Selling off Tanjong Pagar

Our previous PM undeniably gave away our Petroleum for a song and some will say that our present PM has just done the same thing with our land in Singapore. While I do not deny that it seems a negative thing to be losing our land in Tanjong Pagar, I shall hold-off on the criticism for a bit until we all know what the deal actually entails. It is the job of our opposition to dig up the dirty details.

No one will deny that Singapore has more to gain from this land swap and joint-development deal. However, I won’t deny them a profit if there is one to be made. What I care about is whether or not we made a profit as well. If this is a win-win situation, then so be it. However, the skeptic in me thinks that this is unlikely going to be the case. Looking at our track record, it is more likely that we come out as losers in the end.

Personally, I am not in the real-estate business and I do not claim to know much about it. However, what I know tells me that things are not quite rosy. We are swapping prime real-estate for reclaimed land. That just does not make much sense to me. Singapore can give us all the reclaimed land we desire, since it is largely reclaimed using sand from Malaysian to begin with. So, we are essentially swapping our land for stuff that was created from our soil.

See the irony.

We are also told that our government investment arm, Khazanah Holdings, will go into a joint-development deal with Temasek. I will give this bit the benefit of a doubt. We must remember that in these things, anything can happen – deals can go south. While we may have the majority share, it also means that we are liable for majority of the losses. I just hope that this deal does well and we get to recoup some of our other monumental losses.

So, I don’t really know enough to say if this is a good or bad thing.

However, I do hope that our opposition does keep a finger on things. I would really like to know how it ultimately turns out in the end. I would hope for the best but knowing the way things are, I would prepare for the worst.

Published by

Shawn Tan

Chip Doctor, Chartered/Professional Engineer, Entrepreneur, Law Graduate.

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