Upgrading works for Holland and Bukit Panjang unaffected by past investment losses
18 November 2009
SINGAPORE: The Holland-Bukit Panjang Town Council said upgrading works will continue despite huge investment losses reported in 2008.
Over 90 per cent of blocks in the Holland and Bukit Panjang districts have commenced lift upgrading programmes.
The latest financial report showed the town council achieved an accumulated surplus of S$1.81 million.
"Our town council is very prudent in terms of our investment portfolio. So presently, most of our funds are in fixed deposits and government bonds and we shall see how the global situation is, before we make the decision to invest in other forms of investment," said Dr Teo Ho Pin, chairman, Holland-Bukit Panjang Town Council.
In 2008, the Holland-Bukit Panjang Town Council incurred a huge investment loss in its sinking funds - the heaviest among all the town councils.
Sinking funds were utilised for upgrading works like repainting, roof works, and fixing water tanks.
However, the losses did not end there - some minibond investments are still being processed.
Martin Koh/ Sherry Tang