Source : The Straits Times, Nov 30, 2007
He altered stamp duty payable by client and lied about address to get his child into top school.
HE WILL spend the next 11 months in jail but the immediate future of his 10-year-old daughter is less certain.
Lawyer Tan Sok Ling, 40, pleaded guilty last week to lying about his residential address in order to secure his daughter a place at a reputable school in Bukit Timah. He also admitted to altering the stamp duty payable for a property transaction from $8,100 to $13,500.
Yesterday he was sentenced to nine months’ jail for forgery and two months for giving false information. Two other forgery charges and another of giving false information were considered.
As for his daughter’s fate in the school, the Ministry of Education (MOE) said it will consider the court’s ruling in deciding the course of action for the child.
Tan, who was called to the Bar in 1993, is currently under a 12-month suspension for breaching the Solicitors Accounts Rules between 2002 and 2003.
The owner of the now-defunct firm of Tan S.L. & Partners was representing Mr Kwang Siang Jin, 46, a buyer of a Thomson Park house, when he forged the stamp duty certificate in March last year.
Mr Kwang paid $13,500 for stamp duties for the purchase of the property, not knowing that the actual figure was only $8,100.
When he found out three months later, he demanded a refund and Tan complied.
Earlier in 2003, Tan’s family was living in Bedok when he decided to rent a place within the 1km radius of the Bukit Timah school in order to enrol his daughter there.
He managed to find a unit at Maplewoods Condominium and paid a $1,600 monthly rent for 41/2 months from April 2003. He told the property agent that he was not going to live there but wanted to use the address.
After signing the licence agreement, he went to the Siglap Neighbourhood Police Post on July 6 that year to change his address to the Bukit Timah one when he knew that it was false.
His daughter, now 10, was admitted to the school. But he was found out after an MOE official lodged a police report on Dec 19 that year stating that two applicants at the 2003 Primary 1 registration exercise had used the same address.
Mr Peter Cuthbert Low of law firm Colin Ng & Partners said his client cooperated fully with the police, made restitution even before he was charged, and was genuinely remorseful.
Citing aggravating factors in the case, District Judge Liew Thiam Leng said the offence involved fraud and dishonesty as well as premeditation. Tan had abused his position of trust as a lawyer and his conduct undermined public confidence in the legal profession.
Tan could have been jailed for up to seven years for forgery. For giving false information to a public servant, the maximum penalty is six months’ jail or $1,000 fine or both.
Friday, November 30, 2007
Keen Interest At First SLA Auction For Small Plots
Source : The Straits Times, Nov 30, 2007
Sites snapped up by individuals, firms at prices ranging from $1.3m to $12.1m
MORE than 120 eager buyers yesterday crowded into a room at M Hotel hoping for a bargain deal at a first-of-its kind auction of six small plots of land.
The buyers were mostly hoping to buy a plot on which to build their own dream home.
And after some brisk bidding, six of them each left with a 99-year leasehold plot - some with what they saw as bargains.
The plots sold at prices from $1.3 million to $12.1 million, for a total of $30.64 million.
It was the Singapore Land Authority’s (SLA) first auction of residential ‘infill’ sites.
‘Infill’ sites are pockets of state land, located in the midst of an established housing estate, that have been left untouched by nearby developments or were once used for public purposes.
The six sites were mostly hotly contested, reflecting strong interest in the attractively-priced sites.
The bidders included professionals, businessmen, construction firms and niche developers, said SLA in a statement.
Included in an SLA sale for the first time were two good- class bungalow (GCB) parcels, which were sold to individual buyers for up to $12.1 million.
Still, one of the two top-end plots - a 16,689 sq ft site - attracted just one bidder. Fund manager John Foo met with zero competition when he bought the smaller of the two plots at Eng Neo Avenue for $6 million or $359.50 per sq ft (psf).
He reckoned he got a good deal for the site, which is for his own use. ‘Sentosa leasehold plots can be over $1,000 psf while District 10 GCB plots are going for $800 to $1,000 psf.’
The other GCB plot, at 29,201 sq ft in size, attracted more bidders. Bids came in hefty $50,000 increments but bidders did not hesitate long as they fired in a total of 52 bids, driving the price up from $9.5 million to $12.1 million.
The interest is not surprising, given that GCB sites, particularly one as big as 29,201 sq ft, are quite rare, said Ms Mok Sze Sze, Jones Lang LaSalle’s director and head of auction and sales.
The successful buyer, Ms Hu Nan Lee, is a Singaporean who is overseas. Her representative said it is meant for her own use.
Of the six plots, the most popular was one at Somme Road. It attracted a whopping 64 bids before local firm Sarda clinched it at $3.76 million.
Sarda’s price was 52 per cent above the $2.48 million opening bid for the 3,547 sq ft residential site, which comes with commercial use on the first floor.
A 6,971 sq ft site in Jalan Insaf, suitable for a pair of two-storey semi-detached houses or a bungalow, was sold to Lye Holdings for $3.54 million, up from the starting bid of $2.9 million.
Avadh, another firm, paid $1.3 million for a 4,228 sq ft site in Bedok Close, suitable for a two-storey bungalow. The opening bid was $880,000.
Both Sarda and Avadh have a shareholder in common: Mr Shriniwas Rai, the veteran lawyer and former Nominated Member of Parliament.
Another firm, Liverland Investments, bought a 6,293 sq ft Moonbeam Walk site for $3.94 million. Bids for the site, which can be used to build a pair of two-storey semi-detached houses, opened at $3.32 million.
Ms Mok said the strong response shows people are open to buying leasehold plots to build their dream homes.
SLA’s chief executive, Mr Lam Joon Khoi, said: ‘We will consider releasing more infill sites to help meet the current market demand for high quality residential properties.’
Sites snapped up by individuals, firms at prices ranging from $1.3m to $12.1m
MORE than 120 eager buyers yesterday crowded into a room at M Hotel hoping for a bargain deal at a first-of-its kind auction of six small plots of land.
The buyers were mostly hoping to buy a plot on which to build their own dream home.
And after some brisk bidding, six of them each left with a 99-year leasehold plot - some with what they saw as bargains.
The plots sold at prices from $1.3 million to $12.1 million, for a total of $30.64 million.
It was the Singapore Land Authority’s (SLA) first auction of residential ‘infill’ sites.
‘Infill’ sites are pockets of state land, located in the midst of an established housing estate, that have been left untouched by nearby developments or were once used for public purposes.
The six sites were mostly hotly contested, reflecting strong interest in the attractively-priced sites.
The bidders included professionals, businessmen, construction firms and niche developers, said SLA in a statement.
Included in an SLA sale for the first time were two good- class bungalow (GCB) parcels, which were sold to individual buyers for up to $12.1 million.
Still, one of the two top-end plots - a 16,689 sq ft site - attracted just one bidder. Fund manager John Foo met with zero competition when he bought the smaller of the two plots at Eng Neo Avenue for $6 million or $359.50 per sq ft (psf).
He reckoned he got a good deal for the site, which is for his own use. ‘Sentosa leasehold plots can be over $1,000 psf while District 10 GCB plots are going for $800 to $1,000 psf.’
The other GCB plot, at 29,201 sq ft in size, attracted more bidders. Bids came in hefty $50,000 increments but bidders did not hesitate long as they fired in a total of 52 bids, driving the price up from $9.5 million to $12.1 million.
The interest is not surprising, given that GCB sites, particularly one as big as 29,201 sq ft, are quite rare, said Ms Mok Sze Sze, Jones Lang LaSalle’s director and head of auction and sales.
The successful buyer, Ms Hu Nan Lee, is a Singaporean who is overseas. Her representative said it is meant for her own use.
Of the six plots, the most popular was one at Somme Road. It attracted a whopping 64 bids before local firm Sarda clinched it at $3.76 million.
Sarda’s price was 52 per cent above the $2.48 million opening bid for the 3,547 sq ft residential site, which comes with commercial use on the first floor.
A 6,971 sq ft site in Jalan Insaf, suitable for a pair of two-storey semi-detached houses or a bungalow, was sold to Lye Holdings for $3.54 million, up from the starting bid of $2.9 million.
Avadh, another firm, paid $1.3 million for a 4,228 sq ft site in Bedok Close, suitable for a two-storey bungalow. The opening bid was $880,000.
Both Sarda and Avadh have a shareholder in common: Mr Shriniwas Rai, the veteran lawyer and former Nominated Member of Parliament.
Another firm, Liverland Investments, bought a 6,293 sq ft Moonbeam Walk site for $3.94 million. Bids for the site, which can be used to build a pair of two-storey semi-detached houses, opened at $3.32 million.
Ms Mok said the strong response shows people are open to buying leasehold plots to build their dream homes.
SLA’s chief executive, Mr Lam Joon Khoi, said: ‘We will consider releasing more infill sites to help meet the current market demand for high quality residential properties.’
New Fund To Invest In Property
Source : TODAY, Friday, November 30, 2007
It will start with two projects in Bangkok and is also eyeing opportunities in S’pore.
A new fund has been set up to invest in prime development projects in Asia, including Singapore, targeting US$400 million ($580 million) of prime real estate acquisitions.
The Asia Real Estate Prime Development Fund (AREPDF) has already attracted US$250 million from institutional investors and is expected to reach the target of US$400 million by the first quarter of next year.
It’s the fourth fund launched by the real estate investment house Pacific Star Group, and earlier funds have bought into Temasek Tower, One George Street and The Adelphi.
“We are looking at all possible opportunities, including in Singapore. If the opportunity makes sense and allows us to achieve our targeted returns, then, we will consider it seriously as we have done with Bangkok as our seed investment,” said Mr Glen Chan, president of Pacific Star Investment and Development, who heads the team of fund managers of AREPDF.
The first investment, he said, would be a 49-per-cent equity stake in two residential development projects in Bangkok.
These condominium projects will be developed by Asian Property Development (APD), which is listed on the stock exchange in Thailand and is one of the largest residential property developers in downtown Bangkok.
“This investment is compelling because of the scarcity of prime freehold residential land parcels in the heart of Bangkok and the robust demand for city centre condominiums near train stations,” Mr Chan said.
This fund will invest about US$20 million via joint venture companies, which will develop two condominiums in Bangkok, targeted at upper-middle income local buyers. The two projects, which will develop 1,507 units, will be completed in three years.
“The investment returns from such condominium developments are attractive, considering that the prime location sites are within Bangkok’s central business district,” said Mr Chan, who added that the project has attracted strong interest from potential buyers.
It will start with two projects in Bangkok and is also eyeing opportunities in S’pore.
A new fund has been set up to invest in prime development projects in Asia, including Singapore, targeting US$400 million ($580 million) of prime real estate acquisitions.
The Asia Real Estate Prime Development Fund (AREPDF) has already attracted US$250 million from institutional investors and is expected to reach the target of US$400 million by the first quarter of next year.
It’s the fourth fund launched by the real estate investment house Pacific Star Group, and earlier funds have bought into Temasek Tower, One George Street and The Adelphi.
“We are looking at all possible opportunities, including in Singapore. If the opportunity makes sense and allows us to achieve our targeted returns, then, we will consider it seriously as we have done with Bangkok as our seed investment,” said Mr Glen Chan, president of Pacific Star Investment and Development, who heads the team of fund managers of AREPDF.
The first investment, he said, would be a 49-per-cent equity stake in two residential development projects in Bangkok.
These condominium projects will be developed by Asian Property Development (APD), which is listed on the stock exchange in Thailand and is one of the largest residential property developers in downtown Bangkok.
“This investment is compelling because of the scarcity of prime freehold residential land parcels in the heart of Bangkok and the robust demand for city centre condominiums near train stations,” Mr Chan said.
This fund will invest about US$20 million via joint venture companies, which will develop two condominiums in Bangkok, targeted at upper-middle income local buyers. The two projects, which will develop 1,507 units, will be completed in three years.
“The investment returns from such condominium developments are attractive, considering that the prime location sites are within Bangkok’s central business district,” said Mr Chan, who added that the project has attracted strong interest from potential buyers.
Pacific Star Sets Up Asian Property Fund
Source : The Straits Times, Nov 30, 2007
SINGAPORE-BASED investment firm Pacific Star has shrugged off concerns about global share markets to launch a fund that banks on Asia’s property prospects.
The company has set up the Asia Real Estate Prime Development Fund and aims to make $400US million ($578S.2 million) worth of real estate investments.
The fund will invest in prime residential apartments, serviced residences and mixed development projects in Singapore, China, Hong Kong, Malaysia, Thailand, South Korea and Japan.
Its first deal is under way - the purchase of a 49 per cent stake in two Bangkok freehold residential projects. The developer is Asian Property Development, one of Thailand’s largest listed residential property developers.
Both projects will target local buyers in the upper-middle-income group.
Pacific Star, although one of the newer property fund houses in Asia, is growing fast. It has launched three other funds, including the $580US million Eureka Office Fund, which owns commercial properties such as Temasek Tower, One George Street and The Adelphi.
It was also behind the Macquarie Meag Prime Real Estate Investment Trust, which is listed in Singapore and owns stakes in shopping malls Wisma Atria and Ngee Ann City.
SINGAPORE-BASED investment firm Pacific Star has shrugged off concerns about global share markets to launch a fund that banks on Asia’s property prospects.
The company has set up the Asia Real Estate Prime Development Fund and aims to make $400US million ($578S.2 million) worth of real estate investments.
The fund will invest in prime residential apartments, serviced residences and mixed development projects in Singapore, China, Hong Kong, Malaysia, Thailand, South Korea and Japan.
Its first deal is under way - the purchase of a 49 per cent stake in two Bangkok freehold residential projects. The developer is Asian Property Development, one of Thailand’s largest listed residential property developers.
Both projects will target local buyers in the upper-middle-income group.
Pacific Star, although one of the newer property fund houses in Asia, is growing fast. It has launched three other funds, including the $580US million Eureka Office Fund, which owns commercial properties such as Temasek Tower, One George Street and The Adelphi.
It was also behind the Macquarie Meag Prime Real Estate Investment Trust, which is listed in Singapore and owns stakes in shopping malls Wisma Atria and Ngee Ann City.
MI-Reit Acquires Office, Warehouse Building For $25m
Source : The Business Times, November 30, 2007
Powermatic will lease back the property for 5 years
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MACARTHURCOOK Industrial Reit (MI-Reit) has signed an agreement to acquire an office and warehouse facility in the Tai Seng industrial precinct for $25 million.
Under the agreement, Powermatic Data Systems, which is listed on the Singapore Exchange, will lease back the property at 135 Joo Seng Road for five years with the option to extend for another five years. The lease will commence upon the completion of the acquisition, which is scheduled for February 2008.
The property was transacted at the initial yield of 7.3 per cent, and will be accretive to MI-Reit's distribution per unit following completion, said MacarthurCook Investment Managers (Asia) Ltd (MCKIM), the manager of the Reit.
Chris Calvert, CEO of MCKIM, said: 'We are pleased with the acquisition of 135 Joo Seng Road. The inclusion of SGX-listed Powermatic as one of our tenants further enhances our portfolio, of which approximately 70 per cent is comprised of SGX-ST listed companies or their subsidiaries.
'This acquisition provides unitholders with the twin benefits of medium to long-term income stability and also the opportunity for capital and rental value growth, which will form the steadily increasing demand for quality office accommodation in the Tai Seng industrial precinct.'
The inclusion of the property in MI-Reit's portfolio will further contribute to income stability through enhanced tenancy and property diversification, and reduced exposure to its largest tenant, UE Tech Park Pte Ltd, from 31.6 per cent to 29.4 per cent of portfolio income, MCKIM said.
With the latest acquisition, MI-Reit will have total investments of approximately $642.6 million in 22 properties.
It intends to finance the acquisition wholly with debt but may consider alternative means of funding as appropriate. Assuming 100 per cent debt financing, the acquisition will increase MI-Reit's committed gearing level from 36.7 per cent to 39.5 per cent.
Powermatic will lease back the property for 5 years
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MACARTHURCOOK Industrial Reit (MI-Reit) has signed an agreement to acquire an office and warehouse facility in the Tai Seng industrial precinct for $25 million.Under the agreement, Powermatic Data Systems, which is listed on the Singapore Exchange, will lease back the property at 135 Joo Seng Road for five years with the option to extend for another five years. The lease will commence upon the completion of the acquisition, which is scheduled for February 2008.
The property was transacted at the initial yield of 7.3 per cent, and will be accretive to MI-Reit's distribution per unit following completion, said MacarthurCook Investment Managers (Asia) Ltd (MCKIM), the manager of the Reit.
Chris Calvert, CEO of MCKIM, said: 'We are pleased with the acquisition of 135 Joo Seng Road. The inclusion of SGX-listed Powermatic as one of our tenants further enhances our portfolio, of which approximately 70 per cent is comprised of SGX-ST listed companies or their subsidiaries.
'This acquisition provides unitholders with the twin benefits of medium to long-term income stability and also the opportunity for capital and rental value growth, which will form the steadily increasing demand for quality office accommodation in the Tai Seng industrial precinct.'
The inclusion of the property in MI-Reit's portfolio will further contribute to income stability through enhanced tenancy and property diversification, and reduced exposure to its largest tenant, UE Tech Park Pte Ltd, from 31.6 per cent to 29.4 per cent of portfolio income, MCKIM said.
With the latest acquisition, MI-Reit will have total investments of approximately $642.6 million in 22 properties.
It intends to finance the acquisition wholly with debt but may consider alternative means of funding as appropriate. Assuming 100 per cent debt financing, the acquisition will increase MI-Reit's committed gearing level from 36.7 per cent to 39.5 per cent.
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