Waterfall Gardens at Holland/Farrer Road - Singapore - District 10

Waterfall Gardens at Holland/Farrer Road - Singapore - District 10

Set back against the confluence of Farrer Road and Holland Road, Waterfall Gardens is your sanctuary from the ebb and flow of everyday life.

Located in Singapore’s exclusive District 10, this freehold condominium offers unobstructed views in every direction. With the city and major expressways mere minutes away, take a plunge at anytime into the river of excitement that urban living offers.

Name :  Waterfall Gardens
Developer :  Acecharm Pte Ltd
Tenure : FH
Property Type :  CONDO
Location : 8, Farrer Road,Singapore 268820
District : 10
Unit Type :(Waterfall Gardens)

Total Units: 132 in two 12-storey buildings

3, 4 Rooms:

Penhouses with rooftop swimming pool (12 units): up to 450 sq.m. (4844 sq.ft.)

 
Facilities

BBQ pits
Covered car park
Playground
24 hours security
 Squash court
Swimming pool
Wading pool
 

 
Nearest MRT Station

Commwealth MRT Station (1.29 km)
Buona Vista MRT Station (1.73 km)
Queenstown MRT Station (1.96 km)

Nearest Schools

St Margaret’s Secondry School (1.03 km)
Nanyang Primary School (1.07 km)
New Town Primary School (1.21 km)
Buy, Sell, Rent, Invest, In Singapore

Mindy Yong

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mindy@mindyyong.com

http://www.hotvictory.com

Development plans taking shape in Singapore Punggol

Development plans taking shape in Singapore Punggol

By Wong Siew Ying,

SINGAPORE : Punggol residents can expect a new shopping mall as large as Junction 8, in their town centre, when the Housing and Development Board (HDB) launches the first sale site at Punggol in the next two to three years.

The site will be used for a mixed commercial and private residential development.

Earmarked as Singapore’s waterfront town, much of the activities in Punggol will centre around a new waterway.

The HDB has completed technical studies for the waterway.

It will now explore ways to integrate eco-friendly features and how to make it safe and vibrant for different recreational options.

Work on the waterway is expected to start next year.

Mah Bow Tan, National Development Minister, said, “We are actually going to dig a major waterway, over four kilometres long and four metres deep; the width will varying depending on where it is. In three to four years’ time, we should have the new waterway completed.”

HDB has also launched a new design competition to get the private sector involved in the design of the waterway landscape.

A Waterfront Housing Design Competition will also be held to develop more concrete plans for a new generation of public housing.

Mr Mah said, “HDB is going to launch and build another 4,000 new homes in Punggol later this year for sale under the BTO (Build-to-Order) programme. So if you add it all up, we are going to have more than 20,000 new flats in Punggol.”

Going forward, HDB plans to launch the first public housing site along the waterfront in the next two to three years, after major works of the waterway are completed.

Some land will also be set aside for private residential projects.

HDB said fun and adventure await residents along the coastline.

Work on the coastal promenade will begin soon, while the development of a Rustic Park at Coney Island will start next year. - CNA/ms
 

Source : Channel NewsAsia  - 18 May 2008

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Mindy Yong

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Wife not automatically entitled to half of Singapore HDB flat

Wife not automatically entitled to half of Singapore HDB flat 

Q I am filing for divorce. My wife and I have an HDB flat with a joint-name tenancy status of equal share. Both of us are working, and we are childless.
My wife, however, did not contribute anything to the payment for the flat, as well as to the monthly loan instalments. We agreed to get divorced, and that I would pay her a lump sum that she had agreed to.

Is my wife still entitled to claim 50 per cent from the sale of the flat when our divorce case is finalised? Can I retain the flat while my divorce is being finalised?

A You did not indicate when you were married. There are statutory restrictions on a couple filing for divorce within the first three years of their marriage. You can only commence divorce proceedings within the first three years of your marriage if the court gives you permission to do so.

You must prove to the court that your case is one of exceptional hardship or there is exceptional depravity on the part of your spouse. If you are unable to do so, you will only be able to commence divorce proceedings after three years from the date of your marriage.

Your Housing Board flat is a matrimonial asset subject to division when the court deals with the divorce. You did not state whether you purchased your flat directly from the HDB or the open market. You also did not mention the type of HDB flat that you purchased.

These are important as there are restrictions imposed by the HDB on whether parties are eligible to sell their flat on the open market. This depends on whether they have fulfilled the requisite minimum occupation period, the type of flat they purchased, whether they have obtained a Central Provident Fund Housing Grant and whether they have taken a loan from the HDB.

You should verify with the HDB as to your eligibility to sell the flat. If parties are unable to sell the flat on the open market, then it has to be surrendered to the HDB upon the finalisation of the divorce proceedings.

You have indicated that you wish to retain the flat. This can be an alternative to surrendering it to the HDB. However, in order for you to retain it, you must satisfy one of the eligibility schemes as prescribed by the HDB.

You may wish to consult the HDB’s officers as to the various eligibility schemes they offer. Assuming you are eligible to retain your HDB flat, the court can make an order allowing you to retain it. This, however, means that you will have to pay your spouse her rightful entitlement to her share of the flat.

As to your query about your wife claiming 50 per cent of the proceeds arising from the sale, this is on the assumption that you are eligible to sell the flat on the open market in the first place.

Your wife may also decide to claim half of the flat’s value in the event you decide to retain the flat. Your wife is not automatically entitled to 50 per cent of it. The court takes into account many factors when deciding how much each party will be entitled to. This will depend on the financial contribution each party makes to the acquisition of the flat.

You mentioned that your wife did not contribute any payment for the purchase of the flat or towards the monthly instalments.

She will still be able to establish her claim to the flat by relying on her indirect contributions, such as looking after the home or caring for the family or any form of assistance rendered to you in the carrying on of your business.

The extent of her indirect contributions will invariably depend on the length of your marriage. If your marriage is of a short duration and you do not have any children, your wife’s indirect contributions may not be as substantial as compared to a case involving a lengthy marriage where parties have children.

Raymond Yeo
Partner
Harry Elias Partnership

 
Source : Straits Times - 18 May 2008

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Mindy Yong

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Not too late to cash in on Singapore office boom

Not too late to cash in on Singapore office boom 

Demand and rentals likely to stay healthy as supply remains limited, say analysts

By Fiona Chan, Property Reporter 
RARE INVESTMENT
There are probably fewer than 350 office and industrial buildings in Singapore available for sale on a strata basis.

 
The housing market in Singapore has started to turn bearish and investors are duly retreating from residential properties and property-related stocks.

But there are other classes of properties that may be worth a look for those still seeking to profit from property investments.

Offices seem the most obvious choice. The segment is still going strong even in the current market malaise, fuelled by a persistent supply crunch and strong demand for space from expanding businesses.

Investors may fear they have missed the boat, with office prices having soared 32.6 per cent last year alone. Growth in prices and rents has also started to moderate.

However, property consultants say it may not be too late to cash in on the office boom.

Demand is likely to stay healthy in the short- to medium-term even as new supply remains limited. Only one million sq ft of new space will be completed this year, according to Corporate Locations, which helps companies lease office space.

‘There is currently an excess of demand over available space,’ said Mr Moray Armstrong, executive director of office services at property consultancy CB Richard Ellis, in a recent report.

‘Landlords will still be able to achieve high rents on rent reviews or lease renewals, due to the absence of alternatives for occupiers.’

Property firm Colliers International also still sees ‘immense potential upside’ in office rents and values, noting that office values are still about 27 per cent lower than their peak in the mid-1990s.
Buoyant yields

Recently, office prices have started to flatten out with fewer transactions taking place. Rents, however, are projected to keep rising at least until 2010, when more substantial space comes onto the market.

Prices of offices inched up just 1.1 per cent in the first quarter, but rents jumped 7.3 per cent. This indicates that annual rental yields are on the rise and may climb further, property experts say.

Traditionally, yields of office space have been higher than most other types of property. In the last two years, net rental yields for offices largely ranged from 5 to 7 per cent - almost double the usual rental yield for homes, which is about 2 to 4 per cent.

The strong rental yield may also mean that investors can get away without forking out cash for the mortgage payments, said Colliers in a research paper last month.

It said the current fixed interest rate loan for commercial properties is between 4 and 4.5 per cent for the first two years, which means the rent will probably be enough to cover the mortgage instalments.

Higher yields also mean that investors in strata-titled office properties would be able to double their investment in a much shorter time than for homes, said Colliers. It projects 13 to 14 years for offices to reach that stage, compared to 18 to 29 years for homes.
Higher risks

With the greater returns from office investments also come greater risks, warns Colliers.

For one thing, it is more difficult to obtain financing, as banks generally lend only 60 to 70 per cent of the property’s sale price or market value, compared to between 80 and 90 per cent for homes. And interest rates tend to be higher for office loans.

Also, buyers cannot use their Central Provident Fund savings to pay for office purchases.

Investors hoping to reap windfall gains by buying older buildings with ‘collective sale potential’ should also be cautious, as the process is much more difficult for office buildings compared to condos.
How to buy an office unit?

Obviously, most casual investors are unable to afford entire office buildings. What they usually do is to buy strata-titled office units, which are sold singly. But these properties are few and far between.

There are probably fewer than 350 completed office and industrial buildings in Singapore that are available for sale on a strata basis, estimated Colliers.

Most of these, especially offices, are likely to be leasehold and more than 20 years old. These include Golden Mile Complex in Beach Road and High Street Centre in North Bridge Road, both of which have leases that started in 1969.

Investors looking for newer buildings can check out Suntec City Tower, Southbank at North Bridge Road and The Central near Clarke Quay. Units sold in these buildings between last July and February averaged $2,277 per sq ft (psf), $941 psf and $1,749 psf respectively, said Colliers.

Buyers of office units must first place an option fee of 1 per cent of the property’s purchase price, said Colliers. They have two weeks to decide if they want to exercise the option, by paying another 9 per cent.

After that, the buyer’s lawyer will conduct checks on the property’s title, tax, floor plans, tenancy schedule, and so on.

The sale is usually completed three months after the option is exercised, when the remaining 90 per cent of the price is payable.

Source : Straits Times - 18 May 2008

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Mindy Yong

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Landlord locks out 167 foreign workers - Singapore

Landlord locks out 167 foreign workers  - Singapore

S’pore company allegedly owes $23,500 in rent for Joo Chiat quarters

By Alvin Lim and Gabriel Yue 
It was after midnight by the time landlord Mohamed Ali (in green) removed the lock and let the workers back in for a night’s rest. He said he resorted to the lockout to persuade their firm to pay the rent it owed him. — ST PHOTO: DESMOND WEE
 
On Wednesday, some foreign workers had to endure a six-hour wait to gain entry into their Joo Chiat quarters.
The reason? The landlord of two double-storey shophouses, shared by 167 workers from Bangladesh, India and Myanmar, had locked them out.

This is the third time this has happened within a period of five months over the issue of late rental payments.

When The Sunday Times visited Joo Chiat at about 6pm last Wednesday, we saw workers milling around Joo Chiat Square, an open space next to their living quarters.

The number swelled to more than 160 by 11pm.

A Bangladeshi worker, who wanted to be known only as Alim, said: ‘Our company owes the landlord money.’

The workers are employed by a Singapore company called Deluge Fire Protection. Based in Joo Koon Crescent, its track record includes installing fire-protection systems for VivoCity.

The Sunday Times witnessed the firm’s human resource manager, MrTan Poh Peng, instructing the workers not to move around and talk to the media.

He also spoke to a police officer - a patrol car had arrived at the scene earlier - and was overheard threatening to break into the shophouses.

At about midnight, one of the locks at the shophouses was broken. Shortly after that, landlord Mohamed Ali appeared.

He marched up to Mr Tan to talk things over with him.

MrMohamed Ali alleged that Deluge owes him at least $23,500 in rent.

He said: ‘I managed to get some payment the last two times I locked the dormitories. I was really fed up this time.

‘When I threatened Deluge with locking up the dormitories again, Mr Tan told me to go ahead.

‘I feel sorry for the workers too. They are the real victims. But I have no choice. It’s the only way I can get the company to pay me,’ he added.

The workers were allowed to return to their quarters at 12.15am though the money issue apparently still had not been settled.

The lockout is not the only problem faced by the workers.

The Sunday Times found their quarters dirty and smelly. The 80 or so workers in each shophouse slept in bunk beds.

‘This place is not fit for animals, so how can it be fit for people to live in?’ lamented one Indian worker who declined to be named for fear of being sent home.

Other workers said there were cockroaches, rats and even snakes. Two weeks ago, they had no water for 10 days, they said. The electricity supply was also cut off for a week.

Mr Mohamed Ali said non-payment of rent was the reason. However, he added that he had asked contractors to install ventilation systems, additional fans and even an air-conditioning system.

‘I removed the air-conditioning system at a loss of $16,000 after I was told that air-con is ‘too good’ for the workers,’ he said.

Asked about the living conditions, Mr Tan said: ‘This is one of the better dormitories around.’

But a worker from Bangladesh, who gave his name as Imran, said: ‘If Mr Tan says this is very good, then what is bad to him? No toilet, electricity, tap, ventilation. This is considered good condition?

‘He can say that because he doesn’t have to live here.’

He added: ‘But we cannot push all the blame to the company. Mohamed Ali is also not good. By locking us out, he doesn’t treat us like human beings too.’

But their days at the Joo Chiat shophouses are numbered.

The Urban Redevelopment Authority has issued an eviction notice and the workers have to move out by Friday.

It said that the shophouses were not sanctioned for use as workers’ quarters.

Mr Mohamed Ali insisted that the place was sanctioned and suggested that the eviction had more to do with the fact that the local residents might have objected to the presence of so many foreign workers.

A resident, who wanted to be known only as Madam Ang and who owns a shop directly opposite the quarters, said: ‘They should live in proper dormitories.’

Mr Tan Ann Kiong, project manager of Deluge, said the company had been in a rush to house its workers and did not make thorough checks.

Deluge has found alternative dormitory accommodation in Sungei Kadut. But some workers like Imran are not sure if relief is in sight.

‘We may be moving soon, but who knows if our new place would be much better? There have been too many empty promises and I dare not hope for too much,’ he said.

 
Source : Straits Times - 18 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Seat belts compulsory for Singapore new minibuses

Seat belts compulsory for Singapore new minibuses 

Bigger school buses exempt; subsidy for needy to cope with any fee increase due to rule

By Nur Dianah Suhaimi and Dhany Osman 

 
The green light has been given for seat belts on school minibuses. The Government will start by making it compulsory for all new buses with up to 15 seats to be fitted with seat belts, Transport Minister Raymond Lim said yesterday.

As for minibuses already on the road, the Land Transport Authority (LTA) will need some time to study how they can best be retrofitted with seat belts, he said, speaking on the issue for the first time.

Speaking to Fengshan residents at a community dialogue in Tanah Merah, Mr Lim said: ‘The issue is not whether to do it but how best to implement it.’

He explained that the LTA would need three to six months to study how to fit seat belts into the 1,550 minibuses now on the road.

These buses have different designs and seat configurations. The issue here is that any change must be ‘effective in enhancing safety’.

If ‘they (the LTA) can do it sooner, they will do so’, Mr Lim said.

The LTA also needs to take into account the schoolchildren who may face some transport disruption when minibuses are retrofitted, he said.

Only minibuses will be fitted with seat belts. Bigger school buses will be exempt.

Said Mr Lim: ‘If you look at countries that had mandated seat belts, they have done so only for small buses. That is the international practice; we will follow that.’

Public pressure for seat belts on school buses has mounted since Russell Koh, eight, died last month after being flung out of a school minibus which did not have seat belts fitted.

Since the accident, parents and MPs have called for seat belts to be made mandatory for school buses.

However, school bus operators, while agreeing with the safety aspect, have expressed concerns over issues such as the reduced seating capacity on their buses.

This would affect their bottom line and mean higher bus fees for parents.

Mr Lim assured parents that needy families would be given assistance to cope with any increase in bus fees. The subsidies would not be given ‘across the board’ as ’some people can well afford it’, he said.

Parents and bus operators welcomed the news, saying that they were glad a decision had finally been reached.

Mr Louis Loh, 36, manager of Loh Gim Chong Transport, said: ‘In the past few years, the issue has been neither here nor there. I am glad there is finally some confirmation.’

His only concern was to be given enough time to retrofit his five minibuses.

‘We have only the weekends and the school holidays to do the retrofitting,’ Mr Loh said.

Asked if the LTA would provide financial help to bus operators who will need to fit seat belts on existing minibuses, the Transport Minister said that the authority will consider it as part of its study.

 
Source : Straits Times - 18 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com