Saturday, December 8, 2007
新加坡17新地段明年上半年登场
《联合早报》Dec 07, 2007
新加坡政府在明年上半年的售地计划中，注入了17幅新地段。它们包括了12幅私宅地段、一幅商业地段、三幅酒店地段，以及一幅白色地段。至于其余的20幅地段，则是从2007年下半年售地名单中“再循环”而来的。
在这17幅新地段中，靠近白沙浮地铁站附近、即侨福广场(Parkview Square)后面的白色地段，被至少两位房地产分析员视为具有“五星级水准”。
第一太平戴维斯行销与业务开发主管邱瑞荣说：“这个白色地段有潜力兴建一个跟莱佛士城相同等级的综合性项目，拥有购物中心、酒店和办公楼。它将能为整个地点增添更多色彩，甚至带动美芝路一带的房地产价值攀升。”
这幅位于梧槽路的白色地段，目前是一块“凹”字形的草地。它占地2.74公顷，容积率为六倍，估计能够容纳495间酒店客房和150万平方英尺的商业楼面。
莱坊研究部主管麦俊荣也点名看好这幅地段。他认为兀里弄(Woodleigh Close)和三巴旺绿林第二期地段，也是17幅新地段中相当“值得一看”的其中两幅地段。
前者位于实龙岗路上段和兀里弄交界处，非常靠近拟议中的兀里地铁站和Blossoms共管公寓。它占地1.07公顷，容积率为2.8，约能发展270个共管公寓单位。
后者则相当靠近最近拍卖反应热烈的三巴旺路和安德烈道(An- drews Ave)的有地住宅地段。它占地1.99公顷，能兴建94间有地住宅。
昨天受访的分析员不约而同地指出，政府在这一次的售地计划中，似乎对组屋提升者特别“关照”，明显希望确保大众化私宅市场有足够的供应量。世邦魏理仕执行董事李晓和指出，明年上半年的售地名单，有不少位于邻区地点的私宅地段，例如裕廊西、武吉班让、三巴旺／义顺、榜鹅／盛港和樟宜路上段。
“这似乎意味，政府已觉察到郊外较受欢迎地点的楼价显著上升，导致许多潜在组屋提升者负担不起。在这些地区推出新的地段，似乎是希望所建成的单位，能够从较低的地价受益，以较低的价格推出。”
卓登国际研究部主管陈瑞谨也指出，目前许多郊外项目的价格已经飙升至许多组屋提升者负担不起。他相信，政府推出更多这类供应量，似乎是希望借此向市场传达一个强烈的信息，即它不希望看到大众化私宅被炒起来。
陈瑞谨说：“我也有点意外，政府没有将执行共管公寓放入明年上半年的正选名单中。这似乎显示，政府要让私人发展商自己决定这是否一个值得投资的市场。这或许是因为以前一些执行共管公寓屋主在私人楼价低潮时，碰到房子卖不出去的难题。”
明年上半年售地名单中的四幅执行共管公寓地段，全部都属于“备售”地段。它们可以为市场增添1925个执行共管公寓单位。除了榜鹅路地段是今年下半年售地名单中卖剩的“旧货”，其余三幅：义顺11道、裕廊西42街和万国通道都是新添地段。
市建局昨天公布的文告也列出了各领域从现在至2011年以后的潜在供应数字。
从今年第四季至2011年，将有6万5406个私宅单位将完工，不过大部分(5万6997)将挤在后年，即2009年落成。今年第四季将有2868个私宅单位完工，明年则预料有5541个私宅单位完工。
办公楼和酒店客房也面对类似情况。从现在至2011年，将有143万5000平方公尺的办公楼面，以及9220间酒店客房将完工，不过，绝大部分将集中在2009年或以后才落成。明年估计只有15万7000平方公尺的办公楼面，以及1476间酒店客房能够投入市场。
新加坡政府在明年上半年的售地计划中，注入了17幅新地段。它们包括了12幅私宅地段、一幅商业地段、三幅酒店地段，以及一幅白色地段。至于其余的20幅地段，则是从2007年下半年售地名单中“再循环”而来的。
在这17幅新地段中，靠近白沙浮地铁站附近、即侨福广场(Parkview Square)后面的白色地段，被至少两位房地产分析员视为具有“五星级水准”。
第一太平戴维斯行销与业务开发主管邱瑞荣说：“这个白色地段有潜力兴建一个跟莱佛士城相同等级的综合性项目，拥有购物中心、酒店和办公楼。它将能为整个地点增添更多色彩，甚至带动美芝路一带的房地产价值攀升。”
这幅位于梧槽路的白色地段，目前是一块“凹”字形的草地。它占地2.74公顷，容积率为六倍，估计能够容纳495间酒店客房和150万平方英尺的商业楼面。
莱坊研究部主管麦俊荣也点名看好这幅地段。他认为兀里弄(Woodleigh Close)和三巴旺绿林第二期地段，也是17幅新地段中相当“值得一看”的其中两幅地段。
前者位于实龙岗路上段和兀里弄交界处，非常靠近拟议中的兀里地铁站和Blossoms共管公寓。它占地1.07公顷，容积率为2.8，约能发展270个共管公寓单位。
后者则相当靠近最近拍卖反应热烈的三巴旺路和安德烈道(An- drews Ave)的有地住宅地段。它占地1.99公顷，能兴建94间有地住宅。
昨天受访的分析员不约而同地指出，政府在这一次的售地计划中，似乎对组屋提升者特别“关照”，明显希望确保大众化私宅市场有足够的供应量。世邦魏理仕执行董事李晓和指出，明年上半年的售地名单，有不少位于邻区地点的私宅地段，例如裕廊西、武吉班让、三巴旺／义顺、榜鹅／盛港和樟宜路上段。
“这似乎意味，政府已觉察到郊外较受欢迎地点的楼价显著上升，导致许多潜在组屋提升者负担不起。在这些地区推出新的地段，似乎是希望所建成的单位，能够从较低的地价受益，以较低的价格推出。”
卓登国际研究部主管陈瑞谨也指出，目前许多郊外项目的价格已经飙升至许多组屋提升者负担不起。他相信，政府推出更多这类供应量，似乎是希望借此向市场传达一个强烈的信息，即它不希望看到大众化私宅被炒起来。
陈瑞谨说：“我也有点意外，政府没有将执行共管公寓放入明年上半年的正选名单中。这似乎显示，政府要让私人发展商自己决定这是否一个值得投资的市场。这或许是因为以前一些执行共管公寓屋主在私人楼价低潮时，碰到房子卖不出去的难题。”
明年上半年售地名单中的四幅执行共管公寓地段，全部都属于“备售”地段。它们可以为市场增添1925个执行共管公寓单位。除了榜鹅路地段是今年下半年售地名单中卖剩的“旧货”，其余三幅：义顺11道、裕廊西42街和万国通道都是新添地段。
市建局昨天公布的文告也列出了各领域从现在至2011年以后的潜在供应数字。
从今年第四季至2011年，将有6万5406个私宅单位将完工，不过大部分(5万6997)将挤在后年，即2009年落成。今年第四季将有2868个私宅单位完工，明年则预料有5541个私宅单位完工。
办公楼和酒店客房也面对类似情况。从现在至2011年，将有143万5000平方公尺的办公楼面，以及9220间酒店客房将完工，不过，绝大部分将集中在2009年或以后才落成。明年估计只有15万7000平方公尺的办公楼面，以及1476间酒店客房能够投入市场。
新加坡上诉庭判决 房产权益归后母 两子一无所得
《联合早报》Dec 07, 2007
新加坡两子跟后母争夺亡父的其中三个房地产，第一轮官司原本可得部分权益，但后母不服，上诉成功，获得房地产的所有权益。两子不仅无法分获权益，还得支付后母两轮官司的讼费。
最高法院上诉庭日前发表书面判决，推翻高庭法官赖秀珠的裁决。
这起涉及复杂法律条文的争产官司，要从被赖秀珠法官形容为“投资房地产方面的运气，比经营婚姻好多了”的审计师杨福成说起。
结婚三次、离婚两次的杨福成，是在2004年11月因心脏病突发身亡，死时60岁左右。
他和第一个妻子所生的两个儿子杨源财（33岁）和杨源发（37岁），起诉杨福成的第三个妻子刘秀金（49岁，金融经理），争夺父亲遗留下的公寓和两栋半独立式洋房。
杨福成在1992年立遗嘱，把遗产全留给幼子杨源财。1996年，他重立遗嘱，并委任刘秀金为遗产执行人和唯一受益人。但根据遗嘱法令，这两份遗嘱因杨福成在2000年与刘秀金结婚，已经失效。也就是说，杨福成算是无遗嘱死亡。
杨氏兄弟承认在父亲死前有10多年没跟他联络。他们于前年11月展开这起诉讼，指房地产都是父亲出资买的，刘秀金只是信托人，却自称唯一业主，要高庭判刘秀金是以信托人身份持有房地产。
刘秀金：遗嘱显示杨福成有意把房地产留给她
不过，刘秀金指房地产都是以联名拥有的方式注册，也就是其中一名屋主去世后，在世的另一屋主就是唯一继承人。杨福成已去世，房地产权益全归她。
她也说，杨福成在1996年立的遗嘱尽管无效，却多少提供了证据，说明他有意把所有房地产都留给她。
涉及的后港11街的民登苑（前身为中等入息公寓）公寓，是杨福成和刘秀金于2000年间，以近50万元联名买下的。杨福成死后，刘秀金继续住在这个婚姻住宅，每月支付两千余元的贷款。
另两个房地产为惹兰达里巴容（惹兰加由附近）的毗邻半独立式洋房。2004年间，两人以110万元联名买下该地段的独立式洋房，并联名向银行申请贷款，准备把它发展成两栋半独立式洋房，即18A号和18号。
杨福成死时工程还未完成，刘秀金用个人名义向银行贷款，以继续未完的工程。去年6月她以150万元售出18A号，用盈利清还贷款和建筑开销，18号随后也售出。
2005年8月，刘秀金收到新加坡土地局的信，指杨氏兄弟提出中止出售三个房地产的申请，才知他们声称是杨福成遗产的受益人。
高庭法官：以联名拥有注册实为分权拥有房地产
法官赖秀珠认为，按联名拥有分房地产的话，等于没什么遗产可分。她认为这并非审计师的意愿，也不公平，法庭因此必须给予衡平干预。
法官指出，在法律上房地产虽以联名拥有注册，但实为分权拥有，也就是须根据两人供屋的贡献，再分配权益额。
她也认为，没证据显示杨福成要把房地产送给刘秀金。夫妻间有关预赠的假定不适用于本案，因杨福成无业，有工作的刘秀金反而是经济支柱。
法官运用推定信托的法律基础，详加计算贷款后，裁决刘秀金可得公寓的50%权益，另一半归入遗产；刘秀金可得两座半独立式洋房的35%权益，剩余65%归入遗产。
不过，上诉庭认为，从杨福成以联名拥有的形式注册房地产来看，说明他想把所有房地产送给刘秀金。虽然第二份遗嘱无效，但多少说明了杨福成同个意愿，加强了预赠假定的说服力。
上诉庭也认为，根据洋房的建筑师，杨福成和刘秀金的感情很好，这点另一方没加以驳斥，这也加强了预赠假定的说服力。
杨福成还拥有另一栋位于法礼路的半独立式洋房，因是在他个人名下，将归入他的遗产，因此没引起争议。
根据无遗嘱继承法，刘秀金得一半的遗产，另一半由杨氏兄弟均分。刘秀金的代表律师为孙庆发（Sng Kheng Huat），另一方为邱甲立高级律师。
联名拥有：Joint Tenancy
分权拥有：Tenancy-In-Common
推定信托：Resulting Trust
预赠的假定：Presumption Of Advancement
新加坡两子跟后母争夺亡父的其中三个房地产，第一轮官司原本可得部分权益，但后母不服，上诉成功，获得房地产的所有权益。两子不仅无法分获权益，还得支付后母两轮官司的讼费。
最高法院上诉庭日前发表书面判决，推翻高庭法官赖秀珠的裁决。
这起涉及复杂法律条文的争产官司，要从被赖秀珠法官形容为“投资房地产方面的运气，比经营婚姻好多了”的审计师杨福成说起。
结婚三次、离婚两次的杨福成，是在2004年11月因心脏病突发身亡，死时60岁左右。
他和第一个妻子所生的两个儿子杨源财（33岁）和杨源发（37岁），起诉杨福成的第三个妻子刘秀金（49岁，金融经理），争夺父亲遗留下的公寓和两栋半独立式洋房。
杨福成在1992年立遗嘱，把遗产全留给幼子杨源财。1996年，他重立遗嘱，并委任刘秀金为遗产执行人和唯一受益人。但根据遗嘱法令，这两份遗嘱因杨福成在2000年与刘秀金结婚，已经失效。也就是说，杨福成算是无遗嘱死亡。
杨氏兄弟承认在父亲死前有10多年没跟他联络。他们于前年11月展开这起诉讼，指房地产都是父亲出资买的，刘秀金只是信托人，却自称唯一业主，要高庭判刘秀金是以信托人身份持有房地产。
刘秀金：遗嘱显示杨福成有意把房地产留给她
不过，刘秀金指房地产都是以联名拥有的方式注册，也就是其中一名屋主去世后，在世的另一屋主就是唯一继承人。杨福成已去世，房地产权益全归她。
她也说，杨福成在1996年立的遗嘱尽管无效，却多少提供了证据，说明他有意把所有房地产都留给她。
涉及的后港11街的民登苑（前身为中等入息公寓）公寓，是杨福成和刘秀金于2000年间，以近50万元联名买下的。杨福成死后，刘秀金继续住在这个婚姻住宅，每月支付两千余元的贷款。
另两个房地产为惹兰达里巴容（惹兰加由附近）的毗邻半独立式洋房。2004年间，两人以110万元联名买下该地段的独立式洋房，并联名向银行申请贷款，准备把它发展成两栋半独立式洋房，即18A号和18号。
杨福成死时工程还未完成，刘秀金用个人名义向银行贷款，以继续未完的工程。去年6月她以150万元售出18A号，用盈利清还贷款和建筑开销，18号随后也售出。
2005年8月，刘秀金收到新加坡土地局的信，指杨氏兄弟提出中止出售三个房地产的申请，才知他们声称是杨福成遗产的受益人。
高庭法官：以联名拥有注册实为分权拥有房地产
法官赖秀珠认为，按联名拥有分房地产的话，等于没什么遗产可分。她认为这并非审计师的意愿，也不公平，法庭因此必须给予衡平干预。
法官指出，在法律上房地产虽以联名拥有注册，但实为分权拥有，也就是须根据两人供屋的贡献，再分配权益额。
她也认为，没证据显示杨福成要把房地产送给刘秀金。夫妻间有关预赠的假定不适用于本案，因杨福成无业，有工作的刘秀金反而是经济支柱。
法官运用推定信托的法律基础，详加计算贷款后，裁决刘秀金可得公寓的50%权益，另一半归入遗产；刘秀金可得两座半独立式洋房的35%权益，剩余65%归入遗产。
不过，上诉庭认为，从杨福成以联名拥有的形式注册房地产来看，说明他想把所有房地产送给刘秀金。虽然第二份遗嘱无效，但多少说明了杨福成同个意愿，加强了预赠假定的说服力。
上诉庭也认为，根据洋房的建筑师，杨福成和刘秀金的感情很好，这点另一方没加以驳斥，这也加强了预赠假定的说服力。
杨福成还拥有另一栋位于法礼路的半独立式洋房，因是在他个人名下，将归入他的遗产，因此没引起争议。
根据无遗嘱继承法，刘秀金得一半的遗产，另一半由杨氏兄弟均分。刘秀金的代表律师为孙庆发（Sng Kheng Huat），另一方为邱甲立高级律师。
联名拥有：Joint Tenancy
分权拥有：Tenancy-In-Common
推定信托：Resulting Trust
预赠的假定：Presumption Of Advancement
Law Society Moves To Tackle Touting
Source : The Straits Times, Dec 7, 2007
Panel to look into issues of touting for conveyancing work, entrapment
THE Law Society is moving to tackle the hot-button issues of touting in property deals and entrapment, even as lawyers say fees paid to agents have been going up.
The lawyers note that lawyers who pay such referral fees get a lucrative payoff. Their comments come in the wake of the suspension of three lawyers on Tuesday.
They had been caught offering referral fees to a private investigator pretending to be a property agent. The private eye was hired by unknown lawyers.
But even as the Society said it is moving to tackle these issues - touting and entrapment - many lawyers say its task is fraught with difficulties.
Under the law, lawyers are guilty of misconduct if they engage in touting practices and pay an agent to refer a client to them in return for a fee.
But lawyers told The Straits Times it is prevalent.
The going rate for such fees now is about $500 - from about $150 five years ago - for each conveyancing file which brings in about $2,000 per transaction to the lawyer.
A lawyer with 10 years’ experience said: ‘Each property file is worth about $2,000 and if an agent can bring in 20 files a month, that’s easily $30,000 - enough to cover rental and staff costs.
‘The agents will tell you: ‘I have a conveyancing case, how much will you pay me?'’
There is thus significant money to be made, especially if the agent can bring in the cases in bulk.
The Law Society said moves are already afoot to tackle touting. A spokesman said the practice is difficult to detect, especially when there is ‘an absence of evidence from the parties concerned’.
But an ad-hoc committee had been appointed to see if ‘current detection and enforcement procedures could be streamlined and enhanced’.
The committee will also look into the issue of lawyers ‘privately engaging investigators to detect suspected unethical conduct’, the spokesman said.
A decision to set up the panel came in the wake of a failed attempt in late 2006 by lawyer Rayney Wong to stop a disciplinary committee which had investigated him for touting.
In throwing out his request at that time, Justice V.K. Rajah also called on the Law Society to deal with the problem of lawyers hiring private investigators to entrap competitors they suspect of using touts to drum up business.
Yesterday, the Law Society’s spokesman said that once the recommendations of the committee are out, it will tackle the question of whether it should take on a greater investigative role.
Many lawyers see this as a solution to touting. But they are split over the issue of an absolute ban on referral fees.
The sole proprietor of a law firm and a litigator of 10 years said: ‘I accept that it is an offence, but to me it’s business. If an agent brings in business for you, wouldn’t you give him a commission? A car salesman would be paid a cut for every car he sells. But in our case, it is against the law.’
Mr Mark Goh, of Mark Goh & Co, disagreed. ‘The legal profession cannot be equated with a commercial company…We owe a duty to our clients and society,’ he said.
Allowing such fees can open another can of worms, said sole-proprietor Patrick Tan of Patrick Tan & Associates. ‘There’s nothing to stop another lawyer from handing out a higher fee to an agent to get the file. If one gives $200, another might give $500.
‘Where does it stop?’
Panel to look into issues of touting for conveyancing work, entrapment
THE Law Society is moving to tackle the hot-button issues of touting in property deals and entrapment, even as lawyers say fees paid to agents have been going up.
The lawyers note that lawyers who pay such referral fees get a lucrative payoff. Their comments come in the wake of the suspension of three lawyers on Tuesday.
They had been caught offering referral fees to a private investigator pretending to be a property agent. The private eye was hired by unknown lawyers.
But even as the Society said it is moving to tackle these issues - touting and entrapment - many lawyers say its task is fraught with difficulties.
Under the law, lawyers are guilty of misconduct if they engage in touting practices and pay an agent to refer a client to them in return for a fee.
But lawyers told The Straits Times it is prevalent.
The going rate for such fees now is about $500 - from about $150 five years ago - for each conveyancing file which brings in about $2,000 per transaction to the lawyer.
A lawyer with 10 years’ experience said: ‘Each property file is worth about $2,000 and if an agent can bring in 20 files a month, that’s easily $30,000 - enough to cover rental and staff costs.
‘The agents will tell you: ‘I have a conveyancing case, how much will you pay me?'’
There is thus significant money to be made, especially if the agent can bring in the cases in bulk.
The Law Society said moves are already afoot to tackle touting. A spokesman said the practice is difficult to detect, especially when there is ‘an absence of evidence from the parties concerned’.
But an ad-hoc committee had been appointed to see if ‘current detection and enforcement procedures could be streamlined and enhanced’.
The committee will also look into the issue of lawyers ‘privately engaging investigators to detect suspected unethical conduct’, the spokesman said.
A decision to set up the panel came in the wake of a failed attempt in late 2006 by lawyer Rayney Wong to stop a disciplinary committee which had investigated him for touting.
In throwing out his request at that time, Justice V.K. Rajah also called on the Law Society to deal with the problem of lawyers hiring private investigators to entrap competitors they suspect of using touts to drum up business.
Yesterday, the Law Society’s spokesman said that once the recommendations of the committee are out, it will tackle the question of whether it should take on a greater investigative role.
Many lawyers see this as a solution to touting. But they are split over the issue of an absolute ban on referral fees.
The sole proprietor of a law firm and a litigator of 10 years said: ‘I accept that it is an offence, but to me it’s business. If an agent brings in business for you, wouldn’t you give him a commission? A car salesman would be paid a cut for every car he sells. But in our case, it is against the law.’
Mr Mark Goh, of Mark Goh & Co, disagreed. ‘The legal profession cannot be equated with a commercial company…We owe a duty to our clients and society,’ he said.
Allowing such fees can open another can of worms, said sole-proprietor Patrick Tan of Patrick Tan & Associates. ‘There’s nothing to stop another lawyer from handing out a higher fee to an agent to get the file. If one gives $200, another might give $500.
‘Where does it stop?’
Law Society Welcomes Report, But Has Concerns
Source : The Straits Times, Dec 7, 2007
THE Law Society welcomed the measures to strengthen the legal services sector recommended by the committee chaired by Justice V.K. Rajah, but raised some concerns too.
It is clearly concerned about the proposal to change the way complaints against lawyers will be dealt with by a single-person disciplinary tribunal instead of the current four-person disciplinary committee.
Although the proposal is that the person comprising the tribunal should be someone highly qualified, like a senior counsel, retired judge or ex-judicial commissioner, the society feels this idea needs relooking.
It pointed out that in most jurisdictions, a lawyer facing complaints is judged by a panel ‘made up of three of his peers’.
Its suggestion: Go for a three-member disciplinary committee. It suggested dropping the fourth member in the current system, a layman.
In a statement released yesterday, the society said its council would study the proposals in more detail and would be happy to work with the Law Ministry and other agencies to develop and implement the proposals.
Among other things, it lauded the emphasis on work-life balance and community service by lawyers as being important for the long-term future and development of the profession.
It also noted that the move to open up the practice of Singapore law to foreign law firms through partners or associates qualified in Singapore law showed a ‘quickening of the pace of liberalisation here’.
But it expressed concern that such Singapore-qualified lawyers need be registered only with the Attorney-General and will not be regulated by the Law Society.
‘The society’s position is that any lawyer practising Singapore law must be a member of and regulated by the Law Society.’
It noted that such an arrangement applied in Hong Kong and England and Wales.
It said the Hong Kong Law Society regulates all lawyers practising Hong Kong law there, including those practising with non-Hong Kong law firms. It called for a similar position here.
‘The society should regulate and have as its members all lawyers practising Singapore law in Singapore even if they do so in a non-Singapore law practice.’
It welcomed the statement by Deputy Prime Minister S. Jayakumar that it would have joint disciplinary jurisdiction together with the Attorney-General over such lawyers, who are practising Singapore law and who will be required to hold practising certificates.
Elsewhere, the society said it also wants to play a major role in managing the proposed Institute of Legal Education.
‘It is the society which represents the interests of the practising profession and which knows the practice landscape best.’
K.C. VIJAYAN
THE Law Society welcomed the measures to strengthen the legal services sector recommended by the committee chaired by Justice V.K. Rajah, but raised some concerns too.
It is clearly concerned about the proposal to change the way complaints against lawyers will be dealt with by a single-person disciplinary tribunal instead of the current four-person disciplinary committee.
Although the proposal is that the person comprising the tribunal should be someone highly qualified, like a senior counsel, retired judge or ex-judicial commissioner, the society feels this idea needs relooking.
It pointed out that in most jurisdictions, a lawyer facing complaints is judged by a panel ‘made up of three of his peers’.
Its suggestion: Go for a three-member disciplinary committee. It suggested dropping the fourth member in the current system, a layman.
In a statement released yesterday, the society said its council would study the proposals in more detail and would be happy to work with the Law Ministry and other agencies to develop and implement the proposals.
Among other things, it lauded the emphasis on work-life balance and community service by lawyers as being important for the long-term future and development of the profession.
It also noted that the move to open up the practice of Singapore law to foreign law firms through partners or associates qualified in Singapore law showed a ‘quickening of the pace of liberalisation here’.
But it expressed concern that such Singapore-qualified lawyers need be registered only with the Attorney-General and will not be regulated by the Law Society.
‘The society’s position is that any lawyer practising Singapore law must be a member of and regulated by the Law Society.’
It noted that such an arrangement applied in Hong Kong and England and Wales.
It said the Hong Kong Law Society regulates all lawyers practising Hong Kong law there, including those practising with non-Hong Kong law firms. It called for a similar position here.
‘The society should regulate and have as its members all lawyers practising Singapore law in Singapore even if they do so in a non-Singapore law practice.’
It welcomed the statement by Deputy Prime Minister S. Jayakumar that it would have joint disciplinary jurisdiction together with the Attorney-General over such lawyers, who are practising Singapore law and who will be required to hold practising certificates.
Elsewhere, the society said it also wants to play a major role in managing the proposed Institute of Legal Education.
‘It is the society which represents the interests of the practising profession and which knows the practice landscape best.’
K.C. VIJAYAN
Steps To Speed Up Action Against Errant Lawyers
Source : The Straits Times, Dec 7, 2007
One proposed change is to have one person probe a case instead of a 4-member panel.
THE Law Ministry unveiled proposed new changes yesterday meant to speed up disciplinary hearings for errant lawyers - a process that often drags on for 15 months.
The move is among a raft of measures aimed to bolster public confidence in the legal profession, the Law Ministry said in a press release yesterday.
‘Such confidence requires a sound disciplinary system for errant lawyers,’ it said in the wake of a report from the Committee to Develop the Singapore Legal System, which recommended the changes.
The changes would see a single person - who would either be a retired judge, ex-judicial commissioner or Senior Counsel - probe cases brought against lawyers accused of violating professional codes of conduct. The system would replace a four-member committee which, because of scheduling problems, bogged down the disciplinary process, according to the committee chaired by Justice V.K. Rajah.
The average time to complete hearings has doubled from 7.5 months in 2002 to 15.4 months last year.
But the Law Society, which represents Singapore’s lawyers, expressed concern over the change.
‘In most jurisdictions, a lawyer is judged by a panel made up by three of his peers,’ it said in a media release. ‘The society is of the view that… it should continue to have three legally qualified persons.’
The proposed new rules come as more lawyers find themselves on the wrong side of the law.
Complaints against lawyers resulted in 28 probes completed last year, more than twice the number from a year earlier. One of the probes involved two lawyers.
Six lawyers were acquitted, nine were reprimanded or fined by their peers and 14 referred to a Court of Three Judges - the highest level of disciplinary action.
Complaints against lawyers covered a range of issues - from offering a commission for a real-estate case to making a false declaration.
Chief Justice Chan Sek Keong said in January there was a pressing need to revise the disciplinary system.
As it stands, errant lawyers are probed by a disciplinary committee comprising two lawyers, a representative from the Attorney-General’s Office and one lay person, who are appointed by the Chief Justice.
The committee can either refer the accused lawyer to the Court of Three Judges - if the matter is serious - or recommend a fine or reprimand by the Law Society.
But the four-member composition often made it difficult to schedule early hearings.
The report released yesterday acknowledged reservations to the streamlined process. But it should help many innocent lawyers who often have to wait months to see their cases decided, it said.
‘A not inconsiderable number of lawyers are acquitted of any misconduct at the disciplinary committee stage.
‘For them, justice is denied when hearings are unreasonably delayed,’ said the report.
Under the new rules, the penalties against errant lawyers will also be increased.
The Law Society may impose fines of up to $20,000 in less serious cases. The Court of Three Judges will also be empowered to fine lawyers up to $100,000, in addition to suspending their licences or striking them off.
‘The Government views these recommendations as positive moves,’ said the Law Ministry.
One proposed change is to have one person probe a case instead of a 4-member panel.
THE Law Ministry unveiled proposed new changes yesterday meant to speed up disciplinary hearings for errant lawyers - a process that often drags on for 15 months.
The move is among a raft of measures aimed to bolster public confidence in the legal profession, the Law Ministry said in a press release yesterday.
‘Such confidence requires a sound disciplinary system for errant lawyers,’ it said in the wake of a report from the Committee to Develop the Singapore Legal System, which recommended the changes.
The changes would see a single person - who would either be a retired judge, ex-judicial commissioner or Senior Counsel - probe cases brought against lawyers accused of violating professional codes of conduct. The system would replace a four-member committee which, because of scheduling problems, bogged down the disciplinary process, according to the committee chaired by Justice V.K. Rajah.
The average time to complete hearings has doubled from 7.5 months in 2002 to 15.4 months last year.
But the Law Society, which represents Singapore’s lawyers, expressed concern over the change.
‘In most jurisdictions, a lawyer is judged by a panel made up by three of his peers,’ it said in a media release. ‘The society is of the view that… it should continue to have three legally qualified persons.’
The proposed new rules come as more lawyers find themselves on the wrong side of the law.
Complaints against lawyers resulted in 28 probes completed last year, more than twice the number from a year earlier. One of the probes involved two lawyers.
Six lawyers were acquitted, nine were reprimanded or fined by their peers and 14 referred to a Court of Three Judges - the highest level of disciplinary action.
Complaints against lawyers covered a range of issues - from offering a commission for a real-estate case to making a false declaration.
Chief Justice Chan Sek Keong said in January there was a pressing need to revise the disciplinary system.
As it stands, errant lawyers are probed by a disciplinary committee comprising two lawyers, a representative from the Attorney-General’s Office and one lay person, who are appointed by the Chief Justice.
The committee can either refer the accused lawyer to the Court of Three Judges - if the matter is serious - or recommend a fine or reprimand by the Law Society.
But the four-member composition often made it difficult to schedule early hearings.
The report released yesterday acknowledged reservations to the streamlined process. But it should help many innocent lawyers who often have to wait months to see their cases decided, it said.
‘A not inconsiderable number of lawyers are acquitted of any misconduct at the disciplinary committee stage.
‘For them, justice is denied when hearings are unreasonably delayed,’ said the report.
Under the new rules, the penalties against errant lawyers will also be increased.
The Law Society may impose fines of up to $20,000 in less serious cases. The Court of Three Judges will also be empowered to fine lawyers up to $100,000, in addition to suspending their licences or striking them off.
‘The Government views these recommendations as positive moves,’ said the Law Ministry.
Move To Speed Up Action Against Errant Lawyers
Source : The Business Times, Friday, December 7, 2007
Errant lawyers may soon find themselves under a quicker and sharper disciplinary process.
A high-level committee headed by Justice V K Rajah has proposed changes to streamline and accelerate various stages of the process, sieving out baseless and vexatious complaints.
The committee recently completed a review of the legal sector.
The Ministry of Law said yesterday that it views the committee’s recommendations as positive moves to fine-tune and improve the disciplinary process.
There is room for improvement as the average time taken by the Disciplinary Committees (DC) to complete cases has doubled from 7.5 months in 2002 to 15.4 months last year.
Part of the reason is that the DC, an independent tribunal appointed by the Chief Justice, comprises two lawyers, one officer from the legal service and a lay person. This composition makes it difficult to schedule early hearings.
So one proposal is to replace the four-man DC with a Disciplinary Tribunal (DT) comprising just one person who could be a senior counsel, retired Judge or Judicial Commissioner.
The Law Society yesterday expressed concern about this proposal and said that the tribunal should continue to have three legally qualified persons.
‘In most jurisdictions, a lawyer is judged by a panel made up of three of his peers,’ the society said in a statement.
To sieve out baseless complaints, the committee has recommended that every complaint be made in writing and supported by a statutory declaration affirming or swearing the truth of the particulars, unless it is made by a public officer. The maximum deposit that complainants have to place will be increased from the current $500 to $1,000.
The DT will also be empowered to order a complainant to pay the costs of proceedings before it if the complaint is found to be frivolous or vexatious.
To prevent the disciplinary process from stalling, judicial review of the DT’s decision should also only be allowed after the tribunal has completed its hearings, the committee said.
Errant lawyers may soon find themselves under a quicker and sharper disciplinary process.
A high-level committee headed by Justice V K Rajah has proposed changes to streamline and accelerate various stages of the process, sieving out baseless and vexatious complaints.
The committee recently completed a review of the legal sector.
The Ministry of Law said yesterday that it views the committee’s recommendations as positive moves to fine-tune and improve the disciplinary process.
There is room for improvement as the average time taken by the Disciplinary Committees (DC) to complete cases has doubled from 7.5 months in 2002 to 15.4 months last year.
Part of the reason is that the DC, an independent tribunal appointed by the Chief Justice, comprises two lawyers, one officer from the legal service and a lay person. This composition makes it difficult to schedule early hearings.
So one proposal is to replace the four-man DC with a Disciplinary Tribunal (DT) comprising just one person who could be a senior counsel, retired Judge or Judicial Commissioner.
The Law Society yesterday expressed concern about this proposal and said that the tribunal should continue to have three legally qualified persons.
‘In most jurisdictions, a lawyer is judged by a panel made up of three of his peers,’ the society said in a statement.
To sieve out baseless complaints, the committee has recommended that every complaint be made in writing and supported by a statutory declaration affirming or swearing the truth of the particulars, unless it is made by a public officer. The maximum deposit that complainants have to place will be increased from the current $500 to $1,000.
The DT will also be empowered to order a complainant to pay the costs of proceedings before it if the complaint is found to be frivolous or vexatious.
To prevent the disciplinary process from stalling, judicial review of the DT’s decision should also only be allowed after the tribunal has completed its hearings, the committee said.
Allgreen Takes On 7 China Developments
Source : The Business Times, Friday, December 7, 2007
It will work with Kerry Holdings, Kerry Properties on the commercial, residential projects
ALLGREEN Properties of Singapore is set to move into China in a big way with seven commercial and residential developments together with Hong Kong publicly listed companies Kerry Holdings and Kerry Properties. All the companies are controlled by Malaysian tycoon Robert Kuok.
The projects, which have a total investment amount of 29.3 billion yuan (S$5.73 billion), will be in the cities of Hangzhou, Chengdu, Qinhuangdao and Shenyang.
In a statement released yesterday, Allgreen said that this was in line with the group’s strategy to expand regionally, especially in China, which it views as a ‘long-term growth market’ providing ‘growth and recurrent income’.
Allgreen said: ‘In addition, the group will also be able to better allocate assets to ride out any downturn in the Singapore economy.’
The projects will mostly be residential but hotel, offices and commercial properties can also be expected. These projects also represents the group’s fourth investment in China.
Allgreen appointed Savills while Kerry Properties appointed DTZ Debenham Tie Leung to carry out valuations of the sites and the agreed property value was about 8.64 billion yuan.
Based on the agreed property value, the outstanding land cost and the non-property net asset value of the joint venture companies, the aggregate consideration payable by Allgreen for its acquisition of the equity interests in the joint venture is estimated to be about 967 million yuan.
Allgreen said that the group will fund the project by internal funds and/or external borrowings.
The statement also noted that the group’s aggregate maximum total investment amount in the joint venture is 6.98 billion yuan, representing about 96.2 per cent of its latest net tangible assets as at Dec 31, 2006.
No development time frame was given for the projects.
There is a mixed-use development planned, comprising hotel, offices, retail podiums and apartments on a 67,374 sq m site near West Lake in Hangzhou with a total investment amount of 5.34 billion yuan and Allgreen will hold a 10 per cent stake.
Also in Hangzhou will be a residential development on a 104,521 sq m site at Xiacheng District with a total investment amount of 1.83 billion yuan, of which Allgreen will hold a 35 per cent stake.
Another residential development is slated for Chengdu’s Hi-Tech Industrial Development Zone. To be built on a 46,130 sq m site, it will have a total investment amount of 1.38 billion yuan, of which Allgreen will have a 25 per cent stake.
Allgreen will also hold a 25 per cent stake in a second residential development on a 38,617 sq m site in Chengdu’s Hi-Tech Industrial Development Zone with a total investment amount of 1.16 billion yuan.
In Qinhuangdao, Allgreen will hold a 10 per cent stake in a mainly residential development on a 113,393 sq m site in the West Section of Hebei Street, Haigang District with an investment amount of 2.2 billion yuan.
Also in Qinhuangdao is another residential development on a 92,250 sq m site at the West Section of Hebei Street, Haigang District with an investment amount of 1.35 billion yuan, of which Allgreen will have a 10 per cent stake.
A mixed-use development has been planned for the 172,694 sq m site on the East Side of Qingnian Street, Shenhe District in Shenyang with a total investment amount of 16 billion yuan. Allgreen will take a 30 per cent stake in this project.
It will work with Kerry Holdings, Kerry Properties on the commercial, residential projects
ALLGREEN Properties of Singapore is set to move into China in a big way with seven commercial and residential developments together with Hong Kong publicly listed companies Kerry Holdings and Kerry Properties. All the companies are controlled by Malaysian tycoon Robert Kuok.
The projects, which have a total investment amount of 29.3 billion yuan (S$5.73 billion), will be in the cities of Hangzhou, Chengdu, Qinhuangdao and Shenyang.
In a statement released yesterday, Allgreen said that this was in line with the group’s strategy to expand regionally, especially in China, which it views as a ‘long-term growth market’ providing ‘growth and recurrent income’.
Allgreen said: ‘In addition, the group will also be able to better allocate assets to ride out any downturn in the Singapore economy.’
The projects will mostly be residential but hotel, offices and commercial properties can also be expected. These projects also represents the group’s fourth investment in China.
Allgreen appointed Savills while Kerry Properties appointed DTZ Debenham Tie Leung to carry out valuations of the sites and the agreed property value was about 8.64 billion yuan.
Based on the agreed property value, the outstanding land cost and the non-property net asset value of the joint venture companies, the aggregate consideration payable by Allgreen for its acquisition of the equity interests in the joint venture is estimated to be about 967 million yuan.
Allgreen said that the group will fund the project by internal funds and/or external borrowings.
The statement also noted that the group’s aggregate maximum total investment amount in the joint venture is 6.98 billion yuan, representing about 96.2 per cent of its latest net tangible assets as at Dec 31, 2006.
No development time frame was given for the projects.
There is a mixed-use development planned, comprising hotel, offices, retail podiums and apartments on a 67,374 sq m site near West Lake in Hangzhou with a total investment amount of 5.34 billion yuan and Allgreen will hold a 10 per cent stake.
Also in Hangzhou will be a residential development on a 104,521 sq m site at Xiacheng District with a total investment amount of 1.83 billion yuan, of which Allgreen will hold a 35 per cent stake.
Another residential development is slated for Chengdu’s Hi-Tech Industrial Development Zone. To be built on a 46,130 sq m site, it will have a total investment amount of 1.38 billion yuan, of which Allgreen will have a 25 per cent stake.
Allgreen will also hold a 25 per cent stake in a second residential development on a 38,617 sq m site in Chengdu’s Hi-Tech Industrial Development Zone with a total investment amount of 1.16 billion yuan.
In Qinhuangdao, Allgreen will hold a 10 per cent stake in a mainly residential development on a 113,393 sq m site in the West Section of Hebei Street, Haigang District with an investment amount of 2.2 billion yuan.
Also in Qinhuangdao is another residential development on a 92,250 sq m site at the West Section of Hebei Street, Haigang District with an investment amount of 1.35 billion yuan, of which Allgreen will have a 10 per cent stake.
A mixed-use development has been planned for the 172,694 sq m site on the East Side of Qingnian Street, Shenhe District in Shenyang with a total investment amount of 16 billion yuan. Allgreen will take a 30 per cent stake in this project.
S’pore Economy Tipped To Grow More Than 6% Next Year
Source : Straits Times, Dec 8, 2007
Experts revise forecasts down slightly but say construction and property will sizzle
DESPITE a cloud of gloom over the United States, private economists here expect Singapore’s economy to grow at a still-respectable rate of more than 6 per cent next year.
The upbeat finding came in a Monetary Authority of Singapore (MAS) quarterly survey of local economists.
The survey produced a median growth forecast of 6.3 per cent for next year. The median is the mid-
point across the spectrum of predictions of those surveyed.
This represents a very slight downgrade from the 6.5 per cent median obtained in the previous survey conducted by the MAS in September.
‘The most likely outcome, according to the respondents, is for the Singapore economy to grow by between 6 per cent and 6.9 per cent next year,’ said the survey report.
Analysts say the US faces a possible recession in the wake of the sub-prime mortgage crisis that has triggered a global credit crunch in recent months.
Nevertheless, Singapore’s growth for this year is expected to come in higher than the market had forecast three months ago.
The median of 18 economists surveyed is for Singapore’s gross domestic product (GDP) to expand by 8 per cent this year.
That is up from the 7.5 per cent economic growth rate tipped in the previous survey.
This higher forecast follows stronger-than-expected third quarter growth of 8.9 per cent.
Economists predict that the sizzling construction sector, fuelled by the red-hot property market, will continue to power ahead at a double-digit growth rate.
However, they expect the financial services sector to expand at only slightly over half its pace this year.
The manufacturing sector is also tipped to grow at a slower rate next year.
On the other hand, the market outlook for inflation - the general rise in the price of goods and services - is that it will increase next year.
Economists’ forecasts for inflation range from a low of 2.5 per cent to a high of 4.2 per cent, but the median forecast is for consumer prices to rise by 3.7 per cent next year.
As for this year, the inflation projection was also lifted to a median of 2 per cent from 1.5 per cent in the September survey.
The higher predictions came after inflation hit a 16-year high of 3.6 per cent in October.
Although the global economy is likely to slow down further, the market is forecasting a slight improvement in Singapore export growth next year.
A stronger Singapore currency is on the cards - at least versus the US dollar, which has been on a weakening track, according to most analysts.
The Singdollar is predicted to end next year at $1.40 to the US dollar, says the median consensus.
Yesterday, the Singdollar was trading at about $1.44 to the greenback.
At least one analyst believes the local currency will strengthen to reach $1.34 to the greenback. At the other end of the range is a forecast of $1.46.
Experts revise forecasts down slightly but say construction and property will sizzle
DESPITE a cloud of gloom over the United States, private economists here expect Singapore’s economy to grow at a still-respectable rate of more than 6 per cent next year.
The upbeat finding came in a Monetary Authority of Singapore (MAS) quarterly survey of local economists.
The survey produced a median growth forecast of 6.3 per cent for next year. The median is the mid-
point across the spectrum of predictions of those surveyed.
This represents a very slight downgrade from the 6.5 per cent median obtained in the previous survey conducted by the MAS in September.
‘The most likely outcome, according to the respondents, is for the Singapore economy to grow by between 6 per cent and 6.9 per cent next year,’ said the survey report.
Analysts say the US faces a possible recession in the wake of the sub-prime mortgage crisis that has triggered a global credit crunch in recent months.
Nevertheless, Singapore’s growth for this year is expected to come in higher than the market had forecast three months ago.
The median of 18 economists surveyed is for Singapore’s gross domestic product (GDP) to expand by 8 per cent this year.
That is up from the 7.5 per cent economic growth rate tipped in the previous survey.
This higher forecast follows stronger-than-expected third quarter growth of 8.9 per cent.
Economists predict that the sizzling construction sector, fuelled by the red-hot property market, will continue to power ahead at a double-digit growth rate.
However, they expect the financial services sector to expand at only slightly over half its pace this year.
The manufacturing sector is also tipped to grow at a slower rate next year.
On the other hand, the market outlook for inflation - the general rise in the price of goods and services - is that it will increase next year.
Economists’ forecasts for inflation range from a low of 2.5 per cent to a high of 4.2 per cent, but the median forecast is for consumer prices to rise by 3.7 per cent next year.
As for this year, the inflation projection was also lifted to a median of 2 per cent from 1.5 per cent in the September survey.
The higher predictions came after inflation hit a 16-year high of 3.6 per cent in October.
Although the global economy is likely to slow down further, the market is forecasting a slight improvement in Singapore export growth next year.
A stronger Singapore currency is on the cards - at least versus the US dollar, which has been on a weakening track, according to most analysts.
The Singdollar is predicted to end next year at $1.40 to the US dollar, says the median consensus.
Yesterday, the Singdollar was trading at about $1.44 to the greenback.
At least one analyst believes the local currency will strengthen to reach $1.34 to the greenback. At the other end of the range is a forecast of $1.46.
Finally, Horizon Towers En Bloc Sale Gets Go-Ahead
Source : The Straits Times, Dec 8, 2007
Strata Titles Board rejects objections from minority owners, who have a month to appeal
AFTER months of sometimes bitter wrangling, the collective sale of Horizon Towers looks set to go ahead.
The latest chapter of the saga drew to a close yesterday when the Strata Titles Board (STB) granted an order for the $500 million sale to proceed.
This is in time for the sale of the 99-year leasehold Leonie Hill estate to be wrapped up before a Dec 11 deadline.
The buyers are Hotel Properties (HPL) and partners Morgan Stanley Real Estate and Qatar Investment Authority.
The minority owners objecting to the sale have one month to appeal against the decision. They have yet to indicate if they will do so.
The Horizon Towers saga started earlier this year because several owners were unhappy with the sale price given that prices had surged by the time the HPL-led consortium bought the site at the $500 million reserve price.
The buyers, who had earlier filed a lawsuit against the majority owners for alleged breach of contract, are maintaining their right to sue until the sale is complete.
HPL director Christopher Lim yesterday said: ‘We are pleased that the STB has allowed the collective sale and rejected the objectors’ case, including their allegations of bad faith.’
More than 60 people turned up for the STB decision. The STB tribunal’s chairman Philip Chan announced that the application had been granted. The grounds of decision will be out in due course.
He said the board rejected various points put forward in opposition to the sale. One, a constitutional point, involved a few objectors arguing that en bloc rules infringed fundamental rights.
Other points involved whether the requisite 80 per cent minimum approval level had been obtained and procedural requirements met.
The STB tribunal said it had been guided by the Phoenix Court case. The collective sale of the St Thomas Walk pro- perty was approved. An objecting couple appealed against the STB decision, but the High Court upheld the STB order on Nov 9.
Another point dealt with whether the deal was done in good faith, including the sale price and proposed method of distribution of funds.
The tribunal said one key issue was the purpose of the en bloc rules - to facilitate such sales.
An industry observer said: ‘Generally, there has been a paradigm shift in the approach to interpreting collective sale rules, from a literal manner to a purposive way.’
Mr K Shanmugam of Allen & Gledhill, representing the buyers, said: ‘Our client entered into the transaction in good faith and paid what was then a record price for the property.’
‘The application should therefore have proceeded smoothly, but the market changed. As a result, the case went through a number of critical junctures,’ he said.
They are, however, happy with the end result, he added.
The consortium bought Horizon Towers back in January. The sale application was thrown out by the same STB tribunal in early August because of three missing pages.
The buyers then took out the lawsuit, filed an appeal with the High Court and had the sale deadline extended by four months to Dec 11, as allowed by the contract.
In October, the High Court sent the case back to STB.
Recently, two collective sale applications were rejected by the STB - Airview Towers in St Thomas Walk and Finland Gardens in East Coast Terrace and Avenue.
Strata Titles Board rejects objections from minority owners, who have a month to appeal
AFTER months of sometimes bitter wrangling, the collective sale of Horizon Towers looks set to go ahead.
The latest chapter of the saga drew to a close yesterday when the Strata Titles Board (STB) granted an order for the $500 million sale to proceed.
This is in time for the sale of the 99-year leasehold Leonie Hill estate to be wrapped up before a Dec 11 deadline.
The buyers are Hotel Properties (HPL) and partners Morgan Stanley Real Estate and Qatar Investment Authority.
The minority owners objecting to the sale have one month to appeal against the decision. They have yet to indicate if they will do so.
The Horizon Towers saga started earlier this year because several owners were unhappy with the sale price given that prices had surged by the time the HPL-led consortium bought the site at the $500 million reserve price.
The buyers, who had earlier filed a lawsuit against the majority owners for alleged breach of contract, are maintaining their right to sue until the sale is complete.
HPL director Christopher Lim yesterday said: ‘We are pleased that the STB has allowed the collective sale and rejected the objectors’ case, including their allegations of bad faith.’
More than 60 people turned up for the STB decision. The STB tribunal’s chairman Philip Chan announced that the application had been granted. The grounds of decision will be out in due course.
He said the board rejected various points put forward in opposition to the sale. One, a constitutional point, involved a few objectors arguing that en bloc rules infringed fundamental rights.
Other points involved whether the requisite 80 per cent minimum approval level had been obtained and procedural requirements met.
The STB tribunal said it had been guided by the Phoenix Court case. The collective sale of the St Thomas Walk pro- perty was approved. An objecting couple appealed against the STB decision, but the High Court upheld the STB order on Nov 9.
Another point dealt with whether the deal was done in good faith, including the sale price and proposed method of distribution of funds.
The tribunal said one key issue was the purpose of the en bloc rules - to facilitate such sales.
An industry observer said: ‘Generally, there has been a paradigm shift in the approach to interpreting collective sale rules, from a literal manner to a purposive way.’
Mr K Shanmugam of Allen & Gledhill, representing the buyers, said: ‘Our client entered into the transaction in good faith and paid what was then a record price for the property.’
‘The application should therefore have proceeded smoothly, but the market changed. As a result, the case went through a number of critical junctures,’ he said.
They are, however, happy with the end result, he added.
The consortium bought Horizon Towers back in January. The sale application was thrown out by the same STB tribunal in early August because of three missing pages.
The buyers then took out the lawsuit, filed an appeal with the High Court and had the sale deadline extended by four months to Dec 11, as allowed by the contract.
In October, the High Court sent the case back to STB.
Recently, two collective sale applications were rejected by the STB - Airview Towers in St Thomas Walk and Finland Gardens in East Coast Terrace and Avenue.
Deutsche Bank Unit Sees Global Real Estate Recovery In 2009
Source : The Business Times, December 8, 2007
(LONDON) Global real estate investment is leaving behind an era of above-average returns and is set for leaner times but it will start to recover in 2009, according to RREEF, Deutsche Bank's alternative investments arm.
'There is some justification for the media hysteria but what we are seeing is a cyclical correction not the end of the asset class,' Peter Hobbs of RREEF said in a telephone interview ahead of a speech yesterday at a Reuters real estate event.
'We are expecting a cyclical slowdown, especially in more volatile and overpriced markets such as London, Madrid, Hong Kong, Singapore, Phoenix, and San Diego, but the long-term picture remains exciting,' Mr Hobbs told Reuters.
Mr Hobbs is head of global real estate research at RREEF, one of the world's biggest property fund managers. He also sits on RREEF's product development committee.
The firm has expanded into private equity, hedge fund, and infrastructure investment in recent years but remained committed to real estate, which had a longer and deeper track record of performance than other alternative asset classes, Mr Hobbs said.
'Real estate still has huge potential,' Mr Hobbs said. 'There are generational opportunities.'
The worst case scenario was a repeat of post-bubble Japan, where property investors got their fingers so badly burnt that they abandoned the asset class for much of the 1990s and beyond.
But that was unlikely due to several long-term positives, including the continued growth of wealth in Asia, Latin America, and eastern Europe which would lift demand for retail and residential property for years to come.
Mr Hobbs said total returns - rental income and capital growth - were set to slow across most markets in 2008, bringing the global average down to 6 per cent from 13 per cent this year.
But as aggressive real estate pricing was unwound, so money would be drawn back into the market, he said.
Pension fund allocations to property remained below target in much of Europe and Japan, while sovereign wealth funds with up to US$2 trillion at their disposal had yet to follow the lead of Singapore's GIC by committing funds to real estate.
Even debt-dependent players would come back into play, eventually, as funding costs eased and property was repriced.
The United States, where the economy was under a nasty cloud due to a savage housing crisis, was already becoming an attractive destination again for Europe-based property investors, given recent sharp falls in the dollar, Mr Hobbs said.
The fundamentals in key market New York were also in better shape than in rival financial centre London.
Excess new supply was an issue in London's City office market, even though speculative developments would be reined in due to the global credit crunch, housing market weakness, and a slowing UK economy, Mr Hobbs said.
British shopping malls faced similar problems, as did Madrid, Hong Kong, and some Indian cities, which would weigh on rental growth, he said.
Even red-hot Singapore was vulnerable. Having seen rents grow by 200 per cent in the last three to four years, a recent dip in local real estate investment trust (Reit) shares probably presaged a slowdown, as they had already in the UK, Mr Hobbs said.
UK Reits are down 36 per cent so far this year, predating a slowdown in the country's underlying commercial property market by six to eight months.
In contrast, the Singapore property index is 17 per cent up in the year-to- date period, but it had been 39 per cent up in early October. - Reuters
(LONDON) Global real estate investment is leaving behind an era of above-average returns and is set for leaner times but it will start to recover in 2009, according to RREEF, Deutsche Bank's alternative investments arm.
'There is some justification for the media hysteria but what we are seeing is a cyclical correction not the end of the asset class,' Peter Hobbs of RREEF said in a telephone interview ahead of a speech yesterday at a Reuters real estate event.
'We are expecting a cyclical slowdown, especially in more volatile and overpriced markets such as London, Madrid, Hong Kong, Singapore, Phoenix, and San Diego, but the long-term picture remains exciting,' Mr Hobbs told Reuters.
Mr Hobbs is head of global real estate research at RREEF, one of the world's biggest property fund managers. He also sits on RREEF's product development committee.
The firm has expanded into private equity, hedge fund, and infrastructure investment in recent years but remained committed to real estate, which had a longer and deeper track record of performance than other alternative asset classes, Mr Hobbs said.
'Real estate still has huge potential,' Mr Hobbs said. 'There are generational opportunities.'
The worst case scenario was a repeat of post-bubble Japan, where property investors got their fingers so badly burnt that they abandoned the asset class for much of the 1990s and beyond.
But that was unlikely due to several long-term positives, including the continued growth of wealth in Asia, Latin America, and eastern Europe which would lift demand for retail and residential property for years to come.
Mr Hobbs said total returns - rental income and capital growth - were set to slow across most markets in 2008, bringing the global average down to 6 per cent from 13 per cent this year.
But as aggressive real estate pricing was unwound, so money would be drawn back into the market, he said.
Pension fund allocations to property remained below target in much of Europe and Japan, while sovereign wealth funds with up to US$2 trillion at their disposal had yet to follow the lead of Singapore's GIC by committing funds to real estate.
Even debt-dependent players would come back into play, eventually, as funding costs eased and property was repriced.
The United States, where the economy was under a nasty cloud due to a savage housing crisis, was already becoming an attractive destination again for Europe-based property investors, given recent sharp falls in the dollar, Mr Hobbs said.
The fundamentals in key market New York were also in better shape than in rival financial centre London.
Excess new supply was an issue in London's City office market, even though speculative developments would be reined in due to the global credit crunch, housing market weakness, and a slowing UK economy, Mr Hobbs said.
British shopping malls faced similar problems, as did Madrid, Hong Kong, and some Indian cities, which would weigh on rental growth, he said.
Even red-hot Singapore was vulnerable. Having seen rents grow by 200 per cent in the last three to four years, a recent dip in local real estate investment trust (Reit) shares probably presaged a slowdown, as they had already in the UK, Mr Hobbs said.
UK Reits are down 36 per cent so far this year, predating a slowdown in the country's underlying commercial property market by six to eight months.
In contrast, the Singapore property index is 17 per cent up in the year-to- date period, but it had been 39 per cent up in early October. - Reuters
Lippo's Sentosa Condo At About $2,750-2,900 psf
Source : The Business Times, December 8, 2007
LIPPO Group is said to have priced its Marina Collection condo, a 99-year leasehold project on Sentosa Cove, at about $2,750-2,900 psf on average.
It has sold about half of the 60 or so units it has released so far.
Over the past few days, the group, controlled by Indonesia's Riady family, is said to have sold about half of the 60 or so units it has released so far in the 124-unit, four-storey development next to the One Degree 15 Marina Club. The development comprises three blocks.
Lippo is developing the condo jointly with the Marina Club, OCBC and Austria's Raiffeisen Zentralbank (RZB).
Buyers will be given a free membership at One Degree 15 Marina Club for each unit of Marina Collection they purchase. The memberships are currently said to be going for above $40,000 each.
Lippo's price appears to be slightly higher than the $2,600 psf net average achieved for the previous condo launch at Sentosa Cove - Ho Bee's Turquoise.
The project was released in September and to date, Ho Bee is said to have sold 45 out of the 60 units it has released so far out of 91 units in the six-storey condo.
Marina Collection comprises three-, four-, and five-bedroom apartments as well as penthouses. Three-bedder units cost about $5.4 million while penthouses are priced at $10 million and above.
The 30 or so units Lippo has sold so far include five penthouses.
There are about 30 penthouses altogether.
The Lippo-led consortium is developing Marina Collection on a plot that it bagged at a tender that closed in September last year for $234.7 million or $818 psf per plot ratio (ppr).
Lippo's pricing for its Marina Collection will no doubt be used by property developers to peg their bids at next week's tender for the Pinnacle Collection - the last condo plot at Sentosa Cove.
The plot, which has a choice location at the entrance to the precinct's marina basin, has a reserve price of $963.8 million or $1,600 psf ppr.
LIPPO Group is said to have priced its Marina Collection condo, a 99-year leasehold project on Sentosa Cove, at about $2,750-2,900 psf on average.
It has sold about half of the 60 or so units it has released so far.Over the past few days, the group, controlled by Indonesia's Riady family, is said to have sold about half of the 60 or so units it has released so far in the 124-unit, four-storey development next to the One Degree 15 Marina Club. The development comprises three blocks.
Lippo is developing the condo jointly with the Marina Club, OCBC and Austria's Raiffeisen Zentralbank (RZB).
Buyers will be given a free membership at One Degree 15 Marina Club for each unit of Marina Collection they purchase. The memberships are currently said to be going for above $40,000 each.
Lippo's price appears to be slightly higher than the $2,600 psf net average achieved for the previous condo launch at Sentosa Cove - Ho Bee's Turquoise.
The project was released in September and to date, Ho Bee is said to have sold 45 out of the 60 units it has released so far out of 91 units in the six-storey condo.
Marina Collection comprises three-, four-, and five-bedroom apartments as well as penthouses. Three-bedder units cost about $5.4 million while penthouses are priced at $10 million and above.
The 30 or so units Lippo has sold so far include five penthouses.
There are about 30 penthouses altogether.
The Lippo-led consortium is developing Marina Collection on a plot that it bagged at a tender that closed in September last year for $234.7 million or $818 psf per plot ratio (ppr).
Lippo's pricing for its Marina Collection will no doubt be used by property developers to peg their bids at next week's tender for the Pinnacle Collection - the last condo plot at Sentosa Cove.
The plot, which has a choice location at the entrance to the precinct's marina basin, has a reserve price of $963.8 million or $1,600 psf ppr.
Economists Take Paring Knife To '08 Growth Forecast
Source : The Business Times, December 8, 2007
18 forecasters polled by MAS see growth slowing sharply in H1 2008
Economists have pared their forecasts for Singapore's 2008 GDP growth to a median 6.3 per cent, from 6.5 per cent three months earlier.
Eighteen market economists who responded to the Monetary Authority of Singapore's quarterly survey of professional forecasters last month estimated that the economy will grow 7.7 per cent in the current final quarter, down from Q3's 8.9 per cent pace.
This will bring full-year growth to 8 per cent, at the top end of the official projected range. For the first nine months of 2007, GDP growth averaged 8.1 per cent.
The latest MAS poll findings also see GDP growth slowing sharply in the first half of 2008 to a median 7 per cent in Q1 and 6.1 per cent in Q2. Growth is then forecast to hold at around 6 per cent through the remaining quarters for a year-round pace of 6.3 per cent.
Most likely, the economy will grow between 6 and 6.9 per cent next year.
But there is also a 31 per cent chance of 2008 growth averaging between 5 and 5.9 per cent, while the probability of growth hitting 7 per cent or higher is seen to be just over 21 per cent.
Last month, the Ministry of Trade and Industry raised its early forecast of Singapore's 2008 growth by half a percentage point to 4.5-6.5 per cent.
Going by past survey results, the economy has tended to outperform the market forecasts.
In the latest poll, conducted about three weeks ago, economists expect broad-based GDP growth across the manufacturing and services sectors to continue in 2008.
The construction sector, notably, is forecast to grow 13.5 per cent, leading growth among the key sectors.
Consumer inflation is expected to surge from an estimated 2 per cent in 2007 to 3.7 per cent next year, while unemployment is forecast to remain at around 2 per cent.
18 forecasters polled by MAS see growth slowing sharply in H1 2008
Economists have pared their forecasts for Singapore's 2008 GDP growth to a median 6.3 per cent, from 6.5 per cent three months earlier.
Eighteen market economists who responded to the Monetary Authority of Singapore's quarterly survey of professional forecasters last month estimated that the economy will grow 7.7 per cent in the current final quarter, down from Q3's 8.9 per cent pace.
This will bring full-year growth to 8 per cent, at the top end of the official projected range. For the first nine months of 2007, GDP growth averaged 8.1 per cent.
The latest MAS poll findings also see GDP growth slowing sharply in the first half of 2008 to a median 7 per cent in Q1 and 6.1 per cent in Q2. Growth is then forecast to hold at around 6 per cent through the remaining quarters for a year-round pace of 6.3 per cent.
Most likely, the economy will grow between 6 and 6.9 per cent next year.
But there is also a 31 per cent chance of 2008 growth averaging between 5 and 5.9 per cent, while the probability of growth hitting 7 per cent or higher is seen to be just over 21 per cent.
Last month, the Ministry of Trade and Industry raised its early forecast of Singapore's 2008 growth by half a percentage point to 4.5-6.5 per cent.
Going by past survey results, the economy has tended to outperform the market forecasts.
In the latest poll, conducted about three weeks ago, economists expect broad-based GDP growth across the manufacturing and services sectors to continue in 2008.
The construction sector, notably, is forecast to grow 13.5 per cent, leading growth among the key sectors.
Consumer inflation is expected to surge from an estimated 2 per cent in 2007 to 3.7 per cent next year, while unemployment is forecast to remain at around 2 per cent.
S'pore Economy Tipped To Grow 6.3% In 2008: MAS Poll
Source : The Straits Times, Dec 7, 2007
DESPITE the financial gloom in the United States, market economists here expect the Singapore economy to grow at a respectable 6.3 per cent on average next year, according to the latest Monetary Authority of Singapore (MAS) poll.
Although the 18 economists cut their 2008 growth forecasts from a median 6.5 per cent in the previous poll in September, the revised growth estimate for next year is still near the top end of the Singapore government's 4.5-6.5 per cent forecast range.
Growth for the whole of this year, however, will likely come in higher than the market had expected three months ago.
Last year, Singapore's economy grew by 7.9 per cent.
The median consensus among market economists is for the economy to expand by 8 per cent this year, up from the 7.5 per cent forecast in September.
This follows stronger-than-expected third quarter growth of 8.9 per cent.
However, the market expects inflation next year to remain at the same level as October, when consumer prices rose by their fastest pace in 16 years.
The economists and analysts polled by MAS expect inflation in 2008 to average 3.6 per cent, with forecasts ranging from 2.5 per cent to 4.2 per cent. In September, they projected inflation in 2007 to be 1.5 per cent.
The Singdollar is predicted to end 2008 at $1.40 to the US dollar, says the median consensus.
Expectations for a slowing Singapore economy come after the OECD said on Thursday that growth in China and India would not be as furious as before.
The OECD said financial market troubles were the biggest risk, but simply unquantifiable right now.
'Respondents expect broad-based GDP growth across the manufacturing and services sectors to continue in 2008,' said the MAS poll.
Economists expect the construction and financial services sectors to continue to lead growth next year, expanding by 13.5 per cent and 9.0 per cent respectively.
The manufacturing sector, which accounts for about a quarter of the economy, is seen growing 6.8 per cent next year.
Its major export markets are Europe and the United States.
The OECD said economic growth in the industrialised world is losing steam after a strong run, and the US economy is slowing sharply but not sliding into recession.
'The risk factors are externally driven and economic
fundamentals remain strong,' Reuters quoted DBS economist Irvin Seah as saying.
DESPITE the financial gloom in the United States, market economists here expect the Singapore economy to grow at a respectable 6.3 per cent on average next year, according to the latest Monetary Authority of Singapore (MAS) poll.
Although the 18 economists cut their 2008 growth forecasts from a median 6.5 per cent in the previous poll in September, the revised growth estimate for next year is still near the top end of the Singapore government's 4.5-6.5 per cent forecast range.
Growth for the whole of this year, however, will likely come in higher than the market had expected three months ago.
Last year, Singapore's economy grew by 7.9 per cent.
The median consensus among market economists is for the economy to expand by 8 per cent this year, up from the 7.5 per cent forecast in September.
This follows stronger-than-expected third quarter growth of 8.9 per cent.
However, the market expects inflation next year to remain at the same level as October, when consumer prices rose by their fastest pace in 16 years.
The economists and analysts polled by MAS expect inflation in 2008 to average 3.6 per cent, with forecasts ranging from 2.5 per cent to 4.2 per cent. In September, they projected inflation in 2007 to be 1.5 per cent.
The Singdollar is predicted to end 2008 at $1.40 to the US dollar, says the median consensus.
Expectations for a slowing Singapore economy come after the OECD said on Thursday that growth in China and India would not be as furious as before.
The OECD said financial market troubles were the biggest risk, but simply unquantifiable right now.
'Respondents expect broad-based GDP growth across the manufacturing and services sectors to continue in 2008,' said the MAS poll.
Economists expect the construction and financial services sectors to continue to lead growth next year, expanding by 13.5 per cent and 9.0 per cent respectively.
The manufacturing sector, which accounts for about a quarter of the economy, is seen growing 6.8 per cent next year.
Its major export markets are Europe and the United States.
The OECD said economic growth in the industrialised world is losing steam after a strong run, and the US economy is slowing sharply but not sliding into recession.
'The risk factors are externally driven and economic
fundamentals remain strong,' Reuters quoted DBS economist Irvin Seah as saying.
STB Approves En Bloc Sale Of Horizon Towers
Source : The Business Times, December 8, 2007
But it may not spell end of saga as minority owners who oppose sale may still appeal
Almost a year of wrangling and millions of dollars in legal fees later, the controversial en bloc sale of Horizon Towers was eventually approved yesterday by the Strata Titles Board (STB).
Still, the board's verdict by no means spells the end of the long-running saga - minority owners who oppose the sale could still appeal. That would put the sale on hold, and could mean another round of protracted legal disputes.
The STB's much-awaited decision on Horizon Towers was delivered before a packed room in the board's Maxwell Road headquarters. Tribunal chairman Philip Chan read out the prepared statement solemnly, before four teams of lawyers and some 70 owners, curious onlookers and the media.
Acknowledging that this collective sale 'lasted longer than most other en bloc (sales)' that have come before the STB, Mr Chan said that his tribunal eventually decided to grant the application for the collective sale of Horizon Towers, after considering the various merits of the case.
He said that the board had been 'particularly guided' by the recent decision reached in the Phoenix Court en bloc sale and the parliamentary debates on recent amendments to the legislation governing en bloc sales.
In the Phoenix Court case, Justice Andrew Ang threw out the sole minority owner's objection to the collective sale of the freehold apartment block at St Thomas Walk. Justice Ang determined that it was important to look at the purposive nature of the law governing collective sales, which requires that 80 per cent of owners have to agree to the sale before it can go through. As the requisite majority was obtained in the Phoenix Court case, Justice Ang ruled that the transaction was not prejudicial to the minority - as the law had intended.
A similar stance was adopted by Senior Minister of State for Law, Associate Professor Ho Peng Kee, and Deputy Prime Minister and Law Minister S Jayakumar in the recent parliamentary debates on amendments to the Land Titles (Strata) Bill.
Prof Ho had said requiring 100 per cent consent among owners for an en bloc sale was untenable, as it would cause delays in any sale, acrimony and incur costs. He said that amendments to the law would provide adequate safeguards to protect minority interests and that the existing 80 per cent or 90 per cent majority required - depending on the age of the development - was satisfactory. DPM Jayakumar agreed that amendments to the Bill would provide more safeguards and transparency for all owners.
Tribunal chairman Mr Chan also said yesterday that the minority owners who opposed the sale had failed to prove their case that the transaction had been carried out in bad faith. The minorities had alleged, among other things, that the sales committee and its sales agent had not worked hard enough to get the best price possible for the development.
The tribunal will issue detailed grounds for its decision at a later date. It ruled yesterday that no order would be made for costs, meaning that the minority would not have to bear any portion of the costs of the proceedings.
The gallery's reaction to the tribunal's decision was muted - surprising for a case that has caused much emotional upheaval for its owners. Owners received the verdict quietly and shuffled out of the room.
The minority owners, who feel they will lose their homes with this sale, were accepting of the verdict. 'The decision was not unexpected. We have done and will do what is principally correct,' said Jasmine Tan, who declined to comment at this point on whether she would appeal against the STB's decision.
And, expectedly, the majority owners - the over-80 per cent who agreed to the collective sale - were relieved with the STB's decision. They face the threat of being sued for up to $1 billion by the buyers, Hotel Properties (HPL) and its partners, if the deal falls through.
Said a group of some 80 majority owners: 'We are happy with the decision and very pleased that the en bloc is going through. We look forward to the buyers confirming that they will proceed with the deal and withdrawing the legal suits they have started against some owners.'
HPL and its partners, for their part, have expressed their happiness with STB's decision - but have held back on any decision on the lawsuit, pending the actual completion of the sale.
'We are pleased that the STB has allowed the collective sale and rejected the objectors' case, including their allegations of bad faith,' said HPL executive director Christopher Lim.
The buyers' lawyer, Senior Counsel K Shanmugam of Allen & Gledhill, added: 'Our client entered into the transaction in good faith and paid what was then a record price for the property. The application should therefore have proceeded smoothly, but the market changed. As a result, the case went through a number of critical junctures. We are, however, happy that the end result is that the tribunal has ruled that the sale should now go ahead.'
But it may not spell end of saga as minority owners who oppose sale may still appeal
Almost a year of wrangling and millions of dollars in legal fees later, the controversial en bloc sale of Horizon Towers was eventually approved yesterday by the Strata Titles Board (STB).
Still, the board's verdict by no means spells the end of the long-running saga - minority owners who oppose the sale could still appeal. That would put the sale on hold, and could mean another round of protracted legal disputes.
The STB's much-awaited decision on Horizon Towers was delivered before a packed room in the board's Maxwell Road headquarters. Tribunal chairman Philip Chan read out the prepared statement solemnly, before four teams of lawyers and some 70 owners, curious onlookers and the media.
Acknowledging that this collective sale 'lasted longer than most other en bloc (sales)' that have come before the STB, Mr Chan said that his tribunal eventually decided to grant the application for the collective sale of Horizon Towers, after considering the various merits of the case.
He said that the board had been 'particularly guided' by the recent decision reached in the Phoenix Court en bloc sale and the parliamentary debates on recent amendments to the legislation governing en bloc sales.
In the Phoenix Court case, Justice Andrew Ang threw out the sole minority owner's objection to the collective sale of the freehold apartment block at St Thomas Walk. Justice Ang determined that it was important to look at the purposive nature of the law governing collective sales, which requires that 80 per cent of owners have to agree to the sale before it can go through. As the requisite majority was obtained in the Phoenix Court case, Justice Ang ruled that the transaction was not prejudicial to the minority - as the law had intended.
A similar stance was adopted by Senior Minister of State for Law, Associate Professor Ho Peng Kee, and Deputy Prime Minister and Law Minister S Jayakumar in the recent parliamentary debates on amendments to the Land Titles (Strata) Bill.
Prof Ho had said requiring 100 per cent consent among owners for an en bloc sale was untenable, as it would cause delays in any sale, acrimony and incur costs. He said that amendments to the law would provide adequate safeguards to protect minority interests and that the existing 80 per cent or 90 per cent majority required - depending on the age of the development - was satisfactory. DPM Jayakumar agreed that amendments to the Bill would provide more safeguards and transparency for all owners.
Tribunal chairman Mr Chan also said yesterday that the minority owners who opposed the sale had failed to prove their case that the transaction had been carried out in bad faith. The minorities had alleged, among other things, that the sales committee and its sales agent had not worked hard enough to get the best price possible for the development.
The tribunal will issue detailed grounds for its decision at a later date. It ruled yesterday that no order would be made for costs, meaning that the minority would not have to bear any portion of the costs of the proceedings.
The gallery's reaction to the tribunal's decision was muted - surprising for a case that has caused much emotional upheaval for its owners. Owners received the verdict quietly and shuffled out of the room.
The minority owners, who feel they will lose their homes with this sale, were accepting of the verdict. 'The decision was not unexpected. We have done and will do what is principally correct,' said Jasmine Tan, who declined to comment at this point on whether she would appeal against the STB's decision.
And, expectedly, the majority owners - the over-80 per cent who agreed to the collective sale - were relieved with the STB's decision. They face the threat of being sued for up to $1 billion by the buyers, Hotel Properties (HPL) and its partners, if the deal falls through.
Said a group of some 80 majority owners: 'We are happy with the decision and very pleased that the en bloc is going through. We look forward to the buyers confirming that they will proceed with the deal and withdrawing the legal suits they have started against some owners.'
HPL and its partners, for their part, have expressed their happiness with STB's decision - but have held back on any decision on the lawsuit, pending the actual completion of the sale.
'We are pleased that the STB has allowed the collective sale and rejected the objectors' case, including their allegations of bad faith,' said HPL executive director Christopher Lim.
The buyers' lawyer, Senior Counsel K Shanmugam of Allen & Gledhill, added: 'Our client entered into the transaction in good faith and paid what was then a record price for the property. The application should therefore have proceeded smoothly, but the market changed. As a result, the case went through a number of critical junctures. We are, however, happy that the end result is that the tribunal has ruled that the sale should now go ahead.'
Horizon Towers Gets Go-Ahead For En-Bloc Sale
Source : The Straits Times, Dec 7, 2007
THE Strata Titles Board (STB) on Friday ruled that the hotly-disputed en-bloc sale of Horizon Towers can proceed, despite objections from the minority owners.
STB has now heard the views of both majority and minority owners and has decided that the en-bloc sale of Horizon Towers can proceed. -- ST PHOTO: MAY LIN LE GOFF
The collective sale first hit the spotlight after the STB did not even hear the objections of the minority owners, on the basis of a technicality.
The buyers - Hotel Properties and its two partners - then threatened to sue the owners of Horizon Towers for not keeping up their side of the bargain.
After HPL extended the sale completion deadline to Dec 11, the owners asked the High Court to rule that the STB should not have thrown out the case in the first place, a decision which the court gave.
STB has now heard the views of both majority and minority owners and has decided that the sale can go ahead.
Although the majority owners can breathe a sigh of relief at averting a potential lawsuit, the minority owners could still file an appeal against the STB ruling.
THE Strata Titles Board (STB) on Friday ruled that the hotly-disputed en-bloc sale of Horizon Towers can proceed, despite objections from the minority owners.
STB has now heard the views of both majority and minority owners and has decided that the en-bloc sale of Horizon Towers can proceed. -- ST PHOTO: MAY LIN LE GOFFThe collective sale first hit the spotlight after the STB did not even hear the objections of the minority owners, on the basis of a technicality.
The buyers - Hotel Properties and its two partners - then threatened to sue the owners of Horizon Towers for not keeping up their side of the bargain.
After HPL extended the sale completion deadline to Dec 11, the owners asked the High Court to rule that the STB should not have thrown out the case in the first place, a decision which the court gave.
STB has now heard the views of both majority and minority owners and has decided that the sale can go ahead.
Although the majority owners can breathe a sigh of relief at averting a potential lawsuit, the minority owners could still file an appeal against the STB ruling.
Govt Measures Will Prevent Runaway Prices In Residential Mass Market
Source : Channel NewsAsia, 07 December 2007
Property consultants say the government looks to be trying to prevent prices in the residential mass market from rising too sharply by putting 8 suburban sites on the Confirmed List for its Government Land Sales (GLS) Programme for the next 6 months.
They do not expect to see fierce bidding for these sites, although they say there is niche appeal.
Mass market properties are expected to provide most of the momentum in the residential sector next year, replacing the influence high-end properties have had in 2007.
And in anticipation, the government is releasing eight suburban sites on the Confirmed List for its land sales programme in the first half of 2008.
Donald Han, Managing Director, Cushman & Wakefield, says: "The government's overall plan has been to ensure adequate supply on the mass market and HDB part of the equation. Over the last 12, 24 months we see huge increases due to lack of supply coming from luxury and mid-end market. Looking at trends the government is concerned to ensure that prices for mass market don't get out of sync."
Nicholas Mak, Director - Consultancy and Research, Knight Frank, says: "The government has always said that there's sufficient demand in the market and I think right now they're pushing out more HDB flats as well as mass market private property sites. It's basically to cater to the expected build up in demand. I guess we have really seen quite a good runup in high end market as well as the mid-tier. I think the mass market pick up this year and next year, I think it will be a gradual matter and what is going to be made available in both the HDB market and this GLS is actually to cater to that expected increase in home buyers demand."
But analysts say they don't expect bidding for these sites to be fierce because developers are seen to have had their fill in the en bloc frenzy this year.
They've been building up a land bank with purchases in the prime districts of 9,10 and 11, as well as in districts 4, 5 and 15.
Nicholas Mak says: "The GLS sites, many of them are outside the districts that I just mentioned, they will cater to some developers who may want a more diversified portfolio and also to cater to HDB upgraders. But having said that, I think some of the developers are not really that hungry anymore. They've already bought quite a number of sites. And they will probably be turning their attention to developing and marketing these sites."
Still, the eight sites on the Confirmed List are expected to hold their ground.
Donald Han says: "Not many successful en bloc really transpired in suburban area. There's a niche where government comes in to offer sites in the non-traditional collective en bloc areas. And I think that's where the intention is to ensure adequate supply into the market. Moving forward we'll see developers having more choices."
Among the eight sites, analysts say the hottest ones are those in Sembawang and Toa Payoh. - CNA/ch
Property consultants say the government looks to be trying to prevent prices in the residential mass market from rising too sharply by putting 8 suburban sites on the Confirmed List for its Government Land Sales (GLS) Programme for the next 6 months.
They do not expect to see fierce bidding for these sites, although they say there is niche appeal. Mass market properties are expected to provide most of the momentum in the residential sector next year, replacing the influence high-end properties have had in 2007.
And in anticipation, the government is releasing eight suburban sites on the Confirmed List for its land sales programme in the first half of 2008.
Donald Han, Managing Director, Cushman & Wakefield, says: "The government's overall plan has been to ensure adequate supply on the mass market and HDB part of the equation. Over the last 12, 24 months we see huge increases due to lack of supply coming from luxury and mid-end market. Looking at trends the government is concerned to ensure that prices for mass market don't get out of sync."
Nicholas Mak, Director - Consultancy and Research, Knight Frank, says: "The government has always said that there's sufficient demand in the market and I think right now they're pushing out more HDB flats as well as mass market private property sites. It's basically to cater to the expected build up in demand. I guess we have really seen quite a good runup in high end market as well as the mid-tier. I think the mass market pick up this year and next year, I think it will be a gradual matter and what is going to be made available in both the HDB market and this GLS is actually to cater to that expected increase in home buyers demand."
But analysts say they don't expect bidding for these sites to be fierce because developers are seen to have had their fill in the en bloc frenzy this year.
They've been building up a land bank with purchases in the prime districts of 9,10 and 11, as well as in districts 4, 5 and 15.
Nicholas Mak says: "The GLS sites, many of them are outside the districts that I just mentioned, they will cater to some developers who may want a more diversified portfolio and also to cater to HDB upgraders. But having said that, I think some of the developers are not really that hungry anymore. They've already bought quite a number of sites. And they will probably be turning their attention to developing and marketing these sites."
Still, the eight sites on the Confirmed List are expected to hold their ground.
Donald Han says: "Not many successful en bloc really transpired in suburban area. There's a niche where government comes in to offer sites in the non-traditional collective en bloc areas. And I think that's where the intention is to ensure adequate supply into the market. Moving forward we'll see developers having more choices."
Among the eight sites, analysts say the hottest ones are those in Sembawang and Toa Payoh. - CNA/ch
Economists Raise Singapore 2007 Growth Forecast: Central Bank Poll
Source : Channel NewsAsia, 07 December 2007
Economists have raised their 2007 growth forecasts for Singapore to 8.0 percent from 7.5 percent previously, results from the city-state's central bank poll showed on Friday.
The revised forecast is at the top end of the Singapore government's upgraded growth targets of 7.5-8.0 percent for the year and follows faster expansion of 8.9 percent in the September quarter from 8.7 percent in the previous quarter.
Economists have, however, downgraded next year's growth to 6.3 percent from 6.5 percent in the last poll carried out in September.
The government, which is projecting 2008 growth at 4.5-6.5 percent in 2008, has cautioned that the trade-led economy may be affected by high energy costs and the fallout from the US sub-prime mortgage sector.
Singapore's economy, valued at S$210 billion in 2006, is highly dependent on external trade, which means the city-state is vulnerable to any slip-ups in the world's major markets.
The central bank's December poll involved 18 economists. - AFP/ir
Economists have raised their 2007 growth forecasts for Singapore to 8.0 percent from 7.5 percent previously, results from the city-state's central bank poll showed on Friday.
The revised forecast is at the top end of the Singapore government's upgraded growth targets of 7.5-8.0 percent for the year and follows faster expansion of 8.9 percent in the September quarter from 8.7 percent in the previous quarter. Economists have, however, downgraded next year's growth to 6.3 percent from 6.5 percent in the last poll carried out in September.
The government, which is projecting 2008 growth at 4.5-6.5 percent in 2008, has cautioned that the trade-led economy may be affected by high energy costs and the fallout from the US sub-prime mortgage sector.
Singapore's economy, valued at S$210 billion in 2006, is highly dependent on external trade, which means the city-state is vulnerable to any slip-ups in the world's major markets.
The central bank's December poll involved 18 economists. - AFP/ir
42km Eastern Coastal Park Connector Network Launched
Source : Channel NewsAsia, 08 December 2007
For those who fancy taking a stroll, there is now a new 42-kilometre route that will take them from Changi beach, to East Coast Park and Bedok Reservoir.
That is now possible thanks to the Eastern Coastal Park Connector Network.
It is a series of pedestrian and cycling paths that link up the parks in the east.
The 8-kilometre stretch between Changi Beach Park and East Coast Park is touted as one of the most scenic part of the network.
Twelve cyclists from the National Development Ministry were the first to try out the new route on Friday.
This same group is heading for a cycling expedition in New Zealand for charity.
The eastern loop is the first of seven to be built over the years.
By 2015, NParks hopes to construct 200km of park connectors - to date, half of that has been built.
More will be added beyond 2015.
NParks' eventual goal is to create a connector network linking up the whole of Singapore.
NParks said it has taken special care to preserve the natural environment.
Kalthom Abdul Latiff, Assistant Director, Park Connectors and Special Projects, NParks, said, "We try to preserve the rustic nature as much as possible. We do not want to change the ambience, (we want to) keep it rustic, so that people will get a different experience." - CNA/ms
For those who fancy taking a stroll, there is now a new 42-kilometre route that will take them from Changi beach, to East Coast Park and Bedok Reservoir.
That is now possible thanks to the Eastern Coastal Park Connector Network. It is a series of pedestrian and cycling paths that link up the parks in the east.
The 8-kilometre stretch between Changi Beach Park and East Coast Park is touted as one of the most scenic part of the network.
Twelve cyclists from the National Development Ministry were the first to try out the new route on Friday.
This same group is heading for a cycling expedition in New Zealand for charity.
The eastern loop is the first of seven to be built over the years.
By 2015, NParks hopes to construct 200km of park connectors - to date, half of that has been built.
More will be added beyond 2015.
NParks' eventual goal is to create a connector network linking up the whole of Singapore.
NParks said it has taken special care to preserve the natural environment.
Kalthom Abdul Latiff, Assistant Director, Park Connectors and Special Projects, NParks, said, "We try to preserve the rustic nature as much as possible. We do not want to change the ambience, (we want to) keep it rustic, so that people will get a different experience." - CNA/ms
STB Gives Go-Ahead For Horizon Towers En-Bloc Sale
Source : Channel NewsAsia, 07 December 2007
The en-bloc sale of Horizon Towers can now proceed, after the Strata Titles Board (STB) gave the green light on Friday.
The decision comes four days before the sale completion date expires on December 11.
The en-bloc sale of Horizon Towers is back on track, after a series of problems.
Trouble began in January this year, when the Horizon Towers sales committee agreed to sell the 210-unit property to buyers led by Hotel Properties Limited (HPL).
The price was S$500 million.
However the minority owners claimed that the majority owners had acted in bad faith, as it was not the most lucrative offer.
On August 3, the STB rejected the sale application, citing a technical error.
So the consenting parties appealed against STB's decision at the High Court.
The High Court agreed with them and returned the case to the STB on October 11.
But even as the appeal was being heard, 17 of the majority owners were facing lawsuits by HPL for alleged breach of contract.
In a statement on Friday, the consenting owners said they are happy with the latest STB decision.
They added that they "look forward to the buyers (led by HPL) confirming that they will proceed with the deal and withdrawing the legal suits they (the buyers) have started against some owners."
As for the minority owners, they told Channel NewsAsia that they are disappointed with STB's latest decision to give the sale the nod.
But they admitted that it was not unexpected.
Some of them are not ready to throw in the towel just yet, so this group is considering filing an appeal to the High Court.
If they decide to go ahead with this appeal, they have 28 days to do so. - CNA/ms
The en-bloc sale of Horizon Towers can now proceed, after the Strata Titles Board (STB) gave the green light on Friday.
The decision comes four days before the sale completion date expires on December 11. The en-bloc sale of Horizon Towers is back on track, after a series of problems.
Trouble began in January this year, when the Horizon Towers sales committee agreed to sell the 210-unit property to buyers led by Hotel Properties Limited (HPL).
The price was S$500 million.
However the minority owners claimed that the majority owners had acted in bad faith, as it was not the most lucrative offer.
On August 3, the STB rejected the sale application, citing a technical error.
So the consenting parties appealed against STB's decision at the High Court.
The High Court agreed with them and returned the case to the STB on October 11.
But even as the appeal was being heard, 17 of the majority owners were facing lawsuits by HPL for alleged breach of contract.
In a statement on Friday, the consenting owners said they are happy with the latest STB decision.
They added that they "look forward to the buyers (led by HPL) confirming that they will proceed with the deal and withdrawing the legal suits they (the buyers) have started against some owners."
As for the minority owners, they told Channel NewsAsia that they are disappointed with STB's latest decision to give the sale the nod.
But they admitted that it was not unexpected.
Some of them are not ready to throw in the towel just yet, so this group is considering filing an appeal to the High Court.
If they decide to go ahead with this appeal, they have 28 days to do so. - CNA/ms
Owners Of Beach Road Building Face $300,000 Debt
Source : The Straits Times, Dec 08, 2007
Amount includes legal costs and unpaid cleaning and security bills
PAST building management financial woes have come back to haunt the owners of homes, shops and offices at a Beach Road building.
Each owner at The 101 building faces the prospect of forking out about $6,000 to $35,000, depending on their properties, to cover an outstanding debt of $300,000.
The debt, accumulated in recent years, is a hotchpotch of unpaid cleaning and security bills, as well as legal costs run up in a failed bid to recover unpaid carparking fees, among other things.
One of the home owners, Madam Tan Lee Sung, 77, told The Straits Times: 'The money was not used by me. Why should I pay?'
The current management council is looking to see if its predecessors are liable for the debt. Things, however, could escalate if the debts remain unpaid, and creditors seek court orders.
The six-storey, roughly 20-year-old mixed development has 20 apartments and seven shops and office units.
A seafood restaurant and a steamboat outlet occupy the ground floor, while most of the apartments above are leased out by their owners.
Like all strata-titled buildings, it is run by a management council whose members are picked from the owners.
According to The 101's council chairman, Mr Thomas Tan, 60, who took office about a month ago, the $300,000 debt arose partly because the former councils sued some owners for alleged non-payment of carparking fees and unauthorised alteration and use of common areas, among other things.
The council lost the lawsuits and found itself saddled with legal fees.
In October 2005, the management had $168,500 in its kitty, but this was whittled down to $12,150 by April this year. Its creditors have taken out court orders to freeze its bank account.
A former council chairman, businessman Tan Fung Chuan, 50, offered a different explanation for the debts. He pointed the finger at low maintenance contributions that the owners voted to pay in 2005.
At a meeting then, an owner had tabled a resolution to cut the total management fee collected every month from $7,000 to $3,000. Mr Tan said that was barely enough to pay for the building's operating costs.
He said: 'A reasonable operating fee should be $8,000 to $12,000.'
He added that the lawsuits against individual owners were taken out on legitimate grounds, as the owners had violated Singapore's building regulations.
'We wanted to comply with the authorities' guidelines.'
At a heated meeting at The 101 on Thursday, unit owners voted to give their current council the power to take various steps to scrutinise its books for possible financial irregularities.
They have also voted to let the council claim money back from former council members and anyone else, if any wrongdoing is proven.
The owners refused, however, to raise their monthly contributions.
The council intends to try again to get the owners to agree to higher fees at another meeting soon.
Meanwhile, Mr Thomas Tan said his team would just focus on setting things right if it turned out to be a simple case of bad judgment on the part of the previous councils.
'If it is proven that this current state of finances is due to ignorance or a bad judgement call, personally, I may try to convince owners to let it go and move on.'
--------------------------------------------------------------------------------
COVERING COSTS
'A reasonable operating fee should be $8,000 to $12,000.'
MR TAN FUNG CHUAN, on the need to raise management fees
AVOIDING PAYMENT
'The money was not used by me. Why should I pay?'
MADAM TAN, a home owner, on the outstanding debt
Amount includes legal costs and unpaid cleaning and security bills
PAST building management financial woes have come back to haunt the owners of homes, shops and offices at a Beach Road building.
Each owner at The 101 building faces the prospect of forking out about $6,000 to $35,000, depending on their properties, to cover an outstanding debt of $300,000.
The debt, accumulated in recent years, is a hotchpotch of unpaid cleaning and security bills, as well as legal costs run up in a failed bid to recover unpaid carparking fees, among other things.
One of the home owners, Madam Tan Lee Sung, 77, told The Straits Times: 'The money was not used by me. Why should I pay?'
The current management council is looking to see if its predecessors are liable for the debt. Things, however, could escalate if the debts remain unpaid, and creditors seek court orders.
The six-storey, roughly 20-year-old mixed development has 20 apartments and seven shops and office units.
A seafood restaurant and a steamboat outlet occupy the ground floor, while most of the apartments above are leased out by their owners.
Like all strata-titled buildings, it is run by a management council whose members are picked from the owners.
According to The 101's council chairman, Mr Thomas Tan, 60, who took office about a month ago, the $300,000 debt arose partly because the former councils sued some owners for alleged non-payment of carparking fees and unauthorised alteration and use of common areas, among other things.
The council lost the lawsuits and found itself saddled with legal fees.
In October 2005, the management had $168,500 in its kitty, but this was whittled down to $12,150 by April this year. Its creditors have taken out court orders to freeze its bank account.
A former council chairman, businessman Tan Fung Chuan, 50, offered a different explanation for the debts. He pointed the finger at low maintenance contributions that the owners voted to pay in 2005.
At a meeting then, an owner had tabled a resolution to cut the total management fee collected every month from $7,000 to $3,000. Mr Tan said that was barely enough to pay for the building's operating costs.
He said: 'A reasonable operating fee should be $8,000 to $12,000.'
He added that the lawsuits against individual owners were taken out on legitimate grounds, as the owners had violated Singapore's building regulations.
'We wanted to comply with the authorities' guidelines.'
At a heated meeting at The 101 on Thursday, unit owners voted to give their current council the power to take various steps to scrutinise its books for possible financial irregularities.
They have also voted to let the council claim money back from former council members and anyone else, if any wrongdoing is proven.
The owners refused, however, to raise their monthly contributions.
The council intends to try again to get the owners to agree to higher fees at another meeting soon.
Meanwhile, Mr Thomas Tan said his team would just focus on setting things right if it turned out to be a simple case of bad judgment on the part of the previous councils.
'If it is proven that this current state of finances is due to ignorance or a bad judgement call, personally, I may try to convince owners to let it go and move on.'
--------------------------------------------------------------------------------
COVERING COSTS
'A reasonable operating fee should be $8,000 to $12,000.'
MR TAN FUNG CHUAN, on the need to raise management fees
AVOIDING PAYMENT
'The money was not used by me. Why should I pay?'
MADAM TAN, a home owner, on the outstanding debt
Annuities: Return Of Capital Under Study
Source : AsiaOne News, Sat, Dec 08, 2007
SINGAPOREANS who fear they will lose the original sum they put into the impending compulsory annuities scheme could have a way out.
The committee studying the scheme is considering letting people have the remainder of their capital payment returned to their families if they died before it ran out. This will effectively remove one of the biggest sticking points over the compulsory annuity.
The idea is one of four suggestions emerging from the committee tasked by the Government to design a basic compulsory annuity plan.
Another idea is to rename the scheme from Longevity Insurance to something more positive sounding such as Long-Life Income.
Yet another suggestion is to get independent actuaries - financial experts who calculate risks and insurance rates - to verify the Government's data on longer lifespans.
The fourth idea is to let people choose when they want to start receiving their payouts.
Manpower Minister Ng Eng Hen and the committee's chairman, Professor Lim Pin, revealed these ideas in separate interviews with The Straits Times.
On the idea of getting back capital, Dr Ng said: 'People don't like the idea of others getting their money...So we are going to consider that they get whatever unused money back.
'Of course, the interest can never come back because this is locked - the interest is pooled - but the sum that you put in at a particular age, if you don't use it, it goes back to you.'
It will come with a trade-off though, noted Prof Lim. 'You will have to pay higher premiums. It will be more expensive.'
An annuity is an insurance product in which a person invests a lump sum in return for a monthly payout for life.
The committee was formed after Prime Minister Lee Hsien Loong announced at this year's National Day Rally that Singaporeans must buy an annuity so that they have an income for life.
Under the initial proposal, those below 50 will use part of their Central Provident Fund money to buy the annuity and start getting payouts at age 85.
But the committee will weigh all options and present its final recommendations by March.
On changing the name of the scheme, Dr Ng said the committee told him that people were uncomfortable with the thought of insuring against a good outcome, which is a long life. Usually, people take out insurance against illnesses, accidents, or death.
The Government has said that the annuities scheme is necessary, as more than half of those who make it to age 62 will live beyond 85 and they need to have money then.
But the committee found that some still need to be convinced of this data and hence, the independent actuaries.
Singaporeans are 'quite trusting and the Government has never lied', said Prof Lim. But as this is an issue involving their money, 'the trust, maybe, needs to be enhanced', he added.
Agreeing, Dr Ng said: 'There's no harm in appointing an independent actuary to have a second look.'
On when people can opt to receive their payouts, he noted that they wanted flexibility.
'So we're trying to consider, okay, you choose, any age from 65, 70, 75, 80, 85, 90.'
Singaporeans like trade officer Janagi Somu, 45, liked the idea of getting back his annuity capital.
He said: 'It's only right that the money goes back to our next-of-kin, since it's our hard-earned money.'
SINGAPOREANS who fear they will lose the original sum they put into the impending compulsory annuities scheme could have a way out.
The committee studying the scheme is considering letting people have the remainder of their capital payment returned to their families if they died before it ran out. This will effectively remove one of the biggest sticking points over the compulsory annuity.
The idea is one of four suggestions emerging from the committee tasked by the Government to design a basic compulsory annuity plan.
Another idea is to rename the scheme from Longevity Insurance to something more positive sounding such as Long-Life Income.
Yet another suggestion is to get independent actuaries - financial experts who calculate risks and insurance rates - to verify the Government's data on longer lifespans.
The fourth idea is to let people choose when they want to start receiving their payouts.
Manpower Minister Ng Eng Hen and the committee's chairman, Professor Lim Pin, revealed these ideas in separate interviews with The Straits Times.
On the idea of getting back capital, Dr Ng said: 'People don't like the idea of others getting their money...So we are going to consider that they get whatever unused money back.
'Of course, the interest can never come back because this is locked - the interest is pooled - but the sum that you put in at a particular age, if you don't use it, it goes back to you.'
It will come with a trade-off though, noted Prof Lim. 'You will have to pay higher premiums. It will be more expensive.'
An annuity is an insurance product in which a person invests a lump sum in return for a monthly payout for life.
The committee was formed after Prime Minister Lee Hsien Loong announced at this year's National Day Rally that Singaporeans must buy an annuity so that they have an income for life.
Under the initial proposal, those below 50 will use part of their Central Provident Fund money to buy the annuity and start getting payouts at age 85.
But the committee will weigh all options and present its final recommendations by March.
On changing the name of the scheme, Dr Ng said the committee told him that people were uncomfortable with the thought of insuring against a good outcome, which is a long life. Usually, people take out insurance against illnesses, accidents, or death.
The Government has said that the annuities scheme is necessary, as more than half of those who make it to age 62 will live beyond 85 and they need to have money then.
But the committee found that some still need to be convinced of this data and hence, the independent actuaries.
Singaporeans are 'quite trusting and the Government has never lied', said Prof Lim. But as this is an issue involving their money, 'the trust, maybe, needs to be enhanced', he added.
Agreeing, Dr Ng said: 'There's no harm in appointing an independent actuary to have a second look.'
On when people can opt to receive their payouts, he noted that they wanted flexibility.
'So we're trying to consider, okay, you choose, any age from 65, 70, 75, 80, 85, 90.'
Singaporeans like trade officer Janagi Somu, 45, liked the idea of getting back his annuity capital.
He said: 'It's only right that the money goes back to our next-of-kin, since it's our hard-earned money.'
足以应付中期需求 政府明年上半年发售37幅地段
《联合早报》Dec 07, 2007
政府计划在明年上半年，发售11幅“正选地段”（confirmed sites）。这些土地将能为市场增添大约3000个私宅单位、15万平方公尺的商业楼面，以及1670间酒店客房。
政府也将通过“备售名单”（reserve list），让发展商能够根据市场的需求，灵活地选购另外26幅地段来发展。这意味，2008年上半年的政府售地名单上将包含37幅地段，其中21幅属于私宅地段、三幅属于商业地段、两幅白色地段、10幅酒店地段，以及一幅综合性商住地段。
国家发展部昨天发表的文告说：“这些供应量将足以应付各类房地产的中期需求，并扶持我国经济继续增长。”
在明年上半年政府售地名单上的37幅地段，其中17幅是新注入的地段，另外20幅是今年下半年未售出的地段。
昨天受访的分析员认为，虽然这些供应量不能马上解决这一两年的短缺问题，但以中长期来说，这些地段将能满足市场的需求。
他们指出，明年上半年的供地数目虽然比今年下半年少，但供应量却毫不逊色。
明年上半年售地名单上的37幅地段，能为市场增添大约8250个私宅单位、441万平方英尺的商业楼面，以及5850间酒店客房。至于今年下半年的41幅地段，虽然是历来最高的，却只能供应大约8000个私宅单位、近381万平方英尺的商业楼面，以及6500间酒店客房。
第一太平戴维斯(Savills)行销与业务开发主管邱瑞荣说：“虽然明年的供地数目看起来比较少，但由于每一幅地段的占地面积平均较大、能发展的单位更多，所以还是能为市场增添更多的供应量。”
国家发展部说，明年上半年，估计还会有129万1680平方英尺的商业楼面、780间酒店客房，以及大约110个私宅单位，将通过其他管道流入市场。
其中92万5700平方英尺的商业楼面，将来自空置的国有建筑物、小型办公楼地段，以及短期办公楼。其余的则来自公园、地铁站和民众联络所（Community Centres）内的商店，以及政府脱售的受保留店屋。110个私宅单位则包括纬壹科技城内的90个服务公寓单位。
截至昨天，政府已经通过今年下半年的售地名单，卖出了12幅地段。其中10幅属于“正选”名单，这包括五幅私人地段、一幅商业地段、两幅白色地段，以及两幅酒店地段。另外两幅则是分别位于宏茂桥8道的住宅地段，以及安顺路(Anson Rd)的商业地段。
不过，还有另外四幅“正选地段”将按照原订计划在今年内推出。此外，三幅“备售地段”也已经被发展商“勾”出来，将在近期内出售，因此，今年下半年，政府估计将能至少卖出19幅地段。
政府计划在明年上半年，发售11幅“正选地段”（confirmed sites）。这些土地将能为市场增添大约3000个私宅单位、15万平方公尺的商业楼面，以及1670间酒店客房。
政府也将通过“备售名单”（reserve list），让发展商能够根据市场的需求，灵活地选购另外26幅地段来发展。这意味，2008年上半年的政府售地名单上将包含37幅地段，其中21幅属于私宅地段、三幅属于商业地段、两幅白色地段、10幅酒店地段，以及一幅综合性商住地段。
国家发展部昨天发表的文告说：“这些供应量将足以应付各类房地产的中期需求，并扶持我国经济继续增长。”
在明年上半年政府售地名单上的37幅地段，其中17幅是新注入的地段，另外20幅是今年下半年未售出的地段。
昨天受访的分析员认为，虽然这些供应量不能马上解决这一两年的短缺问题，但以中长期来说，这些地段将能满足市场的需求。
他们指出，明年上半年的供地数目虽然比今年下半年少，但供应量却毫不逊色。
明年上半年售地名单上的37幅地段，能为市场增添大约8250个私宅单位、441万平方英尺的商业楼面，以及5850间酒店客房。至于今年下半年的41幅地段，虽然是历来最高的，却只能供应大约8000个私宅单位、近381万平方英尺的商业楼面，以及6500间酒店客房。
第一太平戴维斯(Savills)行销与业务开发主管邱瑞荣说：“虽然明年的供地数目看起来比较少，但由于每一幅地段的占地面积平均较大、能发展的单位更多，所以还是能为市场增添更多的供应量。”
国家发展部说，明年上半年，估计还会有129万1680平方英尺的商业楼面、780间酒店客房，以及大约110个私宅单位，将通过其他管道流入市场。
其中92万5700平方英尺的商业楼面，将来自空置的国有建筑物、小型办公楼地段，以及短期办公楼。其余的则来自公园、地铁站和民众联络所（Community Centres）内的商店，以及政府脱售的受保留店屋。110个私宅单位则包括纬壹科技城内的90个服务公寓单位。
截至昨天，政府已经通过今年下半年的售地名单，卖出了12幅地段。其中10幅属于“正选”名单，这包括五幅私人地段、一幅商业地段、两幅白色地段，以及两幅酒店地段。另外两幅则是分别位于宏茂桥8道的住宅地段，以及安顺路(Anson Rd)的商业地段。
不过，还有另外四幅“正选地段”将按照原订计划在今年内推出。此外，三幅“备售地段”也已经被发展商“勾”出来，将在近期内出售，因此，今年下半年，政府估计将能至少卖出19幅地段。
中国发展商2亿余元标得 升涛湾最后一幅别墅地段
《联合早报》Dec 07, 2007
中国发展商玺萌资产控股（Ximeng Asset Holdings)以2亿1565万元（即每平方英尺1350元，或容积率每平方英尺1687.50元），标得升涛湾（Sentosa Cove)的珍珠岛（Pearl Island)。
发展商有意将每两个单位合成一个来发展，这表示珍珠岛上每幢别墅的面积会大一倍，也就是这里可能只会兴建9幢大型豪华别墅。（升涛湾提供的构想图）
这是玺萌资产控股第一项在中国以外的房地产投资。
这也是升涛湾五个人造岛屿中，标价（尺价）最高的一个，珍珠岛是升涛湾最后一幅供发展商投标的别墅地段。这次招标共吸引了七份投标书。
升涛湾发言人指出，虽然过去岛上一些散卖的别墅是由一些中国的买家买下，但玺萌是第一个获颁升涛湾有地住宅发展项目的中国房地产发展商。
玺萌资产控股是通过在本地注册的玺萌置地(Ximeng Land)进行投标。玺萌资产控股在中国经营房地产发展和管理业务，分别由其独资子公司北京玺萌置业和北京玺萌房地产开发有限公司经营。
北京玺萌置业于1999年进入北京房地产市场，其中一些著名的发展项目，包括在2002年获得“星河城”项目共计112万平米的开发权。
除了北京，集团在烟台、济南、青岛也有业务。
玺萌置地总经理吴绪昭在接受询问时说，新加坡具有建造高素质房地产的美誉，集团相信在这里发展项目，能向国际展示玺萌具备推出具有国际水准的超级豪华房地产的能力，项目也能作为打入区域和其他市场的踏板。
除此之外，集团也被升涛湾吸引，认为随着综合度假胜地在圣淘沙进驻，这里将有很大的发展潜能。
升涛湾总经理陈碧敏对于珍珠岛能吸引那么多来自本地和海外房地产发展商、挂牌公司和高档项目的精品发展商投标，感到欣慰。
她认为，创新高的标价显示市场对这里的豪华房地产项目需求强劲。
然而，由于本地目前房地产市场情绪似乎因次贷问题而趋向谨慎，市场分析师对这么高的地皮标价，感到颇为意外。
莱坊(Knight Frank)研究部主管麦俊荣说：“这大概显示，这家来自中国的发展商，对本地市场很有信心吧！”
高力国际执行董事黄黎明也认为，尽管房地产市场增长放缓，投标人数和高标价或许都显示，本地和海外投资者对本地市场和其未来发展还是很有信心。
靠近圣淘沙岛上的丹戎海滩和高尔夫球场的南翼珍珠岛，占地15万9742平方英尺的地段，容积率为0.8，地契为99年，估计可兴建19个后院拥有私人泊船位(berth)的豪华濒水别墅。
吴绪昭说，玺萌置地有意将每两个单位合成一个来发展，这表示，每幢别墅的面积会大一倍，也就是说，这里可能只会兴建9幢大型豪华别墅。
分析师认为，本地建筑成本高涨，这不失为一个节省建筑成本的好策略。
但麦俊荣也认为，由于地皮价格那么高，就算是建筑成本很低，扩大面积后的每幢别墅，售价应该也会超过3000万元。
黄黎明也认为，若以每平方英尺550元的建筑成本来计算，每幢别墅的售价相信会在3500万元以上。
据本报了解，目前升涛湾上一幢类似的“二合为一”的别墅，虽然面积较小，要价也要约3650万元。
在9月份，精品项目发展商Elevation Develop ments就以1099元的尺价，标到分层地契有地住宅地段The Green Collection。另一个南翼岛屿——丽沙岛(Sandy Island)在今年3月由马来西亚的杨忠礼(YTL Corp)和LP世界联手，以9000万元，即每平方英尺617元买下。
北翼的三座岛屿则都已找到买家——珊瑚岛(Coral Island)和乐涛岛(Paradise Island)分别在2004年12月和2005年8月，以容积率每平方英尺206元和260元卖给和美集团；金银岛(Treasure Island)，则在2005年11月以将近6000万元，即每平方英尺平均308元，分开给19名私人买家。
随着珍珠岛也找到买家，升涛湾的地皮几乎已全部售出。除了两幅散卖的面海别墅地段，最后一幅共管公寓地段The Pinnacle Collection的招标截止日期是下个星期三。
中国发展商玺萌资产控股（Ximeng Asset Holdings)以2亿1565万元（即每平方英尺1350元，或容积率每平方英尺1687.50元），标得升涛湾（Sentosa Cove)的珍珠岛（Pearl Island)。
发展商有意将每两个单位合成一个来发展，这表示珍珠岛上每幢别墅的面积会大一倍，也就是这里可能只会兴建9幢大型豪华别墅。（升涛湾提供的构想图）这是玺萌资产控股第一项在中国以外的房地产投资。
这也是升涛湾五个人造岛屿中，标价（尺价）最高的一个，珍珠岛是升涛湾最后一幅供发展商投标的别墅地段。这次招标共吸引了七份投标书。
升涛湾发言人指出，虽然过去岛上一些散卖的别墅是由一些中国的买家买下，但玺萌是第一个获颁升涛湾有地住宅发展项目的中国房地产发展商。
玺萌资产控股是通过在本地注册的玺萌置地(Ximeng Land)进行投标。玺萌资产控股在中国经营房地产发展和管理业务，分别由其独资子公司北京玺萌置业和北京玺萌房地产开发有限公司经营。
北京玺萌置业于1999年进入北京房地产市场，其中一些著名的发展项目，包括在2002年获得“星河城”项目共计112万平米的开发权。
除了北京，集团在烟台、济南、青岛也有业务。
玺萌置地总经理吴绪昭在接受询问时说，新加坡具有建造高素质房地产的美誉，集团相信在这里发展项目，能向国际展示玺萌具备推出具有国际水准的超级豪华房地产的能力，项目也能作为打入区域和其他市场的踏板。
除此之外，集团也被升涛湾吸引，认为随着综合度假胜地在圣淘沙进驻，这里将有很大的发展潜能。
升涛湾总经理陈碧敏对于珍珠岛能吸引那么多来自本地和海外房地产发展商、挂牌公司和高档项目的精品发展商投标，感到欣慰。
她认为，创新高的标价显示市场对这里的豪华房地产项目需求强劲。
然而，由于本地目前房地产市场情绪似乎因次贷问题而趋向谨慎，市场分析师对这么高的地皮标价，感到颇为意外。
莱坊(Knight Frank)研究部主管麦俊荣说：“这大概显示，这家来自中国的发展商，对本地市场很有信心吧！”
高力国际执行董事黄黎明也认为，尽管房地产市场增长放缓，投标人数和高标价或许都显示，本地和海外投资者对本地市场和其未来发展还是很有信心。
靠近圣淘沙岛上的丹戎海滩和高尔夫球场的南翼珍珠岛，占地15万9742平方英尺的地段，容积率为0.8，地契为99年，估计可兴建19个后院拥有私人泊船位(berth)的豪华濒水别墅。
吴绪昭说，玺萌置地有意将每两个单位合成一个来发展，这表示，每幢别墅的面积会大一倍，也就是说，这里可能只会兴建9幢大型豪华别墅。
分析师认为，本地建筑成本高涨，这不失为一个节省建筑成本的好策略。
但麦俊荣也认为，由于地皮价格那么高，就算是建筑成本很低，扩大面积后的每幢别墅，售价应该也会超过3000万元。
黄黎明也认为，若以每平方英尺550元的建筑成本来计算，每幢别墅的售价相信会在3500万元以上。
据本报了解，目前升涛湾上一幢类似的“二合为一”的别墅，虽然面积较小，要价也要约3650万元。
在9月份，精品项目发展商Elevation Develop ments就以1099元的尺价，标到分层地契有地住宅地段The Green Collection。另一个南翼岛屿——丽沙岛(Sandy Island)在今年3月由马来西亚的杨忠礼(YTL Corp)和LP世界联手，以9000万元，即每平方英尺617元买下。
北翼的三座岛屿则都已找到买家——珊瑚岛(Coral Island)和乐涛岛(Paradise Island)分别在2004年12月和2005年8月，以容积率每平方英尺206元和260元卖给和美集团；金银岛(Treasure Island)，则在2005年11月以将近6000万元，即每平方英尺平均308元，分开给19名私人买家。
随着珍珠岛也找到买家，升涛湾的地皮几乎已全部售出。除了两幅散卖的面海别墅地段，最后一幅共管公寓地段The Pinnacle Collection的招标截止日期是下个星期三。