《联合早报》Oct 9, 2007
位于花拉路上有近20年历史的西班牙山庄（Spanish Village），赶在分层地契法生效前筹集到足够的签名，昨天推出市场公开招标，集体求售。
这个位于小山丘上的五层楼项目，占地33万1457平方英尺，可建筑楼面能达53万0139平方英尺，容积率为1.6。
负责销售此项目的第一太平戴维斯投资部主管明国华说，这个地段相信是靠近拟议中的花拉路地铁站，同时又位于山丘上的最大幅永久地契房地产项目，因此预示价为8亿7800万元（即容积率每平方英尺约1700元）。
拥有226个单位的西班牙山庄，由于地点优越，靠近荷兰村和本地不少名校和国际学校，因此受到本地和海外人士欢迎。
明国华说，这个项目是第一次推出市场公开招标，集体求售，相信可重新发展成12层楼高，拥有407个单位（大约1300平方英尺）的共管公寓。他接受本报询问时也指出，预示价还未包含近2300万元的发展费。招标截止日期是11月13日。
明国华说，这个项目在新的分层地契法（Land Titles（Strata）Act）于10月4日开始生效前，就已获得超过80％的业主同意售卖。
由于律政部在10月3日突然宣布新法令从4号开始生效，就令许多负责集体出售的房地产代理措手不及，赶紧在最后一分钟筹集到所需要取得的至少80％或90％业主的签名同意书。
新的分层地契（修正）法案，对旧有条例修订了35处，包括增设签署协议的业主房产楼面面积必须超过80％的新条例、销售委员会成员必须是屋主或由屋主委任的直接家属、所有业主必须在律师见证下签署集体出售协议书等。在生效前来不及筹集足够签名的代理，就必需从头开始筹集签名。
另外一个也赶上这班“列车”的，是附近位于第十邮区（武吉知马路）的富贵园（Royalville），以份额来看，项目已筹集到将近85％的业主签名同意集体出售
负责销售项目的房地产代理商齐乐行(Credo)执行董事陈鸿文指出，这个占地17万4176平方英尺的地段，容积率是1.4，建筑楼面达24万3846平方英尺，可允许建造达五层楼高的公寓。也就是说，目前这个拥有93个住宅单位和11个商店楼面的地段，可重新发展成150个平均1600平方英尺的共管公寓单位。
陈鸿文说：“这个地段相信能取得约3亿3000至3亿5000元的标价（即容积率每平方英尺1235至1305元。”若发展商要在原有的容积率上，加建10％的阳台空间，发展费估计为110万元。因此，发展商的收支平衡点大概介于每平方英尺1820至1900元。招标截止日期是11月9日。
与此同时，博纳集团（PropNex）也会负责销售芽笼的永久地契住宅项目Hong Thye House，这个占地1万4000平方英尺，可建筑楼面达3万9000平方英尺的地段，容积率为2.8。招标截止日期是11月5日。
地段靠近巴耶利峇地铁站和将来的巴耶利峇商业园，可发展成精品服务公寓或共管公寓。预示价介于1500至1700万元，发展费估计为190万元，即包括发展费在内，预示价约为容积率每平方英尺438至489元。发展商的收支平衡尺价介于730至790元。地段相信可建造30个面积约1300平方英尺的单位。
Tuesday, October 9, 2007
Fitch Cuts Ratings On DBS, Lehman Brothers CDOs
Source : The Business Times, October 9, 2007
FITCH Ratings cut ratings on two Asian collateralised debt obligations linked to company debt, indicating an increased risk of default, the company said yesterday.
Fitch lowered a US$50.9 million synthetic CDO that is managed by DBS Group Holdings Ltd by one level to AA+, the second-highest investment-grade. Fitch also cut a US$12.6 million synthetic CDO arranged by Lehman Brothers Holdings Inc by two levels to A.
Investors are shunning CDOs and other credit assets on concerns that losses on US home loans to buyers with poor credit records are spreading to other credit markets. Sales of CDOs, once the fastest-growing part of the debt market, fell to US$16 billion worldwide in September, the lowest in 21 months, according to Morgan Stanley.
CDOs are securities that pool loans, bonds or credit-default swaps and use the income to pay investors. The securities are divided into different parts of varying risk and return. Synthetic CDOs package credit-default swaps, which are contracts investors use to speculate on a company's ability to pay debt.
DBS, Singapore's biggest bank, said in August it had S$2.4 billion at risk from CDOs, more than earlier stated, after an entity it manages had to seek funding.
The Singapore-based bank sold about US$30.8 million of synthetic CDOs through a special purpose vehicle, Fitch Ratings said on Sept 6.
The DBS-managed CDO has total downgrades of 128 levels and upgrades of 83 levels among its portfolio of credits. There are also nine contracts that are on watch for downgrade due to leveraged buyouts, Fitch said.
The CDO arranged by Lehman, which is referencing 125 global corporate credits at the close of October 2006, has about 4.4 per cent in assets below investment grade, Fitch said in a report out yesterday. Previously, it didn't have any.
The portfolio also contains several credits that are on rating watch negative due to leveraged buyouts. The note proceeds are invested in General Electric Capital Corp floating-rate notes due January 2013, according to Fitch.
One in five managers of CDOs is likely to be forced to cut costs or go out of business as investors avoid the securities following losses on sub-prime debt, Fitch said on Sept 24.
More funds are likely to suffer over the next year as demand for CDOs falls, putting pressure on asset managers who use the securities to generate fee income, it said. --Bloomberg
FITCH Ratings cut ratings on two Asian collateralised debt obligations linked to company debt, indicating an increased risk of default, the company said yesterday.
Fitch lowered a US$50.9 million synthetic CDO that is managed by DBS Group Holdings Ltd by one level to AA+, the second-highest investment-grade. Fitch also cut a US$12.6 million synthetic CDO arranged by Lehman Brothers Holdings Inc by two levels to A.
Investors are shunning CDOs and other credit assets on concerns that losses on US home loans to buyers with poor credit records are spreading to other credit markets. Sales of CDOs, once the fastest-growing part of the debt market, fell to US$16 billion worldwide in September, the lowest in 21 months, according to Morgan Stanley.
CDOs are securities that pool loans, bonds or credit-default swaps and use the income to pay investors. The securities are divided into different parts of varying risk and return. Synthetic CDOs package credit-default swaps, which are contracts investors use to speculate on a company's ability to pay debt.
DBS, Singapore's biggest bank, said in August it had S$2.4 billion at risk from CDOs, more than earlier stated, after an entity it manages had to seek funding.
The Singapore-based bank sold about US$30.8 million of synthetic CDOs through a special purpose vehicle, Fitch Ratings said on Sept 6.
The DBS-managed CDO has total downgrades of 128 levels and upgrades of 83 levels among its portfolio of credits. There are also nine contracts that are on watch for downgrade due to leveraged buyouts, Fitch said.
The CDO arranged by Lehman, which is referencing 125 global corporate credits at the close of October 2006, has about 4.4 per cent in assets below investment grade, Fitch said in a report out yesterday. Previously, it didn't have any.
The portfolio also contains several credits that are on rating watch negative due to leveraged buyouts. The note proceeds are invested in General Electric Capital Corp floating-rate notes due January 2013, according to Fitch.
One in five managers of CDOs is likely to be forced to cut costs or go out of business as investors avoid the securities following losses on sub-prime debt, Fitch said on Sept 24.
More funds are likely to suffer over the next year as demand for CDOs falls, putting pressure on asset managers who use the securities to generate fee income, it said. --Bloomberg
S&P Says US Sub-Prime Crisis Won't Peak Until 2009
Source : The Business Times, October 9, 2007
MUMBAI - The US sub-prime housing crisis will not peak until 2009 and total defaults could reach US$150 billion, but robust emerging markets would help keep global growth strong, Standard and Poor's (S&P) said on Tuesday.
The ratings agency said it expected world economic growth to grow 3.6 per cent in 2007 and 3.5 per cent in 2008. The US economy would lag at 2 per cent in both years, a growth rate S&P's chief economist described as sluggish.
'World growth remains strong despite the weaknesses seen in the US economy - especially in emerging markets because of healthy domestic demand conditions and export strength to non-US market,' S&P said in a report released in Mumbai.
'The fact that the US slowdown is concentrated in housing, which has relatively low import content, helps,' it said.
Housing was the major weakness in the US economy and the sub-prime crisis - which roiled global markets in late July and August - was far from over, although its shock value was wearing off, the chief economist, David Wyss, said.
'We think in the United States the housing market is not going to bottom until winter. We think the losses in these sectors won't really hit their peak until 2009,' he said.
That would feed through to unemployment and remain a brake on overall growth.
'Housing starts are going to drop further, the unemployment rate is going to tick up further, we are expecting another year of sluggish US economic growth,' he said.
'We are not halfway through with this crisis yet.' -- REUTERS
MUMBAI - The US sub-prime housing crisis will not peak until 2009 and total defaults could reach US$150 billion, but robust emerging markets would help keep global growth strong, Standard and Poor's (S&P) said on Tuesday.
The ratings agency said it expected world economic growth to grow 3.6 per cent in 2007 and 3.5 per cent in 2008. The US economy would lag at 2 per cent in both years, a growth rate S&P's chief economist described as sluggish.
'World growth remains strong despite the weaknesses seen in the US economy - especially in emerging markets because of healthy domestic demand conditions and export strength to non-US market,' S&P said in a report released in Mumbai.
'The fact that the US slowdown is concentrated in housing, which has relatively low import content, helps,' it said.
Housing was the major weakness in the US economy and the sub-prime crisis - which roiled global markets in late July and August - was far from over, although its shock value was wearing off, the chief economist, David Wyss, said.
'We think in the United States the housing market is not going to bottom until winter. We think the losses in these sectors won't really hit their peak until 2009,' he said.
That would feed through to unemployment and remain a brake on overall growth.
'Housing starts are going to drop further, the unemployment rate is going to tick up further, we are expecting another year of sluggish US economic growth,' he said.
'We are not halfway through with this crisis yet.' -- REUTERS
Rogue Lawyer Faces The Axe
Source : TODAY, Tuesday, October 9, 2007
Fugitive lawyer David Rasif (picture), who allegedly disappeared with $12 million of his clients' monies, could be struck off the roll next month.
The Law Society has applied to the Supreme Court to strike Rasif, 47, off the roll, to suspend him or to censure the lawyer.
The Supreme Court has granted the Society's application and Rasif now must show cause before the court next month. Even if Rasif fail to turn up next month, the Law Society intends to proceed with the hearing.
Over three days last year, the lawyer had allegedly withdrawn $12 million from the clients' accounts of his law firm, David Rasif and Partners. He then used the monies to buy $2 million worth of jewellery and $1.65 million of gold bars before he disappeared in Bangkok on June 5 last year.
The Law Society called Rasif's misappropriation "dishonourable both to him and the profession".
Rasif is accused of committing 58 offences, with the Law Society applying to proceed with 35 charges. The charges mainly relate to the misappropriation of clients' monies and failure to record financial transactions in the law firm's accounts.
The bulk of the money in the accounts came from a property deal advance he received from an American couple. They have sued Rasif and six other parties — including the jeweller who sold the gems. Hearing of this suit is ongoing.
A warrant is also out for Rasif's arrest for criminal breach of trust, an offence which can carry a 10-year jail term and a fine or life in prison. Rasif's misdeeds resulted in a tightening of rules on how lawyers can handle their clients' monies in May.
Fugitive lawyer David Rasif (picture), who allegedly disappeared with $12 million of his clients' monies, could be struck off the roll next month. The Law Society has applied to the Supreme Court to strike Rasif, 47, off the roll, to suspend him or to censure the lawyer.
The Supreme Court has granted the Society's application and Rasif now must show cause before the court next month. Even if Rasif fail to turn up next month, the Law Society intends to proceed with the hearing.
Over three days last year, the lawyer had allegedly withdrawn $12 million from the clients' accounts of his law firm, David Rasif and Partners. He then used the monies to buy $2 million worth of jewellery and $1.65 million of gold bars before he disappeared in Bangkok on June 5 last year.
The Law Society called Rasif's misappropriation "dishonourable both to him and the profession".
Rasif is accused of committing 58 offences, with the Law Society applying to proceed with 35 charges. The charges mainly relate to the misappropriation of clients' monies and failure to record financial transactions in the law firm's accounts.
The bulk of the money in the accounts came from a property deal advance he received from an American couple. They have sued Rasif and six other parties — including the jeweller who sold the gems. Hearing of this suit is ongoing.
A warrant is also out for Rasif's arrest for criminal breach of trust, an offence which can carry a 10-year jail term and a fine or life in prison. Rasif's misdeeds resulted in a tightening of rules on how lawyers can handle their clients' monies in May.
Crooked Lawyer Made Brothers' Lives A Mess
Source : The New Paper, October 09, 2007
OWNERS DUPED, BANK ALSO DUPED
Judge rules there was nothing to show that bank was at fault for approving loan
THEIR former lawyer forged their signatures and made herself a co-owner of their $1 million property in Senang Crescent.
Using forged documents, she then got a bank to lend her $700,000 by mortgaging the property.
Sivakolunthu Thirunavukarasu then disappeared with the money.
As if that was not enough, the court recently ruled that Maybank has the right to sell the property and get the money owed to it.
The Senang Crescent property at the centre of a dispute between Maybank and the three Sim brothers. It's worth $1million. -- Picture: KELVIN CHNG
The three brothers have appealed against the ruling.
One brother, Mr Sim Chiang Lee, a businessman in his 50s, said: 'We're in this mess because of that crooked lawyer.
'But she has fled and there's nothing we can do.'
Another brother, Mr Sim Sien Tiong, who is in his 50s, told The New Paper: 'The lawyer has run away so she won't have to face the music.
'What's important now is to see if there's any way to stop the bank from selling the property.'
If they don't pay up more than $750,000 owed (including interest), they risk having the property auctioned off by the bank.
- Photo illustration
Mr Chiang Lee said: 'The worst thing was that the property had been 'sold' to that lawyer and I didn't know about it until March 2004.
'We confronted the lawyer, but she merely apologised without explaining, so we went to the police.
'My brothers and I wrote to Maybank to state that we own the property and we don't recognise the mortgage, which was taken out behind our backs.'
They told The New Paper that their main beef is that they will not get the full profit if Maybank sells the property, as the bank will first deduct the amount owed to it.
SYMPATHY
The case even elicited sympathy from the High Court judge who heard the matter.
In his written judgment late last month, Justice Kan Ting Chiu said: 'This is yet another case where a fraud is committed, the prime suspect flees, and the victims are left to dispute over who is to bear the loss.'
In this case, he noted that although the brothers were duped by their lawyer, there was nothing to show that the bank was at fault for approving the loan, which was an ordinary banking transaction.
Therefore he upheld the mortgage as valid.
The ruling means that in the event of a sale, the owners - brothers Sim Sien Tiong, Sim Ah Ban and Sim Chiang Lee - will get only what is left after the loan amount has been deducted.
The brothers' woes began in March 2004, when the Singapore Land Authority informed Mr Sim Chiang Lee that a Maybank mortgage had been taken on the property, a tenanted warehouse at 23, Senang Crescent.
The brothers suspected Sivakolunthu of fraud and made a police report.
Investigations showed that she had forged her clients' signatures to transfer the property to herself.
She had earlier acted for the three brothers in another case.
CONFRONTED LAWYER
Little did they expect that the lawyer would later use the documents to get herself that bank loan.
In addition, she used more than $13,000, supposedly stamp fees for the transfer of the properties in the agreement, to pay for expenses unrelated to the brothers.
After the brothers found out about the loan, they confronted the lawyer who supposedly confessed to the deed and apologised for her action.
The brothers later made a police report but before she could be taken to task, she absconded.
In her absence, the Law Society moved to have her struck off the rolls on 29 Mar last year.
In 2005, Maybank began legal proceedings against Sivakolunthu and the brothers - it wanted the High Court to declare the mortgage valid and that it is entitled to any profits from the property.
In their defence, the brothers claimed they too, were victims of Sivakolunthu's fraud and that they had no knowledge of the mortgage.
Their lawyer, Mr Philip Fong of Harry Elias Partnership, argued that the mortgage should be declared invalid as it was obtained through fraud, wilful blindness and voluntary ignorance.
However, Maybank, represented by Mr Ng Yeow Khoon of Shook Lin & Bok, argued that the mortgage had been obtained fairly.
The bank had disbursed the money to Sivakolunthu in the belief that the mortgage was honest.
Justice Kan agreed that the brothers had not proven their case, and awarded judgment to Maybank.
He referred to an earlier precedent on a banking fraud case that was handed down by Chief Justice Chan Sek Keong last year.
Then, CJ Chan noted that in ordinary banking transactions, there is no reason for the bank to act dishonestly or to seek to defraud the customer of his property that has been put up as security.
Unless it can be shown that bank's own employees or agents have acted fraudulently or dishonestly against the bank's customers, he ruled that 'court actions against lending banks on the ground of fraud have little chance of success'.
The Sim siblings' case is expected to be heard in the Court of Appeal next January.
OWNERS DUPED, BANK ALSO DUPED
Judge rules there was nothing to show that bank was at fault for approving loan
THEIR former lawyer forged their signatures and made herself a co-owner of their $1 million property in Senang Crescent.
Using forged documents, she then got a bank to lend her $700,000 by mortgaging the property.
Sivakolunthu Thirunavukarasu then disappeared with the money.
As if that was not enough, the court recently ruled that Maybank has the right to sell the property and get the money owed to it.
The Senang Crescent property at the centre of a dispute between Maybank and the three Sim brothers. It's worth $1million. -- Picture: KELVIN CHNG
The three brothers have appealed against the ruling.
One brother, Mr Sim Chiang Lee, a businessman in his 50s, said: 'We're in this mess because of that crooked lawyer.
'But she has fled and there's nothing we can do.'
Another brother, Mr Sim Sien Tiong, who is in his 50s, told The New Paper: 'The lawyer has run away so she won't have to face the music.
'What's important now is to see if there's any way to stop the bank from selling the property.'
If they don't pay up more than $750,000 owed (including interest), they risk having the property auctioned off by the bank.
- Photo illustrationMr Chiang Lee said: 'The worst thing was that the property had been 'sold' to that lawyer and I didn't know about it until March 2004.
'We confronted the lawyer, but she merely apologised without explaining, so we went to the police.
'My brothers and I wrote to Maybank to state that we own the property and we don't recognise the mortgage, which was taken out behind our backs.'
They told The New Paper that their main beef is that they will not get the full profit if Maybank sells the property, as the bank will first deduct the amount owed to it.
SYMPATHY
The case even elicited sympathy from the High Court judge who heard the matter.
In his written judgment late last month, Justice Kan Ting Chiu said: 'This is yet another case where a fraud is committed, the prime suspect flees, and the victims are left to dispute over who is to bear the loss.'
In this case, he noted that although the brothers were duped by their lawyer, there was nothing to show that the bank was at fault for approving the loan, which was an ordinary banking transaction.
Therefore he upheld the mortgage as valid.
The ruling means that in the event of a sale, the owners - brothers Sim Sien Tiong, Sim Ah Ban and Sim Chiang Lee - will get only what is left after the loan amount has been deducted.
The brothers' woes began in March 2004, when the Singapore Land Authority informed Mr Sim Chiang Lee that a Maybank mortgage had been taken on the property, a tenanted warehouse at 23, Senang Crescent.
The brothers suspected Sivakolunthu of fraud and made a police report.
Investigations showed that she had forged her clients' signatures to transfer the property to herself.
She had earlier acted for the three brothers in another case.
CONFRONTED LAWYER
Little did they expect that the lawyer would later use the documents to get herself that bank loan.
In addition, she used more than $13,000, supposedly stamp fees for the transfer of the properties in the agreement, to pay for expenses unrelated to the brothers.
After the brothers found out about the loan, they confronted the lawyer who supposedly confessed to the deed and apologised for her action.
The brothers later made a police report but before she could be taken to task, she absconded.
In her absence, the Law Society moved to have her struck off the rolls on 29 Mar last year.
In 2005, Maybank began legal proceedings against Sivakolunthu and the brothers - it wanted the High Court to declare the mortgage valid and that it is entitled to any profits from the property.
In their defence, the brothers claimed they too, were victims of Sivakolunthu's fraud and that they had no knowledge of the mortgage.
Their lawyer, Mr Philip Fong of Harry Elias Partnership, argued that the mortgage should be declared invalid as it was obtained through fraud, wilful blindness and voluntary ignorance.
However, Maybank, represented by Mr Ng Yeow Khoon of Shook Lin & Bok, argued that the mortgage had been obtained fairly.
The bank had disbursed the money to Sivakolunthu in the belief that the mortgage was honest.
Justice Kan agreed that the brothers had not proven their case, and awarded judgment to Maybank.
He referred to an earlier precedent on a banking fraud case that was handed down by Chief Justice Chan Sek Keong last year.
Then, CJ Chan noted that in ordinary banking transactions, there is no reason for the bank to act dishonestly or to seek to defraud the customer of his property that has been put up as security.
Unless it can be shown that bank's own employees or agents have acted fraudulently or dishonestly against the bank's customers, he ruled that 'court actions against lending banks on the ground of fraud have little chance of success'.
The Sim siblings' case is expected to be heard in the Court of Appeal next January.
Hawker Centre To Get Better Infrastructure, Amenities
Source : The Straits Times, Oct 9, 2007
I REFER to the letter, 'Conduct poll before upgrading hawker centre' (ST, Oct 5).
The Hawker Centres Upgrading Programme (HUP) was launched in 2001 to preserve markets/hawker centres in Singapore over a 10-year period. Block 58, New Upper Changi Road, has been selected for standard upgrading under Batch 6 of HUP and the cost of the upgrading works will be borne fully by the Government.
The last repairs and redecoration works for Block 58 were carried out by the East Coast Town Council in 2000.
After the upcoming HUP upgrading, the centre would be equipped with better infrastructure and amenities for residents and patrons to meet their marketing and food needs. The National Environment Agency (NEA) has been in close consultation with the adviser, grassroots organisations and stallholders on issues pertaining to the upgrading.
To minimise disruption to the stallholders and residents, NEA is working closely with the town council to shorten the period of upgrading to no more than six months. The stallholders, with the assistance of the town council, are considering constructing a temporary market in the void decks of Blocks 47 to 49, Bedok South Avenue 3, to carry on business, which is the least expensive arrangement. The temporary market will be built only if sufficient stallholders agree to carry on their business during the period of upgrading.
We would like to assure your reader that NEA will continue to work closely with our stakeholders to minimise any inconvenience to the stallholders and residents as a result of the upgrading. We thank the writer for his feedback.
Chan Wai San (Ms)
Director, Hawkers Department
National Environment Agency
I REFER to the letter, 'Conduct poll before upgrading hawker centre' (ST, Oct 5).
The Hawker Centres Upgrading Programme (HUP) was launched in 2001 to preserve markets/hawker centres in Singapore over a 10-year period. Block 58, New Upper Changi Road, has been selected for standard upgrading under Batch 6 of HUP and the cost of the upgrading works will be borne fully by the Government.
The last repairs and redecoration works for Block 58 were carried out by the East Coast Town Council in 2000.
After the upcoming HUP upgrading, the centre would be equipped with better infrastructure and amenities for residents and patrons to meet their marketing and food needs. The National Environment Agency (NEA) has been in close consultation with the adviser, grassroots organisations and stallholders on issues pertaining to the upgrading.
To minimise disruption to the stallholders and residents, NEA is working closely with the town council to shorten the period of upgrading to no more than six months. The stallholders, with the assistance of the town council, are considering constructing a temporary market in the void decks of Blocks 47 to 49, Bedok South Avenue 3, to carry on business, which is the least expensive arrangement. The temporary market will be built only if sufficient stallholders agree to carry on their business during the period of upgrading.
We would like to assure your reader that NEA will continue to work closely with our stakeholders to minimise any inconvenience to the stallholders and residents as a result of the upgrading. We thank the writer for his feedback.
Chan Wai San (Ms)
Director, Hawkers Department
National Environment Agency
Stamp Duty On Property Deals - Iras Has No General Power To Insist On 'Market Value'
Source : The Straits Times, Oct 9, 2007
THE Inland Revenue Authority of Singapore (Iras)'s Ms Chin Li Fen wrote that 'Property buyers are required to pay stamp duty based on the transacted price of the property or its market value, whichever is higher' ('Why stamp duty on property may be raised'; ST, Oct 6).
This statement is not quite a full reflection of the applicable law. Under the Stamp Duties Act, stamp duty on a sale is generally payable with reference to the amount or value of the consideration.
The Commissioner has power under Section 16 of the Stamp Duties Act to upstamp a sale to the open-market value where 'the Commissioner is of the opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances... the transfer confers a substantial benefit on the person to whom the property is... transferred'.
This is not a general power to substitute what the Commissioner regards as market value simply because the Commissioner's view is that the market value is higher than what the parties transacted at. It is a power to be exercised sparingly in relation to bona fide sales.
This is made clear from what the Privy Council said in the leading case on this issue, Lap Shun Textiles Co Ltd v Collector of Stamp Revenue:
'Any stamp authority has to start from the point that valuation of much, if not most, property is a matter of judgment and is only possible within fairly broad limits, and that sound, if not the best, evidence of value is to be found in bona fide, arm's-length dealings. It is for this reason that when authorises the substitution for the agreed consideration of the 'real' value, it requires that a substantial benefit for the transferee should be found to exist. In the great majority of cases the normal procedure of... routine stamping according to the stated consideration will continue to be followed; such cases as the present will continue to be exceptional.'
In this regard, there is an essential difference between stamp duty and property tax. In the latter case, annual values are generally determined based on the Chief Valuer's opinion of such values; in the case of stamp duty, Iras' power to do so is much more limited.
Yeoh Lian Chuan
THE Inland Revenue Authority of Singapore (Iras)'s Ms Chin Li Fen wrote that 'Property buyers are required to pay stamp duty based on the transacted price of the property or its market value, whichever is higher' ('Why stamp duty on property may be raised'; ST, Oct 6).
This statement is not quite a full reflection of the applicable law. Under the Stamp Duties Act, stamp duty on a sale is generally payable with reference to the amount or value of the consideration.
The Commissioner has power under Section 16 of the Stamp Duties Act to upstamp a sale to the open-market value where 'the Commissioner is of the opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances... the transfer confers a substantial benefit on the person to whom the property is... transferred'.
This is not a general power to substitute what the Commissioner regards as market value simply because the Commissioner's view is that the market value is higher than what the parties transacted at. It is a power to be exercised sparingly in relation to bona fide sales.
This is made clear from what the Privy Council said in the leading case on this issue, Lap Shun Textiles Co Ltd v Collector of Stamp Revenue:
'Any stamp authority has to start from the point that valuation of much, if not most, property is a matter of judgment and is only possible within fairly broad limits, and that sound, if not the best, evidence of value is to be found in bona fide, arm's-length dealings. It is for this reason that when authorises the substitution for the agreed consideration of the 'real' value, it requires that a substantial benefit for the transferee should be found to exist. In the great majority of cases the normal procedure of... routine stamping according to the stated consideration will continue to be followed; such cases as the present will continue to be exceptional.'
In this regard, there is an essential difference between stamp duty and property tax. In the latter case, annual values are generally determined based on the Chief Valuer's opinion of such values; in the case of stamp duty, Iras' power to do so is much more limited.
Yeoh Lian Chuan
43-Storey Block To Replace Ocean Building
Source : The Strait Times, 09 October 2007
KEPPEL Land (KepLand) has started demolishing the 29-storey Ocean Building in downtown Singapore to replace it with a new office block - complete with state-of-the-art green features - by 2011.
The new 43-storey building in Collyer Quay will be called the Ocean Financial Centre and offer about 850,000 sq ft of Grade A space.
It will be aimed largely at financial institutions and will have one of the largest floor plates - 19,000 sq ft to 23,000 sq ft - in the Raffles Place area.
Ocean Building's heritage dates back to 1864, when the first block - a two-storey affair - was built. The second building was up by 1923, while the current one was completed in 1974.
The redevelopment plans are timely because office demand is still very robust, said Mr Tan Swee Yiow, director, Singapore Commercial, of KepLand International.
Mr Tan said some of Ocean Building's existing tenants have expressed interest in taking a lease in the new block.
Office space supply is expected to ease only in 2010, when the Marina Bay Financial Centre opens.
Once KepLand has redeveloped Ocean Building, it will integrate it with the podium block of the smaller Ocean Towers.
It will then tear down the office portion of Ocean Towers, as this space has been calculated into the allowed space for the new 43-storey block.
Existing tenants in Ocean Towers include DMG & Partners Securities and Drew and Napier.
The new block will be designed by American architectural firm Pelli Clarke Pelli. It will boast two significant local benchmarks: the largest solar panel system for commercial buildings in Singapore and the first hybrid chilled water system.
KEPPEL Land (KepLand) has started demolishing the 29-storey Ocean Building in downtown Singapore to replace it with a new office block - complete with state-of-the-art green features - by 2011.The new 43-storey building in Collyer Quay will be called the Ocean Financial Centre and offer about 850,000 sq ft of Grade A space.
It will be aimed largely at financial institutions and will have one of the largest floor plates - 19,000 sq ft to 23,000 sq ft - in the Raffles Place area.
Ocean Building's heritage dates back to 1864, when the first block - a two-storey affair - was built. The second building was up by 1923, while the current one was completed in 1974.
The redevelopment plans are timely because office demand is still very robust, said Mr Tan Swee Yiow, director, Singapore Commercial, of KepLand International.
Mr Tan said some of Ocean Building's existing tenants have expressed interest in taking a lease in the new block.
Office space supply is expected to ease only in 2010, when the Marina Bay Financial Centre opens.
Once KepLand has redeveloped Ocean Building, it will integrate it with the podium block of the smaller Ocean Towers.
It will then tear down the office portion of Ocean Towers, as this space has been calculated into the allowed space for the new 43-storey block.
Existing tenants in Ocean Towers include DMG & Partners Securities and Drew and Napier.
The new block will be designed by American architectural firm Pelli Clarke Pelli. It will boast two significant local benchmarks: the largest solar panel system for commercial buildings in Singapore and the first hybrid chilled water system.
Ascendas To Build, Manage $98m Development In IBP
Source : The Business Times, 09 October 2007
The project when completed will have close to 42,000 sq m of high-tech space
BUSINESS space provider Ascendas will build and manage a new $98 million development in International Business Park (IBP) in Singapore, the company said yesterday. It was awarded the contract for the development by industrial landlord JTC Corporation.
Filling a gap: The development, to be completed by the end of 2009, will help meet the demand for high-quality business space, which is in short supply at the moment
When completed by the end of 2009, the development will have close to 42,000 square metres of high-tech space to help meet the market demand for high-quality business space, which is in short supply at the moment.
The proposed business park development will have two 12-storey blocks connected by sky bridges. 'It will offer emerging high-tech, high value-added industries and knowledge-intensive businesses a high-quality working environment with reliable infrastructure support,' Ascendas said in a statement.
To create vibrancy and 'life' in IBP, the project will inject a good mix of food court, F&B outlets, alfresco dining, childcare services, self-service banking lobby and convenience stores.
Sky gardens and regular lunchtime events and art exhibitions will be present to inject the concept of 'play' into the development and cater to the larger community within IBP.
'We believe that this landmark development will contribute to the success of IBP and its unique elements will create vibrancy and enhance the work-play environment,' said Thomas Teo, chief executive of Ascendas Land Singapore.
The development will also incorporate 'green' elements, he said.
The project will be energy efficient, incorporating extensive green features such as a feature roof for solar panels. These are expected to improve energy efficiency by 30 per cent, generating annual savings of about $250,000.
Upon completion of the project, Ascendas will manage the development, including all aspects of project management, marketing, lease management, property management, advertising and corporate services. The company also currently manages other projects within IBP.
The project when completed will have close to 42,000 sq m of high-tech space
BUSINESS space provider Ascendas will build and manage a new $98 million development in International Business Park (IBP) in Singapore, the company said yesterday. It was awarded the contract for the development by industrial landlord JTC Corporation.
Filling a gap: The development, to be completed by the end of 2009, will help meet the demand for high-quality business space, which is in short supply at the momentWhen completed by the end of 2009, the development will have close to 42,000 square metres of high-tech space to help meet the market demand for high-quality business space, which is in short supply at the moment.
The proposed business park development will have two 12-storey blocks connected by sky bridges. 'It will offer emerging high-tech, high value-added industries and knowledge-intensive businesses a high-quality working environment with reliable infrastructure support,' Ascendas said in a statement.
To create vibrancy and 'life' in IBP, the project will inject a good mix of food court, F&B outlets, alfresco dining, childcare services, self-service banking lobby and convenience stores.
Sky gardens and regular lunchtime events and art exhibitions will be present to inject the concept of 'play' into the development and cater to the larger community within IBP.
'We believe that this landmark development will contribute to the success of IBP and its unique elements will create vibrancy and enhance the work-play environment,' said Thomas Teo, chief executive of Ascendas Land Singapore.
The development will also incorporate 'green' elements, he said.
The project will be energy efficient, incorporating extensive green features such as a feature roof for solar panels. These are expected to improve energy efficiency by 30 per cent, generating annual savings of about $250,000.
Upon completion of the project, Ascendas will manage the development, including all aspects of project management, marketing, lease management, property management, advertising and corporate services. The company also currently manages other projects within IBP.
Skypark @ Somerset
UNCOVER THE HEIGHT OF LUXURY LIVING set amidst the hustle and bustle of Singapore’s retail district, ORCHARD ROAD. A new concept in luxury living – Bungalows in the sky – you’ll be pleasantly surprised at how far we’ve gone to make sure your experience only the best in every aspect.DOUBLE THE LUXURY – Every apartment at SKYPARK is a duplex unit. And every home comes with a stunning 180 degree panoramic view of the surroundings.
Type of Development: One Block of 33-storey of high end residential apartments with Private “Bubble Lift” and Sky Terrace. All unit come with 2 basement carpark.
Developer : TG Pte. Ltd
Location : 22 St. Thomas Walk (District 9)
Tenure : FREEHOLD
Site Area : 29,462 sqft
Expected TOP : May 2010
Total Units : 29 Luxury Apartment
Unit type:
3 Bedroom ~ 3,196 sqft
4 Bedroom ~ 3,347 sqft
Penthouse ~ 5,963 / 6,189 sqft
Price: From $3200/psf
Consultants -
Architect : MKPL (Track Record: Botanic on Llyod, Scotts HighPark, Glentrees)
Landscaping : Cicada (Track Record: St. Regis, Oceanfront, Shanghai- Xin Tian Di)
Main Features & Facilities:
-40 m Swimming Pool (6 Lanes),
-Sun Deck,
-Water Jet Pool,
-Grand Lounge,
-Hidden Garden,
-Landscape Deck,
-Multi-Purpose Function Room (Air-Con),
-Seating and Reading Lounge,
-Chauffeur Room in Basement,
-Storage Area (Golf Bag) in Basement,
-Cigar Terrace,
-Separate Car Park Entrance for Visitor.
Aalto @ Meyer Rd
Located only minutes from the dazzling beaches of East Coast Park, Aalto is ideally sited in the prestigious eastern precinct of Singapore. A minute’s drive to the neighbourhood retail paradise of Parkway Parade, Aalto is only 10 minutes away from The Marina Bay Sands Integrated Resort and the Singapore Flyer, and 15 minutes away from the Orchard Road shopping belt. Simply put, you can be sure you’re never far from life’s conveniences and highlights.A haven away from the bustle of the city perfectly balanced between exclusivity and convenience, Aalto is a study in the art of living. And if our immaculate attention to detail has moved you, it’s only because you’ve arrived at your perfect home.
Location : Meyer Road
District : 15
Tenure : Freehold
Developer : Hong Leong Holdings Ltd
TOP : 30 Nov 2012
Total Units : 196
Unit Types:
3BR ~ 1442-1550 sqft
4BR ~ 1959-2024 sqft
4+1 ~ 2443 sqft
Sub-penthouse ~ 3940 and 4424 sqft
Penthouse ~ 5425 and 6017 sqft
Main Features/Facilities:
Grand Entrance and Tower Entrance Drop-Off
Guardhouse
Water Wall
Jacuzzi
Sunning Lawn
Water Jets and Water Feature
Clubhouse: Function Room, Gym and Lounge
Cascading Water Feature
Beach Entry To Pool
Main Pool
Hydrotherapy Pool
Pool Deck
Children’s Pool
Sky Bridge
Children’s Playground
BBQ Area
Changing Room And Steam Room
Tennis Court
Reflexology Footpath
Designed to exude a timeless architectural aesthetic, the two towers feature curvilinear facades flowing seamlessly into the ground and specially lit circulation cores that transform the two towers into vertical pillars of light at night.
Indoors, every minute detail has been carefully addressed, ensuring that a day-to-day experience is unlike anything else. In addition, intelligently integrated landscape design and a wide range of modern amenities ensure an unrivalled outdoor environment.
S'pore Still Hot Despite Office Space Crunch
Source : The Business Times, October 9, 2007
Its overall value proposition is what counts ultimately, not just rental costs
ASIA today is different from what it was 10 years ago - all the countries have undergone changes politically, economically and socially. Likewise, Singapore has emerged stronger fundamentally and is now one of Asia's most conducive environments for business and investment, earning accolades for its many endeavours to transform the island state into a bustling metropolis not just for business but also for entertainment, the arts, and other lifestyle attractions.
More efficiency: Rising rentals have forced firms to implement flexible workplace strategies to maximise the use of space
In 2008, Singapore will host the Formula One race, while in 2009 and 2010, world-class integrated resort developments like the Marina Bay Sands and Resorts World Sentosa will open their doors. By 2012, the historic City Hall and the former Supreme Court buildings will become the National Art Gallery.
The Asian office property sector enjoyed strong growth underpinned by the robust economic performance in the region. A high correlation between the economic and office market cycles is evident. Singapore's economy grew by 7.9 per cent in 2006 and is forecast to grow between 5 per cent and 7 per cent in 2007, with the FIRE (Financial, Insurance, Real Estate) sectors being the major growth contributors.
According to Russell Reynolds Associates, 50 per cent and 40 per cent respectively of Europe-based and US-based technology companies locate their Asia-Pacific headquarters here - more so than in any other Asian country.
Due to strong leasing demand, office occupancy continued to soar and in H107, the Singapore office rental index increased by 22.5 per cent, while the office price index grew by 13.5 per cent.
The financial services sector was a key driver for this demand growth, as evidenced by the increased space taken up in the last 18 months by Barclays, Credit Suisse, Merrill Lynch, Scotiabank, Societe Generale, Standard Chartered Bank, and The Royal Bank of Scotland.
In addition to a wave of M&A activity, the increase in demand for finance and business services was also driven by the emerging markets of countries in the region such as China, India and Vietnam, where progressive deregulation of these banking markets opened up new opportunities. As a result, mortgage lending, consumer credit and wealth management activities flourished.
Singapore's office take-up escalated and the market attained a high occupancy of 97 per cent in the Central Business District (CBD). The unrelenting race for space continued to drive rents up in all micro-markets to historic highs. The financial hub of Raffles Place led the rental hikes with a 54 per cent increase in H107 to average $13.10 per square foot per month from $8.50 at end-2006, surpassing the previous peak of $11.25 psf recorded in 1990. For the same period, average monthly rents in Marina Centre increased 48 per cent to $11.80 psf from $8 psf.
Many tenants found their renewal rents had increased by at least two to as much as three times their previous rents. Some professional services groups opted for less costly fringe city locations while those companies that do not require a presence in the city decided it was timely to decentralise. Many industrial and technology-based companies that used to occupy office buildings were also compelled to take the logical step of substituting business park/high-tech industrial options for office space as the rental gap widened.
We also saw an increasing trend of financial institutions separating and locating their backroom operations away from their city offices, a rational strategy given the cost efficiencies and for 'business continuity' reasons.
A number of the banks we spoke to were rather sanguine about the rental hikes as comparatively, prime rents in other Asian financial centres like Tokyo and Hong Kong are still more expensive; for example, Hong Kong's average Grade A rents are about a third higher than Singapore's.
With just 2.18 million square feet of new supply scheduled to be completed between now and 2009, ie less than one million sq ft a year, the tight office situation is expected to persist till 2009. In 2010, 1.8 million sq ft of new supply, mostly Grade A space emanating from the Marina Bay Financial Centre, will enter the market followed by large-scale completions from new Government Land Sales (GLS) of development sites in Marina Bay, as well as the redevelopment of obsolete buildings in the CBD like Ocean Building, from 2011 onwards.
In the interim, the government has introduced some strategies to mitigate the tight supply situation. Several disused state properties were immediately made available for lease via public tender and the first 'transitional office' development site with a 15-year lease at Scotts Road was successfully tendered to provide near-term relief.
In addition, new office redevelopment sites in the CBD and suburban centres like Tampines have been sold or are being fast-tracked for sale under the GLS programme. All the above will provide a supply pipeline of over 12 million sq ft of office space in the medium term.
In addition, there will be potential new supply of business park space at Changi Business Park, Alexandra Business Park and One-North, which will provide alternative space options for businesses that qualify under the zoning criteria.
On the part of corporate occupiers, many have also implemented workplace strategies to maximise their space utilisation in line with today's lifestyle and trends. For example, flexible concepts like 'hot-desking', 'hotelling', or 'work anywhere, anytime' allow staff to opt to work from home or to work part-time, and have contributed to more efficient use of office space.
Notwithstanding the rental trends above, cost of office space is only one aspect of a company's overall costs and should be set against other more important considerations, like market access, business environment and availability of talent, among others. In a nutshell, the real issue for many businesses is a city's or a country's overall 'value proposition'.
There are some pro-business initiatives that the government could adopt to alleviate the current space crunch. Reviewing the business park and industrial use guidelines for greater flexibility or allowing the conversion of well-located, under-utilised industrial premises into offices for back-of-house operations and for SMEs are possibilities. In addition, the development of other non-CBD offices, for example, in the Paya Lebar sub-regional centre, could be expedited in tandem with those in the CBD.
The writer is executive director of business space (office/industrial) at DTZ Debenham Tie Leung (SEA)
Its overall value proposition is what counts ultimately, not just rental costs
ASIA today is different from what it was 10 years ago - all the countries have undergone changes politically, economically and socially. Likewise, Singapore has emerged stronger fundamentally and is now one of Asia's most conducive environments for business and investment, earning accolades for its many endeavours to transform the island state into a bustling metropolis not just for business but also for entertainment, the arts, and other lifestyle attractions.
More efficiency: Rising rentals have forced firms to implement flexible workplace strategies to maximise the use of spaceIn 2008, Singapore will host the Formula One race, while in 2009 and 2010, world-class integrated resort developments like the Marina Bay Sands and Resorts World Sentosa will open their doors. By 2012, the historic City Hall and the former Supreme Court buildings will become the National Art Gallery.
The Asian office property sector enjoyed strong growth underpinned by the robust economic performance in the region. A high correlation between the economic and office market cycles is evident. Singapore's economy grew by 7.9 per cent in 2006 and is forecast to grow between 5 per cent and 7 per cent in 2007, with the FIRE (Financial, Insurance, Real Estate) sectors being the major growth contributors.
According to Russell Reynolds Associates, 50 per cent and 40 per cent respectively of Europe-based and US-based technology companies locate their Asia-Pacific headquarters here - more so than in any other Asian country.
Due to strong leasing demand, office occupancy continued to soar and in H107, the Singapore office rental index increased by 22.5 per cent, while the office price index grew by 13.5 per cent.
The financial services sector was a key driver for this demand growth, as evidenced by the increased space taken up in the last 18 months by Barclays, Credit Suisse, Merrill Lynch, Scotiabank, Societe Generale, Standard Chartered Bank, and The Royal Bank of Scotland.
In addition to a wave of M&A activity, the increase in demand for finance and business services was also driven by the emerging markets of countries in the region such as China, India and Vietnam, where progressive deregulation of these banking markets opened up new opportunities. As a result, mortgage lending, consumer credit and wealth management activities flourished.
Singapore's office take-up escalated and the market attained a high occupancy of 97 per cent in the Central Business District (CBD). The unrelenting race for space continued to drive rents up in all micro-markets to historic highs. The financial hub of Raffles Place led the rental hikes with a 54 per cent increase in H107 to average $13.10 per square foot per month from $8.50 at end-2006, surpassing the previous peak of $11.25 psf recorded in 1990. For the same period, average monthly rents in Marina Centre increased 48 per cent to $11.80 psf from $8 psf.
Many tenants found their renewal rents had increased by at least two to as much as three times their previous rents. Some professional services groups opted for less costly fringe city locations while those companies that do not require a presence in the city decided it was timely to decentralise. Many industrial and technology-based companies that used to occupy office buildings were also compelled to take the logical step of substituting business park/high-tech industrial options for office space as the rental gap widened.
We also saw an increasing trend of financial institutions separating and locating their backroom operations away from their city offices, a rational strategy given the cost efficiencies and for 'business continuity' reasons.
A number of the banks we spoke to were rather sanguine about the rental hikes as comparatively, prime rents in other Asian financial centres like Tokyo and Hong Kong are still more expensive; for example, Hong Kong's average Grade A rents are about a third higher than Singapore's.
With just 2.18 million square feet of new supply scheduled to be completed between now and 2009, ie less than one million sq ft a year, the tight office situation is expected to persist till 2009. In 2010, 1.8 million sq ft of new supply, mostly Grade A space emanating from the Marina Bay Financial Centre, will enter the market followed by large-scale completions from new Government Land Sales (GLS) of development sites in Marina Bay, as well as the redevelopment of obsolete buildings in the CBD like Ocean Building, from 2011 onwards.
In the interim, the government has introduced some strategies to mitigate the tight supply situation. Several disused state properties were immediately made available for lease via public tender and the first 'transitional office' development site with a 15-year lease at Scotts Road was successfully tendered to provide near-term relief.
In addition, new office redevelopment sites in the CBD and suburban centres like Tampines have been sold or are being fast-tracked for sale under the GLS programme. All the above will provide a supply pipeline of over 12 million sq ft of office space in the medium term.
In addition, there will be potential new supply of business park space at Changi Business Park, Alexandra Business Park and One-North, which will provide alternative space options for businesses that qualify under the zoning criteria.
On the part of corporate occupiers, many have also implemented workplace strategies to maximise their space utilisation in line with today's lifestyle and trends. For example, flexible concepts like 'hot-desking', 'hotelling', or 'work anywhere, anytime' allow staff to opt to work from home or to work part-time, and have contributed to more efficient use of office space.
Notwithstanding the rental trends above, cost of office space is only one aspect of a company's overall costs and should be set against other more important considerations, like market access, business environment and availability of talent, among others. In a nutshell, the real issue for many businesses is a city's or a country's overall 'value proposition'.
There are some pro-business initiatives that the government could adopt to alleviate the current space crunch. Reviewing the business park and industrial use guidelines for greater flexibility or allowing the conversion of well-located, under-utilised industrial premises into offices for back-of-house operations and for SMEs are possibilities. In addition, the development of other non-CBD offices, for example, in the Paya Lebar sub-regional centre, could be expedited in tandem with those in the CBD.
The writer is executive director of business space (office/industrial) at DTZ Debenham Tie Leung (SEA)
Spanish Village And Royalville Up For En Bloc Sale
Source : The Business Times, October 9, 2007
Indicative price for 331,457 sq ft Spanish Village is $878 million
COLLECTIVE sale sites continue to be launched for tender, with Spanish Village in Farrer Road and Royalville in Bukit Timah Road being among the latest offerings. Both are freehold.
Royalville: The 174,176 sq ft site is expected to fetch $330 million to $350 million, reflecting a unit land price of about $1,235 to $1,305 psf per plot ratio
Spanish Village, with a land area of 331,457 sq ft, has an 'indicative guide price' of $878 million or about $1,700 per sq ft of potential gross floor area, including an estimated $23 million development charge (DC), says Steven Ming of marketing agent Savills Singapore.
The tender for Spanish Village closes on Nov 13. The site, which is within walking distance of Farrer Road MRT on the new Circle Line, has a plot ratio of 1.6 and can be redeveloped into a new condominium of up to 12 storeys.
Royalville, off Sixth Avenue, is being marketed by Credo Real Estate, which expects the 174,176 sq ft site to fetch $330 million to $350 million, reflecting a unit land price of about $1,235 to $1,305 psf per plot ratio (psf ppr). This includes an estimated $1.1 million DC should the developer build an additional 10 per cent of balcony gross floor area above the allowable 1.4 plot ratio.
The tender for Royalville closes on Nov 9.
Over at Lorong 39 Geylang, PropNex is marketing Hong Thye House, with a price tag of $15-17 million. This reflects a unit land price of $438 to 489 psf ppr including an estimated $1.9 million DC. The 13,822 sq ft freehold site is designated for residential use with a 2.8 plot ratio. The tender closes on Nov 5.
Indicative price for 331,457 sq ft Spanish Village is $878 million
COLLECTIVE sale sites continue to be launched for tender, with Spanish Village in Farrer Road and Royalville in Bukit Timah Road being among the latest offerings. Both are freehold.
Royalville: The 174,176 sq ft site is expected to fetch $330 million to $350 million, reflecting a unit land price of about $1,235 to $1,305 psf per plot ratioSpanish Village, with a land area of 331,457 sq ft, has an 'indicative guide price' of $878 million or about $1,700 per sq ft of potential gross floor area, including an estimated $23 million development charge (DC), says Steven Ming of marketing agent Savills Singapore.
The tender for Spanish Village closes on Nov 13. The site, which is within walking distance of Farrer Road MRT on the new Circle Line, has a plot ratio of 1.6 and can be redeveloped into a new condominium of up to 12 storeys.
Royalville, off Sixth Avenue, is being marketed by Credo Real Estate, which expects the 174,176 sq ft site to fetch $330 million to $350 million, reflecting a unit land price of about $1,235 to $1,305 psf per plot ratio (psf ppr). This includes an estimated $1.1 million DC should the developer build an additional 10 per cent of balcony gross floor area above the allowable 1.4 plot ratio.
The tender for Royalville closes on Nov 9.
Over at Lorong 39 Geylang, PropNex is marketing Hong Thye House, with a price tag of $15-17 million. This reflects a unit land price of $438 to 489 psf ppr including an estimated $1.9 million DC. The 13,822 sq ft freehold site is designated for residential use with a 2.8 plot ratio. The tender closes on Nov 5.
Q3 Economic Growth Likely To Be Strong: Economists
Source : The Business Times, October 9, 2007
Expected 7.5% jump seen as a return to more normal rates
SINGAPORE'S monetary policy will probably be left unchanged this week despite higher inflation, while annualised third-quarter economic growth is likely to be strong, if just half that in the unusually strong second quarter.
A Reuters poll of 11 economists forecast that the advance estimate would show gross domestic product expanded by an annualised, seasonally adjusted 7.5 per cent in the three months to end-September after 14.4 per cent in the second quarter.
Economists stressed that this was a return to a more normal rate rather than anything more worrying.
They said the economy was still profiting from strong growth in services, particularly banking, and construction, and noted that manufacturing output expanded by 22.1 per cent and 13.8 per cent respectively in July and August from a year earlier due to strong biomedical and transport industries.
From a year earlier, the US$129 billion economy was expected to have grown 9.6 per cent, the median of 10 economists' forecasts showed. The government has forecast 7-8 per cent growth this year.
All 11 economists expected the Monetary Authority of Singapore (MAS), the central bank, to stick to its 31/2-year-old modestly tight policy even though a recent pick-up in consumer prices took inflation to a 12-year high of 2.9 per cent in August.
The MAS conducts policy through the exchange rate, steering the Singapore dollar within an undisclosed band against a trade-weighted basket of currencies, rather than by adjusting interest rates like most central banks. It issues policy statements twice yearly.
'The sub-prime crisis and tighter global credit conditions have had a limited economic impact so far,' Citigroup economist Chua Hak Bin said.
But he said that the probability of tighter policy next year had increased because of rising consumer prices and risks that the economy could overheat after four years of strong growth.
'Lower Singapore dollar interest rates, following Fed rate cuts, could paradoxically exacerbate demand pressures,' Mr Chua said.
Yeo Han Sia, an economist at Bank of America said: 'While lower import prices from a strong Singapore dollar and a flexible labour market have helped dampen price pressures in 2006 to 2007, consumer prices appear to have caught up with the strong economy in recent months.' - Reuters
Expected 7.5% jump seen as a return to more normal rates
SINGAPORE'S monetary policy will probably be left unchanged this week despite higher inflation, while annualised third-quarter economic growth is likely to be strong, if just half that in the unusually strong second quarter.
A Reuters poll of 11 economists forecast that the advance estimate would show gross domestic product expanded by an annualised, seasonally adjusted 7.5 per cent in the three months to end-September after 14.4 per cent in the second quarter.
Economists stressed that this was a return to a more normal rate rather than anything more worrying.
They said the economy was still profiting from strong growth in services, particularly banking, and construction, and noted that manufacturing output expanded by 22.1 per cent and 13.8 per cent respectively in July and August from a year earlier due to strong biomedical and transport industries.
From a year earlier, the US$129 billion economy was expected to have grown 9.6 per cent, the median of 10 economists' forecasts showed. The government has forecast 7-8 per cent growth this year.
All 11 economists expected the Monetary Authority of Singapore (MAS), the central bank, to stick to its 31/2-year-old modestly tight policy even though a recent pick-up in consumer prices took inflation to a 12-year high of 2.9 per cent in August.
The MAS conducts policy through the exchange rate, steering the Singapore dollar within an undisclosed band against a trade-weighted basket of currencies, rather than by adjusting interest rates like most central banks. It issues policy statements twice yearly.
'The sub-prime crisis and tighter global credit conditions have had a limited economic impact so far,' Citigroup economist Chua Hak Bin said.
But he said that the probability of tighter policy next year had increased because of rising consumer prices and risks that the economy could overheat after four years of strong growth.
'Lower Singapore dollar interest rates, following Fed rate cuts, could paradoxically exacerbate demand pressures,' Mr Chua said.
Yeo Han Sia, an economist at Bank of America said: 'While lower import prices from a strong Singapore dollar and a flexible labour market have helped dampen price pressures in 2006 to 2007, consumer prices appear to have caught up with the strong economy in recent months.' - Reuters
KepLand To Redevelop Ocean Building
Source : The Business Times, October 9, 2007
KEPPEL Land will redevelop its Ocean Building and Ocean Towers office buildings into the new state-of-the-art Ocean Financial Centre (OFC), it said yesterday.
Towering: When completed in 2011, the Ocean Financial Centre will offer 850,000 sq ft of office space
When completed in 2011, the 43-storey OFC will offer some 850,000 sq ft of prime Grade A office space.
Since KepLand owns the land OFC will come up on, it will only have to fork out for the development costs. Construction is expected to begin in the first quarter of 2008.
Ocean Building, which is now being demolished, has some 402,000 sq ft of net lettable area (NLA); Ocean Tower has another 229,000 sq ft.
The new centre will be built on land cleared when Ocean Building is demolished, integrating with Ocean Towers' podium.
Once OFC comes up, Ocean Towers' office block - which is above the podium - will then be taken down, said Tan Swee Yiow, KepLand's director of Singapore commercial.
He said that tenants in Ocean Towers as well as past tenants in Ocean Building have shown interest in taking up space at the OFC.
Ocean Building's major tenants included financial companies Credit Suisse, Ernst & Young and HSBC, while big tenants at Ocean Towers included law firm Drew & Napier and DMG & Partners Securities.
'Ocean Financial Centre, with its commanding location in Raffles Place and the New Downtown, will be the preferred business address of major financial institutions and multi-national corporations,' said KepLand managing director Kevin Wong.
The development is smaller than two other comparable office developments nearby - the massive Marina Bay Financial Centre (MBFC) and One Raffles Quay (ORQ).
Two office towers in MBFC's first phase will add up to about 1.65 million sq ft of NLA. The office tower in the second phase is expected to offer another one million-plus sq ft of office space as well.
Similarly ORQ, which was completed last year, has slightly over 1.3 million sq ft of NLA.
Marketing for OFC will begin next year, Mr Tan said. The building is not likely to be injected into KepLand's listed trust K-Reit Asia until development is completed in 2011, Mr Tan added.
OFC is designed by world-renowned architectural firm Pelli Clarke Pelli, whose portfolio of commercial developments in major financial cities includes the World Financial Centre in Beijing and Petronas Towers in Kuala Lumpur.
The building will have some 'green' features, such as the largest solar panel system on a commercial building in Singapore and the first hybrid chilled water system on the island.
OFC will be the fourth building to rise at the same site following redevelopment. The first Ocean Building was built in 1864.
KEPPEL Land will redevelop its Ocean Building and Ocean Towers office buildings into the new state-of-the-art Ocean Financial Centre (OFC), it said yesterday.
Towering: When completed in 2011, the Ocean Financial Centre will offer 850,000 sq ft of office spaceWhen completed in 2011, the 43-storey OFC will offer some 850,000 sq ft of prime Grade A office space.
Since KepLand owns the land OFC will come up on, it will only have to fork out for the development costs. Construction is expected to begin in the first quarter of 2008.
Ocean Building, which is now being demolished, has some 402,000 sq ft of net lettable area (NLA); Ocean Tower has another 229,000 sq ft.
The new centre will be built on land cleared when Ocean Building is demolished, integrating with Ocean Towers' podium.
Once OFC comes up, Ocean Towers' office block - which is above the podium - will then be taken down, said Tan Swee Yiow, KepLand's director of Singapore commercial.
He said that tenants in Ocean Towers as well as past tenants in Ocean Building have shown interest in taking up space at the OFC.
Ocean Building's major tenants included financial companies Credit Suisse, Ernst & Young and HSBC, while big tenants at Ocean Towers included law firm Drew & Napier and DMG & Partners Securities.
'Ocean Financial Centre, with its commanding location in Raffles Place and the New Downtown, will be the preferred business address of major financial institutions and multi-national corporations,' said KepLand managing director Kevin Wong.
The development is smaller than two other comparable office developments nearby - the massive Marina Bay Financial Centre (MBFC) and One Raffles Quay (ORQ).
Two office towers in MBFC's first phase will add up to about 1.65 million sq ft of NLA. The office tower in the second phase is expected to offer another one million-plus sq ft of office space as well.
Similarly ORQ, which was completed last year, has slightly over 1.3 million sq ft of NLA.
Marketing for OFC will begin next year, Mr Tan said. The building is not likely to be injected into KepLand's listed trust K-Reit Asia until development is completed in 2011, Mr Tan added.
OFC is designed by world-renowned architectural firm Pelli Clarke Pelli, whose portfolio of commercial developments in major financial cities includes the World Financial Centre in Beijing and Petronas Towers in Kuala Lumpur.
The building will have some 'green' features, such as the largest solar panel system on a commercial building in Singapore and the first hybrid chilled water system on the island.
OFC will be the fourth building to rise at the same site following redevelopment. The first Ocean Building was built in 1864.
Subsales Picking Up After Lull As Sellers Temper Their Demands
Source : The Business Times, October 9, 2007
Lock in profit if margin is good, some agents advise
After a lull of about six weeks, activity seems to be picking up in the subsale market on the back of the stock market rally and more reasonable demands from sellers.
'It's not as good as before sub-prime but much better than during the subprime, from mid-July to mid-August,' said CB Richard Ellis executive director (residential) Joseph Tan.
'There have been definitely more inquiries and there's been more response to ads. Whether this will lead to more subsale volume is hard to say,' he added.
Jerrytan Residential Pte Ltd executive director Jason Tan too has seen a 'mild pick-up' in subsales of condos in Districts 9 and 10 in the past couple of weeks or so ever since the stock markets in the US and Singapore started rising again.
ERA Realty Network divisional director Andrew Soh too has seen more subsale deals in the last two to three weeks in the Sentosa Cove and Marina Bay locations. A unit at Oceanfront condo at Sentosa Cove was sold for $2,550 per square foot in the subsale market two weeks ago, reaping the seller a handsome profit of over $2 million as he had purchased the unit (also in the subsale market) in September last year for $1,750 psf.
Jerrytan Residential's Mr Tan says: 'Sellers are lowering their expectations after the reality check provided by the sub-prime stock market crash. But they're still making healthy profits as they may have bought the units a little while ago.'
For instance, the owner of a unit at The Grange recently sold his 2,300 sq ft apartment in the subsale market for about $2,500 psf or a total of about $5.76 million, against his original purchase price of about $1,450 psf from the developer around July 2005. His net profit after factoring in agents' fees, stamp duty and legal fees would be around $2.2 million.
In some instances, the spur to sell in the subsale market and take a profit now is that the projects may be receiving Temporary Occupation Permit (TOP) within the next year and those who bought their units on deferred payment schemes from the developer, paying only 20 per cent of the purchase price so far, will soon have to pay up another 65 per cent of their purchase price.
'Our advice to these investors is that if there is a good margin from their investment, they could lock in their profit now. They can always reinvest in another property,' Mr Jason Tan says.
'Buyers picking up units through the subsale market are also starting to feel more confident again, after the stock market's recovery. They're prepared to hold the properties as a mid- to long-term investment but are also eyeing the possibility of selling much sooner, when the projects receive TOP. The outlook is still good, as there will be limited supply of completed brand-new developments in Districts 9 and 10 over the next six to 12 months,' he added.
However, ERA's Mr Soh sounds more cautious. 'Supply in the subsale market is more than demand. I may be wrong but I think the high-end residential property clock is at 9 o'clock. My advice is to take a profit now and not be too greedy. Supply in the subsale market is greater than demand. It's tough to find buyers in the subsale market now, unless you go overseas.'
Colliers International's analysis of caveats captured by the Urban Redevelopment Authority's Realis system shows that the months of May, June and July saw the most subsale activity in the first eight months of 2007, with more than 600 such deals in each of these three months.
The Sail @ Marina Bay, Citylights, Icon and The Lakeshore, were the most widely traded projects in the subsale market in the May-July period with 151, 93, 90 and 68 transactions respectively.
However, subsales fell drastically by more than 50 per cent to just 299 transactions in August. 'Usually, caveats are lodged upon the option being exercised, so a slowdown in subsales from mid-July would only be reflected in the caveats about two weeks later, starting August,' says the firm's director of research and consultancy Tay Huey Ying.
She forecasts that subsale activity will stage a rebound.
Lock in profit if margin is good, some agents advise
After a lull of about six weeks, activity seems to be picking up in the subsale market on the back of the stock market rally and more reasonable demands from sellers.
'It's not as good as before sub-prime but much better than during the subprime, from mid-July to mid-August,' said CB Richard Ellis executive director (residential) Joseph Tan.
'There have been definitely more inquiries and there's been more response to ads. Whether this will lead to more subsale volume is hard to say,' he added.
Jerrytan Residential Pte Ltd executive director Jason Tan too has seen a 'mild pick-up' in subsales of condos in Districts 9 and 10 in the past couple of weeks or so ever since the stock markets in the US and Singapore started rising again.
ERA Realty Network divisional director Andrew Soh too has seen more subsale deals in the last two to three weeks in the Sentosa Cove and Marina Bay locations. A unit at Oceanfront condo at Sentosa Cove was sold for $2,550 per square foot in the subsale market two weeks ago, reaping the seller a handsome profit of over $2 million as he had purchased the unit (also in the subsale market) in September last year for $1,750 psf.
Jerrytan Residential's Mr Tan says: 'Sellers are lowering their expectations after the reality check provided by the sub-prime stock market crash. But they're still making healthy profits as they may have bought the units a little while ago.'
For instance, the owner of a unit at The Grange recently sold his 2,300 sq ft apartment in the subsale market for about $2,500 psf or a total of about $5.76 million, against his original purchase price of about $1,450 psf from the developer around July 2005. His net profit after factoring in agents' fees, stamp duty and legal fees would be around $2.2 million.
In some instances, the spur to sell in the subsale market and take a profit now is that the projects may be receiving Temporary Occupation Permit (TOP) within the next year and those who bought their units on deferred payment schemes from the developer, paying only 20 per cent of the purchase price so far, will soon have to pay up another 65 per cent of their purchase price.
'Our advice to these investors is that if there is a good margin from their investment, they could lock in their profit now. They can always reinvest in another property,' Mr Jason Tan says.
'Buyers picking up units through the subsale market are also starting to feel more confident again, after the stock market's recovery. They're prepared to hold the properties as a mid- to long-term investment but are also eyeing the possibility of selling much sooner, when the projects receive TOP. The outlook is still good, as there will be limited supply of completed brand-new developments in Districts 9 and 10 over the next six to 12 months,' he added.
However, ERA's Mr Soh sounds more cautious. 'Supply in the subsale market is more than demand. I may be wrong but I think the high-end residential property clock is at 9 o'clock. My advice is to take a profit now and not be too greedy. Supply in the subsale market is greater than demand. It's tough to find buyers in the subsale market now, unless you go overseas.'
Colliers International's analysis of caveats captured by the Urban Redevelopment Authority's Realis system shows that the months of May, June and July saw the most subsale activity in the first eight months of 2007, with more than 600 such deals in each of these three months.
The Sail @ Marina Bay, Citylights, Icon and The Lakeshore, were the most widely traded projects in the subsale market in the May-July period with 151, 93, 90 and 68 transactions respectively.
However, subsales fell drastically by more than 50 per cent to just 299 transactions in August. 'Usually, caveats are lodged upon the option being exercised, so a slowdown in subsales from mid-July would only be reflected in the caveats about two weeks later, starting August,' says the firm's director of research and consultancy Tay Huey Ying.
She forecasts that subsale activity will stage a rebound.
Retail Rents Rise In Q3 But Retail Sales At A High
Source : The Business Times, October 9, 2007
Some shops expand even as rents rise, others more sensitive to psf sales
Rents for shops on Orchard Road may have increased by another 12 per cent in the third quarter to $44.30 per square foot (psf) per month, but retailers are unfazed, especially as the latest figures show that the second quarter of this year saw the strongest sales for 10 years.
According to a report by property consultancy Knight Frank, retail sales value (excluding motor vehicle sales) in the second quarter hit a 10-year high of $8.15 billion.
The figure for the quarter was also an improvement on the previous interim high of $7.8 billion seen in the final quarter of last year.
Not surprisingly then, rising rents in the Orchard Road vicinity as well as the Marina area, where rents increased by 3.7 per cent quarter-on-quarter (q-o-q) to an average $28.90 psf per month, are not upsetting retailers too much.
Knight Frank director (research and consultancy) Nicholas Mak says: 'With the planned revitalisation of the Orchard area, retailers are optimistic that their retail sales figures are able to offset the increase in rentals.'
Knight Frank also expects full year figures to hit a record high, pointing out that at end-July 2007, total sales figures already stand at $18.4 billion compared to $29.5 billion for the full year of 2006.
Nash Benjamin, the CEO of FJ Benjamin, which owns Guess, Gap and Celine here, has noticed that rents have been rising but he says: 'The bottom line is whatever rental you pay must finally be relative to the business, otherwise tenants will not be able to invest. We are fortunate that most malls we work with have a good understanding of this principle.'
With space getting more expensive, retailers are becoming more sensitive to rentals on a per square foot basis too.
Steven Goh, spokesman for the Orchard Road Business Association, believes the situation is not so much that retailers are prepared to pay higher rents for a prime space but more that they have become more savvy in measuring how 'productive' their businesses are.
'For instance, a restaurant that was 2,500 sq ft before may streamline its operations to 2,000 sq ft because it gives the optimum return of $100 worth of sales on a per square foot basis, which can justify the rental,' he explains.
Another example Mr Goh gives is that of fashion boutiques, which on average, must make between $120-$150 psf in sales. And the concern is not so much about rent. 'The pressure is actually to find new concepts,' he says.
Perhaps a sure sign that retailers and their landlords are doing well is when a shop decides to expand, even when rents keep rising.
High-end leather goods retailer Tod's, in the equally high-end mall Paragon, has just moved into bigger and better premises with frontage on Orchard Road, increasing its store size by about 50 per cent.
Patrina Tan, deputy general manager of marketing at Paragon, says it does not discuss rents but does concede that all landlords do see the expiry of an existing lease as an opportunity to review rent levels. 'Rentals are always relative,' she adds.
She also reports that the sentiment among the tenants at Paragon is definitely 'positive'.
The outlook for the future remains good too despite close to 2 million sq ft of retail space scheduled to be completed by next year. And at Knight Frank, Mr Mak says he does not expect demand to decrease either.
For the rest of the year, Knight Frank expects occupancy to increase by about one percentage point q-o-q. This will bring islandwide occupancy to between 93 and 94 per cent and Orchard Road occupancy to about 95.8-96.5 per cent.
Knight Frank also expects rentals for prime retail space to increase 15-20 per cent year on year, with capital values rising by 10-15 per cent.
Some shops expand even as rents rise, others more sensitive to psf sales
Rents for shops on Orchard Road may have increased by another 12 per cent in the third quarter to $44.30 per square foot (psf) per month, but retailers are unfazed, especially as the latest figures show that the second quarter of this year saw the strongest sales for 10 years.
According to a report by property consultancy Knight Frank, retail sales value (excluding motor vehicle sales) in the second quarter hit a 10-year high of $8.15 billion.
The figure for the quarter was also an improvement on the previous interim high of $7.8 billion seen in the final quarter of last year.
Not surprisingly then, rising rents in the Orchard Road vicinity as well as the Marina area, where rents increased by 3.7 per cent quarter-on-quarter (q-o-q) to an average $28.90 psf per month, are not upsetting retailers too much.
Knight Frank director (research and consultancy) Nicholas Mak says: 'With the planned revitalisation of the Orchard area, retailers are optimistic that their retail sales figures are able to offset the increase in rentals.'
Knight Frank also expects full year figures to hit a record high, pointing out that at end-July 2007, total sales figures already stand at $18.4 billion compared to $29.5 billion for the full year of 2006.
Nash Benjamin, the CEO of FJ Benjamin, which owns Guess, Gap and Celine here, has noticed that rents have been rising but he says: 'The bottom line is whatever rental you pay must finally be relative to the business, otherwise tenants will not be able to invest. We are fortunate that most malls we work with have a good understanding of this principle.'
With space getting more expensive, retailers are becoming more sensitive to rentals on a per square foot basis too.
Steven Goh, spokesman for the Orchard Road Business Association, believes the situation is not so much that retailers are prepared to pay higher rents for a prime space but more that they have become more savvy in measuring how 'productive' their businesses are.
'For instance, a restaurant that was 2,500 sq ft before may streamline its operations to 2,000 sq ft because it gives the optimum return of $100 worth of sales on a per square foot basis, which can justify the rental,' he explains.
Another example Mr Goh gives is that of fashion boutiques, which on average, must make between $120-$150 psf in sales. And the concern is not so much about rent. 'The pressure is actually to find new concepts,' he says.
Perhaps a sure sign that retailers and their landlords are doing well is when a shop decides to expand, even when rents keep rising.
High-end leather goods retailer Tod's, in the equally high-end mall Paragon, has just moved into bigger and better premises with frontage on Orchard Road, increasing its store size by about 50 per cent.
Patrina Tan, deputy general manager of marketing at Paragon, says it does not discuss rents but does concede that all landlords do see the expiry of an existing lease as an opportunity to review rent levels. 'Rentals are always relative,' she adds.
She also reports that the sentiment among the tenants at Paragon is definitely 'positive'.
The outlook for the future remains good too despite close to 2 million sq ft of retail space scheduled to be completed by next year. And at Knight Frank, Mr Mak says he does not expect demand to decrease either.
For the rest of the year, Knight Frank expects occupancy to increase by about one percentage point q-o-q. This will bring islandwide occupancy to between 93 and 94 per cent and Orchard Road occupancy to about 95.8-96.5 per cent.
Knight Frank also expects rentals for prime retail space to increase 15-20 per cent year on year, with capital values rising by 10-15 per cent.
Ocean Financial Centre Slated To Be Completed By 2011
Source : Channel NewsAsia, 08 October 2007
Ocean Building will be torn down to make way for a new development, said developer Keppel Land on Monday.
When completed in about four years, the new building – Ocean Financial Centre – will offer about 30 percent more office space.
Tan Swee Yiow, director of Singapore Commercial, Keppel Land International, said: "The site has been known as 'Ocean Building' for many years and we wanted to link back to the heritage. 'Financial Centre' is to reflect that this is really catered for financial institutions."
Designed by the same architectural firm that created the Petronas Towers in Kuala Lumpur and the World Financial Centre in Beijing, Ocean Financial Centre will be a 43-storey office building with environmentally friendly features.
"We're trying to install probably the largest solar panel system... in the new building. We will also adopt a hybrid system of air conditioning by having an in-house cooling system, plus the district plant supply," said Mr Tan.
The Ocean Financial Centre will mark the third redevelopment on the site. The new building will target financial institutions and have one of the largest floor plate size of up to 23,000 sq ft.
The new building is expected to generate about 850,000 sq ft of office space – close to one-third more than the current building.
Some of Keppel Land's former tenants have already expressed interest in the new building.
Demand for office space in Singapore has been growing, with occupancy hitting close to 98 percent in the third quarter. - CNA/so
Ocean Building will be torn down to make way for a new development, said developer Keppel Land on Monday. When completed in about four years, the new building – Ocean Financial Centre – will offer about 30 percent more office space.
Tan Swee Yiow, director of Singapore Commercial, Keppel Land International, said: "The site has been known as 'Ocean Building' for many years and we wanted to link back to the heritage. 'Financial Centre' is to reflect that this is really catered for financial institutions."
Designed by the same architectural firm that created the Petronas Towers in Kuala Lumpur and the World Financial Centre in Beijing, Ocean Financial Centre will be a 43-storey office building with environmentally friendly features.
"We're trying to install probably the largest solar panel system... in the new building. We will also adopt a hybrid system of air conditioning by having an in-house cooling system, plus the district plant supply," said Mr Tan.
The Ocean Financial Centre will mark the third redevelopment on the site. The new building will target financial institutions and have one of the largest floor plate size of up to 23,000 sq ft.
The new building is expected to generate about 850,000 sq ft of office space – close to one-third more than the current building.
Some of Keppel Land's former tenants have already expressed interest in the new building.
Demand for office space in Singapore has been growing, with occupancy hitting close to 98 percent in the third quarter. - CNA/so
Ascendas Wins S$98m JTC Contract To Build Business Park
Source : Channel NewsAsia, 08 October 2007
Ascendas has been awarded a S$98 million contract by JTC Corporation to build and manage a hi-tech International Business Park in Singapore.
The development will be located in the vicinity of the Jurong East MRT station, Ayer Rajah Expressway and Boon Lay Way.
It is expected to be completed by end 2009 and will have a gross floor area of nearly 42,000 square metres.
The development is made up of two 12-storey blocks, catering to emerging high-tech, value-added industries and knowledge-intensive businesses.
It will also have a mix of food court, F&B outlets, al-fresco dining, childcare services, self-service banking lobby, convenience stores and showrooms.- CNA/so
Ascendas has been awarded a S$98 million contract by JTC Corporation to build and manage a hi-tech International Business Park in Singapore. The development will be located in the vicinity of the Jurong East MRT station, Ayer Rajah Expressway and Boon Lay Way.
It is expected to be completed by end 2009 and will have a gross floor area of nearly 42,000 square metres.
The development is made up of two 12-storey blocks, catering to emerging high-tech, value-added industries and knowledge-intensive businesses.
It will also have a mix of food court, F&B outlets, al-fresco dining, childcare services, self-service banking lobby, convenience stores and showrooms.- CNA/so
Sin Ming Garden RC Proposes Another Site For Funeral Parlour Building
Source : Channel NewsAsia, 08 October 2007
Sin Ming Garden Residents Committee has suggested that all funeral parlours on Sin Ming Drive should be kept on the same site, at Blk 37 and Blk 38, but in one building.
URA plans to build a funeral parlour on the empty plot of land (foreground)
The suggestion came after residents in the Sin Ming neighbourhood were upset by URA's proposal to build a new funeral home in the area.
The location is contentious because of its close proximity to Bright Hill Temple, Ai Tong School and both HDB homes and condominiums.
Responding to the counter-proposal, at least one funeral parlour operator in the area said that the operators should not be made to bear all the costs of moving their business to the new place.
"The government will have to come in and do something about it. You see, it's not that we want to shift from here. They are the ones who want to shift us," said Vendan Govindasamy, assistant operations manager of Trinity Casket.
Sin Ming Garden RC's proposed location for funeral home
Others said that finding a right location nearby is an issue because customers do not want to travel far.
Meanwhile, the Urban Redevelopment Authority (URA) said that its proposed building at Sin Ming would have the capacity to house several funeral parlours.
So residents will have to wait and see if the URA study can take into account the Sin Ming Garden Residents Committee's proposal.
The URA also told Channel NewsAsia that it is still looking into releasing land for funeral parlours to meet the needs of the community. Details are not finalised. - CNA/ir
Sin Ming Garden Residents Committee has suggested that all funeral parlours on Sin Ming Drive should be kept on the same site, at Blk 37 and Blk 38, but in one building.
URA plans to build a funeral parlour on the empty plot of land (foreground)The suggestion came after residents in the Sin Ming neighbourhood were upset by URA's proposal to build a new funeral home in the area.
The location is contentious because of its close proximity to Bright Hill Temple, Ai Tong School and both HDB homes and condominiums.
Responding to the counter-proposal, at least one funeral parlour operator in the area said that the operators should not be made to bear all the costs of moving their business to the new place.
"The government will have to come in and do something about it. You see, it's not that we want to shift from here. They are the ones who want to shift us," said Vendan Govindasamy, assistant operations manager of Trinity Casket.
Sin Ming Garden RC's proposed location for funeral home Others said that finding a right location nearby is an issue because customers do not want to travel far.
Meanwhile, the Urban Redevelopment Authority (URA) said that its proposed building at Sin Ming would have the capacity to house several funeral parlours.
So residents will have to wait and see if the URA study can take into account the Sin Ming Garden Residents Committee's proposal.The URA also told Channel NewsAsia that it is still looking into releasing land for funeral parlours to meet the needs of the community. Details are not finalised. - CNA/ir