Monday, November 10, 2008

MM Lee Believes Property Values Will Continue To Rise In Long Term

Source : Channel NewsAsia, 09 November 2008

VIPs including Minister Mentor Lee Kuan Yew had the chance to tour The Pinnacle@Duxton on Sunday, and they were impressed by what they saw.

All seven blocks at The Pinnacle are linked by sky-bridges.

The Pinnacle@Duxton

On the top-most 50th storey is a sky garden with breathtaking views of the cityscape. HDB names it "The Contemplative Zone".

On the 26th storey, there is an 800-metre long jogging track as well as fitness centres.

The Pinnacle has the highest HDB blocks in Singapore. Prices are similarly high for late buyers.

When it went on sale in 2004, 4-room flats cost $288,400 to $392,100 and 5-roomers cost $343,100 to $451,100.

428 units were offered for sale in September 2008, and this time 4-room flats cost $450,000 to $550,000 while 5-room flats cost $550,000 to over $600,000.

The Pinnacle has 1,848 units in total.

HDB says the flats still cost less than what nearby flats are fetching on the resale market.

5-room flats in the vicinity cost $593,000 to $670,000.

Minister Mentor Lee said property values are bound to go up in the long run because the government is continuously building more infrastructure and attracting higher-value investments that provide higher wages to employees. - CNA/ir

Home Developers May Put Launches On Hold

Source : The Sunday Times, Nov 9, 2008

But buyers can expect attractive prices when projects are launched next year

The market is unlikely to see major residential property launches for the rest of the year, given the gloom in the market.

Because buyers are staying away, developers continue to hold back their launches until they see an appropriate time.

But showflat visitors need not fret as launches should come on the market next year, industry experts said. Prices, they suggested, could be more attractive too.

Property consultants said some developers will likely consider marketing their projects from early next year while the rest will continue to sell their already-launched projects.

Where brand-new launches are concerned, 'the first half of next year could be as quiet as the second half of this year', said Savills Singapore's director of marketing and business development Ku Swee Yong.

Demand for new homes slowed this year, with third-quarter sales at just 1,603 units.

Last year, sales reached 14,811 units, with August alone clocking in sales of 1,731 units.

The bulk of the launches are likely to be in the mass market segment since they are targeted at owner-occupiers and upgraders, he said.

And it will be supported by the HDB resale market, where prices rose 4.2 per cent in the third quarter, he added.

In comparison, private home prices fell by 2.4 per cent in the same period, registering the first contraction after 17 consecutive quarters of growth.

For a large part of this year, the deluge of bad news and a weak stock market have served to dampen buying sentiment. The bad news is still coming on strong: Last Friday, DBS Group announced that it will cut 900 jobs, or 6 per cent of its staff.

'Overall market sentiment is tied to the stock market performance,' said an industry source who declined to be named.

'If the Straits Times Index (STI) stops sliding, or if it is less volatile, it might help buyers to consider buying properties.'

The STI closed 44.29 points higher at 1,863.49 on Friday, but it is far from last year'speak of 3,906.

Right now at least, the market is largely at a standstill. Many buyers are not committing themselves because they expect prices to fall further, sources said.

'While potential buyers prefer direct price cuts, it is a tricky question for developers to decide on how much discount to give in order to move sales,' said one industry source.

Prices of high-end properties have fallen about 12 per cent since January, though the fall is much bigger for the projects that have yet to be completed.

The good news for developers is that construction costs are expected to come down next year. 'This may ease the burden on developers and allow them some leeway for price cuts,' the source said.

Knight Frank director of research and consultancy Nicholas Mak added: 'If they do not launch now, they can then wait for construction costs to fall before locking in lower costs, which would give them more pricing flexibility.'

Looking ahead, there is a strong pipeline of residential developments ready for launch, according to data from the Urban Redevelopment Authority. Indeed, the current number of unlaunched homes - at 40,400 units - is equivalent to five years' supply, said Mr Mak.

IRAS Told To Relook Property Tax Rules

Source : The Straits Times, Nov 8, 2008

Court ruling on sinking funds could affect strata-titled property

A DISPUTE over one man's property tax which went all the way to the Court of Appeal has resulted in the tax authorities being asked to relook the rules - a move which could affect thousands of strata-titled private properties such as condominiums and malls.

The Court has ruled that sinking fund contributions should form part of the calculation of how much tax is due on a property - but only if the fund has been used that year for repairs or maintenance on the estate.

For now, sinking fund contributions have been factored every year into the overall value of a property.

Mr Tan Hee Liang, who owns a shop in City Plaza in Tanjong Katong, had challenged the Inland Revenue Authority of Singapore (Iras) on why that should be so.

His lawyer Tan Hee Joek, from Drew & Napier, asked why sinking funds meant for maintenance and repair were included in the tax assessment, while contributions to the management fund, which can be tapped for the same purposes, were not.

The Court of Appeal, Singapore's highest court, has now dealt with the discrepancy.

It decided that monies in the sinking fund need not be included in the tax calculation if they were not used in the year of assessment.

But if they were tapped for maintenance and repairs which would have a positive impact on the property's overall value, then they should be included in the calculation.

The three-judge court also held that, unlike most other types of tax declarations, the onus on showing that the sinking funds were used for maintenance and repair should lie with the taxman.

The court sent Mr Tan's case back to Iras' Chief Assessor to recalculate the tax owed, following its decision.

It also asked Iras to come up with clear guidelines on the exclusions.

But it remains to be seen if the judgment would have more impact on strata-title holders like building or unit owners in their contributions to the management fund, often several times larger than the sinking fund.

The current practice is to exclude contributions to the management fund when assessing property tax, as the fund is meant for general purposes not necessarily related to improvements.

But the three-judge Court of Appeal termed the taxman's blanket exclusions as 'curious'.

Judge of Appeal Andrew Phang said they were due to a 'mistaken belief' that management funds have nothing to do with maintenance and repair works. Taxpayers have benefited from the taxman's 'erroneous practice to date', he noted.

In Mr Tan's case, his unit had an annual rental value of $48,000.

He was allowed to deduct his management fund payment of $2,400 from that amount, but not his sinking fund contribution of about $600. The final annual value of the unit, with the deduction, was $45,600.

But management funds are also used for maintenance and repair works which enhance the value of the property and, therefore, should be included in the tax assessment of the property's annual value, reasoned Justice Phang.

This exclusion so far, the judge went on to say, could be a form of concession to taxpayers, which the Chief Assessor is entitled to grant.

Iras told The Straits Times it would follow up on the court's recommendation to draw up guidelines after it receives feedback from industry players.

The change, if and when implemented, could affect unit-owners under the 3,000-odd management corporations that run strata-titled properties, including condominiums.

But any changes would not affect previous property tax payments, Iras' lawyer Julia Mohamed told the court.

Professional valuer Chua Beng Ee said the bulk of management funds is typically used to provide services like security and to upkeep facilities and utilities such as swimming pools, air-conditioning and lighting for common areas. Iras was thus right to exclude the management fund under current practice, he said.

'Monies used for maintenance and repair from the management funds are incidental in any case and expected to be small,' said Mr Chua.

'For practical reasons, the Iras should probably just extend the concession they have always had for management funds to the sinking fund, instead of having to laboriously study the accounts of each MCST (management corporation) to find out exactly which portions are meant for maintenance and repair.'

Sinking and management funds

What is a sinking fund?

Unit owners of strata-titled buildings such as condominiums, complexes and shopping malls have to contribute towards this fund, meant for periodic and major long-term repair and maintenance works.

Such works include painting, renovations and retro-fitting in common areas, electrical re-wiring, re-roofing, replacement of water supply systems and pumps, as well as replacement and upgrading of lifts. Some management committees may draw from this fund for miscellaneous uses, such as purchasing vehicles for common transport to the nearest train station or bus interchange.

What is a management fund?

The management fund is used mainly to pay for services such as utilities, security and lighting in common areas.

Occasionally, it is used for regular maintenance and repair works such as replacing a burst pipe or other incidental building defects.

Contributions to this fund are typically higher than to the sinking fund. The amount paid by unit holders is determined by the share value of the holder in the strata title, which is decided by, among other things, the size of the unit owned.

Sands Gives Reassurance On Marina Bay IR

Source : The Straits Times, Nov 8, 2008

THE top suit behind troubled casino operator Las Vegas Sands met the Singapore authorities this week, and yesterday gave a fresh commitment to completing the Marina Bay integrated resort (IR).

Mr Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands, said: 'In the light of recent turmoil in the global markets, I felt the need to personally reaffirm our commitment to the success of Marina Bay Sands. I am pleased to say that the Singapore Government's support of our project remains strong.'

The statement from Las Vegas Sands did not specify whom Mr Adelson had met.

But the consensus among analysts is that if the project were in trouble, the Government would intervene.

As an assurance that plans were on track, Sands said that it had also received word from the Casino Regulatory Authority of Singapore that it had approved the company's proposed casino floor plan for up to 1,000 gaming tables, instead of the originally planned 600 tables.

That is still subject to final approval.

Sands' reassurances over the future of the Marina IR follows fresh doubts raised by its auditors about the company's ability to continue operating.

In a regulatory filing on Thursday to the United States Securities and Exchange Commission, PricewaterhouseCoopers said the casino operator, which has US$8.8 billion (S$13 billion) in long-term debt at the end of June, would not be able to meet lenders' requirements unless it cuts spending on developments, boosts earnings at its casinos on the Las Vegas strip and raises more capital.

It was also said to be relooking projects under way in Las Vegas, Pennsylvania, Macau and Singapore.

Las Vegas gaming analyst Bill Eadington said the company has lost over 90per cent of its stock value in 13 months. Flying that close to bottom, the very existence of the company is in question, not just one of its developments, he added.

The Singapore authorities have so far declined to say more. When contacted, the Singapore Tourism Board would only refer to its earlier comment that it was 'in talks' to 'facilitate the success' of the development.

Singapore's banks, OCBC, UOB and DBS, which have significant exposure as lead arrangers for the project, remained optimistic.

About half of the $5.4 billion credit facility for Marina Bay Sands has already been drawn upon, according to UOB Kay Hian's latest report.

OCBC chief executive officer David Conner said the loan is 'ring-fenced' with no exposure to the company's projects in Las Vegas or Macau.

The company has to pledge equity before drawing on the loan and, to date, it has met its commitments.

Mr Conner said: 'As far as we are concerned, the project is still under construction.'

DBS CEO Richard Stanley also said there had been 'no default', and 'no indication of default'.

At a news conference on the bank's third-quarter earnings, he said: 'All signals I'm getting from the management of Las Vegas Sands is that they intend to finish the project and move on.

'I have to accept what they say and I have seen in recent days a strong commitment to the project from Las Vegas Sands.' He added that there was no need for loan provisions.

Analysts believe the Government would step in should the company default.

UOB Kay Hian said the banks could seek a new investor, which could 'likely be Temasek or a Temasek-linked company that has previously bidden for sites at Marina Bay or Sentosa'.

Sources say it is likely the Government has approached Temasek Holdings already. But others argued it was too early to act, with the future for Las Vegas Sands still unwritten.

But the talk has already resulted in worries over Temasek Holdings' credit worthiness. Its default protection costs rose on concern that the Government may step in to guarantee completion of the Marina IR, reported Bloomberg.

Five-year credit-default swaps on Temasek, which manages about $130 billion, advanced 15 basis points to 113, JPMorgan Chase & Co data shows.

And is there a white knight waiting in the wings for Las Vegas Sands?

When asked, CapitaLand, which had previously bid for the project, referred to what its chief executive officer Liew Mun Leong said in its third-quarter results.

'With the situation deteriorating rapidly, we are strategically watching the distressed markets, very carefully seeking out opportunities to make the right acquisitions at the right price.'

Casino Boss Turns Tables His Way

Source : The Business Times, November 8, 2008

Under-fire Marina Bay IR can increase gaming tables while its boss says project remains on track

A SHADOW may have been cast over the prospects of the Marina Bay Sands (MBS) but Las Vegas Sands (LVS) chairman Sheldon Adelson still expects to open on time, and with possibly even more gaming tables than its mega casino at the Venetian Macao.

In response to reports that LVS could be on the brink of bankruptcy, Mr Adelson, who was till recently labelled one of the world's richest men with an estimated net worth of US$11 billion, said: 'In light of recent turmoil in the global markets, I felt the need to personally reaffirm our commitment to the success of Marina Bay Sands.'

Mr Sheldon said he had met with Singapore government officials, covering a range of subjects, such as the pace of construction and marketing efforts with the Singapore Tourism Board (STB). But he did not comment on reports that MBS was seeking financial assistance from the Singapore government.

STB assistant chief executive (leisure) and director (integrated resorts) Margaret Teo added: 'We remain in dialogue with Marina Bay Sands and will continue to work closely with them to facilitate the completion of the integrated resort project.'

The government appears to have made some concessions to MBS already. Mr Adelson said the Casino Regulatory Authority of Singapore (CRA) had accepted the layout for the casino floor plan which will in essence allow for more gaming tables. He added: 'The acceptance of our proposed casino layout by the Casino Regulatory Authority gives us the flexibility to increase our original table count of 600 to as much as 1,000 to meet demand. This represents a significant milestone as we move aggressively towards our opening.'

CRA head of communications Cheryl Foo confirmed that the proposed number of tables, which was submitted in August, had been accepted and 'comply with our requirements'.

The casino floor plan is still subject to final approval from CRA when the company applies for a casino license next year. Perhaps more significant is that if MBS does eventually provide 1,000 gaming tables, it will more than rival the Venetian Macao casino, dubbed the world's largest casino with 750 gaming tables.

A shift in focus would be interesting.

Jonathan Galaviz, a partner at Globalysis, a Nevada-based travel and leisure sector strategy consultancy, notes that the outbound visa restrictions placed on mainland Chinese tourists to Macau, 'continues to put unnatural pressure on the Asia- based industry'.

He added: 'The integrated resort (IR) site at Marina Bay has always been seen by the industry as a strong real estate position for the building of a multi-billion-dollar mixed-use tourism facility.'

LVS has said it is working to implement a capital raising programme but in a filing to the New York Stock Exchange on Thursday, it added: 'If the capital raising programme is unsuccessful and the company does not have access to the available borrowings under the US senior secured credit facility, the company would need to immediately suspend portions, if not all, of its ongoing global development projects and consider other alternatives.'

LVS shares fell US$3.81 on Thursday to US$7.85 per share, a decline of 32.68 per cent.

According to a Bloomberg report, it has a long-term debt of US$8.8 billion.

LVS has also said that its Singapore IR is expected to cost in excess of US$4.5 billion while its Cotai Strip developments in Macau, which includes the Venetian Macao, has a price tag of US$12 billion.

LVS added: 'If the lenders were to exercise their right to accelerate the indebtedness outstanding, there can be no assurance that the company would be able to refinance any amounts that may become accelerated under such agreements.'

In Singapore, DBS, UOB and OCBC are said to have an exposure to MBS of around $2.2 billion. DBS CEO Richard Stanley said that, so far, there has been no indication of default and that all equity commitments have been made.

A spokesman for UOB said: 'We are always mindful of concentration risks and are constantly reviewing and rebalancing our portfolio to prevent overexposure to any single project or industry.'

Interestingly, Nomura notes in a recent report that the MBS loans are collateralised on the project itself, with repayment of principal and interest to begin only when construction is completed.

In a report released yesterday, CIMB said: 'If LVS cannot cough up its share of equity, it is likely that the Singapore government will step in.' This could be through a GLC, it added.

Completed Products May Be The Way To Go For Developers

Source : The Business Times, November 8, 2008

Wheelock Properties CEO says the new trend will raise the stakes for developers to deliver good-quality projects.

WHEELOCK Properties (Singapore) CEO David Lawrence sees developers having to sell residential projects as completed products - and not off-plan, before construction is finished - in view of near-term weak market sentiment. And on a positive note, this trend will raise the stakes for developers to deliver good-quality projects, Mr Lawrence said in a recent interview with BT.

He described last week's move by Ministry of National Development to suspend state land sales through the Confirmed List until June next year as 'very sensible and expected'. 'What people may not realise is that it has an effect on the Singapore banking system, which is exposed to the property market here - and it's important at the moment to continue to have a stable banking system,' he explained.

Mr Lawrence disagrees with parties who have called on the government to 'just sell land at any price and let property fall to whatever price'. 'What we have to understand is that over 90 per cent of Singaporeans already own a home and it's their main asset,' he said. 'So the one thing we don't want is everyone's asset price depreciating. We're not running the economy for a few people who don't already own property. Let them work for a few years and buy one later,' he quipped.

Mr Lawrence has earned a reputation as an astute property investor in Singapore. Ardmore Park, the luxury condo the group developed between 1996 and 2001, earned him the nickname 'the $1 billion Man', after the estimated pre-tax profit the group earned from the project, which it developed on a prime freehold site bought at an attractive price in 1993.

Wheelock also picked up plum residential sites in Singapore's prime districts during the early stages of the recent residential upcycle, which has now ended. Mr Lawrence stopped the site buying spree at least a year before the market peaked in 2007.

He is confident about the prospects for Singapore and its real estate market in the mid-term, although the next couple of years will be difficult. In light of this, he pruned Wheelock's headcount by 12.6 per cent, or 11 employees, from 87 to 76 a week ago, he told BT.

'It's not a nice thing to have to do, but I think for the next two or three years, companies have to firm up more efficiently until the next cycle starts. Something we had to do reluctantly,' he said.

Giving his take on the bigger picture on the Singapore residential sector, he reckons the island probably has the best quality total stock of housing in the world, including Housing & Development Board estates and private housing.

'Over the past few years, the government has been successful in achieving gentle capital price appreciation for HDB housing stock, which is very important,' he said.

In contrast, those who dabble in high-end residential sector should not expect to receive too much sympathy, he reckons. 'I don't think the government cares about the top-end market. If people want to speculate, buy too many apartments, go broke or make a lot of money, they can't be expected to be supported by the government.'

New HDB estates as well as upgraded ones are sometimes not much different from private housing, according to Mr Lawrence. 'Actually, if I was allowed to, I would like to buy an HDB apartment in Ghim Moh Estate, for instance,' he said. 'I like the area for the food. It's well maintained. There's an MRT Station. Actually, some of these HDB estates are, I think, better than some of the private condos - they are very well-managed now. And good places to live. So maybe one day, I can buy an HDB flat in Ghim Moh and retire there.

'My in-laws live in an HDB flat in Toa Payoh. I am always trying to buy them a private condo but they refuse to move. They like it there. They have friends there, food, it's a well-managed estate. They're happy. So they keep telling me: 'Keep out of our business. We don't want you to buy us a flat.'

Developers May Not Green And Bear It

Source : The Business Times, November 10, 2008

Economic slowdown seen putting brakes on energy efficiency drive here

GREEN development in the building space is likely to take a backseat among some organisations given the economic slowdown because the benefits are not tangible in the short-term, a building consultant said.

This is despite it being the 'most ideal time' to invest in green technology because of the cost efficiency that could come as a result, said Peter Rawlings, a consultant at British consultancy Environmental Resources Management.

'When finances are tight, it's a very valuable exercise,' Mr Rawlings told BT after his visit to Singapore for a Keppel Land seminar on green buildings.

'What we've observed is that those companies and organisations which have a committed green building programme would continue to build green at the moment,' he added.

'However, organisations which haven't yet embraced green designs or are considering it might hold off because they've not seen the benefits directly yet or they are a bit cautious on their level of investment.'

The Green Mark Scheme by Singapore's Building and Construction Authority (BCA) has gained traction among local developers recently. Major Singapore property players have applied for Green Mark certification for regional projects in Thailand, Vietnam, China and Malaysia, BCA told BT earlier.

But Mr Rawlings said that many property players are looking to rate their buildings according to the US rating system known as LEED (leadership in energy and environmental design).

This is especially for developers that are keen to expand overseas and since there is no international standard available, as countries have different factors to consider such as climate.

'In a more international context, the real dominant rating system is the LEED,' said Mr Rawlings. 'What we've been finding is that a lot of clients wish to pursue one type of rating system and apply it to all of their buildings and facilities, irrespective of geography.'

He added that the LEED is 'a very black-and-white system' which warrants either a pass or fail credit to developers, while the criteria for Green Mark are less defined, though it does not mean that Green Mark is lax.

Marina IR Will Go On: MM Lee

Source : The Business Times, November 10, 2008

The US$4.5 billion Marina Bay Sands integrated resort project in Singapore will go on, said Minister Mentor Lee Kuan Yew.

This comes on the back of growing concerns that the casino project could be in jeopardy after the parent company said last week it was looking at a capital raising.

'The Sands integrated resort is under pressure,' MM Lee told Tanjong Pagar residents at a community event yesterday, adding that the company was highly-leveraged as it expanded to places such as Macau.

The Chinese have now restricted the number of people who can go to Macau and this has caused the company's share price to decline, he said.

'But in Singapore, that project will go on because we are not depending on China and Chinese workers coming in from the rest of China to visit our integrated resorts.'

Las Vegas Sands chairman Sheldon Adelson had told the local media last week that he felt the need to 'personally reaffirm our commitment to the success of Marina Bay Sands'.

Mr Adelson - who injected US$475 million of his own money into the company recently - also revealed that he had met with Singapore government officials on a range of subjects such as the pace of construction and marketing efforts with the Singapore Tourism Board.

The Marina Bay resort is expected to hire some 10,000 workers before it begins operations next year. The three local banks' exposure to the project is said to be around $2.2 billion.

A Chunk Of CapitaLand Assets May Be Up For Grabs

Source : The Business Times, November 10, 2008

Four pieces of industrial assets in Singapore are believed to be coming to the market following a shift in the group's strategy

Property giant CapitaLand is understood to be looking to sell its portfolio of four industrial properties in Singapore.

In the offing: Assets to be sold are expected to include Kallang Avenue Industrial Centre and Kallang Bahru Complex

The assets are said to be worth more than $300 million and comprise Kallang Bahru Complex and the adjoining Kallang Avenue Industrial Centre, Corporation Place in Jurong, and Technopark@Chai Chee.

Market watchers reckon CapitaLand may be open to selling the properties individually or as a portfolio.

CapitaLand's plan to divest the portfolio reflects its recent strategy of exiting the industrial/logistics arena and focusing on its core strengths in commercial, residential and serviced residences, market watchers say.

Even up to six months ago, the property giant had ambitions to grow in the industrial/logistics real estate space. It is said to have bid, unsuccessfully, last year for the $1.7 billion portfolio of industrial properties divested by JTC Corporation. And not too long ago, CapitaLand had its eye on listing an industrial Reit, some analysts noted.

But just a few months ago, the Singapore-listed group made a strategic decision to focus on its core strengths with the crash in financial markets.

'What this also means is that within the Temasek stable of property companies, the logistics/industrial sector will be left pretty much to Mapletree Investments group,' a market watcher noted.

In September, BT reported that CapitaLand had put on hold its tie-up with subsidiary Australand to set up a pan-Asian development platform in the industrial/ logistics business announced in February this year.

The two adjoining industrial properties at Kallang Avenue that CapitaLand owns are understood to have redevelopment potential. Kallang Avenue Industrial Centre comprises four blocks of two-storey workshops, while Kallang Bahru Complex is a nine-storey flatted warehouse.

The two sites are zoned for Business 1 use (similar to light industrial use) with a 3.0 plot ratio, of which at least 2.5 must be set aside for B1 use, with the rest for white uses. (The plot ratio is the ratio of maximum potential gross floor area to land area.)

Kallang Bahru Complex is on a site with about 70 years of remaining lease, while the Kallang Avenue Industrial Centre plot has a balance lease term of some 67 years.

The two properties were part of the former Pidemco Land portfolio. In 2000, Pidemco and DBS Land merged to form CapitaLand.

Corporation Place and Technopark@Chai Chee used to be under DBS Land. Technopark@Chai Chee, with a book value of $205.9 million as at Dec 31, 2007, comprises six high-tech industrial blocks with a total net lettable area of about 1.14 million sq ft on a sprawling site that also has a gymnasium and other amenities.

The building is almost 100 per cent occupied by tenants such as Flextronics, SIA Engineering, British Telecom, Sun Microsystems, Alacatel-Lucent and DBS Bank.

The property may offer a high-yield investment play to potential investors.

On the other hand, the Chai Chee site could also be redeveloped. The site has enjoyed an enhancement in use under the Urban Redevelopment Authority's Draft Master Plan 2008, with a Business Park zoning (2.5 plot ratio), compared with Business 1 zoning (2.5 plot ratio) under Master Plan 2003.

Corporation Place in Jurong is a seven-storey high-tech flatted factory development boasting tenants such as Siemens, Hewlett-Packard, Panasonic and Rockwell Automation.

The property has total net lettable area of about 622,000 sq ft and is 75 per cent owned by CapitaLand, with Ascendas Land owning the remaining 25 per cent. BT understands that Corporation Place will be offered for sale on a 100 per cent basis, that is, by both owners. CapitaLand fully owns the other three industrial properties.

CapitaLand reported a 25.6 per cent year-on-year drop in third-quarter net earnings to $419.4 million, on weaker home sales. However, the group reported stronger rentals from investment properties and higher fee-based income from Reits and funds under management.

The counter closed five cents higher on Friday at $3.17.

“房事”纠纷 一天解决

Source :《联合早报》November 9, 2008






















本地建筑业者不像英国、美国、斯堪的纳维亚国家(Scandinavian countries,包括挪威、瑞典和丹麦)的建筑业者,对自己的工作充满自豪感。

























新加坡调解中心提供个案 ① ② ③

●个案 ①




●个案 ②

乙公寓管理委员会指参与建造发展项目的结构工程师(structural engineer)违反职责。委员会没有列明索偿额,但估计高达25万元。

委员会指工程师没有确保他提呈给当局的绘图是正确的;另外,在设计及监督地下停车场防水系统的安装工作、拟定游泳池底下范围结构方面的规格及设计图等,都未行使“合理的谨慎与技术”(reasonable care and skill)。


●个案 ③

丙公寓委员会指公寓内的共用设施(common property)有缺陷,向发展商、建筑师和主要承包商提出索偿。





私宅建筑出现缺陷引发纠纷,若发展商属于房地产发展商公会会员,纠纷可提交发展商公会调停委员会(Conciliation Panel)处理。房地产发展商公会共有280个会员,当中半数是发展商。









申请让房地产发展商公会调停委员会(Conciliation Panel)听审,买主须支付500元的处理与行政费。这笔费用不退还。




· 10万元或以下:每造付900元。

· 10万元以上至25万元:每造付1200元。

· 25万元以上至50万元:每造付1800元。

· 50万元以上至100万元:每造支付2200元。

· 100万元以上至250万元:每造支付2600元。

· 250万元以上至500万元:每造支付2800元。

· 500万元以上:每造一天支付2900元,另加按比例分配的500万元以上款额的0.05%。