ST : $10,000 fine for forging cert

Dec 21, 2009
$10,000 fine for forging cert
By Khushwant Singh



A former board member of the Intellectual Property Office of Singapore (IPOS), Ho Ying Dat (pictured) was fined $10,000 for forging a certificate when registering as a patent agent in 2002

A FORMER board member of the Intellectual Property Office of Singapore (IPOS) was fined $10,000 for forging a certificate when registering as a patent agent in 2002

Ho Ying Dat, 52, who pleaded guilty on Monday, could have been jailed for up to two years.

His lawyer B. Ganesh said that Ho, a Malaysian and a Singapore permanent resident, had passed the examinations set by the United States Patent and Trademark Office (USPTO) in April 1992.

However, he failed to fulfil the residency qualification of working in the US for a year. The Malaysian returned here as his father was very ill then.

In July 1992, he set up his own patent firm Lawrence Y.D. Ho & Associates, with his wife.

In 2002, IPOS required all patent agents to be licensed. Ho was worried he may not be registered as he did not have certification and decided to forge an USPTA certificate.

ST : Retail rents creeping up

Dec 21, 2009
Retail rents creeping up
By Esther Teo



Retail space in the prime Orchard retail belt and suburban malls have crept up in the last quarter, buoyed by the upswing in the economy, after four consecutive quarters of decline. -- ST PHOTO: ALPHONSUS CHERN

RETAIL space in the prime Orchard retail belt and suburban malls have crept up in the last quarter, buoyed by the upswing in the economy, after four consecutive quarters of decline.

In its report released on Monday, DTZ Research said that gross rents of prime first-storey retail space in Orchard and Scotts roads rose slightly by 1 per cent to $39.70 per sq feet per month, after falling 7.3 per cent in the previous four quarters.

In the suburban areas, retail rents moved up after having stablilised in the previous quarter, while rents in the other city areas like Bugis Junction and Great World City continued to fall. Prime first-storey retail gross rents in suburban malls rose 1.5 per cent quarter-on-quarter to $33.50 per square ft per month, after having fallen 2.1 per cent from the peak of the third quarter last year.

DTZ South-east Asia Research head Ms Chua Chor Hoon said that leasing activity has increased as retailers gain more confidence, along with the economic recovery. "There is strong demand for prime first-storey space, evident from the little availability and speed at which they are being taken up, despite the amount of new space that has come up along Orchard Road," she said.

DTZ estimates that 2.6 million square feet of new retail space, which included 313@Somerset and Mandarin Gallery, were added to the stock this year. This is the highest new supply ever seen. Ms Chua expects prime retail rents in Orchard and Scotts Road and the suburban areas to continue to move up by 2 to 7 per cent next year.

The new supply in Orchard Road is expected to fall to about 165,000 sq ft next year and will be a mere 7 per cent of the almost 2.4 million sq feet of new retail space projected to be available next year. Outside of the city areas, most of the new supply will be concentrated in Resorts World Sentosa, Nex and Serangoon Central.

Showflats to remain open during the year-end holidays

Showflats to remain open during the year-end holidays
Dec 21, 2009 - PropertyGuru.com.sg

The market for new homes is quiet, as potential buyers and developers take their time off for the holidays.

“If you are going to sell one or two units now, you might as well close shop and wait till next year,” said Donald Han, managing director of Cushman & Wakefield. “Salespeople and consultants have worked very hard this year. So, to be fair, they need a break.”

However, potential buyers who want to see new projects even during the end-year holidays can visit some showflats that remain open. These are the projects launched in recent months.

A list prepared by property consultancy firm Knight Frank shows that at least 35 showflats will be available for public viewing this holiday season.

Potential buyers looking for mass-market projects can visit Livia in Pasir Ris, Trevista in Toa Payoh, Waterfront Key in Bedok Reservoir and Double Bay Residences in Simei.

Meanwhile, for interested buyers of high-end homes, they can check out Reflections at Keppel Bay, or Cyan and Ferrell Residences in Bukit Timah Road. The showflat for St Regis Residences is also open this month, but viewing the place is by appointment only, said City Developments.

Property investments in APAC region to double in 2010

Property investments in APAC region to double in 2010
Dec 21, 2009 - PropertyGuru.com.sg

The Asia Pacific region will have around $85 billion to spend for direct investment in property by next year. The amount is twice the $43 billion transacted in the past 12 months, according to DTZ Research.

The $85 billion translates to 27 percent of the total capital worth $315 billion, which will be available in 2010 for direct investment in property worldwide, added DTZ in its "The Great Wall of Money" report yesterday.

DTZ also said that worldwide transaction volume in 2010 should be more than double the $157 billion this year and could return to 2004 levels.

Globally, the capital chasing property ratio is around $2 for every deal volume worth $1.

“Asia Pacific and Europe are relative winners, with more money targeting these regions for investment than they are raising and investing elsewhere,” according to DTZ's report. “Together, these regions are targets for 77 per cent combined of the total investment in 2010 but are raising only 49 per cent of available money.”

However, it cites one main caveat - capital necessary for de-leveraging. It refers to the substantial amount of commercial property lending which is due for refinancing within the next two to four years.

“While some of the available capital may be diverted to this purpose - for example, through provision of debt financing - we expect the de-leveraging and unwinding of support policies will be slowly phased in over time, limiting the immediate impact in 2010,” said DTZ.

The largest investor category is the third party-managed funds, which accounts for 60 percent of available equity. It is followed by institutions with 28 percent and sovereign wealth funds with 6 percent. The German open-ended funds raised the remaining equity.

According to DTZ, 81 percent of the total capital yield is being directed towards multi-sector investments than to the single-sector investments. Only 19 percent of the capital was reserved to target a specific property sector - primarily in retail (3 percent), industrial (5 percent) and office (4 percent).

Also, 70 percent of the total capital will target two or more countries. Those who invest in a single country are mainly focused on the prime liquid markets of the US and UK, accounting for 7 and 9 percent respectively of total planned investment. Expected to compose the combined 5 percent of planned investment are China, Germany and Japan.

“Globally, most investors are adopting multi-sector and/or multi-country strategies as part of sector and geographic diversification strategies, and reflecting the opportunistic nature of most fund mandates,” said DTZ Research’s associate director of real estate strategy, Nigel Almond.

Prices of prime real-estate sets new high

Prices of prime real-estate sets new high
Dec 21, 2009 - PropertyGuru.com.sg

Prices of resale landed homes have already set high records this year despite the uncertain economic recovery, according to a recent report.

The report by DTZ Research highlights the prices of resale landed homes in the prime districts of 9, 10 and 11, including the Bukit Timah, Orchard and Tanglin areas.

Among the expensive homes, good class bungalows (GCBs) also recorded a psf price high. But prices of non-landed homes such as luxury condos are also catching up.

The average price of prime freehold landed resale homes increased 4.6 percent in Q4 or 18.4 percent for the whole of 2009 to hit a new price of $1,447 per sq ft (psf).

This is about 12 percent above the previous price of $1,293 psf in Q1 last year, the report said.

The average price of freehold landed resale homes outside the prime districts also climbed 2.8 percent in Q4 or 12.2 percent for the whole year to reach a new high of $860 psf.

Mortgagee sales volume at 12-year low

Mortgagee sales volume at 12-year low
Dec 21, 2009 - PropertyGuru.com.sg

Many are expecting to see a surge in the volume of home loan defaults, with the worst recession in the history of Singapore and the growing tide of unemployed people who struggle with mortgage installments.

It turns out that nothing could be further from the truth. The volume of properties up for mortgagee sales dropped to a 12-year low in 2009, according to the report from Colliers International.

Of the 927 properties up for auction in 2009, only 195 were forced sales of repossessed properties or mortgagee sales. It said that the figure is 25 percent lower than the 260 properties in 2008.

When banks repossess properties defaulted by homebuyers, they constantly prefer to sell at an auction as it is a transparent and fast mode of sale.

The recent low figures are far different from the situation in 1998, when the Asian financial turmoil hit home. A total of 452 properties were put up that year for mortgagee sale, it said.

“The low number of mortgagee sales could be due to the introduction of the Government's Jobs Credit scheme which stabilized the employment market; which, in turn, provided some home owners with the ability to service their monthly mortgage loans,” said Grace Ng, deputy managing director (agency and business services) of the firm.

“Additionally, buoyant sales experienced in the primary market and a steadily improving economy boosted sentiments in the secondary market, hence enabling owners to dispose of their properties and evading the need for banks to foreclose their properties.”

Based on the Colliers report, 118 properties amounting to $168.39 million were auctioned off in 2009, a little more than double the $83.67 million generated in 2008.

This year, residential sales at auctions totaled to $88.35 million, up from last year’s $25.23 million, as the low housing loan rates and more positive economic sentiments motivated the upgraders.

Ms. Ng also noted that there was competitive bidding this year for old semi-detached houses with big land areas.

ST : Sands IR on track to open

Dec 21, 2009
Sands IR on track to open



Artist impression of the Marina Bay IR by Las Vegas Sands. --PHOTO: LAS VEGAS SANDS

HONG KONG - LAS Vegas Sands, the world's second-most valuable casino operator by market capitalisation, said on Monday that its US$5.5 billion (S$7.7 billion) Singapore casino resort is on track to open around the end of March.

Elsewhere in Asia, the company, which saw many of its projects under development on Macau's Cotai Strip put on hold during the global financial crisis, could also 'easily open' all its planned properties there in the next five years, Chief Executive and Chairman Sheldon Adelson said in an interview on CNBC.

Sands' original target was to open the Marina Bay Sands casino-resort on the edge of Singapore's central business district by the fourth quarter of 2009. The opening date was later revised to end-March 2010 because of a shortage of sand and workers.

The Singapore project, which was originally expected to cost around $3.2 billion, has also suffered massive cost overruns. -- REUTERS

ST : Having a splash in the park

Dec 20, 2009
Having a splash in the park
By Amresh Gunasingham

SPORTS enthusiasts in Pasir Ris will have a shiny new facility to call on in by June 2011. Built at a cost of $40 million, it will be equipped with swimming pools, a 2,000-seater multi-purpose sports hall and tennis courts, among other features.

Work on the project, located near the MRT and bus interchange, commenced officially yesterday at a ceremony attended by Deputy Prime Minister Teo Chee Hean and Minister for Community, Youth and Sports, Dr Vivian Balakrishnan.

First announced at the 2006 General Election as part of the Government's $850-million plan to spruce up the Pasir Ris, Punggol and Sengkang areas, it will also be retrofitted with green features to reduce its energy consumption. These include the installation of solar panels and a rainwater-harvesting container that channels stormwater into a storage tank to be later used to irrigate plants.

Savings of up to 15 per cent in operating costs could be earned annually on electrical equipment alone, said Mr Kenneth Hui, chief of sports facilities group at the Singapore Sports Council (SSC).

ST : Punggol renewal

Dec 19, 2009
Punggol renewal



More than a decade after its first masterplan was unveiled, Punggol is finally taking shape as a waterfront haven that will be a top residential and recreational spot. -- ST PHOTO: AZIZ HUSSIN

MORE than a decade after its first masterplan was unveiled, Punggol is finally taking shape as a waterfront haven that will be a top residential and recreational spot.

Lifestyle tells you what you can expect to see from this former backwater town.

ST : Still open for viewing

Dec 19, 2009
Still open for viewing
By Joyce Teo, Property Correspondent



Artist impression of the Double Bay Residences in Simei. -- PHOTO: UOL

THE market for new homes is quiet as most developers and potential buyers have taken time off for the year-end holidays.

'If you are going to sell one or two units now, you might as well close shop and wait till next year,' said Cushman & Wakefield managing director Donald Han.

'Salespeople and consultants have worked very hard this year. So, to be fair, they need a break.'

But for those potential buyers itching to check out new projects, a fair number of showflats are still open. These are mostly projects launched in recent months.

A list compiled by property consultancy Knight Frank shows there are at least 35 showflats staying open this month.

Those keen on mass-market projects can check out Waterfront Key in Bedok Reservoir, Livia in Pasir Ris, Double Bay Residences in Simei and Trevista in Toa Payoh.

ST : 2 HDB blocks turned dorms

Dec 19, 2009
2 HDB blocks turned dorms
More than 300 units used to house Resorts World Sentosa's foreign staff
By Tessa Wong



Two Housing Board blocks in Toa Payoh have been converted into dormitories for foreign employees at Resorts World Sentosa. -- ST PHOTO: ALPHONSUS CHERN

TWO Housing Board blocks in Toa Payoh have been converted into dormitories for foreign employees at Resorts World Sentosa.

Blocks 32 and 33 in Toa Payoh Lorong 6 were to be demolished as part of redevelopment plans until a few months ago, when dozens of croupiers, hotel service staff and casino pit supervisors started moving in.

It is estimated that there are more than 300 units in the two blocks. According to interviews with tenants, each flat houses four to six people who each pay between $140 and $260.

When asked about the length of the leases, the HDB would only say it is a private short-term arrangement between Resorts World and its managing agent, EM Services.

Resorts World said it provides accommodation to its foreign employees working and training in preparation for the integrated resort's opening next year 'to help reduce their stress and anxiety of relocating overseas'. It also ensures that its foreign staff enjoy a similar lifestyle to their Singaporean colleagues'. It did not state the total number of foreign employees who have moved in so far.

When The Straits Times visited the blocks on Friday, the flats were clean and had been given a fresh coat of paint.