EDB acknowledges role in raising landed property prices

[Confuseous]

LETTER TO THE EDITOR

EDB corrects Ngiam's statement on PR applicants

I AM writing to correct the statement, 'permanent residents today are not required to invest in industry - most of them invest in property for capital gains', in the article by former senior civil servant Ngiam Tong Dow ('Climbing the global economic ladder', BT, Nov 10). Prior to Jan 1, 2011, an entrepreneur who invested in a business in Singapore could include an investment in owner-occupied property as part of his or her application for permanent residence (PR). Nevertheless, investing solely in property has never been sufficient to meet the eligibility criteria to apply for permanent residence. The applicant is still required to invest in businesses. Since Jan 1, 2011, investing in property has been removed from the eligibility criteria and is no longer a consideration in the evaluation of applicants for permanent residence.

Myrna Poon
Director, Marketing & Communications
Singapore Economic Development Board

 

[Glaringly]

Here's the original article.

investing in property has been removed from the eligibility criteria and is no longer a consideration in the evaluation of applicants for permanent residence.

No where in Ngiam context does he infer these PRs coming through this route. Why is EDB on the defence? Trying to duck the real issue?


Ngiam Tong Dow - Business Times - 10 November 2011

"My plea is that we should not sell ourselves short. In the 1960s, I served as the EDB desk officer for the immigration deposit scheme. By depositing $1 million, entrepreneurial businessmen from Indonesia, Malaysia and Hong Kong could obtain permanent residence for themselves and their families in Singapore. They were free to invest their funds in any industry which could create employment for Singaporeans.

The first factory in the Jurong Industrial Estate was established by a group of Indonesian Chinese businessmen.

Permanent residents today are no longer required to invest in industry. Most of them invest in property for capital gains. They do not create employment opportunities for our young graduates pouring out of our four universities and six polytechnics. As we are reaching the limits of expansion, we have to move up from a skill to a knowledge-based economy. We need to raise our level of competence.

In my view, the millions of dollars we are now devoting to R&D is only the means to an end. The end is not inventions or patents per se. The real outcome is raising our competence to solve complex problems, putting us ahead of our competitors.

This would be my definition of a knowledge-based economy. "

 

[Cruxx]

Ngiam Tong Dow is one of the rare few civil serpents that I respect.

 

[shittypore]

Ngiam Tong Dow is one of the rare few civil serpents that I respect.

Unlike the rest ball lickers he does not speak with a Fork Tongue.

 

[Cruxx]

Unlike the rest ball lickers he does not speak with a Fork Tongue.

Yes, we Hainanese are straight talkers. Tan Jee Say, anyone?