Nov 13, 2009
Pasir Panjang Village Centre to go
New owner will tear down building and build condo in its place
By Jessica Lim
CHANGE is coming to the Pasir Panjang Village area, home to a clutch of pubs, restaurants and shops.
The Village Centre, a four-storey building housing a Cold Storage supermarket and various shops ranging from a nail salon to a laundromat, will be pulled down and rebuilt as a condominium with shop spaces on the first floor and in its basement.
The tenants in the building have been given until April next year to move out.
A 30-space carpark and a bungalow sitting next to the building will also become part of the new five-storey development, which will be ready by 2013.
But the row of pubs and restaurants occupying the conserved shophouses next door will stay.
This change comes just as this sleepy hollow seems to be blossoming into a slightly busier suburban nook.
Mr C. K. Ching, chief executive of boutique property developer Hume Homes, which owns The Village Centre, said the tenants have to go in order for the place to be revitalised.
'There will be a better concept, more variety and will really add to the environment. Now, the place is very quiet,' he said.
Hume Homes bought the building from Ridge Investments for $23 million in June. A showroom launch for the condominium will be held in January, and the wrecking ball will start swinging in April.
The commercial space in the new development has already attracted interest from Starbucks, while Cold Storage has also expressed interest in moving back in.
The building - at the junction of South Buona Vista and Pasir Panjang roads - was a quiet spot only two years ago.
But tenants have since moved in, and brought with them customers in search of food and a tipple, groceries and other services, though the buzz is nowhere near that of Holland Village.
The change has ruffled a few feathers.
Nail salon owner Doreen Tan, 35, said she signed a two-year lease for her second-floor shop, Vois, only in May, and had sunk $20,000 into renovations.
'When we got the news, it was such a big blow to us,' she said of the termination letter, which came last month.
Some residents also dread the loss of the area's only commercial development.
Mrs Davi Beschizza, an artist in her 40s, and a mother of one, who lives in a condominium a 10-minute walk from The Village Centre, said: 'It's going to be very inconvenient. We don't have any other supermarket near here. For the next three years, I will have to take a bus or taxi to Bukit Timah Plaza or West Coast Mall, both of which are quite far away.'
Friday, November 13, 2009
ST : Record $653,000 for 4-room flat
Nov 13, 2009
Record $653,000 for 4-room flat
Industry players caution high price for unit in Queenstown is a one-off
By Jessica Cheam
A FOUR-ROOM Queenstown HDB flat has sold for $653,000, setting a new record for price per sq ft (psf), amid continuing red-hot demand for resale flats.
The buyers, a male Indonesian permanent resident and a Singaporean woman, could have bought a condominium unit in an outlying area for the price.
But they were won over by the location, just five minutes walk from Queenstown MRT station, and on the top, 40th floor of the block, with unblocked views of greenery from all windows.
The four-year-old 969sqft unit at Forfar Heights, Strathmore Avenue, sold for $68,000 above valuation - a level determined by an independent valuer.
This works out to $674 psf, smashing the previous record of $609 psf, achieved in January last year, by about 10 per cent.
This may be an unusually high price but resale prices have been moving up.
Recent Housing Board data shows resale flat prices surged 3.8 per cent in the first nine months of the year, reaching a historic level - surpassing even that of the 1997 property peak.
The deal was brokered by Mr Chris Neo, 32, and Kelvin Lim, 28, marketing directors of ERA Realty. Mr Neo told The Straits Times yesterday that the price was good for the prime location.
'Although at that price you could buy a private property somewhere else, at this location, you wouldn't be able to get private property for less than $900 psf,' said Mr Neo, who has three years' experience and specialises in HDB flats in Queenstown.
He clinched the deal by persuading the vendors, who had not been looking to sell, to part with their home - promising a good price. He then trawled property websites to look for potential buyers.
The buyers declined to be interviewed.
However, seller Michael Nandakumaran, 55, was thrilled. 'We were surprised that we could achieve this price, but are very glad about it,' he said.
The final selling price is about 2.5 times the $262,000 he and his wife paid a few years ago when their flat was selected for HDB's en bloc redevelopment scheme.
They paid a designer $60,000 to renovate their Queenstown home.
The couple, who have three children, are off to live in Jurong East in an HDB flat.
HDB's latest data shows four-room units in the Strathmore Avenue block sold for between $501,000 and $595,000 between February and June.
The latest record stunned some industry observers. Ngee Ann Polytechnic real estate lecturer Nicholas Mak said it was 'highly unusual' for buyers to pay that price when they could get a private condominium unit, albeit in an outlying estate.
Still, he feels that this could be the first of more to come as HDB resale flat prices creep up. 'The record will stand for a couple of quarters and if prices keep climbing, we'll see another record.'
ERA Asia-Pacific associate director Eugene Lim, however, thinks the sale is a one-off, owing to its good attributes.
'This is not common at all and is not the general trend. Usually, such sales happen only when there's a well-off buyer who wants a specific location and has the budget for it,' he said.
Mr Mak added: 'This sale is going to be quoted by sellers and agents to try and get people to pay higher prices. Buyers have to bear in mind such sales are not usual and not get pressured into paying more than they should.'
The four-year-old 969sqft unit at Forfar Heights, Strathmore Avenue, is just five minutes walk from Queenstown MRT station, and on the top, 40th floor of the block. The price paid by the Indonesian buyer is about 2.5 times the $262,000 the seller and his wife paid a few years ago. -- ST PHOTO: DESMOND LIM
Record $653,000 for 4-room flat
Industry players caution high price for unit in Queenstown is a one-off
By Jessica Cheam
A FOUR-ROOM Queenstown HDB flat has sold for $653,000, setting a new record for price per sq ft (psf), amid continuing red-hot demand for resale flats.
The buyers, a male Indonesian permanent resident and a Singaporean woman, could have bought a condominium unit in an outlying area for the price.
But they were won over by the location, just five minutes walk from Queenstown MRT station, and on the top, 40th floor of the block, with unblocked views of greenery from all windows.
The four-year-old 969sqft unit at Forfar Heights, Strathmore Avenue, sold for $68,000 above valuation - a level determined by an independent valuer.
This works out to $674 psf, smashing the previous record of $609 psf, achieved in January last year, by about 10 per cent.
This may be an unusually high price but resale prices have been moving up.
Recent Housing Board data shows resale flat prices surged 3.8 per cent in the first nine months of the year, reaching a historic level - surpassing even that of the 1997 property peak.
The deal was brokered by Mr Chris Neo, 32, and Kelvin Lim, 28, marketing directors of ERA Realty. Mr Neo told The Straits Times yesterday that the price was good for the prime location.
'Although at that price you could buy a private property somewhere else, at this location, you wouldn't be able to get private property for less than $900 psf,' said Mr Neo, who has three years' experience and specialises in HDB flats in Queenstown.
He clinched the deal by persuading the vendors, who had not been looking to sell, to part with their home - promising a good price. He then trawled property websites to look for potential buyers.
The buyers declined to be interviewed.
However, seller Michael Nandakumaran, 55, was thrilled. 'We were surprised that we could achieve this price, but are very glad about it,' he said.
The final selling price is about 2.5 times the $262,000 he and his wife paid a few years ago when their flat was selected for HDB's en bloc redevelopment scheme.
They paid a designer $60,000 to renovate their Queenstown home.
The couple, who have three children, are off to live in Jurong East in an HDB flat.
HDB's latest data shows four-room units in the Strathmore Avenue block sold for between $501,000 and $595,000 between February and June.
The latest record stunned some industry observers. Ngee Ann Polytechnic real estate lecturer Nicholas Mak said it was 'highly unusual' for buyers to pay that price when they could get a private condominium unit, albeit in an outlying estate.
Still, he feels that this could be the first of more to come as HDB resale flat prices creep up. 'The record will stand for a couple of quarters and if prices keep climbing, we'll see another record.'
ERA Asia-Pacific associate director Eugene Lim, however, thinks the sale is a one-off, owing to its good attributes.
'This is not common at all and is not the general trend. Usually, such sales happen only when there's a well-off buyer who wants a specific location and has the budget for it,' he said.
Mr Mak added: 'This sale is going to be quoted by sellers and agents to try and get people to pay higher prices. Buyers have to bear in mind such sales are not usual and not get pressured into paying more than they should.'
The four-year-old 969sqft unit at Forfar Heights, Strathmore Avenue, is just five minutes walk from Queenstown MRT station, and on the top, 40th floor of the block. The price paid by the Indonesian buyer is about 2.5 times the $262,000 the seller and his wife paid a few years ago. -- ST PHOTO: DESMOND LIM
BT : CDL sells $1b worth of homes in Q3
Business Times - 13 Nov 2009
CDL sells $1b worth of homes in Q3
It posts 28.4% jump in profit, sells North Bridge Commercial Complex
By KALPANA RASHIWALA
CITY Developments Ltd (CDL) sold 854 private homes for a total of about $1 billion in the third quarter of this year. As a result, its sales tally for the first nine months of 2009 came to 1,391 units worth about $1.72 billion, a big jump from the 360 units of about $340 million in the same period last year.
Residential projects that contributed to the group's latest Q3 sales include Volari in the Balmoral area, Hundred Trees in West Coast, Livia in Pasir Ris and The Arte at Thomson.
The property and hotels group posted a net profit of $193.6 million for the third quarter ended Sept 30, 2009, an increase of 28.4 per cent from $150.8 million a year ago. The improvement was due chiefly to its property development business. There was no one-off divestment gain, unlike for Q3 2008 when the sale of Commerce Point was booked.
For the first nine months, CDL's net earnings slipped 13.3 per cent to $416.75 million.
CDL said that it has agreed this month to sell all its 60 strata subdivided units in the 999-year-leasehold North Bridge Commercial Complex for $46 million. The sale is slated to be completed in March 2010 and profits will be booked in Q1 2010.
On the launch front this quarter, CDL is planning to offer a new 177-unit condo on Thomson Road next to The Arte. The project will comprise one to four-bedroom units, and they will be relatively small at affordable prices, the group said.
CDL generated $852.4 million cash flow from operating activities in the first nine months, a 175 per cent jump from $309.8 million previously. Gearing ratio improved to 42 per cent at end-September, from 48 per cent at end-December last year. CDL pointed out that this was not due to any fund-raising exercise such as rights issues or equity funding. Interest cover also improved to 13 times, compared to 11.7 times previously.
Group revenue increased 36.7 per cent to $940.9 million for Q3, and 5.5 per cent to $2.35 billion for the first nine months.
At Sentosa Cove, the group expects to complete construction of a yet-to-be-launched 228-unit condo on the Quayside Isle Collection plot towards the end of next year. The hotel and commercial components of the site could be completed in second-half 2012.
CDL, which is also a major office landlord, said that the group achieved occupancy of 90.3 per cent for its office portfolio as at end-Q3.
It said that the office market is seeing an increase in leasing activity. 'Occupiers are, in the meantime, still looking for lower-cost and better-value options, but there are selective companies seeking to expand.'
Looking ahead, CDL said that home buying interest in the next few months is expected to remain relatively stable, though not at the same pace as that experienced in Q2 and Q3 this year. This is on the back of the Monetary Authority of Singapore's recent statement that it may introduce further measures to cool the property market should there be risk of renewed escalation of speculative momentum.
'Compared to a year ago, positive property market sentiments are showing signs of recovery,' CDL said. 'For the group's property development segment, it has managed to lock in its profits from presales activities. It also has a wide spectrum of land bank catering to the different needs of the market segment and will be able to extract the appropriate land parcels, at the right time, to seize the opportunities as the market improves.'
The counter ended 12 cents lower at $10.08 yesterday.
CDL sells $1b worth of homes in Q3
It posts 28.4% jump in profit, sells North Bridge Commercial Complex
By KALPANA RASHIWALA
CITY Developments Ltd (CDL) sold 854 private homes for a total of about $1 billion in the third quarter of this year. As a result, its sales tally for the first nine months of 2009 came to 1,391 units worth about $1.72 billion, a big jump from the 360 units of about $340 million in the same period last year.
Residential projects that contributed to the group's latest Q3 sales include Volari in the Balmoral area, Hundred Trees in West Coast, Livia in Pasir Ris and The Arte at Thomson.
The property and hotels group posted a net profit of $193.6 million for the third quarter ended Sept 30, 2009, an increase of 28.4 per cent from $150.8 million a year ago. The improvement was due chiefly to its property development business. There was no one-off divestment gain, unlike for Q3 2008 when the sale of Commerce Point was booked.
For the first nine months, CDL's net earnings slipped 13.3 per cent to $416.75 million.
CDL said that it has agreed this month to sell all its 60 strata subdivided units in the 999-year-leasehold North Bridge Commercial Complex for $46 million. The sale is slated to be completed in March 2010 and profits will be booked in Q1 2010.
On the launch front this quarter, CDL is planning to offer a new 177-unit condo on Thomson Road next to The Arte. The project will comprise one to four-bedroom units, and they will be relatively small at affordable prices, the group said.
CDL generated $852.4 million cash flow from operating activities in the first nine months, a 175 per cent jump from $309.8 million previously. Gearing ratio improved to 42 per cent at end-September, from 48 per cent at end-December last year. CDL pointed out that this was not due to any fund-raising exercise such as rights issues or equity funding. Interest cover also improved to 13 times, compared to 11.7 times previously.
Group revenue increased 36.7 per cent to $940.9 million for Q3, and 5.5 per cent to $2.35 billion for the first nine months.
At Sentosa Cove, the group expects to complete construction of a yet-to-be-launched 228-unit condo on the Quayside Isle Collection plot towards the end of next year. The hotel and commercial components of the site could be completed in second-half 2012.
CDL, which is also a major office landlord, said that the group achieved occupancy of 90.3 per cent for its office portfolio as at end-Q3.
It said that the office market is seeing an increase in leasing activity. 'Occupiers are, in the meantime, still looking for lower-cost and better-value options, but there are selective companies seeking to expand.'
Looking ahead, CDL said that home buying interest in the next few months is expected to remain relatively stable, though not at the same pace as that experienced in Q2 and Q3 this year. This is on the back of the Monetary Authority of Singapore's recent statement that it may introduce further measures to cool the property market should there be risk of renewed escalation of speculative momentum.
'Compared to a year ago, positive property market sentiments are showing signs of recovery,' CDL said. 'For the group's property development segment, it has managed to lock in its profits from presales activities. It also has a wide spectrum of land bank catering to the different needs of the market segment and will be able to extract the appropriate land parcels, at the right time, to seize the opportunities as the market improves.'
The counter ended 12 cents lower at $10.08 yesterday.
BT : Property division helps boost Q2 profit 13% for Boustead
Business Times - 13 Nov 2009
Property division helps boost Q2 profit 13% for Boustead
By VEN SREENIVASAN
CONTINUED strong performance by its real estate division allowed Boustead Singapore to lift second- quarter earnings by a respectable 13 per cent in the face of challenging business conditions and unfavourable forex movement.
The engineering and infrastructure specialist posted a profit of $10.8 million for the quarter ended Sept 30, compared to $9.5 million a year ago. This was achieved despite a 12.7 per cent fall in revenue to $114.3 million.
The results translated into first-half net earnings of $20.2 million, which are 33.4 per cent up from last year's $15.2 million. Revenue came to $233.2 million, up 10.8 per cent from a year ago.
The group had net cash of $163.4 million and an order book in excess of $450 million as at end-September.
It declared an interim dividend of 1.5 cents.
The star performer during the quarter remained the real estate solutions division, which achieved revenue of $61.8 million, 7.7 per cent up year-on-year. This division's strong performance was underpinned by the steady progress of the industrial real estate solutions business, as well as improving revenue from the new township business in Libya, where Boustead is constructing a 1,164-villa township. To date, about one-third of the villas have been completed. The unit expects to continue clinching numerous projects in Singapore and around the world.
Commenting on the results, CEO and chairman Wong Fong Fui said that the first-half financial results were not unexpected given the generally challenging operating environment.
'Still, it was pleasing to see net profit growth of 33.4 per cent for the first half. Nonetheless, it is highly unlikely that we will be able to exceed our full-year record performance in FY2009, given that it is improbable that we will be able to unlock the value of any industrial leasehold facilities in FY2010.'
Property division helps boost Q2 profit 13% for Boustead
By VEN SREENIVASAN
CONTINUED strong performance by its real estate division allowed Boustead Singapore to lift second- quarter earnings by a respectable 13 per cent in the face of challenging business conditions and unfavourable forex movement.
The engineering and infrastructure specialist posted a profit of $10.8 million for the quarter ended Sept 30, compared to $9.5 million a year ago. This was achieved despite a 12.7 per cent fall in revenue to $114.3 million.
The results translated into first-half net earnings of $20.2 million, which are 33.4 per cent up from last year's $15.2 million. Revenue came to $233.2 million, up 10.8 per cent from a year ago.
The group had net cash of $163.4 million and an order book in excess of $450 million as at end-September.
It declared an interim dividend of 1.5 cents.
The star performer during the quarter remained the real estate solutions division, which achieved revenue of $61.8 million, 7.7 per cent up year-on-year. This division's strong performance was underpinned by the steady progress of the industrial real estate solutions business, as well as improving revenue from the new township business in Libya, where Boustead is constructing a 1,164-villa township. To date, about one-third of the villas have been completed. The unit expects to continue clinching numerous projects in Singapore and around the world.
Commenting on the results, CEO and chairman Wong Fong Fui said that the first-half financial results were not unexpected given the generally challenging operating environment.
'Still, it was pleasing to see net profit growth of 33.4 per cent for the first half. Nonetheless, it is highly unlikely that we will be able to exceed our full-year record performance in FY2009, given that it is improbable that we will be able to unlock the value of any industrial leasehold facilities in FY2010.'
BT : Ho Bee posts record 9-month profit
Business Times - 13 Nov 2009
Ho Bee posts record 9-month profit
By KALPANA RASHIWALA
HO BEE Investment posted a strong increase in third-quarter net earnings, lifting its top and bottom lines for the first nine months past the record showing for full year 2007.
Net profit for the quarter ended Sept 30 rose to $99.3 million from $18.7 million for Q3 last year. Revenue swelled from $52.5 million to $209.2 million, largely as a result of a big chunk of income booked for the Orange Grove Residences project, which was completed in July.
Ho Bee's first nine months net profit jumped from $81.8 million to $293.9 million. Revenue quadrupled from $263.5 million to $1.06 billion. The numbers surpass the full-year 2007 net earnings of about $272 million and revenue of $596 million.
The strong report-card for the first nine months was achieved despite the fact that Ho Bee booked some $110 million of writedowns in Q2 this year for fair-value changes of investment and development properties.
'The group's revenue and earnings for the next quarter will remain positive,' said Ho Bee chairman and CEO Chua Thian Poh.
Besides Orange Grove Residences, other projects that contributed to the group's performance in the Jan to Sept period include Vertis in the Amber Road area, Quinterra at Holland Road, and The Coast condo and Paradise Island villas at Sentosa Cove. Ho Bee sold the last of 29 villas at Paradise Island in August for $22 million. All five projects received Temporary Occupation Permit in the first nine months of this year. That's when developers book a chunk of earnings from units sold in residential property developments.
Collections from buyers from these projects boosted Ho Bee's coffers. It enjoyed a whopping $896 million net cashflow from operating activities in the first nine months of 2009. This enabled it to repay nearly $700 million of borrowings this year, trimming group borrowings from about $1.15 billion at end-2008 to $457 million at end-Sept 2009. Cash and cash equivalents stood at $161.6 million at end-Sept 2009, up from $45.1 million at end-2008. Net gearing fell to a low of 0.26 times at end-Sept 2009 from 1.26 times at end-2008.
Ho Bee's net asset value per share appreciated from $1.20 at end-2008 to $1.56 at end-Sept 2009. On the stockmarket yesterday, the counter ended three cents higher at $1.40.
Ho Bee has released two projects in the current quarter - Trilight at Newton Road and Parvis at Holland Hill. The latter is a joint project with MCL Land. So far, 61 Trilight units have been sold since its launch in October and 55 units sold at Parvis, which was released this month.
Next year, Ho Bee is expected to launch a 151-unit condo project at Sentosa Cove named Seascape. The group has another project - a 304-unit condo - in the upscale waterfront housing area which it's developing on the Pinnacle Collection site. This could possibly be released late next year. Ho Bee is developing both projects jointly with Malaysia's IOI group.
Ho Bee posts record 9-month profit
By KALPANA RASHIWALA
HO BEE Investment posted a strong increase in third-quarter net earnings, lifting its top and bottom lines for the first nine months past the record showing for full year 2007.
Net profit for the quarter ended Sept 30 rose to $99.3 million from $18.7 million for Q3 last year. Revenue swelled from $52.5 million to $209.2 million, largely as a result of a big chunk of income booked for the Orange Grove Residences project, which was completed in July.
Ho Bee's first nine months net profit jumped from $81.8 million to $293.9 million. Revenue quadrupled from $263.5 million to $1.06 billion. The numbers surpass the full-year 2007 net earnings of about $272 million and revenue of $596 million.
The strong report-card for the first nine months was achieved despite the fact that Ho Bee booked some $110 million of writedowns in Q2 this year for fair-value changes of investment and development properties.
'The group's revenue and earnings for the next quarter will remain positive,' said Ho Bee chairman and CEO Chua Thian Poh.
Besides Orange Grove Residences, other projects that contributed to the group's performance in the Jan to Sept period include Vertis in the Amber Road area, Quinterra at Holland Road, and The Coast condo and Paradise Island villas at Sentosa Cove. Ho Bee sold the last of 29 villas at Paradise Island in August for $22 million. All five projects received Temporary Occupation Permit in the first nine months of this year. That's when developers book a chunk of earnings from units sold in residential property developments.
Collections from buyers from these projects boosted Ho Bee's coffers. It enjoyed a whopping $896 million net cashflow from operating activities in the first nine months of 2009. This enabled it to repay nearly $700 million of borrowings this year, trimming group borrowings from about $1.15 billion at end-2008 to $457 million at end-Sept 2009. Cash and cash equivalents stood at $161.6 million at end-Sept 2009, up from $45.1 million at end-2008. Net gearing fell to a low of 0.26 times at end-Sept 2009 from 1.26 times at end-2008.
Ho Bee's net asset value per share appreciated from $1.20 at end-2008 to $1.56 at end-Sept 2009. On the stockmarket yesterday, the counter ended three cents higher at $1.40.
Ho Bee has released two projects in the current quarter - Trilight at Newton Road and Parvis at Holland Hill. The latter is a joint project with MCL Land. So far, 61 Trilight units have been sold since its launch in October and 55 units sold at Parvis, which was released this month.
Next year, Ho Bee is expected to launch a 151-unit condo project at Sentosa Cove named Seascape. The group has another project - a 304-unit condo - in the upscale waterfront housing area which it's developing on the Pinnacle Collection site. This could possibly be released late next year. Ho Bee is developing both projects jointly with Malaysia's IOI group.
ST : Five lawyers sued over sale of house
Nov 12, 2009
Five lawyers sued over sale of house
A PRIVATE investigator is suing five lawyers for professional negligence over the sale of his house in 2002.
Mr Simon Suppiah Sunmugam, 62, alleged that they had mistakenly paid property agency ERA $28,000 as a commission.
He said in his affidavit that he found the buyer of the property. The agency, therefore, did not deserve any payment.
The lawyers he is suing are Ms Amarjit Kour, Mr Gregory Tang Wee Thiang, Ms Belinda Ang Choo Poh and Mr Peter Cuthbert Low of the now-defunct firm Peter Low Tang & Belinda Ang. The firm represented his ex-wife Nee Shyam Huey in their May 1996 divorce.
The fifth lawyer he is suing is Mr Andrew John Hanam, who acted for him in the divorce.
The defence of the four lawyers is that they were hired by Madam Nee and not by Mr Suppiah, and thus owed him no professional obligation.
Mr Hanam is denying responsibility on the grounds that the sale of the Suppiahs' matrimonial home after the divorce was arranged by the other lawyers, so Mr Suppiah should refer to them to recover his losses.
Court documents showed that when Mr Suppiah defaulted in the divorce settlement, Madam Nee obtained a court order to sell the matrimonial home in Punggol.
She found a buyer for $1.6 million but Mr Suppiah objected because the price was too low. He then found a neighbour who was willing to pay $1.75 million.
He was expecting his share of the sales proceeds to reach $240,000, but received only $212,000 in July 2002.
When he discovered that a commission of $28,000 had been paid to the housing agent, he instructed Mr Hanam to write to the other lawyers to withhold payment. But it was too late.
At the opening of the civil suit yesterday, Mr Suppiah took the stand to tell his lawyer Alain A. Johns that despite the sale-and-purchase agreement, which did not authorise payment of the housing agent's commission, the five lawyers failed to protect his interest.
The hearing will continue next year.
Five lawyers sued over sale of house
A PRIVATE investigator is suing five lawyers for professional negligence over the sale of his house in 2002.
Mr Simon Suppiah Sunmugam, 62, alleged that they had mistakenly paid property agency ERA $28,000 as a commission.
He said in his affidavit that he found the buyer of the property. The agency, therefore, did not deserve any payment.
The lawyers he is suing are Ms Amarjit Kour, Mr Gregory Tang Wee Thiang, Ms Belinda Ang Choo Poh and Mr Peter Cuthbert Low of the now-defunct firm Peter Low Tang & Belinda Ang. The firm represented his ex-wife Nee Shyam Huey in their May 1996 divorce.
The fifth lawyer he is suing is Mr Andrew John Hanam, who acted for him in the divorce.
The defence of the four lawyers is that they were hired by Madam Nee and not by Mr Suppiah, and thus owed him no professional obligation.
Mr Hanam is denying responsibility on the grounds that the sale of the Suppiahs' matrimonial home after the divorce was arranged by the other lawyers, so Mr Suppiah should refer to them to recover his losses.
Court documents showed that when Mr Suppiah defaulted in the divorce settlement, Madam Nee obtained a court order to sell the matrimonial home in Punggol.
She found a buyer for $1.6 million but Mr Suppiah objected because the price was too low. He then found a neighbour who was willing to pay $1.75 million.
He was expecting his share of the sales proceeds to reach $240,000, but received only $212,000 in July 2002.
When he discovered that a commission of $28,000 had been paid to the housing agent, he instructed Mr Hanam to write to the other lawyers to withhold payment. But it was too late.
At the opening of the civil suit yesterday, Mr Suppiah took the stand to tell his lawyer Alain A. Johns that despite the sale-and-purchase agreement, which did not authorise payment of the housing agent's commission, the five lawyers failed to protect his interest.
The hearing will continue next year.
ST : Kwek launches 'cool' Studio M hotel brand
Nov 12, 2009
Kwek launches 'cool' Studio M hotel brand
He aims for 50 worldwide in five years, with first at Robertson Quay area
By Joyce Teo
PROPERTY tycoon Kwek Leng Beng launched an 'utterly cool' hotel brand boasting a Singapore label yesterday. He aims to have at least 50 outlets across the world in five years.
The Studio M in Singapore brand is being unleashed through the Millennium & Copthorne Hotels (M&C) chain with the first to open at 3, Nanson Road in the Robertson Quay area around April next year.
Singapore could eventually have three to five Studio Ms, which Mr Kwek describes as a 'cross-breed between a boutique hotel and the normal type of hotels'.
The brand will cater to mostly savvy business and leisure travellers but not tour groups, said Mr Kwek, who is executive chairman of Hong Leong Group, the parent of M&C.
Studio M outlets have been earmarked for the Middle East, India, China, Vietnam and possibly Britain - through management contracts and ownership.
The debut hotel at Nanson Road will cost $120 million and will be built on a site Hong Leong bought in late 2006. It paid $45.8 million, or $518 per sq ft of potential gross floor area, in the tender.
The hotel will have 365 rooms with interiors and open-air tropical decks designed by Italian architect Piero Lissoni.
'It is chic, stylish, and you don't have to pay a bomb for it,' said Mr Kwek. 'It is like a five-star hotel, but you pay four-star rates.' Rates have not been finalised, but a room will likely cost $230 to $250 a night, he said.
Mr Kwek described the Studio M brand as 'utterly cool' and a '21st century new generation type of hotel' that will boast the best technology and pack efficiency into mostly standard rooms of 270 sq ft.
He hatched the idea of creating a new hotel brand about four years ago, and said the brand will fill a gap in the market here. There is increasing demand from business travellers who want a distinctive and unique experience from their hotel in addition to functional services such as wireless connectivity, he said.
Room rates here have fallen this year, and while the hotel market is not as good as in pre-crisis days, Mr Kwek said it is set to improve.
'It is my belief that the IRs (integrated resorts) will bring different types of customers here,' he said, adding that a second Studio M could be built within the next 12 months.
A likely venue is the sleepy Orchard Hotel Shopping Arcade. Mr Kwek said they are studying the possibility of converting it into a Studio M.
He also believes the central business district and the Bukit Timah area could support Studio M outlets. And as if Studio M is not enough, Mr Kwek wants to create another hotel chain as 'the world is running out of brands'.
Creating another brand will allow M&C to leverage on its vast experience in running hotels across the world.
Kwek launches 'cool' Studio M hotel brand
He aims for 50 worldwide in five years, with first at Robertson Quay area
By Joyce Teo
PROPERTY tycoon Kwek Leng Beng launched an 'utterly cool' hotel brand boasting a Singapore label yesterday. He aims to have at least 50 outlets across the world in five years.
The Studio M in Singapore brand is being unleashed through the Millennium & Copthorne Hotels (M&C) chain with the first to open at 3, Nanson Road in the Robertson Quay area around April next year.
Singapore could eventually have three to five Studio Ms, which Mr Kwek describes as a 'cross-breed between a boutique hotel and the normal type of hotels'.
The brand will cater to mostly savvy business and leisure travellers but not tour groups, said Mr Kwek, who is executive chairman of Hong Leong Group, the parent of M&C.
Studio M outlets have been earmarked for the Middle East, India, China, Vietnam and possibly Britain - through management contracts and ownership.
The debut hotel at Nanson Road will cost $120 million and will be built on a site Hong Leong bought in late 2006. It paid $45.8 million, or $518 per sq ft of potential gross floor area, in the tender.
The hotel will have 365 rooms with interiors and open-air tropical decks designed by Italian architect Piero Lissoni.
'It is chic, stylish, and you don't have to pay a bomb for it,' said Mr Kwek. 'It is like a five-star hotel, but you pay four-star rates.' Rates have not been finalised, but a room will likely cost $230 to $250 a night, he said.
Mr Kwek described the Studio M brand as 'utterly cool' and a '21st century new generation type of hotel' that will boast the best technology and pack efficiency into mostly standard rooms of 270 sq ft.
He hatched the idea of creating a new hotel brand about four years ago, and said the brand will fill a gap in the market here. There is increasing demand from business travellers who want a distinctive and unique experience from their hotel in addition to functional services such as wireless connectivity, he said.
Room rates here have fallen this year, and while the hotel market is not as good as in pre-crisis days, Mr Kwek said it is set to improve.
'It is my belief that the IRs (integrated resorts) will bring different types of customers here,' he said, adding that a second Studio M could be built within the next 12 months.
A likely venue is the sleepy Orchard Hotel Shopping Arcade. Mr Kwek said they are studying the possibility of converting it into a Studio M.
He also believes the central business district and the Bukit Timah area could support Studio M outlets. And as if Studio M is not enough, Mr Kwek wants to create another hotel chain as 'the world is running out of brands'.
Creating another brand will allow M&C to leverage on its vast experience in running hotels across the world.
Record $653,000 for Four-room HDB flat
Nov 13, 2009
A four-bedroom HDB flat in Queenstown was sold for $653,000. The sale sets a new record for price per square foot (psf), amid the continuing demand for resale units.
The buyers, an Indonesian male residing permanently in the country and a Singaporean woman, could have purchased a condominium unit in the suburbs for the same price.
But the couple was won over by the location, which is just five minutes walk from Queenstown MRT station. The unit is also on the 40th floor, with unblocked views of the surrounding greenery from all windows.
The four-year-old 969 sq ft flat located at Forfar Heights in Strathmore Avenue, was sold above valuation for $68,000 - a level determined by an independent appraiser.
The price works out to $674 psf, which is 10 percent higher than the previous record of $609 psf achieved in January last year.
A four-bedroom HDB flat in Queenstown was sold for $653,000. The sale sets a new record for price per square foot (psf), amid the continuing demand for resale units.
The buyers, an Indonesian male residing permanently in the country and a Singaporean woman, could have purchased a condominium unit in the suburbs for the same price.
But the couple was won over by the location, which is just five minutes walk from Queenstown MRT station. The unit is also on the 40th floor, with unblocked views of the surrounding greenery from all windows.
The four-year-old 969 sq ft flat located at Forfar Heights in Strathmore Avenue, was sold above valuation for $68,000 - a level determined by an independent appraiser.
The price works out to $674 psf, which is 10 percent higher than the previous record of $609 psf achieved in January last year.
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