Source : AsiaOne News, Wed, Aug 7, 2007
Singapore's United Overseas Bank Ltd. Tuesday reported a second-quarter net profit of 585 million Singapore dollars (US$386 million; €279 million), down 48 percent from the same period a year.
The bank said the drop in profit was due to a one-time gain in the previous quarter of S$689 million (US$454 million; €329 million).
The gain gave Singapore's second-largest banking group by assets a net profit of S$1.13 billion (US$745 million; €539 million) in the second quarter of last year. Net profit in the second quarter last year excluding the one-time gain was S$443 million (US$292 million; €211 million).
This year's result was higher than the average estimate of S$528 million (US$348 million; €252 million) by six analysts polled by Dow Jones Newswires.
The company posted total income of S$1.3 billion (US$858 million; €621 million) for the quarter, up 32 percent from S$981 million.
Net interest income rose 13 percent to S$761 million (US$502 million; €364 million) from a year ago.
Non-interest income increased 73 percent to S$536 million (US$354 million; €256 million).
Tuesday, August 7, 2007
Help Pouring In For Residents Affected By Bukit Merah Blast
Source : Channel NewsAsia, 07 August 2007
Eight households affected by the explosion at a Bukit Merah flat, have been given the option to stay in their relocated flats for the long term.
The Housing and Development Board (HDB) has also promised to keep the rents at the same level as that of their previous flats.
The gas explosion last week caused the death of 73-year-old Chan Fook Seng and reduced several rental flats at Block 105 of Bukit Merah to a pile of rubble.
But help has been pouring in for affected residents.
Associate Professor Koo Tsai Kee, MP of Tanjong Pagar GRC, said: "The CDC welfare fund has provided them with immediate relief of S$100 NTUC FairPrice vouchers and S$100 cash. We will follow up with more."
Grassroots organisations are also providing basic household items to help residents ease the transition to a new life, following a traumatic experience.
One of the affected residents, Poon Shu Min, said: "I don't want to go back, as long as I'm comfortable here. Moving is too troublesome."
"During the blast, the wall collapsed and trapped an old woman. Mr Chan has also passed away. There are awful memories there," another resident, See Chai Meng, said.
Some residents have moved to other flats in the same building, while others have relocated to the next block.
HDB said it would let affected residents decide if they want to return to their units after repairs are completed in a few months.- CNA/so
Eight households affected by the explosion at a Bukit Merah flat, have been given the option to stay in their relocated flats for the long term. The Housing and Development Board (HDB) has also promised to keep the rents at the same level as that of their previous flats.
The gas explosion last week caused the death of 73-year-old Chan Fook Seng and reduced several rental flats at Block 105 of Bukit Merah to a pile of rubble. But help has been pouring in for affected residents.
Associate Professor Koo Tsai Kee, MP of Tanjong Pagar GRC, said: "The CDC welfare fund has provided them with immediate relief of S$100 NTUC FairPrice vouchers and S$100 cash. We will follow up with more."
Grassroots organisations are also providing basic household items to help residents ease the transition to a new life, following a traumatic experience.
One of the affected residents, Poon Shu Min, said: "I don't want to go back, as long as I'm comfortable here. Moving is too troublesome." "During the blast, the wall collapsed and trapped an old woman. Mr Chan has also passed away. There are awful memories there," another resident, See Chai Meng, said.
Some residents have moved to other flats in the same building, while others have relocated to the next block.
HDB said it would let affected residents decide if they want to return to their units after repairs are completed in a few months.- CNA/so
UOB's Q2 Profit Up 32% On Loan Growth
Source : Channel NewsAsia, 07 August 2007
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Singapore's United Overseas Bank (UOB) has reported a 32% rise in its second-quarter profit, excluding exceptional gains, as a construction and property boom fuelled strong loan growth.
UOB posted a net profit of S$585m for the April-June period, up from S$443m, excluding exceptional items, a year ago.
UOB is Singapore's second-biggest lender, after DBS Group Holdings whose Q2 net profit jumped 21%, excluding one-offs, due to higher loan income and strong fees.
Oversea-Chinese Banking Corporation (OCBC), the smallest of Singapore's three banks, will report its earnings on Wednesday. - CNA/ir
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Singapore's United Overseas Bank (UOB) has reported a 32% rise in its second-quarter profit, excluding exceptional gains, as a construction and property boom fuelled strong loan growth. UOB posted a net profit of S$585m for the April-June period, up from S$443m, excluding exceptional items, a year ago.
UOB is Singapore's second-biggest lender, after DBS Group Holdings whose Q2 net profit jumped 21%, excluding one-offs, due to higher loan income and strong fees.
Oversea-Chinese Banking Corporation (OCBC), the smallest of Singapore's three banks, will report its earnings on Wednesday. - CNA/ir
Where Are Our Strata Titles?
Source : The New Paper, August 07, 2007
THEY bought their terrace houses In Johor, Malaysia almost seven years ago, but have yet to receive the title deeds.
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-- Picture: MOHD ISHAK
The hold-up has left some Singaporeans unhappy and jittery over their properties across the Causeway.
One of them, Terence (not his real name, which he declined to give), paid RM339,000 ($148,900) for a 3-bedroom terrace house at Garden Court in 2000 but said he has yet to receive the title deed.
Garden Court is a housing development within the Leisure Farm Resort Residences in Johor developed by Mulpha International Berhad.
The 731 ha estate is about a half hour's drive from the Tuas Second Link and has 82 units sharing facilities like a gym and swimming pool.
Half the residents there are Singaporeans and other foreigners.
The development is like a condominium, and each owner is supposed to receive a strata title as proof of property ownership.
But Terence and others living in Garden Court are yet to receive theirs.
He and his wife live in a four-room HDB flat here, but use their Garden Court house up to five times a week to get together with his Malaysian in-laws.
He said: 'If I don't have the strata title, I don't feel like I own the place at all.'
Another Garden Court resident, John (not his real name), faces the same problem.
He bought a two-bedroom apartment there two years ago for RM371,000.
He said: 'Without the strata title, I may lose my house if another developer takes over the land and decides to sell it.'
John lives in Garden Court with his family most of the time, though he owns a five-room HDB flat here.
Problems with strata titles form the most common complaint received by Malaysia's National House Buyers Association in 2005.
Three out of 10 complaints involved strata titles.
The second most common complaint - two of out 10 - are about management and maintenance.
SELLING REQUIRES APPROVAL
Terence said he understands that before they receive their strata titles, residents can sell their properties, subject to the developer's approval.
A spokesman for Leisure Farm, however, said this was not correct. (See report below).
Without strata titles, residents also cannot form management committees to look after their property.
Now, the developer manages Garden Court - an unfavourable arrangement, said Terence.
He explained: 'The management is slow to respond to complaints.
'For example, when the swimming pool pump broke down in 2002, it took six months after the first complaint was made to get it fixed.
'It still broke down after that.
'Also, new gym equipment was given only a year after residents complained about the equipment being too old.'
Leisure Farm said Garden Court owners can expect to get their strata titles in half a year's time.
But Terence appears to have had enough of the place.
He said: 'When I bought the house, I didn't see it as an investment at all.
'The house was bought to make it convenient for my family and my in-laws to meet.
'But now, after all the trouble I've gone through to get information from the developer, I feel like selling the house.'
Developer: 'Deeds Will Come In Six Months'
A SPOKESMAN for Leisure Farm said Garden Court residents can expect to get their strata titles in about half a year's time from now.
He added that:
Residents do not need the developer's consent to sell their houses.
Mulpha International will arrange for a meeting with residents to form a joint management body by this year or early next year.
Leisure Farm has an 'open communication approach with the owners' on issues like audit of accounts.
Accounts are audited annually and are prepared for inspection by the owners.
There is a maintenance team that ensures 'regular upgrading of the infrastructure' and 'pest control and landscaping works are implemented to ensure residents' safety'.
THEY bought their terrace houses In Johor, Malaysia almost seven years ago, but have yet to receive the title deeds.
.jpg)
-- Picture: MOHD ISHAK The hold-up has left some Singaporeans unhappy and jittery over their properties across the Causeway.
One of them, Terence (not his real name, which he declined to give), paid RM339,000 ($148,900) for a 3-bedroom terrace house at Garden Court in 2000 but said he has yet to receive the title deed.
Garden Court is a housing development within the Leisure Farm Resort Residences in Johor developed by Mulpha International Berhad.
The 731 ha estate is about a half hour's drive from the Tuas Second Link and has 82 units sharing facilities like a gym and swimming pool.
Half the residents there are Singaporeans and other foreigners.
The development is like a condominium, and each owner is supposed to receive a strata title as proof of property ownership.
But Terence and others living in Garden Court are yet to receive theirs.
He and his wife live in a four-room HDB flat here, but use their Garden Court house up to five times a week to get together with his Malaysian in-laws.
He said: 'If I don't have the strata title, I don't feel like I own the place at all.'
Another Garden Court resident, John (not his real name), faces the same problem.
He bought a two-bedroom apartment there two years ago for RM371,000.
He said: 'Without the strata title, I may lose my house if another developer takes over the land and decides to sell it.'
John lives in Garden Court with his family most of the time, though he owns a five-room HDB flat here.
Problems with strata titles form the most common complaint received by Malaysia's National House Buyers Association in 2005.
Three out of 10 complaints involved strata titles.
The second most common complaint - two of out 10 - are about management and maintenance.
SELLING REQUIRES APPROVAL
Terence said he understands that before they receive their strata titles, residents can sell their properties, subject to the developer's approval.
A spokesman for Leisure Farm, however, said this was not correct. (See report below).
Without strata titles, residents also cannot form management committees to look after their property.
Now, the developer manages Garden Court - an unfavourable arrangement, said Terence.
He explained: 'The management is slow to respond to complaints.
'For example, when the swimming pool pump broke down in 2002, it took six months after the first complaint was made to get it fixed.
'It still broke down after that.
'Also, new gym equipment was given only a year after residents complained about the equipment being too old.'
Leisure Farm said Garden Court owners can expect to get their strata titles in half a year's time.
But Terence appears to have had enough of the place.
He said: 'When I bought the house, I didn't see it as an investment at all.
'The house was bought to make it convenient for my family and my in-laws to meet.
'But now, after all the trouble I've gone through to get information from the developer, I feel like selling the house.'
Developer: 'Deeds Will Come In Six Months'
A SPOKESMAN for Leisure Farm said Garden Court residents can expect to get their strata titles in about half a year's time from now.
He added that:
Residents do not need the developer's consent to sell their houses.
Mulpha International will arrange for a meeting with residents to form a joint management body by this year or early next year.
Leisure Farm has an 'open communication approach with the owners' on issues like audit of accounts.
Accounts are audited annually and are prepared for inspection by the owners.
There is a maintenance team that ensures 'regular upgrading of the infrastructure' and 'pest control and landscaping works are implemented to ensure residents' safety'.
Iconic PearlBank Up For En Bloc Sale
Source : TODAY, Tuesday, August 7, 2007
Knight Frank is inviting offers for the collective sale of Pearlbank Apartments, near Pearl’s Hill City Park. The iconic 37-storey, 99-year leasehold development consists of 280 apartments and eight commercial units.
The 7,653-sq-m site is designated for a residential development with a plot ratio of 7.2. The baseline gross floor area is a little under 57,000 sq m, translating to a plot ratio of 7.447.
It is estimated that the property can command at least $750 million, excluding the lease-upgrading premium estimated at $137 million. This translates to a land price of around $1,445 per square foot per plot ratio. Knight Frank believes that about 500 apartments averaging 1,200 sq ft each can be built on the site.
The tender closes on Sept 18 at 3pm. — JOSEPH YADAO
Knight Frank is inviting offers for the collective sale of Pearlbank Apartments, near Pearl’s Hill City Park. The iconic 37-storey, 99-year leasehold development consists of 280 apartments and eight commercial units.The 7,653-sq-m site is designated for a residential development with a plot ratio of 7.2. The baseline gross floor area is a little under 57,000 sq m, translating to a plot ratio of 7.447.
It is estimated that the property can command at least $750 million, excluding the lease-upgrading premium estimated at $137 million. This translates to a land price of around $1,445 per square foot per plot ratio. Knight Frank believes that about 500 apartments averaging 1,200 sq ft each can be built on the site.
The tender closes on Sept 18 at 3pm. — JOSEPH YADAO
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