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Tuesday January 16th 2018

Generation Y PMET’s Analysis of Our Current Economy In Singapore

Dear People,

Lynn Chen

In light of the recent General Elections, where people out rightly displayed their frustrations and resentment, many issues once hushed, lying dormant for a long time were brought up by the citizens.

Finally an open declaration as if to confirm their existence.

Although whatever the complaints are,  we should know the government has been long been aware of. No?

That was a day unavoidable, looking at the built-up from the backlash of what we had to live by.

An unusual sight for a typically quiet, authority-fearing and meek-mannered group of people – us, Singaporeans.

If anyone has hopes that there would be resolutions to what have plagued them for years after the general election, they better start to alter their unrealistic mind-sets.

My focal point in this article  will be geared towards our Tourism, Property and FX and I will offer a very simple solution already on hand, placed right in front of us.



Since 2007 during the economic crisis, the government showed that they have made a mistake in putting all their eggs in one basket – the financial Industry. Many were retrenched and till today, the negativity towards our government grows as observed from our previous  GE.

Our unemployment statistics are reflecting jobs being taken up increasingly by foreigners and our graduates are looking at very unappealing salary amounts.

Our government later mentioned to an external media about Singaporeans not being as ‘hard-striving’ as the older generations. We were portrayed as unappreciative when compared to those from the less-developed nations.

Apart from that, more and more foreigners are given entry to our local universities and offered citizenships which in effect reduces the number of places left for our own. There are more student exchange programs today because of tie-ups with oversea universities.

One major problem in itself – the statistics or indexes being plotted do not reflect the reality of matters.

The empirical evidence used to tabulate such data do not accurately state if Singaporeans are being unemployed out of choice or because they are forced to.


With brewing negativity coupled with the opening up of our trade industry, news of disharmony  being ‘viral-marketed’ to other countries increased in magnitude.

We wanted bigger dollar values coming in, so we got in Universal studios… a country openly averse to vices, saw its first casino sprouting, altogether with the Integrated Resorts.

Probably all at a wrong time.

At the recent GE, we are openly seen in a very negative light, as if our country’s people have not already been unknowingly contributing to our own economy’s downturn by our years of staying (and speaking ill of our own) overseas.

Expatriates saw us in a different light. Gone were the ‘clean and green’ ideas they used to have. Now, feedbacks are that we have much to thank for (and I personally agree with this point) yet we rant about the very things many countries’ people do not have the luxury to enjoy..

However much we can ramble on about our country not being more liberating; no arts and cultural scene for creative modelling, and even to the regimental rule we have been subjected to, aren’t we as resistant to the new?

But there is an abundance of resource, natural and man-made, placed right in front of us to utilise. The only thing is HOW? 



With the current housing climate (last year’s stamp duties regulations were put in effect to slow the buying of properties so that property values will not overly appreciate in a short span due to foreign influx.), some of the smaller to mid-scale developers cannot afford to hold onto their developments.

They are trying to liquidate by selling away percentages of their shares, promising x% returns in 2-5 years.

Yet in doing so, they are compromising the rental market’s unjustifiable increase in supply, and as well, the rapid increase in price.

Property agents now turn to the rental market for quicker income generation and profits.

Many are in for a share of the pie, with the thinking that that this is the only viable option. Some developers in the midst of construction of their projects are stalling for time.

Yet in a couple years, with more government housing as promised, and adding to that, adjustments are made to accommodate first time homeowners where required income ceiling is lifted, will private property go on a downhill spiral?

Will private properties only be affordable to the foreigners? Are we looking at a potential income gap too wide of an amount to ascertain? What is the resultant impact?


Due to stall in sales, many property agents turn to rentals instead. It is much easier and more profitable to rent out as compared to selling. With the opening of the integrated resorts, for trade and tourism, it is part of an economy’s growth.

Yet why is there an over-demand not being catered to, by another potentially very strong market [#]? At a point landlords will be asking for unjustifiable pricing and possibly unreasonable demands on the agents.

What happens then when rice bowls see another avenue for worry? Will this slow the property market due to holding onto a ‘can be better’ rental yield ideology? As per Singaporeans’ mentality, most will just wait and be more picky and more restrictive in the choice of tenants.


This is a group in the trickiest situation.

First of all, they have alliances with developers for continued business relationships.

Secondly, they need the property agents for the resale market especially. Entertainment and other expense allowances have always been allocated to them (though capped at an amount for relationship building) to get referrals for closed sales.

But due to the above factors, measures have to be and are already taken by banks to boost dipping sales. They do the usual, by compensating more to the bankers (and agents possibly) giving higher commission and the likes.

For consumers’ end, they introduce more ‘competitive’ packages continually reducing interest rates for mortgages but they are already at an all-time low with no price floor it seems.

As Singaporeans, we just don’t get swayed with better rates or any extras, if there is no obvious intrinsic value to a property that cost such exorbitant amount.

We simply don’t trust the banks or anything with the word ‘loans’ attached to it – until there is an increment of sales seen in the market, if not most of us won’t budge.

So the banks are looking at a situation where one of their biggest and less liquid sectors get compromised. Especially Singaporean banks (except DBS*) will suffer and turnovers will be higher, (with potentials of yet another issue of increase in unemployment), they have to turn their attention to other types of income generating products.

But with Singaporeans so sceptical about unit trusts and structured deposits, and the intangibility of long term tie down of insurance policies, where can the banks turn to for sustenance?

Finance advisories are coming up with a variety of endowment plans to rectify this issue.

Yet none are viable, for your money is subjected to a tied down of no less than 10 years and a definite need for input per month for the whole of term years. Or we see another type giving 3 times the returns w.r.t capital input, still subjected to long term years. But they are really what we call ‘unit trusts’, only packaged differently.

Of course, our newly elected government are finding efforts to counteract this issue, but there are no viable suggestions presented that can give a long term solution. What is happening today has already been projected more than 4 years back, splashed across in the news. If so, why let it happen?

That is, what is not obvious to the eye. Senses are closed to the important things happening around you.

Then the rest of the related sectors… 


Whether it is for direct business or for sustaining businesses for loans, rentals or just negative outlook by merchants and clients, we are still largely dependent on the above sectors. These are some of the industries:

The Conveyance Law firms, Construction firms, Interior Design Firms and Furniture Companies… Even the Biomedical Hub (plans to be a leader within the Asia region)… or MICE… or the rest of the ‘improvements’ that the country has had planned, and the interrelated businesses that supports and is the core structure of our entrepot trade economy.

With our national universities, like NTU coming up with a projected $45 million in spending to provide better private study spaces for students, and monetary directives towards a bio-sciences hub, as well hotels and service apartments which are sky-rocketing their prices[#], on the external point of view, we look like a country rich enough for continual government spending.

Why then for the second year running, our F1 tickets are extending their ‘early bird specials’?


So what if a country has everything but no shelter? If you were a tourist, will you be comfortable coming here where hotel rates a night goes for  $400-$500?

We’re not even talking about a 5-star rating…

Now, if one single packaged product can solve all the issues above, as well as give a long term solution to our problems. Will you be interested to know and be involved?


- This is NOT a stupid idea…

- NOT a single cent needs to be spent by anyone

- This is NOT a multi-level marketing technique

- This is NOT an illegal pursuit nor is it in anyway against the community or rest of society.


This is my brainchild and it really is a simple collective effort to make a (big) difference for the future and our generations.

Unless we can together do this now, it will take me an even longer time to materialize my plans, what more as a lone person.

Understand that I am putting on hold my career (Editor and Media director) as well as angry sentiments from my family and certain associates who probably meant well, untiring in continuing my efforts towards building a better future.

I have put away monetary concerns and potentially having my reputation discredited, not because I am a risk taker, but because I fully believe in this. While we are still a democracy, we can be harmonious and unite.

We never know what the future holds. I see things from a totally different viewpoint.


Thank you for reading,


Lynn Chen

July 2011


* Disclaimer – Hypothetical remark that I am not bearing responsibility for thus do not quote me.

{#} – Where there is proof of.

Editor’s note: Lynn Chen is in her early thirties and currently blogs at therealcarepeople. She  has a degree in finance and is doing her own non profit business now. She has another article posted here Generation Y PMET with degree in finance gave up $4000/month job to be zero-income social entrepreneur

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Reader Feedback

9 Responses to “Generation Y PMET’s Analysis of Our Current Economy In Singapore”

  1. Kelvin says:

    Might be useful if you got someone to proofread the article before publishing. Writer may need an introductory class in grammar.

    • To_prof says:

      The article is written for academic researchers,
      Not for layman with GCE O level to understand.
      So u want academic writers to improve their Grammar,
      Hahahaha? Grammar indeed !
      Signed off

  2. Lynn says:

    Are you sure the whole article was taken as it is to be published? Are you certain you are reading word for word as per the writer’s original in every single piece you read? That is one big problem people seem to never rectify. Discerning qualities. Do not believe everything you read, including this article. Always do own research.

    This was a private letter to certain confidential parties, sent out last year at july 2011, only agreed to be published just. I guess grammar wasn’t of highest prority then.

    Furthermore i really have no idea what nouns or verbs or past participle… etc etc etc mean. I only know what is vocabulary :)

  3. Lynn Chen says:

    Hey kelvin, i think transitioning is trying their best with limited funds to bring to you people good reads, probably subjective… Nevertheless of good intentions.

    Maybe you like render your service & help out in proofreading? Will be much appreciated.

  4. Kelvin says:

    Hi Lynn,

    my point is that poor grammar usually (and unfortunately)discredits the writer and in this case, a lot of people would have subconsciously written your article off even before completing it.

    Personally, I don’t really understand the point of the article. What is the solution? It is all very hazy.

    Furthermore, your comments continue in the same vein, so it really is very hard to understand what you are saying. This is especially notable since you are an Editor / Media Director!

    Am merely suggesting improvements so that you can get greater buy in to your thoughts.

  5. gemamiphilip says:

    I’m not a fan of this blog site. Perhaps it’s because i have been gainfully employed. Gilbert knows I don’t have a very high regard for him since we met online many years ago. But to see people picking on a writer’s grammar instead of trying to understand what the writer is trying to convey is like seeing a worm saying nasty things about a butterfly. Sickos!

  6. lynn chen says:

    Hi Kelvin, the solution is my business. I want to earn money from it, and then direct the money to my cause at The RealCare People… a guide under the comments on the other article in transitioning…

    My business is formed to resolve your problems in the property, retail, f&b, SMEs sectors, through Global Tourism – that is why i tie up with the expatriates from around the world to put their money here. The money earned is to be invested into

    1.Affordable Healthcare (Outpatient, Hospitalization & Medicine)For the Aged, the Poor, the Paraplegic, the Pre/Post Natal & General Public.

    2. Employment for the Illiterate & Poor – Citizens & Ex-offenders; Appropriate Employment Match for Some of the Ex-Offenders; The paraplegic where subsidies are very hard to come by

    3. Schools to teach Social Entrepreneurship to Offenders Young & Old.
    Do you think they want to study? If they are caught for crimes that are for illicit money making,
    that most probably means they need money and/or they want the money! Which also shows their homes are usually not conducive environments for studying.

    4. Animal’s Home and Educational Facility
    - Care for abandoned pets & edu facility for children to learn compassionate handling of pets & animals. Because a person’s character associates most with their childhood influences.

    5. Mental Health & Psychological Issues
    - Awareness to public to reduce discrimination as a result of ignorance.
    - Panel of doctors & consultants who are interested to discuss on such subjects & look into the
    proper care of.

    So if are willing to pay a price for the solution, if it is that fantastic as I make it sound… I will divulge!

    Love to hear from whoever else too!

    Can pm me at!

  7. lynn chen says:

    Hi gemamiphilip

    I hope you’re not a fan only becos you are gainfully employed… Count your blessings for your work, and for the existence of this site, as what comes forth will go, what leaves you will come. Nothing in the external is for certain, ie. Life is transient.


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