Skip the bits in italics if you are tired of hearing the words “UBS report”.
The UBS study on Prices and Earnings, ranks S’pore as the 11th most expensive city for Price Levels (what with S$500,000 HDB flats not uncommon), but 43rd for Wage Levels (all those FTs forcing down wages).
What this means is that S’pore is first world in expenses but third world in wages.”Neither fish nor fowl” as Jesus would have put it.
This divergence influences M’sians from becoming Stayers.
This piece tells how M’sians game the system. Hubby remains PR here, wife becomes citizen. Both get benefits of citizenship of the two countries.
And who can blame them based on the comparisons between S’pore and KL? Certainly not me. If I were in their shoes, I would do the same. But who can blame the Bumiputeras for thinking that the M’sian Chinese will cheat them, given half the chance?
As to the economics of living in M’sia: Kuala Lumpur is ranked the 68th most expensive city. And 57th in Wages. KL is third world in both. Conclusion: KL people got better standard of living taking into account both expenses and wages.
This conclusion is supported by fact that Malaysians have more purchasing power than us. KL is ranked at 47th, Singapore at 49th place for Domestic Purchasing Power.
So working here but planning to retire in M’sia is very logical.
Not everything is lost for local-born S’poreans. There are various packages for retirees to “move on” to M’sia. And there are many S’poreans who have retired to M’sian informally. They can extend their stays indefinitely with any problem, so far.
There are even S’poreans who live in JB and commute here daily without problems with the M’sian authorities. One such is a high-ranking but low flying civil servant. Yes, it is a hassle. But then only daft S’poreans think that everything should be convenient or free*.
But if you get killed in a racial riot, or yr mansion gets burned down (Bumiputeras might mistaken you for a cunning local Chinese), or yr assets get seized, don’t blame me. Blame those cunning M’sian Chinese whom the Bumiputeras have gd reason to mistrust.
And remember, the system there hates you. ”You will be proud that you own a house, rather than a small pigeon hole in another country,” a M’sian Chinese judge told some S’pore litigants recently. They got doubly screwed.
And who shld S’poreans blame for making so many S’poreans daft that they can’t be as cunning as M’sian Chinese? PAP? You can certainly think it, but you’re not hearing it from me.
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*”Remember that you are a S’porean, and have consequently won first prize in the lottery of life.”A paraphrase of a statement made 100 years ago by Cecil Rhodes. Substitute “an Englishman” for “a S’porean” will you get the true quote.
“They got doubly screwed.”
How so? Legally the titles has not been transferred to them, so bank has first recourse to any assets left by the developer.
Obviously these guys bought off the plan, so:
1) Developer could have gone bust anywhere, nothing to do with Malaysia. This is a normal risk when you buy off the plan.
2) 10% extra probably represents the appreciation between the contract price (signed a few years ago), and the present value. Got to be fair to the bank too.
I wasn’t thinking as the trained lawyer I was.
Or as a capitalist ))).
These people are likely to be Malay HDB owners. Wonder if they will be affected by new ownership restrictions. Then triply screwed. (((((
“I wasn’t thinking as the trained lawyer I was.”
It’s your personal blog, you’re entitled to vent a little. It helps keep my mind on its toes too.
“Wonder if they will be affected by new ownership restrictions.”
I think they shouldn’t be if they bought the HDB first and lived in it for the MOP.
There are risks in everything like this, just gotta manage them. It’s part of the fun.