CoffeeMix - Manufacturer's outlet sells slightly cheaper than NTUC FairPrice. 26 Senoko Way. Nearest MRT: Sembawang.

Plants and Landscaping:

If you are interested in decorating your home and garden with greenery, the best place to go to are the farms located in the outlying areas of Singapore. The florists at Upper Thomson Road (near Caledcott Hill - the floral mile of Singapore) also offer good plants and home improvement items at a discount if you sign up as a member or pay with certain credit cards.

Furniture & Home Renovation:

Visiting factory showrooms during sales promotions usually yield the best results - most sited in the Kallang, Ubi and Geylang area. Other places worthwhile visiting are Ikea (Tampines Ave. 10 & Alexander Road) - Ikea members get a better discount - and IMM.

Ornamental Fish and Other Pets:

Qian Hu at Jalan Lekar is one of the biggest marine and fresh water aquarium fish wholesaler and retailer in Singapore. There are big clusters of ornamental fish farms / showrooms at the Pasir Ris Farmway 2 & 3 and Seletar West Farmway 2.

Musical Instruments:

Swee Lee - 10,000 sqft at 150 Sims Drive (near Aljunied MRT station). As member, you can enjoy attractive member's discount especially at the annual sale. Swee Lee is open: Mon-Sat, 10am - 7pm.

Ebay SG:

Ebay Singapore (SG) and several locally based auction sites catering to the Singapore buyers also offer good buys. Check them out and make sure you are dealing with a "power seller" (company / person with a good sales track record) to ensure they have a reliable service like delivery times and product return policies. Make purchases using the Pay Pal service offered by Ebay for more secured online transactions.

The main advantage of using Ebay Singapore is you save on shipping costs - which can be quite considerable depending on the country and weight of the product. You can normally get delivery one day after the confirmation of the product purchase when you buy from Ebay SG. These Singapore ebay merchants also ship internationally.

If their are no SG sellers / "auctioneers" at Ebay, the nearest "advanced" country you can buy via Ebay at comparatively lower shipping costs is Australia. Check the Aussie dollar exchange rate before making your purchase. Note: You don't have to participate in the Ebay auction, you can just click "buy" and get the product immediately.

Website / Email Subscription / Membership:

As mentioned earlier, many retailers here have a Singapore website and an email alert service to inform you of special deals being offered from time to time. Get a dedicated web-based email address to receive such "junk" emails. Some of them may be just the thing you are looking for. Don't use your main email address for this unless you like to be swamped with tons of emails!

Mail Box / Snail Mail:

If you live in the more affluent places (like Orchard Road which allow non-postal personnel to stuff mailers into your mail box) or in uptown landed properties, there is a high chance you will receive a big color sales catalog or advertisement laden magazines in your mail box.

Credit Card Discounts:

Using the right credit cards also helps in reducing spending. You can get special discounts, interest-free credit, buy-one-get-one-free type of deals with those merchants having credit card tie-ins and promotions with the banks and vendors. Always ask the service staff: "Which credit card offer the best deals?" Big spenders are also given spending vouchers which gives them a good discount with selected merchants. Different credit cards have different shopping advantages: movie tickets, petrol, dining, supermarkets, shops etc. Check around and get the ones that best meet your spending requirements. These offers differ from year to year so be prepared to cut up some credit cards as you get new ones - unless you like carrying big fat wallets.

Duty Free Shopping:

For tourists, you can buy duty free items at DFS Galleria Scottswalk - and at the Changi Airport, of course.

For other places, the GST (Goods Services Tax) will be refunded if more than 300 Singapore dollars is spent. Receipts of Singapore dollars 100 or more can be pooled from shops displaying the Tax Free Shopping sticker.

To qualify for this, ask for your shopping check when you make purchases at that store. While leaving Singapore present all your tax free shopping cheques (both the blue and yellow copies) and your passport along with the goods purchased to the customs. These tax-free shopping cheques are then stamped by the customs. Now you can cash these tax-free shopping cheques at cash refund counters located at the Changi airport during your departure.

Tourists Discounts:

Tourists can of course get a Tourist Privilege Card or the Traveler's Card from OneLoyality and enjoy extra discounts from some outlets including fashion items, spa treatments, consumer electronics like ipods, dining and visits to Singapore attractions.

For tourists with limited time on their hands, the bigger shopping malls for general merchandise / luxury items are: VivoCity, Ngee Ann City (pronounced "knee un"), Suntec City Mall, Marina Shopping Center, Raffles City Complex, in that order.

For cameras, electronics: Sim Lim and Funan. If you just want bargains, and are not particularly interested in luxury items, top of the line products or the very latest products, then go to Mustafa at Serangoon Road.

Flea Markets:

For antiques, collectibles, handicrafts and curios, go to the various makeshift flea markets in several locations: Clarke Quay, China Square, Far East Square and Tanglin Mall are opened for business on Saturdays, Sundays and Public Holidays (at different times). Check with the shopping centers concerned for the opening times. Sungei Road is opened daily from 1-7 pm (the original open air flea market) offers mainly low end discarded second hand items.

If you have complaints against a shop, you could file a complaint with the STPB (Singapore Tourist Promotion Board) if you are a tourist and CASE (Consumer Association of Singapore) if you are a Singapore resident.

Overseas Shopping Trips:

If you like to go on shopping sprees in neighboring countries, go to Thailand. There are more varieties there compared to Malaysia or Indonesia and the people are a lot more friendlier there too. Also air tickets are cheaper from Singapore and there are nice places to visit and a more vibrant nightlife. However, traffic jams are the norm there and it is a lot hotter in Bangkok (as it is in a delta area). So be prepared to go topless over there. Of course, you'll want to avoid Bangkok when Thailand has political problems.

The only disappointment I have about Singapore Shopping is I can't find any chewing gum in any of the stores. Is it banned or what? - Boo

http://comsg.blogspot.com/ - Singapore Shopping

Fake & Contaminated China Products

2008-11-13T23:38:00.000-08:00

Fake | Contaminated China Products

It boggles the mind to think of the amount of fake / contaminated goods coming out of China due to lax supervision and enforcement by Chinese authorities. This is sad as it will hurt honest Chinese manufacturers wanting to find a place in world markets. It is good to see that in recent months, the Chinese authorities are stepping up enforcement and help clear its name as a reliable supplier of products.

Counterfeited / pirated / shoddy products like illegal DVDs of Hollywood blockbuster movies, Gucci / Louis Vuitton bags, computer software, S-Yard golf clubs and Rolex watches.

Industrial products are also subject to counterfeiting such as motor engines, compressed natural gas (CNG) to inferior fertilizers, construction materials, gas stoves, household appliances, light truck tires. Where will it all stop?

Probably the worst is China's "black-hearted" goods. Products that can impair your health or even kill you. The most serious of which is the use of an industrial plastic chemical Melamine added to milk and animal feed resulting in contaminated dairy products and eggs and all products that use these milk / egg products to make other products. Chinese products that have been recall included milk (most notably Sanlu Milk Powder), biscuits, yogurt, chocolate, ice cream, whey products and other products need milk as an ingredient.

There's also fake mineral water, beer, fruit drinks, eggs, cigarettes and adulterated medicine from China.

Pet foods and children toys are also laced with dangerous chemicals which can make them ill.

Then you have tooth picks made from contaminated wood waste to recycled syringes recycled from hospitals etc.

Animals, Fish and other marine animals fed with pesticides and antibiotics (this problem is not limited to China only).

If you eat at shady restaurants in China, you may be served with leftover food from earlier diners' plates.

I-Tec Supermarket
I-Tec Supermarket was the first establishment in Singapore to be convicted and fined $5,000 for selling melamine-tainted China-made milk products after a ban came into effect on Sept 19, 2008. A raid by the Agri-Food and Veterinary Services (AVA) on I-Tec's Serangoon branch found 50 bottles of China-made "Dutch Lady Strawberry-flavored Milk' as well as other milk products from China being displayed on its shelves and in refrigerators for sale. I-Tec's Balestier Road outlet on the same day, AVA also found the same brand on sale.

Warnings have been reportedly issued to 10 other retail outlets but an AVA spokesperson said no other prosecutions are in the pipeline.

How can you protect yourself from these toxic products?

Read the products' packaging label. In particular, their UPC (barcode). It is not enough to read the "Made in" as this can be deceptive as a product made in China may be repackaged in your country and therefore have a made in Singapore label although the origin of the product is China.

Even if the product in made outside China there is no guarantee that the product is safe as the imported raw materials they use may be from unreliable sources which may be contaminated with melamine or other dangerous substances.

To help you read UPC barcodes to find out the country of origin of the product, here is the UPCs of countries which are major supplier of food products to Singapore:

UPC country barcodes:

00 - 13 USA & Canada
471 Taiwan
480 Philippines
489 Hong Kong
490 - 499 Japan
500 - 509 United Kingdom
690 - 695 China
885 Thailand
888 Singapore
890 India
893 Vietnam
899 Indonesia
930 - 939 Australia
940 - 949 New Zealand
955 Malaysia
958 Macau

As of 28 November 2008 (as reported in Straits Times "Sales ban lifted, but consumers wary", the following 6 products have been banned due to the products being tainted by melamine:

Baby Looney Tunes Crem Filled Biscuits Assorted Family Pack
C & OK vigour 888 Egg & Mi8lk
Khong Guan Mini Burger Biscuit Bulk Pack
Liluo Fruit P.D. Almond Flavor
Potter Potato Chips Pizza
Tom & Jerry Cheese Balls

China-made products cleared for sale by the Agri-Food and Veterinary Authority (AVA) some 327 have made their way back onto Singapore stores which was previously banned due to melamine contamination:

Dove chocolate bars
M&M candies
Mentos chewy yogurt balls
Vitasoy soya bean milk (four pack)
JJ Bandung drinks
Nestle Milk & Berry Star Cereal
Want Want seaweed rice cracker
Nissin Bowl Noodles XO Seafood
Ego Assorted Chocolae (bag of 30)
Swanson Chicken Broth

Malaysia-made products on the tainted list (Straits Times 25 October 2008 "20 more products found tainted with melamine"):

Lotte Koala's March Cocoa Chocolate Biscuit
Hello Kitty Strawberry Cream Filled Biscuit
Unbranded non-dairy creamer in industrial pack (for re-export)
Julie's golden Kaka Crackers
Julie's Wheat Crackers
Julie's Cottage Crackers (Original Yeast Cracker)
Julie's chez Creamy Cheese Sandwich
Julie's Sugar Crackers (Extra Flaky)
Julie's Waferico Chocolate Coated Wafers with Chocolate Cream Filling
Julie's Cream Crackers
Julie's Minico Rich Chocolate Chip Cookies
Julie's Peanut Butter Sandwich
Julie's Cocoro Crispy Chocolate Wafer Rolls with Vanilla Filling
Julie's Le-Monde Puff Sandwich with Lemon flavoured cream
Khong Guan Assorted Biscuits
Leo gold Finger Choco
Santa Chocolate Gold Fingers
Swan Chocolate Fingers

Malaysia's Julie's crackers are likely to be allowed for sale by early December 2008.

Bank Relationship Managers

2008-10-16T21:17:00.000-07:00

Bank Relationship Managers

Can you trust your Bank Relationship Manager with your savings?

Bank Relationship Managers credibility has taken a beating recently because of investments related to the failure of the Lehman Brothers (the fourth largest investment bank in the US). Structured products by other investment banks, not related to Lehman Brothers, have also dropped to a miniscule 9 to 12 percent of their original value because their underlying value is still pegged to the performance of a large number of companies, including Lehman Brothers.

Many Singapore retirees, uneducated, Chinese speaking, first-time investors and normally conservative investors were left holding what could be worthless / devalued papers that were once believed by investors to be as “safe” as fixed deposits. A number of them obviously did not know what they were investing in and referred the minibonds as "mini-bongs". One of them was reported to have lost as much as $600,000 of their lifetime savings (money meant for their golden years) by investing in these high risk investments.

Approximately 9,750 Singapore investors who have invested over $501 million into structured products linked to Lehman (such as Lehman Minibonds, Morgan Stanley Pinnacle Note 7 (sold by UOB, OCBC, Hong Leong Finance, Standard Chartered and Maybank, among others), DBS High Notes 5 and Merrill Lynch Jubilee Series 3 LinkEarner Notes).

Over 80 percent of investors buying the Minibond Series 2 & 3 and Merril Lynch Jubilee Series 3 noteholders invested up to $50,000. On the other hand, 28 percent bougth $10,000 or less, according to the Monetary Authority of Singapore (MAS).

In the case of DBS High Notes 5, more than 1,400 retail investors bought $103 million worth of notes. More than half of them invested $50,000 or less. According to DBS, 80 percent of their High Notes 5 customers are aged below 62 years.

Frankly, I think DBS should give us statistics about the affected customers below age 45. It is much too late for these people rebuild their nest eggs at the ripe old age of 62. Are they expecting these people to work until the age of 80? Who is going to employ them at the age of 62? This scene is played out not only in Singapore but also in Hong Kong, Taiwan and elsewhere.

Who is to blame for this state of affairs? Many point the blame on the Bank Relationship Managers. Others lay the blame on the banks selling these products. Based on my numerous dealings with Bank Relationship Managers in Singapore, I reckon that the blame lies equally between banks and their front line employees and the investors themselves who don’t realize that whenever there is slightly higher returns, it usually translates to an increase of risk to the product they invest in. In normal markets, the risk is low. In distressed markets like the current Credit Crisis, the risk will suddenly become extremely high particularly if there is a default or bankruptcy.

In my many close encounters with Bank Relationship Managers here, I’ve yet to meet one Bank Relationship Manager who would say that their investment product is risky and that your risk profile does not qualify you to buy the product. It is like expecting a car salesperson to tell a prospective buyer not to buy their company’s car because it not has as many safety features as a competitor’s car of the same price and quality.

Also do not expect the bank relationship manager to be an expert on the products and able to tell you all the risk features of the product. There is a high turnover of bank relationship managers, so you won’t expect to see them again after the sale.

Unlike insurance agents, you can't have a long term business relationship with your bank relationship manager. Insurance agents are paid for the sale of an insurance product over a period of lifetime of the product, and are therefore more motivated to promoting products that are more suitable to their clients needs so as to enable them to have a long term business relationship with their clients. Bank relationship managers, on the other hand, are paid a monthly salary or a one-time sales commission. This coupled with the focus on selling to meet their quarterly targets and rarely on the emphasis on ethical selling can lead to potential problems like what we see now. They continually switch portfolios / companies in the course of their career.

What you must realize is that the Bank Relationship Managers, like stock brokers, are not your friends. Nor are they your investment adviser. If you have not paid them a fee for professional investment advice, and they are not professional financial advisers (aka wealth planners), don’t expect independent investment advice from them. They are bank salespeople who make an income promoting the bank's investment products. You have to do your own homework, just like investing in the stock market.

What you can do to prevent making investment mistakes when talking to Bank Relationship Managers

When talking to Bank Relationship Managers, you have to be careful what you say to them. Their role is to find out your hot buttons. They will sell you a product based on your responses. Some of the questions you could ask your bank relationship manager are:

What is the worst-case scenario for this investment if the market turns really bad?
Is this product something like the Lehman Brothers Minibonds or the DBS High Notes?
Please show me relevant clauses in the sales contract which mentions the risks to this investment. (This is usually found in the section on “Risk To Investor” or similar worded heading)
I don’t understand this clause. Please explain these clauses to me in layman terms. Terms like “first-to-default”, reference entities”, “credit event”, and "credit derivative”. If you don’t understand any of these clauses, then maybe this is not the investment product for you. As the well-known investor, Warren Buffet once said: “If you don’t understand how the investment works, don’t invest in it”.
If I need to exit early from this investment, what are my options?
If things turn really bad, what are my options to exit the investment? How much money can I get back?

When your bank relationship manager does the mandatory Customer Needs Analysis at the end of their sales presentation, they will have to ask you what your "Risk Profile" is. Tell them that you are “very conservative” irrespective of your investment profile previously. The rationale for this declaration is if you are promised something as safe as fixed deposit, that for all intents and purpose, you are making a conservative investment, and therefore for this case, you are a “conservative investor”. This will help you later on if you want to make a complaint of mis-selling.

You can also ask to put a note in the Customer Needs Analysis that you are buying this product because it is as safe as fixed deposit / savings deposits. Normally, they won't agree to this. When the bank relationship manager tells you it is not necessary, ask to see the bank manager to get confirmation on this. This gives you an opportunity to re-evaluate your decision to invest in the product.

If your Bank Relationship Manager tells you that the product or investment amount is “guaranteed” “safe’, ask them to show you where in the sales prospectus, this is mentioned. Make sure you take away a copy of the prospectus and keep it until the maturity of your investment.

What’s Next for Bank Relationship Managers?

In its strongest worded statement to the financial institutions to date, MAS has asked the banks to "do the right thing", that they "should not take an "overly legalistic" approach in dealing with such cases" (Straits Times, 18 Oct 2008). MAS said that the "financial institutions should reach a fair settlement in full or in part. "We are focusing on cases of mis-selling to vulnerable customers and on cases where the product were clearly inappropriate for them given the circumstances, said Heng Swee Keat, MAS managing director.

MAS said it has directed the financial institutions concerned to interview each customer within 2 days of receipt of the complaint. Following which, these institutions have to complete a review of the complaints and update the customers within 4 weeks of the interview.

Investors who are not satisfied with the outcome may refer their complaints to the Financial Industry Disputes Resolution Centre (FIDRC) for mediation or adjudication. The FIDRC mediation process is free of charge and if the case goes to arbitration, the cost to the customer is just $50. FIDRC usually deals with claims not exceeding $50,000. But in the case of structured products, the centre has agreed to hear all "deserving cases".

With former NTUC Income CEO, Tan Kin Lian taking up their cause, investors are asking a return of 50-70 percent of their money. If they hire lawyers, the money they get back eventually may be even less.

It is good to hear that Hong Leong Finance, which distributed Lehman Minibonds, said it "will focus special attention on those above 55 years old, less educated and first time investors in structured products.

Maybank said that it has to date, contacted 50 percent of customers with complaints to schedule interviews. It told The Straits Times that it is also dealing with "vulnerable customers" first.

Many people are also unhappy and are demanding an overhaul on how banks sell high risk investments like structured products. They also want to see stricter guidelines on the way such investments are marketed right down to printed materials and even who should buy them. They also hope that the qualifications and training of the bank relationship managers be looked into and proper checks and balances are instituted by the banks to ensure that these bank relationship managers put the clients' interest first before the banks interests.

MAS confirmed that they have been conducting formal inquiries into allegation of breaches of the law, inadequate internal controls by the financial institutions, or poor sales practices by their bank representatives.

If there is no change in the way such risky investments are marketed, more people are likely to suffer the same fate of those who invested in these risky notes. For many of the affected people, this is as good as having experienced the Great Depression if they don't get a major part of their money back. Who could have foreseen they would have lost so much of their hard earned cash in one fateful week in September 2008. Yeah, sure, many people knew that there was a Sub-Prime Crisis in the US. But who could have predicted the magnitude of its effects in Singapore.

The lesson to be learned from this Credit Crisis? Don't put all your eggs in one basket, don't buy everything at one go and don't take everything at face value. Believe in your own fallibility. Don't be so eager to sign up if don't understand what you are investing in. Do your homework or get outside help. Certainly don't think your bank relationship managers are financial gurus who are going to make you rich. As they say in investment circles: "There's no such thing as a free lunch". Even if a free lunch is provided, there always is a price to pay.

AIA Singapore To Be Sold

2008-10-15T00:42:00.000-07:00

AIA Singapore To Be Sold

AIG has finally come out to say that it may offload a minority share (up to 49 percent) of its foreign insurance units ie AIA (including its Singapore), a sale that analysts say could bring in US$20 billion to the debt strapped US behemoth. (Weekend Today, 4 October 2008, Strait Times, 7 October 2008).

After denying for the longest time, AIA Singapore’s parent company finally announced plans to sell its profitable life insurance operations in the US, Europe, Latin America, South Asia and Japan in order to raise cash to repay a US$123 billion loan from the Federal Reserve Bank of New York. AIG had drawn down US$61 billion of the facility as at the end of September. The unprecedented Fed loan was given as AIG was deemed to big to be allowed to fail (being the third largest investment pool in the world). AIG incurred US$18 billion in losses over the past 3 quarters from guarantees it wrote on mortgage derivatives.

According to AIA Singapore president of operations, Mark Wilson, the announcement meant that AIG would retain majority interest in the AIA companies, which hold the life insurance business in Asia. AIG operates a general insurance business in Asia under the AIG name. Mr. Wilson said that the introduction of one or more minority investors will ensure the AIA companies’ ability to grow to their full potential in future years”.

Mr. Edward Liddy, CEO of AIG said that he prefers to sell “large slices” of AIG to “brand name” companies because that strategy will hasten sales and benefit customers and employees. AIA Singapore is one of the largest insurers with 4,000 agents and 2.6 million policies. Across Asia, AIA has over 20 million policyholders and over 200,000 agents.

AIA is a wholly owned subsidiary of AIG. If AIG decides to sell its Singapore operation, it would have to seek approvals from the Monetary Authority of Singapore (MAS), which would look at, among other things, the capital structure of the buyer to ensure that AIA's business goes into the hands of a stronger company.

This is a positive news for AIA policyholders. I know this for a fact because I did not suffer any disadvantage when ICS was sold to AVIVA when my policy was three-fourths into maturity.

As AIG had said earlier, its Asian operations are the “jewel in the crown” of AIG. AIA Singapore has total assets valued at $24 billion, including five buildings.

Mr Mark Wilson, regional president of AIG Life Companies and AIA president reiterated that AIA Singapore had a capital adequacy ratio of more than 200 percent, well above the regulatory minimum of 120 percent. What AIA is saying is it has sufficient capital to pay up the guaranteed benefits and cash values of all policies here. Also life funds, which invest the premiums that policyholders pay, are also invested conservatively.

AIA Senior VP, Tan Soo Thiam said about 25 to 28 percent of the assets are in local government bonds that are very liquid. The rest of the assets are held in investment grade securities that have experienced some price volatility in line with turmoil in financial markets.

Sale of AIA: Potential Buyers

India's Tata Sons is said to be in talks with AIG for a stake of AIA which has more than one million customers in Singapore. Tata Sons, the holding company of India's second biggest industrial group. Tata Sons runs two joint ventures with AIG, a life insurance firm Tata AIG Life and a general insurance firm Tata AIG General. Tata Sons owns 74 percent whilst AIG owns the balance.

Canada's Toronto-based Manulife Financial Corp is reportedly another company interested in the Asian assets of AIG. Singapore’s former general manager, Mark O’Dell left AIA Singapore on Sept 18 to head Manulife’s Taiwan operation. O’Dell’s departure from AIA Singapore at the height of the crisis caused a lot of unhappiness and uncertainty among AIA' Singapore’s 1 million policyholders with 2.8 million policies in force.

Other potential suitors includ rival insurers like Britian's Aviva, Prudential and China's China Life and Ping An.

In my opinion, it would be better if the sale of AIA goes to its former Chairman and CEO, Maurice R Greenberg better known as "Hank" who has expressed interest in buying the AIG units. Hank Greenberg, who has been with AIG from 1962-2005 and who was instrumental in building AIG into a leading insurer, is the best person to add value to AIG shareholders and AIA policyholders. After Hank Greenberg left A.I.G., he became chairman of C.V. Starr and Company, a private insurance brokerage firm. (The company was named after CV Starr, the founder of AIG who groomed Hank to succeed him after Starr retired from AIG) Hank however continue to retained his AIG stock, which in 2006 was worth $21 billion until the company’s fortunes started to plummet. According to reports filed with the U.S. Securities and Exchange Commission on Sept. 25, Greenberg and the entities sold 40 million shares of AIG for US$125.9 million (BestWire, Sept. 26, 2008). Greenberg has strong ties with key leaders of the two political parties going back many decades.

Panic in the Streets: AIA Singapore

What a traumatic time it must have been for the poor AIA Policyholders. At the height of the crisis of confidence, there were snaking queues outside AIA's Raffles Place and Finlayson Green offices. About 2,600 policies, or 0.1 per cent of the 2.6 million in force were surrendered from 15-18 Sept 2008.

These people should not have joined the queues as they could have easily contacted their AIA agents and got them to do the paperwork for them. This is what they are there for. For goodness sake, this is not a bank run where you must turn up personally to get your money back! You won't get your money back any faster. In fact, my friends who contacted their AIA agents, got their cheques (they took loans against their policy or cashed out their dividends) within 4-5 days. This is very good service considering the mad rush to the exits by many panicky AIA policyholders.

When AIA offered those who surrendered their policies during the week a chance to reinstate their whole life and endowment policies without penalty, about 20 policyholders had their insurance plans reinstated.

Timely assurances by Monetary Authority of Singapore (MAS) that AIA has sufficient assets in its insurance funds to meet its liabilities to policyholders and urging customers not to act rashly also helped calm nervous policyholders. MAS said: “Policyholders should not act hastily to terminate their insurance policies as they may suffer from the premature termination and lose the insurance protection they may need".

By 18 Sept, the queues at the AIA service centers dwindled and AIA Singapore had weathered the storm. Phew! What a week it has been. The AIA panic was certainly more exciting than the inaugural Formula 1 Grand Prix in Singapore.

Advice given to AIA policy holders were:

Find out your policy’s cash value. If your policy did not break even, you will lose money. If you have positive cash value, you could take a loan against your policy if you are worried about your profits. If your policy pays a dividend, you could cash it in.
If your health has worsened since you took up your AIA policy, you may not be able to find cover with another insurer. Which is worst? The remote possibility of losing your invested life funds or the coverage for a critical illness or death benefit after a long illness? Your future medical expenses is likely to be more than double the amount you put into your life funds . If you have a serious illness anytime in your lifetime(which is highly likely for most of us), it can wipe out all your lifetime savings and investments if it is under $100,000. If you were to die young, (under 40) your loved ones are likely to miss out on millions of dollars of income. Only insurance can provide some protection against such a loss.
Even if you can find cover, the premiums may be higher due to your health and / or age.

So think carefully. Don’t jump from the frying pan into the fire. Worry about your future medical expenses first. Future medical expenses and your family's future living expenses are more likely to go up rather than go down and most likely to be more than what you have insured for or the premiums paid.

UPDATE 1 NOV 2008: AIA SG AXES JOBS AND 2 DIVISIONS

AIA Singapore announced that it has laid off 20 employees and closed its Life Profit Center (LPC) and Accident and Health (A&H) divisions. It is expected that more retrenchments are in the air for some 400 of its employees. LPC used to support AIA's 4,000 life agents in launching new products and producing new marketing materials.

According to advertisements by some property marketers, there seems to be some moves to sell or rent out the AIA Tower in District 1 and the Changi AIA building though this has not be confirmed by AIA Singapore.

UPDATE: 22 NOVEMBER 2008: CHINA SWF INTERESTED IN AIG UNIT

AIG is in talks with China's US$200 billion sovereign wealth fund - the China Investment Corp. (CIC) for a 49% stake in AIG's Alico unit which operates in 55 countries.

UPDATE: 4 DECEMBER 2008: SALE OF AIA SINGAPORE

AIG finally announces it intends to sale whole units rather than 49% stakes of its units. This will probably speed up it divestment to pay back the FED (US$143.8 billion todate at an interest rate of 11.7%) what it had borrow. This will make it more attractive for prospective buyers as they would be acquiring 100% control of AIG's profitable units particularly those in Asia like AIA. This will also ease concerns of policyowners after months of uncertainty if the deal goes through. AIA Singapore had been trimming costs with the merging of its divisions and shedding of staff. There has also been talk that it is looking for buyers of one of its buildings as they trim their workforce and tighten their overheads (though this could not be verified for now).

UPDATE 11 DEC 2008: FOUR FIRMS IN TALKS TO BUY AIG UNIT

Four insurance companies, Axa, MetLife, Prudential and China's sovereign wealth fund, China Investment Corporation (CIC) are separately in ongoing talks with AIG. If successful, the deal will net AIG US$10.8 billion (S$16 billion). The ALICO (American Life Insurance Co.) deal is likely to be inked in the new year, sources say.

UPDATE 26 February 2009: PRUDENTIAL, MANULIFE AND TEMASEK MAKE INFORMAL BIDS

AIG rejected offers from UK insurer Prudential Plc, Canadian insurer Manulife and Singapore sovereign wealth fund Temasek Holdings to buy the AIA unit citing their offer was too low. There is talk that AIG may float AIA in the US Stock Market or offer part of it to the FED in return for bailout funds.

UPDATE ON AIA - 23 April 2010

Today and The Straits Times reported on 23 & 25 April 2010 that Prudential is one step closer to sealing its bid to buy over AIA. Britian's largest insurer plans a secondary listing on the Singapore Exchange (SGX) effective May 11 concurrent to its primary listing on the Hong Kong Stock Exchange. This involves the migration of shares held on Prudential's principal registers in the UK to HK and SGX. With a market capitalization of US$21 billion, Prudential will be the largest foreign listing since the Jardine Matheson group moved its Asian listing from Hong Kong to Singapore in the early 1990s.

This is the precursor to its plans to get its shareholders to vote on May 27 for its US$35.5 billion agreed takeover of AIA, the Asian arm of the troubled US insurer the American International Group (AIG). Prudential's move to Asia is expected to draw local investors to its US$21 billion rights issue, launched to fund its purchase of AIA. Details of the rights issue will be released on May 5.

With this deal, Prudential will become the world's largest non-Chinese insurer by market capitalization, overtaking major competitors, Allianz and AXA. The Singapore government has a 0.5 percent stake in Prudential. The Government of Singapore Investment Corporation (GIC) last month signed up to underwrite a multi-billion dollar portion of the rights issue, which will be used in part to help fund the take over. GIC is one of the 30 banks and sovereign wealth funds which have agreed to underwrite Prudential's rights issue.

Once Prudential buys up AIA, whose market value is around US$35.5 billion, the overall entity would be the largest SGX-listed firm by market value - ahead of telco SingTel. Its listing in SGX will attract mega-funds wanting to invest in Singapore and the region.

Prudential's buy over of AIA may still see AIA policies being sold and serviced by AIA agents. However, the management will firmly be in the hands of Prudential executives and the merger could lead to more attractive insurance products being sold in Singapore and elsewhere in Asia by the merged company.

Prudential has operated in Singapore for over 75 years and in Hong Kong for nearly 50 years. Pru's acquisition of AIA would increase Pru's new business profit from 47 percent to 60 per cent.

As I said earlier, everything will turn out alright eventually.

NOTE: I am not connected with the insurance or any financial industry.

Merlion Legend

2008-10-14T20:13:00.000-07:00

The Merlion Legend

The Merlion Statues

The original Merlion is the mid-sized statue (8.6 meters weighing 40 tons) seen in the photo - and sprouts water from its mouth when tourists get too close - which they often do!

This Merlion sits facing East aligned to the most auspicious feng-shui / geomancy position as advised by feng shui experts. The Chinese believe that aligning structures / buildings to feng shui principles helps this resource-poor island to remain prosperous despite its more important shortcomings - like the lack of water, natural resources and sex movies.

The Merlion was designed in 1964 by Fraser Brunner, the curator of the Van Kleef Aquarium, as an emblem for the then Singapore Tourism Promotion Board. The lion head represents the animal spotted by Prince Sang Nila Utama. The fish tail symbolises Temasek, which means "sea" in Javanese.

This Merlion structure was originally sited (1972-1997) at the mouth of the Singapore river but had since been moved in 2002 to its new location - the Merlion Park (due to a building of the Esplanade Bridge which blocked the view of the original sited Merlion and the Marina Bay waterfront). There are another Merlion in the Merlion Park - a baby merlion which you can hug as much as you like but which it is much too heavy to carry in your arms.

In all, there are 5 significant Merlions in Singapore, the largest is a 36 meters lighted Merlion structure at the Sentosa island in southern Singapore - where many illegitimate children were fathered.

The fourth Merlion (3 meters) is at Mount Faber and fifth at the Orchard Spring Lane.

There are variations of the Merlion which are found throughout Japan (Nambo Paradise Botanical Gardens in Tateyama, Chiba) ; China (like the XinYi Condo at Chang'an No. 1 & Window Of The World theme park in Shenzhen) & (Mystic East of Chessington World Of Adventurers theme park in London) where Singaporean investors had worked or lived. It is not reported in official sources, but I have a small Merlion in my garden too.

The Merlion Legend According to Javanese and British Historical Records

According to the "Malay Annals" (literary and historical work from the 15th or 16th century), ancient Singapore (Temasek) got its name in the 11th Century from a visiting Prince Nila Utama of the Sri Vijaya empire.

The Palembang Prince who, on landing on the island, pissed in his sarong when he saw what he thought was a hungry lion coming menacingly towards him. He promptly named the island Singapura - the Sanskrit word for Lion (Singa) City (Pura) so as to warn people not to visit the island. He also swore never ever to return to the island - not until all animals larger than a mouse deer had been totally eliminated from this incredibly dangerous island.

He got his wish when the British landed in the early 1800s and used their big guns to promptly kill off all the lions (actually they were tigers) and thus preventing Singapore from being labeled a "Tiger Island".

The tigers were so afraid of the British, they became pale (white, in fact) and migrated to Bengal, India. These white tigers are an endangered species. Now that the dreaded British colonial rulers have departed from the Lion City, some white tigers have made a comeback in Singapore namely in its famous Zoo. Tourists wanting to be eaten by tigers can now go to the Singapore Zoo to satisfy their curiosity.

The merlion legend was born when the Brits saw the fleeing lions (tigers) swimming furiously across the Straits of Johore to get away from their guns.

The legend of the merlion having destructive red x-ray eyes was actually fabricated by the British to justify killing these normally peaceful and graceful creatures which ruled Singapore since the time when the island was just a volcanic outcrop. The red lights could also be Johore natives firing back at the British to ensure they do not cross the Straits without proper invasion documents.

Singapore was then also a safe haven for pirates during the British rule (as depicted in the 2007 blockbuster movie "Pirates of the Caribbean - At World's End" which starred Johnny Depp). Yes, in those days, pirates ate people as they were cannibals.

Nowadays, the only pirates you see in Singapore are those people selling pirated DVDs on street corners. These DVD pirates are usually arrested by the Police within one month of starting their illegal business - so they are an endangered and starving species too.

The Origins of the Merlion

Legend has it that the merlion were desendents of majestic lions from the fabled lost continent of Mu (also called Lemuria or Pacifica) which existed some 100,000 years ago. Mu was said to be the mystical "lost homeland" , the garden of Eden - the birth place and "golden age" of humankind. Many of the Asian, Babylonian, Polynesian and native American oral traditions are said to have originated from this Atlantis-like continent in the Pacific.

The continent was progressively destroyed some 12,000 years ago by asteroids, volcanic eruptions, earthquakes and glacial meltdowns. The survivors had to sink, swim or hitch a ride. Some made their way to Singapore which was then relatively uninhabited. One of them was a merlion.

The merlion may have existed in Singapore in prehistoric times. But sighting of the merlion in recent history can be taken with a slight pinch of salt from the sea.

The Merlion, a legendary lion-mermaid creature, was last reported to have been sighted by some horny local sailors in the days when Singapura as still a sleepy fishing village. (People slept more those days as there was no TVs or PCs).

This was the time before the British bought over the island and made it one of the major military and commercial port of British Empire - the Empire where the Sun Never Sets. Well, actually the sun does set on the British Empire now that the Empire has shrunk. Cor blimey!

Frankly, if you asked me, the sailors must have been stoned cold drunk when they saw the Merlion. The sailors probably saw a manatee (dudong or sea cow) a large marine mammal that is common in Singapore waters even today. Visitors can also get up close and personal with a manatee at Singapore's Underwater World at its leisure island - Sentosa (soon to be named "Universal Studios Island").

No, manatees do not eat people! Manatees are not sharks. Even sharks don't eat people - especially tiger sharks. Watch the DVD "Sharkwater" to find out more!

The Merlion is a tourism symbol which is copyrighted by the Singapore Tourism Board (STB).

There are made-in-Singapore Merlion chocolates. They are delicious, contain no melamine, are not made in China and can be safely eaten. NOTE: These are merlion chocolates, not melamine chocolates! But these merlion chocolates can make you fat and tigers love to eat fat people.

Lighting Strikes the Merlion - Good or Bad Omen?

Read my partner's more pseudo serious article on the Origins of the Merlion Legend

Another Feng Shui Singapore landmark - The Singapore Flyer

AIA Singapore

2008-09-16T09:49:00.000-07:00

AIA Singapore Policy Owners Panic

The troubles of US parent AIG has spooked AIA Singapore policy holders into prematurely terminating their insurance policies. Some had to wait close to four hours before being attended by AIA counter staff yesterday. Wise move or panic driven?

Why do it now when returns for the policies are likely to be poor considering the dismal performances of the stock markets? Will the bankruptcy of AIG lead to the AIA Singapore policy holders holding worthless pieces of paper?

Not quite, says the Monetary Authority of Singapore (MAS). According to MAS, AIA Singapore has sufficient funds kept in a separate account to meet all policy holders' liabilities as required by law. MAS further added that it will continue to closely monitor developments in AIA. If necessary, MAS will activate the Policyholder's Guarantee Fund (a fund contributed by all insurance companies in Singapore) which can cover close to 90% of this insurance company's liability to policy holders.

Tan Kin Lian, former CEO of NTUC Income (including it's insurance arm)- the largest insurer in Singapore) appeared on Channel News Asia on 16 September 2008 and had this advice for AIA Policy Holders:

Is your money safe with AIA ?
"Several AIA policyholders have asked my advice. They are worried that AIA may be affected by the collapse of AIG. They asked if they should surrender their AIA policy now and receive the surrender value now.

My advice is:

AIA has a separate policyholder's fund covering its liability to its policyholders in Singapore.
To my knowledge, this fund is solvent and is not affected by the problem faced by AIG
There is no need to panic and surrender the AIA policies at this time
Even if this fund is in trouble, there is a Policyholder's Guarantee Fund managed by MAS that can take care of most of the liability (maybe 90% or more).
It is better to wait for any official announcement from MAS

I hope that my comments are correct and can help to allay the fears of AIA policyholders."

Tan Kin Lian repeats this in his blog: http://tankinlian.blogspot.com/

This panic in a financial institution in Singapore has not been seen since Singapore-based Nick Leeson's unauthorized bets on the Nikkei futures caused the Collapse of the oldest merchant bank in London, the Barings Bank. As former US Federal Reserve Chairman, Alan Greenspan said, "This is a once-in-a-century financial crisis".

This is certainly a development worth keeping track of though I am not surprised with the failure of so many financial institutions in the USA. As they say stateside: "It's been a long time coming".

While those with Whole Life and Endowment Policies are protected by the MAS Policyholder's Guarantee Fund, the same cannot be said for those with Unit Link Investment Funds. These Unit Linked funds operate much like unit trusts. If the company fail, all the money could be lost.

Luckily, Singapore financial institutions have been made wiser and stronger because of the 1997 Asian Financial Crisis and this will help us ride through the financial tsunami coming from the West. Stay calm and get ready to benefit from the opportunity of a lifetime! But don't expect a quick fix.

Edgeworth & Landbanking

2008-09-10T10:26:00.000-07:00

Edgeworth & Landbanking

Sunday Times, 7 September 2008 reported: "Landbanking can be profitable, but it is not a short-term investment and buyers need to do their homework first"

Sounds familiar, but how many Singaporeans really do that? Most of the time, they succumb to greed and the eagerness to show how savvy they are in investing and try to impress sales people how rich they are. When things go wrong or are not up to their expectations, they cry foul and complain that the government is not protecting them from such investments.

So now, landbanking in the investment flavor of the year with 10 firms selling foreign raw land here. After getting burnt by timeshare and other exotic unregulated investments, they are ready to tackle more non-traditional investments like land banking. The big crowd turnouts at landbanking seminars, many of whom are prepared to plonk down S$10,000 and above for land they have never seen or even heard of before the sales presentations is truly amazing. The success of Walton has attracted other landbanking companies to Singapore like Edgeworth. The herd instincts of crowds never ceases to amaze me.

In the article, Straits Times covered Edgeworth's current project in Alberta, Canada which required a minimum investment of C$12,900 (S$17,500). This quote is attributed to a reportedly successful landbank investor who claimed: "Edgeworth also offers insurance and fixed returns and is involved in the development process unlike others like Walton where investors have to wait for third-party offers and depend on market sentiments". Edgeworth says that with its insurance plan, the initial investment sum will be returned within 5 years if the investor wishes to exit. This insurance plan takes effect only when the title deed is issued (some 9 months after the sales and purchased agreement has been signed). Edgeworth has a development arm, Sonex Construction

.

For those of you who don't know what land banking is ..... land banking is nothing to do with lending money to the banks for big profits. It is not even about property investment. It is investing in raw land which hopefully, one day, some time in the future, most probably 10 years or more will be valuable if it is located in a place which may be in demand in the future due to economic or population needs. The land bank you buy is not in a small country like Singapore which may run out of land for development purposes. It assumes that there is no local URA counterpart which can recycle existing land / cities for urban renewal. It assumes that people are willing to commute long distances from their work places. It assumes that people don't like to live in big, cosmopolitan cities. It assumes that property prices always goes up (just look at the Sub-Prime mess and its effect on property prices and other economic activity). It assumes a lot of other things.

Some of the things landbank investors have to consider before committing themselves financially are:

Illiquid - Investors cannot turn a landbank into cash like stocks and shares and even a property in Singapore. If you put your landbank up for sale, you will have to fork out an administration fee and broking charge of at least 15% of the resale price.
No "Sure-Win" - There is no guarantee you will make money or even get your money back. Everything is dependent on government approval and developers' interest in developing the land.
Uncertainty and Potentially Long Holding Periods - Projects can take 10 years or more to exit, assuming it is an attractive property to would-be investors.
High Tax Rate - Such landbank projects are subject to a high tax rate in the respective countries. In Canada, the capital gains tax is as high as 40%.
Forex Risk - If the SG dollar goes up relative to the North American currencies, your profits will be less than expected.

If you plan to invest in a landbank, be extra careful and check these out throughly:

Firm's Reputation - Don't buy if you have doubts about the company delivering on its promises. As my rich uncle used to say: "Check to see if anything can go wrong with the deal. If something can go wrong, it will"
Land's Location - Apply the same principles as buying a property. It is not what you like that counts, but what value other people (buyers) see in the property.
Economic Conditions - Timing (and luck) determines how fast you can get back your money.
Track Record - How long did it take for previous investors to exit from the investment. Such statistics may be hyped up.
Exit Strategies - Landbanks work exactly like enbloc sales. If someone does not agree to sell, everybody will have to wait for a better offer - which may never come.

The most important thing is there has never been any audited reports on how much money people have made in landbanking.

For those wise cats still sitting on the sidelines, read the following post on landbanking in UK on http://tankinlian.blogspot.com

Tuesday, September 16, 2008
Comment posted in www.theonlinecitizen.com
Is all Landbanking a scam? Every case in the UK so far has proved to be.

In the UK you can say Land Banking is a scam and the papers often do because there are many thousands of cases of good people losing all their money. There are no audited cases of end plot investors being successful . One of the biggest property booms ever just ended at the end of 2007 in the UK so you would expect that there should have been some plot based land banking success in 2006 and 2007 but there was none.

Many of the Land Banking companies with similar names to those now operating in Singapore offering UK plots have been shut down in the UK by the FSA and are NOT allowed to offer those plots to people living in the UK.

As a Brit let me say this. Imagine I was offered plots on the Padang in Singapore by a UK company that was not allowed by MAS to operate in Singapore. Would you Singaporeans suggest it as a good investment ? It is open land in the middle of the city. Ideal for building on and Singapore is short of building space. Would you expect the Singapore government to protect a stupid foreigner who made that investment ?

Dont invest in what you dont understand.
Posted by Tan Kin Lian at 6:48 AM

It remains to be seen if North American landbanks can deliver what they promise. If Lehman Brothers can go bankrupt, why not landbank companies if property prices continue to slide?

Related Article:

Walton

Timeshare | Watch List

2008-08-30T23:34:00.000-07:00

Timeshare | Company Watch List | Blacklist

International Companies Blacklisted Worldwide by the Timeshare Council

dated 8 August 2008 is a useful international reference guide when dealing with world timeshare companies. Check this global list before you do any business with them.

Click this link to go to timeshare council - an international watchdog on blacklisted timeshare companies around the world

List of Companies having Pending Complaints by Consumers with the Consumer Association of Singapore (CASE)

Timeshare and timeshare-related complaints remain at the top of Consumer Association of Singapore' ( CASE )'s list of top consumer problems. From January to August 2008, CASE received 1,213 complaints against timeshare companies.

Filed Complaints	2004	2005	2006	2007	2008*
Total Complaints	2724	1518	2521	2093	1213*
Timeshare companies	505	470	259+
Sub-category timeshare	483	401	216+
Sub-category: resale timeshare	22	66	25+
Sub-category: companies that promise to terminate timeshare contracts on behalf of consumers	0	3	18+

*2008 (1 January - 31 August 2008)
+ 2006 (1 January - 31 August 2006)
NOTE: Not all timeshare disputes are reported to CASE as people don't want to go through the trouble of filing complaints (something scam companies are counting on). A high percentage of tourists who fall prey of such fly-by-night schemes also do not report to CASE as they are generally unaware of the laws of Singapore.

In 12 June 2008, CASE, Singapore's Non-Profit Consumer Watchdog, won a court case against Global Europ under the Consumer Protection (Fair Trading) Act 2004. At the time of the lawsuit, Case said total claims against Global Europ were $155,478.80.

The first was Orion's Belt Network (OBN), in October 2006.

Source: http://www.geocities.com/hcspore03/case_archives.htm

Be wary of companies whose names start with the following alphabets:
ACDEGHIJLMNOPTUVWZ. These companies are on the watch list of International Timeshare Councils, CASE and mentioned in negative light in Singapore forums on timeshares.

If you want to buy timeshares, buy them from members of Timeshare Association (Singapore). Get an up todate list from TAS before meeting with the timeshare company concerned. If the timeshare company is disreputable, they may claim to be a member of Timeshare Association (Singapore) among other claims.

For those who need assistance, Case's hotline is 6463-1811. Help stamp out timeshare scam by not dealing with unaccredited companies!

TimeShare Complaints

Timeshare Singapore

2008-08-30T18:35:00.000-07:00

TimeShare Singapore (SG)

Timeshare is not regulated by the Singapore government for good reason. It is difficult legislate as their products are not standardized and most of the players are small fries. This means that legislation / regulation provides more administrative problems than possible economic / consumer benefits.

According to a Ministry of Trade & Industry spokesman, legislation was 'not a panacea' for consumers' woes. "Falling in line with laws will add to companies' operating costs which are usually passed on to consumers", she said.

On the other hand, there are some good legitimate timeshares (e.g. those offered by hotels directly for rooms on their own hotel properties). Anyone who has gone to short, sweet and simple (hassle-free) hotel timeshare presentations e.g. at Genting, Hilton hotels overseas know how cheap these hotel timeshare packages are! The lesson here: buy from big name resort / hotel owners directly.

Timeshares are called by many names like Holiday Clubs, Vacation Clubs, Travel Clubs, Business Travel Clubs, Deluxe Resort Packages, Incentive Travel Clubs etc. Don't be fooled by their fancy names.

Timeshare to most people in Singapore means buying something for future usage to save on travel expenses. Unfortunately, in real life, this is not the case. What happens is that the timeshare facilities are usually hardly use at all because of inherent problems in utilizing the timeshare facilities - negating the benefits of buying the timeshare in the first place.

Benefits of Timeshares?

On the left, you will see what most consumers are promised when they attend a timeshare presentation. How many of these promises are delivered? Judging from the number of complaints from timeshare buyers - not many. (click to enlarge picture)

If you were to ask me, I would say don't bother with timeshares. Why?

Package Tours by Travel Agents

Most people like:

to travel to different places annually;
to travel free of constraints and encumbrances i.e. you can travel at peak periods (irrespective of whether it is the school holidays , summer holidays or the popularity of the resort);
the convenience and experience of travel agents handling the accommodation and sight seeing arrangements;
enjoy the company of other people;
the economies of scale of group travel for room, meals, transport, admission to attractions etc.
unlike time share companies, travel agents are regulated and licensed which means even if the travel agent goes belly up, you have recourse for a refund through the Singapore Tourism Board or NATAS. Licensed travel agents have to put a hefty deposit to ensure they fulfill their commitments to consumers.

Timeshare is successful in America and Europe as they have different travel patterns than us. They tend to make short trips to different places in their own region. Moreover, these people prefer a slower pace of travel - enjoying the area's places of interest, partaking in sports and generally in chilling out rather than boasting how many cities / places they have visited in one trip. Their timeshares are much like what we would do if we were to visit neighboring Penang, Pattaya or Bintang.

Also, the time-share industry in America and Europe are heavily regulated, so investors are protected - though not 100%. No investment offers 100% protection, no matter how good the company is.

Timeshares sold in America and Europe are also cheaper and there is a healthy resale market.

Savings in Holiday Travel through Timeshares

Cost savings in travel expenses is often cited as the most important point to consider. However, the problem is you have to enter into a lifetime contract. Your commitment is for a lifetime but the seller's commitment is not lifetime as they could go bust at any time.

The cost of a lifetime timeshare contract is:

The Price of buying a timeshare which may vary from buyer to buyer. If you bargain harder, you get a better price (with varying terms and conditions applied to such a discount)
Administrative or other upfront costs;
Maintenance fees and other recurring annual fees, property taxes, club dues, reservations, housecleaning or exchanges.;
Booking fees to use your yearly timeshare allocation;
Most of these timeshare are tagged as "business travel" or "4-5 star rooms" which means that the hotel room rates you pay for timeshares could be high;
If you have a big family (i.e. more than a double room allotment), you will have to upgrade at a higher cost;
If you not longer find your timeshare property useful to you, it won't be easy to sell it because chances are you have bought an overpriced timeshare particularly if you had bought it from the now blacklisted promoters. It is likely you will have to take a heavy hit on your investment in order to get the deal done quickly. The resale is usually done through the OTe auction-like site and the sale could take a few months even if your price is right;
The sales is being made through a hard sell salesperson which means that you are likely to be paying a high sales commissions / high margins on top of your purchase price;
Timeshares generally do not appreciate in value.

With the advent of instantaneous Internet hotel room booking, there is now a whole host of opportunities to get cheap hotel rooms in any part of the world now. So why get stuck with a highly structured travel program like timeshare?

Convenience with Timeshares

Contrary to what timeshare promoters may say, it is not convenient to travel with timeshare.

You will have to deposit your timeshare allotment with a timeshare booking company each year. It is a real hassle to exchange your timeshare allotment with another resort. So contrary to what timeshare promoters may say, your timeshare value is somewhat limited to the usage of the hotel / resort property that you had originally invested in (as CASE has often been advising would-be timeshare investors);
you will have to plan your holiday travel with great accuracy i.e. one or two years ahead of time;
you will have to travel at the convenience of timeshare companies. Chances of being disappointed (at not being able to get your preferred time slots) is high - especially at peak periods or if the resort is a popular one.
Many of the available timeshare hotels are not in central areas which would enable you to save on land transport costs as well as convenience. This means you will have to arrange your own transport to shopping, dining and sight-seeing locations.
you will have a problem if you have to change your travel plans schedule and / or itinerary;
After-sales service from such sales promoters is notoriously poor - if they are still in operation when you contact them. There is a high staff turnover in timeshare companies, making it difficult to contact them and having a meaningful follow ups.

Who Should Buy Timeshares?

In conclusion, to fully benefit from timeshare, you must fulfill the following conditions:

be a frequent traveler;
you like free and easy travel;
have enough funds to pay a substantial lump sum upfront for your timeshare as compared to pay-as-you-go with travel agents;
the room allocation can accommodate your whole family;
you don't mind going to the same place or be restricted in travel choices annually;
don't mind sub-quality / no service room accommodation.

Buying Timeshare in Singapore

If you must buy, don't buy it on the spot. Get more information and they go and check other legitimate promoters [members of the Timeshare Association, (Singapore)], CASE, and other timeshare watchdog sources.

For Timeshare - company watch list (for complaints to CASE) and international blacklisted timeshare companies, click this link.

Forget the discounts. Forget the free gifts. Forget about how you are wasting the time of the timeshare sales promoters. You are there to buy a timeshare at the right price and at the right terms to justify your long term commitment. Lifetime financial commitments require the same level of due diligence as choosing a lifetime marriage partner.

Take time off to do due diligence. Check to see if the timeshare offered is a bargain by comparing with other reputable companies. Go back and ask for the same discounts and free gifts before putting down your cash. Chances are they will be desperate enough to offer you the same terms as before.

If not, say bye-bye and tell them that another timeshare company has a better offer. Watch their jaw(s) drop. Believe me, they are more desperate for the sale than you are of getting the timeshare.

Generally, it is cheaper to buy timeshares from the developer (rather than sales companies) and you'll get financing too. It is 50% cheaper to buy it off an existing timeshare buyer / owner who wants to get rid of their timeshare.

Once you've have bought the timeshare, don't upgrade, don't re-sell, don't put any more money down. Period. In fact, don't contact the promoters and certainly do go to any more timeshare presentations unless it is absolutely your life's mission to bring hell-fire to these timeshare resellers. If your purchase is within the cooling off period, go and get your refund immediately - if you have second thoughts about the investment. All timeshare sales in Singapore must have a 3 day cooling off period in their contract. If they do not, contact CASE immediately to complain.

If not, just use, use, use annually to recoup your investment. Or lend it to your friends or relatives. After all, that was your plan, isn't it?

If not, you have obviously bought something you don't need. You've bought it for all the wrong reasons. In such a scenario, you have only yourself to blame for not doing a thorough financial needs analysis on your timeshare investment. - Boo.

Money No Enough 2

2008-08-10T01:47:00.000-07:00

Money No Enough 2

Not an artistic film, but certainly a movie the heartlanders can identify with. I personally felt that Money No Enough 2 did not surpass the original movie though it was an enjoyable movie.

This time producer Jack Neo tackles a diverse range of subjects from ERP woes to the high cost of living, high medical costs, the difficulty of an average Singaporean making a good living in Singapore, family support for the elderly, scams, gangsters, getai singers etc.

I loved the very funny song about ERP called "EPR - Every Price Rise" at the beginning of the show. After a light hearted start, Money No Enough 2 got into the business of the more serious stuff told in a tongue in cheek way that only Jack Neo can.

Money No Enough 2 also features Singapore's favorite song: JIBABAN 一百萬 ( If I Had) One Million Dollar. To view the music video of "Jibaba, - If I had One Million Dollars", click on this link to go to my earlier post.

The script and acting seems stronger this time and we are spared of heavy make up on Henry Thia and other actors.

The bad point of the movie is the obviously heavy handed product / company endorsements featured throughout the movie. The other negative is the very bad sound recording of the movie which is grating to your ears. Another complaint is the hardly readable subtitles. They will have to improve on this if the want the movie to do well overseas.

In spite of this, everyone who is a Singaporean or is remotely interested in what's happening in Singapore should see this humorous take of Singapore life - Boo.

Watch the streaming video of the Money No Enough 2 movie trailer here:

Feng Shui | Singapore Flyer

2008-08-08T22:25:00.000-07:00

Feng Shui & Singapore Flyer

Well, it looks like the Singapore Flyer people have finally taken up my suggestion to spin their great big Eye in the Sky from east to west rather than west to east. I made the complaint earlier, not because of feng shui reasons. I complain because I nearly got blinded by sun as this big wheel was going against the sun. Nobody ever goes against the sun!

The five month old Singapore Flyer is the World's Biggest Observation Wheel at 545-feet (165 meters) high or 42 storeys (for now). The management of the Flyer don't like you to use the term "ferris wheel" to describe their structural marvel. Such "f-words" like "f-wheel" should never be used in polite company. If such a word is ever uttered, they'll politely ask you to "f-off".

Feng Shi Masters (specializing in the ancient Chinese art of geomancy) had also pointed out that the direction of the S'pore Flyer was pulling wealth (good qi energy) out of the Singapore central business district and dumping it into the eastern part of Singapore. Everyone who knows Singapore's history, knows that the nickname for the Marina Bay is the "Money Bay". That is where all good fortune must be collected, otherwise the high downtown office rents just simply can never be justified.

This siphoning of wealth from the city is very very bad as the people leaving Singapore by plane (the airport is located in the eastern part of Singapore) are going to get very very rich. I strongly agree with this though I don't really know why. We should never let money be pulled out of Singapore this way and in particular, away from the city's ERP gentries. If this happens, it is going to be very expensive to drive a car in Singapore or even to take a taxi to the airport.

So with the help of some very strong able-bodied Singaporeans who were paid a couple of six figure dollars, they managed to get the Singapore Flyer to turn in the other direction - that is from east to west. However, if there is a very strong wind, all bets are off.

This is also good for slow photographers like me. Tourists usually start snapping their cameras in the initial stages of a ride and gradually lose interest towards the end. So this gives me ample time to figure out how to use my damn stupid lousy camera before the city vistas come to view.

Of course, the Singapore Flyer is not the only local landmark to conform with the feng shui principles. Marina Bay Sands Integrated Resort (IR) was one of the recent upcoming mega projects to be given the thumbs up by local feng shui experts.

Last night, I dreamt that the big boss man of Las Vegas Sands (LVS) was extremely happy with this development as his Marina Bay Sands Casino would be the direct beneficiary of the correct spin of the SG Flyer. In my dream, he said something like "F*** me, those flyboys at the Flyer are gonna make my Sands damn rich, even richer than those Theme Parkers, Genting! Anyway, I need this big break as my LVSs' stock price is performing badly". So you can expect Singapore's second financial district (the fantastic Marina Bay Sands Casino) will bring in big bucks for Singapore. But then, they needn't have worried as the Sands will have their very own wheel of fortune in a prominent position inside their casino.

Of course, the people living on the east coast are not going to be particularly happy about this new development as their wealth is now going to be dumped into the casino and they may stand to lose big time. As these landowners currently are enjoying double digit growth in their property investments and rental income, they are justifiably plenty crazy hopping mad. Without a doubt, people at Orchard Road and Marina Downtown are going to be the happiest people this side of of the happy kingdom. Time will undoubtedly prove me right. Otherwise blame it on those so-called unreliable feng shui experts.

The people with the last laugh would probably be the Singapore Flyer guys themselves as the million of so people who took the Flyer previously will now have no choice but to re-take the ride - as the earlier ride(s) was definitely not the right ride and cannot be counted. The shops at the Singapore Flyer complex would also be happy as they would be able to survive after all and don't have to move out to better, higher rental premises.

Already, the good feng shui vibes are being felt at the Singapore Flyer. It is rumored that Jan de Bont, the director of the blockbuster movie, "Speed" is considering filming an action sequence of his planned "Point Break" sequel at the Flyer. I hope they will get the camera pointing the right direction now that the Flyer is turning the other direction. For sure, in the days to come, you will see many people attempting jumping stunts from the Flyer just to prove they deserve to be in the movie.

Others may try to jump off the Flyer if they got burnt in the coming recession. - Kok

Related Article:

Another Feng Shui Certified Singapore Landmark - the Merlion

Lighting Strikes the Merlion - Good or Bad Omen?

Walton Landbanking

2008-07-15T23:36:00.000-07:00

Walton & Landbanking - A Worthwhile Investment?

Investing in Landbanks like Walton is a risky proposition at best due to the lack of independent studies of the viability of the such investments. That is why they have to offer high returns (like doubling your money - again, no independent verification by independent third parties on such returns). You won't find any such information on their website as they claim that they don't want their competitors to know what they are doing (sic).

I attended the Walton Singapore talk under another friend's name recently, and was very disappointed that the Walton seminar revealed nothing new that would make make me want to plonk $10,000 for a unit of their "prime raw (agricultural) land".

CIMB-GK Singapore Head of Research, Song Seng Wen, who gave a general talk about the investment climate at this Walton seminar, disappointed the audience by not opening the floor for questions and answers. The main reason many people, like me, attended the Walton seminar was to find out his opinions about land banking or Walton. Anybody knows Song's personal views on landbank, please share it with us (you smart readers can probably hazard an educated guess!).

After the talk, the doors were closed and the audience (most of them young Singaporeans who probably have never experienced a bad investment yet) were herded like sheep into four cocktail reception areas where they were subjected to hard sell by sales people.

If you would like to know more about land banking, be sure not to attend such seminars. Ask your sales rep to meet you at your local MacDonalds or Starbucks joint so you can walk away if you are feeling uncomfortable about the investment.

Reasons why I won't be investing in Landbanking:

Lack of Regulation

This type of investment is not regulated by the Monetary Authority of Singapore (MAS) so if anything happens to your investment, there is no recourse from government agencies. This leaves you with only the expensive option of suing the landbank company or making a complaint with the Consumer Association of Singapore (CASE). [NOTE: CASE will only take legal action if there are 20 or more complaints by the public.]

If you had invested in Timeshares or in Sunshine Empire, you would know what as hassle it is to go this route. Please don't get me wrong, I am not saying land banking is a scam or fraud but the risk could be great - that is why they have to cite examples of previous high returns on investing in landbanking. If it is a risk-less or low risk investment, there is not need for them to give you high returns.

Lack of Transparency

As there are no independent bodies or published reports, it is difficult to say if you are getting a fair deal i.e. are you paying a high premium for your "prime land"?. If the land sold to you is expensive, your profits may be very low or nothing at all. There are also no published data on whether investors made or loss money in such land bank investments.

Lack of Exit Plan

Although these landbanks, say that the land purchase are usually sold in 6-8 years (past returns are no guarantee of future returns), they are unwilling to give any guarantees - even for a longer time period of 10 years or so. The paucity of independent reports make it difficult for you to determine when you can realize your profits from your land bank investment.

Why choose something you may not be able to sell in a foreseeable future when there are so many viable opportunities available elsewhere e.g. stocks, Singapore property etc.? Also, don't expect your Singapore banker to accept your landbank purchase as a security for bank loans.

Factors that that can delay the realization of profits are:

you've purchased the landbank at a high price and there are no buyers for a long time
the area you have purchased is not longer favored by developers
a long recession put all development plans in the area on hold for a long, long time
the launch of too many landbank properties (at least one project is launched by Walton every month)
de-population due to lack of economic growth in the region or competition from other regions with higher growth rates.

Remember America, Canada and even UK are very big countries, unlike Singapore. There will always be land for expansion when land prices go up.

Long Holding Period

Your money is tied up for a long time. If you need the money back urgently, you may have difficulty selling it. As we have found out in timeshare investing, other buyers may not share your enthusiasm in such unfamiliar investments.

Land banking is hot at the moment, but there is not guarantee is will be as hot in the future. If it is so hot, why do these promoters have to go half way across the world to sell their properties? The local (American) people will snap them up if they are a sure win preposition. Certainly mutual funds and REITS will invest heavily in landbanking companies if it is such a good deal.

Hard Selling Tactics

Any investment that requires hard selling by very experienced and often aggressive salespeople usually means that high commissions are involved. High commissions put a cap on the profit you can make eventually.

Hard selling also means that it is not easy to sell such products over the long run if it is not a basic need. It is very hard for a buyer to do due diligence when the sales people are telling you that the property is going fast and you need to make a decision quickly before the land bank is "sold out".

Also note that if you have bought two landbank properties from two sales persons in the same company at different times, you will have to liaise with the 2nd agent on any follow up matters related to the first landbank purchase. The first agent won't follow up or keep you informed about the first landbank investment you bought from him or her.

Status of the Company

In the end, whether your land bank investment succeeds or fails depends on the company's financial health and how responsible the company in handling their investment portfolio. If the company made a bad investment decision, you'll end up having to pay for the landbanker's mistakes.

If these land bank promoters buy too much land and are unable to sell them quickly, they will soon have liquidity problems leading to bankruptcy. There have been cases where some landbanking companies in UK have closed down and Singapore investors have yet to get any of their money back.

In November 2006, UK landbanking company, Land Heritage (UK) closed down after an investigation by the Financial Services Authority. Its 700 investors were not refunded.

The people who say that land prices will always go up are the same kind of people who said that stocks & property always go up. There are always market cycles. This means there is an opportunity cost (loss) if you invest at a wrong time.

How Risky is Investing in Raw Land?

According to Jordon E Goodman in his best selling book "Mastering Your Money Type", Jordon says that investing in raw land is a high risk investment in the same category as Futures, Options, Warrants, Small Cap Growth Stocks, Junk Bonds, Hedge Funds, Venture Capital and other exotic speculative investment vehicles.

Capital Gains Tax
The Canadian govt imposes a 26% capital gains tax when the property is sold.

Should You Invest in Landbanking?

Yes, if you are a speculator with lots of money and don't mind taking a big hit for the opportunity of doubling up your money.

No, to others. Stay cool while others are losing their heads - invest in things you really understand and have more control of (Warren Buffet). You'll probably sleep nights better too.

Is this the right time to buy landbank property in the USA because of the depressed property prices due to the Sub-Prime Crisis?

It depends how much Walton or any other landbank promoter had paid for the property and the kind of premium you are paying for it. These promoters, being smart business people, are certainly not going to be revealing that kind of price sensitive information to you!

Finally, Here are some advice from Property Professionals:

Colliers International managing director Dennis Yeo said investors should do their research before putting their money into the investment. He said: 'The potential of the land is Walton's selling point. But the risks for investors who want to make a profit within the five years is whether there is a resale market for individual plots especially when the company may already have ample lots for sale.'

'The key question is how much the land is worth. Do you have enough information to tell you that the land is actually worth what the company is trying to sell you?' he added. Still, Mr Yeo said the scheme will work if every investor stays in it together, developers are interested to buy every single plot and the land eventually appreciates in value.

Property consultant Chesterton International associate director Nicholas Mak said although it is good to diversify, 'risks may arise from a lack of comprehensive information on that part of the world'. (The Asian Pacific Post, 4 Dec 2003)

Now that is a lot of "if's" and "but's" which all translates to risk and the probable time horizon for a happy exit from this investment.

So invest wisely, especially if you are nearing your retirement age. Don't let get-rich (quick or slow) "new age" investment schemes endanger your financial health.

Post Article Comment - Nov 2009:

Much has happened since this article was written in July 2008. We're seen the Sub Prime crisis snowball into a full blown Credit Crisis (of Oct 2008) resulting in the collapse (and trillion $ bailouts) of banking and insurance giants in the US and Europe. It was the worst financial crisis since the '20s Great Depression resulting in slumping property prices and the depreciation of the US dollar right into 2009 and possibly beyond. Who says property prices goes up all the time? Even if property prices goes up, you can still lose if the US dollar loses its real purchasing power viz a viz other currencies including the SGD.

Related Articles:

Edgeworth

Bank Negara Raids Walton's Malaysian offices

Singapore Sex Films

2008-06-27T23:39:00.000-07:00

Singapore Sex Films

At last, Singaporeans will be spoilt for choice of sex films being made in Singapore. However, before you rush out to buy the movie tickets, note that none of these have planned release dates in local cinemas (except for local film festivals) or on local DVD releases because of its R21 rating. I guess sex does not sell in sexually repressed Singapore. The Singapore International Film Festivals are the only opportunity for local film-makers to get paid for their efforts and to continue to improve their film making capabilities and go on to international success.

The first batch of sex films from Singapore this year are:

Bedroom Dancing (2006) directed by Sun Koh, 31 (20 minutes). Bedroom Dancing features a couple having energetic sex in their bedroom. Based on the true story, which you might have read in the news about a man being arrested for masturbating in his own HDB flat, this is Sun Koh's fictionalized account of that true event. Bedroom Dancing was passed uncut by the Singapore Censors with a R21 rating. It was shown at the Singapore Short Cuts in August 2007. She not the only one who have included nudity and sex in locally made movies.

Solos (2007) directed by Loo Zihan and Kan Lume is an experimental film with no dialog about a male teacher, a student and the boy's mother. Solos supposed to have been shown at the Singapore International Film Festival this year but the film makers withdrew it after the Singapore Censors gave a R21 rating and requested that some cuts be made on the prolong homosexual sex themes. It was featured at the AFI (American Film Institute Film Festival).

Haze (2008) directed by Anthony Chen is a short film that was in the prestigious Berlin Film Festival about a bored, truant-playing couple's relationship over the course of one hot and hazy day which included them have sex for the first time. Haze played at the Singapore International Film Festival this year.

Pleasure Factory (2007) directed by Ekachai Uekrongtham. Inspired by true stories & real-life characters, Pleasure Factory, shot on actual locations, tells an intriguing and intimate tale involving pleasure seekers and pleasure providers in Geylang, Singapore’s infamous but little known red-light district. Over the course of one night, a young cadet loses his virginity; a teenage girl gets initiated into the pleasure manufacturing process; and a jaded prostitute pays a young busker good money in exchange for a song he never gets to sing…

Well don't expect soft porn but this is as close we will get to art house films akin to the obscure European films we don't get to see unless we are abroad or go to the Singapore International Film Festivals. - Boo

http://comsg.blogspot.com - Singapore Sex Films

Hard Sell Tactics - Global Euro

2008-06-27T23:04:00.000-07:00

Hard Sell Tactics - Global Europ

Global Europ is the second Timeshare resale firm (the first being Orion's Belt Network) have had a court injunction taken against them for unfair sales practices by CASE (the Consumer Association of Singapore).

This largely stems from the lack of legislation for the Timeshare industry in Singapore unlike some developed countries leaving Singaporeans unprotected against unfair business practices unless they take legal proceedings.

CASE's successful court injunction is the result of numerous complaints of hard-sell tactics being used on naive Singapore customers on the pretext of helping them sell off their unwanted timeshare investment products - according to Today on 10 June 2008.

A third firm, involved in beauty and makeover (Naughty by Nature), will also be running advertisements on that week to announce its consent judgment and injunction. Global Europ ran its advertisements as part of an order by the High Court in May 2008. In the ads, the firm conceded that it had "falsely represented" to consumers that they would lose their money if they did not let Global Europ help them terminate their timeshare contracts, find a buyer to take over the contracts, or upgrade their investments to other timeshare products.

Case acted against Global Europ after it failed to cease its unfair practices even though 96 consumers filed complaints with their consumer watchdog and instructed it to act on their behalf. The company has settled all claims, a spokesman said, adding that refunds of about $170,000 have been made.

If consumers lodge fresh complaints, the company would have breached the injunction and could be held in contempt of court, said CASE lawyer, Harish Kumar.

Case have also issued a press release on 17 September 2008 which was covered on the same day by Channel News Asia website about the lack of transparency of a company - Asialinx Pte Ltd. Asialinx wants to collect annual subscription fees of Asialinx products previously sold by Global Europ. Case advises members of the public to exercise caution when they are approached to make payments to Asialinx relating to Vacation Membership sold by Global Europ. Google 'asialinx" for Case and CNA the information.

Case media release is reproduced below:

MEDIA RELEASE

17 September 2007

CASE CALLS FOR TRANSPARENCY FROM ASIALINX

CASE wants to highlight for the public’s attention the business practices and lack of transparency of a company called Asialinx Pte Ltd.

CASE became interested in Asialinx after Asialinx sent letters to Global Europ’s customers saying that Global Europ was not authorised to sell products called “Asialinx Privilege Lifestyle” and “Asialinx Classic Lifestyle”, which Global Europ had been selling since 2005, and that Asialinx owned these products. Customers who received such letters were told that they had to pay annual subscription fees to Asialinx.

A search with the Accounting and Corporate Regulatory Authority of Singapore revealed that Global Europ and Asialinx share the same company secretary. Further, it was discovered that Asialinx was only incorporated in 2007 although, as we have pointed out, Global Europ has been selling the “Asialinx” products since 2005.

Asialinx had also applied to court for a winding up order against Global Europ. When CASE asked Asialinx for the basis of its application, its lawyers replied that they would be withdrawing the application at the hearing scheduled on 10 August 2007, which they duly did.

Despite CASE’s request of 17 August 2007 to disclose details of its management team, operations, source of client base and its standard contracts, Asialinx has yet to give an answer. A reminder sent by CASE on 28 August 2007 has also been ignored.

CASE wishes to alert members of the public that they should exercise caution at all times, especially when they are approached to make payments. They should consult their family or trusted friends before signing any contract or agreement or making payment. If consumers are required to make a decision on the spot, they should refuse and leave the premises immediately.

http://comsg.blogspot.com - hard sell tactics - global europ

Hard Sell Tactics - Naughty by Nature

2008-06-27T22:32:00.000-07:00

Hard Sell Tactics - Naughty by Nature

First there are Timeshare companies, now photo makeover studios are also adopting hard selling tactics in Singapore.

According to Straits Times and Today (12 June 2008), the Consumer Association of Singapore (CASE), on receiving 63 complaints from unhappy customers about Naughty by Nature between 2005 and 2007 involving amounts between $495 to $4,288, have applied an injunction against the company for their hard sell tactics.

It was reported that Naughty by Nature's staff had once refused to let a customer to leave the studio without buying a pricey photo package. After staying about four hours, the customer bought a package for about $3,000.

Potential customers are usually contacted over the phone and told they have been selected / won a prize for a free photo shoot. They are promised freebies if they agree to turn up at Naughty by Nature studio by a certain time as they have many people wanting these free photo shoots. Once they are there, they are pressured to buy one of their high priced photo packages which can go as high as $4,000 plus. I have personally received such an invitation but did not turn up because if an offer seems too good to be true, it usually is. Such "good deals" usually goes deep down into your pockets. In Singapore, it is a buyers beware market. There is no free lunch.

Naughty by Nature has been in business since 2004 at its Circular Road premises. It is run by Ramason and Fenianos with 90 staff members, of whom nine are full time photographers.

CASE and Naughty by Nature have agreed to settle disputes with the unhappy customers through an arbitration session chaired by a neutral third party. Under the agreement, Naughty by Nature agreed, among other things, not to have more than one employee attend to "any female consumer during any sales presentations". The firm is also not allowed to "detain" any female customer for more than an hour.

If you have problems with this Singapore photo makeover studio, contact CASE immediately. If they have any more complaints, they are in deep shit. If you kena (forced to) buy these packages, for goodness sake, do not give your friends / relatives contact numbers to them. Otherwise, they too kena pay for things they do not need.

People complain that CASE is not doing enough. However, people need to come forward with evidence for Case to follow up on. Don't expect CASE to follow up there are only a handful of cases. Court injunction costs money. If you don't believe, try suing such companies yourself. These companies know this and is counting that unhappy customers won't do anything because of the cost and the embarrassment of standing up and being counted. - Kok.

http://comsg.blogspot.com - hard sell tactics - naughty by nature

Millionaires in Singapore

2008-06-26T07:16:00.000-07:00

77,000 Millionaires in Singapore

Singapore now has 10,000 more millionaires, an increase 15.3 percent over that of 2006. This represents 1.7 percent of the population here according to The Straits Times on 26 June 2008.

Singapore's 77,000 millionaires made it one of the top 10 fastest growing millionaire clubs in the world after India, China, Brazil, South Korea, Indonesia and Slovakia. The average wealth of a Singapore high net worth individual was US$4.9 million compared to the global average of US$4.04 million. Assets counted exclude person's main residence.

The World Wealth Report was compiled by Merrill Lynch and the research firm, Capgemini.

And now for the really serious stuff.....

We tried to contact these new fat cats (towkays) but they refused to speak to us. So we cannot tell you exactly how they got so rich, so fat, so fast. Anyhow, we have spoken to our Wealth Creation Advisers and they said that these very big fat cats probably got a very good big lobang (an incredibly sexy time opportunity).

For those of you who want to get a very good big fat lobang, like these stuck up towkays, here are the Top 11 Ways you can definitely maybe get Really Rich, Really Fast (remember we said "maybe").

Top 11 Incredible Ways You Can Be A Millionaire (and maybe even a Zillionaire) in Singapore:

Be an Ah Long (Loan Shark) as the casinos here will open in two years time and people will need lots of money to gamble;
People Trafficking - to help people who are unable pay the Ah Longs to skip town fast.
Start the first chain of Bubble Gum Kiosks in Singapore;
Set up a Used Condom Collection Center and export them to Malaysia where they will be made into cheap bubble gum;
Join forces with movie maker Jack Neo and make movie sequels "Money No Enough 3" and "Ah Long 2";
Sell Pets genetically engineered to die young for people who don't like long term commitments;
Sell Marriage Insurance Policies which will cover the cost of the divorce, just in case the marriage turns belly up;
Revive the Bubble Tea Craze;
Set up a Marriage Match Making Service where millionaires can meet other millionaires and create millionaire offspring brats which we will proudly defend with our lives (maybe);
Create a Scam which claims that people can legitimately become millionaires overnight by following the advice of an investment guru who is as smarter than Warren Buffet;
Speculate in property by kicking out those sweet old deadbeats who don't want to move out of their much loved old apartments (Go En-Bloc);
Get elected in the Singapore General Elections, become a Minister and in the process become a Millionaire overnight. Foreigners are welcomed to apply after fast tracking into the Citizenship process.

This song is dedicated to the super-rich who have become obscenely-rich:

JIBABAN 一百萬 ( If I Had) One Million Dollars 1 Million Dollars JI PA BAN Hokkien Song Parody about everyman's dream to be rich and ultimately to be rewarded with a empty existence if the person is superficial.

Singapore is uniquely the land where there is equal opportunities for everybody - especially foreigners. You can be a disgustingly rich fat cat towkay (millionaire) if you hire cheap foreign talent and fire the rest. - Kok

http://comsg.blogspot.com - millionaires in Singapore

DVD Rentals | Singapore

2008-06-24T11:15:00.000-07:00

DVD Rentals in Singapore

Came across a very good article about the history of the video rental business in Singapore and where you can rent good DVDs.

The article has a profile of the best DVD rental libraries in Singapore and their terms and charges. I didn't know there were so many good rental libraries in Singapore.

It is a great guide to enable you to rent those elusive DVDs from Singapore rental libraries.

Click here to get more information from goingtomovies

Also check out our later article on DVD Rentals in Singapore

Organic Ointments Balm from Badger

2008-06-23T18:33:00.000-07:00

Organic Ointment Balm from Badger

Tried the Badger line of ointment balms from Guardian yesterday. What caught my eye was the all natural ingredients of this USA product which are certified USDA Organic Line so this makes them safer to use than the chemical equivalents.

Badger has some 50 plus product lines in the USA but so far I've seen only the ointment balms at the Marine Parade Guardian Pharmacy namely:

Baby Balm
Sore Muscle Rub
Foot Balm
Sleep Balm
Bali Balm
Healing Balm
Cuticle Care

You can get more information from badgerbalm.com.

The ointment balms come in .75 oz and 2 oz container tin packs and are therefore convenient to carry around and for travel. The smaller container costs S$11.50 per piece. No, I'm not being paid by Badger to do this write up. It is just that I'm an organic guy always on a look out for safe products for my family to use.

I've tried the first two products and they seem mild on the skin and quite effective. I can't vouch for the products' safety but those who are into organic / natural products may wish to check out the Badger range of ointment balm products.

No Badgers were killed or tortured in the making of these products as far as I can tell. I'm still awaiting confirmation from Badger Bill on this. - Boo

http://comsg.blogspot.com - Organic Ointments Balm from Badger

Great Singapore Sale 2008

2008-06-23T11:07:00.000-07:00

Gone Shopping Today at the Great Singapore Sale 2008

The Great Singapore Sale (GSS) started on 23 May and ends on 20 July 2008. Now is a great time for me to pick up bargains.

Expatriates often complain that there is nothing worthwhile to buy the GSS. These cry babies are probably ivory tower expats who only mix with their own kind and avoid locals like locusts and therefore don't know where to get good bargains. You can find a lot of their pathetic grumblings at local forums catering to expats. And the idiots who give advice at these forums are equally clueless or have an axe to grind with the local people here. I don't know why they stay here if they find things so "unsatisfactory". They probably say the same things when they are back home.

The trouble is a lot of these people they enjoy life here and don't want to go home. They just want to hang around and try to convince us how superior they are. Oh please, go and fix the problems in your own countries before opening your big fat mouths! We know how to solve our own problems and if we don't, we know more qualified and reliable people to help us.

Hey, don't get me wrong. I'm not against overseas people living and working here. I have lots of expat friends. Many of them are really knowledgeable and helpful. I'm only against those who think they can come here, don't bother to understand the local culture and only want to bad mouth us.

Sure, merchants may want to get rid of their dead stocks. They would be pretty stupid if they don't do it. When I travel abroad to USA and Europe, I also see lots of dead stocks being offered in overseas stores. You have to be a smart and fast shopper to get the stuff that are really worthwhile. Good items sells like hot cakes.

How to be a Smart Shopper in Singapore

Sorry folks, GSS 2008 is over, but you can get more bargains at the coming Great Singapore Sale - GSS 2008 by clicking on this link - Boo

http://comsg.blogspot.com/ - Singapore shopping 2008

Kung Fu Panda

2008-06-22T01:16:00.001-07:00

Kung Fu Panda

As soon as I sat in my Orchard Cineplex seat, I knew I had purchased the wrong movie tickets. There were lots of ang mohs and worst still, the theater was full of spoilt kids who kept saying "funny" throughout the movie.

I didn't see anything funny about Kung Fu Panda. The movie was a very serious movie about a young man training to be a top shaolin killer monk disguised as a panda. Jack Black was very good as the Kung Fu Panda though his costume looked rather funny. Maybe that was what those loud and noisy kids were referring to when they said: "funny" "funny" "funny". Oh shut up, you spoilt bratty kids.

Anyway, the movie turned out to be very good with very realistic and dangerous martial arts stunts though I was disappointed that the dialog was not in Chinese. I had to read the Chinese subtitles to find out what the damned heck the actors were saying. This is damned hard to do as I am English educated. How can you make a Chinese kungfu movie without Chinese dialog? Those idiots from Hollywood!

I tried to copy some of the lighting kung fu moves during the show. Unfortunately, some of my popcorn flew into the air and landed on some of the kids which made them say "funny" "funny" even more. These kids sure have a very limited vocabulary.

I tried to ask for my money back after the show on the grounds that it was not a Chinese kung fu movie. The theater management said "no" unfortunately and asked me to please go away. So be warned. This is not a Chinese Kung Fu movie in spite of what the advertisements say.

However, I may rent the Kung Fu Panda DVD to learn some of the excellent eeeee-ha! kung fu moves. This may come in handy when I meet any beggars from overseas poising as monks along Geylang Street. Begging is illegal in Singapore. Please contact me if you see any of these beggars on our streets. We don't need these kind of foreign talent in our clean and green land.

On the way out, I saw a Lamborghini causing noise pollution and racing down Orchard Street with a Singapore police car in hot pursuit. Life is good. - Kok

http://comsg.blogspot.com - kung fu panda

Singapore Food

2008-06-22T00:21:00.000-07:00

Singapore Food - Laksa

Waa-lau... after a long trip overseas, saliva is dripping down the side of my mouth. A sure sign I must fill my tummy with good old Singapore food. I need two bowls of laksa plus otah plus nasi lemak plus freshly squeezed lime juice. Now that is really Singapore Food.

So I head down to Katong and told the Ah Pek there to serve it up quickly as I was hungry please. He dumps the bowls on my table and some of the laksa gravy gets on my T-shirt. Luckily, I was wearing an orange T-shirt that said "Dirty on Purpose" otherwise it would have been embracing.

I slurp the white rice laksa noodles like it was my last meal and gave out an approving loud burb as nearby diners gave me a disapproving look. I didn't f-care as I was finally satisfied at last. The fragrant coconut curry gravy was delicious and I drank all of it right from the bowl like it was coconut juice. Only Singapore food can give you such pleasure. Some may say it is better than sex especially if your partner likes to give a running commentary while you're doing it.

NOTE FOR NON-SINGAPOREANS: The Singapore laksa is different from the Malaysian laksa which has a sour taste. I prefer the Singapore laksa - the best man!.

Who says there is no fine dining in Singapore?

I felt really fine as I walked out of the shop house with a tooth pick in my mouth. I gave a thumbs up to a traffic marshall who was giving a parking violation ticket to some oxymoron who had parked his ugly Lamborghini car illegally by the side of the road. I think the driver of the car (wearing one of the most horrendous sunglasses ever created) walked past me by as I ambling away because this guy gave me a really angry look. Anyway, I decided not to stay and stare as I was armed with only a toothpick at this time.

Nothing was gonna spoil this happy day. It was sunny and I decided to go somewhere cool. So I headed to Orchard for a movie. I was thinking perhaps a good old fashion Chinese kung fu movie. Something the ang mohs won't like to see..... - Kok

http://comsg.blogspot.com - singapore food - laksa

Another Big Mouth Singaporean

2008-06-02T22:09:00.000-07:00

Another Big Mouth Singaporean

As if there aren't enough big mouth Singaporeans yapping away pointlessly over the Internet, here comes trouble..... No, I don't represent any Opposition Party, nor are we anti-Gahman either. But we do hope you will follow our daily take of what is happening in buzz-y Singapore.

Most of it will be commentaries on news reports, our daily wanderings through the streets of the fast paced Singapore and our hopes and aspirations for our beloved homeland. Also, it will enable Singaporeans living abroad to stay connected with the kopi tiam talk in the Little Red Dot called Singapore.

Foreigners intending to relocate to Singapore will also be able to get lots of useful and misleading information on Singapore in this blog. NOTE TO FOREIGN EXPATS: We don't need any more foreign talent unless you intend to hire five bus loads of Singaporeans. Or unless Minister of Local Talent, Jack Neo says "yes".

It will cover entertainment, food and events happening in Singapore - who is hot and who is not, what is cool and what is cold! We'll try not to make things up but we may sometimes get things mixed up. If we do, we apologize vaguely in advance for any boo-boos and any intentional misinformation in comSG.

Is this a funny blog? Hell no, we big mouth Singaporeans don't joke. We are a very, very serious lot. Just because we grumble, does not mean we are trying to be funny. Being funny can get you into plenty trouble like killer litter.

Probably, our blog posts won't be very significant in the immediate future. But hopefully, over the years, we may look back at our fads and folly with amusement and amazement - provided we don't kick the basket first!

Singaporeans are the funniest and craziest people in the world in private. But we don't like to be called funny as that is the same as gila (mad). Also, we are a pretty conservative lot and like to keep low key unless we want to make lots of money unlike the Malaysians. (Malaysians: - We meant that as a compliment, brother).

So, let's get started... eh.. no... we're going on a holiday. So our next post is 3 weeks from now. Sorry lah, writing this stuff is really, really hard and we need to take a long break and think of what to say next.

As people in China used to say during the Chairman Mao days: "Think carefully what you say, or you will be floating down the river tomorrow". Aah-yah! I've insulted the people of China now....sorry Chinamen! Well, they don't call us big mouth Singaporeans for nothing lah. - Kok

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Well...thank you Kok, we haven't even started and you've made us a whole lot of enemies. - Boo

http://comSG.blogspot.com - another big mouth Singaporean