Hume Part 1 For sale at District 21 ( 02-11-2007 )

Hume Part 1 For sale at District 21 ( 02-11-2007 )
Hume Park 1
2 bedroom 908sqft
Face Pool
High floor

Asking 750k

Landmark Details

Address: 3 Hume Avenue
Type of Development: Condominium
Tenure: Freehold
District: 21
No. of Units: Hume Park I: 328 Hume Park II: 324
Year of Completion: Hume Park I: 1996 Hume Park II: 1997
Developer: City Developments Pte Ltd
Unit sizes:
2 bedrooms: 84 sq m
3 bedrooms: 118 -147 sq m

Hume Park I and Hume Park II is situated along the scenic Hume Avenue. Hume Park II & I are opposite to the Bukit Timah Nature Reserve; straight behind the condos is the Bukit Batok Nature Park. This place is the most appropriate for greenery lovers. Hume Park I and Hume Park II are near to the Bukit Gombak MRT station and shopping complexes in a 5 minutes bus ride. Shoppers can also find the Courts furniture mall and The Banyan tree retail shop further down the road. It is also close to Bukit Timah Plaza, Bukit Timah Shopping Center and Beauty World malls. Hume Park is easily easily reached using the Pan Island Expressway and the Bukit Timah Expressway. It takes around 15 minutes to travel to the Central Business District.

Services at HUME PARK

Swimming Pool
Wading Pool
Gymnasium
Tennis Court
Squash Court
Fitness Track
Playground
BBQ Pits
Clubhouse
24 Hours security
Covered Car Park

Adjacent MRT Stations

Bukit Gombak MRT Station (NS3)
802,Bukit Batok West Avenue 5 Singapore 659083
How Far? 1.81 km

Bukit Batok MRT Station (NS2)
10,Bukit Batok Central Singapore 659958
How Far? 2.12 km

Adjacent Shopping Malls

Rail Mall, The
398,Upper Bukit Timah Road Singapore 678049
How Far? 0.33 km

Bukit Timah Shopping Centre
170,Upper Bukit Timah Road Singapore 588179
How Far? 1.63 km

Beauty World Centre
144,Upper Bukit Timah Road Singapore 588177
How Far? 1.73 km

Beauty World Plaza
140,Upper Bukit Timah Road Singapore 588176
How Far? 1.76 km

Nearby Schools

Pei Hwa Presbyterian Primary School
300,Jalan Jurong Kechil Singapore 598668
How Far? 0.91 km

CHIJ (Bukit Timah) Primary School
4,Chestnunt Drive Singapore 679287
How Far? 1.27 km

Assumption English Secondary School
622,Upper Bukit Timah Road Singapore 678117
How Far? 1.48 km

Lianhua Primary School
2,Bukit Batok Street 52 Singapore 659243
How Far? 1.49 km

Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

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Forest Hill For Sale At District 25 - 28 ( 02/11/2007 )

Forest Hill For Sale At District 25 - 28 ( 02/11/2007 )2 units available

Forest Hill, 3 bedroom
Blk 27 and Blk 31 1163sqft
Nice Pool View

Asking 700k

Landmark Details

Address: 25, 27, 29, 31 Transit Road
Type of Development: Condominium
Tenure: 99 Years
District: 27
No. of Units: 128
Year of Completion: 2004
Developer: MCL Land
Unit sizes:
2 bedrooms: 1,044 - 1,356 sq ft
3 bedrooms: 1,195 - 1,582 sq ft
Penthouse: 1,798 - 1,894 sq ft

Forest Hills is a resort condo situated at Transit Road off Sembawang Road. It takes about 10 minutes bus ride to Khatib MRT Station that is situated at Yishun. Amenities and shops can be found at the shophouses the length of Transit Road and Sembawang Road. Public transports are easily easily reached along Sembawang Road. Forest Hills is about 15 minutes drive to the American School. Many services can be found in the Yishun Town Centre which consists of library, supermarkets, dealer center, fast food restaurants, polyclinic, cinema and many other shops. Singapore Island Country Club, Orchid Country Club, The Golf Academy are also within short driving space. Forest Hills is easily reached through the nearby Kranji Expressway and Central Expressway. Using the CTE, and it takes about 20 minutes to drive to the city center.

Services at FOREST HILLS

BBQ Pits
Wading Pool
Tennis Court
Gym
Jogging Track
Playground
Multi-Purpose Hall
Jacuzzi
Sauna
24 hours Security
Car Park

Adjacent MRT Stations

Khatib MRT Station (EW4)
201,Yishun Avenue 2 Singapore 769092
How Far? 2.24 km

Adjacent Shopping Malls

Northpoint Shopping Centre
930,Yishun Avenue 2 Singapore 769098
How Far? 3.44 km

Sembawang Shopping Centre
604B,Sembawang Road Singapore 758461
How Far? 3.80 km

Vista Point
548,Woodlands Drive 44 Singapore 730548
How Far? 3.89 km

Nearby Schools

Naval Base Secondary School
901,Yishun Ring Road Singapore 768689
How Far? 2.18 km

Orchid Park Secondary School
10,Yishun Street 81 Singapore 768454
How Far? 2.60 km

Yishun Secondary School
4,Yishun Street 71 Singapore 768516
How Far? 2.87 km

Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

Singapore Condo owners reject dog controls

Singapore Condo owners reject dog controls

Richmond Park management committee wanted animals carried in crates and ‘dog licence’ payable to MC

By Lin Xinyi

THE management corporation of the Richmond Park condominium wanted some unusual powers: Among them, the right to co-broke the rent and sale of units.
It also had some strong measures in mind for residents who owned dogs. For instance, it wanted owners to transport their pets in carrying cases within the compound, ‘trolley cages’ for bigger mutts, and even licensing fees.

But at an annual general meeting held over the weekend, the residents of the Bideford Road condo shot right back: No, they said.

They amended the rules on dogs, and sent the other proposed by-laws giving the MC more powers back to the drawing board.

The proposed rules were controversial enough for the AGM to draw more residents than usual: About 30 per cent of the condo’s owner-residents, about twice the number who turned up at the last such meeting, showed up, said a resident who was present.

MC chairman David Tan, who had drafted the proposals, told The Straits Times last week the dog rules came about because the condo had long put up with irresponsible dog owners who do not pick up their pets’ droppings.

But the residents disagreed and rejected the rule about transporting dogs in crates while in the condo’s common areas, and also threw out the proposed monthly ‘dog licence’ payable to the MC - $30 for small dogs and $50 for large ones.

Instead, new proposals were raised and passed. They include designated dustbins for the disposal of dog faeces and a designated lift for owners to travel with their pets.

The co-broking proposal where owners would get a 20 per cent discount on their monthly maintenance fees - in exchange for giving the MC the power to help rent or sell their flats for a slice of the profits - was withdrawn.

Sources told The Straits Times the MC will re-draft this so it becomes a voluntary, rather than mandatory, scheme.

MC chairman Dr Tan - who had drafted these proposals - was not contactable despite repeated attempts.

Residents The Straits Times spoke to said they were relieved enough people turned up to say ‘no’ at the AGM.

One resident, who has lived in the condo for more than five years, said she would have had to find another home if the draconian dog rules had been passed.

Source : Straits Times - 02 Nov 2007

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Mindy Yong

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mindy@mindyyong.com

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$730k view of East Coast Park and the sea

$730k view of East Coast Park and the sea

5-room HDB flat in Marine Parade sold for record sum

By Joyce Teo, Property Correspondent
VIEW THAT CLINCHED IT: The deal for the 32-year-old five-room flat in Marine Parade, which offers a stunning view of East Coast Park and the sea, was inked in half a day on Oct 13. The buyer is believed to be in his 50s and an owner of more than one property. — ST PHOTO: DESMOND LIM

AN UNRENOVATED 32-year-old five-room flat in Marine Parade, on a high level with a full sea view, has been sold for $730,000 - a new record for an HDB flat.
This trumps the previous record of $720,000, set in June by a fairly new five-roomer in Kim Tian Place.

The buyer, who declined to be interviewed, did not bother to wait for the flat’s valuation when he negotiated the price down from $750,000, said the seller’s property agent, Ms Joyce Lau, of agency ERA.

She said the deal was inked in half a day on Oct 13. The buyer viewed the 18th-floor flat in the daytime and confirmed the buy that night.

Mr Ken Ng, the 48-year-old son of the flat’s seller, said the flat has been vacant since his parents moved out to live with him some four years ago. His father agreed to sell recently.

‘I actually like the flat. I jacked up the price so high, thinking it is a crazy price. If nobody wants, I can withdraw it,’ he told The Straits Times.

‘But the first person who saw it liked the full sea view and wanted to buy it.’

The flat is in a prized point block with four flats per level.

The record sale comes as HDB resale prices have registered significant increases in a buoyant property market.

The HDB market has also benefited from spill-over demand. The dramatic spate of collective sales in the past year has created a pool of eager buyers, some of whom are downgrading to HDB flats.

The buyer of the run-down Marine Parade flat is believed to be in his 50s and an owner of more than one property.

It is understood that he may use the flat as his retirement home. He will have to pay $130,000 in cash for his flat, which is valued at $600,000.

This is well above the median cash-over-valuation sum of $85,000 for Marine Parade in the third quarter.

In the third quarter, the median resale price of five-room flats in the same town was at $560,000 - the second highest median price for the flat type after Queenstown.

But deals have been done at prices of up to $710,000.

Last month, a 30-year-old high-floor five-room Marine Drive flat sold for $710,000, while another five-roomer in the same block sold for $695,000 in September.

PropNex’s chief executive Mohamed Ismail said the difference lies in the lifestyle a home in the area offers. ‘It’s not too congested, near town and East Coast Park.’

But paying record prices or large cash amounts for it will not become a norm.

‘Those who pay such large cash amounts are private property downgraders or people who have profited from en bloc sales,’ said Mr Ismail.

‘Typical HDB buyers cannot afford such prices.’
Source : Straits Times - 02 Nov 2007

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Morley sets up first Asia office in Singapore

Morley sets up first Asia office in Singapore

By SIOW LI SEN

ONE of the largest property fund managers in Europe yesterday announced that it is setting up its first Asia office, in Singapore.
Morley Fund Management, which has plans to invest US$10 billion in the region over the next four years, said it has identified Singapore as key to its growth strategy.

Nick Mansley, Morley’s director of property strategy, told BT that the Singapore office will be the hub for the firm’s Asian property business. Morley, the asset management arm of UK-based Aviva plc said in a statement that it has appointed Nick Ridgewell to head its Asian property business based in Singapore. He was previously managing director of Macquarie Bank’s real estate business in Hong Kong.

‘We have strong ambitions for our property business in Asia and are confident we can replicate the rapid growth we have achieved in Europe,’ said Ian Womack, Morley’s managing director, property.

Morley’s property investment business has grown rapidly in recent years with more than US$60 billion invested in property assets in the UK and the rest of Europe. Mr Womack said that Mr Ridgewell’s expertise will be critical in supporting Morley’s strategy of leveraging on the robust expansion of Singapore’s property sector and growth in the real estate funds business.
‘Singapore will be a key growth market for Morley,’ Mr Womack said. ‘We are working on funds which will invest in Singapore.’

He said while investment in Singapore will be opportunistic, the strategy will not be deterred by the high prices here as ‘Singapore is a relatively safe market in the Asian context’.

Morley, which opened for business in Asia in April this year, will work with multiple joint venture and fund partners in Japan, China, South Korea and India to seek out developments and properties to meet its clients’ needs.

Firms within the Morley group of companies manage £pounds;168 billion (S$504 billion) as at June 30.

Morley manages both institutional and retail funds. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand and in Europe under the Aviva Morley name. The property team manages in excess of £pounds;32 billion of UK and European property assets.
Source : Business Times - 02 Nov 2007

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Mindy Yong

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Singapore SLA Confirmed: Atrium @ Orchard for sale

Singapore SLA Confirmed: Atrium @ Orchard for sale
THE Singapore Land Authority has confirmed a BT report yesterday that it plans to sell The Atrium @ Orchard - the first state sale of a Grade A prime commercial building.
‘The government does not own other commercial buildings of the same grade and category as The Atrium,’ an SLA spokeswoman said. ‘It is not in the government’s strategic interest to continue to own a well-developed and pure commercial asset like The Atrium @ Orchard.

‘It is best to let the private sector take over its commercial utilisation. Given the buoyant market conditions, the government has decided that now is a good time to divest it with best value for the state.’

SLA has appointed CB Richard Ellis (CBRE) sole marketing consultant to advise on the planned sale. CBRE was chosen from a short list of five firms, SLA said. It clinched the job based on its competitive bid and strong track record under a two-stage selection process, SLA said without elaborating.

Market watchers suggest the other contenders were likely to have been Colliers, DTZ Debenham Tie Leung, Jones Lang LaSalle and Knight Frank.

‘On the mode of sale, the government expects CBRE to recommend a sale strategy that is consistent with the prevailing best market practices for selling large commercial buildings, to enable the state to obtain the best price for the property in a level playing field for all interested buyers,’ SLA said.

The Atrium @ Orchard, next to Plaza Singapore and above the Dhoby Ghaut MRT Station, comprises two towers of seven and 10 storeys with a total net lettable area of about 375,000 sq ft. The building’s basement carpark has 100 lots. The project received Temporary Occupation Permit in April 2002.

SLA did not indicate how much the property is worth, but in yesterday’s BT report a market observer suggested a range of $2,500 to $3,000 psf of net lettable area, which would work out to $937.5 million to $1.13 billion.

A plus point is that SLA is expected to sell The Atrium on a fresh 99-year lease.

Source : Business Times - 02 Nov 2007

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Mindy Yong

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Bravo buys Makeway View for $162.8m in en bloc sale

Bravo buys Makeway View for $162.8m in en bloc sale

It plans to build about 70-80 loft apartments on the freehold site
By KALPANA RASHIWALA
BRAVO Building Construction group, which bought Tulip Garden and Pender Court a few months back, has now clinched Makeway View in the Newton area for $162.8 million through a collective sale.
Launch plan: Makeway View is on a freehold site of 41,582 sq ft that is designated for residential use with a 2.8 plot ratio under Master Plan 2003. Bravo says its project on the site may be ready for launch around Q3 or Q4 next year
The price works out to a land cost of $1,583 per square foot (psf) of potential gross floor area including an estimated $21.5 million development charge (DC).

The breakeven cost for a new project on the site will be about $2,100 psf, a Bravo spokeswoman said.

‘We’re planning about 70-80 loft apartments, with sizes ranging from 1,500 sq ft to 1,800 sq ft,’ she said. ‘The project, which could be about 23-24 storeys high, may be ready for launch around Q3 or Q4 next year.’

Makeway View is on a freehold site of 41,582 sq ft that is designated for residential use with a 2.8 plot ratio under Master Plan 2003.

Knight Frank brokered the sale through a private treaty after a tender that closed last month.

The deal is subject to approval by the Strata Titles Board.

The buyer is Makeway Residences Pte Ltd, which is related to Bravo Building Construction.

‘At the purchase price of $162.8 million, Makeway View owners will receive gross sale proceeds of about $3.7 million to $10.4 million per unit,’ Knight Frank said yesterday.

Makeway View’s existing 32 apartments and penthouses range in size from 1,442 sq ft to 5,307 sq ft.

Bravo’s spokeswoman also told BT the group plans to develop the freehold Pender Court site off West Coast Highway, which it bought in July, into 48 cluster terrace housing units.

‘We’re in discussions with an overseas fund which is keen on buying the entire development for about $180 million, or about $3.8 million per unit on average,’ she said. ‘Each house will come with a private pool.’

Bravo’s acquisition of Tulip Garden, also in July, was for $516 million or $1,018 psf per plot ratio. No DC is payable.

Bravo is a five-year-old property and construction outfit that has bought more than a dozen sites in Singapore since September last year, including Castle Court on Changi Road, Regent Court in Serangoon and Koon Seng House in the Still Road area.
Source : Business Times - 02 Nov 2007

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Mindy Yong

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Far East opening $8m outpatient clinic at Novena - Singapore

Far East opening $8m outpatient clinic at Novena - Singapore

Project expected to break even within a year
By NISHA RAMCHANDANI
FAR East Organization and a group of doctors are investing $8 million to set up a clinic called Novena Surgery, in response to what they say is an increasing need for outpatient surgery for Singaporeans and international patients.

Patients will be able to use touch-screen monitors in the wards to make requests from nurses.

Lim Beng Hai, director and senior consultant hand surgeon for the Centre for Hand and Reconstructive Microsurgery, Singapore, who is chairman of Novena Surgery, said that many local patients were opting for surgery as outpatients.

‘This demand is augmented by the rising number of international patients seeking treatment in Singapore,’ he said.

Novena Surgery, which takes up 8,000 sq ft, will be located on the eighth floor of the $257 million Novena Medical Center. It is expected to open its doors on March 1 next year.

It will be used by doctors practising at the centre and those from other hospitals, medical centres and clinics in the area.

Novena Surgery, which aims to provide ambulatory care and surgery facilities, will have three operating theatres and two endoscopy suites, with private rooms and common areas for patients to recover after surgery.

The facility will offer surgical specialties including eye surgery, ear-nose- throat and obstetrics and gynaecology. Surgeons can look forward to a concierge service, which will arrange for patients to be picked up and arrive on time for surgery.
Patients will be able to use touch-screen monitors in the wards to make requests from nurses, to access the Internet and to send e-mail.

The board of directors is expecting Novena Surgery to break even in the space of a year, and bring in annual revenues of more than $10 million after three years.

The number of cases per day could reach a maximum of 100, they said at a press conference.

Heah Sieu Min, who is on the board of directors, described Novena Surgery as a ’seamless, convenient service which will be value for money’.

GL Yap, executive director of Far East Organization, said that Far East would be interested in tendering a bid for the hospital site at Novena Terrace/Ir- rawaddy Road launched this week by the Urban Redevelopment Authority.

Source : Business Times - 02 Nov 2007

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Mindy Yong

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Citi in $220m move to Changi Business Park - Singapore

Citi in $220m move to Changi Business Park - Singapore

New premises will house back-office operations; can take up to 4,000 staff
By CHOW PENN NEE
SOARING rents downtown are pushing multinationals to house their back-office support operations away from central areas.

Stomping ground: The two office blocks will have 400,000 sq ft of space
And Citi is spending $220 million to consolidate its back-office operations at Changi Business Park - the first bank to do so at this location.

Previously the bank’s support functions were spread over its locations at Tampines, downtown Millennia and Centennial towers and Capital Square.

Citi said it is giving up its space at Tampines and consolidating all support services at Changi. Without divulging the rent, it said the investment includes capital, relocation, rental and operating costs.

‘We’re scaling out,’ Citi’s Singapore country officer and head of Asean markets & banking Piyush Gupta said yesterday.

‘Instead of paying $15 per sq ft in the central area, we build scale without having to pay costs in the Central Business District.’

Office rents have surged 40.7 per cent so far this year, rising 14.8 per cent in the third quarter alone.

In the Urban Redevelopment Authority’s prime office category - which includes Raffles Place and Marina Centre and Orchard Planning Area - the median rent for new leases was $11.89 per sq ft (psf) per month in Q3, up from $10.33 in Q2. In the general category, which makes up 80 per cent of office space, the median rent for Q3 was $5.29 psf a month, up from $4.60 in Q2.

The support units of the local banks are also located out of town. OCBC and United Overseas Bank are at Tampines and DBS is at Chai Chee.

Citi’s new premises at Changi - two built-to-suit office buildings with a total of 400,000 sq feet - can house 4,000 employees, representing almost half of Citi’s total staff strength of 8,500 in Singapore. About 1,100 staff will move to Changi in Q1 2009 and 2,000 more in Q4 2010.

Citi will locate its International Technology Office, Markets & Banking Asia-Pacific Operations & Technology and Asia Pacific Technology Infrastructure divisions at Changi.

These divisions are responsible for activities like transaction services, funds administration and technology functions. These divisions support not just Citi’s Singapore business but that in the region and globally, Mr Gupta said.

For example, the technology division supports international consumer business in more than 40 countries, with Singapore serving as global headquarters.

The transaction services processing division serves corporate clients in 16 countries. And the technology infrastructure division provides desktop, voice and network services to the region.

‘The move will allow us to consolidate our operations, technology and support services under one roof, providing for greater synergies, as well as catering for future business growth,’ Mr Gupta said.
Source : Business Times - 02 Nov 2007

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Mindy Yong

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Sub-prime woes won’t deter Singapore : SM

Sub-prime woes won’t deter Singapore : SM
Financial sector devt will continue here; Asia must press on
By CHUANG PECK MING

(SINGAPORE) Singapore is not going to be deterred by the US sub-prime mortgage meltdown and will press on with developing its financial sector, Senior Minister Goh Chok Tong said yesterday.

‘The key lessons include the need to monitor off-balance sheet exposure and institute better management and supervision of liquidity risks.’

- Goh Chok Tong

Asia was relatively untouched by the sub-prime crisis because it has yet to move into sophisticated structured credit financing in a big way, said Mr Goh, who is also chairman of the Monetary Authority of Singapore (MAS).

‘However, I believe that Asia should press on with its efforts to develop its capital markets in order to complement the banking system and improve the robustness and efficiency of its financial system.’

Speaking at British banking group Barclays’ Asia Forum here, he said Singapore will not relent in its efforts to develop its financial sector.

The island is already a key centre for asset management and trading of financial products like foreign exchange and derivatives, he said. And it is making good progress as a regional centre for innovative equity products, business trusts, exchange-traded funds and project finance.

‘We envision Singapore as a centre of excellence for financial training, education and research,’ Mr Goh said. ‘Hence we are deepening specialists’ capabilities in fields such as risk management, financial engineering and actuarial science.’
But market players and regulators must refine their understanding of risk as more sophisticated products are introduced. They should be familiar especially with how shocks can be transmitted through these products, he said.

‘We must then develop tools to manage such risks. Much of the recent financial dislocation stemmed from opacity in the distribution and pricing of risks for derivative products.

‘The key lessons include the need to monitor off-balance-sheet exposure and institute better management and supervision of liquidity risks.’

SM Goh acknowledged that these are tough issues to tackle because they have to be dealt with without imposing excessive regulatory burdens on market players or stifling financial innovation.

The sub-prime crisis has brought home the reality of growing inter-dependence, he said. Central banks, financial regulators and guardians of the public purse must work in close coordination. ‘They must also work with key counterparts in other jurisdictions.’

Another key issue that requires special attention is the setting up of crisis management and resolution frameworks to lessen systemic fallout when financial institutions run into trouble, Mr Goh said.
Source : Business Times - 02 Nov 2007

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Mindy Yong

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mindy@mindyyong.com

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Life after deferred payments starts with just 2 bids for site behind Icon - Singapore

Life after deferred payments starts with just 2 bids for site behind Icon - Singapore

Developers could be turning cautious, say analysts
By KALPANA RASHIWALA

(SINGAPORE) In a sign that developers are turning cautious after the withdrawal of the deferred payment scheme, a state tender for a 99-year residential site at Enggor Street behind the Icon development drew just two bids yesterday.

The higher bid by Far East Organization was 55 per cent above the only other offer by GuocoLand.

Far East offered $233.8 million or about $852 per square foot of potential gross floor area for the 32,681 sq ft plot near Tanjong Pagar MRT Station. GuocoLand’s $150.98 million bid works out to around $550 psf per plot ratio.

All eyes are now on a tender for the residential site next-door closing on November 15.

Far East’s breakeven cost for a new condo project is understood to be in the $1,340 to $1,400 psf range. That still leaves it with a profit margin based on current prices being achieved at Icon.

Caveats show that mid-level units (on the 20th to 22nd levels) of Icon have been changing hands in recent months in the $1,500 to $1,600 psf range in the subsale market, although units above the 40th storey have been sold by Far East at above $2,000 psf.

The property giant is understood to have sold a penthouse on the 46th floor recently for about $2,300 psf. It is now left with about 30 units in the 646-unit project, and its prices range from $2,000 to $2,400 psf.

For the latest site, called Land Parcel A at Enggor Street, BT understands Far East’s scheme is for a 62-storey tower with about 200 apartments - likely to be a spread of unit types like Icon - and is targeting to launch the project around end-2008 or early 2009.

Far East will develop retail space on the project’s ground level to be linked to Icon Village, the street-level retail component of its earlier project.

While property market watchers attributed the thin participation at yesterday’s tender to developers turning cautious following the withdrawal of the DPS scheme, some were puzzled by the disparity between the two bids. ‘Far East has crunched their numbers and know what they are in for, based on their experience with selling Icon units,’ a seasoned property consultant said.

However, some analysts could not help but suggest that Far East’s significantly higher offer may also have been partly motivated by a need to support property prices, including the values of sites it bid earlier. In September, the property giant clinched a prime condo plot next to Ang Mo Kio Hub for $601 psf per plot ratio - a record for suburban 99-year leasehold condo land. That tender attracted a whopping 14 bids. Another state tender for a condo site next to Kovan MRT Station that closed in early October drew six bids.

‘Developers are a bit concerned after the DPS withdrawal. It looks like they’ve chickened out of this tender,’ a seasoned property consultant said, when explaining yesterday’s thin bidding.

However, another property consultant, CB Richard Ellis executive director Li Hiaw Ho suggested that another reason for the lukewarm response yesterday could be due to the site’s location.

‘It is behind Icon and is sandwiched between a commercial site that has been awarded and another residential site (Parcel B) whose tender will close on Nov 15. Nevertheless, the site is about five minutes’ walk from Tanjong Pagar MRT Station,’ he added.
Source : Business Times - 02 Nov 2007

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

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mindy@mindyyong.com

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Singapore MAS comfort for guarantors in face of bank secrecy laws

Singapore MAS comfort for guarantors in face of bank secrecy laws

They have a right to be informed of their liabilities, though industry practice differs
By SIOW LI SEN
(SINGAPORE) In what is clearly good news for guarantors, the Monetary Authority of Singapore has clarified that they can still obtain relevant information from banks about their liabilities - despite the banking secrecy laws.
In other words, if you stand guarantee for someone and he starts chalking up huge debts, you don’t necessarily have to be kept in the dark. There are ways to ensure that the bank will share information with you, despite the secrecy laws. You also have a right to be periodically updated on the outstanding liabilities for which you are standing guarantor.

There has been a buzz about the issue after an Indonesian woman, who stood guarantee for her son-in-law’s liabilities, ended up having US$17.5 million (S$26.5 million) deducted from her account by American Express Bank. She sued to get the money back, but failed.

In a written judgement recently, Justice Lai Siu Chiu said, however, that the bank should have updated the guarantor on the extent of her liabilities. Significantly, there was a surge in her son-in-law’s borrowings right after she had pledged her money.

The bank contended that it was obliged by law to keep the information confidential, prompting Justice Lai to call for a change in Singapore’s banking secrecy laws.

MAS, however, told BT that the laws did not stand in the way of a guarantor’s interests.
‘The Banking Act provides for banking customers’ right to confidentiality of their information,’ said a spokeswoman for MAS.

‘This does not prevent a guarantor, who provides a guarantee to a bank for the liabilities of the bank’s customer, from safeguarding his interests. The guarantor may choose to limit the amount guaranteed. As a condition of the guarantee, the guarantor can insist that the bank periodically updates him about the outstanding liabilities for which he is standing as guarantor,’ the MAS spokeswoman added.

The guarantor can also require the bank customer to give express consent for the release of information relating to his liabilities to the guarantor, she said.

Bankers and lawyers that BT spoke to agreed that it was currently not banking practice to provide information to the guarantor. They said that it would probably need an industry review to make guarantee contracts more customer-friendly.

They also said that while secrecy laws did not actually prevent them from disclosing information to guarantors, the onus was on the guarantor to demand this.

‘Banks have thousands of guarantors and if a bank took on the role of informing them all, there will be no end to it,’ said a veteran banker. ‘You will probably have to set up a separate unit to do this,’ she said.

Also, keeping guarantors informed could be a sensitive issue, especially when it came to private banking clients.

MAS said that a guarantor should take necessary precautions, including obtaining legal advice. It also had a word for the banks.

‘As a matter of good business practice, a bank should explain the obligations and risks to the guarantor before he commits to any agreement with the bank,’ the MAS spokeswoman said.

One foreign banker said: ‘We want to be as transparent as possible and make an effort to disclose information to the guarantor but sometimes it is not possible because of the nature of the transaction.’

But Koh Ching Ching, OCBC head of group corporate communications said: ‘Under Third Schedule of the Banking Act, customer information may be disclosed if disclosure is permitted in writing by the customer. Therefore, if the customer has given his written consent to disclose his account information to the guarantor, the latter would still be able to access the liabilities of the customer.’

Added Maybank head of corporate communications Priscilla Loke: ‘Normally we do not keep the guarantor informed of the activities of the borrower’s account. However, if the guarantor requests for information on the account, we would oblige. The guarantor is party to the contract.’

One lawyer noted that the banking secrecy act under Section 47 provides for a number of exceptions where customer information can be disclosed such as in cases of an internal audit, outsourcing and getting the consent of the account holder.

Even so, the form signed by most guarantors generally provided little comfort.

‘The fairly standard guarantor form does not oblige banks to disclose substantial movements in the principal account; in fact, it often goes the other way - that the guarantor has to pay up whatever is demanded as outstanding,’ said Joy Tan, partner, Wong Partnership.

But banks can review this and get the express consent of the account holder to disclose details of the principal account before the agreement is signed, said Ms Tan.
Source : Business Times - 02 Nov 2007

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