ST : Cooling measures working

Nov 27, 2010
PROPERTY MARKET COOLING MEASURES

Cooling measures working

By Elgin Toh



In the private property market, prices are still rising but the increases have moderated, Mr Mah pointed out. -- PHOTO: WANBAO

Signs are emerging in the public and private housing markets that the Government's three-month- old price stabilisation measures are working, says National Development Minister Mah Bow Tan.

The effect is more pronounced in the resale Housing Board market, where median cash over valuation (COV) payments in October fell to $25,000, from $30,000 in the previous quarter, Mr Mah said yesterday.

And COV numbers for November transactions so far indicate a further decrease, he added. COV, which is the cash premium paid by a buyer over and above the valuation of a flat, is one measure of how hot the demand for HDB resale homes is.

Transactions in the HDB market have fallen by 30 per cent in the fourth quarter thus far, against the previous quarter.

In the private property market, prices are still rising but the increases have moderated, Mr Mah pointed out.

Last month, the Urban Redevelopment Authority announced that private residential prices rose 2.9 per cent in the third quarter of this year. This represented a step-down from the previous quarter, when prices jumped 5.3 per cent.

'So, all in all, I would say the cooling measures are starting to take effect, but the overall impact is still too early to tell,' he said.

Mr Mah was speaking to reporters on the sidelines of a groundbreaking event for new HDB flats in the Dawson estate.

The Government announced a slew of measures on Aug 30 to rein in record-high prices in the housing market. These included lower bank loan limits for second properties and tighter ownership rules for buyers of HDB flats.

Yesterday, the minister, who has had to face criticism from opposition parties on the housing affordability issue, said the steps taken have achieved the desired effect of discouraging potential HDB flat buyers not in urgent need of housing, including those who already own private property.

A less feverish market will make it easier for more first-time buyers to purchase resale flats, he said.

However, Mr Mah was also quick to flag a few concerns.

Low interest rates and an abundance of investor liquidity elsewhere, for example, could yet push real estate prices back up.

Furthermore, anti-speculation measures in property markets like Hong Kong, Taiwan, mainland China and South Korea - some more restrictive than the ones here - may result in a 'diversion of funds into Singapore'.

In view of this, the Government will introduce more measures to curb property prices if there is a need to, said Mr Mah.

But he stressed that the Aug 30 measures had just been implemented, so the Government would simply continue monitoring the market for now.

'We're watching it constantly, watching it like a hawk, let me assure you,' he said.

Yesterday, Mr Mah also reiterated the Government's overall policy on handling housing prices.

Its approach, he said, was to pre-empt the growth of bubbles by deflating them slowly, rather than bursting them suddenly. He likened the calibrated steps by the Government to tapping on the brakes of a car.

'If we slam on the brakes all at once, then people may get thrown out of the window, people may get hurt, and worse still, the engine may stall,' he said.

The current approach differs from 1996's more drastic measures - including a capital gains tax - that caused the market to crash.

He added that the Government's goal was not to avoid price increases entirely, but to make sure that property market prices do not outstrip economic fundamentals.

Real estate agents contacted yesterday said the overall declines in COV and HDB flat transactions mentioned by the minister echoed what they have been seeing in the deals they have been involved in.

But they also said that private housing was unlikely to become cheaper any time soon.

Mr Eugene Lim, associate director of ERA Asia Pacific, said: 'The cost of financing remains cheap, and the strong currency is also attracting foreigners. While the Government is doing a lot to moderate the private property market, I don't expect prices to dip unless there's a recession.'

And despite the cooling, at least one potential first-time HDB buyer is still adopting a wait-and-see attitude.

Engineer Darren Lim, 27, who lives with his parents, said: 'COV may have fallen, but the total sale price is still too high. I will enter the market if COV falls by another $10,000.'

elgintoh@sph.com.sg

ST : Central Punggol for sale

Nov 27, 2010
REJUVENATING PUNGGOL
Central Punggol for sale
By Elgin Toh



The new project was part of a larger plan to make Punggol a town with as many HDB flats and residents as Toa Payoh. -- ST FILE PHOTO

Efforts to create a vibrant town in Punggol will receive a boost next week, when a mixed commercial-residential project at its town centre is put up for sale by tender.

The proposed site will comprise a 685-unit condominium estate and a 50,000 sq m commercial space - slightly larger than the Ang Mo Kio Hub - for leisure and shopping.

Located in Punggol's town centre, beside Punggol MRT station and a waterfront project, Punggol Waterway, it is aimed at injecting life into the young and growing town, and will eventually become the town's hub of activity.

However, potential bidders have to pay attention to a twist: they will be required to provide space for community events and activities, said National Development Minister Mah Bow Tan when announcing the project yesterday. The size of this community space was not revealed, but more details will be announced by the HDB in the coming week.

Mr Ong Teck Hui of Credo Real Estate said the idea of integrating space for community events enhances the desirability of the project.

The new project was part of a larger plan to make Punggol a town with as many HDB flats and residents as Toa Payoh. If demand for new projects stays robust, the HDB is on track to complete 35,000 flats there by the end of 2015.

Punggol is one of three pilot towns being given a facelift under HDB's Remaking Our Heartland initiative, which aims to rejuvenate housing estates. The other two towns are Dawson and Yishun.

Mr Mah was speaking at Dawson, where he attended a ground-breaking ceremony for SkyVille and SkyTerrace - two build-to-order projects that are among the most pricey new HDB flats ever launched. Still, they were oversubscribed by six times.

The projects will be developed with a mind to preserving Dawson's identity as one of Singapore's earliest housing estates.

The HDB has collected from residents interesting memorabilia to be displayed at heritage boards in the estate - including a pair of 1973 movie ticket stubs from the Queenstown cinemas which, at one time, ranked among the most popular entertainment spots here.

Elgin Toh

ST : Good sites on offer from Govt

Nov 26, 2010
Good sites on offer from Govt
Many residential plots in Govt's latest land release programme are near MRT

By Esther Teo
THERE are plenty of plum sites among the new plots in the Government's latest land release programme to tickle the fancy of developers.

The 17 plots with a residential aspect on the confirmed list include 11 that are near MRT stations, always an inducement for builders and home buyers.

The decision to spice up the sites on offer this time might be due to the lack of response to an executive condominium (EC) site in Jurong West.

The land did not receive a bid when its tender closed in August, likely due to its remote location and increasingly selective developers, who have their pick amid a bumper land supply.

Most sites in the release announced on Thursday are also near previously launched plots in Punggol and Buangkok that received strong demand from developers, said DMG & Partners analyst Brandon Lee.

Mr Lee added that the site locations may be aimed at meeting market demand and also strategically based on 'regions that the Government is trying to spruce up'.

Mr Marc Boey, the Urban Redevelopment Authority's (URA) group director of land sales and administration, said on Thursday that 'the larger consideration behind putting so many sites in the North-east is to develop Punggol and Sengkang towns since these are new towns'.

'If you look at Hougang, we also have some sites to cater to HDB upgraders,' he added.

Confirmed list sites go on sale regardless of interest and are often an indication of the Government's strategic development plans. Land on the reserve list is put up for tender only if developers make an acceptable initial offer.

Of the 17 newly introduced sites with a residential component on either the reserve or confirmed lists, two are in Hillview Avenue in the Bukit Batok planning area.

That these were included probably signifies the Government's intent to further build up the area in tandem with the completion of infrastructure works such as Hillview MRT Station. Part of Downtown Line 2, it is slated for completion in 2015, experts said.

Mr Ong Kah Seng, Cushman & Wakefield's senior manager of Asia-Pacific research, said Hillview was once a semi-industrial area but was converted largely to residential use in the 1980s. This prompted the building of various condo projects.

One of the Hillview Avenue sites is a commercial and residential plot on the confirmed list which is estimated to be launched in February next year.

It was scheduled to be made available for sale on the reserve list in October 2008 but was eventually withdrawn amid a poor market.

The other site is for residential use and is on the reserve list.

DMG's Mr Lee said that the last government land site sold in the area was a Bukit Batok East plot in 2000. Far East Organization has since developed it into the 572-unit Hillview Regency.

The Government has also released smaller commercial sites such as the 0.29ha plot at the corner of Robinson Road and Cecil Street and a 1.42ha site in Paya Lebar. These could yield about 92,120 sq m of commercial space.

The URA said smaller sites which can be completed in about three years will help allay fears of a shortage of office space in 2014 once most ongoing developments have been completed.

Dr Chua Yang Liang, research head at Jones Lang LaSalle, said the release of the Robinson Road site was not surprising given the Government's intent to rejuvenate the Tanjong Pagar area into an integrated zone for 'live, work and play'.

Two hotel sites in Kallang Riverside are on the reserve list. A second parcel has been introduced for the first half of next year even though the first site did not draw any acceptable bids from developers when on the reserve list under the previous land sales programme.

Cushman's Mr Ong said that the inclusion of the two hotel sites could be due to the level of optimism in the industry thanks to increased visitor arrivals.

Mr Li Hiaw Ho, executive director of CB Richard Ellis Research, added that Kallang has been earmarked to be gradually transformed into a waterfront precinct with housing and the upcoming Sports Hub.

'A river-view hotel catering to athletes and other sports fans will help to further enhance the development of the Kallang area,' he added.

The last hotel site in the Kallang area was awarded in October 2008 to Citywide Land for $51 million, or $250 per sq ft per plot ratio.

esthert@sph.com.sg

ST : Govt expected to release Marina Bay land from 2013

Nov 26, 2010

Govt expected to release Marina Bay land from 2013

DEVELOPERS eyeing prime Marina Bay land might have to wait until at least 2013 before getting a chance to lodge a bid.

That is when the Government is expected to start releasing 11 parcels of land in step with the completion of infrastructure works in the area. These projects include the Downtown rail line and the Marina Coastal expressway, which will be completed in phases in the next few years, said the Ministry of National Development (MND) yesterday.

Urban Redevelopment Authority (URA) urban planning and design director Andrew Fassam said about 1.75 million sq m of gross floor area could stem from these parcels, about four times the area of nearby Marina Bay Financial Centre. The 11 sites may be released individually in future land sales programmes or combined with neighbouring plots.

However, the four mixed-use land parcels to be jointly developed by Malaysia and Singapore as part of the railway land swop deal are expected to be vested for development next year. The four land parcels have a gross floor area of 341,000 sq m, part of which will be for office use. These sites and two other land swop deal plots can yield a combined gross floor area of 500,000 sq m.

URA group director of land sales and administration Marc Boey said smaller sites have been released to address concerns that there might be a shortage of office space in 2014 once most ongoing developments are completed. These sites, such as one announced yesterday in Cecil Street and one on the corner of Peck Seah and Choon Guan streets, can be completed in about three years, he said.

Apart from the government land sales programme, an additional supply of about 39,000 sq m of gross floor area of commercial space can be expected to be released by various government agencies in the first half of next year, the MND said.

ESTHER TEO

ST : Govt keeping close eye on property sector

Nov 26, 2010

Govt keeping close eye on property sector

It stands ready to act to cool fever as low interest rates, overseas fund flow raise heat

By Francis Chan
LOW interest rates in a market awash with cash are just the ingredients that could heat up property prices and encourage excessive borrowing.

But the Monetary Authority of Singapore (MAS) said the Government is keeping a close tab on the market and stands ready to introduce additional cooling measures if necessary.

The central bank's annual Financial Stability Review warned yesterday that the flow of funds from overseas and rock-bottom interest rates could add more fuel to the red-hot property sector.

Concerns were raised over what is expected to be a 'sustained period of low interest rates' where home buyers may be tempted to take on excessive borrowing while lenders may loosen standards in a bid to extend more loans in the face of thinning interest margins.

'As the property market is sentiment-sensitive, a pick-up in activity could lead to rapidly escalating prices,' said the MAS.

'In turn, if economic recovery dis-appoints on the downside amid continued uncertainties in the global economy and market confidence is dented, prices could fall.'

It added that this could have widespread implications on buyers who are overextended when interest rates eventually go back up.

But the MAS said the Government will keep monitoring the property market and adopt additional cooling measures if needed.

In August, the Government imposed steps to tighten ownership rules on buyers of HDB flats, set new loan limits and increased the amount of time a buyer must hold a property before reselling it.

Similar moves in February and September last year were also brought in to curb rocketing prices.

Urban Redevelopment Authority figures are already showing signs of a moderation. Private property prices were up just 2.9 per cent in the third quarter compared with the 5.3 per cent jump in the second quarter.

However, soaring property valuations - a by-product of Singapore's strong economic growth - have helped lower the relative indebtedness of home owners with mortgages.

The share of outstanding loans to the value of the property fell significantly in the third quarter. This is because as a property's value goes up, the ratio of the loan to its value falls.

The proportion of mortgages with loan-to-value (LTV) ratios above 80 per cent dropped from 17.3 per cent in the third quarter last year to just 7.1 per cent this year.

LTV ratios above 70 per cent also fell, from 35.1 per cent to 27 per cent over the same period.

International Property Advisor chief executive Ku Swee Yong said lower LTV ratios point to a systemically sound lending environment.

'It is not a risk from a financial institution's viewpoint because with the low LTV ratio, the banks can withstand, say, up to a 20 per cent drop in property prices, without calling on the margin of the borrower,' said Mr Ku.

'For home owners, the news will also be a comforting thought.'

franchan@sph.com.sg



--------------------------------------------------------------------------------


WATCHING THE MOOD

'As the property market is sentiment-sensitive, a pick-up in activity could lead to rapidly escalating prices.'

Monetary Authority of Singapore

ST : Household net wealth at all-time high

Nov 26, 2010

Household net wealth at all-time high

By Francis Chan
SOARING property valuations have sent the net wealth of households rocketing to an all-time high of $1.16 trillion in the third quarter of this year.

That is 29 per cent up from the height of the financial crisis early last year, and higher than the $1 trillion that households registered a year ago, itself a record.

The Monetary Authority of Singapore (MAS) released the numbers yesterday in its annual Financial Stability Review.

It said balance sheets of households, which were supported by broad-based economic recovery, have largely remained strong.

'The gain was largely due to the higher value of property holdings as the property market continued its upward trajectory after bottoming out in the first quarter of 2009,' said the central bank.

It said property holdings reached an estimated $651 billion in the three months to Sept 30, up 21 per cent from the $537 billion recorded in the same period last year.

'Another contributing factor to rising household net wealth was larger holdings of equity and managed funds, owing to the turnaround in global equity markets in Q3 2010,' added the MAS.

Household net wealth comprises assets less debts.

According to the annual review, aggregate household net wealth stood at 3.9 times Singapore's gross domestic product (GDP) in the third quarter, up from about 3.8 times GDP a year ago.

'The household debt-to-GDP ratio stood at about 67 per cent in the third quarter, which was below the long-run average of about 77 per cent, implying that economic growth has outstripped growth in household debt,' said the MAS.

'In addition, liquid assets have exceeded household debt since 2006.'

The debt-to-assets ratio has remained relatively low, with household debt at about 15 per cent of assets. This is below the long-term average of about 18 per cent.

Cash and deposits also exceeded total household debt, according to MAS estimates.

However, the quick economic turnaround and prevailing low interest rate environment has resulted in higher household debt.

'The key driver of this growth has been housing loans, which account for the bulk of household borrowing,' said the MAS.

'Indeed, reflecting the transaction activity seen in the property market, housing loans grew 23 per cent year-on-year in the (third quarter), up from 8.8 per cent at the trough of the property market in the (first quarter of) 2009.'

While the national debt-to-asset ratio remained 'healthy', industry watchers like International Property Advisor chief executive Ku Swee Yong pointed out a few blind spots.

'We cannot forget that if we stripped out the old money - those from my parents and their kakis (peers) who have fully paid up their mortgages, the risks lying with the next generation, or lower income group, may turn out to be higher', said Mr Ku.

ST : Kwong Wai Shiu Hospital can stay, Govt says

Nov 26, 2010

Kwong Wai Shiu Hospital can stay, Govt says
KWSH is also in talks with the authorities to set up another hospital

By Rachel Lin
SINGAPORE'S longest-running charity hospital is set to get two birthday wishes granted.

Kwong Wai Shiu Hospital (KWSH), which celebrates its centenary this year, has been given the green light to stay in its spiritual home in Serangoon Road.

Its expansion plans are also steaming ahead. KWSH is in talks with the Urban Redevelopment Authority and the Ministry of Health to set up a new hospital elsewhere in Singapore, which it hopes will be up and running in three years' time.

This new hospital, which will have 250 to 300 beds, will be located in the heartland and capitalise on KWSH's strengths in geriatric care and rehabilitation.

Both developments were announced last night at a gala dinner thrown to celebrate KWSH's 100 years.

Previously, the 400-bed hospital's future at its Serangoon Road site was uncertain, because the lease on the land was due to expire in 2015.

It was up to the dinner's guest of honour, Prime Minister Lee Hsien Loong, to deliver the good news.

'KWSH's board of directors have been hoping that the Government will extend their lease,' he said in a speech in Mandarin. 'The Government understands their wish and recognises the historical significance and value of the site.'

The Government would therefore preserve some of KWSH's existing buildings on the site, namely those with historical value. The rest of the six acre (2.4ha) plot will be redeveloped.

KWSH chief operating officer Ling Bee Sian had told the press in July that the hospital, which has 14 blocks, needed only one acre out of the six.

Mr Lee's announcement was met with rousing applause from the 800-strong audience at the charity gala dinner at the Shangri-La Hotel.

KWSH vice-chairman Patrick Lee responded warmly to the news. 'We are very glad... Holding a piece of land while being unsure of the future, it's hard for the hospital to plan ahead.'

The present site, he said, was significant not just as a place where medical care was provided, but also because of its social value. He said that the hospital may consider intensifying its use of the preserved blocks, for instance by adding more floors to the buildings.

On the sidelines of the dinner, the vice-chairman also spoke of the hospital's mission to expand: 'We have 100 years of experience, we want to share this experience in different parts of Singapore.'

It is still in the process of selecting a suitable site for a second hospital. KWSH hopes to get government support for this venture, he said.

KWSH's operating costs run to $16 million annually and its rent on the Serangoon Road site is $1.7 million a year.

While it does receive subsidies from the Government, it is still heavily dependent on charitable donations, he said.

KWSH was the only community hospital that did not raise its fees last year. It was founded in 1910 by a group of Cantonese merchants who wanted to provide free medical care for Cantonese immigrants. Since 1974, it has opened its doors to patients of all ethnic groups.

PM Lee praised its role in providing step-down and community care. 'KWSH has accumulated rich experience in these areas and sunk deep roots into the community,' he said. 'It can take the lead in expanding and strengthening such care... helping us cope with the medical demands of an ageing population.'

lyuexin@sph.com.sg

Copyright © 2010 Singapore Press Holdings. All rights reserved.



The Kwong Wai Shiu Hospital in Serangoon Road is celebrating its centenary this year. -- ST PHOTO: DESMOND WEE

ST : Govt to roll out land for record units of homes

Nov 26, 2010

Govt to roll out land for record units of homes

By Esther Teo
THE booming housing market has led the Government to roll out enough land sites to accommodate a record-breaking number of new private homes.

If all the plots were taken up, developers could build at least 14,310 new homes, the Ministry of National Development (MND) said yesterday in unveiling the land sales programme for the first half of next year.

This beats the most recent release of residential land in the second half of this year, which could have yielded 13,905 homes - itself a record.

In all, the Government has lined up 31 sites that can be used for homes. And in what some consultants have called an 'aggressive stance', 17 of the sites have been placed on the confirmed list, with at least two sites to be released every month in the first half of next year.

The other 14 sites are on the reserve list. Confirmed list sites go on sale regardless of interest, while land on the reserve list is put up for tender only if developers table an acceptable initial offer.

Most of the residential sites on the confirmed list are new - 14 out of 17 - but only three on the reserve list are new. The rest are rolled over from the current government land sales programme.

The new sites are located mainly in suburban areas such as Punggol, Woodlands and Pasir Ris, to address the strong demand that has emerged for mass market private housing.

Four new executive condominium (EC) plots have also been added to the line-up - in Tampines, Choa Chu Kang, Punggol and Upper Serangoon.

Experts said the new supply should meet demand for more housing choice and stem further rises in mass-market condominium unit prices.

DTZ South-East Asia's research head, Ms Chua Chor Hoon, said a substantial number of units could be expected to be completed in a few years if developers soaked up the supply.

This, however, might lead to oversupply: 'too many units chasing after a smaller pool of occupants' if Western economies do not pick up by then and global growth is weak, she said.

Dr Chua Yang Liang, research head at Jones Lang LaSalle, noted that many of the new sites were placed on the confirmed rather than the reserve list.

'The more aggressive stance taken by the state to continue to flood the market with supply signals the serious implications of asset inflation,' he said.

He also offered a word of caution over a potential 'supply overhang'.

But Mr Liew Mun Leong, president and chief executive of property giant CapitaLand, said at a separate event yesterday that he did not think home prices would be depressed, even with this bumper supply of land.

'First and foremost, demand is still there. Developers still want to buy and get their inventories built up,' he said.

Mr Ong Kah Seng, Cushman and Wakefield senior manager of Asia-Pacific research, said the four EC sites - three of which are on the confirmed list - showed the Government's intent to continue helping the 'sandwich class' - those with monthly household incomes between $8,000 and $10,000.

However, he warned that interest for these sites may not be overwhelming as a few EC projects are already slated for launch next year. One such site put up for sale by the government in Jurong West recently did not receive any bids.

The MND will also launch more commercial sites to meet demand for office space. It will release one site each at Paya Lebar Road and Robinson Road on the confirmed list that can yield an estimated 92,120 sq m of commercial space.

The Paya Lebar site was originally on the reserve list but has been moved to the confirmed list to facilitate the early development of Paya Lebar Central into a commercial hub, the Ministry said.

A commercial site at the corner of Sims Avenue and Tanjong Katong Road will be added to the reserve list too, to provide for growth in the area.

esthert@sph.com.sg

ST : d'Leedon condo at $1,680psf

Nov 25, 2010
d'Leedon condo at $1,680psf
By Yasmine Yahya



CapitaLand unveils their new show gallery for D'Leedon at the former Farrer Court condominium site. -- ST PHOTO: KEVIN LIM

UNITS at the newly unveiled d'Leedon condominium will be launched at an average initial selling price of $1,680 per square foot (psf).

That makes the cheapest apartments - 635 sq ft units with a bedroom and study - less than $1 million. A typical two-bedder of 1,055 sq ft would set a buyer back $1.5 million.

The project is on the site of the former Farrer Court estate, which was sold in a collective sale in 2007. A first phase of 200 units will be launched for sale this weekend to former Farrer Court residents.

Developer CapitaLand said a public launch would likely follow soon after.

There has been a healthy level of interest among former Farrer Court residents, said Mr Wong Heang Fine, chief executive officer of CapitaLand Residential.

He told a briefing yesterday that 300 of the 600 former residents said they would attend a preview last night.

The Straits Times understands that CapitaLand could adjust prices, depending on how this weekend's launch goes.

CapitaLand Group chief executive Liew Mun Leong expects that once the project is launched for public sale, it will attract interest from foreign investors looking to park their money in Asia.

'Funds will come in because of the liquidity chase coming to Asia. And if they come to this part of the world, of course they will buy property, because it's the safest form of investment,' he said.

The 200 units being launched this weekend range from one- to four-bedroom apartments and are in two 36-storey towers. The entire project consists of 1,703 apartments in seven towers and 12 semi-detached villas.

Although d'Leedon sits on a huge site of over 840,000 sq ft, only 22 per cent of the land area is being taken up by homes. The rest is slated for gardens, facilities such as two swimming pools and a gym and retail outlets, which could include restaurants, a laundromat and a clinic.

Mr Liew also said that it was 'a possibility' that CapitaLand could be interested in bidding for a similarly large site - the collective sale of Pine Grove estate in Ulu Pandan.

While the site is attractive, the price tag of $1.7 billion is a hefty one for any single developer to take on alone, he said.

'I don't know how many of us can afford it,' he quipped.

However, he said CapitaLand would consider getting partners to bid for the site - as it had done for Farrer Court, when it formed a consortium with Hotel Properties, Wachovia Development Corporation and a fund managed by Morgan Stanley Real Estate.

ST : KL may look into reviving Causeway bridge project

Nov 25, 2010

KL may look into reviving Causeway bridge project

KUALA LUMPUR: Prime Minister Najib Razak said yesterday the government may study the possibility of reviving a project to replace the Malaysian side of the Causeway with a bridge.

Asked about the call by the Johor Sultan that a bridge be built to replace the Causeway, Datuk Seri Najib said that a study would have to be carried out first. The government had to consider the legal and financial implications and also the position of the Singapore Government, he added.

Johor Sultan Ibrahim Ismail raised the suggestion during a ceremony to mark his 52nd birthday on Monday.

He said having a new bridge would make it convenient for people travelling to Singapore and back, and would encourage tourism. The Sultan made similar remarks in June for the revival of the bridge project that was cancelled four years ago.

Tun Dr Mahathir Mohamad had proposed building a bridge to replace the Causeway when he was prime minister. The plan was later changed to an S-shaped or 'crooked' bridge on Malaysia's side of the Causeway. When Mr Najib's predecessor Abdullah Badawi became the premier, he cancelled the project in April 2006.

Johor politicians have voiced support for the Sultan's call. Johor Baru Malaysian Chinese Association Youth chief Kua Song Tuck touted the ecological benefits, saying it would be 'a win-win for both Johoreans and Singaporeans'. A new bridge would solve the traffic jams at the Causeway, he said.

Johor Malaysian Indian Congress secretary M. Asojan said the Sultan had done his own research on the positive aspects of building the bridge. He added the federal government would give the matter serious consideration. Johor Parti Keadilan Rakyat chairman Chua Jui Meng said the call was timely. 'However, it must be done without burdening the country in terms of debt,' he said.

BERNAMA, THE STAR/ASIA NEWS NETWORK

Copyright © 2010 Singapore Press Holdings. All rights reserved.



The S-shaped bridge project had been cancelled by then Premier Abdullah Badawi in 2006. -- PHOTO: BH MALAYSIA

ST : Housing agent fined for forgery

Nov 25, 2010

Housing agent fined for forgery
By Elena Chong, Courts Correspondent

A REAL estate agent forged two copies of a tenancy agreement to pocket $1,000 monthly from the rental of an apartment without the knowledge of both landlord and tenant.

Yesterday, David Wee Sim Chye, 47, was fined $4,000 by District Judge Toh Yung Cheong after he admitted to one charge of forgery.

A district court heard that operations manager Pek Kain Hock, 51, engaged Wee to rent out his condominium unit at Parc Oasis in Jurong East in May 2007.

Wee, who runs his own business, YMB International Realtors, managed to find a tenant, American Warren Duplantis.

But the real estate agent had forged the signatures of the tenant and Mr Pek on the two copies of the tenancy agreement.

Mr Duplantis ended up paying a monthly rental of $5,800, which was $1,000 more than the $4,800 that was agreed between Wee and Mr Pek.

Five months later, the American met Mr Pek to discuss the early termination of the tenancy agreement.

He told the landlord that his own signature in Mr Pek's copy of the tenancy agreement had been forged.

Mr Pek also learnt that the tenant's copy of the tenancy agreement had stated a monthly rental of $5,800, and his signature in that document had also been forged.

Investigations showed that Wee had committed the forgeries to pocket a sum of $1,000 monthly from the tenancy agreement.

His lawyer told the court that the father of two had contacted the tenant in October 2007 to return the difference to him, well before the charges were preferred.

Full restitution of the money was made in June this year.

Wee, who had a second charge considered, could have been jailed for up to four years and/or fined.

elena@sph.com.sg