Mar 3, 2010
EN BLOC SALES
Collective wish can't be ignored
WHILE I empathise with owners of apartments who do not want to sell but are forced to by the majority, any change in the law needs to take into account the following:
Before buying a unit in a private condominium, a buyer should acquaint himself with the prevailing laws on collective sales. If a buyer is not keen to be subject to a collective sale later, there is the HDB option, as well as landed property.
Many landed properties are cheaper than a condo, although the location may be farther from town.
One must abide by the principles of communal living and ownership if one decides to live in a condo. There is personal choice involved, and we need to consider the collective desires of a group of people.
As much as one could argue that one is entitled to peace of mind, it is also the right of others to buy with a ready willingness to move, or sell, if that makes financial sense for them.
The 80 per cent consent level required for developments at least 10 years old gives due consideration to the majority of owners. While one may argue for a higher percentage, others could equally argue for a lower percentage.
Owning 50 per cent of shares is the benchmark for a majority in a private company. Granted, majority voting power in a company and having a say about one's home do not carry equal weight in the scheme of life. But that is why an 80 per cent majority is required for a collective sale after factoring in a reluctant home owner's rights.
Kevin Kwek
Wednesday, March 3, 2010
BT : Big boys go looking for swank, new offices
Business Times - 03 Mar 2010
Big boys go looking for swank, new offices
IDA said to have leased 160,000 sq ft; rents may inch up as banks expand in prime areas
By KALPANA RASHIWALA
(SINGAPORE) The upswing in office leasing deals that started around July last year shows no signs of letting up. The healthy demand has persuaded some property consultants that rents for the best quality space in Singapore's financial district could be close to their bottom and poised to perk up.
The Infocomm Development Authority (IDA) is understood to have inked a lease for about 160,000 square feet at Mapletree Business City on Pasir Panjang Road.
This is said to be spread over six floors in the 18-storey office tower of the development, which is expected to receive Temporary Occupation Permit (TOP) soon. With IDA secured as a tenant, the tower's 436,300 sq ft net lettable space is now fully leased, BT understands. The project is near Labrador Park MRT Station, which opens next year.
IDA is expected to move out of Suntec City, where its lease is said to be expiring next year.
Barclays Capital, which has leased 100,000 sq ft at Marina Bay Financial Centre's Tower 2, is said to be close to inking a deal for another 250,000 sq ft in the same tower, which is expected to receive TOP next quarter. The bank is expected to exit from Atrium @ Orchard.
Barclays also occupies about 100,000 sq ft at One Raffles Quay's South Tower and its retail bank has a technology centre at Eightrium @ Changi Business Park. The bank's headcount in Singapore has increased from just several hundred people in 2004 to over 3,500 currently. Of these, about 2,000 are employed at Barclays Capital Global Support Hub.
As new office projects are rolled out, big tenants such as banks are being offered more choices. For instance, ANZ, which is currently at OUB Centre at 1 Raffles Place, is said to be deciding whether to move to the new tower being built in the same development, or to Ocean Financial Centre along Collyer Quay.
The latter, a 43-storey development under construction that will have about 850,000 sq ft net lettable area, is also said to have attracted some tenants from Ocean Towers next door. These include Ifast, Verizon Communications and DMG & Partners Securities.
Other tenants at Ocean Financial Centre are said to include Stamford Law Corporation, which is currently in Republic Plaza, and serviced office operator The Executive Centre.
Colliers International executive director Calvin Yeo said: 'We are starting to see our clients, who are MNCs including financial institutions, planning for expansion as their existing leases approach expiry.'
While some of the initial buzz in the office leasing market was a game of musical chairs involving relocating from older buildings to newer properties, the market is now starting to move beyond replacement demand to actual expansion or new demand, say market watchers.
'We're seeing quite a few law firms from Europe coming to Singapore as well as existing law firms in Singapore expanding,' says Jones Lang LaSalle regional director and head of markets Chris Archibold.
'Insurance companies are starting to look at headcount growth of about 5 per cent this year followed by a further 5-10 per cent per annum for the next few years. Banks are boosting their headcount, not just for private banking but across the board. We're seeing a number of them bringing high-end back-office support functions again to Singapore,' he added.
Mr Archibold reckons that for international standard prime Grade A offices in the Raffles Place and Marina Bay area, rents will probably bottom out at their current levels of about $8 psf a month for smaller occupiers and $7 psf for bigger occupiers. These levels are about 58 per cent below the Q3 2008 peak figures. 'However, rents for A- and B+ grade offices may still decline a few per cent from current levels though the drop should end by Q4 2010.'
Another office property consultant also said that office landlords are more confident and not prepared to discount rents any further. 'But older buildings may relatively underperform and that means rentals in even good-quality buildings may not rebound quickly until space availability in new developments tightens,' he added.
Others are more optimistic. UBS has predicted a 30 per cent jump in the average monthly Grade A office rental value from $8.10 psf at the end of last year to $10.60 psf at end-2010, citing growth in demand. The impact of new office completions is not likely to be as grave as feared earlier since some one million sq ft of existing office stock is expected to be removed in 2010-2011 for conversion to residential use.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Big boys go looking for swank, new offices
IDA said to have leased 160,000 sq ft; rents may inch up as banks expand in prime areas
By KALPANA RASHIWALA
(SINGAPORE) The upswing in office leasing deals that started around July last year shows no signs of letting up. The healthy demand has persuaded some property consultants that rents for the best quality space in Singapore's financial district could be close to their bottom and poised to perk up.
The Infocomm Development Authority (IDA) is understood to have inked a lease for about 160,000 square feet at Mapletree Business City on Pasir Panjang Road.
This is said to be spread over six floors in the 18-storey office tower of the development, which is expected to receive Temporary Occupation Permit (TOP) soon. With IDA secured as a tenant, the tower's 436,300 sq ft net lettable space is now fully leased, BT understands. The project is near Labrador Park MRT Station, which opens next year.
IDA is expected to move out of Suntec City, where its lease is said to be expiring next year.
Barclays Capital, which has leased 100,000 sq ft at Marina Bay Financial Centre's Tower 2, is said to be close to inking a deal for another 250,000 sq ft in the same tower, which is expected to receive TOP next quarter. The bank is expected to exit from Atrium @ Orchard.
Barclays also occupies about 100,000 sq ft at One Raffles Quay's South Tower and its retail bank has a technology centre at Eightrium @ Changi Business Park. The bank's headcount in Singapore has increased from just several hundred people in 2004 to over 3,500 currently. Of these, about 2,000 are employed at Barclays Capital Global Support Hub.
As new office projects are rolled out, big tenants such as banks are being offered more choices. For instance, ANZ, which is currently at OUB Centre at 1 Raffles Place, is said to be deciding whether to move to the new tower being built in the same development, or to Ocean Financial Centre along Collyer Quay.
The latter, a 43-storey development under construction that will have about 850,000 sq ft net lettable area, is also said to have attracted some tenants from Ocean Towers next door. These include Ifast, Verizon Communications and DMG & Partners Securities.
Other tenants at Ocean Financial Centre are said to include Stamford Law Corporation, which is currently in Republic Plaza, and serviced office operator The Executive Centre.
Colliers International executive director Calvin Yeo said: 'We are starting to see our clients, who are MNCs including financial institutions, planning for expansion as their existing leases approach expiry.'
While some of the initial buzz in the office leasing market was a game of musical chairs involving relocating from older buildings to newer properties, the market is now starting to move beyond replacement demand to actual expansion or new demand, say market watchers.
'We're seeing quite a few law firms from Europe coming to Singapore as well as existing law firms in Singapore expanding,' says Jones Lang LaSalle regional director and head of markets Chris Archibold.
'Insurance companies are starting to look at headcount growth of about 5 per cent this year followed by a further 5-10 per cent per annum for the next few years. Banks are boosting their headcount, not just for private banking but across the board. We're seeing a number of them bringing high-end back-office support functions again to Singapore,' he added.
Mr Archibold reckons that for international standard prime Grade A offices in the Raffles Place and Marina Bay area, rents will probably bottom out at their current levels of about $8 psf a month for smaller occupiers and $7 psf for bigger occupiers. These levels are about 58 per cent below the Q3 2008 peak figures. 'However, rents for A- and B+ grade offices may still decline a few per cent from current levels though the drop should end by Q4 2010.'
Another office property consultant also said that office landlords are more confident and not prepared to discount rents any further. 'But older buildings may relatively underperform and that means rentals in even good-quality buildings may not rebound quickly until space availability in new developments tightens,' he added.
Others are more optimistic. UBS has predicted a 30 per cent jump in the average monthly Grade A office rental value from $8.10 psf at the end of last year to $10.60 psf at end-2010, citing growth in demand. The impact of new office completions is not likely to be as grave as feared earlier since some one million sq ft of existing office stock is expected to be removed in 2010-2011 for conversion to residential use.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
TODAY Online : Man has no case to stop en-bloc sale
Man has no case to stop en-bloc sale
05:55 AM Mar 03, 2010
by Zul Othman
SINGAPORE - As the lone objector to an en bloc sale, he defied his neighbours and the Strata Titles Board and made a bid to stop the sale of the property in Koon Seng Road.
But his suit was thrown out by the Court of Appeal yesterday - because Singapore's highest court questioned Mr Goh Teh Lee's legal right to object to the sale as he was only a co-owner of the apartment.
Despite Mr Goh's insistence that he had a "very strong case", Justice Chao Hick Tin said he was "very doubtful" of Mr Goh's argument after considering the evidence.
Therefore, the court ruled that the 53-year-old had no locus standi or standing to carry the suit forward.
While he was not ordered to pay any costs, Mr Goh will have to fork out $3,000 to cover the en bloc sales committee's expenses.
According to court documents, Mr Goh said there were discrepancies in the collective sale agreement, such as signatures that were obtained fraudulently.
Mr Goh believed his status as co-owner could stop the sale if his appeal succeeded. However, Justice Andrew Phang thought otherwise, and said: "Between you and your ex-wife, you have to act unanimously ... besides, your ex-wife's rights also have to prevail. She is just like you - a joint owner."
Mr Goh and his ex-wife, Madam Sng Siok Ching, bought the apartment in 1997 for $610,000, court documents revealed. The couple divorced sometime last year.
Earlier, Mr Goh had told the court that even though they were co-owners, he owned 60 per cent of the property. Mdm Sng also did not make any monetary contribution to the apartment, he argued.
MediaCorp understands that the couple were offered $642,424.24 for the apartment but Mr Goh objected to the sale while Mdm Sng gave her consent.
Previously, Mr Goh had told the High Court it was unfair for the purchase price of $21.12 million to be divided equally among the 33 units.
But in his submissions, lawyer Leong Kwok Yan - who is representing the sales committee - argued that the collective sale scheme was based on the use of notional shares that were apportioned to the apartments. Hence, no distinction was made between the co-owners of each flat and if there were more than one co-owner to a flat, all must agree.
"To allow Mr Goh to object would be to disregard the interests of Mdm Sng altogether," wrote the lawyer.
The collective sale of the houses and apartments was mooted at a residents' meeting in November 2006.
The property consists of 24 apartments in a four-storey block - known as Koon Seng House - and 9 pre-war terrace houses on the same plot of freehold land. En-bloc proceedings have been delayed for three years following Mr Goh's legal action against the en-bloc sales committee.
When contacted by MediaCorp later, Mr Goh said he respected the court's decision but declined to comment further. He added that he would abide by the court's ruling and sell his apartment.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
05:55 AM Mar 03, 2010
by Zul Othman
SINGAPORE - As the lone objector to an en bloc sale, he defied his neighbours and the Strata Titles Board and made a bid to stop the sale of the property in Koon Seng Road.
But his suit was thrown out by the Court of Appeal yesterday - because Singapore's highest court questioned Mr Goh Teh Lee's legal right to object to the sale as he was only a co-owner of the apartment.
Despite Mr Goh's insistence that he had a "very strong case", Justice Chao Hick Tin said he was "very doubtful" of Mr Goh's argument after considering the evidence.
Therefore, the court ruled that the 53-year-old had no locus standi or standing to carry the suit forward.
While he was not ordered to pay any costs, Mr Goh will have to fork out $3,000 to cover the en bloc sales committee's expenses.
According to court documents, Mr Goh said there were discrepancies in the collective sale agreement, such as signatures that were obtained fraudulently.
Mr Goh believed his status as co-owner could stop the sale if his appeal succeeded. However, Justice Andrew Phang thought otherwise, and said: "Between you and your ex-wife, you have to act unanimously ... besides, your ex-wife's rights also have to prevail. She is just like you - a joint owner."
Mr Goh and his ex-wife, Madam Sng Siok Ching, bought the apartment in 1997 for $610,000, court documents revealed. The couple divorced sometime last year.
Earlier, Mr Goh had told the court that even though they were co-owners, he owned 60 per cent of the property. Mdm Sng also did not make any monetary contribution to the apartment, he argued.
MediaCorp understands that the couple were offered $642,424.24 for the apartment but Mr Goh objected to the sale while Mdm Sng gave her consent.
Previously, Mr Goh had told the High Court it was unfair for the purchase price of $21.12 million to be divided equally among the 33 units.
But in his submissions, lawyer Leong Kwok Yan - who is representing the sales committee - argued that the collective sale scheme was based on the use of notional shares that were apportioned to the apartments. Hence, no distinction was made between the co-owners of each flat and if there were more than one co-owner to a flat, all must agree.
"To allow Mr Goh to object would be to disregard the interests of Mdm Sng altogether," wrote the lawyer.
The collective sale of the houses and apartments was mooted at a residents' meeting in November 2006.
The property consists of 24 apartments in a four-storey block - known as Koon Seng House - and 9 pre-war terrace houses on the same plot of freehold land. En-bloc proceedings have been delayed for three years following Mr Goh's legal action against the en-bloc sales committee.
When contacted by MediaCorp later, Mr Goh said he respected the court's decision but declined to comment further. He added that he would abide by the court's ruling and sell his apartment.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
CNA : Straits Trading Company to develop 12 bungalows at Chancery Lane
Straits Trading Company to develop 12 bungalows at Chancery Lane
By Jo-Ann Huang, Channel NewsAsia | Posted: 02 March 2010 2308 hrs
SINGAPORE : The property unit of Straits Trading Company will be developing a cluster of freehold bungalows at the prime Chancery Lane area as the mainboard-listed company is acquiring the original developer, Tertius Development.
The project, called Chancery Five, will have 12 bungalow units and sits on a land plot of 27,600 square feet. The size of the bungalows will range between 4,800 square feet to 6,500 square feet each.
Each of the two-storey bungalows will have five rooms, an entertainment room, an attic, a private basement car park, a swimming pool and a lift.
Eric Teng, chief executive officer of Straits Trading, said the Chancery Five project is in line with its overall strategy of developing properties that are both exceptional and of high quality.
While the company did not disclose the value of the development, property analysts estimate it to be worth about S$58 million.
Based on the project's estimated worth, Cushman & Wakefield's regional managing director Donald Han said that the bungalows would be priced at slightly less than S$1,000 per square feet (psf).
This means each unit would be priced at about S$4.8 million, which he said is "a fair price for a bungalow on Chancery Lane".
Mr Han added that its close proximity to top schools such as the Anglo-Chinese and Singapore Chinese Girl's schools, as well as to Orchard Road, makes it a hit with families and sub-letters.
Meanwhile, Nicholas Mak, real estate lecturer at Ngee Ann Polytechnic, said that based on similar properties in the vicinity, Chancery Five should fetch about S$500 to
S$600 psf.
"With the largest unit at about 6,500 square feet, I have a feeling that they will price it above S$4 million per unit," said Mr Mak.
"Landed property will always have a place with investors. It has the highest price increase in 2009 compared to other types of properties," said Mr Han. - CNA/ms
By Jo-Ann Huang, Channel NewsAsia | Posted: 02 March 2010 2308 hrs
SINGAPORE : The property unit of Straits Trading Company will be developing a cluster of freehold bungalows at the prime Chancery Lane area as the mainboard-listed company is acquiring the original developer, Tertius Development.
The project, called Chancery Five, will have 12 bungalow units and sits on a land plot of 27,600 square feet. The size of the bungalows will range between 4,800 square feet to 6,500 square feet each.
Each of the two-storey bungalows will have five rooms, an entertainment room, an attic, a private basement car park, a swimming pool and a lift.
Eric Teng, chief executive officer of Straits Trading, said the Chancery Five project is in line with its overall strategy of developing properties that are both exceptional and of high quality.
While the company did not disclose the value of the development, property analysts estimate it to be worth about S$58 million.
Based on the project's estimated worth, Cushman & Wakefield's regional managing director Donald Han said that the bungalows would be priced at slightly less than S$1,000 per square feet (psf).
This means each unit would be priced at about S$4.8 million, which he said is "a fair price for a bungalow on Chancery Lane".
Mr Han added that its close proximity to top schools such as the Anglo-Chinese and Singapore Chinese Girl's schools, as well as to Orchard Road, makes it a hit with families and sub-letters.
Meanwhile, Nicholas Mak, real estate lecturer at Ngee Ann Polytechnic, said that based on similar properties in the vicinity, Chancery Five should fetch about S$500 to
S$600 psf.
"With the largest unit at about 6,500 square feet, I have a feeling that they will price it above S$4 million per unit," said Mr Mak.
"Landed property will always have a place with investors. It has the highest price increase in 2009 compared to other types of properties," said Mr Han. - CNA/ms
CNA : Court gives go ahead for Koon Seng en bloc sale
Court gives go ahead for Koon Seng en bloc sale
By Zul Othman, TODAY | Posted: 02 March 2010 1347 hrs
SINGAPORE: The Koon Seng en bloc sale, comprising Koon Seng House, a four-storey block of 24 apartments in Joo Chiat and nine pre-war terrace houses on the same plot of freehold land, can now go ahead.
The Court of Three Judges threw out on Tuesday, the appeal of the lone objector to the sale, Goh Teh Lee. It ruled that the 53-year old had no locus standi or standing to carry the suit forward.
Despite Mr Goh's insistence that he had a "very strong case", Justice Chao Hick Tin said he was "very doubtful" of Mr Goh's case after considering the evidence.
Mr Goh, who co-owns an apartment with his ex-wife, had objected to the sale. She, however, had given her agreement.
Mr Goh had also argued that it was unfair for the purchase price of S$21.12 million to be divided equally among the 33 units.
Justice Andrew Phang said: "Between you and your ex-wife you have to act unanimously...besides, your ex-wife's rights also have to prevail. She is just like you - a joint owner."
The collective sale of the houses and apartments was mooted at a residents' meeting in November 2006.
While he was not ordered to pay any costs, Mr Goh will have to fork out S$3,000 to cover the en bloc sales committee's expenses.
If he does not sign the collective order, the Registrar of Supreme Court will sign on his behalf, which will allow the en bloc sale to go ahead.
By Zul Othman, TODAY | Posted: 02 March 2010 1347 hrs
SINGAPORE: The Koon Seng en bloc sale, comprising Koon Seng House, a four-storey block of 24 apartments in Joo Chiat and nine pre-war terrace houses on the same plot of freehold land, can now go ahead.
The Court of Three Judges threw out on Tuesday, the appeal of the lone objector to the sale, Goh Teh Lee. It ruled that the 53-year old had no locus standi or standing to carry the suit forward.
Despite Mr Goh's insistence that he had a "very strong case", Justice Chao Hick Tin said he was "very doubtful" of Mr Goh's case after considering the evidence.
Mr Goh, who co-owns an apartment with his ex-wife, had objected to the sale. She, however, had given her agreement.
Mr Goh had also argued that it was unfair for the purchase price of S$21.12 million to be divided equally among the 33 units.
Justice Andrew Phang said: "Between you and your ex-wife you have to act unanimously...besides, your ex-wife's rights also have to prevail. She is just like you - a joint owner."
The collective sale of the houses and apartments was mooted at a residents' meeting in November 2006.
While he was not ordered to pay any costs, Mr Goh will have to fork out S$3,000 to cover the en bloc sales committee's expenses.
If he does not sign the collective order, the Registrar of Supreme Court will sign on his behalf, which will allow the en bloc sale to go ahead.
CNA : Asian property prices expected to continue to rise despite govt measures
Asian property prices expected to continue to rise despite govt measures
By Chris Howells, Channel NewsAsia | Posted: 02 March 2010 2321 hrs
SINGAPORE : Recent measures to cool the property market in China, Hong Kong and Singapore are seen as the right moves to temper speculation and rapidly rising prices.
Still, industry watchers said that prices will have room to move upwards over the next two years.
This is because interest rates in Hong Kong continue to be low, and high-end property prices in Singapore are still below their peak.
Private home prices in Singapore rose by 24 per cent in the second half of last year, causing the government to step in.
Over in Hong Kong, the government also announced measures to avoid an asset bubble - after property prices rose by some 30 per cent last year.
The Chinese government is also doing its part to cool its red-hot property sector by tightening credit.
Analysts said these moves will limit price growth this year, but overall, they still expect prices to move upwards, even if at a slower pace.
Donald Han, managing director, Cushman & Wakefield, said: "With the introduction of these measures, and the fact that the government is keeping a lookout on the market, they may continue to intervene.
"We would expect the market currently to come down to between 8-15 per cent, depending on what market you are in in Asia Pacific. So it would probably come down by a few percentage points in terms of price increases."
Analysts note that Singapore's high-end residential market remains below 2008 peaks by some 20 per cent.
Meanwhile - they also say, the measures are only aimed at moderating the price increases.
Karamjit Singh, managing director, Credo Real Estate, said: "The measures that were announced by the Singapore government on February 19 do not address the root cause of the problem yet. The root cause of the problem is a short-term supply crunch at the lower end of the market, but it definitely helps mitigate the risk of bubbles being formed in the future."
Experts said the factors set to drive prices higher this year are investors searching for higher yields, continuing hot money inflows and continuing low interest rates causing lower borrowing costs for buyers. - CNA/ms
By Chris Howells, Channel NewsAsia | Posted: 02 March 2010 2321 hrs
SINGAPORE : Recent measures to cool the property market in China, Hong Kong and Singapore are seen as the right moves to temper speculation and rapidly rising prices.
Still, industry watchers said that prices will have room to move upwards over the next two years.
This is because interest rates in Hong Kong continue to be low, and high-end property prices in Singapore are still below their peak.
Private home prices in Singapore rose by 24 per cent in the second half of last year, causing the government to step in.
Over in Hong Kong, the government also announced measures to avoid an asset bubble - after property prices rose by some 30 per cent last year.
The Chinese government is also doing its part to cool its red-hot property sector by tightening credit.
Analysts said these moves will limit price growth this year, but overall, they still expect prices to move upwards, even if at a slower pace.
Donald Han, managing director, Cushman & Wakefield, said: "With the introduction of these measures, and the fact that the government is keeping a lookout on the market, they may continue to intervene.
"We would expect the market currently to come down to between 8-15 per cent, depending on what market you are in in Asia Pacific. So it would probably come down by a few percentage points in terms of price increases."
Analysts note that Singapore's high-end residential market remains below 2008 peaks by some 20 per cent.
Meanwhile - they also say, the measures are only aimed at moderating the price increases.
Karamjit Singh, managing director, Credo Real Estate, said: "The measures that were announced by the Singapore government on February 19 do not address the root cause of the problem yet. The root cause of the problem is a short-term supply crunch at the lower end of the market, but it definitely helps mitigate the risk of bubbles being formed in the future."
Experts said the factors set to drive prices higher this year are investors searching for higher yields, continuing hot money inflows and continuing low interest rates causing lower borrowing costs for buyers. - CNA/ms
ST Forum : Move forward with refreshing sentiment on homes
Mar 2, 2010
Move forward with refreshing sentiment on homes
THANK you for publishing the thought-provoking concerns of Mr Tan Keng Ann last Saturday ('Review law on en bloc sales').
There is a growing band of condominium owners who continue to live in fear of being ousted from our precious chosen homes by property speculators or often-misguided secondary proprietors in a lemming-like pursuit of a perceived windfall profit.
With the refreshing sentiment of regarding a house as a home, I hope there will be concrete action to tighten appropriate legislation and curb collective property sales exercises.
Dennis Butler
Move forward with refreshing sentiment on homes
THANK you for publishing the thought-provoking concerns of Mr Tan Keng Ann last Saturday ('Review law on en bloc sales').
There is a growing band of condominium owners who continue to live in fear of being ousted from our precious chosen homes by property speculators or often-misguided secondary proprietors in a lemming-like pursuit of a perceived windfall profit.
With the refreshing sentiment of regarding a house as a home, I hope there will be concrete action to tighten appropriate legislation and curb collective property sales exercises.
Dennis Butler
ST Forum : Protect reluctant parties in en bloc sales
Mar 2, 2010
Protect reluctant parties in en bloc sales
MR TAN Keng Ann's letter last Saturday ('Review law on en bloc sales') revealed the unfair predicament suffered by a good number of people amid the frenzy of many collective property sale exercises. Instead of leaving them alone to retire in peace and contentment, young speculators callously go out of their way to make home owners like Mr Tan miserable, all to make a quick buck.
I am not involved in any collective sale, but from what I have heard from friends who are, the situation is dire and shameful. Meetings of condo owners to discuss such sales are invariably boisterous. Some turn ugly with owners hurling verbal abuse at one another, with those who refuse to sell on the receiving end. They are also harassed between meetings.
It is clear that those who put pressure on reluctant owners have much to gain if the sale goes through. Some speculators have bought several units earlier in anticipation of a successful sale. It is purely business and their aim (and that of the would-be developers) is to make money. The feelings of people like Mr Tan do not concern them in the least.
Yes, the law must change if we are serious about curbing speculation. It would protect the interest of owners who cherish their homes. Why take away the rights of owners who are not interested in the money and want to stay put? Besides, many of the condos involved are not by any stretch of the imagination obsolete in design, or in a state of disrepair.
Lee Seck Kay
Protect reluctant parties in en bloc sales
MR TAN Keng Ann's letter last Saturday ('Review law on en bloc sales') revealed the unfair predicament suffered by a good number of people amid the frenzy of many collective property sale exercises. Instead of leaving them alone to retire in peace and contentment, young speculators callously go out of their way to make home owners like Mr Tan miserable, all to make a quick buck.
I am not involved in any collective sale, but from what I have heard from friends who are, the situation is dire and shameful. Meetings of condo owners to discuss such sales are invariably boisterous. Some turn ugly with owners hurling verbal abuse at one another, with those who refuse to sell on the receiving end. They are also harassed between meetings.
It is clear that those who put pressure on reluctant owners have much to gain if the sale goes through. Some speculators have bought several units earlier in anticipation of a successful sale. It is purely business and their aim (and that of the would-be developers) is to make money. The feelings of people like Mr Tan do not concern them in the least.
Yes, the law must change if we are serious about curbing speculation. It would protect the interest of owners who cherish their homes. Why take away the rights of owners who are not interested in the money and want to stay put? Besides, many of the condos involved are not by any stretch of the imagination obsolete in design, or in a state of disrepair.
Lee Seck Kay
ST Forum : Help pro-children families get suitable flats
Mar 2, 2010
Help pro-children families get suitable flats
I AM a proud father of three young children, with twins who have just turned 17 months. I live in a three-room HDB flat and find it difficult to house my family, including my father-in-law, in my current unit.
As the sole breadwinner, I hope the Government can help pro-children families like mine obtain suitably larger flats at affordable prices.
Recently, I submitted a petition via my MP to allow me to upgrade to a four-room flat through direct purchase from the HDB of any balance or repossessed flats in my area. I have been unsuccessful in my past three balloting exercises.
The HDB has indicated that I stand a better chance of obtaining a flat through the build-to-order scheme and advised me to look at resale flats. However, current resale market prices are beyond what I can possibly afford.
The Government is right that monetary benefits alone will not increase the birth rate. What is needed is an adjustment of HDB policies to aid pro-children families like mine.
Alvin Sia
Help pro-children families get suitable flats
I AM a proud father of three young children, with twins who have just turned 17 months. I live in a three-room HDB flat and find it difficult to house my family, including my father-in-law, in my current unit.
As the sole breadwinner, I hope the Government can help pro-children families like mine obtain suitably larger flats at affordable prices.
Recently, I submitted a petition via my MP to allow me to upgrade to a four-room flat through direct purchase from the HDB of any balance or repossessed flats in my area. I have been unsuccessful in my past three balloting exercises.
The HDB has indicated that I stand a better chance of obtaining a flat through the build-to-order scheme and advised me to look at resale flats. However, current resale market prices are beyond what I can possibly afford.
The Government is right that monetary benefits alone will not increase the birth rate. What is needed is an adjustment of HDB policies to aid pro-children families like mine.
Alvin Sia
BT : 9% of CBD blocks have over 20,000 sq ft floor plates
Business Times - 02 Mar 2010
9% of CBD blocks have over 20,000 sq ft floor plates
Upgrading quality of stock crucial for S'pore's status as financial hub: JLL
By KALPANA RASHIWALA
(SINGAPORE) As of December last year, only 9 per cent of Singapore's CBD office buildings had floor plates of over 20,000 sq ft, which are favoured by big occupiers, particularly financial institutions.
In Raffles Place and the New Downtown (Singapore's financial district) alone, only 13 per cent of buildings have floor plates in excess of 20,000 sq ft, according to a Jones Lang LaSalle white paper titled Future Proofing Singapore's Office Market.
However, the new supply of offices being built presents a great opportunity to enhance the quality of Singapore's office stock to meet the requirements of financial occupiers, not just in terms of bigger floor plates but also technological specifications, security requirements, catering to lifestyle needs of office workers as well as to address sustainability issues.
The white paper, authored by the property consulting group's regional director and head of markets Chris Archibold, says: 'Singapore's CBD currently only has 3.5 million sq ft of Grade A space with floor plates of at least 18,000 sq ft.
'The upcoming supply will increase this to about 10 million sq ft by 2012 and enhance the quality of office stock offered in the market. This amount of space is needed to house Singapore's financial occupiers,' says the white paper.
Currently financial institutions occupy 83 per cent of international grade A office space in Singapore; hence addressing their requirements is critical if Singapore is to position itself as a major global financial hub.
More than 60 per cent of occupiers in JLL's recent survey viewed floor plates of over 15,000 sq ft at the top of the scale in terms of importance when considering future space. Other key considerations included 24-hour chilled water supply (for air conditioning), dual power source and generator capacity for general use, and security issues.
Unfortunately, much of the island's existing office stock now is not in sync with the needs of modern MNCs, especially those in the financial industry.
JLL said that besides large floor plates, most occupiers are also looking for modern square or rectangular floor plates with raised floors (to facilitate cabling) and the latest technological infrastructure.
But much of the current CBD office stock does not match this need because the bulk of the current office stock was built prior to today's technology.
As of December 2009, 68 per cent of the CBD office buildings were more than 11 years old. In Raffles Place and New Downtown, the proportion of office blocks over 11 years old was 62 per cent.
'This demonstrates that much of the existing CBD office stock suffers from functional obsolescence and needs upgrade works and refurbishments,' JLL said.
The white paper noted that the massive increase in reliance on IT within MNCs, specifically in the financial services industry, over the past 10 years, has left much of the Singapore CBD office stock unable to cope fully with the needs of these occupiers.
'Major banks and trading houses are looking for functional buildings with infrastructure that supports business growth and reduces occupational costs.'
These include telecoms infrastructure, multiple telecom providers and fibre-optic network options, open and flexible space, back-up power supplies, a high floor-load capacity, a high floor-to-ceiling height, raised floors as well as large, regular-shaped floor plates.
The shape, size and layout of a building's floor plates will affect efficiencies. For instance, a regular (square or rectangle) shaped floor, especially if it is built with modern system furniture, will minimise space wastage.
A building with bigger column-free floor plates similarly allows for higher occupational density and minimises circulation areas like corridors.
Besides physical considerations, occupiers also weigh a building's technical specs in evaluating their choice of premises.
Buildings designed with the occupier in mind substantially reduce upfront fitting-out capital expenditure costs and reinstatement costs at the end of the lease by providing infrastructure such as water supply to each floor (for internal pantries or extra washrooms) and knock-out panels for internal staircases.
JLL also highlighted that with the growing focus on corporate social responsibility, occupiers that are currently considering new premises are looking for environment-friendly buildings to minimise their carbon footprint.
'Most of the older buildings are very expensive to retrofit with environmentally friendly or sustainable building systems and infrastructure.
'Meanwhile many new developments are now focusing on attaining either the Singapore Building & Construction Authority (BCA) Green Mark or the US Leed - with some even getting both.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
9% of CBD blocks have over 20,000 sq ft floor plates
Upgrading quality of stock crucial for S'pore's status as financial hub: JLL
By KALPANA RASHIWALA
(SINGAPORE) As of December last year, only 9 per cent of Singapore's CBD office buildings had floor plates of over 20,000 sq ft, which are favoured by big occupiers, particularly financial institutions.
In Raffles Place and the New Downtown (Singapore's financial district) alone, only 13 per cent of buildings have floor plates in excess of 20,000 sq ft, according to a Jones Lang LaSalle white paper titled Future Proofing Singapore's Office Market.
However, the new supply of offices being built presents a great opportunity to enhance the quality of Singapore's office stock to meet the requirements of financial occupiers, not just in terms of bigger floor plates but also technological specifications, security requirements, catering to lifestyle needs of office workers as well as to address sustainability issues.
The white paper, authored by the property consulting group's regional director and head of markets Chris Archibold, says: 'Singapore's CBD currently only has 3.5 million sq ft of Grade A space with floor plates of at least 18,000 sq ft.
'The upcoming supply will increase this to about 10 million sq ft by 2012 and enhance the quality of office stock offered in the market. This amount of space is needed to house Singapore's financial occupiers,' says the white paper.
Currently financial institutions occupy 83 per cent of international grade A office space in Singapore; hence addressing their requirements is critical if Singapore is to position itself as a major global financial hub.
More than 60 per cent of occupiers in JLL's recent survey viewed floor plates of over 15,000 sq ft at the top of the scale in terms of importance when considering future space. Other key considerations included 24-hour chilled water supply (for air conditioning), dual power source and generator capacity for general use, and security issues.
Unfortunately, much of the island's existing office stock now is not in sync with the needs of modern MNCs, especially those in the financial industry.
JLL said that besides large floor plates, most occupiers are also looking for modern square or rectangular floor plates with raised floors (to facilitate cabling) and the latest technological infrastructure.
But much of the current CBD office stock does not match this need because the bulk of the current office stock was built prior to today's technology.
As of December 2009, 68 per cent of the CBD office buildings were more than 11 years old. In Raffles Place and New Downtown, the proportion of office blocks over 11 years old was 62 per cent.
'This demonstrates that much of the existing CBD office stock suffers from functional obsolescence and needs upgrade works and refurbishments,' JLL said.
The white paper noted that the massive increase in reliance on IT within MNCs, specifically in the financial services industry, over the past 10 years, has left much of the Singapore CBD office stock unable to cope fully with the needs of these occupiers.
'Major banks and trading houses are looking for functional buildings with infrastructure that supports business growth and reduces occupational costs.'
These include telecoms infrastructure, multiple telecom providers and fibre-optic network options, open and flexible space, back-up power supplies, a high floor-load capacity, a high floor-to-ceiling height, raised floors as well as large, regular-shaped floor plates.
The shape, size and layout of a building's floor plates will affect efficiencies. For instance, a regular (square or rectangle) shaped floor, especially if it is built with modern system furniture, will minimise space wastage.
A building with bigger column-free floor plates similarly allows for higher occupational density and minimises circulation areas like corridors.
Besides physical considerations, occupiers also weigh a building's technical specs in evaluating their choice of premises.
Buildings designed with the occupier in mind substantially reduce upfront fitting-out capital expenditure costs and reinstatement costs at the end of the lease by providing infrastructure such as water supply to each floor (for internal pantries or extra washrooms) and knock-out panels for internal staircases.
JLL also highlighted that with the growing focus on corporate social responsibility, occupiers that are currently considering new premises are looking for environment-friendly buildings to minimise their carbon footprint.
'Most of the older buildings are very expensive to retrofit with environmentally friendly or sustainable building systems and infrastructure.
'Meanwhile many new developments are now focusing on attaining either the Singapore Building & Construction Authority (BCA) Green Mark or the US Leed - with some even getting both.'
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
ST : It's official: Tampines now a cycling town
Mar 2, 2010
It's official: Tampines now a cycling town
By Jennani Durai
Widened footpaths in Tampines cater to both cyclists and pedestrians. Surveys by Tampines Town Council found support for the idea of shared footpaths rose from 53 per cent in 2007 to 65 per cent last November. -- ST PHOTO: DESMOND LIM
PEDESTRIANS and cyclists in Tampines are learning to co-exist on footways, as it officially became Singapore's first cycling town yesterday.
The amended by-laws that allow Tampines Town Council to take enforcement action against reckless cyclists on footways are now in operation, ending the two-year journey to let cyclists share space with pedestrians.
About 30 cyclists were seen along Tampines Street 12 between 5.30pm and 6.30pm yesterday. Some told The Straits Times they cycled mostly to get to and from school or work, or for leisure trips to the nearby parks.
Tampines residents said they were largely satisfied with the infrastructure - which includes widened footways and clearly marked paths for cyclists and pedestrians - and welcomed the idea of a shared walkway.
'It is much safer than cycling on the roads. There is also enough space on the footways,' said Mr Mohammad Adib, 28, a teacher who cycles to work every day.
Agreeing, 19-year-old Woo Hong Hao said: 'I don't cycle but there is so much space on both the pedestrian and cyclist paths that I don't feel any difference even after we started sharing the footpaths.'
The town council also constructed two new bicycle paths where there is no pavement, and the Land Transport Authority will build another 6.9km in the first half of this year.
Tampines began its two-year trial after a 2005 parliamentary debate in which Tampines GRC MP Irene Ng called for cyclists to be allowed to ride on pedestrian footways instead of on busy roads.
Surveys by the town council found support for the idea rose from 53 per cent in 2007 to 65 per cent in November last year.
However, some residents with young children cautioned riders to be mindful of them.
'I have to be more careful when I am out with my granddaughter now because some of the cyclists come very fast from behind and we can't see them,' said Madam Anna Cheong, 49, a housewife.
Keeping a check on errant cyclists are auxiliary police officers from the Bicycle Patrol. Yesterday, they were only warning errant riders and noting their names. But if the same cyclists are later stopped for riding recklessly, they could be fined $50, or up to $1,000 for repeat offences.
Cycling clinics and talks have been held in community clubs and schools since December to teach safe cycling practices.
Mr Steven Lim from the Safe Cycling Task Force, which conducts clinics together with the Traffic Police, said the sessions will continue monthly, and may soon be offered to residents of Pasir Ris, as it looks to become a cycling town as well.
It's official: Tampines now a cycling town
By Jennani Durai
Widened footpaths in Tampines cater to both cyclists and pedestrians. Surveys by Tampines Town Council found support for the idea of shared footpaths rose from 53 per cent in 2007 to 65 per cent last November. -- ST PHOTO: DESMOND LIM
PEDESTRIANS and cyclists in Tampines are learning to co-exist on footways, as it officially became Singapore's first cycling town yesterday.
The amended by-laws that allow Tampines Town Council to take enforcement action against reckless cyclists on footways are now in operation, ending the two-year journey to let cyclists share space with pedestrians.
About 30 cyclists were seen along Tampines Street 12 between 5.30pm and 6.30pm yesterday. Some told The Straits Times they cycled mostly to get to and from school or work, or for leisure trips to the nearby parks.
Tampines residents said they were largely satisfied with the infrastructure - which includes widened footways and clearly marked paths for cyclists and pedestrians - and welcomed the idea of a shared walkway.
'It is much safer than cycling on the roads. There is also enough space on the footways,' said Mr Mohammad Adib, 28, a teacher who cycles to work every day.
Agreeing, 19-year-old Woo Hong Hao said: 'I don't cycle but there is so much space on both the pedestrian and cyclist paths that I don't feel any difference even after we started sharing the footpaths.'
The town council also constructed two new bicycle paths where there is no pavement, and the Land Transport Authority will build another 6.9km in the first half of this year.
Tampines began its two-year trial after a 2005 parliamentary debate in which Tampines GRC MP Irene Ng called for cyclists to be allowed to ride on pedestrian footways instead of on busy roads.
Surveys by the town council found support for the idea rose from 53 per cent in 2007 to 65 per cent in November last year.
However, some residents with young children cautioned riders to be mindful of them.
'I have to be more careful when I am out with my granddaughter now because some of the cyclists come very fast from behind and we can't see them,' said Madam Anna Cheong, 49, a housewife.
Keeping a check on errant cyclists are auxiliary police officers from the Bicycle Patrol. Yesterday, they were only warning errant riders and noting their names. But if the same cyclists are later stopped for riding recklessly, they could be fined $50, or up to $1,000 for repeat offences.
Cycling clinics and talks have been held in community clubs and schools since December to teach safe cycling practices.
Mr Steven Lim from the Safe Cycling Task Force, which conducts clinics together with the Traffic Police, said the sessions will continue monthly, and may soon be offered to residents of Pasir Ris, as it looks to become a cycling town as well.
BT : New building-tax scheme panned at roundtable
Business Times - 02 Mar 2010
New building-tax scheme panned at roundtable
Participants say govt should rethink Land Intensification Allowance
By TEH SHI NING
THE new tax allowance scheme that replaces the Industrial Building Allowance (IBA) and aims to raise land productivity is not business friendly.
In fact, restricted to too few sectors, the Land Intensification Allowance (LIA) may actually inhibit the growth of industry ecosystems and raise business costs to uncompetitive levels, participants at a post-Budget roundtable said yesterday.
Ascendas chief financial officer Chia Nam Toon said that there is a 'need to address this very carefully', lest the nine qualifying sectors - singled out as ones which will move Singapore manufacturing up the value-added chain - are hurt too.
As a business park developer, Ascendas looks into the clustering effect of industries - where core players are supported by small and medium sized enterprises (SMEs) that may not fall in the same sector.
The LIA's sectoral restriction could be counterproductive if it discourages such clustering, Mr Chia said.
KPMG executive director of tax David Lee agreed that phasing out the IBA seemed contrary to the strategy of nurturing industry ecosystems.
This involves attracting MNCs, he said, and the IBA continues to be a key incentive offered by locations such as Hong Kong, which compete with Singapore for global investments.
Building costs are significant expenses forked out, said Ernst & Young international and corporate tax services partner Choo Eng Chuan, who also called for the move to be re-examined.
Those who spoke up were in favour of not abolishing the IBA entirely and relaxing restrictions on the LIA.
Among numerous other Budget measures debated at the Institute of Certified Public Accountants of Singapore (ICPAS) roundtable, was the hike in foreign worker levies.
Steering away from usual comments about its impact on the construction sector, National Volunteer and Philanthropy Centre corporate development director Chang Che Hsien asked if non-profit and healthcare sectors could be exempted.
National Kidney Foundation financial controller Ingrid The said that up to 80 per cent of nursing homes' employees are foreign and not easily replaced, and that costs cannot be passed on to needy patients.
Mr Choo added that the levy hike was unlikely to induce productivity gain in an already overstretched healthcare workforce.
SME voices were also represented at the table. Michael Tien, CEO of Atlas Sound & Vision, spoke about the gap in training grants for basic degrees while CEO of Greenpac Susan Chong proposed that the government provide bridging loans for SMEs to embark on patenting.
Yesterday's session was co-chaired by ICPAS president Ernest Kan and MP Jessica Tan. Ms Tan chairs the Finance and Trade & Industry government parliamentary committee and will speak in Parliament when the Budget debate begins this afternoon.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
New building-tax scheme panned at roundtable
Participants say govt should rethink Land Intensification Allowance
By TEH SHI NING
THE new tax allowance scheme that replaces the Industrial Building Allowance (IBA) and aims to raise land productivity is not business friendly.
In fact, restricted to too few sectors, the Land Intensification Allowance (LIA) may actually inhibit the growth of industry ecosystems and raise business costs to uncompetitive levels, participants at a post-Budget roundtable said yesterday.
Ascendas chief financial officer Chia Nam Toon said that there is a 'need to address this very carefully', lest the nine qualifying sectors - singled out as ones which will move Singapore manufacturing up the value-added chain - are hurt too.
As a business park developer, Ascendas looks into the clustering effect of industries - where core players are supported by small and medium sized enterprises (SMEs) that may not fall in the same sector.
The LIA's sectoral restriction could be counterproductive if it discourages such clustering, Mr Chia said.
KPMG executive director of tax David Lee agreed that phasing out the IBA seemed contrary to the strategy of nurturing industry ecosystems.
This involves attracting MNCs, he said, and the IBA continues to be a key incentive offered by locations such as Hong Kong, which compete with Singapore for global investments.
Building costs are significant expenses forked out, said Ernst & Young international and corporate tax services partner Choo Eng Chuan, who also called for the move to be re-examined.
Those who spoke up were in favour of not abolishing the IBA entirely and relaxing restrictions on the LIA.
Among numerous other Budget measures debated at the Institute of Certified Public Accountants of Singapore (ICPAS) roundtable, was the hike in foreign worker levies.
Steering away from usual comments about its impact on the construction sector, National Volunteer and Philanthropy Centre corporate development director Chang Che Hsien asked if non-profit and healthcare sectors could be exempted.
National Kidney Foundation financial controller Ingrid The said that up to 80 per cent of nursing homes' employees are foreign and not easily replaced, and that costs cannot be passed on to needy patients.
Mr Choo added that the levy hike was unlikely to induce productivity gain in an already overstretched healthcare workforce.
SME voices were also represented at the table. Michael Tien, CEO of Atlas Sound & Vision, spoke about the gap in training grants for basic degrees while CEO of Greenpac Susan Chong proposed that the government provide bridging loans for SMEs to embark on patenting.
Yesterday's session was co-chaired by ICPAS president Ernest Kan and MP Jessica Tan. Ms Tan chairs the Finance and Trade & Industry government parliamentary committee and will speak in Parliament when the Budget debate begins this afternoon.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Subscribe to:
Posts (Atom)
Posts
