The Element at Stevens - Singapore - District 10

The Element at Stevens - Singapore - District 10

Name : Element at Stevens
Developer : Heeton Holdings Ltd
Tenure : FH
Property Type : APT
District : 10

The freedom of choice, being able to live to some extent which allotsto the particular and different life styles, was the concept which led Element@Stevens by the draw-council to the raelity.

Three distinct modes for the life were conceived around a topic of waterscape regulated in an idyllic tropical garden. Only three apartments terraces, two dyuplexes and 12 apartments were built in this environment. The common device is the visual water-increased intimacy of ‘ flow ‘ - for all.

Unit Information :(Element @ Stevens)

Total Units: 17 in a 5-storey building.

2 BedRooms #01 (1 Unit): 94 sq.m. (1012 sq.ft.)
3 BedRooms #01 (1 Unit): 141 sq.m. (1518 sq.ft.)
3 BedRooms + study #01 (1 unit): 148 sq.m. (1593 sq.ft.)
2 BedRooms (3 Units): 89 sq.m. (958 sq.ft.)
3 BedRooms (3 Units): 123 sq.m. (1324 sq.ft.)
3 BedRooms + study (3 units): 129 sq.m. (1389 sq.ft.)
2 BedRooms duplex (2 Units): 100 sq.m. (1076 sq.ft.)
2 BedRooms penthse (1 Unit): 154 sq.m. (1658 sq.ft.)
3 BedRooms penthse (1 Unit): 221 sq.m. (2379 sq.ft.)
3 BedRooms + study penthse (1 unit): 245 sq.m. (2637 sq.ft.)

Real Estate Properties of Singapore buy , sell, rent, invest,

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

Must partnership income be reported in personal tax returns? - Singapore

Must partnership income be reported in personal tax returns?  - Singapore
FILING CORRECTLY: The precedent partner, or the first named in a partnership agreement, has to report both his and other partners’ share of income in Form P, and his own share of income in Form B or B1. 
 
I AM the precedent partner of a partnership. I have reported the partnership income as well as the share of income of all partners in the partnership Income Tax Return (Form P).
Do my partners and I have to report our own share of partnership income in our Individual Income Tax Returns (Form B or B1)?

OBLIGATION AS A PRECEDENT PARTNER

As the precedent, or first-named, partner of a partnership, you will have to report the partnership income and the share of partnership income of all the partners, including your share, in Form P.

Also, you are required to inform all your partners of their share of income from the partnership.

You will have to declare your own share of partnership income in your own individual income tax returns (Form B or B1).

OBLIGATION AS A PARTNER

If you are not the precedent partner, you have to report only your own share of partnership income in your individual income tax return (Form B or B1).

Please check with your precedent partner on your share of income from the partnership.

Not declaring or under-declaring your partnership income is an omission which is an offence under the law.

For more information on the responsibilities of a precedent partner, please go to the Inland Revenue Authority of Singapore’s website at www.iras.gov.sg> Businesses>For Partners

Tax breaks for investors in start-ups
I heard that investors in start-ups can claim rebates under the Enterprise Investment Incentive Scheme. How does it work?
The Enterprise Investment Incentive (EII) Scheme aims to help start-ups attract more investments as investors can deduct up to $3 million of losses against their taxable income.

The start-up company should meet these criteria:
Be an unlisted company in its initial years of existence with a paid-up capital of at least $10,000;

Be primarily engaged in innovative and high-growth activities, with substantial developmental content for a specific product, process or service; and

Be incorporated in Singapore with business activities mainly in the Republic.
Your investment should meet these criteria:
Be in the form of a purchase of new ordinary share capital in the qualifying start-up and not replacement capital or debt instruments (such as convertible loans);

No condition in the shares that would eliminate the investor’s risk;

Shares must be issued and acquired by the investor during the time of the start-up’s approved status;

A loss will be recognised under this scheme, provided the sale of the shares occurs between the start of the second year and the end of the sixth year from the date of purchase of the shares;

Each investment must be at least $1,000;

An investor can be an individual or a company.
Individuals include the entrepreneur who founded the start-up, and relatives and employees who purchased shares from the start-up at market price (this excludes share allocations to employees and shares obtained by exercising employee stock options).
Source : Straits Times  - 19 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Aussie firm inks $5b Singapore Marina Bay contract

Aussie firm inks $5b Singapore Marina Bay contract 

By Joyce Teo, Property Correspondent 
MAJOR INVESTMENT: Australia-based MGPA’s Marina View development will yield about 200,000 sq m of space and include a luxury hotel. — PHOTOS: MGPA, SIMON TREACY
 
 
AUSTRALIAN company Macquarie Global Property Advisers (MGPA) is investing $5 billion in an integrated commercial development in Marina Bay and looking for more investments in Singapore and the region.
MGPA’s chief executive for Asia developments, Mr Michael Wilkinson, said at the development’s signing ceremony yesterday that the company is optimistic about Singapore property.

Mr Simon Treacy, who heads the firm’s Asia investments unit, agreed, saying: ‘Fundamentals are great in the medium to long term.’ He added that MGPA is keen to invest in Singapore’s residential, retail and office sectors.

The $5 billion investment will be the private equity fund management firm’s largest in South-east Asia although it has invested $4.5 billion in Singapore over the past 18 months.

‘MGPA’s participation is a demonstration of the growing interest from foreign real estate investors in Singapore,’ said Minister of State for National Development Grace Fu at yesterday’s signing ceremony for the project.

Ms Fu, the guest of honour, said the Government is committed to supplying adequate land for prime office developments. The new area at Marina Bay will provide about 2.82 million sq m of office space - more than twice the size of London’s Canary Wharf, she said.

MGPA’s Marina View development alone will yield about 200,000 sq m of space.

It had successfully tendered for the first 1.02ha Marina View site with a $2.02 billion bid last September.

The Australia-based firm then won the second 0.9ha site last November at a $950 million bid.

The first office building will be completed in 2011, and the second - which will boast a luxury hotel with at least 220 rooms - will be ready a year later.

Source : Straits Times  - 19 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Asian bourses stage recovery on hopes of Fed rate cut - Asian

Asian bourses stage recovery on hopes of Fed rate cut  - Asian

China’s vow to fight inflation renews fears of higher rates though

By Alvin Foo, Markets Correspondent 
 
MOST Asian bourses posted cautious gains yesterday in a nonetheless turbulent session as they recovered some of Monday’s losses caused by the shock Bear Stearns news.
Expectations of a hefty cut in a key US interest rate at last night’s United States Federal Reserve meeting added some sparkle to Asian markets.

But they endured a rough ride after Chinese Premier Wen Jiabao expressed doubts that China could meet this year’s inflation target.

He said the nation will take ‘forceful’ steps to fight rising prices - dampening investor sentiment, given fresh worries of rising interest rates in China.

As a result, mainland China bourses could not escape another mauling. Shanghai stocks slid 4 per cent, while Shenzhen took a 6.6 per cent battering.

This contrasted with Japan’s Nikkei 225 Index - up 1.5 per cent - and Hong Kong’s Hang Seng Index, which added 1.4 per cent.

Some analysts fear the worst may not be over for Asian equities.

Credit Suisse said: ‘We expect Asian markets to correct by another 20 to 35 per cent before bottoming.’ It advised investors to stick to defensive stocks such as telcos and utilities, while avoiding exporters and banks.

Back home, the Straits Times Index rose 40.83 points to 2,833.58, almost recovering all of Monday’s losses.

It was boosted mainly by post-lunch gains in Hong Kong and bright US futures during Asian trading hours, which pointed towards a positive opening on Wall Street.

The volume was heavier than Monday’s, with 1.58 billion shares worth $1.71 billion traded.

‘We could be seeing a ‘buy on anticipation’ ahead of tonight’s Fed meeting,’ said a local dealer.

The charge was led mainly by the three bank counters. DBS Group Holdings was among the top gainers, surging 44 cents to $17.14. United Overseas Bank jumped 38 cents to $17.54, while OCBC Bank added 13 cents to $7.65.

Property counters ended mixed after data released on Monday showed last month’s new homes sales in Singapore almost halved from the previous month. City Developments dipped four cents to $9.95, but CapitaLand gained 31 cents to $5.86.

Deutsche Bank noted: ‘We expect the market to remain subdued in the near term with most launches to be held back until the second half…at the earliest.’

Also on the radar were palm oil plays, after palm oil futures in Malaysia slumped to their daily limit of 10 per cent yesterday - its biggest drop in a decade.

Wilmar International slumped 20 cents to $3.60, Golden Agri-Resources fell as much as 21.2 per cent before closing 9.5 cents down at 80 cents.

In contrast, Tri-M Technologies soared 223.8 per cent after it announced a share placement and plans to diversify into oil.

Source : Straits Times  - 19 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Allco Reit in court to fend off downgrade - Singapore

Allco Reit in court to fend off downgrade  - Singapore

It had an injunction to stop Moody’s revision, but this was lifted yesterday
By Fiona Chan & Selina Lum 
PROPERTY PLAYER: Allco Commercial Real Estate Investment Trust owns buildings such as China Square Central (above) and Keypoint (next photo) in Singapore. — ST PHOTO: LIM SIN THAI
 
 
IN AN unprecedented move, a Singapore-listed property trust has taken legal steps to avoid being downgraded by a credit rating agency for the second time in two months.
Allco Commercial Real Estate Investment Trust (Reit), which owns buildings such as China Square Central and Keypoint in Singapore, last week obtained a High Court injunction to prevent Moody’s Investors Service from revising its rating, sources said.

The injunction was lifted yesterday. This prompted Moody’s to send an e-mail to subscribers saying it would drop Allco’s rating by one notch, from Ba1 to Ba2, with more downgrades possible.

This comes less than two months after Moody’s downgraded Allco one notch from Baa3 to Ba1 on Jan 31.

These ratings gauge a company’s ability to repay its debt. A Ba-rated company is judged to have speculative elements and a future that is not well-assured, according to definitions from Moody’s.

But the drama did not stop there. Allco then filed a last-ditch appeal yesterday against the removal of the injunction - only to withdraw it hours later, according to sources.

Allco Singapore, which manages Allco Reit, declined to comment but issued a statement last night confirming the lower rating.

The company’s huge effort to avoid being downgraded comes amid a worsening global credit crunch that has made it difficult for firms to secure funding.

Stock markets are in turmoil and banks, many of which are in trouble themselves, are holding back on lending money.

Allco’s ultimate holding company, Australian asset manager Allco Finance Group, is struggling with its own problems in repaying debt. Two weeks ago, bankers seized 14 per cent of its outstanding shares as collateral for unpaid loans, according to news agency Bloomberg.

Moody’s lowered rating for Allco Reit could complicate any effort by the firm to raise funds, even as its debt nears maturity.

The trust had intended to raise up to $150 million last year by issuing new units to unitholders, but cancelled the plan in November, citing market conditions.

In its e-mail yesterday, Moody’s said its new Allco rating ‘remains on review for further possible downgrade’.

Among other things, the review will focus on Allco’s announcements earlier this month, which revealed its parent company’s unpaid debts. Allco Reit itself will write off A$1.6 million (S$2.1 million) that its parent company owes it.

The Reit, which also owns properties in Japan and Australia, said it may sell its Australian assets. It has stakes in two office towers in Perth and Canberra, and an interest in a fund that invests in Sydney properties.

Moody’s review will also consider Allco’s debt that is due for refinancing in the coming months.

Its downgrade of the Reit in January was partly due to the trust having $550 million of debt due to be refinanced on July 31.

The agency also said Allco had a weakened credit profile and an ‘aggressive’ financial strategy.

Other Singapore Reits downgraded or placed on review for downgrade this year include Mapletree Logistics Trust and Suntec Reit, according to a Reuters report earlier this month.

By comparison, the CapitaMall Trust Reit was given a A2 rating by Moody’s. This rating, Moody’s sixth-highest, is considered to be upper-medium grade with low credit risk.
Source : Straits Times  - 19 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore HDB launches 576-unit Yishun project

Singapore HDB launches 576-unit Yishun project 

By Jessica Cheam 
THE Housing Board yesterday launched 576 build-to-order (BTO) flats in Yishun for sale and also named the sites of upcoming sales projects - a first for the board.
Five more BTO launches - two each in Punggol and Sengkang and one in Woodlands - will be held from now until June. Flats under the scheme are built only when a certain demand is reached.

The HDB also announced yesterday that the application period for all BTO and balloting sales exercises has been cut from three weeks to two with immediate effect.

This is because the ‘vast majority of applications are submitted within two weeks of a launch’, it said.

HDB’s new launch - Jade Spring @ Yishun Phase 2 - is the second BTO sale this year.

It offers 36 two-room units, priced from $77,000 to $97,000, and 72 three-roomers that will cost between $124,000 and $141,000.

There are also 468 four-room flats, which will go from $189,000 to $253,000.

By 5pm yesterday, the HDB’s website had recorded 247 applications. Names can be lodged until March 31.

The project is at the junction of Yishun Ring Road and Yishun Avenue 11, and is near Yishun town centre, the MRT station and the upcoming Khoo Teck Puat Hospital.

It is also not far from Lower Seletar Reservoir, which the national water agency PUB has singled out for transformation under its Active, Beautiful, Clean Waters programme.

Last year, the HDB also announced plans to rejuvenate Yishun with a host of new housing, commercial and recreational developments.

Plans include a revamp of the bus interchange, which will be integrated with a shopping complex and new homes.

An exhibition of Jade Spring @ Yishun Phase 2 can be viewed at HDB Hub’s Habitat Forum in Toa Payoh.

The latest launch and the five scheduled over the next three months are in line with HDB’s previous announcement to launch 4,500 BTO flats in the first half of this year to meet the recent high demand for public homes.
Source : Straits Times  - 19 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

S’pore on radar of young scientists

S’pore on radar of young scientists 

By Chang Ai-Lien, Science Correspondent 
A*STAR ATTRACTION: Armed with their resumes, visitors to A*Star’s booth at the American Association for the Advancement of Science meeting in Boston last month included young scientists from Havard and MIT who were keen to find out about working in Singapore. — PHOTO: A*STAR
 
DOZENS of young scientists from the likes of Harvard and the Massachusetts Institute of Technology (MIT) were among the 800 visitors milling around the Singapore exhibit at the world’s largest general science conference.
Armed with their resumes, their questions flew thick and fast at the American Association for the Advancement of Science (AAAS) meeting in Boston last month, where Singapore was making its debut.

‘They were asking direct questions about the nuts and bolts of working in Singapore, how to get here as soon as possible,’ said Dr Andre Wan, deputy executive director of the Biomedical Research Council of Singapore’s Agency for Science, Technology and Research (A*Star).

‘That the science we do would pass muster seemed a given.’

Things have progressed fast.

The applications of some of the post-doctoral researchers - scientists who could have their pick of virtually any laboratory to work in - are already being processed by institutes here, The Straits Times understands.

The prime pickings were a big reason that the A*Star team, headed by chairman Lim Chuan Poh, were out in force at the five-day meet.

A highlight of the international science calendar, it attracted more than 8,000 scientists, engineers, policymakers, educators and students.

If the slick videos of Singapore’s gleaming research cities of glass and steel did not do the trick, former converts were there in the flesh to describe the wonders of working in the Republic.

Professors Nancy Jenkins and Edison Liu - both former US National Cancer Institute bigwigs who moved here - were there to mingle at the booth, as well as to present the latest cancer work being done here.

AAAS chief international officer, Dr Vaughan Turekian, underlined the importance of A*Star’s participation, saying: ‘We believe it was mutually beneficial for achieving our shared goal of increasing global collaborations in science and technology.

‘My own conversations with a number of attendees clearly demonstrated that A*Star’s exhibition was well received.’

Generous funding and the option of working with the best minds and facilities have whet the appetites of scientists like systems biology researcher Tony Yeo, who is currently at a university in Greater Boston.

‘Things are really happening fast in Singapore. I might consider moving there,’ he said.

The local effort - the most visible since Mr Lim took over from his predecessor Philip Yeo almost a year ago - prompted the scholarly journal The Chronicle Of Higher Education to call Singapore ‘The Little Country that Roared’, a reference to its ambitions to become a scientific and technological powerhouse.

While there, Mr Lim and his team visited top labs and scientists researching areas as diverse as energy and ageing. They also spoke to teachers and scholars about highly successful science and maths teaching methods in Singapore.

Said Mr Lim: ‘We are reaching out to the community of people who will think seriously about Singapore, and getting a broader range of scientists to know about us.’

This not just in stem cells and the biomedical sciences, which the country is better known for, but also its extensive work in engineering - from biofuels research to data storage.

He has also been travelling the world, to areas such as Eastern Europe and Central Asia.

The aim: to sniff out possible collaborations and employees that could help Singapore take its science and engineering research forward, as an army of almost 800 local scholarship holders complete their PhDs to join the ranks of researchers here.

Before Boston, Mr Lim was in Pennsylvania, where he scored another coup.

Professor William Kelley of the University of Pennsylvania School of Medicine, who is famous for his efforts in integrating medical research and treatment, was persuaded to join Singapore’s Biomedical Sciences International Advisory Council.

Prof Kelley said that he was very impressed with the goals established in Singapore to build ‘a great biomedical research and educational enterprise’, ranging from the most basic research to clinical work and related industries which are critical for successful product development and commercialisation.

‘The processes they have in place to achieve their goals and their successes to date are remarkable. This will be an interesting learning experience for me,’ he said.

Indeed, the latest research data shows that Singapore’s research output, while small in absolute terms, is growing exponentially.

The country’s scientific output increased by 72 per cent from 2000 to last year, according to Wiley-Blackwell, a leading publisher of scientific, technical and medical journals.

And with an R&D expenditure of about US$3.1 billion (S$4.27 billion) in 2006, it generated publications at a rate of 0.3 publications per researcher, a ratio higher than both China and Japan - countries which had spent significantly more on research that year.

Said Mr Iain Craig, a director at the firm: ‘Singapore’s research output is on track to reach, and then exceed, the world average in the next few years.

‘The country has definitely established itself as an essential collaboration partner for both regional and international research institutes.’
 
Source : Straits Times  - 19 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore HDB’s 2nd BTO project takes off

Singapore HDB’s 2nd BTO project takes off

By ARTHUR SIM

THE Housing and Development Board launched its second build-to-order (BTO) project yesterday.
 
Five more BTO projects will be launched by June, making available 3,430 flats and taking the total to 4,500 for the first half of 2008.
 
 
Jade Spring @ Yishun (Phase 2) will have 576 flats for sale. With 494 flats launched last month, HDB has made available a total of 1,070 flats so far.

It says five more BTO projects will be launched by June and they will make available 3,430 flats, taking the total number to 4,500 for the first half of 2008.

At the end of the first day of the Jade Spring @ Yishun (Phase 2) launch yesterday, HDB had received 247 applications.

Cushman & Wakefield managing director Donald Han said that demand for BTO flats is expected to remain firm despite volatile economic conditions worldwide. ‘HDB buyers are different from those in the private market,’ he said.

And because there are few launches at the low end of the private residential market, he reckons that that sector is not likely to be affected by new BTO projects.

Mr Han said that while the top price for a four-room flat at Jade Spring is around $250,000, a low-end mass market private home costs at least $500,000. ‘At these prices, the HDB market still has room to grow,’ he said.
 
Jade Spring will comprise mostly four-room flats, costing $189,000-$253,000 for unit sizes of 92-97 square metres.

Three-room flats will cost $124,000-$141,000 for unit sizes of 67 sq m. Two-room flats will cost $77,000-$97,000 for unit sizes of 47 sq m.

The monthly household income ceilings for purchasing the flats are $2,000 for a two-room unit, $3,000 for three-room and $8,000 for four-room.

ERA Realty Network assistant vice-president Eugene Lim said that the flats should appeal to first-timers and those with lower budgets, as little or no cash is needed to buy them.

He estimates that the median cash-over-valuation (COV) for a four-room Yishun resale flat is about $18,000. Current resale prices of four-room flats of about 20 years old at Yishun Avenue 11 are around $230,000-$260,000.

Mr Lim said that the HDB resale market is still active despite the global economic bad news. ‘Any flat that has a COV of $50,000 and below sells relatively quickly, usually within a month or less.’

Source : Business Times  - 19 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore Jurong West landed plot not awarded

Singapore Jurong West landed plot not awarded
THE government yesterday said that it’s not awarding a landed housing parcel in Jurong West - because the bids were too low.
When the tender for the 151,759 square foot site closed this month, there were just two bids. And the higher of the two was a low $11.8 million - or just $77.80 per square foot - in what was taken as a sign of an uncertain property market. That bid, from Boon Keng Development, was significantly below the $200-$250 psf of land area that analysts reckoned the site could fetch.

The other bid came from Sunway Concrete Products, a unit of Malaysia-listed Sunway Holdings. It offered $10.3 million, or $68.10 psf of land area.

Property analysts said then that there was a chance the government would not award the site, as has happened before when the highest bid was too low.

In January, for example, the government decided not to sell a short-term office site at Aljunied because the sole bid was too low. The move followed a string of lower-than-expected offers for state land.

‘The decision is expected on the Jurong site, as the top bid was well below the market rate,’ Cushman & Wakefield managing director Donald Han said yesterday. ‘It would not have been justifiable to award the site, as it would have been a shockwave in terms of market value in that area.’
 
It is estimated that 50 to 60 landed homes can be built on the 99-year leasehold site in Westwood Avenue.

Source : Business Times  - 19 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

MGPA’s Marina View project to cost $5b - Singapore

MGPA’s Marina View project to cost $5b - Singapore

Devt to have over 2.6m sq ft in two towers of more than 40 storeys each
By ARTHUR SIM
MACQUARIE Global Property Advisors (MGPA) will spend about $2 billion building a commercial complex on two development sites at Marina View that it clinched last year.
 
On the drawing board: Artist’s impression of MGPA’s Marina View project which will have a 250-room hotel 
With the sites having cost close to $3 billion, the total investment will be around $5 billion.

MGPA bid for the two sites at separate public tenders just three months apart. It paid $1,409 per square foot per plot ratio (ppr) for the first parcel in September 2007 and $952.90 psf ppr for the second in November that year.

The second parcel does come with a requirement to provide a hotel component.

Speaking at the building agreement signing ceremony yesterday, MGPA CEO (Asia Investments) Simon Treacy said that there could be more bargains in the offing here.

‘The next six to nine months will have even better pricing available,’ he said.

Mr Treacy did not give details of future acquisitions here but was bullish on the office sector, where he believes rents can rise between 10 and 25 per cent this year.

MGPA’s Marina View development is expected to have a total gross floor area (GFA) of more than 2.6 million sq ft in two 40-storey-plus towers with a 20-metre-high podium.

According to the conditions of the tender, at least 70 per cent of the GFA of the first site must be developed as office space. The second site must have at least 60 per cent office space.

Also speaking at yesterday’s ceremony was MGPA CEO (Asia Developments) Michael Wilkinson, who revealed that there will be a 250-room luxury hotel. He also said that the retail podium is likely to have a significant number of F&B outlets to support the offices.

While a residential component is allowed, Mr Wilkinson said that this is not likely at the moment. However, he said that the design has not been finalised and MGPA is having ‘extensive discussions’ with the authorities to settle this.

MGPA has invested about $4.5 billion in Singapore over the last 15 months. Other major acquisitions include Temasek Tower, which it bought for $1.04 billion in March 2007.

Source : Business Times  - 19 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com