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12 Apr 2019
Ministry of Finance
Negative View - 460
Frivolity and financial imprudence

I literally got a shock when I read that the final stage 6 of the Circle Line will cost a whopping $1.2 billion per kilometre to build, or 5 times the average per kilometre cost of the first five stages. 

I can't help but wonder how many people truly appreciate and understand just how much $1.2 billion is? For every one metre of that stage 6 Circle Line – with only 3 stations - it will cost our citizens $1.2 billion. If this is not frivolity and financial imprudence of the highest level, what is? 

$4.85 billion could completely lift our absolute poverty households (numbering more than 140,000 and relative poverty of about 35% of our population, according to Prof Tommy Koh) out of their circumstances. The amount could also help pay for another 2 community hospitals to meet our greying population needs and with much change to spare.

Warren Buffett taught the world that price is what you pay, and value is what you get; paying high prices does not necessarily mean that one is getting good value for the money. In this particular case, I accuse the government of knowing only the price of everything and the value of nothing - Just look at Changi Airport Terminal 4. 

To me, the stage 6 Circle Line with its cost-benefit consideration is an unwise and frivolous decision. With such a gigantic and unconvinced expenditure, I understand better now why this PAP government needs to borrow in order to fund the construction of our Terminal 5 and its related expenses. 

Such a decision taken by the Lee Hsien Loong government will set Singapore back from what the late LKY and his team had achieved and bring us from being a proud creditor nation to become a debtor nation in no time. Be very careful, my fellow Singaporeans. You have been warned! 

Simon Lim

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