A senior gentleman recently asked for my opinion on the Urban Redevelopment Authority (URA) Master Plan 2014. We discussed the aging population and I suggested we offer first-line healthcare to our senior citizens and retirees at the neighbourhood level, so that instead of placing our seniors into old folks homes, the services, software and heartware available in such homes are incorporated into each neighbourhood. This means that we need to start training many caregivers across a wide range of qualifications starting today.
We also discussed the population growth numbers and while growing the population to support jobs to grow our economy is a good plan, I wish for Singapore to build up the necessary infrastructure first — as Mr Lee Kuan Yew and the nation builders did in their day. They had embarked on the ambitious Mass Rapid Transit (MRT) train system when our population was scarcely 3 million. They built Changi Airport before competition from other regional air-traffic hubs came in. They developed Jurong Island and then attracted billions of dollars worth of inward investments, which not only solidified Singapore’s position in the oil and petrochemical world, but also created many high-value jobs for Singaporeans.
Like then, we need to build that capacity before we bring in more jobs. We also need to bring in more jobs to bring in more people. So the key to success is infrastructure capacity. Similar to Singapore Airlines’ very successful strategy to order sufficient aircraft to sustain eight to ten years of traffic growth, if we build the pipes and the trenches in Jurong Island, the multi-national petrochemical firms will come.
To fill these jobs, we need to widen and deepen the education level of our workforce. The pioneer generation of leaders spared no expense to provide all Singaporeans with ten to twelve years of formal education. But to stay ahead of the global competition, the Singaporean workforce is likely to need more years of education. We need to train more specialists to become experts in their fields. These highly respected Singaporean talent will become a magnet for foreign talent. So while public debate carries on about children’s education, we should also discuss the qualifications of Singaporean business leaders. Should we increase the proportion of Singaporeans with postgraduate degrees? A similar question has been asked within the banking industry: Do we have a core team of Singaporean leaders in banking and finance?
But we digressed. The articles in this book deal with similar broad-level issues. Issues such as public housing policies, the population white paper, the seemingly high household debt of Singaporean families, prices for sixty-year leasehold retirement condominiums, among other things. I have concluded with a long opinion piece on the Master Plan 2014 with my views on where we should invest and where to stay away.
It has been three years since the article on overseas property investments appeared in my first book Real Estate Riches, so I review the recommendations made at that time, and then update my views about which countries we might consider for the next five to ten years.
Finally, I am thankful to my friends, colleagues and industry seniors for their valuable inputs and viewpoints when I needed my thoughts clarified: Dr Zeng Zhen, Marcus Chu, Tan Kok Keong, Pang Khang Chau, Chong Kang Ho, Lai Yeu Huan, Luke Ng Kai Man, Christine Li and Gabriel Teo. I am also indebted to Masahiko Yoshino from Regalo Capital and Kenneth Koh from Century 21 (SY Real Estate) for their photographs.
The editorial and publishing teams have endeavoured to be accurate in preparing this book. Any remaining errors in the content remain my responsibility. I welcome your feedback at www.facebook.com/realestaterealitiesbykusweeyong.
Ku Swee Yong
August 2014