Saturday, October 13, 2007

DBS's China fund JV gets investor licence

Source : The Business Times, October 13, 2007

DBS Asset Management (DBSAM), a wholly owned subsidiary of DBS Bank, announced yesterday that its joint venture with China's Changsheng Fund Management Company has been granted the Qualified Domestic Institutional Investor (QDII) licence by the China Securities Regulatory Commission (CSRC).

Related link - http://tinyurl.com/23k3j2
DBS' news release


The joint venture, Changsheng Fund Management, is one of the first six sino-foreign fund management companies (FMCs) to receive approval under the QDII scheme.

With this licence, Changsheng will now be able to help its clients invest their funds in overseas markets.

Said chief executive officer of DBSAM Deborah Ho: 'This is exciting news for us. Our strategic investment and partnership with Changsheng combines DBSAM's expertise in investment management and Changsheng's local knowledge and distribution capabilities. This partnership underscores DBSAM's commitment to China and we look forward to helping our clients grow their wealth in a resurgent Asia.'

And right after getting the QDII licence, Changsheng will be launching its Selected Global Sector Fund which will focus on varied industries in the fast growing economies.

'The scale of the fund market and diversification of fund products in China have been growing rapidly. New fund products such as the Selected Global Sector Fund will certainly provide China's growing affluent market with wider choices,' said Ms Ho.

DBSAM holds a 33 per cent stake in Changsheng.

Business Of Death In A Discreet, Dignified Place

Source : The Straits Times, Saturday, October 13, 2007

URA releases details of proposed funeral parlour in Sin Ming. A future industrial development will shield it from nearby homes and access to it would steer traffic away from residential areas.

FUNERAL parlours in Hong Kong and Japan look just like modern office buildings, complete with lift lobbies.

But inside, they are kitted out with dining areas and large halls for wakes.

Often sited within mixed residential and industrial areas, they are what the Urban Redevelopment Authority (URA) here is looking to copy in the possible funeral parlour in Sin Ming, slated for the empty plot next to the Bright Hill Temple.

Yesterday, the URA released details of the parlour, assuring the residents of Sin Ming that it will be a quiet, discreet and dignified place that will not advertise the business of death so near to their homes.

The URA stressed that no decision had been made on where the parlour would be as a study was still ongoing. It said it wanted residents’ feedback.

Asked about alternative sites for the parlour - such as Mandai, already home to a crematorium and columbarium - the URA returned to its point that site details had not been finalised.

Its spokesman said: ‘We are looking at details on the siting of such parlours, the timing for implementation, the mitigating measures that would be needed to be in place to minimise disturbance to the surroundings.’

When The Straits Times asked via e-mail why Sin Ming was being considered despite the area’s lack of an MRT station, the URA replied that it was accessible by public and private transport.

It also said a future industrial development would shield the parlour from nearby homes and access to it would steer traffic away from residential areas. Rules would be set up on the design and operation of the parlour.

The URA spokesman said that Yishun, another proposed site, had been tendered out, but there were no takers. The feedback it received suggested that it was not centrally located.

The proposed Sin Ming site is near a school, HDB blocks, private condominiums and terrace houses.

Residents told Transport Minister Raymond Lim last Sunday that they did not like the parlour being near their homes because of the taboos surrounding death.

Other residents The Straits Times interviewed on Wednesday expressed concern about the noise from funeral processions, the chanting, incense fumes and traffic jams. These things would depress their property value, others said.

Operations supervisor Koh Kwee Pheng, 61, has had no luck selling his terrace house next to the crematorium in the last six months.

He said: ‘Plenty of buyers have come, but the moment they see the temple, they don’t want it. With a new funeral parlour here, it’s going to be worse for me.’

The principal of Ai Tong School, Mr Ng Keng Song, also said the site was ‘inappropriate’. ‘People performing the rites will not just create noise. Mourning families may instil fear in young minds,’ he said.

The area’s 12 existing funeral parlours are clustered in units in two single-storey blocks along Sin Ming Drive.

The 20-odd carpark lots there are barely enough for the crowds of mourners, say parlour operators.

Mrs Ang Yew Seng, who has managed Ang Yew Seng Funeral Parlour for 10 years, confirmed that traffic jams and illegal parking are the norm.

Parlour operators say they worry more about rising rentals and cost-cutting among themselves than about where they will be sited.

The URA noted that a majority of wakes here are still held in temporary venues like Housing Board void decks and tents along streets and in carparks. Also, most funeral parlours here are operating out of converted terrace factories, not purpose-built facilities.

A PROPERTY OWNER’S WORRY

‘Plenty of buyers have come, but the moment they see the temple, they don’t want it. With a new funeral parlour here, it’s going to be worse for me.’MR KOH KWEE PHENG, 61, who has had no luck selling his terrace house next to the crematorium in the last six months.

Buying Foreign Property? Do Background Checks First

Source : The Straits Times, Saturday, October 13, 2007

BUYERS should be aware of their legal rights and obligations in the foreign country.
The Consumers Association of Singapore (Case) pointed out that the laws in other countries may not provide the same level of protection for property buyers.

The consumer watchdog also said that buyers should conduct their own checks before signing on the dotted line.

For instance - buyers could check with the country’s embassy on land-ownership laws.
It would also be a good move to check the track record of previous developments in the area. If there were previous problems, that could be an indication of trouble to come.

Lawyer Aziz Tayabali said: ‘If the developer is represented by a Singapore firm, the buyers should find out its obligations before signing anything.’

A reputable local representative will be less likely to desert buyers should something go wrong.

Mr Nicholas Mak, head of consultancy and research at Knight Frank, said buyers should also check out the property market in the country they are going into.

He pointed out: ‘In China, the property market is red-hot for new developments but the second-hand market is slow, so people who buy for investment would have to sell at a lower price compared to a new project.’

Prospective buyers should also try to understand why the developer is selling the properties in Singapore instead of in the home country, he added.

Mr Mak said: ‘Be cautious and do your research on whether that foreign market is facing a decline in prices or demand, or you could be buying into a risky market.’

Other Overseas Purchases Gone Bad

Source : The Straits Times, Saturday, October 13, 2007

IN 2002, 1,000 Singaporeans who paid up to $3,800 each to join Indonesian country club PT Magic Kingdom Island Resort Paradise were left stranded when the club went bankrupt. Despite collecting about $2 million, the club never started the resort project. In 2001, about 90 Singaporeans paid $16,000 for units in the Villa Temasek development in Bintan, but the developer disappeared before work was completed.

In 1996, more than 40 buyers in Singapore and Malaysia lost between US$54,000 and US$98,000 when an 816-unit condominium project in Bangalore, marketed by Singapore-based company Chesterfield International, was aborted. Chesterfield’s directors cannot be traced and not a cent has been recovered. In 1996, 18 Singaporeans shelled out between $30,000 and $70,000 each for houses built by Dragon Land in Qingdao, in China’s Shandong province. They turned out to be poorly constructed, with no amenities.

In 1995, some 37 investors paid between RM150,000 and RM400,000 for apartments at the 199-unit Anjung Seri Condominium in Johor Baru. The project was never completed.

Tanglin Village Proves Hot Property For Businesses

Source : The Straits Times, Saturday, October 13, 2007

Offers flood in for two recently released plots, with top rental offer at five times the guide rent















TANGLIN Village, the latest lifestyle hot spot in town, is drawing massive crowds to its range of newly opened shops and restaurants.

And where consumers and foodies flock, so do business people. They have descended on the prime Dempsey Road enclave in a bid to clinch the remaining pieces of land.

Tanglin Village’s short-term leases - usually for three years, as the land is slated for residential use after 2015 - have not deterred tenants, said the Singapore Land Authority (SLA). It said businesses are confident of reaping most of their investments in the first three years.

Offers have poured in for two Tanglin Village plots released recently, said the SLA, which is managing the development.

A former chapel site at 39C Harding Road drew a record 23 bids when its tender closed last month. The top rental offer was $56,000 a month - five times the guide rent, SLA said.

It was put in by Ponte & Partners, the Singapore-based firm that brought in German brewery Paulaner Brauhaus at Millenia Walk.

The Harding Road property, which has a gross floor area of 4,456 sq ft, is safeguarded for conservation. It sits on a 43,172 sq ft plot.

Most of the other bidders for the site were also from the food and beverage industry, including Da Paolo Ristorante Italiano, Palm Beach Seafood and Select Catering Services.

A second site, at 45 Minden Road, was similarly popular with 15 bidders lodging offers. The highest was $51,000 a month, or more than double the $22,000 guide rent.

It came from the Siam Silk Company, a unit of Thailand’s Thai Silk Company, which was founded by the renowned Jim Thompson.

If it is awarded the 30,631 sq ft property - which has 10,156 sq ft of gross floor area - the firm plans to open a Jim Thompson Thai restaurant and wine bar, said Mr Steve Benhar, corporate counsel for the Thai Silk Company. The eatery will feature private indoor dining and a garden bar.

The strong response to the two sites is testament to how hot Tanglin Village has become in recent months.

A year ago, a building with 13,000 sq ft of gross floor area drew only 11 rental bids - the highest just $23,000 a month. Oosh, an alfresco bar and restaurant, is now operating at the site.

Earlier this year, some 27 sub-tenant businesses faced the prospect of being evicted when their master tenant, Tanglin Warehouse, fell behind in its rental payments to the SLA.

This was averted after Tanglin Warehouse settled the arrears in full.

And things have picked up quickly since then. In the last six months, 25 firms have set up shop in the area, according to the SLA.

Their offerings run a wide gamut, from restaurants and shops to education and entertainment centres. Some tenants even use the space for offices.

The burst of activity has brought occupancy at Tanglin Village to more than 70 per cent, said the SLA’s chief executive, Brigadier-General (NS) Lam Joon Khoi.

‘Tanglin Village tenders so far have attracted a number of entrepreneurs to build their dream businesses,’ he told The Straits Times.

To better serve these tenants and their customers, the SLA intends to review ‘basic infrastructural improvements’, such as road paving, lighting and utilities, BG Lam added.

More tenants, including an international school, are also expected to make their homes in the area soon.

It is also understood that a brewery will open, as well as an Italian restaurant and an outlet for the Long Beach Seafood restaurant chain.

Tanglin Village’s success has spurred the SLA to examine uses for other enclaves such as Keat Hong camp in Choa Chu Kang - a former Singapore Armed Forces camp - and Phoenix Park in Tanglin Road, the former headquarters of the Home Affairs Ministry.

Ease Housing Rules For The Handicapped

Source : The Straits Times, Oct 13, 2007

MY SISTER suffers from multiple sclerosis and is wheelchair-dependent. She lives with my brother and mother in an old three-room flat in Bedok, where the flats are located between two flights of stairs.

My mother, who is 70 years old, suffers from severe osteoporosis, with her back almost permanently arched.

Should there be an emergency, my sister and mother would have great difficulty getting out of harm's way.

My sister goes to work every morning. My brother has to be around to help her. On the occasions when he needed to leave early for work, one of us (I or another sister) would have to go over to help her get out of the house. It is really very inconvenient.

A few months ago, there was an opportunity for her to apply for new flats in Bedok built with accessibility for the handicapped. Some were left over from an earlier Selective En-bloc Redevelopment Scheme exercise. She approached the MP for help to secure one of the units as she badly needed a new flat to give her more mobility. Unfortunately, her application was unsuccessful.

Singapore is being transformed gradually into an inclusive society where the disadvantaged person's interest is taken into consideration. Creating barrier-free features has been a very encouraging development. This should be extended to other areas, thereby giving everyone the opportunity to play an active role in the development of the country, to the best of his ability.

The concerted input of all agencies is required for this to happen.

Tan Cheng Lee (Ms)

Let Annuity Substitute For Minimum Sum

Source : The Straits Times, Oct 13, 2007

TWO years ago, when I was 53 years old, I bought a $100,000 annuity using funds in my CPF Ordinary Account, in case I lived beyond the age of 82. This annuity will start paying a guaranteed monthly payout of $500 when I am 62 until I die.

I pledged my annuity to the CPF Board but was told that as there is a shortfall of $290 - under the compulsory annuity, the monthly payout would be $790 - I would not be entitled to full exemption from the Minimum Sum scheme.

I was advised to give up my annuity if I needed a lump sum of money in the future.

When I turned 55 this year, the Minimum Sum of $99,600 was set aside in my Retirement Account.

On Aug 19, the Prime Minister proposed the compulsory annuity. The following day, I called the CPF Board to ask that it reconsider my appeal for a full exemption from the Minimum Sum scheme.

A week later, I received a letter from the board saying that I could apply for a partial exemption and set aside a reduced Minimum Sum.

As I had pledged my annuity, whose value is higher than the required Minimum Sum, it is only logical that I should be granted a full exemption from the Minimum Sum scheme.

Furthermore, with the annuity I am assured of a monthly payout until I die, thus securing my retirement.

Everyone has different retirement needs and only the person himself knows best what he needs for his golden years.

Having planned for my retirement since young, I know clearly what I will need for my future. Having provided its citizens with a good education, the Government should trust them to know what is best for them.

The Government should be more flexible when dealing with the hard-earned savings of its people, built up over the years. It should look at each appeal on a case-by-case basis as the retirement needs of people differ.

Goh Mui Sim (Ms)

Furore Over Funeral Parlour's Final Resting Place

Source : The Straits Times, Oct 12, 2007

URA proposals to build a funeral parlour in Sin Ming have met with the objections of residents despite its assurances that the facilities will be quiet and discreet

FUNERAL parlours in Hong Kong and Japan look just like modern office buildings, complete with lift lobbies.














An example of a purpose-built funeral parlour in Hong Kong Shatin Memorial Hall, New Territories. Often sited within mixed residential and industrial areas, they are what the Urban Redevelopment Authority (URA) here is looking to copy in the possible funeral parlour in Sin Ming. -- PHOTO: URA

But inside, they are kitted out with dining areas and large halls for wakes.

Often sited within mixed residential and industrial areas, they are what the Urban Redevelopment Authority (URA) here is looking to copy in the possible funeral parlour in Sin Ming, slated for the empty plot next to the Bright Hill Temple.

On Friday, the URA released details for the parlour, assuring the residents of Sin Ming that it will be a quiet, discreet and dignified place that will not advertise the business of death so near to their homes.

The URA stressed that no decision had been made on where the parlour will be as a study is still ongoing. It said it wanted residents' feedback.

Asked about alternative sites for the parlour - such as Mandai, already home to a crematorium and columbarium - the URA returned to its point that site details had not been finalised.

Its spokesman said: 'We are looking at details on the siting of such parlours, the timing for implementation, the mitigating measures that would be needed in place to minimise disturbance to the surroundings.'

When The Straits Times asked via e-mail why Sin Ming was being considered despite the area's lack of an MRT station, the URA replied that it was accessible by public and private transport.

It also said a future industrial development would shield the parlour from nearby homes and access to it would route traffic away from residential areas. Rules would be set up on the design and operation of the parlour.

The URA spokesman said that Yishun, another proposed site, had been tendered out, but there were no takers. The feedback it received suggested that it was not centrally located.

The proposed Sin Ming site is near a school, HDB blocks, private condominiums and terrace houses.

Residents told Transport Minister Raymond Lim last Sunday that they did not like the parlour being near their homes because of the taboos surrounding death.

Other residents The Straits Times interviewed on Wednesday expressed concern about the noise from funeral processions, the chanting, incense fumes and traffic jams. These things would depress their property value, others said.

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

S'porean's Batam Bungalow Dream Dashed

Source : The Straits Times, Oct 12, 2007

He waited seven years for his villa to be built, only to see the entire development flattened.

HIS dream bungalow was razed - without any notice.

In early 2005, Mr Lee saw workers demolishing some structures and assumed that these needed to be rebuilt. But on his next visit, his house was gone. -- PHOTO: LEE KHONG HWEE

Businessman Lee Khong Hwee, 67, was on another visit to his Batam bungalow when he came upon a piece of bare land.

'There was nothing. Maybe some broken bricks and rubbish among the weeds,' he told The Straits Times.

There was no forewarning, and 80 houses in the Marina Bay Villa - which once stood in west Batam, near the popular Waterfront City - disappeared almost overnight.

For the last two years, Mr Lee has been trying to find someone who will be responsible for the almost $134,000 he paid for the 6,500 sq ft property. He had also forked out $20,000 in renovations, he said.

But so far, he has had no luck with the authorities and companies in Batam.

'They all claim ignorance and a lawyer there said I must pay fees to get answers, but I don't want to lose more money,' he said.

Mr Lee's saga started back in 1990.

Then, he had visited a property fair and had decided to invest in the Marina Bay Villas here in 1990 and decided to invest in the residential estate offered by Indonesian developer P.T. Karya Sinar Batam, and Island Club Condominium, a Singapore company.

It was supposed to be built by 1992 and the development of 304 units was touted as one of the biggest developments on the Indonesian - that 80 units were completed. Mr Lee's bungalow was one of them.

But to add to their problems, despite repeated calls and a payment of over $1,000, the developer never did turn on the home's utilities and Mr Lee and his wife were unable to rent it out.

The couple would visit their new Batam house once or twice a month, he said.

Then, in early 2005, Mr Lee saw workers demolishing some structures and assumed that these needed to be rebuilt.

But on his next visit, his house was gone.

For the full story, read Saturday's edition of The Straits Times.

New Guidelines To Be Introduced To Enhance Barrier-Free Accessibility

Source : Channel NewsAsia, 12 October 2007

New guidelines will be introduced from April next year to make buildings more accessible to the elderly and the disabled.

Singapore's Building and Construction Authority (BCA) is revising laws which will require new buildings and existing ones undergoing major renovation works to be better connected.

Older buildings will also get some funding to defray upgrading cost.

Some disabled and elderly residents in Singapore have been frustrated by the lack of wheelchair-friendly features in current buildings.

"With aging population in Singapore, people will need to use the wheelchair, so with these facilities, they don't have to be so crammed at home," said Irene Toh, who started using a wheelchair five years ago when her polio condition became worse. "They can come out to have a new life, they can make friends," she added.

"If I want to go anywhere, I see the staircase, we can't do anything, how am I going to go up," said Mohammed Hussain Abdul Jabbar. "There needs to be an easier way for the handicapped."

Related Video Link - http://tinyurl.com/ywjo37
New guidelines to be introduced to enhance barrier-free accessibility


One way is to ensure older buildings like the 32-year-old Singapore Power Building get help to retrofit its premises.

For this, the BCA has launched the S$40 million Accessibility Fund in April to co-fund the provision of basic accessibility features.

With the funding, BCA hopes that all buildings erected before 1990 can be fitted with barrier-free access features by 2011.

About S$340,000 have been spent to renovate the Singapore Power Building. It is the first building to receive a grant of S$90,000 from the Accessibility Fund.

The BCA has urged owners of buildings constructed before 1990 to add more barrier-free access features in their buildings.

It is estimated that some 40 per cent of old buildings along Orchard Road, Shenton Way and Bras Basah need to be upgraded with these facilities.

The authorities have also hammered out a new set of upgrading guidelines. Besides ramps and user-friendly toilets, lifts will also have to be equipped with features for those with other disabilities.

In addition, improvements will not be limited to within the buildings. Under the revised guidelines, new buildings will have to be accessible to open spaces, train stations and bus stops.

The BCA said that from next April, building designs that do not conform to the requirements will not be approved.

For existing buildings, BCA hopes that owners will voluntarily upgrade their properties.

"Our target would be buildings that are highly-frequented by the population," said Grace Fu, Minister of State for National Development.

"There are buildings that are still in a relatively good state because of the way it was designed and built. It's not easy for them to comply with the code, so we need to give them time. And it's not about paving a ramp, it's about some major renovation in some cases."

Ms Fu added that government agencies have also identified public buildings in need of better accessibility features, like the CPF Building. They are expected to become barrier free within 5 years.

The BCA has also published a new Universal Design guide to provide the industry with design recommendations so that the less mobile will not be unduly hindered. - CNA/yb

All New Buildings To Be More Accessible From April

Source : The Straits Times, Oct 13, 2007

Barrier-free access code is part of govt effort to ensure easy mobility for all

FROM next April, all new buildings must have wheelchair-friendly routes connecting their entrances with surrounding bus stops, buildings and parks.

NO NEED TO NEGOTIATE THE STAIRS NOW: Ms Irene Toh gives a thumbs-up to the Singapore Power building's new ramps and special wheelchair-friendly lifts. -- PHOTO: SINGAPORE POWER

The move is part of a government effort to ensure that the disabled, the elderly and those with infants in prams have unrestricted access not just within a building but in the neighbourhood as well.

The new measures are included in the latest revision to a barrier-free access code which lists a series of guidelines that buildings constructed after 1990 must incorporate to ensure easy mobility for everyone.

Minister of State for National Development Grace Fu announced yesterday that the revision - the third since 1995 - had been completed.

Aside from improving 'connectivity' between buildings, the code also calls for existing 'accessible' infrastructure to be beefed up.

Earlier, MRT stations, for instance, were required to have only one entrance that would be accessible to all. Now, the stipulation has been extended to at least one entrance on both sides of the road.

Also, lifts must be fitted with grab bars for the elderly and Braille and tactile markings for the blind. The emergency call bell must be connected to a blinking light to help those who cannot hear.

Speaking at a seminar on how to improve accessibility, she said the Government is 'strongly urging' the management and owners of older buildings - those built before 1990 - to comply with the code. Compliance for them is voluntary unless they are undergoing major renovations.

Of particular interest are buildings in areas where there is 'high pedestrian traffic' such as Orchard Road, Bras Basah and Shenton Way, said Ms Fu. Only about 60 per cent of buildings in these areas currently have barrier-free access.

The Building and Construction Authority, on its part,has already approached those who own and manage older buildings in Orchard Road and the Central Business District to 'persuade' them to tap a $40 million Accessibility Fund to introduce ramps, disabled-friendly toilets and other features that help make the buildings accessible to all.

Even as it goes about convincing building owners to adopt basic accessibility features like ramps, the BCA is also encouraging others to enhance principles of 'universal design', said BCA chief executive officer John Keung.

Rather than build staircases at the main entrance of a building, and then supplement it with ramps for the disabled, universal design embraces solutions - such as smooth kerb-free or staircase-free surfaces - that can be used by all.

Wheelchair users such as economist Julian Wee, 30, also hope Singapore soon makes a leap from 'accessible' to 'universal' design.

Photographs of recent efforts to improve accessibility here, he said, included an unsheltered ramp walkway next to a covered staircase designed to protect people from rain, said Mr Wee.

Said Mr Wee: 'Rather than build a sheltered staircase and then forget to ensure the ramp walkways are sheltered too, why not have just one solution for all?'


S'pore Power makes it easy for wheelchair-bound

WHEN wheelchair-bound housewife Irene Toh visited the Singapore Power building to collect information for her son's school project in 2005, just getting from the pavement to the nearest lift took half an hour.

With the help of her 10-year-old son, she painfully negotiated about a dozen stairs at the entrance - which she says took more than 15 minutes - and then waited till she found two 'good samaritans' who carried her wheelchair up for her.

Ms Toh, now 48, went back to the Singapore Power building recently to try out its spanking new ramps and special lifts that have made negotiating stairs a thing of the past for people like her. 'It is so easy now,' said MsToh. 'I was at the lift in less than five minutes'.

Singapore Power is one of five private companies that have tapped into a $40million fund to upgrade facilities for the elderly and disabled. Improvements include a wheelchair ramp at the main entrance and additional wheelchair-friendly 'platform' lifts.

The well-known landmark on Somerset Road is more than 30years old.

Thomson Plaza is another old building that recently made use of the fund to get a radical revamp.

A travellator connecting the basement carpark and a room for nursing mothers have been added to make the mall 'welcome to three generations of families', said Madam Cynthia Phua, the building's management committee chairman, who is also an MP.

The ability to welcome entire families is also what led the 11-month-old Ikea store in Tampines to become a shining example of a building easily accessible to all.

The store won an award recently for its features which include kerb-free access, wide aisles and even wheelchairs that double as shopping carts, said MrTom Huzell, managing director of Ikano, which runs Ikea.

'For us, being accessible is not about political correctness - it just makes business sense,' he said.

Its philosophy of allowing entire families access to hassle-free shopping is paying off. More than fourmillion people have visited the store since it opened last November, said MrHuzell. -RADHA BASU

浩然大厦集体出售案 多数业主上诉得直

《联合早报》Oct 12, 2007

高庭昨天批准浩然大厦(Horizon Towers)多数业主(同意集体出售)的上诉,裁定当初驳回集体出售申请的分层地契局,必须继续审理该项申请。

经过上个星期连续三天的听审以及一个星期的斟酌后,负责审理这个上诉案的朱汉德法官以法律存在的意义为基础,宣判分层地契局在没有听取申请的是非曲直下,就决定驳回是错误的。

他指出,分层地契局存在的意义是确保申请符合法律规定,以及让少数业主有维护利益的机会,因此在申请出现错误或有任何遗漏之处时,只要不损害少数业主的利益该局是应该允许修正。

由旅店置业(HPL)和两家外国投资基金(Morgan Stanley及Qatar Investments)组成的财团Horizon Partners私人有限公司(HPPL),今年2月以5亿元集体收购浩然大厦。不过,分层地契局因屋主所提呈的申请文件中有三页出现问题,于8月3日以技术上不符合规定的理由,不批准集体出售委员会的集体出售令申请。

在这起上诉案里,法官认为,问题出在程序上的疏失,并没有涉及伪造文件,或造成任何一方的利益受损,因此指示分层地契局要重新评估业主的申请。

朱汉德法官在解释判决时说:“这样的错误是能够在没有造成他人不便或不利的情况下,在转瞬间被修改。即使缺少了这三页,还是符合至少80%屋主同意的要求。”

他也强调,如果分层地契局被视为没有权力允许修改,尽管只是打字方面出错,少了一个逗号,也会使整个集体出售申请无效,是极端的做法,并认为只要不损害任何人的利益,法律没有必要施予那么严重的后果。

虽然案件将再次回到分层地契局的手里,意味一切将打回原形,而少数业主将有机会提出反对,结果仍然悬而未决,但多数业主闻判时都表示松了一口气。

浩然大厦现任出售委员会主席林成和告诉本报,能胜诉对业主有利,向买方证明大多数业主有决心尝试完成交易,没有违约的意图。他说:“这样的判词我们很感激,也正是我们所期盼的。虽然有一些觉得自己吃亏而反悔的屋主会感到失望和委屈,但绝大多数同意集体出售业主认为,既然已签署协定,就必须遵守承诺。我们会尽早写信给分层地契局,要求续审我们的申请。”

由于分层地契局驳回业主的申请,以致业主迟迟不延长完成集体出售交易的期限,致使原本要买下公寓的财团HPPL,8月底入禀高庭,宣布卖主违反选购权(Option to Purchase)。财团当时要求法庭颁布庭令,要求卖方尽其所能重新向分层地契局申请并获得集体出售令,否则屋主得归还买主之前所支付的5000万元定金,还可能得面对买主索赔10亿元。业主后来同意把交易完成期限延迟到12月11日。

代表财团的艾伦格禧律师事务所(Allen & Gledhill)高级律师尚穆根在判决后表示很满意判决,而买方将会观望分层地契局的续审申请,暂时不会采取法律行动向业主追究责任。

“高庭这次把法例条文以及分层地契法案背后的意义列明,我们非常欢迎高庭在这方面给予的引导。此外,原先的证明文件依然有效,整个程序可以从中断的那一点出发,不必重新开始可以省下一些时间和费用。”

几经曲折的浩然大厦案件,多数业主虽然上诉成功,但他们是否能取得最后胜利,还得经历一番龙争虎斗。

少数业主要“射箭”

除了得面对12月11日最后期限的压力外,判决不如所愿的少数业主也相信不准备就此罢休,双方接下来可能在分层地契局将展开激烈的唇枪舌战。

代表其中一名少数业主的彭信国博士说,除了这三页之外,反方其实还有许多反对论据未在之前的分层地契局听审中提出。

他说:“当时,既然分层地契局的裁决如我们所愿,我们无需拉弓射箭。但如今,法官既然驳回了当时的裁决,并表示我们应该向该局提出反对,阻止交易通过。如果客户有意的话,我们将不会吝于在续审中射箭,提出更有力,更具体的论据。”

买方律师尚穆根:我成众人之敌

《联合早报》Oct 4, 2007

浩然大厦集体出售无效上诉案续审

“看来,我在这场官司里成了众人之敌!”

浩然大厦(Horizon Towers)集体出售无效上诉案,代表原本有意买下产业的财团Horizon Partners私人有限公司(HPPL)出庭的尚穆根律师,昨天在开庭前走到记者席就开玩笑地这么说。

上个星期五要求代表买方介入这起上诉案的艾伦格禧律师事务所(Allen & Gledhill)高级律师尚穆根,是过去三天审讯中最引人注意的人物。

除了财团介入具争议性外,每当尚穆根发言时,观众席不时会传来窃窃私语,一些人甚至发出嘘声表示不满,以致法官有几次得出动庭警维持法庭秩序。尚穆根律师还为此向法官说:“请告诉后面的人,这里不是马戏团!”

代表少数屋主的黄锡义高级律师和伊莱雅士律师事务所(Harry Elias Partnership)的KS拉惹律师前天在庭上分别说,他(尚穆根)在这次的审讯中已“让人感到反感”,而财团对销售委员会的官司等同于“拿枪指着屋主的头……而他们还有胆介入这场官司,开口向我们说教!”

昨天进入审讯的第三天,在结束之前现场发生了一场小风波,也与尚穆根扯上关系。

原本在前天总结陈词时表示不会参与昨天审讯的尚穆根,昨早却突然出现,还要求反驳少数代表律师的陈词,受到后者强烈反对。

黄锡义高级律师马上站起来告诉法官:“这么做不公平!这不等于再给尚穆根机会获取好处(second pick at the cherry)?”

在怨声四起下,朱汉德法官最后让所有代表律师表决,是否让尚穆根有五分钟的时间发言,之后其他代表律师也将有五分钟反驳,或者让尚穆根提呈相关文件,而其他代表律师则可以在当天提呈书面回应。大家最后决定以书面回应。

昨天的审讯主要由代表多数屋主的Tan Rajah & Cheah律师事务所的CR拉惹高级律师,反驳代表少数屋主律师的陈词。

CR拉惹律师举2003年的龙阁(Dragon Court)案件为例,指少数屋主代表律师的陈词没有根据,分层地契局应有权允许屋主对宣誓书(statutory declaration)提出修改。此外,他说,出现问题的三页其实都同时随同申请呈上,该局因此没有理由以申请少了三页而驳回申请。

当年位于荷兰路黄金地段的私人住宅龙阁被发展商看中,愿意以每单位约92万元的价格整体买下,几乎所有屋主都同意整体出售计划,惟独一名女屋主强烈反对,同样上诉高庭,不过最后被驳回。

针对少数屋主代表律师以国会最近修改分层地契法是为了赋予该局更大权力的说词,CR拉惹律师指出,政府修改分层地契法其实是针对2000年发生的马里士他路附近万阁大厦(Mandalay Court)以及嘉慧园(Grenville Condominium,前译碧绿村公寓)集体出售交易风波,而更明确列下分层地契局的职权。

在嘉慧园的案件当中,买方百腾置地子公司Leonie Court私人有限公司以交易不获分层地契局批准,并且无法在合理时间内完成为由取消交易。业主则认为,分层地契局只是基于程序有问题而没有批准交易,业主们已修正这个程序上的错误,并且重新提出申请,若非Leonie Court突然说不买,交易早已获得当局批准。高庭最后裁定,在卖方向分层地契局提出交易申请的结果未揭晓之前,买卖双方签署的交易协议仍然有效和具有法律约束力。

少数屋主代表律师前天提出,基于在现有分层地契法令下,在出现技术上不符合规定的情况时,分层地契局只能驳回出售申请,而且既然申请因不符合规格而被判失效,法庭是不应该让该局接受多数屋主对不符合规定的问题做出修改。

法官把案件展期至下个星期宣判。

浩然大厦集体出售无效上诉案续审

《联合早报》Oct 4, 2007

少数屋主代表律师陈词 质疑财团介入审讯意图

浩然大厦(Horizon Towers)屋主对分层地契局对该产业集体出售无效裁决提出上诉的案件,昨天轮到少数屋主的代表律师作出陈词。

三名代表律师一致表示,高庭不应该允许上诉,也不应该让分层地契局接受多数屋主对不符合规定的问题作出修改,驳斥财团与大多数屋主前天向法庭提出让分层地契局续审浩然大厦的集体出售令申请的要求。他们也对原本要买下公寓的财团Horizon Partners私人有限公司(HPPL)介入审讯的意图表示质疑。

拉美斯律师代表三名没有签署协议的屋主,他指出在现有分层地契法令下,在出现技术上不符合规定的情况时,分层地契局只能驳回出售申请,而国会最近在修改分层地契法案时已针对这点对症下药,以赋予该局更大的权力维护少数业主的立场。

他说:“如果在新法案未生效之前让分层地契局允许修改不符合规定的问题,等于嘲讽国会在这方面所做的努力。”

代表另外四名少数屋主的伊莱雅士律师事务所(Harry Elias Partnership)KS拉惹律师则指出,财团要求法庭允许弥补不足之处是因为没有信心如果必须重来,是否能得到80%以上屋主同意签署集体出售协议。

代表一名少数屋主的黄锡义高级律师之后补充说,集体出售令申请宣誓书其中三页签名有误只是其中一个问题,如果续审的话也许还会揭露更多问题。

集体出售令申请宣誓书有三页出问题是这次官司的导火线。由旅店置业(HPL)和两家外国投资基金(Morgan Stanley及Qatar Investments)组成的财团HPPL,今年2月以5亿元集体收购浩然大厦。

不过,屋主向分层地契局提呈的申请却因技术上不符合规定,在8月3日遭驳回。

财团及13名屋主获准参与审讯

之后,浩然大厦多数屋主和少数屋主对分层地契局裁决提出上诉。财团及13名愿意集体售卖公寓的屋主在上个星期五要求介入,以在审讯中有发言权。法官前天在开审时允许他们参与审讯。

昨天是审讯的第二天,继续迎来约30名屋主及公众到场旁听,由财团的艾伦格禧律师事务所(Allen & Gledhill)高级律师尚穆根继续第一天审讯的陈词。

尚穆根律师重申,财团介入审讯的目的是希望交易能顺利通过,并要求高庭能裁决让分层地契局接受屋主对之前的申请提呈修正再续审,无需重新提出申请。

对此,黄锡义律师在庭上指尚穆根在获准介入后,竟然向法庭开出“购物清单”(shopping list)。由于这些要求如果被接受,可能影响多数屋主以及财团之间的另一个官司。黄锡义律师也说,尚穆根律师在这次的审讯中已“让人感到反感”。

这句话引起在场的一些人欢呼叫好。

由尚穆根律师代表出庭的财团,上个月底入禀高庭,宣布卖主违反选购权(Option to Purchase),并要求法庭颁布庭令,要求卖方尽其所能重新向分层地契局申请并获得集体出售令,否则就得赔偿发展商所蒙受的损失。

浩然大厦一旦败诉,不但产业不能集体出售,屋主得归还买主之前所支付的5000万元定金,还可能得面对买主索偿10亿元,激起了屋主的不满情绪。

尚穆根律师之前在作出陈词时也说:“我们只希望交易顺利通过,丝毫没有索赔的意图。除非发生严重行为不当的情况,我们也不会提出告诉。” 

浩然大厦屋主与分层地契局上诉案将在今天续审,由代表多数屋主的是Tan Rajah & Cheah律师事务所的CR拉惹高级律师做最后陈词。法官将在一个星期后作出裁决。

浩然大厦:案件利益各方在庭上激辩

《联合早报》Oct 1, 2007

浩然大厦上诉案,法庭批准涉及案件的四方,也就是出售委员会和反对出售的业主,买家旅店置业和另外13名业主,都参与这场诉讼,这使到10月1日的审讯多次出现唇枪舌剑的场面。

浩然大厦集体出售计划,因为在申请文件上遗漏了三名业主的签名,8月初遭分层地契局驳回。出售委员会的代表律师指出,这只是手续上的疏失。而且就算扣除这三人,也有超过80%业主赞成集体出售,当局直接驳回出售的申请,对多数的业主是不公平的。

买方律师也在庭上展开了积极的攻防战。他指出如果业主对买卖合约的有效性或者新的出售委员会有意见,应该在法庭上提出来,不要等到审讯过后,才来再生事端。

买方认为,由于浩然大厦的业主一再改变立场,他们有理由质疑,业主上诉,要推翻分层地契局的决定,只是为了避免被买方追究,没有尽力履行合约。但是业主可能在上诉过后,利用别的漏洞,令合约失效。这样既不用承担法律责任,又可以提高售价另找买家。

按出售委员会和买方较早时的合约,如果集体出售交易不能在12月11日之前完成,买方可能向同意出售的业主追讨10亿元的赔偿。

浩然大厦集体出售无效上诉 原买家和部分同意售屋者要介入

《联合早报》Sept 29, 2007

法庭后天裁决是否能参与审讯

浩然大厦多数屋主(同意集体出售)和少数屋主对分层地契局裁决提出上诉,可是原本要买下公寓的财团及13名愿意集体售卖公寓的屋主却要求介入,以在审讯中有发言权,结果受到屋主反对。

法官后天裁决是否让他们参与审讯,而上诉案也将在当天开审。

由旅店置业(HPL)和两家外国投资基金(Morgan Stanley及Qatar Investments)组成的财团Horizon Partners私人有限公司,今年2月以5亿元集体收购浩然大厦。

愿意集体出售浩然大厦的多数屋主向分层地契局申请集体出售令,但当局在8月3日驳回申请。分层地契局指屋主向它提呈的宣誓书少了三页,申请因此有缺陷。

财团已起诉17名愿意集体出售的屋主,这些屋主先后担任销售委员会成员。代表财团的是艾伦格禧律师事务所(Allen & Gledhill)的尚穆根高级律师。

尚穆根昨天陈词指出,财团的介入符合法庭条例(Rules of Court)的要求。

除了确保多数屋主提出的上诉能有效及完整地得到裁决,多数屋主在上诉案中将提到的补救方案所引发的问题,对财团和多数屋主,及多数屋主和少数屋主来说,都须要公正及便利(just and convenient)地决定。上诉案裁决可能对财团有严重影响,财团不应被拒于门外。

尚穆根说:“我们是买主……作为唯一有大量权益的一方应该被允许在场……他们害怕我们提出他们不想听的论点,这是他们反对的原因。”

约40名屋主昨天上庭旁听,不时窃窃私语或发出声响。一回,尚穆根律师在一名律师陈词时起身驳斥,朱汉德法官劝他别急着回应,一些屋主马上高声赞同。

尚穆根律师为此向法官说:“请告诉后面的人,这里不是马戏团!”

法官于是指示庭警注意法庭秩序。

代表13名同意集体出售屋主的是立杰律师事务所(Rajah & Tann)的叶宝龙高级律师。歌手何耀珊及她的牧师丈夫康希是其中的屋主。

虽然他们属于愿意集体出售的多数屋主,但由于认为有本身的立场及论点提出,而代表多数屋主的律师不会为他们说话,因此要求介入上诉案。

叶宝龙高级律师陈词时说,13名屋主不要面对诉讼造成的压力和费用,他们当初签署合约,也要履行合约。虽然屋主在集体出售下可获得约200多万元,但“他们宁可要平安的夜晚,而不要赚这些钱。”

此外,13名屋主中的三人在提呈给分层地契局的那份少了三页的宣誓书上签名,申请集体出售令不成功使他们受指责,他们应获准上庭辩护,让律师代表他们在审讯中发言是合法和便利的。

代表多数屋主的是Tan Rajah & Cheah律师事务所的CR拉惹高级律师。他会提出三个论点:申请是否有缺陷;即使有缺陷,是否可以补救;分层地契局是否有权对申请作出修正。但他反问:“难道买主不介入就不能提出这三个论点吗?”

此外,纯粹因为上诉结果对愿意集体出售的屋主所签署的合约有影响,也不代表这些屋主有权介入上诉审讯。

这起上诉案的少数屋主由不同律师代表。伊莱雅士律师事务所(Harry Elias Partnership)的KS拉惹律师代表4人、拉美斯律师代表3人,彭信国律师则代表一人。

浩然大厦案节外生枝

《联合早报》Sept 28, 2007

新传媒报道,浩然大厦业主针对分层地契局判决的上诉案横生枝节,买方旅店置业和另外13名业主也要求另外派律师参与审讯,以维护本身的利益。这起上诉案可能出现四方律师展开激烈辩论的场面。

浩然大厦集体出售计划,上个月初因为技术上的问题,被分层地契局驳回申请。出售委员会于是向高庭提出上诉。如果上诉得直,就有希望从新获得分层地契局批准,顺利完成交易。但是买方旅店置业,认为审讯的结果会直接影响它的权益,于是向法庭申请,要求参与这场诉讼。同时,有13名赞成集体出售的业主,也要求另外派代表律师上庭。

这次审讯的律师阵容庞大,除了代表各方的六名律师,另外还有约20名律师从旁协助。此外,旁听席也因为他多公众也一度得拒人于门外。据了解,有大约40名业主来旁听审讯。

浩然大厦业主区振明说,“我们会遵守合约,但是不要以为可以支配我们,如果需要遵照法律出售我们的单位,我们也会接受。”

法官将在下个星期一裁决,买方和另外13名业主,有没有必要参与上诉案的审讯。

浩然业主展延出售计划 买主或撤销诉讼

《联合早报》Sept 21, 2007

新传媒报道,浩然大厦集体出售事件引发的风波出现转机。大厦业主决定把出售计划延后四个月。买主旅店置业回应时表示,它将请求法院,展延对业主的法律诉讼。

浩然大厦的135名业主昨晚开会讨论并同意,按照旅店置业的要求,把出售计划展延至今年12月。他们希望,没有出席会议的另外44个单位的业主,也支持这项决定。与会的业主也以投票的方式,选出了新的出售委员会。

浩然大厦新出售委员会主席林成和说,“其中一名是银行家,有一些是执行人员。我们都希望展延计划并履行同旅店置业,签署的合约,和谐解决这一切问题。

高庭原本定在28日,审理旅店置业对浩然大厦卖主的诉讼案。旅店置业表示,如果出售计划取得进展,它将要求法院展延审讯,并撤销诉讼。

Architect Kurokawa Dies, Aged 73

Source : The Business Times, October 13, 2007

(TOKYO) Internationally acclaimed Japanese architect Kisho Kurokawa died in a hospital here yesterday. He was 73.

Mr Kurokawa, known for designs that merged traditional architecture styles and philosophy, died after heart failure, said a spokeswoman at the Tokyo Women's Medical University Hospital.

He was hospitalised on Tuesday due to an intestinal ailment.

The hospital spokeswoman said no other details could be released because of privacy reasons. Media reports said Mr Kurokawa was suffering from a liver ailment.

Repeated phone calls to his office, Kisho Kurokawa Architect & Associates, went unanswered.

Mr Kurokawa, who made his world debut in 1960 at age 26, led a style known as the Metabolism Movement, advocating a shift from 'machine principle' to 'life principle' in his literary work and architectural designs based on themes including ecology, recycling and intermediate space.

His major works include the National Ethnological Museum in Tokyo, the Kuala Lumpur International Airport in Malaysia that encompasses palm trees and rain forest, the National Art Centre in Tokyo's posh Roppongi that looks like a wavy curtain, as well as the Van Gogh Museum in Amsterdam.

Mr Kurokawa's design of the Kuala Lumpur airport won the 2003/2004 grand prix awarded by Italy's Dedalo-Minosse International Prize, and was also certified as a sustainable airport by the United Nations' Green Globe 21 in 2003.

'(Kurokawa) demonstrated his genius to open a new passage to architecture. He made distinguished achievements,' Japanese Prime Minister Yasuo Fukuda told reporters late yesterday.

'I'm really shocked,' Mr Fukuda said. 'He was doing well just a few months ago when he ran in the elections.'

Compared to his renowned architectural achievements, Mr Kurokawa was seen as a somewhat eccentric candidate this year when he ran unsuccessfully for local and parliamentary elections.

He was born in Japan's central city of Nagoya in 1934.

Mr Kurokawa graduated from prestigious Kyoto University's architecture department before earning a doctoral degree from Tokyo University under his mentor Kenzo Tange, who was hailed as the architect of some of the most beautiful structures of the 20th century.

Mr Tange, who designed the twin gymnasiums with sweeping roofs like upside-down ships' hulls for the 1964 Tokyo Olympics, died in 2005 at 88.

Mr Kurokawa received the Gold Medal from France's Academy of Architecture in 1986. Most recently, he received the Chicago Athenaeum Museum International Architecture Award in 2006. -- AP

Average Capital Value Of Luxury Apartments Tops '97 Peak By 59%

Source : The Business Times, October 13, 2007























THE average capital value of luxury apartments in Singapore has risen 43.5 per cent in the first nine months of this year since the fourth quarter of 2006. At $2,827 psf, the Q3 2007 average luxury apartment cap value has surpassed 1997's peak level by 59 per cent, according to a report by Colliers International issued yesterday.

In the leasing market, average monthly gross rents of luxury apartments were up 27.9 per cent in the first nine months of the year. The increase was at a faster clip in the third quarter of this year, with a quarter-on-quarter gain of 10.2 per cent to $6.86 per square foot a month. This was higher than earlier rises of 7.9 per cent and 7.6 per cent in Q2 and Q1.

'The supply crunch, coupled with strong demand, continued to contribute to escalating rental growth, a growing concern among the expatriate population in the Republic and the government,' Colliers noted.

The average cap value of luxury apartments rose 13.3 per cent in Q3 over the preceding quarter to $2,827 psf.

The property consultancy firm predicts that average capital values and monthly gross rents of luxury apartments will rise by up to 10 per cent in the final quarter of the year. But it acknowledged the downside risks in the coming months, including the negative spillover from the US housing market and potential negative oil supply shocks.

'Nevertheless, the strong economic and demand fundamentals in the Singapore market, coupled with the continuing commitment of the government to maintain Singapore's attractiveness as a stable market for investments, should lend support to the private residential property market amid cautious sentiments,' the report added.

Colliers also highlighted the government's assurance that it would continue to monitor the market and ensure that prices do not run ahead because of a shortage of supply.

Earlier this month, the Urban Redevelopment Authority said that it was reviewing the Government Land Sales programme for the first half of next year and that the government would make available more sites for private residential development through the GLS programme next year if the demand continues to remain strong.

DBS Unit Gets Qualified Domestic Institutional Investor Licence In China

Source : Channel NewsAsia, 12 October 2007

DBS' China operations got a boost on Friday. A joint venture between DBS Asset Management and China's Changsheng Fund Management has been granted the Qualified Domestic Institutional Investor (QDII) licence.

The licence will allow Changsheng to help its clients invest their funds in overseas markets.

Under the QDII scheme, Chinese investors can invest in foreign securities markets through certain fund management institutions, insurance companies, securities companies and other asset management institutions.

These institutions would need to be approved by the China Securities Regulatory Commission.

Changsheng will launch a fund that will focus on varied industries in fast-growing economies.

DBS Asset Management holds a one-third stake in Changsheng. - CNA/ms

URA Still Considering Feedback On Funeral Parlour Location

Source :Channel NewsAsia, 12 October 2007

With some Sin Ming residents unhappy about a custom-built funeral parlour being built possibly in their backyard, the Urban Redevelopment Authority (URA) has given the reassurance that no decision on the location has been taken and that feedback is still being considered.

Sin Ming Garden RC's proposed location for funeral home

The agency's contention is that with an ageing population, there will be a need for more funeral services.

Most wakes are now held at ad-hoc locations like HDB void decks and temporary tents.

The agency wants to pilot purpose-built funeral parlours like those in Hong Kong and Japan.

They are fully enclosed, with all activities confined indoors, including processions.

They are also centrally located and this is the reason why a site in Sin Ming had been identified for this pilot concept.

The issue is likely to be raised in Parliament later this month, during which more information is expected. - CNA/ms