Singapore En bloc fever catches on in HUDC estates

Singapore En bloc fever catches on in HUDC estates

Shunfu Ville, Eunosville, Serangoon North residents trying to go private to enable collective sales

By Nur Dianah Suhaimi
SOME RESIDENTS OF EUNOSVILLE have offered to help neighbours such as Madam Maznah Ahmad (in front, with neighbours) apply for bank loans for the $30,000 privatisation fee. ST PHOTO: WANG HUI FEN

THE collective sale fever that has swept through condominiums has spread to three HUDC estates.
Residents in Shunfu Ville, Eunosville and Serangoon North are trying to privatise their estates so that they can sell their flats to private developers for a premium in collective sales.

These HUDC flats, which come with a 99-year lease, were developed in the 1970s and 1980s for people who did not qualify for HDB flats but could not afford private apartments.

In privatisation, the residents essentially pay the HDB to take over the ownership of common property such as carparks and landscaped areas. They also take over the management of the estate from town councils.

Owners pay about $25,000 to $30,000 each for privatisation. This covers the cost of common property that has been transferred to owners, legal costs, survey and other processing fees, all of which can be paid using their Central Provident Fund savings.

At least 75 per cent of the owners must agree to privatisation. Of the original 18 HUDC estates in Singapore, 11 have already been fully privatised. The latest was Laguna Park in Marine Parade in July.

For the 358-unit Shunfu estate, this is its third attempt at privatisation. The first try in 2001 failed because only half the residents were for the idea.

In July this year, the residents tried to speed things up by launching a privatisation and collective sale exercise at the same time. They appointed Knight Frank as the marketing agent and even got a developer willing to foot the privatisation fees.

But HDB put a stop to their efforts, saying the estate must first attain privatisation before attempting any collective sale, said Shunfu’s pro tem committee chairman Philip Liau.

Thanks to talk of a collective sale, a 1,700 sq ft flat in the estate was sold for $850,000 this month - $200,000 more than the average price before. Some residents hope to receive up to $1.2 million for their flats in a collective sale.

At Eunosville - where many residents of the 10-block estate are retirees - getting owners to part with $30,000 for the privatisation fee can be difficult.

To overcome this, some residents have offered to help them apply for a bank loan.

Retired nurse Maznah Ahmad, 68, said: ‘They said I can pay back the bank after I get my en bloc money. But what if there is no en bloc?’

She and her husband, a 70-year-old retired teacher, have been living in their 1,700 sq ft maisonette for 20 years. The couple plan to transfer ownership of their home to their son, who will then pay the privatisation fee from his CPF savings.

Eunosville’s pro tem committee chairman Suhaimi Mustapha told The Sunday Times yesterday that the panel has almost secured the 75 per cent vote needed.

Serangoon North’s pro tem committee declined comment, saying its privatisation efforts are still in the early stages.

Over at Neptune Court in Marina Parade, residents are also trying to privatise their 752-unit estate, which is built on land owned by the Finance Ministry, not HDB.

A committee of residents is in talks with the ministry.

Source : Straits Times - 18 Nov 2007

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Much to gain from Asean integration: PM - Singapore

Much to gain from Asean integration: PM - Singapore

By Li Xueying

MORE jobs. Cheaper products. Higher incomes. Travel without visa restrictions.
These are just some ways that Asean’s man in the street can benefit from the closer economic integration the grouping is seeking to achieve, Prime Minister Lee Hsien Loong noted yesterday.

And businesses stand to gain by being able to operate more easily in the region.

A more integrated Asean, with a total GDP of US$1 trillion (S$1.45 trillion), will also be better placed to strengthen ties with key trading and investment partners, he told 800 business leaders and officials when opening the Asean Business and Investment Summit here.

Mr Lee, who has underlined the need for closer economic integration on several occasions ahead of this week’s leaders’ summit, said this is important to ensure Asean remains an attractive investment destination.

The blueprint drawn up for achieving an economic community provides a comprehensive plan for this, but it must be followed up by systematic and committed implementation, he said.

And while there remain challenges of how development will impact on the environment and the rich-poor divide, he said there is room for optimism.

He reminded businessmen of Asean’s central position in Asia, which is a major driver of global growth: ‘Our countries offer complementary advantages to businesses, and a neutral core around which the rest of Asia can build economic ties, and a regional framework of cooperation.

‘To sustain this, Asean has to become more integrated and cohesive. Only thus can we keep up with larger and stronger economies such as China and India.’

This is the driving force behind establishing the Asean Economic Community - a single market and production base with a free flow of goods, services, investments and skilled labour by 2015.

Closer integration benefits the peoples of Asean in many ways, he added.

‘They will enjoy cheaper and more easily accessible products. More jobs will be created as the region attracts new investments.’

And as the region grows, incomes and standards of living will rise, there will be more opportunities to work in other countries, and it will be easier to travel at more competitive fares and without visa restrictions.

The blueprint that Asean has drawn up also sets milestones for removing trade barriers and implementing efficient business processes across borders, he said.

Myanmar national Ms Hla Myint, a strategy consultant in a company that sells alcoholic drinks, said she is looking forward to such developments, given that her company aims to export regionally.

Closer integration also has implications for Asean’s bargaining power as a group, and Mr Lee noted that progress has already been made on free trade agreement talks with countries such as China and South Korea.
Source : Straits Times - 18 Nov 2007

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MACKENZIE 88 Condo / Apartment for Sales

MACKENZIE 88 Condo / Apartment for Sales

Price are subject to changes , please call (+65) 91002985 for lastest update

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SM Goh spells out how CDCs can tackle 3 challenges in Singapore

SM Goh spells out how CDCs can tackle 3 challenges in Singapore

By Jeremy Au Yong

LOOKING at the rapidly changing face of Singapore, Senior Minister Goh Chok Tong finds three spots that pose a big challenge.
One comes from the continuing wave of newcomers calling Singapore home. Expect about 70,000 new citizens and permanent residents this year, he said.

Another is the widening income gap as global competition for talent results in the less-skilled being increasingly left behind.

The third is the way Singaporeans view the old. Singapore has one of the fastest ageing populations but attitudes towards ageing, he said, ‘are not changing fast enough’.

In giving his take on these issues last night, the Senior Minister also spelt out how they can be tackled.

But before he went into his two solutions, Mr Goh dwelt at length on the three spots of concern he called ‘The Three Cohesions’.

The cohesion between new-old Singaporeans seems of particular concern to him as he gave his analysis to about 1,000 people at a dinner to toast the 10th anniversary of the Community Development Council (CDC).

At least five ministers were present, including Prime Minister Lee Hsien Loong. With the ex-mayors and mayors of the five CDCs, they launched a book on their decade-long work in looking after the needs of the needy.

The CDC is Mr Goh’s baby and last night, like a fond father, he set out for them their challenges, and how he believes they can be tackled.

The forces of change are unavoidable as Singapore becomes more globalised and cosmopolitan, said Mr Goh.

As immigrants arrive, there are consequences, he said, highlighting a phenomenon called ‘hunkering down’.

The term was coined by a Harvard political scientist, Professor Robert Putnam. He found that as society becomes more multicultural, there is less unity and trust among different groups, and even among people of the same race.

Mr Goh sees signs of ‘hunkering down’ in his constituency, Marine Parade.

He gives an annual reception to new residents and he noted: ‘Those from China, India and Korea were not married to Singaporeans while those from Europe, Africa and our neighbours were.’

As for erosion of trust within the same race, there are signs of it among the Chinese and Indians, he said.

‘In terms of accent, culture and habit, Singapore Chinese are different from their PRC counterparts…

‘As for Indians, I’ve heard the Indians from India…sometimes come across as sedikit atas (slight air of superiority) to our local Indians.’ But some Singaporean Indians also display the same attitude towards low-skilled foreign workers from India, he added.

In his study, Prof Putnam found that successful immigrant societies have developed ‘more encompassing societal identities’ while keeping the social fabric strong.

To bridge the gap between the rich and poor, the key is to give the poor the motivation and the means to invest in their own training and their children’s education, he said.

On the cohesion between the elderly and young, Mr Goh, who is 66, noted: ‘The 60-year-old of today…is better educated, healthier and will live easily for another 20 years. The 60-year-old of tomorrow will be even better off.’

To meet the challenges, Mr Goh outlined two priorities. One is to organise more activities to encourage inter-mingling between young and old, rich and poor, old citizens and new citizens. The second is for the CDCs to shift from just providing the poor ‘pain relief’ to include preventive measures.

South West District Mayor Amy Khor said Mr Goh hit the nail on the head in his ‘concise depiction of what challenges the CDCs can help overcome’.

Source : Straits Times - 17 Nov 2007

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Banyan Tree to sell hotel suites - Singapore

Banyan Tree to sell hotel suites - Singapore

By NISHA RAMCHANDANI

SINGAPORE is expected to show strong demand when Banyan Tree Residences holds a launch here this weekend for its branded hotel residences.

Havens: The Banyan Tree Phuket residences - which has seen the strongest demand - start at US$1.5 million, while Banyan Tree Bintan begins at a more affordable US$440,000

Banyan Tree Residences - one of the business segments of mainboard-listed Banyan Tree Holdings - offers the sale of hotel villas or suites to investors under a leaseback scheme.

Investors can choose to receive a fixed return of 6 per cent of the purchase price for six years or one-third of the net room revenue for the same period of time. After six years, investors have the option to renew their decision.

Owners will also be entitled to 60 days of use of their residence a year as well as discounts and privileges at Banyan Tree, Angsana and Colours of Angsana resorts.

Depending on which returns option the investor picks, the 60 days may be subject to black-out periods.

Banyan Tree currently has residences in Phuket, Bangkok, the Seychelles, Lijiang and Bintan.

While Banyan Tree has been selling residences since 2002, the concept and brand of Banyan Tree Residences was only launched this year.

The Banyan Tree Phuket residences - which has seen the strongest demand - start at US$1.5 million, while Banyan Tree Bintan begins at a more affordable US$440,000.

The Banyan Tree Phuket currently has 16 of the 43 residences still available. Twenty have been sold, while seven have been reserved.

The majority of the customers for Banyan Tree Lijiang were mainland Chinese, said Richard Skene, assistant vice-president (property) for Banyan Tree Residences.

The recent launch in Hong Kong saw a lot of people reserving units. This would mean putting down a reservation deposit but investors still have a month to decide.

Hong Kong was the major market for Phuket, and as Singapore has similar characteristics and a thriving property market, he reckons that the response here will be good.

‘The feedback so far leads us to believe it will be successful. Singapore should be a close second to Hong Kong, and maybe one day take over,’ he said.

He also pointed out that demand is not likely to be drastically affected by changes in the property market as their target customers would probably be less sensitive to normal market circumstances. ‘We’re not selling mass market properties,’ he added.

For the third quarter of this year, Banyan Tree Residences contributed about $3.6 million to revenues, down from $9.1 million in the corresponding quarter last year.

Revenues for Banyan Tree Holdings for Q307 overall was $82.5 million.

However, the group said the drop in revenue for residences in Q307 was due to revenues that could not be recognised for units sold, as construction had yet to begin.

The launch for Banyan Tree Residences is being held today and tomorrow at The Fullerton Hotel.

Source : Business Times - 17 Nov 2007

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