Punggol Vision A Step Closer

Source : The Straits Times, Aug 15, 2009

THE date is March 2011. From an elevated viewing platform at Punggol Point, residents are looking out onto tranquil waters, and strolling along a sandy beach while enjoying the sea breeze.

It has so far offered about 6,500 new flats in Punggol since it unveiled grand plans for the former fishing village to become the only waterfront public housing project in August 2007. -- PHOTO: NP

Along a 4.9 kilometre promenade which begins here, they can also access playgrounds, fitness corners, fishing spots and even a horse riding school, flanked by eateries on this route which are set alight when the sun sets.

This $16.7 million Punggol Promenade - part of the grand vision to transform the former backwater village into Singapore's iconic suburban waterfront town - took a step closer to reality yesterday as construction began.

With this ground-breaking, 'we are one step closer to realising the vision of Punggol as a beautiful waterfront town with an array of leisure opportunities,' said Deputy Prime Minister Prime Minister Teo Chee Hean yesterday at the ceremony. 'We're all very excited by... the developments.'

He noted that fresh plans for the walkway, released by the Urban Redevelopment Authority yesterday, had integrated feedback from residents such as including fitness corners along the route.

This walkway is part of a 150km 'round-island route' which will allow users walk, cycle, or jog around the whole island eventually - connecting Singaporeans 'not only psychologically, but physically', added Mr Teo.

He was accompanied by National Development Minister Mah Bow Tan, north-east district mayor Teo Ser Luck, and MPs from Pasir Ris-Punggol GRC at the ceremony.

Developments in Punggol have accelerated in the last two years since Prime Minister Lee Hsien Loong offered a new vision for it - called Punggol 21-plus - in his 2007 National Day Rally speech.

It has not always been smooth sailing for Punggol, which more than 10 years ago had a population of only 500. The vision for its transformation began as early as 1996, when it was announced by then-prime minister Goh Chok Tong.

Read the full story in The Sunday Times.

More Lights Up At Iluma

Source : The Business Times, August 15, 2009

New Bugis mall is 90% leased and is seeing more shoppers.

ILUMA may not have opened its doors with a bang, but it has been working to fill space and draw crowds since. The new mall in Victoria Street is now 90 per cent occupied and more shoppers are making their way there, says its management.

Traffic has 'definitely improved' in the past few months, says Han Minli, business development director at Jack Investment, which owns and manages Iluma.

Iluma entered the mall scene in March as Filmgarde Cineplex began operations. Retailers gradually opened for business in the following months. But what seemed to stand out in the mall's early days was empty space and a lack of crowds, going by reports.

Jack Investment is counting on the situation to improve as more tenants strut their stuff. 'I think we will really see the surge in (shopper) numbers when the mall is fully ready. That will probably be the end of the year,' says Ms Han.

Importantly, Iluma's anchor tenants have started operations. Wah Lian Amusement Company has invested $12 million in its flagship project Tornado, an entertainment centre comprising a cyber-gaming joint, dance club, arcades and restaurants. And K Box Entertainment Group has launched K Suites, an upmarket version of the popular karaoke chain K Box.

So far, 10 per cent of space at Iluma - concentrated on the first and second floors - is left.

There was opportunity to fill it but Jack Investment is waiting for the 'right' tenants to come, Ms Han says. Rents at the mall range from the 'high-tens' to 'forty-ish' dollars per square feet.

The mall is looking for unique retailers - many of those already in business are start-ups and may have made their first foray into a commercial shopping centre, she adds. 'We are being a little bit more experimental.'

Besides having more tenants, the completion of a link bridge from Bugis Junction at the end of the year may drive more shoppers to Iluma, says Ms Han. There will also be retail space on the 53-metre bridge, with a net rentable area of around 3,800 sq ft.

Around 60 per cent of the space has been taken up by retailers such as comic and accessory shops, and rents there range from the mid-$20s to around $50 psf.

Singapore's retail scene has become more interesting of late with the entrance of more new malls. Besides Iluma, Orchard Central and Ion Orchard have opened, even as the economy contracts and visitor numbers fall.

Iluma is taking the competition in its stride, explains Ms Han. 'The key opportunity for us is that we are not in a very densely populated shopping belt with a lot of new competition. So that allows us to create our own niche.'

She also notes that the Bugis area has a 'sizeable' population of students, working executives and visitors to nearby museums.

Iluma has a crystal mesh media facade touted as one of the world's biggest permanent media facades. It can be used as a canvas for advertisements or for media artists to exhibit their works. The mall will be showcasing the facade's technical capabilities at a lighting preview today.

Property Scene Not Too Frothy: CDL

Source : The Straits Times, August 14, 2009

Resuming regular land sales is what Govt may do if there is over-exuberance

PROPERTY tycoon Kwek Leng Beng believes the Government may try to cool the property market - if it gets too frothy - by resuming its regular land sales programme as a way to boost supply.

However, the City Developments (CDL) chairman also said yesterday that the current buying momentum can be sustained and should not be seen as over-exuberant.

He was speaking at a press conference during which CDL unveiled its second-quarter results - another weak set of figures.

Mr Kwek said the recent resurgence in property sales should be put into context.

'It should not be viewed as over-exuberant or extraordinary, bearing in mind that developers had put on hold many of their launches in 2008,' he said.

He added that property prices for the low- and mid-tier market had yet to recover since their peak in 1996.

In response to a question on whether the Government would introduce any cooling measures, he said: 'I think Mr Mah (Bow Tan) is correct to say he doesn't want a bubble to be built, but I don't know if he is going to introduce (any measures).

'Probably what he would do is offer a confirmed list. The deferred payment scheme has already been abolished. Maybe he will abolish interest paid for on behalf of the buyer.'

Mr Mah, the Minister for National Development, warned on July 29 against a property bubble forming and speculation creeping back into the market. He vowed to 'take whatever action is necessary'.

Mr Kwek said the Government would have to approach this decision carefully.

'Don't forget that the Government's statement is that the market is still uncertain. In an uncertain time if you press the wrong button, it will be a disaster. I'm a strong believer that whatever the Government is going to do, they have to think very carefully and they will,' he said.

With a confirmed list, sites are put up for tender at scheduled dates, regardless of developers' interest. It is a way of forcing supply into the market.

The Government suspended confirmed list land sales last October, but Mr Mah has suggested that it could be reintroduced in the first half of next year.

The interest absorption scheme allows buyers to defer the bulk of their payments until their units are completed.

Mr Kwek said that the low property prices in the market were a result of developers being realistic.

He added: 'I am always afraid to encourage people not to buy, because especially in a low market, if you encourage not to buy and the market goes up, they lose the opportunity of buying cheap.

'If you are smart, you make money; if you're not smart, you speculate, you lose your pants. Nobody in this world can really predict whether the market is going up or down.'

He said property investors should take a medium- to long-term perspective.

Mr Kwek said that he hoped to resume construction of CDL's stalled South Beach project as soon as practicable, adding that it would probably be in the third quarter of next year and be completed before 2016.

He added that CDL and Hong Kong property group Nan Fung, the newest investor in the consortium, would be willing to pump more money into the project should the need arise.

The $2.5 billion project, originally slated for completion in 2012, had been delayed by the financial crisis.

Mr Kwek said the other two Middle Eastern partners, El-Ad and Dubai World, had other priorities.

Under the terms of the agreement with the Government, the consortium has till 2016 to complete the project.

Mr Kwek said that the partners are on very good terms, but that CDL is taking the lead and has Nan Fung's support.

He added that people have asked if the other partners want to sell their stakes in the project, but the other partners, so far, have not indicated to him that they want to.

CDL's second-quarter net profits were down 15.3 per cent from the same period last year to $140 million as hotel occupancies kept falling. Revenue edged up 0.8 per cent to $787 million.

For the first half, net profits sank 32.4 per cent to $223.1 million as revenue fell 8.4 per cent to $1.41 billion.

One positive trend: net profits shot up 68.3 per cent from the first quarter, in line with a gradual global recovery.

The group's net profits do not include valuation differences arising from investment properties.

Revenue for the second quarter was split almost evenly between hotels and its property development and rentals segments.

Revenue from hotels was hit bad, dropping 25.2 per cent to $364.5 million in the second quarter from the same period last year. Occupancy rates had fallen across Asia, Europe and the United States.

However, CDL was able to realise profits from beginning the construction of The Arte @ Thomson last year even before its launch in March this year.

Earnings per share for the three months was down 16 per cent at 14.7 cents over the same period last year. Net asset value per share was $6.18 as at end-June, up from $5.97 as at Dec 31.

Net borrowings stood at $3.35 billion at end-June, down from $3.36 billion as at March 31. CDL shares closed 19 cents or 1.9 per cent higher at $10.02 yesterday.

Jurong Gets Transport Hub

Source : The Straits Times, Aug 14, 2009

Move in line with plans for development of Jurong Lake District

CONNECTIVITY for commuters in Singapore's west will soon be ramped up with a brand new bus interchange at Boon Lay and an expanded road network in Jurong East.

The 20,000 sq m Boon Lay integrated bus interchange, which will be linked to the MRT station and retail shops, will have the greatest number of bus services - 31 in total - when it opens at the end of the year. -- ST PHOTO: MUGILAN RAJASEGERAN

The 20,000 sq m, fully air-conditioned interchange is set to see buses rolling out during the year-end school holidays.

Costing $24 million, it will be Singapore's biggest and most expensive bus interchange to date. It will also have the greatest number of bus services - 31 in total.

When it is open, Boon Lay will be the fourth town to have an integrated public transport hub, in which the bus interchange and MRT station are seamlessly linked with retail outlets.

The other integrated hubs are in Toa Payoh, Ang Mo Kio and Sengkang, while Clementi and Serangoon are expected to get air-conditioned bus interchanges in 2011.

Commuters using the new Boon Lay bus interchange can get to it through multiple entrances.

An escalator from the third floor of Jurong Point 2, near the NTUC FairPrice supermarket, will also take shoppers directly to the bus interchange.


















Over in Jurong East, motorists can look forward to smoother traffic flow as the Land Transport Authority (LTA) adds two new roads to the estate.

An LTA spokesman said traffic demand is expected to go up in the town as plans for the Jurong Lake District take shape.

A new dual three-lane road will extend from Jurong East Street 13 to Toh Guan Road. Another new dual two-lane road will be built to link Jurong East Street 13 and Jurong East Street 11.

Read the full story in Friday's edition of The Straits Times.

Cheated Of Property And $1.2m

Source : The Straits Times, August 14, 2009

Brothers' signatures were forged; court deletes rogue lawyer's name from title deed after 5-year battle

CHEATED of their property when their lawyer forged their signatures to seize ownership, three brothers had to come up with another $700,000 to prevent the bank from selling off the building.

Rogue lawyer Sivakolunthu forged documents to take possession of the Sim brothers' property (seen here) and mortgaged it for $700,000. -- ST PHOTO: MUGILAN RAJASEGERAN

Yesterday, their five-year-long plight finally ended when the High Court ordered the rogue lawyer's name to be removed from the property title deed and replaced by their names instead.

The brothers, Mr Sim Chiang Lee, Mr Sim Sien Tong and Mr Sim Ah Ban, now in their 50s and 60s, were partners and shareholders in a family business that included provisions, hardware and realty.

Their ordeal began in March 2004 when then lawyer Sivakolunthu Thirunavukarasu, now 51, forged their signatures and transferred ownership of a factory they had purchased to her name.

Among other things, Sivakolunthu drafted documents that made out that the three brothers had sold the premises in Chai Chee to her.

To cover her tracks, she included one of the brothers, Mr Sim Chiang Lee, as co-owner with her.

The forged documents stated that Sivakolunthu owned 75 per cent of the property - worth $1.4 million - while the remaining 25 per cent was supposedly in Mr Sim Chiang Lee's name.

The lawyer then mortgaged the property to a bank for a $700,000 loan by forging Mr Sim Chiang Lee's signature, and skipped town in May that year.

She is still on the run.

Mr Sim Ah Ban (left) and his brothers lost a total of $1.2 million to their rogue lawyer. They, however, managed to get $226,000 in rent for the leased-out period. -- ST FILE PHOTO

In August 2005, after her fraudulent work was uncovered, the bank acted on the mortgage default and the brothers had no option but to pay up or see the bank sell off the premises.

The bank took its case to the High Court, which confirmed it had a valid mortgage, which could be enforced.

The brothers contested the move all the way to the Court of Appeal where they lost and have yet to settle the legal costs of the move.

One small compensation was the brothers were entitled to the rent from the building, which had been leased from the time Sivakolunthu was found out. They received $226,000 in January this year.

Altogether Sivakolunthu swiped $2.4 million from more than a dozen victims in early 2004, by mortgaging four properties, but the Sim brothers suffered the most.

They lost $1.2 million as she also swiped $500,000 which they paid into the clients' account of the law firm she worked in.

The Sim brothers, who were represented by lawyer Philip Fong of Harry Elias Partnership, were all shareholders and partners in several businesses they ran, including Sin Aik Provision Store, Sin Aik Realty and Sin Aik Hardware.

Contacted last night, Mr Sim Ah Ban expressed disappointment that Sivakolunthu remains missing and said he was in no mood to talk.

'A loss is a loss,' he added.

Their case was among those cited by the Law Ministry recently when it proposed new rules for the handling of money in property deals.

Under the proposals, now the subject of a public feedback exercise, lawyers will no longer be allowed to handle conveyancing monies and deposits will be placed with approved institutions.

In the past five years, five rogue lawyers have absconded with almost $20 million of their clients' money; four are yet to be caught.

A fifth, Victor Tan, who handed himself to police in late 2007, is currently behind bars serving a 54-month sentence after being convicted of misappropriating $32,000 from a client.