What happened to the proceeds from sale of CPF Bldg, not used to give higher %

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An honorable member of the Coffee Shop Has Just Posted the Following:

Unbelievable that a University of Pennsylvania graduate like this stupid bitch Rennie Whang can write this shit and call it reporting? CPF spokesman tells her that the money from the sale will be reinvested to defray the operational cost of the CPF BOard? What the fuck? You mean the CPF operating costs is so high that they have to sell a $550 million building to defray it? Did this U of Penn grad not bother to ask why the hell is the operating costs so high? Too much fat in the bureaucracy? I don't understand. All CPF does is have automatic CPF deductions roll into its account and then hand the money over the govt for 2.5%. Why is there so much bureaucracy and operational cost? Their side business like Medisave and CPF Life are basically health and life insurance plans that many insurance companies provide. These companies provide it so cost effective that they own many buildings and report big profits. But not the CPF? WTF. Also, the spokesman for CPF clearly said that the building was build with previous year's surpluses. So when its so, why can't it go back into the surpluses? Why must go into defraying costs? Many questions not answered by What a fantastic piece of shit reporting. I suggest she go an kill herself if her parents send her all the way to the US to study at U of Penn and the best she can do is write this drivel.

askST: What happened to CPF Building sale proceeds?

It was reported recently that the Central Provident Fund (CPF) Building was sold for $550 million.

ST reader Gurdip Singh asked ST: "As this building was probably built using CPF members' money, do we know what will happen to the sales proceeds and who will benefit from all the capital gains from the sale of the building ?

"Will CPF members get any share of these gains and if so, how ?"

Business reporter Rennie Whang found out.

The sale proceeds will be reinvested and the income generated will be used to defray the operational cost of the CPF Board, according a CPF Board spokesman.

Also, the building was built with the Board's past operating surpluses, which are separate from money in members' CPF accounts.

Money in members' CPF accounts is currently invested in Special Singapore Government Securities.

These earn for the CPF Board a coupon rate that is pegged to the CPF interest rates which members receive.

A firm owned by Ascendas Land (Singapore) has bought the building, which was put on sale last year. The tender attracted three bids.

Ascendas' top bid of $550 million translates to a land price of $1,032 per square foot per plot ratio, including the estimated differential premium to utilise the maximum gross floor area allowed for the site.

CPF Board, which was the main occupant in the building, has moved to Novena Square Towers.

Ascendas plans to redevelop the property into a grade-A office building with supporting retail elements.


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