SLA To Put Residential State Properties On New Open Bidding System

Source : Channel NewsAsia, 05 January 2008

The Singapore Land Authority (SLA) has introduced a new open bidding system for a fair and transparent allocation of residential state properties.

It will put up some 36 properties under this system in the first half of this year.

The properties include a bungalow on Hyderabad Road with a guide monthly rent of S$13,500 and an apartment on Clemenceau Avenue North with a guide rent of S$1,150.

In October and November last year, the Authority successfully awarded five vacant residential state properties under its pilot bidding system.

These included semi-detached houses in Malcolm Road and Seletar, and two bungalows at Stevens Road and King Albert Park.

The previous system was based on a first come first served basis and balloting or queue system under waiting lists. - CNA

City View@Boon Keng Sales Launch Attracts 8,000 Visitors

Source : Channel NewsAsia, 05 January 2008

Some 8,000 people were at the sales launch of City View @ Boon Keng, the second batch of condo-style public apartments under the HDB's Design, Build and Sell Scheme.

And so far 1,100 people have applied to buy their dream homes in the 714-unit development, undeterred by the high average cost of $520 per square foot.

City View @ Boon Keng is located on the city fringes and is within walking distance of the Boon Keng MRT station.

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At 40 storeys high, the development also promises a fantastic view of the city.

But some potential buyers are interested in the project's location.

"Location wise, it's good. This is near my mum's house, within 2km, worth a try," said a potential buyer.

"I'm used to living in this area. If I want to get a private condominium in this area, it's very expensive. So I thought that I want to give it a shot here," said another potential buyer.

But some find the price expensive. "It's a bit too expensive. We'll see how it works within our budget. Maybe, we can get a lower-floor unit," said a visitor to the show flats.

The closing date for applications to buy the apartments is 16 January, and the results will be made known within six weeks. - CNA/ir

Committee To Be Set Up To Study Issue Of Lawyers Embezzling Clients' Monies

Source : Channel NewsAsia, 05 January 2008

The legal profession is forming a committee to find solutions to the problem of errant lawyers siphoning clients' monies.

This is a further response to recent cases where lawyers were involved in shady real estate deals that have gone bad.

This was announced at the opening of the Legal Year 2008. It is an annual tradition for the Chief Justice to open a new legal year at the start of a new year.

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Apart from lawyers rededicating themselves to their profession, it is also a time to reflect on the past year.

For Chief Justice Chan Sek Keong, it is an opportunity to report on the administration of justice in Singapore.

Touching on the issue of professional ethics, Chief Justice Chan noted the spate of disciplinary actions against errant conveyancers where work was solicited from real estate agents and illegal moneylenders.

Last year, the Law Society tightened rules to curb lawyers from misappropriating monies from clients.

But the Chief Justice noted such measures cannot stop or prevent desperate or crooked lawyers from bending the rules.

He said the legal profession will have to face reality and come up with a solution.

Chief Justice Chan said: "The obvious solution is to bar lawyers from receiving clients' monies. However, this will change radically a conveyancing system which has been in place for more than one hundred years. It may be a serious effect on the efficiency of the property market. We need to study the ramifications of such a change."

The Chief Justice has appointed Judge of Appeal, Justice VK Rajah, to head a working committee to find ways to solve the problem.

The committee will also comprise stakeholders from the property market. It is expected to make its recommendations in three to five months.

Dr G Raman from GR Law Corporation said: "It's unfortunate these errant lawyers, black sheep in the profession, give this kind of adverse publicity to the profession. The vast majority of lawyers are upright and honest practitioners."

"In the old days, we called ourselves an honourable profession, learned friends of the Bar.....it is good (to set up the committee). We should be able to restore the status and prestige of the profession," said C B Yeow from CB Yeow and Company.

Speaking at the opening of the legal year for the first time was Mr Michael Hwang, who took over as the new president of the Law Society.

He later told reporters that initial investigations into the most recent case of a lawyer embezzling a client's money showed it was more likely an issue of personal misconduct rather than a deficiency in the system. - CNA/ir

CJ Considers Stricter Rules For Lawyers

Source: The Sunday Times, Jan 06, 2008

TIGHTER rules have already been put in place, but it seems there are still ways for a lawyer to make off with clients' money.

Now, the Chief Justice is wondering if lawyers should be barred from holding clients' money altogether.

He has appointed Judge of Appeal V. K. Rajah to head a committee to study whether such a system is feasible and desirable.

CJ Chan Sek Keong made the announcement at the opening of the legal year yesterday, attended by judges, lawyers, legal officers and other members of the legal community.

Six new Senior Counsel were appointed at the ceremony, and new Law Society president Michael Hwang made his debut speech.

As is customary, the CJ gave a report card of the work of the courts in the past year and announced new initiatives, such as a website for lawyers to keep up to date with legal developments.

Without naming names, CJ Chan referred to the case of rogue lawyer Zulkifli Amin, who went missing in November. He apparently skipped town for the Philippines after siphoning some $6 million of his clients' money.

Last year, the Law Society tightened the Solicitors' Accounts Rules, which govern how lawyers handle clients' money, as a better check against embezzlement.

This change followed from at least eight cases where lawyers ran off with millions. One of them, David Rasif, swiped $12 million and is now missing.

'But the latest incident shows that these measures cannot prevent desperate or crooked lawyers from helping themselves to clients' monies,' the CJ said.

Mr Zulkifli is the first errant lawyer since the new rules came into force to protect clients' money. Among the rules: two signatures are needed to withdraw sums higher than $30,000.

Investigations are ongoing, but according to sources, Mr Zulkifli may have forged the second signature or perpetuated some fraud.

Yesterday, CJ Chan said: 'We need to face reality and come up with a workable scheme to protect clients' monies.'

While the obvious solution was to prohibit lawyers from receiving clients' money, this would 'change radically a conveyancing system which has been in place for more than a hundred years', he acknowledged.

It may also affect the efficiency of the property market, a concern lawyers interviewed also raised.

Justice Rajah's working party, which will comprise representatives of all stakeholders in the property market, will study the ramifications of such a change, he said.

It has been given three to five months to study the problem and make its recommendations.

Lawyers interviewed yesterday were in favour of such a system, saying it will probably involve an independent body holding or administering the money.

Speaking to reporters, Senior Counsel Hwang said he did not think the Chief Justice is thinking about a total ban because there have not been any problems with lawyers who hold clients' money in non-property transactions.

'You can't abolish this thing overnight. If we abolish the holding of clients' money, we will probably be the only country in the common law world to do so,' he said.

'Whatever system you have, you can't stop outright, deliberate, malicious embezzlement. All you can do is try and make it more difficult.'

1,100 Apply For Condo-Like HDB Flats On Day 1

Source : The Sunday Times, Jan 06, 2008

8,000 pack Boon Keng showflat; the 714 units will be sold only via online ballot

ABOUT 1,100 people had applied for 714 condominium-like flats in Boon Keng by 6pm yesterday on Day One of the application period.

Around 8,000 people packed the showflat, with some showing up as early as an hour before the 9am opening time. And this in spite of it not making a difference to their chances of getting a unit as the flats will be sold through an online ballot.

The development, called the City View @ Boon Keng, is the second public housing project to be built and sold by private developers.

POTENTIAL BUYERS VIEWING a scale model of a unit at City View @ Boon Keng. The development is the second public housing project to be built and sold by private developers. It comprises a mix of three- to five room flats which are priced between $349,000 and $727,000.

The units cost between $349,000 and $727,000 and will come with built-in wardrobes, timber flooring, wall-to-wall balconies and air-conditioning. But they do not have more expensive common facilities such as swimming pools.

Early Bird

First in line for viewing was Mr Xue Xiao Dong, 40, who turned up with his wife and son at the showflat at 8am - one hour before it opened.

The engineer had applied for a standard Housing Board flat in Telok Blangah last year but was unsuccessful.

He said: 'I know it's a ballot. But still, I hope that if I come early, I will stand a higher chance.'

Keen To Buy

Home-seeker Mr V.S. Nathan, 37, came prepared with the necessary documents to apply for a flat on the spot.

'It seems nice,' said the manager of a trading company. 'My initial budget was about $500,000 for a five-room flat, but I may have to buy a four-room flat now.'

The project, which comprises 72 three-room flats, 168 four-room flats and 474 five-room flats, can be bought only by families earning no more than $8,000 a month.

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Private condo? No, HDB flat!


It looks like a private condominium, but it's selling at HDB prices.

At least 8,000 interested home buyers are expected to throng the showflats of City View@Boon Keng - the second batch of public housing development designed, built and sold by private developers - when it goes on sale on Saturday.

Those interested must apply online at www.hoihup.com or go down to the showflats along Bendemeer Road, should they need assistance from sales agents.

Given that the first lot of such units in Tampines - 616 units developed by Sim Lian Land - attracted almost 6,000 applications in October 2006, the Boon Keng flats were expected to be hot property from the start.

Developer Hoi Hup Sunway and its marketing agent HSR were prepared for the crowd: A large white marquee with seating for 300 acted as the holding area for potential buyers outside the showflat, while families and individuals who entered the showflat were guided by agents.

The spokesman for Hoi Hup Sunway, Mr Wong Chee Herng, said buyers felt the prices were high but liked the flats anyway.

MEMBERS OF THE PUBLIC queuing up to view the City View @ Boon Keng showflat. Some turned up as early as an hour before the 9am opening time. -- PHOTOS: JOSEPH NAIR FOR THE SUNDAY TIMES

'We didn't foresee that so many applications would come in so soon,' he said.

The results did not surprise property agency chiefs such as Mr Eugene Lim, assistant vice-president of ERA Singapore, who said the project's proximity to Boon Keng MRT station, the 'commanding views' from its 40-storey blocks and its location on the city fringe added up to an attractive product.

Another 2,500 such condo-like flats are being planned for Ang Mo Kio, Bishan, Toa Payoh, Simei and Bedok in the coming months.

Applications for the Boon Keng flats can be made only online at www.hoihup.com and close on Jan 16.