Sunday, October 28, 2007
Some Residents Unhappy With 'Private' Lift
Source : The Sunday Times, Oct 28, 2007
SOME residents in Pasir Ris will have a 'private' lift, which they will share with just one neighbour, but they are not thrilled with the idea.
A lift upgrade programme which will see the lift stop at every floor will pose some inconveniences and risks, said two residents who wrote to The Straits Times.
The design is such that the new lift landing will not lead to their flat's main door, but to their balcony. There are no escape routes or staircases and they fear being trapped in the lift landing in the event of a fire or robbery, said auditor Khoo Teck Chung, 30, who wrote in to The Straits Times.
Others think the additional door at the balcony may also increase the risk of break-ins.
Eleven blocks in Pasir Ris Drive 4 and Drive 6 were selected for the Lift Upgrading Programme (LUP). Nine of the 11 in the precinct voted for the upgrade - achieving the 75 per cent mandate required for the LUP to go through.
Under the LUP scheme, residents will pay about $2,000 to $3,000 to get these new lifts that stop at every floor. Currently, the lifts stop only on three floors.
The HDB said the new lifts will come with clear glass panels and be equipped with a lift surveillance system.
SOME residents in Pasir Ris will have a 'private' lift, which they will share with just one neighbour, but they are not thrilled with the idea.
A lift upgrade programme which will see the lift stop at every floor will pose some inconveniences and risks, said two residents who wrote to The Straits Times.
The design is such that the new lift landing will not lead to their flat's main door, but to their balcony. There are no escape routes or staircases and they fear being trapped in the lift landing in the event of a fire or robbery, said auditor Khoo Teck Chung, 30, who wrote in to The Straits Times.
Others think the additional door at the balcony may also increase the risk of break-ins.
Eleven blocks in Pasir Ris Drive 4 and Drive 6 were selected for the Lift Upgrading Programme (LUP). Nine of the 11 in the precinct voted for the upgrade - achieving the 75 per cent mandate required for the LUP to go through.
Under the LUP scheme, residents will pay about $2,000 to $3,000 to get these new lifts that stop at every floor. Currently, the lifts stop only on three floors.
The HDB said the new lifts will come with clear glass panels and be equipped with a lift surveillance system.
Singapore HDB Resale Prices Rise 6.6% In Q3
Source : Channel NewsAsia, 27 October 2007
The booming property market shows no sign of letting up. Third-quarter prices indicate an upward climb across the private residential market and HDB resale segment.
In particular, HDB resale prices rose 6.6 percent over the previous quarter - the highest increase in 10 years.
Buying a home in the resale market will not come cheap.
The latest data showed a 6.6 percent rise in prices across most flat types and towns.
However, housing agents said prices in some areas are rising at an alarming rate.
Mohamed Ismail, CEO, PropNex, said, "Though the overall price index says it's 6.6 per cent, but some of the locations, particularly if you look at say five-room flats in places like Ang Mo Kio or Jurong East, Bedok and as well as in Queenstown, all have recorded a median price increase of more than 10 percent, with Queenstown recording a 20 percent increase for a five-room flat."
Overall, the resale transaction volume fell 11 percent in the third quarter.
Industry watchers said this could be due to the surge in prices in the second quarter, which may have caused younger buyers to shy away.
Another thing working against younger home buyers is the climbing cash over valuation (COV) amount.
Latest figures showed the median COV for all resale transactions in third quarter was S$17,000.
However, agents said the COV for central areas has risen to an unrealistic level - at some S$100,000 above valuation for a five-room and executive flat in Queenstown.
Still, they do not expect the upward trend to last.
Eugene Lim, Associate Director, ERA, said, "Many sellers are asking for higher and higher cash over valuation and if you look at what is happening in the market, we are actually beginning to see some resistance, because a typical HDB buyer does not have so much cash or is not willing to part with so much cash, and this will put a cap basically on how prices increase over time."
The resale sector is expected to finish strongly in the next quarter, with agents forecasting a 5 to 6 percent rise in prices.
They also project total resale prices to increase between 13 and 17 percent for the year.
Industry players said the government's plan to build more new flats over the next six months will ease pressure on resale prices in the long run, and they do not expect resale prices to have a big impact on the prices HDB will charge for its new flats.
However, property agents said the prices will be competitive in popular locations.
They said the high demand for HDB resale flats came partly from buyers who have been priced out of private residential properties.
In addition, the rosy economic outlook also caused many home owners to upgrade to a larger flat.
As for the HDB rental market, industry players said the 8 percent rise in the third quarter is backed by strong demand and a spillover effect from the private property sector.
Another increase of 5 to 10 percent is expected next quarter.
For private residential properties, prices rose 8.3 percent - the same rate of increase as the second quarter.
Rentals also scaled up 11.4 percent, compared to 10.4 percent previously. - By Wong Siew Ying,CNA/ms
The booming property market shows no sign of letting up. Third-quarter prices indicate an upward climb across the private residential market and HDB resale segment.In particular, HDB resale prices rose 6.6 percent over the previous quarter - the highest increase in 10 years.
Buying a home in the resale market will not come cheap.
The latest data showed a 6.6 percent rise in prices across most flat types and towns.
However, housing agents said prices in some areas are rising at an alarming rate.
Mohamed Ismail, CEO, PropNex, said, "Though the overall price index says it's 6.6 per cent, but some of the locations, particularly if you look at say five-room flats in places like Ang Mo Kio or Jurong East, Bedok and as well as in Queenstown, all have recorded a median price increase of more than 10 percent, with Queenstown recording a 20 percent increase for a five-room flat."
Overall, the resale transaction volume fell 11 percent in the third quarter.
Industry watchers said this could be due to the surge in prices in the second quarter, which may have caused younger buyers to shy away.
Another thing working against younger home buyers is the climbing cash over valuation (COV) amount.
Latest figures showed the median COV for all resale transactions in third quarter was S$17,000.
However, agents said the COV for central areas has risen to an unrealistic level - at some S$100,000 above valuation for a five-room and executive flat in Queenstown.
Still, they do not expect the upward trend to last.
Eugene Lim, Associate Director, ERA, said, "Many sellers are asking for higher and higher cash over valuation and if you look at what is happening in the market, we are actually beginning to see some resistance, because a typical HDB buyer does not have so much cash or is not willing to part with so much cash, and this will put a cap basically on how prices increase over time."
The resale sector is expected to finish strongly in the next quarter, with agents forecasting a 5 to 6 percent rise in prices.
They also project total resale prices to increase between 13 and 17 percent for the year.
Industry players said the government's plan to build more new flats over the next six months will ease pressure on resale prices in the long run, and they do not expect resale prices to have a big impact on the prices HDB will charge for its new flats.
However, property agents said the prices will be competitive in popular locations.
They said the high demand for HDB resale flats came partly from buyers who have been priced out of private residential properties.
In addition, the rosy economic outlook also caused many home owners to upgrade to a larger flat.
As for the HDB rental market, industry players said the 8 percent rise in the third quarter is backed by strong demand and a spillover effect from the private property sector.
Another increase of 5 to 10 percent is expected next quarter.
For private residential properties, prices rose 8.3 percent - the same rate of increase as the second quarter.
Rentals also scaled up 11.4 percent, compared to 10.4 percent previously. - By Wong Siew Ying,CNA/ms
Stockpiling Of Granite Is Of Strategic Importance To Singapore: Govt
Source : Channel NewsAsia, 27 October 2007
The Ministry of National Development (MND) said the stockpiling of granite at Lim Chu Kang is of strategic importance to Singapore.
It said the recent Indonesian sand ban and granite supply disruption had shown that supply cut-offs could be sudden and potentially damaging.
Maintaining adequate stockpile of essential construction materials is therefore a key strategy to enhance supply resilience of these materials to continually meet Singapore's economic and social needs.
The ministry was responding to the Kranji Countryside Association which had sent a letter dated 10 Oct 2007 to the Prime Minister, asking why granite was being stockpiled at the Lim Chu Kang site.
The ministry said the site was selected after careful consideration, taking into account various land use needs.
It is also zoned as a "reserve" site - which means the specific use has not been determined for the next 15-20 years.
It said that as much as the authorities would like to locate such facilities away from densely built-up areas or any other developments, this is not always possible in land-scarce Singapore. Thus, it is important for co-existence of different land uses on adjacent land plots.
The ministry added that appropriate measures have been taken to mitigate the impact of stockpiling activities on the nearby farms.
A surveillance programme is also in place to monitor the soil and water conditions around the stockpile site.
The ministry said it will also ensure that relevant agencies work with farm operators to minimise the impact of the stockpiling activity there. - CNA /ls
The Ministry of National Development (MND) said the stockpiling of granite at Lim Chu Kang is of strategic importance to Singapore.It said the recent Indonesian sand ban and granite supply disruption had shown that supply cut-offs could be sudden and potentially damaging.
Maintaining adequate stockpile of essential construction materials is therefore a key strategy to enhance supply resilience of these materials to continually meet Singapore's economic and social needs.
The ministry was responding to the Kranji Countryside Association which had sent a letter dated 10 Oct 2007 to the Prime Minister, asking why granite was being stockpiled at the Lim Chu Kang site.
The ministry said the site was selected after careful consideration, taking into account various land use needs.
It is also zoned as a "reserve" site - which means the specific use has not been determined for the next 15-20 years.
It said that as much as the authorities would like to locate such facilities away from densely built-up areas or any other developments, this is not always possible in land-scarce Singapore. Thus, it is important for co-existence of different land uses on adjacent land plots.
The ministry added that appropriate measures have been taken to mitigate the impact of stockpiling activities on the nearby farms.
A surveillance programme is also in place to monitor the soil and water conditions around the stockpile site.
The ministry said it will also ensure that relevant agencies work with farm operators to minimise the impact of the stockpiling activity there. - CNA /ls
Woman ’Sells’ 1 Condo To Two Buyers
Source : The Sunday Times, Oct 28, 2007
Property agent sister of condo owner pockets $30,000 in deposits from two buyers; now one of them is suing her to get back $25,000
HER sister had given her permission to sell her private apartment in Sengkang.
But the woman, herself a property agent, managed to ’sell’ the condo unit to not just one, but two buyers, pocketing $30,000 in deposits from them.
Now, one of the buyers is filing a lawsuit against her to retrieve the $25,000 he paid to the woman.
A police report has also been filed against her by one of the property agents who brokered the deal.
But the woman says she did nothing wrong and pins the blame on the other two agents involved instead.
In May, she approached two property agents separately to help her market her older sister’s apartment at Rivervale Crest. Her sister is said to be working in Australia.
The woman is said to be in her 30s and is married, with one daughter from a previous marriage. She is also a discharged bankrupt.
She wanted $570,000 for the apartment.
This is where the two sides’ stories begin to differ.
The agents claimed she collected cheques for payments of 1 to 5 per cent of the condo’s sale price but would delay returning the option-to-purchase (OTP) documents to the buyer until the date had expired.
The date usually expires after two weeks.
Then, she would claim the buyer did not act promptly and must forfeit the payments they had made to her.
By then, she had already banked in the cheques.
One of the PropNex agents involved in the deal, Mr Mohd Rasheed Othman, said he had known the woman for a year, having co-brokered a property with her before.
‘She knew the tricks of the trade and used her knowledge to cheat others,’ alleged the 32-year-old.
Mr Mohd Rasheed visited the Sengkang apartment after his buyer complained. There, he met her aged parents, who were shocked that their daughter was selling the apartment.
He said: ‘Her parents had no idea she was selling the apartment. They were living there as per normal.’
Her reply: My parents have nothing to do with the apartment.
The other agent, Ms S.N. Lee, 30, said the woman would come up with excuses to delay returning documents and would avoid phone calls.
She said: ‘She’d insist on meeting at ridiculous times, in the wee hours of the morning. Sometimes, she’d even tell me to collect important documents from her shoe rack.’
Most of the time, the two agents would communicate with her by SMS.
When contacted by The Sunday Times, the woman claimed that the accusations against her were not true.
She said she did not want to go ahead with the first transaction with Mr Mohd Rasheed because he had cheated her by selling her apartment for $510,000, instead of $570,000 as promised.
‘I’m the victim here,’ she said.
She also claimed he gave her a blank OTP document to sign.
This document usually states how much the property is sold for. Sellers would have to agree to the price stated before signing.
As for Ms Lee, she failed to act promptly, said the woman, and allowed the OTP date to expire. By the woman’s reasoning, the $5,350 deposit paid by the buyer is now rightfully hers.
PropNex has returned this $5,350 deposit to the buyer on a goodwill basis.
The police confirmed that a report has been made against the woman and they are investigating.
This is not the first time someone has sold a property to multiple buyers.
In 1996, a bankrupt cheated eight people of $20,000 in all by pretending to sell his Ang Mo Kio HDB flat to each of them.
The victims, who paid between $1,000 and $5,000 as deposits, found out they had been conned only when they handed their resale agreements to the HDB. The conman was given eight months’ jail.
Property agent sister of condo owner pockets $30,000 in deposits from two buyers; now one of them is suing her to get back $25,000
HER sister had given her permission to sell her private apartment in Sengkang.
But the woman, herself a property agent, managed to ’sell’ the condo unit to not just one, but two buyers, pocketing $30,000 in deposits from them.
Now, one of the buyers is filing a lawsuit against her to retrieve the $25,000 he paid to the woman.
A police report has also been filed against her by one of the property agents who brokered the deal.
But the woman says she did nothing wrong and pins the blame on the other two agents involved instead.
In May, she approached two property agents separately to help her market her older sister’s apartment at Rivervale Crest. Her sister is said to be working in Australia.
The woman is said to be in her 30s and is married, with one daughter from a previous marriage. She is also a discharged bankrupt.
She wanted $570,000 for the apartment.
This is where the two sides’ stories begin to differ.
The agents claimed she collected cheques for payments of 1 to 5 per cent of the condo’s sale price but would delay returning the option-to-purchase (OTP) documents to the buyer until the date had expired.
The date usually expires after two weeks.
Then, she would claim the buyer did not act promptly and must forfeit the payments they had made to her.
By then, she had already banked in the cheques.
One of the PropNex agents involved in the deal, Mr Mohd Rasheed Othman, said he had known the woman for a year, having co-brokered a property with her before.
‘She knew the tricks of the trade and used her knowledge to cheat others,’ alleged the 32-year-old.
Mr Mohd Rasheed visited the Sengkang apartment after his buyer complained. There, he met her aged parents, who were shocked that their daughter was selling the apartment.
He said: ‘Her parents had no idea she was selling the apartment. They were living there as per normal.’
Her reply: My parents have nothing to do with the apartment.
The other agent, Ms S.N. Lee, 30, said the woman would come up with excuses to delay returning documents and would avoid phone calls.
She said: ‘She’d insist on meeting at ridiculous times, in the wee hours of the morning. Sometimes, she’d even tell me to collect important documents from her shoe rack.’
Most of the time, the two agents would communicate with her by SMS.
When contacted by The Sunday Times, the woman claimed that the accusations against her were not true.
She said she did not want to go ahead with the first transaction with Mr Mohd Rasheed because he had cheated her by selling her apartment for $510,000, instead of $570,000 as promised.
‘I’m the victim here,’ she said.
She also claimed he gave her a blank OTP document to sign.
This document usually states how much the property is sold for. Sellers would have to agree to the price stated before signing.
As for Ms Lee, she failed to act promptly, said the woman, and allowed the OTP date to expire. By the woman’s reasoning, the $5,350 deposit paid by the buyer is now rightfully hers.
PropNex has returned this $5,350 deposit to the buyer on a goodwill basis.
The police confirmed that a report has been made against the woman and they are investigating.
This is not the first time someone has sold a property to multiple buyers.
In 1996, a bankrupt cheated eight people of $20,000 in all by pretending to sell his Ang Mo Kio HDB flat to each of them.
The victims, who paid between $1,000 and $5,000 as deposits, found out they had been conned only when they handed their resale agreements to the HDB. The conman was given eight months’ jail.
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