《联合早报》Dec 27, 2007
建屋发展局推出碧山24街一个地段供私人发展商在设计、兴建和销售计划（Design, Build and Sell Scheme，简称DBSS）下投标发展组屋。
这是建屋局推出供兴建私人组屋的第四个地段，前三个地段位于淡滨尼6道、文庆路及宏茂桥52街。
碧山这个地段面积有1万5218平方公尺，总建筑楼面约5万3264平方公尺，楼高限制在153公尺（约等于50层楼组屋的高度）。一般估计，该地段可建约390个组屋单位。
同前两个地段一样，建屋局规定发展商必须建造至少三成的四房式（面积95平方公尺）或更小型单位，以确保有足够的小型组屋供选购，维持不同收入阶层的融合。
建屋局文告说，新地段靠近不少设施，非常方便，包括了地铁站、巴士转换站、碧山第8站及邻里公园等。地段附近也有不少学府，如公教中学、莱佛士书院及莱佛士初级学院。
料将引起热烈竞标
博纳集团（PropNex）总裁伊斯迈说，碧山地点适中，是个受欢迎的地区，相信将引起发展商或建筑商财团的热烈竞争。此外，它也会吸引大批人前往选购。
他透露，碧山地铁站附近一些五房式组屋的转售价平均是45万元，而且这一带的私人公寓每平方英尺1000元，因此，他估计这一批私人组屋的“身价”，可能超过每平方英尺600元。
莱坊（Knight Frank）研究部主管麦俊荣也认为这批私人组屋一定会吸引不少人购买，尤其是年轻人。至于房价，他估计可与碧山区组屋转售价接近。碧山四房式组屋转售价平均是33万7881元。
成熟组屋区的组屋向来的需求量都很高，就连打算结婚的情侣，也想购买成熟组屋区的单位，除了是设施完善外，他们也希望跟父母同住一区。
建屋局过去在成熟组屋区推出的双月组屋销售计划，都吸引不少人提出申请，好几十个人争一个单位。当局这次在碧山推出私人组屋，将为瞄准成熟组屋的购屋者提供另一选择。
碧山24街地段的招标工作今天开始，截止日期是明年2月19日中午12时。地段的地契期限为103年，成功得标的发展商必须在四年内完成建筑工程，然后以99年地契出售组屋。
森联集团去年以8000多万元标得淡滨尼地段，建8栋17层楼高组屋The Premiere@Tampines，所推出的616个四房式和五房式单位吸引近6000个申请者，反应热烈。那里四房式单位的售价介于27万8000元至41万元，五房式则介于30万8000元至45万元。
位于文庆路的地段，今年6月由海峡实业财团以1亿7000多万元成功标得。这个地段将兴建3座40层楼高的组屋，单位有714个，预料在明年初推出选购。
宏茂桥52街的地段本月初由Greatearth Developments私人有限公司以1亿3418万元标得。
建屋局在前年3月推出私人发展商设计、兴建与出售组屋的计划。发展商可自行决定付款形式及各类型组屋数量，不过私人发展的组屋仍属于公共住屋，购买者需符合建屋局的条例，包括组屋种族比例以及购买组屋者的家庭月入顶限定在8000元。
上个月底，政府宣布将在未来半年，陆续推出四个私人发展商设计、兴建和出售组屋项目，它们分布在碧山、四美、大巴窑和勿洛，总共可建1900个单位的私人组屋。
Thursday, December 27, 2007
Help, We Are En-Bloc Refugees
Source : TODAY, Thursday, December 27, 2007
WE HAVE been “en-blocked” for a second time. On both occasions, we were reluctant sellers.
People tell us we are lucky because we are getting a lot of money from the en-bloc sale.
But in reality, we have had to downgrade each time - from private and freehold, to HUDC and leasehold.
And now, it looks like we will have to either go HDB or move to the edges of Singapore - away from our doctors, dentist, friends, church and clubs.
To make matters worse, at almost every prospective home we have checked out, we have been told that there is a good chance of the place going en bloc.
Our housing agent has told us that if we want to live in a condominium, we have to face the fact that sooner or later the owners will try to go en bloc.
We were in our late 60s the first time we were forced out of our home.
Now, we are in our late 70s. The next time, we will be in the same boat as two of our neighbours, who are in their 90s but still have to uproot.
Is this the way we are going to pass our twilight years? Always faced with the prospect of having to sell our home?
The experience is very stressful. Losing one’s home ranks alongside losing one’s spouse, child or parent. It can be traumatic and mentally debilitating.
We have two other options. First, we can buy an HDB resale flat, which may not have the benefits a condominium offers in terms of security and facilities. Second, we can consider landed property, which would cost a lot more. And, as old people, we will have to hire someone to help maintain it because we will be unable to do so on our own.
Of course, we could also choose to rent a home. However, this would put us at the mercy of landlords who may decide to raise the rent to an unreasonable level, or decide to take the property off the rental market, which would mean more packing, moving and house-hunting.
Even with landed property, we wouldn’t have complete peace of mind. The Government may decide to redevelop the estate, or our neighbours may band together to sell.
After working all our lives and raising our children, we had hoped to pass our twilight years in peace and relaxation.
Instead, what can we look forward to? The constant fear of some bright (and greedy) spark rallying all the neighbours to put the entire estate up for sale to a developer?
And if at first they don’t succeed, they will try and try again!
As en-bloc refugees, we are appealing to the Government to come up with a solution, which will allow us to live the rest of our lives without the fear of losing our home - again.
WE HAVE been “en-blocked” for a second time. On both occasions, we were reluctant sellers.
People tell us we are lucky because we are getting a lot of money from the en-bloc sale.
But in reality, we have had to downgrade each time - from private and freehold, to HUDC and leasehold. And now, it looks like we will have to either go HDB or move to the edges of Singapore - away from our doctors, dentist, friends, church and clubs.
To make matters worse, at almost every prospective home we have checked out, we have been told that there is a good chance of the place going en bloc.
Our housing agent has told us that if we want to live in a condominium, we have to face the fact that sooner or later the owners will try to go en bloc.
We were in our late 60s the first time we were forced out of our home.
Now, we are in our late 70s. The next time, we will be in the same boat as two of our neighbours, who are in their 90s but still have to uproot.
Is this the way we are going to pass our twilight years? Always faced with the prospect of having to sell our home?
The experience is very stressful. Losing one’s home ranks alongside losing one’s spouse, child or parent. It can be traumatic and mentally debilitating.
We have two other options. First, we can buy an HDB resale flat, which may not have the benefits a condominium offers in terms of security and facilities. Second, we can consider landed property, which would cost a lot more. And, as old people, we will have to hire someone to help maintain it because we will be unable to do so on our own.
Of course, we could also choose to rent a home. However, this would put us at the mercy of landlords who may decide to raise the rent to an unreasonable level, or decide to take the property off the rental market, which would mean more packing, moving and house-hunting.
Even with landed property, we wouldn’t have complete peace of mind. The Government may decide to redevelop the estate, or our neighbours may band together to sell.
After working all our lives and raising our children, we had hoped to pass our twilight years in peace and relaxation.
Instead, what can we look forward to? The constant fear of some bright (and greedy) spark rallying all the neighbours to put the entire estate up for sale to a developer?
And if at first they don’t succeed, they will try and try again!
As en-bloc refugees, we are appealing to the Government to come up with a solution, which will allow us to live the rest of our lives without the fear of losing our home - again.
S’pore Economy On Course Despite November Blip
Source : The Business Times, December 27, 2007
Biomed slides 33.4% but Nov’s underlying manufacturing trend remains stable
Singapore’s economy remains on track to hit the higher end of the government’s full-year gross domestic product growth target of 7.5-8 per cent, despite a blip in manufacturing output in November, economists said.
Most economists are sticking by their full-year GDP estimates, with Citigroup pegging its forecast at 7.8 per cent and Standard Chartered at 8 per cent. CIMB-GK now expects GDP growth to be 7.9 per cent, down from its earlier forecast of 8.5 per cent.
‘I don’t see GDP growth falling outside the official range. It’s likely to be at the higher-end of the 7.5-8 per cent range,’ CIMB-GK economist Song Seng Wun said.
Data from the Economic Development Board yesterday showed manufacturing output in November dipped 1.5 per cent from a year ago after a 2.2 per cent rise in October. Contraction in biomedical manufacturing, precision engineering and general manufacturing industries clusters offset expansion in other clusters.
The output decline last month was smaller than expected, compared to a median forecast of a 2.5 per cent contraction in a Reuters poll of nine economists.
Economists noted that the main drag in November was the biomedical segment, which is typically volatile month-on-month and which slumped 33.4 per cent in November from a year ago, while the underlying manufacturing production trend remains stable.
The decline in biomedical production is due to a 35.6 per cent fall in pharmaceutical output as some active pharmaceutical ingredients were not produced. There was a 15 per cent decline in the production of medical devices led by lower demand from Europe and the US, the EDB said.
The precision engineering cluster also dipped slightly by 0.3 per cent year-on-year in November as declines in the production of precision modules and components erased the growth in machinery and systems output.
Also displaying weakness, the general manufacturing industries contracted 0.2 per cent in November from a year earlier as declines in miscellaneous manufacturing industries offset increases in the output of food, beverages and tobacco products.
But the transport engineering cluster bucked up the manufacturing sector in November, expanded by a robust 31.9 per cent year-on-year last month. This was spurred by a 53.5 per cent growth in the marine and offshore engineering segment, which cushioned contractions in the aerospace and land transport segments.
‘Shipyards continued to be occupied with existing contracts for ship repairing, shipbuilding, ship conversion and fabrication of oil rigs,’ the EDB said in a statement yesterday. ‘Some vessels were due for completion in the first half of next year.’
Putting on a strong recovery, the electronics sector continued its year-on- year growth in November for the fourth consecutive month, posting a 5.3 per cent growth led largely by the semiconductors segment, which grew 16.7 per cent on sustained export demand.
Despite the decent electronics output growth, economists believe that risks of an ease in electronics demand in the coming months remain in the face of an economic slowdown in major consumer market - the US - next year.
‘The electronics sector is not entirely out of the woods, there’s still a lot of question marks about the sustainability of its recovery,’ Mr Song of CIMB-GK said. ‘There’s always a risk that electronics output may still be very volatile in the coming few quarters.’
Citi economist Zheng Kit Wei also believed that electronics production could remain under pressure in the coming months.
‘Electronic exports have contracted for 10 consecutive months,’ he said. ‘Demand conditions could remain sluggish over the next quarter or so, with our composite Tech Leading Indicator pointing south.’
Pricing weakness amid tough competition could be a reason why the strength in electronics output has not translated to electronic exports, Stanchart economist Alvin Liew said.
Given the weakness in manufacturing output in October and November, economists are now expecting some moderation in the fourth quarter GDP flash estimates, which is due to be released in early January, from the 8.9 per cent year- on-year growth in the third quarter.
CIMB-GK expects the Q4 GDP year-on-year growth to come in at 7-7.3 per cent, Stanchart is predicting Q4 GDP growth at 7.6 per cent and Citi is projecting a 7.2 per cent growth.
Biomed slides 33.4% but Nov’s underlying manufacturing trend remains stable
Singapore’s economy remains on track to hit the higher end of the government’s full-year gross domestic product growth target of 7.5-8 per cent, despite a blip in manufacturing output in November, economists said.
Most economists are sticking by their full-year GDP estimates, with Citigroup pegging its forecast at 7.8 per cent and Standard Chartered at 8 per cent. CIMB-GK now expects GDP growth to be 7.9 per cent, down from its earlier forecast of 8.5 per cent.
‘I don’t see GDP growth falling outside the official range. It’s likely to be at the higher-end of the 7.5-8 per cent range,’ CIMB-GK economist Song Seng Wun said.
Data from the Economic Development Board yesterday showed manufacturing output in November dipped 1.5 per cent from a year ago after a 2.2 per cent rise in October. Contraction in biomedical manufacturing, precision engineering and general manufacturing industries clusters offset expansion in other clusters.
The output decline last month was smaller than expected, compared to a median forecast of a 2.5 per cent contraction in a Reuters poll of nine economists.
Economists noted that the main drag in November was the biomedical segment, which is typically volatile month-on-month and which slumped 33.4 per cent in November from a year ago, while the underlying manufacturing production trend remains stable.
The decline in biomedical production is due to a 35.6 per cent fall in pharmaceutical output as some active pharmaceutical ingredients were not produced. There was a 15 per cent decline in the production of medical devices led by lower demand from Europe and the US, the EDB said.
The precision engineering cluster also dipped slightly by 0.3 per cent year-on-year in November as declines in the production of precision modules and components erased the growth in machinery and systems output.
Also displaying weakness, the general manufacturing industries contracted 0.2 per cent in November from a year earlier as declines in miscellaneous manufacturing industries offset increases in the output of food, beverages and tobacco products.
But the transport engineering cluster bucked up the manufacturing sector in November, expanded by a robust 31.9 per cent year-on-year last month. This was spurred by a 53.5 per cent growth in the marine and offshore engineering segment, which cushioned contractions in the aerospace and land transport segments.
‘Shipyards continued to be occupied with existing contracts for ship repairing, shipbuilding, ship conversion and fabrication of oil rigs,’ the EDB said in a statement yesterday. ‘Some vessels were due for completion in the first half of next year.’
Putting on a strong recovery, the electronics sector continued its year-on- year growth in November for the fourth consecutive month, posting a 5.3 per cent growth led largely by the semiconductors segment, which grew 16.7 per cent on sustained export demand.
Despite the decent electronics output growth, economists believe that risks of an ease in electronics demand in the coming months remain in the face of an economic slowdown in major consumer market - the US - next year.
‘The electronics sector is not entirely out of the woods, there’s still a lot of question marks about the sustainability of its recovery,’ Mr Song of CIMB-GK said. ‘There’s always a risk that electronics output may still be very volatile in the coming few quarters.’
Citi economist Zheng Kit Wei also believed that electronics production could remain under pressure in the coming months.
‘Electronic exports have contracted for 10 consecutive months,’ he said. ‘Demand conditions could remain sluggish over the next quarter or so, with our composite Tech Leading Indicator pointing south.’
Pricing weakness amid tough competition could be a reason why the strength in electronics output has not translated to electronic exports, Stanchart economist Alvin Liew said.
Given the weakness in manufacturing output in October and November, economists are now expecting some moderation in the fourth quarter GDP flash estimates, which is due to be released in early January, from the 8.9 per cent year- on-year growth in the third quarter.
CIMB-GK expects the Q4 GDP year-on-year growth to come in at 7-7.3 per cent, Stanchart is predicting Q4 GDP growth at 7.6 per cent and Citi is projecting a 7.2 per cent growth.
HDB Offers 4th DBSS Site At Bishan
Source : The Business Times, December 27, 2007
Market watchers expect plot at Street 24 to fetch $200-$240 psf ppr
THE HDB has put on the market a 163,800 sq ft land parcel in Bishan under the Design, Build and Sell Scheme (DBSS) - the fourth such site to be offered under the scheme.
Market watchers estimate that the Bishan Street 24 site could fetch $200-$240 per square foot per plot ratio (psf ppr).
The three previous DBSS sites went for $114 to $234 psf ppr.
'This site is quite attractive,' said Nicholas Mak, director of research and consultancy at Knight Frank. 'We can expect interest from many developers, especially those who also have a construction business.'
Construction companies turned developers will be able to manage the construction costs better, Mr Mak said.
Cost management is crucial, as any developer will not want to price flats coming up on the site higher than resale flats in the vicinity, as that would make the new flats unattractive to buyers.
This site has a maximum gross floor area of 573,300 sq ft, and a maximum building height of 153 metres. It is estimated that the site could take about 390 homes.
The site is attractive as it is an established estate with an MRT station and bus interchange just a few streets away, experts said.
Under the DBSS, the developer who wins the site designs, builds and sells the flats as public housing. The developer will have flexibility in designing and pricing the flats.
Flats sold under the DBSS come with a 99-year lease and will be offered to buyers under similar HDB eligibility conditions like those for flats developed by the HDB itself.
The HDB sold its maiden DBSS site to Sim Lian Group in January 2006 for $114 psf ppr.
The second site, at Boon Keng Road, was sold to Hoi Hup Realty, together with Sunway Concrete Products and Oriental Worldwide Investments Inc, for $234 psf ppr in June.
The third site, in Ang Mo Kio, was awarded to United Engineers earlier this month, after it put in the top bid of $212 psf ppr.
All three DBSS sites saw competitive bidding, with several bidders in each case.
Market watchers expect plot at Street 24 to fetch $200-$240 psf ppr
THE HDB has put on the market a 163,800 sq ft land parcel in Bishan under the Design, Build and Sell Scheme (DBSS) - the fourth such site to be offered under the scheme.
Market watchers estimate that the Bishan Street 24 site could fetch $200-$240 per square foot per plot ratio (psf ppr).
The three previous DBSS sites went for $114 to $234 psf ppr.
'This site is quite attractive,' said Nicholas Mak, director of research and consultancy at Knight Frank. 'We can expect interest from many developers, especially those who also have a construction business.'
Construction companies turned developers will be able to manage the construction costs better, Mr Mak said.
Cost management is crucial, as any developer will not want to price flats coming up on the site higher than resale flats in the vicinity, as that would make the new flats unattractive to buyers.
This site has a maximum gross floor area of 573,300 sq ft, and a maximum building height of 153 metres. It is estimated that the site could take about 390 homes.
The site is attractive as it is an established estate with an MRT station and bus interchange just a few streets away, experts said.
Under the DBSS, the developer who wins the site designs, builds and sells the flats as public housing. The developer will have flexibility in designing and pricing the flats.
Flats sold under the DBSS come with a 99-year lease and will be offered to buyers under similar HDB eligibility conditions like those for flats developed by the HDB itself.
The HDB sold its maiden DBSS site to Sim Lian Group in January 2006 for $114 psf ppr.
The second site, at Boon Keng Road, was sold to Hoi Hup Realty, together with Sunway Concrete Products and Oriental Worldwide Investments Inc, for $234 psf ppr in June.
The third site, in Ang Mo Kio, was awarded to United Engineers earlier this month, after it put in the top bid of $212 psf ppr.
All three DBSS sites saw competitive bidding, with several bidders in each case.
More HDB Condo-Like Flats Coming Up
Source : The Straits Times, Dec 27, 2007
Bishan to get about 460 flats built by private developers; blocks may be as high as 50 storeys
BISHAN, one of the hottest young estates in the 1990s, is poised for a new infusion of public housing built by the private sector.
A 1.5 ha plot in Bishan Street 24, suitable for about 460 flats, was put up for tender yesterday by the Housing Board.
The developer who bags the site will able to design, build and sell flats there with consultants estimating that four-room flats could sell for $450,000 to $490,000.
Blocks can go up to about 50 storeys high so any development will tower over the rest of Bishan's public housing.
ERA Singapore assistant vice-president Eugene Lim said the land release will trigger new interest in the town.
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'It will probably bring demand back to Bishan... This 50-storey project will be a landmark,' he said.
Experts expect the site - the tender closes on Feb 19 - to fetch between $103 million and $143 million, based on a price per sq ft per plot ratio of $180 to $250.
The site is the fourth to be released under a programme that gives private developers free rein over the project as long as they meet the general rules of public housing.
These include selling flats only to families earning no more than $8,000 a month and ensuring that a project's common areas are easy to maintain. Such flats cater to buyers earning closer to the $8,000 cap and play a bridging role between generic HDB flats and private housing.
The first such project - the Premiere@Tampines developed by Sim Lian Land - drew almost 6,000 applicants for its 616 flats. Its units come with condo trappings like air-conditioning, built-in wardrobes and bay windows.
The Sim Lian sale was held one year ago but HDB prices have shot up by more than 11 per cent since then, so the rush for the Bishan development is expected to be just as robust.
PREMIERE @TAMPINES: Almost 6,000 applicants for 616 flats. -- PHOTO: SIM LIAN LAND
IT sales manager Andy Tan, 32, who is considering a unit there, said: 'The demand could be overwhelming. Hopefully, I am wrong.'
The second batch of 714 such flats in Boon Keng Road, developed by a group led by Hoi Hup Realty, is expected to be launched next month.
LAUNCH NEXT MONTH: A batch of 714 flats in Boon Keng Road. -- PHOTO: HOI HUP
A third site in Ang Mo Kio was just sold to Greatearth Development, while three sites - in Toa Payoh, Simei and Bedok - will be released in the coming months. They could hold a total of 1,500 units.
The HDB has offered about 4,800 build-to-order flats and more than 4,000 units from its surplus stock this year.
Young couples have been grappling with surging prices in the resale market and a tight supply of heavily subsidised HDB flats.
A booming market has seen some sellers demand as much as $100,000 in cash over the valuation (COV) of a flat. As this sum cannot be paid with a home loan, and most HDB flat-buyers rely heavily on loans for financing, this high COV puts many people out of the running.
In response, the Government last month committed to offering for sale more than 7,000 new HDB flats over a period of seven months, as well as seven plots of land that could house another 3,000 higher-end homes.
But those in urgent need of new homes may find it tough going as they will take at least two to three years to build.
The HDB's stock of surplus flats has been whittled down from about 10,000 three years ago to less than a third of that.
Buyers have scrambled for such units. Earlier this month, 316 surplus flats in the outlying towns of Hougang, Sengkang and Punggol attracted a staggering 5,147 applications.
Bishan to get about 460 flats built by private developers; blocks may be as high as 50 storeys
BISHAN, one of the hottest young estates in the 1990s, is poised for a new infusion of public housing built by the private sector.
A 1.5 ha plot in Bishan Street 24, suitable for about 460 flats, was put up for tender yesterday by the Housing Board.The developer who bags the site will able to design, build and sell flats there with consultants estimating that four-room flats could sell for $450,000 to $490,000.
Blocks can go up to about 50 storeys high so any development will tower over the rest of Bishan's public housing.
ERA Singapore assistant vice-president Eugene Lim said the land release will trigger new interest in the town.
b
'It will probably bring demand back to Bishan... This 50-storey project will be a landmark,' he said.
Experts expect the site - the tender closes on Feb 19 - to fetch between $103 million and $143 million, based on a price per sq ft per plot ratio of $180 to $250.
The site is the fourth to be released under a programme that gives private developers free rein over the project as long as they meet the general rules of public housing.
These include selling flats only to families earning no more than $8,000 a month and ensuring that a project's common areas are easy to maintain. Such flats cater to buyers earning closer to the $8,000 cap and play a bridging role between generic HDB flats and private housing.
The first such project - the Premiere@Tampines developed by Sim Lian Land - drew almost 6,000 applicants for its 616 flats. Its units come with condo trappings like air-conditioning, built-in wardrobes and bay windows.
The Sim Lian sale was held one year ago but HDB prices have shot up by more than 11 per cent since then, so the rush for the Bishan development is expected to be just as robust.
PREMIERE @TAMPINES: Almost 6,000 applicants for 616 flats. -- PHOTO: SIM LIAN LANDIT sales manager Andy Tan, 32, who is considering a unit there, said: 'The demand could be overwhelming. Hopefully, I am wrong.'
The second batch of 714 such flats in Boon Keng Road, developed by a group led by Hoi Hup Realty, is expected to be launched next month.
LAUNCH NEXT MONTH: A batch of 714 flats in Boon Keng Road. -- PHOTO: HOI HUPA third site in Ang Mo Kio was just sold to Greatearth Development, while three sites - in Toa Payoh, Simei and Bedok - will be released in the coming months. They could hold a total of 1,500 units.
The HDB has offered about 4,800 build-to-order flats and more than 4,000 units from its surplus stock this year.
Young couples have been grappling with surging prices in the resale market and a tight supply of heavily subsidised HDB flats.
A booming market has seen some sellers demand as much as $100,000 in cash over the valuation (COV) of a flat. As this sum cannot be paid with a home loan, and most HDB flat-buyers rely heavily on loans for financing, this high COV puts many people out of the running.
In response, the Government last month committed to offering for sale more than 7,000 new HDB flats over a period of seven months, as well as seven plots of land that could house another 3,000 higher-end homes.
But those in urgent need of new homes may find it tough going as they will take at least two to three years to build.
The HDB's stock of surplus flats has been whittled down from about 10,000 three years ago to less than a third of that.
Buyers have scrambled for such units. Earlier this month, 316 surplus flats in the outlying towns of Hougang, Sengkang and Punggol attracted a staggering 5,147 applications.
Ex-Condo Agent On 'Wanted' List
Source : TODAY, Thursday, December 27, 2007
Police confirm they are investigating 205 counts of forgery
FOR three years, she allegedly forged cheques and pilfered at least $200,000 from the coffers of four condominiums she was managing.
Although she allegedly committed her misdeeds between 2003 and last year, the former condominium managing agent managed to escape detection all the while by apparently falsifying financial accounts.
By the time the condominium owners discovered something was amiss in May last year, she was nowhere to be found, said a resident of Adis Villas (picture), one of the four condominiums under her management.
Today understands that the woman, in her early 30s, is on the police gazette. A police spokesperson confirmed they are investigating the woman for 205 counts of forgery for the purpose of cheating.
A board member from Sophia Apartments' management committees, one of the four affected condominiums, said "nobody suspected anything because she seemed to be doing her job well".
"She seemed trustworthy," added the board member, who declined to be named.
Today understands that the 13-unit condo had also discovered over $20,000 missing in May last year.
Meanwhile, minutes from Adis Villas' last management meeting on Nov 19 showed that the money allegedly misappropriated from the condominium is tabled to be written off at their annual general meeting due to be held on Saturday.
The condominium manager is believed to have pocketed $104,000 from the condominium's sinking funds between 2004 and last year. Another $60,000 in contribution arrears is also not traceable "due to improper records" she had kept.
Earlier this month, Adis Villas' management committee had sent residents a report from the police listing the charges the agent would face when she is arrested. They also received copies of re-audited financial reports for 2004 to 2006 because the earlier financial statements were based on incomplete accounting records.
Adis Villas management committee chairman Wong Kian Keong had also written to residents in June last year stating that he had filed a police report the previous month on the alleged fraudulent withdrawals.
Some tenants at Adis Villas, which has gone en bloc, told Today that they were unaware of the saga. It is still unclear whether residents would agree to writing off the sum.
When contacted, Mr Wong declined to comment.
The other two condominiums managed by the same agent are Mount Sophia Apartments and Pelikat Mansions.
Police confirm they are investigating 205 counts of forgery
FOR three years, she allegedly forged cheques and pilfered at least $200,000 from the coffers of four condominiums she was managing.
Although she allegedly committed her misdeeds between 2003 and last year, the former condominium managing agent managed to escape detection all the while by apparently falsifying financial accounts.
By the time the condominium owners discovered something was amiss in May last year, she was nowhere to be found, said a resident of Adis Villas (picture), one of the four condominiums under her management.
Today understands that the woman, in her early 30s, is on the police gazette. A police spokesperson confirmed they are investigating the woman for 205 counts of forgery for the purpose of cheating.
A board member from Sophia Apartments' management committees, one of the four affected condominiums, said "nobody suspected anything because she seemed to be doing her job well".
"She seemed trustworthy," added the board member, who declined to be named.
Today understands that the 13-unit condo had also discovered over $20,000 missing in May last year.
Meanwhile, minutes from Adis Villas' last management meeting on Nov 19 showed that the money allegedly misappropriated from the condominium is tabled to be written off at their annual general meeting due to be held on Saturday.
The condominium manager is believed to have pocketed $104,000 from the condominium's sinking funds between 2004 and last year. Another $60,000 in contribution arrears is also not traceable "due to improper records" she had kept.
Earlier this month, Adis Villas' management committee had sent residents a report from the police listing the charges the agent would face when she is arrested. They also received copies of re-audited financial reports for 2004 to 2006 because the earlier financial statements were based on incomplete accounting records.
Adis Villas management committee chairman Wong Kian Keong had also written to residents in June last year stating that he had filed a police report the previous month on the alleged fraudulent withdrawals.
Some tenants at Adis Villas, which has gone en bloc, told Today that they were unaware of the saga. It is still unclear whether residents would agree to writing off the sum.
When contacted, Mr Wong declined to comment.
The other two condominiums managed by the same agent are Mount Sophia Apartments and Pelikat Mansions.
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