ST : Haven of arts

Mar 4, 2010

Haven of arts

Former Catholic High School gets a $2.5m makeover to house arts and lifestyle outlets

By cara van miriah

The Waterloo and Queen Street arts and cultural belt will get more vibrant as a new arts and lifestyle complex will soon open at the former premises of Catholic High School.

The upcoming arts facility, which is currently known by its address 222 Queen Street, will house The Private Museum, Art Trove private museum, Singapore Ballet Academy, School Of Thought public lecture and seminar space, dbl-0 club and Art Space, and Bobbis Pole Studio Singapore by Jitterbugs Swingapore.

The Little Art Bug art studio for children and Functional Training Institute fitness centre have moved into the revamped four-storey building.

At the end of this month, Art Trove museum will open, featuring 30 oil paintings from 79-year-old German artist Jurgen Bottcher.

Located just across the road from the Singapore Art Museum in Bras Basah Road, the property was first made available by the National Heritage Board and Singapore Land Authority in 2008.

In 1992, the Catholic High School moved from 222 Queen Street to its present location in Bishan Street 22.

Businesses were invited to submit proposals to develop and manage an integrated museum and art facility.

The site was awarded in September last year to property developer Daniel Teo & Associates for three years with an option to renew for a further two terms of three years each.

So far, the developer has sunk at least $2.5 million into refurbishing the property, which includes repainting the building's facade, restoring electrical works, changing the windows, improving sanitation facilities and installing air-conditioners.

Tenants are offered a rental rate of between $3 and $6 psf. However, only 20 per cent of the space is allocated for commercial use, such as for F&B or retail outlets. The rest is dedicated to the arts.

Mr Andrew Lau, a director of 222 Queen Street, tells Life!: 'We are looking to house about 13 tenants. Right now, the complex is 80 per cent tenanted. When the businesses are open, it will draw more traffic to the district.'

Next month, The Thought Collective (TTC) group, which runs a school at Midland House in Middle Road and Food For Thought restaurant at 8Q contemporary art space at Singapore Art Museum, will open a 150-seat lecture hall with three seminar rooms.

A spokesman for the collective says: 'The new venue will complement our restaurant to become a great place to host lectures, run a mini-film festival or hold larger-scale seminars than we could in our school or restaurant.'

In the same month, Jitterbugs Swingapore dance group will open Bobbis Pole Studio Singapore. The 213 sq m venue, which has two studios, will offer exotic dance classes.

Jitterbugs' chief finance officer Fen Tonge says: 'We also sealed the deal for the fact that dbl-0 art bar will also add to the fun factor at 222 Queen Street.'

dbl-0, which is run by entertainment company dbl O, will relocate from its current location at Robertson Walk to 222 Queen Street next month.

Various artworks will be exhibited at the new venue and visitors can also expect performing arts in the evenings.

Other businesses are drawn to the area because of the thriving arts community. Arts groups who have made their home in the area include Action Theatre, Singapore Calligraphy Centre and Sculpture Square. Mr Roy Quek, 36, one of the partners of Art Trove museum, says: 'It fits what we do as the precinct is home for the arts with many dance studios, art schools and museums here.'

Art Trove, a 278 sq m private museum, specialises in displaying the works of what it sees as underrated artists.

Little Art Bug's general manager Lee Lay Kheng sees the long-term potential of the district with the opening of the Bras Basah MRT station next month. 'It will be more accessible for people.'

The Bras Basah MRT station is just a minute's walk from the development.

But a common grouse among business owners is the lack of parking space. There are limited parking lots on the premises of Church of St Peter and Paul next to 222 Queen Street.

Visitors can also park at nearby places such as Oxford Hotel and Hotel Royal @ Queens.

caravm@sph.com.sg

TODAY Online : Pool days over for 3 complexes

Pool days over for 3 complexes

05:55 AM Mar 04, 2010

A last-ditch effort was made last year to get private sector proposals on what to do with four public swimming pools that had been closed for more than five years as a result of being under-utilised.

The result? While a private operator is now using the Bukit Merah Swimming Complex as an aquatic and fitness centre, the splashing days of Jurong Town, Pandan Gardens and Yan Kit swimming complexes are over for good.

While six proposals were received, they did not meet objectives and hence, the Singapore Sports Council did not award tenders.

And though it later received further proposals from several national sports associations and private organisations to use the facilities for sports and recreational programmes, these "were also unsuitable", said Dr Vivian

Balakrishnan, Minister for Community Development, Youth and Sports.

As such, the council will convert the Jurong Town Swimming Complex into hard courts for futsal or basketball, while the other two complexes will revert to the State, he said in a written reply to a query from MP Seah Kian Peng.

Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved

BT Letter : Property tax for most will still be lower even if AV is hiked

Business Times - 04 Mar 2010

LETTER TO THE EDITOR
Property tax for most will still be lower even if AV is hiked

MR DENIS Distant said that the benefits of the new progressive property tax may not last long if IRAS starts revaluing the Annual Value (AV) of properties (BT, Feb 26, 'Property tax boon may be short-lived').

Property tax is a tax levied on the ownership of property, based on the AV of the property. AV reflects the prevailing market rentals of properties. The tax payable will thus increase with an increase in market rentals and vice versa.

IRAS will only adjust the AVs of properties if the market rental data support such revisions. Currently, owner-occupied residential properties are taxed at a flat 4 per cent.

With the progressive property tax schedule, properties with an AV of less than $77,000 will pay less property tax compared to the current flat 4 per cent rate.

This is because the first $6,000 of AV is exempt from property tax. Even with future increases in AV, most owner-occupied properties will still pay lower tax under the new regime so long as their AV does not exceed $77,000. (As a reference, all HDB flats have AVs of not more than $11,000 currently.)

Only about 3 per cent of private owner-occupied residences now have AVs in excess of $77,000. Even then, our property tax rates will remain lower than in most international cities, even for the high-end properties.

Deanna Choo
Director (corporate communications)
IRAS

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : Second-tier cities offer growth potential

Business Times - 04 Mar 2010

SINGAPORE INTERNATIONAL
Second-tier cities offer growth potential

That's why Xian is Mapletree Investment's choice

By CHUANG PECK MING

WHERE does one invest in China, which is such a vast market? One of Mapletree Investment's strategies is to focus on second-tier cities with good growth potential, where it can find better value in real estate. And where growth has not fully taken off.

The idea is to ride on the growth of these cities in the next decade, says Loh Shyh, the Singapore-based company's chief executive officer.

Xian meets many of Mapletree's criteria. Mr Loh says the city, away from China's coastal regions, has a vibrant economy and a big population of 8.4 million people who are growing richer.

And it has been singled out by the government for the next frontier of China's development. So foreign investments in the city get generous government backing and incentives.

The central government is already pouring money into infrastructure and education there to build the pool of low-cost but educated workers for Xian's development.

'There is therefore demand for good quality residential, retail business and other lifestyle and entertainment properties that will meet their needs for a modern, convenient lifestyle,' Mr Loh says.

Mapletree, which described itself as 'a leading Asia-focused real estate capital management company', isn't interested just in retail and residential properties. It's also looking for land and sites for logistics, business parks, industries and offices.

The company's first investment in Xian was a $17.8 million acquisition of a logistics distribution centre in March 2007, which has been named Mapletree Xian Distribution Centre.

Four months after, it committed itself to a 200,000 square-metre 'integrated mixed-use development comprising four luxurious residential towers with 1,368 units and integrated with a retail component'.

The development is called 'Future City' and the retail component is a replica of Mapletree's VivoCity in Singapore. VivoCity Xian, about 62,500 sq m spread over four levels, is due to open in December this year.

'Future City was created based on Mapletree's vision of a vibrant, cosmopolitan hub for work, living and play, featuring a large retail mall to cater to today's shopping demands, as well as modern apartments to supplement the growing needs of residents and visitors,' Mr Loh says.

The investment in Future City is US$148 million.

'Mapletree expects revenue contributions from its two projects to increase as occupancy rises for the Mapletree Xian Distribution Centre and construction of Future City is completed by the fourth quarter of 2010,' Mr Loh says.

He noted that China's commitment to developing the western regions has drawn a rising international presence in Xian.

'Xian is a modern city undergoing rapid urbanisation, with its young and dynamic workforce growing in affluence. There is therefore demand for good quality residential, retail, business and other lifestyle and entertainment properties that will meet their needs for a modern, convenient lifestyle.'

Mr Loh says Mapletree is still exploring more opportunities in Xian.

'Doing business in China, as in any foreign country, requires intimate knowledge of the local business landscape, rules, regulations and nuances,' he says.

'As real estate is a local business, it is imperative that we have a local physical presence in each city where the projects are in order for us to get close to deal flows and services of our customers.'

Mapletree currently has three management offices in China: Shanghai, Beijing and Guangzhou, apart from project companies in Tianjin, Foshan, Wuxi, Xian and others.

Its total headcount in China is 120 and its staff is 'growing by the day'. Mapletree has 52 staff based in Xian.

Singapore International - a fortnightly series brought to you by IE Singapore and The Business Times

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

CNA : MPs fear Singaporeans priced out by foreigners, private property owners

MPs fear Singaporeans priced out by foreigners, private property owners
By Leong Wee Keat, TODAY | Posted: 03 March
2010 0852 hrs

SINGAPORE: They were free to discuss any point raised in the Budget 2010
speech - and on Tuesday, several parliamentarians chose to reiterate the
concerns Singaporeans have over the affordability of housing board flats.

While Finance Minister Tharman Shanmugaratnam in his February 22 speech had
touched on a new tax regime to buffer flat owners, whose flat values are
rising, from a growing property tax bill, MPs broached a more direct fear:
Would residents be priced out of public housing, whether by foreigners or
private property owners?

By admitting too many immigrants too quickly into the country, Mr Inderjit
Singh (Ang Mo Kio GRC) said Singaporeans must now compete for resources,
which drives up the cost of living: "The clearest manifestation of this is
the cost of HDB flats."

Dr Ahmad Magad (Pasir Ris-Punggol GRC) said going by anecdotal evidence,
there were private property owners who owned resale HDB flats, but instead
of staying in them, as the rules require, were renting them out. "While the
numbers may now be quite small, I fear they will swell if no new measures
are introduced."

He is asking the Government to review its policy of allowing the sale of HDB
flats after a year if they are purchased with a bank loan and the rental of
HDB flats after a three-year occupation period.

"Harsh action should be taken against those who rent out their flats
illegally," he added.

MP Sin Boon Ann (Tampines GRC) called for a review of the S$8,000 household
income ceiling for buyers of new flats.

"Not everyone whose combined income exceeds the household limit can afford
private housing, (nor will they) necessarily have the ability to stump out
cash for the cash portion if they bought an HDB flat from the secondary
market," he said.

And with the perception that property prices are rising, many feel owning "a
decent home" is even further out of reach, he said.

Meanwhile, MP Liang Eng Hwa (Holland-Bukit Timah GRC) hoped the Government
would pre-empt another emergence of en bloc fever, which he said could
distort the property market and cause short-term volatility.

"Besides, en bloc sales, if too widespread, can be harmful for the
environment and waste much of our precious resources," he added.

CNA : Lend Lease exploring more investment opportunities in Singapore

Lend Lease exploring more investment opportunities in Singapore
By Wong Siew Ying, Channel NewsAsia | Posted: 03 March 2010 2102 hrs

SINGAPORE: International property firm Lend Lease is hoping to expand its
footprint in Asia.

The company said its three-month old mall, 313@Somerset in Singapore, has
done better than expected, and the firm is eyeing more investment
opportunities in the city state over the next 12 months.

2010 started off on a high note for 313@Somerset, one of three new malls
along Orchard Road.

The other two malls are CapitaLand's ION Orchard and Far East Organisation's
Orchard Central.

Since opening in December last year, Lend Lease said 313@Somerset has
attracted an average of three million people each month.

Responding to Channel NewsAsia, CapitaLand said its retail property ION
Orchard sees a customer traffic of over 4.5 million people a month on
average.

ION Orchard opened last July and it has a retail space of 640,000 square
feet - more than twice the size of 313@Somerset, which has a space of
294,000 square feet.

With more shopping options springing up along Orchard Road and the two
integrated resorts, competition in the retail sector is expected to
intensify.

Lend Lease said it is studying ways to reach out to younger shoppers.

"We are in the mid market and our demographic of shoppers now is 20 per cent
tourists and 80 per cent locals," said Ooi Eng Peng, chief executive officer
of Investment Management at Lend Lease.

"I think with the IRs, we expect more tourists to come to Singapore, more
tourists will come to Orchard Road, and we see it as a positive move."

Without revealing details, Lend Lease said it is currently looking at a
couple of mixed-sites under the government's Land Sales programme, on top of
efforts to expand in markets like China and Malaysia.

And retailers like Catalist-listed AFOR hopes to tap the landlord's network
to expand overseas.

The company runs nine epi-centre stores in Singapore and Malaysia currently,
and 10 more stores could be added in the region within the year.

"Some of the other countries we are looking at are in South East Asia and in
China," said Jimmy Fong, chief executive officer of AFOR Limited. "We are
looking at hiring at least 50 to 100 people over the next 12 to 24 months."

Mr Fong said that total sales recorded in 2009 hit S$65 million, and this is
expected to grow to over S$80 million in 2010.

While retailers seek to expand in anticipation of better times, some
analyses say landlords could up rentals by three to four per cent this year,
on the back of improving consumer sentiment and economic upturn.

On average, prime retail space along Orchard Road goes for about S$38 per
square foot.

- CNA/yb

CNA : 5 housing estates to have fitness corners for NSmen to prepare for IPPT

5 housing estates to have fitness corners for NSmen to prepare for IPPT:
SAFRA
By Imelda Saad, Channel NewsAsia | Posted: 03 March 2010 1930 hrs

SINGAPORE: It's a recommendation made by the latest RECORD committee to help
NSmen to prepare for their Individual Physical Proficiency Test.

There will soon be ten fitness corners in five housing estates to make it
convenient for them to keep fit and train.

All the upgraded fitness corners are scheduled for completion within the
next few months.

NSmen living around Bukit Purmei will now have better facilities to train
for their IPPT.

The enhanced fitness corner located at Hilllock Park, near Block 108 Bukit
Purmei Road is the first to be completed under the IPPT-In-Your-Community
project.

It was opened by SAFRA's President and Minister of State for Defence,
Associate Professor Koo Tsai Kee.

The upgraded facility comprises stations with sit-up benches, chin-up bars,
and facilities for shuttle run and standing broad jump.

In addition, running routes will be clearly demarcated for 2.4 kilometre
practice runs.

MP for Tanjong Pagar GRC, Sam Tan said: "It is very important to make IPPT
training facilities convenient to NSmen who live in the HDB estate. So, this
facility will allow our NSmen to train up their physical fitness even within
their own neighbourhood near their doorsteps."

Besides Tanjong Pagar, the enhanced fitness corners will be set up at
Bishan-Toa Payoh, Sembawang, Tampines, and West Coast estates.

Over 3,000 NSmen are expected to benefit from these fitness corners.

Col Chan Chee Pong, chairman, IPPT In Your Community Project, said: "First
of all, if already fitness corners are there and we can enhance it, upgrade
it, we'll do that first. For building new fitness corners, that will
probably come in at a very different phase of this entire development. There
are many fitness corners within all the HDB estates. So, we're going every
particular corner that can be enhanced or upgraded and we'll start off with
that. Only at a later stage, then we will decide what else needs to be
done." - CNA/vm

ST Forum : Allowing one owner to stop majority untenable

Mar 3, 2010

EN BLOC SALES

Allowing one owner to stop majority untenable

MR TAN Keng Ann ('Review law on en bloc sales'; last Saturday) says he cannot treasure his home because the power to sell his home is vested in 80 per cent of his neighbours. He asks for the collective property sale laws to be changed.

Home owners of strata developments own the right to their individual units, and they share ownership of the common areas and facilities with other owners. While individual owners can decide whether and when to sell their units, they will have to go with the wishes of the vast majority of owners for a collective sale.

Shared ownership of common property means the rights of the individual owner have to be balanced against those of the vast majority of owners. The legislation, which sets a high majority consent level of 80 per cent for developments at least 10 years old and 90 per cent for developments less than 10 years old, seeks to strike such a balance.

Mr Tan's point is that any one owner should be able to stop the majority owners' decisions (even if it is 80 to 90 per cent majority). That is not a tenable proposition.

Chong Wan Yieng (Ms)
Head, Corporate Communications
Ministry of Law

ST Forum : Ultimately, drawing the line is a judgment call

Mar 3, 2010

EN BLOC SALES

Ultimately, drawing the line is a judgment call

COLLECTIVE property sales require a delicate balance between residents who want to keep their home and those seeking to monetise their property.

Such a situation is perhaps unavoidable because of the strata-titled nature of the land involved.

However, the law on collective sales should favour home owners who desire not to sell because residents who want to sell their property have the alternative of doing so individually, albeit at a possibly lower price.

Residents who want to keep their home do not have an equivalent alternative.

Second, owners generally should have the right to reject an offer if one follows the accepted principle of willing buyer, willing seller.

In principle, all owners of a piece of strata-titled land should agree before a collective sale is completed.

Thus, the law should show greater protection towards residents who seek to maintain ownership.

However, this arrangement may allow a small group or even a single owner to overrule the collective discretion and well-being of other owners.

Requiring total acceptance is unjust as well.

The fine balance between the two groups could come from requiring a higher majority for a collective sale.

This helps to favour and protect owners unwilling to sell while allowing the monetisation of assets in situations where there is a large majority. The balanced approach is similar to 'majority rule, minority rights'.

While the optimum percentage to enable a collective sale is ultimately a judgment call, the current status quo of 80 per cent is reasonable.

The authorities could re-examine this proportion, especially if significant new developments arise.

Loke Hon Yiong

BT : Coping with rising urban population

Business Times - 03 Mar 2010

Coping with rising urban population

By adopting new intelligent systems, cities around the world can grow and flourish as their populations increase

By FOONG SEW BUN

THERE was a time when if someone asked about Singapore's population, the answer would be '3.5 million'. Today, the same question elicits a resounding 'about five million'. According to the Singapore Department of Statistics, Singapore's total population as at June 2009 was 4.997 million.

About 3.733 million are Singapore residents, comprising Singapore citizens and Permanent Residents. Compare this to five decades ago - Singapore's population totalled 1.646 million in 1960. How the city-state has grown. Now let's take a look beyond our shores.

An estimated 60 million people are moving to cities and urban areas each year - over one million every week. Today, the world's cities are simultaneously addressing increasing populations and deteriorating infrastructure. To sustain growth, cities around the world - including Singapore - need to look at new ways of doing things. In the next five years, by adopting systems that are intelligent, instrumented and interconnected, cities will change in the following ways:

Cities will have healthier immune systems: Given their population density, cities will remain hotbeds of communicable diseases. But in the future, public health officials will know precisely when, where and how diseases are spreading - even which neighbourhoods will be affected next.

Scientists will give city officials, hospitals, schools and workplaces the tools to better detect, track, prepare for and prevent infections, such as the H1N1 virus or seasonal influenza. We will see a 'health Internet' emerge, where anonymous medical information, contained in electronic health records, will be securely shared to curtail the spread of disease and keep people healthier.

IBM is already working with organisations worldwide, such as the Nuclear Threat Initiative's Global Health and Security Initiative and the Middle East Consortium on Infectious Disease Surveillance, to standardise methods for sharing health information and analysing infectious disease outbreaks.

City buildings will sense and respond like living organisms: As people move into city buildings at record rates, buildings will be built smartly. Today, many of the systems that constitute a building - heat, water, sewage, electricity, etc - are managed independently.

In the future, the technology that manages facilities will operate like a living organism that can sense and respond quickly, in order to protect citizens, save resources and reduce carbon emissions. Thousands of sensors inside buildings will monitor everything from motion and temperature to humidity, occupancy and light. The building won't just coexist with nature - it will harness it. This system will enable repairs before something breaks, emergency units to respond quickly with the necessary resources, and consumers and business owners to monitor their energy consumption and carbon emission in real time and take action to reduce them.

Some buildings are already showing signs of intelligence by reducing energy use, improving operational efficiency, and improving comfort and safety for occupants. For the first time, the 'E' on gas gauges will mean 'enough'. Increasingly, cars and city buses no longer will rely on fossil fuels. Vehicles will begin to run on new battery technology that won't need to be recharged for days or months at a time, depending on how often you drive.

Scientists and engineers are working to design new batteries that will make it possible for electric vehicles to travel 500km to 800km on a single charge, up from 80km to 160km currently. Also, smart grids in cities could enable cars to be charged in public places and use renewable energy, such as wind power, for charging so they no longer rely on coal-powered plants. This will lower emissions as well as minimise noise pollution.

Smarter systems will quench cities' thirst for water and save energy: Today, one in five people lacks access to safe drinking water, and municipalities lose an alarming amount of precious water - up to 50 per cent through leaky infrastructure. On top of that, human demand for water is expected to increase sixfold in the next 50 years. To deal with this challenge, cities will install smarter water systems to reduce water waste by up to 50 per cent. Cities will also install smart sewer systems that not only prevent run-off pollution in rivers and lakes but also purify water to make it drinkable.

Advanced water purification technologies will help cities recycle and reuse water locally, reducing energy used to transport water by up to 20 per cent. Interactive meters and sensors will be integrated into water and energy systems, providing you with real time, accurate information about your water consumption so you will be able to make better decisions about how and when you use this valuable resource.

Cities will respond to a crisis - even before receiving an emergency phone call: Cities will be able to reduce and even prevent emergencies, such as crime and disasters. More than 70 per cent of the world's population will live in cities by 2050. By taking these steps over the next five years, cities around the world can grow and flourish as their populations increase.

One wonders what Singapore's population figure will be by then.

The writer is a distinguished engineer and chief technologist with IBM Singapore

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : STC takes over Chancery Five project

Business Times - 03 Mar 2010

STC takes over Chancery Five project

Development will have 12 freehold strata bungalows

By EMILYN YAP

THE Straits Trading Company (STC) is taking over a private developer and its cluster bungalow project at Chancery Lane.

It said on Monday that it would pay an aggregate of some $13.9 million for the proposed acquisition of Tertius Development Pte Ltd, including the assignment of specified shareholders' loans. The vendors are two individuals.

With the deal, STC will gain control of Chancery Five, a project with 12 freehold strata bungalows at 5 Chancery Lane. The development is next to Anglo-Chinese School (Primary) and Anglo-Chinese School (Barker Road).

Each bungalow will have five rooms, an entertainment room, an attic, a private basement car park, a private swimming pool and a lift spread across two levels. The homes will range from 4,800 square feet to 6,500 sq ft in size.

Tertius' commitment to the project - including land cost, development cost and incidental selling costs - up to 2012 is estimated by the purchaser at about $58.24 million.

Eric Teng, chief executive of STC's property arm, told BT that his unit has been looking out for opportunities in the property market. He has not set a date for the launch of Chancery Five. The project is under construction and could obtain temporary occupation permit in April next year.

According to caveats lodged with the Urban Redevelopment Authority, a detached house at Chancery Lane changed hands at $900 per sq ft in November last year.

STC's acquisition is expected to be completed in April. The company does not foresee the purchase having a significant impact on its financial position for the year ending Dec 31, 2010.

STC shares rose five cents yesterday to close at $4.15.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

TODAY Online : HDB flats still affordable?

HDB flats still affordable?

MPs fear Singaporeans priced out by foreigners, private property owners

05:55 AM Mar 03, 2010

by Leong Wee Keat

SINGAPORE - They were free to discuss any point raised in the Budget 2010 speech - and yesterday, several parliamentarians chose to reiterate the concerns Singaporeans have over the affordability of housing board flats.

While Finance Minister Tharman Shanmugaratnam in his Feb 22 speech had touched on a new tax regime to buffer flat owners, whose flat values are rising, from a growing property tax bill, MPs broached a more direct fear: Would residents be priced out of public housing, whether by foreigners or private property owners?

By admitting too many immigrants too quickly into the country, Mr Inderjit Singh (Ang Mo Kio GRC) said Singaporeans must now compete for resources, which drives up the cost of living: "The clearest manifestation of this is the cost of HDB flats."

Dr Ahmad Magad (Pasir Ris-Punggol GRC) said going by anecdotal evidence, there were private property owners who owned resale HDB flats, but instead of staying in them, as the rules require, were renting them out. "While the numbers may now be quite small, I fear they will swell if no new measures are introduced."

He is asking the Government to review its policy of allowing the sale of HDB flats after a year if they are purchased with a bank loan and the rental of HDB flats after a three-year occupation period.

"Harsh action should be taken against those who rent out their flats illegally," he added.

MP Sin Boon Ann (Tampines GRC) called for a review of the $8,000 household income ceiling for buyers of new flats.

"Not everyone whose combined income exceeds the household limit can afford private housing, (nor will they) necessarily have the ability to stump out cash for the cash portion if they bought an HDB flat from the secondary market," he said.

And with the perception that property prices are rising, many feel owning "a decent home" is even further out of reach, he said.

Meanwhile, MP Liang Eng Hwa (Holland-Bukit Timah GRC) hoped the Government would pre-empt another emergence of en bloc fever, which he said could distort the property market and cause short-term volatility.

"Besides, en bloc sales, if too widespread, can be harmful for the environment and waste much of our precious resources," he added.

Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved