D15- The next Super Prime

[hopeful]

my question;
how come we are not reclaiming more and more land? since the returns are so fantastic.

[eng81157]

my question;
how come we are not reclaiming more and more land? since the returns are so fantastic.

when supply outstrips demand, prices drop. you're assuming that demand grows equally

[Ringo33]

my question;
how come we are not reclaiming more and more land? since the returns are so fantastic.

reclamation are going on full steam without many people knowing and thats because this is not something which govern wish to publicize.

Pulau Tekong
http://www.mpa.gov.sg/sites/circular...es/pn13-94.pdf

Pasir Panjang
http://www.mpa.gov.sg/sites/circular...es/pn13-94.pdf

Tuas View
http://www.mpa.gov.sg/sites/circular...es/pn13-54.pdf

Jurong Island
http://www.mpa.gov.sg/sites/circular...es/pn13-77.pdf

[Ringo33]

interesting talk on land reclamation.

not sure how accurate this article from 2003:
http://www.atimes.com/atimes/Southea.../EG31Ae01.html

"Riau, 800km northwest of the Indonesian capital Jakarta, is the main source of sand used to support Singapore's construction sector and coastal reclamation projects. Land reclamation costs an estimated S$15 per square meter, though the reclaimed land is then sold at, currently, about S$850 (US$484) per square meter. "

wah. like turning lead to gold. the multiplier is 56x

if currently reclamation cost now S$100psm, now govt selling land at 600psf, (6000psm), multiplier is also 60x.

edit:
http://www.singapore-window.org/sw05/050414re.htm
"For a sense of scale, and cost, take Singapore's Changi Airport. Its 7.7 square miles of reclaimed land required 9.6 billion cubic feet of sand, said a civil engineering professor at a local university. The sand alone would have cost at least S$1.9 billion."


7.7sq miles = 20 million sqm.
so sand cost is about $95 psm. still cheap, when u can sell $700 psf for residential.


side thought:
wohooo, by spending $1billion, we can reclaim 10million sqm @100psm. our land will be worth 10million sqm x 6000psm = $60billion. Our reserves will be increased by another $59 billion.

The returns will be more than that because what the government doing is to reclaim land is Tuas and freeing up prime land along southern coast. You dont need to be an expert to know how much a sea facing Singapore land is going to cost.

[proud owner]

joo chiat is D15 ... I really don't see how it can be prime residential ...

prime makan and vices YES

[blackjack21trader]

Many agents will kena. They are keeping the good units to themselves and not listing in propertyguru. Just checked URA, many projects in D15 transacted are not listed in propertyguru. I suspect agents again buying for themselves or relatives.

The stupid banks have once again upped the valuation here.

BE CAREFUL !

[Shawn]

reclamation are going on full steam without many people knowing and thats because this is not something which govern wish to publicize.

Pulau Tekong
http://www.mpa.gov.sg/sites/circular...es/pn13-94.pdf

Pasir Panjang
http://www.mpa.gov.sg/sites/circular...es/pn13-94.pdf

Tuas View
http://www.mpa.gov.sg/sites/circular...es/pn13-54.pdf

Jurong Island
http://www.mpa.gov.sg/sites/circular...es/pn13-77.pdf

Yeah and all these sites above are in unpopulated places and are meant for Singapore's future shipping/petrochemical industry. Then what is east coast reclamation for ?? To leave it empty for the next 30 years like what happens to Marina East and Marina South ???

I rest my case. As much as you try to sell the idea that east coast is going to be reclaimed in the near or distant future, it simply doesnt make economic sense when we still have abundant lands on the main island itself. And we still have sparsely populated islands of Ubin which the government has said it wont be building any residential developments there in the near future.

Marina East and Marina South are still barren land....wait until its fully utilised then we can start talking about it.

[hopeful]

.......

I rest my case. As much as you try to sell the idea that east coast is going to be reclaimed in the near or distant future, it simply doesnt make economic sense when we still have abundant lands on the main island itself. And we still have sparsely populated islands of Ubin which the government has said it wont be building any residential developments there in the near future.

Marina East and Marina South are still barren land....wait until its fully utilised then we can start talking about it.

i dont understand the link between having abundant lands on the main island and reclamation.

main island have abundant land, why then still need to reclaim Marina?
when spore population only 3 million, main island also have abundant land, why need to reclaim east coast?

[Shawn]

i dont understand the link between having abundant lands on the main island and reclamation.

main island have abundant land, why then still need to reclaim Marina?
when spore population only 3 million, main island also have abundant land, why need to reclaim east coast?

That time they reclaim east coast to make Marine Parade and Marina East cause they have so much spare sand coming from flattening the hills near Bedok, Tampines etc to give way to HDB blocks there. Now they got to buy all that soil from Indonesia and its not going to be cheap.

In any case, Channel NewsAsia has reported earlier in 2013, that only beyond 2030, they will consider plans to reclaim Marina East, Changi East and Pasir Ris and the surrounding islands. From now till 2030, there wont be any reclamation at East Coast area. And even if 2030 came, that wont be a guaranteed plans..Its all subject to further evaluation and these locations are called as POTENTIAL RECLAMATION LANDS BEYOND 2030.

Nevertheless, you can buy the idea of East Coast being reclaimed if you want to. Nobody going to stop you. Cause even in the plans, East Coast wasnt mentioned specifically it was mentioned as Marina East and that is the far eastern part of east coast. And after 2030 I also not sure if I am still alive or not hahahah.

[Ringo33]

Yeah and all these sites above are in unpopulated places and are meant for Singapore's future shipping/petrochemical industry. Then what is east coast reclamation for ?? To leave it empty for the next 30 years like what happens to Marina East and Marina South ???

I rest my case. As much as you try to sell the idea that east coast is going to be reclaimed in the near or distant future, it simply doesnt make economic sense when we still have abundant lands on the main island itself. And we still have sparsely populated islands of Ubin which the government has said it wont be building any residential developments there in the near future.

Marina East and Marina South are still barren land....wait until its fully utilised then we can start talking about it.

Those land reclamation sites which I have highlighted are all about to be completed in the next few years. Once they are done with it, they will shift their focus to Jurong Island and perhaps East Coast.

Singapore reclamation drive is not driven by how much land we have yet to develop, but how much sand we could secure while its still available. So please trying to sale talk us with your illogical explanation.

IIRC, Marine Parade reclamation project from the 60s, took about 30 over years to complete, and that was based on using older technology. Hence I am not even sure why you are suggesting that we should wait till we run out of land before we consider reclamation. I am also surprise that a geography expert like yourself doesnt know that when land are reclaimed they will need to leave is empty for a few years for it to settle in before building could start.

please dont let yourself get carried away by your own saleman talk.

[Shawn]

Those land reclamation sites which I have highlighted are all about to be completed in the next few years. Once they are done with it, they will shift their focus to Jurong Island and perhaps East Coast.

Singapore reclamation drive is not driven by how much land we have yet to develop, but how much sand we could secure while its still available. So please trying to sale talk us with your illogical explanation.

IIRC, Marine Parade reclamation project from the 60s, took about 30 over years to complete, and that was based on using older technology. Hence I am not even sure why you are suggesting that we should wait till we run out of land before we consider reclamation. I am also surprise that a geography expert like yourself doesnt know that when land are reclaimed they will need to leave is empty for a few years for it to settle in before building could start.

please dont let yourself get carried away by your own saleman talk.

You can continue to argue with me but u cant argue with Goh Chok Tong or the ChannelNewsAsia news early this year on land reclamation. You can start talking about East Coast going to be reclaimed after 2030. And even then, it is Marina East which is placed as POTENTIAL RECLAMATION AREA and not EAST COAST. Other sites include Changi East and Pasir Ris.

The PLAN ON RECLAMATION has been there for years and so far it is always far behind schedule. Just look at Marina East and Marina South. They are still mostly barren lands after 30 years.

[Shawn]

Those land reclamation sites which I have highlighted are all about to be completed in the next few years. Once they are done with it, they will shift their focus to Jurong Island and perhaps East Coast.

Singapore reclamation drive is not driven by how much land we have yet to develop, but how much sand we could secure while its still available. So please trying to sale talk us with your illogical explanation.

IIRC, Marine Parade reclamation project from the 60s, took about 30 over years to complete, and that was based on using older technology. Hence I am not even sure why you are suggesting that we should wait till we run out of land before we consider reclamation. I am also surprise that a geography expert like yourself doesnt know that when land are reclaimed they will need to leave is empty for a few years for it to settle in before building could start.

please dont let yourself get carried away by your own saleman talk.

To reclaim East Coast now will be a tremendously huge and expensive exercise cause firstly East Coast now is already sitting on reclaimed land. And in future it will mean reclaiming Deep Sea area now. The beach is no longer safe for swimming at certain spots in east coast if you are aware of that.

Secondly, Singapore has to buy all the soil. Its not going to be like Marine Parade where we can get the soil from flattening the hilly areas of Bedok and Tampines.

Thirdly, its going to be a major political issue to the existing ruling government. It will affect sentiments of hundreds of thousands of Singaporeans who are now residing in the East Coast area. Not to mention businesses near the east coast will lose a lot of business due to this.

Based on my knowledge with a 3rd party analyst, there is indeed a plan to build a 3rd IR near the Marina East after 2017. There is a possibility that the government might allow some minor reclamation to build a small island off the coast of Marina East for this purpose. And thats about that nothing more.

[Ringo33]

To reclaim East Coast now will be a tremendously huge and expensive exercise cause firstly East Coast now is already sitting on reclaimed land. And in future it will mean reclaiming Deep Sea area now. The beach is no longer safe for swimming at certain spots in east coast if you are aware of that.

Secondly, Singapore has to buy all the soil. Its not going to be like Marine Parade where we can get the soil from flattening the hilly areas of Bedok and Tampines.

Thirdly, its going to be a major political issue to the existing ruling government. It will affect sentiments of hundreds of thousands of Singaporeans who are now residing in the East Coast area. Not to mention businesses near the east coast will lose a lot of business due to this.

Based on my knowledge with a 3rd party analyst, there is indeed a plan to build a 3rd IR near the Marina East after 2017. There is a possibility that the government might allow some minor reclamation to build a small island off the coast of Marina East for this purpose. And thats about that nothing more.

1) Cost of reclamation will be negligible when you consider the amount of money government will be able to generate from selling sea facing land along the entire east coast and these will be 99LH forever belong to the government instead of private sector.

2) If they want to win vote, just build sea facing BTO flat along new east coast. double confirm vote in marine parade sure shoot up.

3) Cost of sand will only rise over time, so even cost is high today, it will still be cheaper than tomorrow.

4) You should stop all the salesman talk about 3rd party analyst and making wild speculations about IR coming to East Coast. If Singapore want to have another IR why do they need to put it in an off shore island?

[Shawn]

1) Cost of reclamation will be negligible when you consider the amount of money government will be able to generate from selling sea facing land along the entire east coast and these will be 99LH forever belong to the government instead of private sector.

2) If they want to win vote, just build sea facing BTO flat along new east coast. double confirm vote in marine parade sure shoot up.

3) Cost of sand will only rise over time, so even cost is high today, it will still be cheaper than tomorrow.

4) You should stop all the salesman talk about 3rd party analyst and making wild speculations about IR coming to East Coast. If Singapore want to have another IR why do they need to put it in an off shore island?

Hahaha government building BTO flat on east coast?? u can dream on. Marina East still empty why dont they build BTO there for u to stay. The old HDB blocks at Marine Parade probably will be enbloc to give way for private condos there in the next 30 years from now.

Cost of sand is too high which makes it illogical to reclaim land near east coast and leave it empty for 30 years like Marina East and Marina South. I just saw they open a huge Satay Club near Marina South hahahah u r right the land cost is super expensive thats why the government build a satay club there with a huge outdoor carpark some more. Sorry for my huge sense of humor. And Marina Bay Gardens already occupy such a huge space some more they build another Garden at Marina East near Costa Rhu. Yes cost of land is so expensive Ringo very expensive so much to the extent that the government needs to build more gardens to fill up the empty lands.

U can never stop me from laughing.

Hahaha 3rd IR is definitely coming after 2017. U can not believe me I dont force u to believe.

[Ringo33]

Hahaha government building BTO flat on east coast?? u can dream on. Marina East still empty why dont they build BTO there for u to stay. The old HDB blocks at Marine Parade probably will be enbloc to give way for private condos there in the next 30 years from now.

Cost of sand is too high which makes it illogical to reclaim land near east coast and leave it empty for 30 years like Marina East and Marina South. I just saw they open a huge Satay Club near Marina South hahahah u r right the land cost is super expensive thats why the government build a satay club there with a huge outdoor carpark some more. Sorry for my huge sense of humor. And Marina Bay Gardens already occupy such a huge space some more they build another Garden at Marina East near Costa Rhu. Yes cost of land is so expensive Ringo very expensive so much to the extent that the government needs to build more gardens to fill up the empty lands.

U can never stop me from laughing.

Hahaha 3rd IR is definitely coming after 2017. U can not believe me I dont force u to believe.

The entire Marina Parade HDB estate from block 1 to 59 are build on reclaim land offering unblock sea view. And Singapore urban planner will do likewise when they have a pcs of greenfield land to develop a new township.

As for Marina Parade HDB enbloc to build private estate? You must be one hell of a desperate salesman to come out with such nonsense.

If you are a property agent, then I would suggest that you should stop all the baseless speculation because one day you will just get ourselves into trouble.

From MRT station location, MND making mistake on their map, IR, Singapore land reclamation, HDB going En Bloc.

You must be smoking a lot of crack to be coming out with all these nonsense.

Dont worry, come 2017, Shawn will go into hiding.

[Shawn]

The entire Marina Parade HDB estate from block 1 to 59 are build on reclaim land offering unblock sea view. And Singapore urban planner will do likewise when they have a pcs of greenfield land to develop a new township.

As for Marina Parade HDB enbloc to build private estate? You must be one hell of a desperate salesman to come out with such nonsense.

If you are a property agent, then I would suggest that you should stop all the baseless speculation because one day you will just get ourselves into trouble.

From MRT station location, MND making mistake on their map, IR, Singapore land reclamation, HDB going En Bloc.

You must be smoking a lot of crack to be coming out with all these nonsense.

Dont worry, come 2017, Shawn will go into hiding.

Hahaha u the one smoking crack cause u think east coast going to be reclaimed soon. Only people smoking crack will believe u mah. And sorry those people are not my clients.

[Ringo33]

Hahaha u the one smoking crack cause u think east coast going to be reclaimed soon. Only people smoking crack will believe u mah. And sorry those people are not my clients.

There is no need for me to convince anyone, the land use plan are public information.

When you come to a turn, it say DEAD END, you have 2 options. 1) convince that the road will come to an end and turn around. 2) you cant see the end of the road, so you are convinced the sign is wrong.

[Shawn]

There is no need for me to convince anyone, the land use plan are public information.

When you come to a turn, it say DEAD END, you have 2 options. 1) convince that the road will come to an end and turn around. 2) you cant see the end of the road, so you are convinced the sign is wrong.

That map has been around for 15 years and so far nothing comes out of it. As have been reported in the ChannelNewsAsia, reclamation work for Marina East will only be considered after 2030. And that is only a potential plot. Other than that, the government has already reclaimed Bidadari cemetery, and Tanjong Pagar shipping area which will be relocated to Pasir Panjang. We have ample land to work on. Other potential plots include Pasir Ris and Changi East.

[Ringo33]

That map has been around for 15 years and so far nothing comes out of it. As have been reported in the ChannelNewsAsia, reclamation work for Marina East will only be considered after 2030. And that is only a potential plot. Other than that, the government has already reclaimed Bidadari cemetery, and Tanjong Pagar shipping area which will be relocated to Pasir Panjang. We have ample land to work on. Other potential plots include Pasir Ris and Changi East.

For the last 15 years, government have been concentrating on reclaiming Tuas, Pasir Panjang and Jurong Island because there is an urgent needs to expand Jurong Island, our port capacity as well as fulfilling our goal to consolidate all shipping ports to tuas. Now that all these mega projects are nearing its end, reclamation work for East Coast should happen next as that is the only mega reclamation work is left for Singapore.

Those up north projects you mentioned are minor projects and there is a limit to how much you can reclaim due to the border with Malaysia.

[Shawn]

For the last 15 years, government have been concentrating on reclaiming Tuas, Pasir Panjang and Jurong Island because there is an urgent needs to expand Jurong Island, our port capacity as well as fulfilling our goal to consolidate all shipping ports to tuas. Now that all these mega projects are nearing its end, reclamation work for East Coast should happen next as that is the only mega reclamation work is left for Singapore.

Those up north projects you mentioned are minor projects and there is a limit to how much you can reclaim due to the border with Malaysia.

OK OK brother Ringo u are right ok happy now. I kowtow to u. Wait wait for East Coast price to crash ok ? So u can buy cheap cheap there...And PAP will lose their elections in the next GE ok thats for sure if reclamation plans go ahead hahahah. 1960s reclamation can never be compared to current reclamation. The political as well as the physical landscapes have changed drastically since then.

Channelnewsasia has already reported that, so what can u do about it? They are Potential reclamation sites and not actual sites that the govt want to reclaim. All these take years to plan and propose. Not to mention, they already said after 2030 will then consider. It will be donkey years from now...by then all of us have died.

[Ringo33]

OK OK brother Ringo u are right ok happy now. I kowtow to u. Wait wait for East Coast price to crash ok ? So u can buy cheap cheap there...And PAP will lose their elections in the next GE ok thats for sure if reclamation plans go ahead hahahah. 1960s reclamation can never be compared to current reclamation. The political as well as the physical landscapes have changed drastically since then.

Channelnewsasia has already reported that, so what can u do about it? They are Potential reclamation sites and not actual sites that the govt want to reclaim. All these take years to plan and propose. Not to mention, they already said after 2030 will then consider. It will be donkey years from now...by then all of us have died.

Land reclamation is for the sake of national interest and no one in their right mind will complain about have more space in Singapore. So please dont be naive to think that by reclaiming East Coast, PAP will lose the next election. If fact if they dont and they might actually lose more vote due to over crowding in Singapore.

In the land use plan, the only ?? is the lagoon and the extension of marina south. The moment reclamation along east coast starts, its going to be big news and property along D15 with new sea view will get a hit because no one will want to pay premium into a FH property that doesn have FH seaview.

[Shawn]

Land reclamation is for the sake of national interest and no one in their right mind will complain about have more space in Singapore. So please dont be naive to think that by reclaiming East Coast, PAP will lose the next election. If fact if they dont and they might actually lose more vote due to over crowding in Singapore.

In the land use plan, the only ?? is the lagoon and the extension of marina south. The moment reclamation along east coast starts, its going to be big news and property along D15 with new sea view will get a hit because no one will want to pay premium into a FH property that doesn have FH seaview.

Hahahaha maybe another big HAHHAHAHAHA to u. I dont know what more to say to u.

Maybe u should ask the government to get rid of the huge Golf Course and the useless Marina East Gardens first before they can even think of reclamation. In addition, there are a few huge empty spare lands in Fort Road and Tanjong Rhu ...enough to build as much as 30,000 extra units. Yes Ringo we are running out of land supply, we need to have more lands...more lands...then why all these wastage ?? And why are there still acres of empty land near fort road and marina south still unutilised after 30 years being reclaimed ?? It is a good 30 years that these land have been left vacant.

And now somebody dares to talk about reclamation in the east coast which will drastically effect the whole facade of the east coast area as well as the much invested east coast park. The government has spent milllions of dollars to upgrade East Coast Park and to build park connectors recently. This guy is probably hallucinating.

I leave this answer to a smart guy like u. U are smart right so why not u answer me.

[Ringo33]

Hahahaha maybe another big HAHHAHAHAHA to u. I dont know what more to say to u.

Maybe u should ask the government to get rid of the huge Golf Course and the useless Marina East Gardens first before they can even think of reclamation. In addition, there are a few huge empty spare lands in Fort Road and Tanjong Rhu ...enough to build as much as 30,000 extra units. Yes Ringo we are running out of land supply, we need to have more lands...more lands...then why all these wastage ?? And why are there still acres of empty land near fort road and marina south still unutilised after 30 years being reclaimed ?? It is a good 30 years that these land have been left vacant.

And now somebody dares to talk about reclamation in the east coast which will drastically effect the whole facade of the east coast area as well as the much invested east coast park. The government has spent milllions of dollars to upgrade East Coast Park and to build park connectors recently. This guy is probably hallucinating.

I leave this answer to a smart guy like u. U are smart right so why not u answer me.

It's important that government upgrade the facilities at east coast so residents there can still enjoy their life with a shrinking coast line.

The expenses on current upgrading will be pin drop comparing to the revenue government could generate through sellin waterfront leasehold land on the reclaim land. Maybe these facilities willg will Bo conserved to show future generation where exactly was old east coast.

[propertyguru]

Is it possible to return to the topic? I am interested in buying a property in the area (Amber Road) and would like to know what the prospects are, given that prices are already at $1,5xx psf. Curious whether people think there's room for appreciation.

[astroboy8681]

It's important that government upgrade the facilities at east coast so residents there can still enjoy their life with a shrinking coast line.

The expenses on current upgrading will be pin drop comparing to the revenue government could generate through sellin waterfront leasehold land on the reclaim land. Maybe these facilities willg will Bo conserved to show future generation where exactly was old east coast.

can you stop tickling everyone by using your sore thumb hitting away at your keyboard relentlessly??

can you even get along with anyone?? do you even have friends??

can you be not so conceited and constipated?? your past regrettable childhood is long over, learn to embrace the present & future...

make some friends, meet new people, stay outdoors more... (genuine advice to you)

[Tmi]

The so called 'land reclamation' idea at east coast has been around for more than 2 decades, and it never and will not get materialized any time in the near future. I don't know why the sudden interest .. Mabbe ringo knows something we duno? Lol

1992 Concept Plan


1998 Concept Plan

[Marky]

It's important that government upgrade the facilities at east coast so residents there can still enjoy their life with a shrinking coast line.

The expenses on current upgrading will be pin drop comparing to the revenue government could generate through sellin waterfront leasehold land on the reclaim land. Maybe these facilities willg will Bo conserved to show future generation where exactly was old east coast.

Sigh this is a case of someone who is bitter for not being able to afford to buy a property in the prime freehold east coast area. Thats what many Singaporeans are like when they become bitter when they compare with the luckier ones. So they come out with all kinds of things to make themself happy, including the reclamation idea which has been around for decades.

Obviously, its impossible to reclaim east coast now with all the developments going around that area. The government has invested substantially on ECP connectors and upgrading the ameneties nearby. They will be taken as idiots if they demolish all the investment with reclamation.

[Ringo33]

Sigh this is a case of someone who is bitter for not being able to afford to buy a property in the prime freehold east coast area. Thats what many Singaporeans are like when they become bitter when they compare with the luckier ones. So they come out with all kinds of things to make themself happy, including the reclamation idea which has been around for decades.

Obviously, its impossible to reclaim east coast now with all the developments going around that area. The government has invested substantially on ECP connectors and upgrading the ameneties nearby. They will be taken as idiots if they demolish all the investment with reclamation.

What ever the government is doing with ECP will continue to serve its purpose to the people living in the current east coast area, it has got no bearing on government reclamation plan. The importance of expanding our land area to cater for growing population is a critical and extremely lucrative one, so rest assure that Singapore will NEVER stop pursuing this route.

According to the land use plan, the future border of east coast will be around 2km south of current coast line. if you wish to have a feel of what the current East Coast area will be like in say 20 years, just got north by 2km. perhaps near geylang road.

I think future generation of Singaporeans will be damn lucky as I am sure government will built a new township in the reclaim area with sea facing BTO. I think it will be a very logical thing to do if PAP wishes to show that they are not only pro rich, but pro Singaporeans from all walks of life.

[Ringo33]

The so called 'land reclamation' idea at east coast has been around for more than 2 decades, and it never and will not get materialized any time in the near future. I don't know why the sudden interest .. Mabbe ringo knows something we duno? Lol

although it has been there for years, it didnt really took off because there were other new priorities such as the massive Tuas reclamation to consolidate all the sea port and also temporary port facilities at pasir panjang as well as pulau tekong.

When all these massive reclamation projects are completed in a few years time, the reclamation operations will move else where to expand Singapore land area. Like it or not, Singapore reclamation will have to continue while the sand imports are still available. Even if sands today are many times more than the past, it is much much cheaper and lucrative than going underground

[Tmi]

although it has been there for years, it didnt really took off because there were other new priorities such as the massive Tuas reclamation to consolidate all the sea port and also temporary port facilities at pasir panjang as well as pulau tekong.

When all these massive reclamation projects are completed in a few years time, the reclamation operations will move else where to expand Singapore land area. Like it or not, Singapore reclamation will have to continue while the sand imports are still available. Even if sands today are many times more than the past, it is much much cheaper and lucrative than going underground

Lol... So all these were just your own speculations and wild guesses la.. I thought u have some insider info.... Chey