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Top 100 SG Facebook Post - 04/10/2022

 

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"A rather disingenuous and misleading analysis of the supposed $270mn loss made by HDB and by inference the government in developing BTO flats in AMK imho." writes former GIC economist. This was said by Mr Yeoh Lam Keong in a Facebook post on Tuesday (4 Oct) following news of the clarification made by Singapore Minister of National Development, Desmond Lee about how the Housing and Development Board (HDB) will incur an estimated development loss of about S$270 million from the Central Weave @ Ang Mo Kio Build-to-Order (BTO) project. Commenting on the claimed loss by HDB, Mr Yeoh who worked in the Singapore's sovereign wealth fund for 26 years said that the accounting sleight of hand being that the government acquired most of the land at minimal or much lower cost by compulsory acquisition. He said that the advertised loss is only the opportunity cost of the state reselling the land at market price which it has psssed on to HDB, hence the “loss”. Mr Yeoh argued that the true cost price should be the original book value of the land plus construction costs which on average is probably much lower than BTO prices before subsidy. "The opportunity cost to the government of current higher land values should rightly go to HDB buyers to be true to the government and HDBs original mandate of affordable housing for all." He proposed that a more equitable, transparent and affordable way to price BTO flats should be factoring in construction costs plus a small premium for location available by ballot. "If prices are much lower than resale flats then a longer minimum occupation period ( MOP) can be used to protect the market value of resale flats especially in prime locations as already the case." said Mr Yeoh. "The true cost to the government after subsidies will then be much clearer and BTO flats in all locations much more fairly affordable."
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L̶O̶S̶T̶ FOUND IN TRANSLATION Made some time before Parliament today to congratulate the “Ajoomma” team virtually. The film, which follows a Singaporean Ajoomma’s (or ‘Auntie’ as we call them fondly in Singapore) self-discovery as she embarked on a solo trip to South Korea, received 4 nominations at the Golden Horse Awards 2022, for Best Actress Hong Hui Fang, Best New Director He Shuming, Best Original Screenplay Shuming & Kris Ong and Best Supporting Actor for Jung Dong-Hwan. Infocomm Media Development Authority - IMDA also announced today that Ajoomma is the Singapore Film Commission Singapore’s Oscars 2023 entry for the Best International Feature Film Category. Producer Anthony Chen, Shuming and Hui Fang shared about the language barriers that the team had to overcome as many scenes were shot in South Korea. But, instead of being perpetually lost in translation, the team overcame the challenges and communicated through their skills and expertise – whether it’s through understanding and matching the expressions of a fellow actor, or using body language to communicate on angles with the cameraman. The film has also achieved a number of firsts – the first joint Singapore-South Korean feature film, first of such co-productions nominated at Golden Horse Awards, first time a Singaporean actress has been nominated in the Best Actress category of the Golden Horse Awards, and first Southeast Asian film to obtain a grant from the Korean Film Commission. I understand that the Singapore and South Korean co-workers also found their skills sharpened and craft enriched from working together. So, definitely new skill sets unlocked and found in translation! All the best to the team, who is heading to the Busan International Film Festival for the film’s world premiere on 7 Oct. Do support the film at local theatres when it premieres on 27 Oct as well, I will definitely make time to watch it 😊 – Jo Teo
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