Motorists Concerned Over New Hike In ERP Rates

Source : Channel NewsAsia, 30 October 2007

Many motorists are unhappy about the increased Electronic Road Pricing (ERP) charges.

The Land Transport Authority (LTA) announced another hike in ERP charges on Monday, including one that will cost motorists S$5.

This is the third time that ERP rates are being raised this year.

Drivers said they hope that with the recent increase in petrol prices, the raised charges could be delayed.

The biggest hike will hit those travelling on the Central Expressway (CTE), where rates will hit a high of S$5 after an increase of S$0.50.

Pao Kiew Tee, a motorist, said: "I don't think increasing the ERP is the way to control traffic. The traffic situation doesn't seem to improve. I think they must look at it more fundamentally, look from another point of view instead of increasing ERP."

Harry Soh, another motorist, said: "We are already financing a heavy petrol price right now so any increase in ERP, increases the burden of our so-called livelihood – we don't get a pay increment, but everything else is increasing!"

Some also have suggestions on how to ease the congestion on the roads.

"The COE should go higher, around S$80,000. The traffic is horrible, especially at the CTE and TPE. We must reduce the vehicle volume; there are just too many vehicles on the road," said Oh Boon Song, a taxi driver.

Janet Chee, another motorist, said: "If we can plan our route earlier or leave earlier, maybe it won't be so crowded. I don't know how we are going to expand the roads."

The ERP rate hike will be implemented on 5 November. - CNA/so

ICJ To Hear Pedra Branca Sovereignty Case Next Week

Source : Channel NewsAsia, 30 October 2007

The International Court of Justice (ICJ) will hold its public hearings on the sovereignty of Pedra Branca island and its outcrops, Middle Rocks and South Ledge, from November 6 to 23.

The 18-day hearings will take place at the Peace Palace in The Hague.

Singapore has exercised sovereignty over Pedra Branca, occupying the size of a football field, but Malaysia also lays claim on the island.

The case, going before the ICJ, follows three rounds of written pleadings exchanged between Singapore and Malaysia from March 2004 to November 2005.

The hearings take place under the terms of the special agreement signed by the foreign ministers of both countries to submit the dispute to the ICJ.

The Singapore delegation will include Deputy Prime Minister and Law Minister S Jayakumar and Chief Justice Chan Sek Keong.

Attorney-General Chao Hick Tin and Ambassador-At-Large Professor Tommy Koh, who is also serving as the agent of Singapore for this case, will join the delegation.

The delegation also comprises a team of experienced international legal counsels from countries such as the US and Britain. - CNA/ac

STB Resumes Hearing Of Horizon Towers Case

Source : Channel NewsAsia, 30 October 2007

The hearing on the troubled en bloc sale of Horizon Towers resumed at the Strata Titles Board (STB) on Tuesday with yet another twist: another lawyer appeared before the STB.

He is representing one owner from the majority and his client now rejects the sale and purchase agreement as well as the collective sale agreement.

Mr Cheong Yuen Hee said his client does not agree with the new sales committee's authority to extend the sale dateline.

One reason for this is that three original members of the sales committee have resigned. So Mr Cheong argued that this makes the agreements invalid.

But the STB did not allow Mr Cheong to participate in the hearing and asked him to produce his submissions in writing by the end of this week.

The Horizon Towers case was thrown back to the STB because the High Court ruled earlier this month that the Board was wrong to dismiss it in the first place.

The Board had thrown out Horizon Towers' application, saying it was defective because of three missing papers.

On Tuesday, it continued the hearing where it left off about two months ago.

The hearing is set to wrap up next month when the STB will eventually determine if the collective sale should proceed.

The hearing will resume next Tuesday (November 6) at the old Supreme Court, City Hall. - CNA/ch

Singapore Growth Seen Slowing In 2008: Ccentral Bank

Source : Channel NewsAsia, 30 October 2007

Singapore's economic growth, tipped at 7.0-8.0 percent this year, is expected to slow down next year, reflecting a weaker US economy, the central bank said on Tuesday.

The Monetary Authority of Singapore (MAS) said in its semi-annual Macro-economic Review that economic growth in 2008 is projected at 4.0-6.0 percent.

In its review, the MAS described the economic growth this year as "seemingly unrelenting" but with the IT-related cluster, including electronics manufacturing, as the exception.

The cluster's contribution to GDP fell from a 31 per cent average in the last six years to 4 percent in the first half of this year.

The central bank expects the sector to turn around next year as Singapore shifts into new types of products and builds new plants.

Selena Ling, Treasury Economist, OCBC Bank, says: "I think we recognise that electronics sector is a very competitive sector. Of course the pressures are there for Singapore to always move up the value-added chain and I've no doubt that the industry is actually going through a transition. And given that the tech sector has been lagging behind for so many quarters, there should be some light at the end of the tunnel."

The MAS is not ruling out a slowdown in consumer spending in the US nor the risk of higher oil prices.

It expects overall GDP growth to come in at 4.0 to 6.0 percent next year.

This is lower than the 6.5 percent average forecast by economists in a MAS poll taken in September.

Alvin Liew, Global Research Economist, Standard Chartered, says: "Our in-house view for 2008 GDP growth is expected to come in at 5.7 percent, that's on the top half the MAS growth forecast range. We see this slowdown, a few variables is in play, one of it is we're expecting a slower external market growth - we're seeing a moderation in growth in the US markets. Secondly, of course, we're looking at higher oil prices playing a part."

The MAS says CPI inflation is now expected to come in at 1.5 to 2 percent for this year, up from the previous forecast of 0.5 to 1.5 percent.

It expects this to climb to 3.5 percent in the first half of next year, before easing a little in the second half to take overall figure to 2 to 3 percent for 2008.

The MAS also tested the hypothesis that the Asian economy is decoupled from the US economy and it said it found little evidence to support that, although the link has weakened for the short term, mitigated by growth in other parts of the world and demand in this region. - CNA/ch

总值估计7亿元 新加坡四地段招标

《联合早报》Oct 30, 2007

新的分层地契法出台后，市场仍然推出新的住宅地段供发展商选择。昨天新上市的四幅地段，总价值估计近7亿元，可兴建300个单位。

其中，杜尼安花园(Dunearn Gardens)相信是纽顿／史格士最后的一幅黄金地段。这个位于杜安尼路的永久地契房地产，目前建有114个单位，其中96个单位(相等于83.39％的分层地契份额(share value))的屋主已经签署了集体出售同意书。

负责这宗交易的世邦魏理仕说，这幅地段的指导价格是5亿7850万元，即大约容积率每平方英尺2288元(包括3290元的发展收费)。这意味，每户单位将能分得342万元至929万元。

假设重新发展的单位面积平均为2000平方英尺，发展商将能在这幅占地9万5443平方英尺的地皮，兴建大约134个豪华共管公寓单位，收支平衡价约每平方英尺2900元。

另外，位于巴西班让的The Village，市价估计介于7500万元至8000万元，即容积率每平方英尺646元至680元(发展收费估计约1775万元)。

房地产代理齐乐行(Credo)说，这个70年代末完工的低层公寓，共建有40个单位，占地10万2642平方英尺。这是西部相当大的一幅永久地契地皮，如果能与旁边一幅占地2万平方英尺的国有土地合并，估计能重建100至120个中型公寓。

至于位于汤申路附近的View Point和实巴公寓(Shiba Apartment)，市价估计分别为2050万元和1690万元，即容积率每平方英尺约792元(包括发展收费)。
　　
这两个相连接的公寓占地分别为9306和7665平方英尺，如果能够将旁边一幅占地2832平方英尺的国有土地一并买下来，发展商将握有一幅总占地面积高达1万9803平方英尺的地皮。这意味，它将能兴建一栋拥有46个单位的小型公寓单位(平均面积1200平方英尺)。