My Watches

Bought my first "Luxury watch" back in 2000.

Been with me for 8 years already through many ups and downs.

It is a good watch and think Tag Heuer has stop producing this model. Look at all the battle scars. Hee... will try to send it for polishing one of these days.

And my new acquisition... : )

Lame Reason

Pasir Ris-Punggol Town Council says half of S$4m investment not written off
23 November 2008

SINGAPORE: Pasir Ris-Punggol Town Council said while it is looking at safer options for investing, it will also take into account what residents prefer.

The town council had invested S$4 million in financial products linked to the now bankrupt US investment bank, Lehman Brothers. It said around half of the amount has not been written off.

Speaking on the sidelines of a community event on Sunday, Pasir Ris-Punggol Town Council chairman, Ahmad Magad, said the council has been communicating with some residents who have asked about the investments. And going forward, it will listen to what residents prefer.

Dr Ahmad said: "If they feel that the way forward is best for us to just park our funds in fixed deposits – that's what we'll do. But bear in mind that FDs will only give you minimal returns. At times, it doesn't even cover inflation."

He added that banks have informed the town council that as of end of October, its S$4 million investment still has a residual value of S$2.1 million. But he said he is not sure if the S$2.1 million can be recovered.

"There is still residual value in our minibond investments. As of October 31, our banks have written to us indicating that the S$4 million that we have invested still has a residual value of S$2.1 million. So it's not like it's been completely written off," said Dr Ahmad.

Defence Minister Teo Chee Hean, who is also one of the MPs for Pasir Ris-Punggol, said the town council had invested in the long-term interests of residents.

"It's quite unfortunate that this investment has turned bad, but we hope that over the long term, we'll still be able to get a good return so that the sinking funds that we have will be able to do all the long-term maintenance that is necessary for the residents and we're quite confident of that," said Mr Teo.

Pasir Ris-Punggol is one of eight town councils which had invested a total of S$16 million in troubled structured products.

Bunch of bullshit again!

So now they want to listen to what resident prefer? I am waiting. Why they don't listen to us in the first place by reducing the conservative fees.

Less money = No money to invest = No loss.

I prefer they DON'T COLLECT SO MUCH MONEY IN THE FIRST PLACE!

Teo Chee Hean, please tell us what "long term interest" you have for us.

Why eveyone should own a G-Shock.

I was clearing my cupboard over the weekend and I found my old Casio G-Shock under a pile of paper.

It is still functioning after at least 18 years. The day and date are still accurate but it had gone faster by about an hour.

Gosh I remember this watch had been with me through school and Army day and note the outer rubber protection are all gone but the core watch is still working fine!

Shall give it a new battery and keep it working for sentimental value.

How the Gahmen screw us.

Nov 17, 2008

$12m in troubled products

TWO town councils - Holland-Bukit Panjang and Pasir Ris-Punggol - have about $12 million invested in troubled structured products.

These products include Lehman Minibonds and Merrill Lynch Jubilee Series 3.

Senior Minister of State (National Development and Education) Grace Fu gave this update in Parliament on Monday, in response to a question from Nominated MP Eunice Olsen.

Since Dec 1 last year, the amount that town councils can invest in non-government stocks, funds or securities has been capped at 35 per cent of the sinking fund.

Holland-Bukit Panjang invested about 6.7 per cent of its total funds available for investment in the structured products, and Pasir Ris-Punggol, about 2.6 per cent.

The sinking funds are used to pay for long-term or cyclical expenditure, such as replacing lifts, pumps and pipes, re-roofing, and repairing and redecorating blocks.

The funds are also used to pay for lift upgrading, so that residents pay a smaller percentage of the total lift upgrading cost.

The sinking fund is distinct from the operating fund, which is used for short term expenditures.
Ms Fu said town councils need to invest their funds prudently so that the accumulated funds are not eroded by inflation.

The investment guidelines - which her ministry has no plans to change - seek to achieve an optimal balance between reasonable returns and financial prudence, she added.

She noted that investments in stocks, funds or securities must be on the advice of a qualified person, such as an investment adviser holding a licence under the Securities and Futures Act, and an approved bank or a merchant bank approved as a financial institution under the Monetary Authority of Singapore Act.

The 16 town councils manage more than $1 billion in sinking funds.



The first word that came into my mind when I read this is FUCK!

What the hell are the town councils using our money to play shares for?

If you read this whole article, you find it is full of bullshits.

Grace Fu said they need to invest so to prevent the funds from being eroded by inflation, Yeah I have a better solution for that, DON’T ACCUMULATE SO MUCH MONEY!

Have you ever how many percent of you month conservation fee actually go into the maintenance of your estate?

My block is being wash once a month and the worker only sweep it like once or twice a week.

Another question, what the town council do with the profits they the got from these investment? Bet they just keep it for themselves!!

Isn’t nice to be a town council?

Take other people money and use it on your investment. If got profit just keep it, don’t have to share it out to those who lend you the money.

Best still, if lose money, just shrug your shoulder and said too bad.

Nice Advert

Receved this about a year ago.

Still never get tired of watching it.

Note this is not done by computer generation but it is actually done by serveral trial over a period of a few days. It won some award if I remember correctly.