New law allows Singaporeans to appoint proxy decision makers

New law allows Singaporeans to appoint proxy decision makers

By May Wong,

SINGAPORE: A law has been passed to allow Singaporeans to appoint proxy decision makers before they become mentally incapacitated by illnesses like dementia or brain damage.

The Mental Capacity Bill was passed in Parliament on Monday. The Act will come into effect when the Office of Public Guardian is set up and the Code of Practice is ready in about a year’s time.

Under the Act, Singaporeans who wish to make advanced plans for themselves can do so through a new statutory mechanism called the Lasting Power of Attorney (LPA).

With the LPA, an individual (known as the “donor”) can appoint a proxy (known as a “donee”) to make decisions relating to his property and financial affairs, personal welfare and/or healthcare when he loses his mental capacity. The donee appointed can be a family member, relative or a trusted friend.

One in 20 Singaporeans may suffer from dementia at the age of 65. With the legislative changes passed, the High Court will also be able to make wills on behalf of a person who is incapacitated.

Dr Vivian Balakrishnan, Minister for Community Development, Youth and Sports, said: “When a person who has not made his will and then subsequently loses his capacity, and if he has got quite a fair bit of assets that need to be distributed, and where it is apparent from his circumstances that distribution of his assets according to the laws of intestacy - that means according to circumstances where no will is made - would lead to inappropriate, unfair or unjust outcomes, then there is an advantage in allowing an application to the High Court for the court to step in and decide in an objective and fair manner how these assets ought to be distributed in the person’s best interests.”

“This, I believe will clarify misapprehensions and prevent possible future disputes or tensions among family members. Family members can then focus on looking after the well-being of the mentally incapacitated person,” he added.

Another example is how parents can apply to the High Court to appoint a deputy to make decisions for their intellectually-disabled child. There will be safeguards in place - with a new Office of Public Guardian to help protect those who lack capacity.

Among its responsibilities, the Office will supervise court-appointed deputies and provide information to families - like what to consider when choosing who may act as a donee.

As part of the protection, the Bill will also make it a criminal offence to ill-treat or neglect the mentally incapacitated person. Any caregiver or donee found guilty of such an offence can be jailed or fined or both.

- CNA/ir

Source : Channel NewsAsia - 16 Sept 2008

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More Singapore first-time homeowners turning to resale market

More Singapore first-time homeowners turning to resale market

By Margaret Perry,

SINGAPORE: More first-time owners are turning to the resale market to meet their housing needs, said the Senior Minister of State for National Development Grace Fu.

Replying to a question from MP for Sembawang GRC Lee Wee Kiak in Parliament on Monday, Ms Fu said that in the second quarter of this year, there were 1,470 cases of first-time flat buyers purchasing resale flats using the CPF Housing Grant.

This is a 75 per cent increase compared to an average of about 840 cases per quarter from the third quarter of 2007 to the first quarter of this year.

However, she also assured the House that first-time flat applicants for public housing are getting more chances under the Balloting Scheme for build-to-order flats.

Tighter rules introduced in May this year on the number of times couples can reject a unit have also resulted in more considered applications and higher acceptance rates.

Still on the housing issue, Parliamentary Secretary for National Development Mohamad Maliki Osman said some low income families are better off owning rather than renting their home.

For example, a family earning S$1,000 a month would pay S$200 in monthly mortgage payments for a two-room flat. This would be covered by CPF contributions.

On the other hand, the open market rental rate for a two-room flat could be as much as S$1,000.

Dr Maliki drew this example when responding to a question by West Coast GRC MP Madam Ho Geok Choo on the relevancy of home ownership versus renting.

He said home ownership is still important because it not only gives people a roof over their heads but it is also an asset which appreciates alongside the country’s economic growth. - CNA/vm

Source : Channel NewsAsia - 16 Sept 2008

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Self-contained communities the answer to housing woes?

Self-contained communities the answer to housing woes?

IF SELF-CONTAINED communities for foreign workers are to be set up, the search for expertise need not go beyond home turf.
Home-grown company Mini Environment Service (MES) already has legs in the business: It designed two such communities in the Middle East and runs four dormitories here.

The one in Qatar serves 50,000 workers, and the one in Abu Dhabi, 125,000. Each has a motel, polyclinic and a canteen that can seat 6,000 people, said company director Mohamad Abdul Jalil.

He reckons that the industry here has 100,000 to 150,000 bed spaces - clearly insufficient for the 500,000 male foreign workers here.

‘At the very least, we should have half, or 250,000 bed spaces. But we don’t even have that many,’ he said.

He added that it is possible to set up self-contained communities here, but that they had to be away from residential areas to avoid social problems.

Other dormitory operators here also think such communities are feasible. Going by building requirements here, 6ha to 7ha of land would be needed for 19,000 to 20,000 workers. Tuas and Lim Chu Kang are possible sites, said veteran dormitory consultant Lakshmanan S.

‘Each dormitory has 3,000 to 8,000 workers. A community would put three to four dormitories together. We think Singapore is land-scarce but there’s space. It’s not a major issue,’ he added.

But some dormitory operators here say a study should first be done. Mr Andy Low, the general manager of EM Services, which rents out flats to workers, said some contractors do not want a dormitory too far from the workplace, or may not want their workers mingling with others.

‘Singapore is small so, no matter where you put them, they will still be close to estates. What will the impact of such communities be on estates? A study must look into this,’ he said.

Mr Lakshmanan pointed out that worker communities may not isolate workers as effectively as intended: ‘The workers will still find the best deals outside. They look for certain brands of beer in the heartland or shop at Sheng Siong because it’s cheaper.’

The Government has said it will release 11 new dormitory sites by 2010, which will add 65,000 more bed spaces.

At least four new dormitories will open this year and take in 20,000 workers, though this will hardly make a dent in easing the housing shortage for workers, said dormitory operators.

The new purpose-built workers’ dormitories constructed by Aik Chuan Construction in Jurong, Sembawang, Yishun and Lim Chu Kang will have facilities like central kitchens, dining and laundry areas, recreational rooms and gymnasiums. Each can house 4,000 to 8,000 workers.

Source : Straits Times - 16 Sept 2008

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Singapore AIA policyholders get assurance

Singapore AIA policyholders get assurance

By Lorna Tan, Finance Correspondent

THE world’s largest insurer, New York-based American International Group (AIG), is rushing out details of plans to turn around the firm, which has been hit by the United States financial crisis.

But Singapore policyholders of its subsidiaries AIA and American Home Assurance Singapore (AHA) have been reassured that their policies will be honoured - irrespective of the turmoil.

When contacted, the Monetary Authority of Singapore (MAS) said yesterday that AIA Singapore is required under the Insurance Act and Regulations to maintain sufficient financial resources to meet all its liabilities to policyholders at all times.

‘AIA currently meets these regulatory requirements. MAS will continue to monitor the financial position of AIA,’ MAS stated in an e-mail reply.

MAS added that it has the legislative power to establish a fund to protect policyholders.

AIG said yesterday that it had brought forward the announcement of its reorganisation plans from Sept 25 to last evening. Details were unavailable by press time, but in the works are a major reorganisation and disposal of some assets to raise capital and stave off credit downgrades.

AIG had its rating cut to AA minus in May by Standard & Poor’s (S&P) after it reported larger than expected losses in the first three months of this year. As at end-June, AIG’s losses amounted to US$13.2 billion (S$18.9 billion).

When contacted, AIA - one of the largest insurers here with 4,000 agents - was unable to comment as it needed clearance from its head office. However, The Straits Times obtained an internal memo, used by staff to respond to customer queries on the issue.

It stated that AIA, as with all other life insurers here, maintained separate insurance funds for policies issued here. ‘Any sub-prime losses that may be borne by AIG at the group level have no impact on policyholders here,’ it said.

A check on its latest participating life fund report indicated it does not hold any sub-prime securities.

AHA’s president Kevin Goulding said it was premature to discuss potential downgrades, but that AHA does not anticipate any impact on premiums or its ability to pay claims.

This is because its buffer is far above what is required by the authorities - so it has sufficient capital here to pay claims. Still, financial experts say that a credit downgrade may cause a perception issue with new and existing policyholders.

‘It would create doubts in the minds of policyholders as to whether they should deal with a company that may not be financially secure and whether they should withdraw their existing savings (even at a loss) to prevent it being frozen should the company fail at the later stage,’ said former president of the Singapore Insurance Institute Stanley Jeremiah.

The head of a financial advisory firm, who declined to be named, said the impact of a credit downgrade on policyholders’ perceptions could not be discounted. ‘If people misperceive that there are problems with any financial institution, there will be a run on the bank,’ he said.

AIG used to enjoy the highest AAA credit rating awarded by S&P. Such a rating is currently awarded by S&P to Canadian Manulife Financial which has a subsidiary here. Local insurer NTUC Income is rated AA by S&P whilst Great Eastern Life does not subscribe to a rating service.

Source : Straits Times - 16 Sept 2008

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Singapore MAS: Markets remain orderly

Singapore MAS: Markets remain orderly

SINGAPORE’S central bank says markets have remained orderly.

The Monetary Authority of Singapore (MAS) said the banking community has been actively discussing and preparing for the orderly settlement of outstanding positions with Lehman Brothers following its filing for bankruptcy.

‘MAS is closely monitoring developments in the global financial markets and their impact on financial stability,’ it said yesterday.

‘Domestic money and foreign exchange markets are continuing to function in an orderly fashion.’

Separately, the Singapore Exchange said Lehman, a clearing member, was meeting all its financial obligations.

Source : Straits Times - 16 Sept 2008

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Lehman collapse sends global shockwaves -United States

Lehman collapse sends global shockwaves -United States

Crisis threatens scores of other banks; Merrill Lynch sold in a sudden takeover

By Dennis Chan, Deputy Money Editor

A FINANCIAL firestorm swept through the United States on Sunday, leaving a trail of destruction that radically recast Wall Street in just 24 hours.
The carnage gutted two famous US financial institutions - 158-year-old Lehman Brothers and 94-year-old Merrill Lynch - and now threatens to bring down scores of other banks.

Some analysts are calling this the worst financial crisis since the Great Depression in the 1930s. Mr Wilbur Ross, a respected US billionaire financier, has predicted that as many as a thousand banks may fail in the months ahead.

As global stock markets and commodity markets slumped in reaction to the demise of the two major investment banks, central banks in the US and Europe rushed to shore up the supply of credit.

The cause of the crisis: the devastating US sub-prime mortgage crisis, now in its 14th month, in which vast numbers of US home loan borrowers, many on low incomes, defaulted on ill-advised loans. The crisis has already claimed big-name victims such as US investment bank Bears Stearns and mortgage giants Fannie Mae and Freddie Mac.

The latest financial earthquake hit on Sunday when British-based Barclays and Bank of America (BoA) abandoned talks to buy over Lehman. This forced the investment bank yesterday to file for bankruptcy protection.

It is shaping up as 15 times bigger than any other US bankruptcy in history.

No other white knight was keen to acquire a firm that was being weighed down by US$613 billion (S$875 billion) of debt - especially when the US government indicated no rescue deal would get public financial backing.

But there were more shocks in store.

In an extraordinary weekend as desperate bankers scrambled against time, another big Wall Street firm foundered.

Embattled Merrill Lynch, the world’s No. 1 stock brokerage, announced it will be sold to BoA in a deal sewn up in just two days. Merrill, which has posted more than US$40 billion in write-downs this year, agreed on Sunday to sell itself to BoA for US$50 billion in a share swop deal brokered by the US government.

To cap a Black Sunday for Wall Street, top executives at the world’s biggest insurance company, American International Group, worked furiously over the weekend to try to raise capital and sell assets to stave off a disastrous credit downgrade by ratings agencies.

‘I’ve been on Wall Street for many years, and I’ve never seen a weekend like this one,’ Mr Michael Holland, 64, chairman of Holland & Co told Bloomberg News.

Wall Street firms have fallen victim to their success. For years, they grew fat by making complex real estate loans and holding assets bought on cheap credit. Then in July last year came the sub-prime crisis which triggered a global drying up of credit, as financial institutions became far more wary of defaults.

The combined effect of these latest cataclysmic events threatened a financial meltdown that US financial regulators are now scrambling to avert.

In response to the latest events, the US Federal Reserve has further relaxed its criteria on the types of collateral that it will accept from banks in exchange for emergency loans.

It also mustered 10 of the world’s top banks to set up a US$70 billion emergency fund which may be tapped in a crisis.

The Fed signalled it will pump more cash into the markets through its regular Treasury securities auctions.

Concerted action saw the European Central Bank (ECB) yesterday injecting ¥30 billion (S$61 billion) into money markets. The Bank of England offered to pump £5 billion (S$13 billion) into markets there.

Jittery investors, however, were not placated. Asian markets were routed from the moment they reopened. Investors sold everything from stocks to currencies and commodities.

Benchmark equity indices in Asia fell between 1.2 per cent and 4.7 per cent. In Singapore, the Straits Times Index shed 3.3 per cent to 2,486.55.

Crude oil prices plunged nearly 5 per cent to below US$97 a barrel.

It was the same story when European and US markets opened.

European stocks fell sharply, with Britain’s FTSE 100 index closing 3.9 per cent lower. In New York, the US Dow Jones Industrial Average slipped 2.7 per cent to 11,106.32 as at midnight Singapore time.

With the exit of Bear Stearns - and now Lehman and Merrill, only two of the five investment banking pillars that dominated Wall Street remain - Goldman Sachs and Morgan Stanley. They are not believed to be in imminent danger.

‘I think highly of Morgan Stanley and Goldman Sachs, so I expect them to ride this out,’ former deputy treasury secretary Roger Altman told CNBC News.

Describing it as a ‘once-in-a-century’ financial crisis, former Federal Reserve chief Alan Greenspan told ABC television he believed the US is unlikely to avoid a recession and that the crisis will have a significant impact on the global economy.

‘There’s no question that this is in the process of outstripping anything I’ve seen and it still is not resolved and it still has a way to go,’ he said.

Source : Straits Times - 16 Sept 2008

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Restored Singapore Katong house wins Unesco award

Restored Singapore Katong house wins Unesco award

Project shows good conservation with innovative solutions for additional space

By ARTHUR SIM

A RESTORED house at 733 Mountbatten Road built in the 1920s has been recognised with a Unesco award for innovation.

Village living: Built in the 1920s and restored with an extension, 733 Mountbatten Road is the first residential property here to receive the Unesco Asia-Pacific Heritage Award
It is the first residential property here to receive such an honour - the 2008 Unesco Asia-Pacific Heritage Award for Culture Heritage Conservation Jury Commendation for Innovation.

The house, the family residence of the Ang family, was restored with an extension added by Ang Gin Wah of Gin + Design Workshop.

In its citation, the jury, comprising 12 international experts, said that the contemporary addition to 733 Mountbatten Road had successfully added floor space while retaining and conserving the original building. The spatial arrangement and the massing of the new building in relation to the historic bungalow also creates an appropriate ‘balance between the old and new’.

‘This project, which demonstrates good conservation practice in combination with innovative solutions for providing additional space, sets a worthy model for re-use of heritage buildings in Singapore,’ it added.

Mr Ang, who has an honours degree in architecture from Curtin University of Technology, Australia, reveals that the process of conservation and addition took almost three-and-a- half years to complete.

His parents had acquired the house in 1999 and wanted to build a multi-generational home consisting of three separate wings and a common family wing.

Mr Ang said that the concept of ‘village living’ was the basis for the restoration.

‘During the design process, it was decided that the added new wings would not mimic the main house in style as this would detract from the value of the old architectural fabric,’ he said.

Instead, the new additions were sensitively designed with contemporary elements to ‘create a degree of harmony’.

The original main house was conserved in totality. The interface between the old house and the new extensions were ‘fused’ with glass to create ‘a dialogue between the two’.

The main house was left for many years in neglect. Initial visual inspections revealed structural cracks on the main beams supporting the timber floors and the walls. These were then pressure grouted to improve the structural strength.

All timber windows, doors and louvre panels were painstakingly dismantled piece by piece, labelled and stripped of the old paint then sanded before re-assembly. Mr Ang said that each window had about 40 parts.

The coloured glass panels at the windows were removed and washed before re-assembly. Broken panes were replaced with glass specially sourced in Australia, as these were not available locally. An addition of a non-static acrylic strip was discreetly installed between the louvres of the window panels to reduce heat load in the event air-conditioning is used.

The architectural elements that could not be restored or replaced were ingeniously recreated. This included decorative plaster elements from the capitals of the Corinthian columns of the porte cochere which had broken off decades ago.

To restore the broken fragments of the capital, Mr Ang made plaster moulds of the existing capitals and recast fragments that were missing.

‘With careful planning and strategies, such as maximum retention, recruiting and training tradesmen and craftsmen locally, we managed to not only reduce cost but also preserve a part of history,’ says Mr Ang with much satisfaction.

733 Mountbatten Road was one of 45 entries from 13 countries received for the Unesco award.

The top three Awards of Distinction went to: the National Pass in the Blue Mountains, New South Wales, Australia; the Fujian Earth Buildings in Fujian Province, China; and Suffolk House in Penang, Malaysia.

In Singapore, Chijmes, the former Convent of the Holy Infant Jesus, received the 2002 Unesco Asia-Pacific Heritage Conservation Merit Award.

Source : Business Times - 16 Sept 2008

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SCE and partner win Rwandan city masterplan deal

SCE and partner win Rwandan city masterplan deal

SINGAPORE Cooperation Enterprise (SCE) and its partner Surbana Urban Planning Group (SUPG) have won a contract to develop a detailed masterplan for the Republic of Rwanda’s Kigali City.

The plan, covering the Nyarungenge District and including Kigali’s CBDs, is set to take 14 months to complete.

The plan will cover the Nyarungenge District, including Kigali’s central business districts. It is expected to take about 14 months to complete.

A joint statement yesterday from SCE and SUPG said that SCE has been developing the urban planning project with the government of Rwanda since early this year.

The project is one of seven priority areas under a memorandum of understanding that SCE and Rwanda signed in May for the provision of advisory services to the government of Rwanda.

SCE and SUPG will work with the government of Rwanda to develop a plan for several key zones, including Muhima and Kimicanga in Central Business District 1 and Central Business District 2 in Nyarungenge District. The deal also covers Kinyinya Residential Hub in Gasabo District.

The project is under way and SCE and SUPG have already sent working teams to Kigali City to examine local conditions and carry out site visits.

The team comprises project managers from SCE, urban planning experts and infrastructure and transport specialists from SUPG.

As part of the project, the Singapore team will also advise Kigali City officials on the implementation process, and facilitate knowledge transfer and capacity building.

Source : Business Times - 16 Sept 2008

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August Singapore home sales dive; prices steady

August Singapore home sales dive; prices steady

Developers put off launches while buyers wait out Hungry Ghost month

By UMA SHANKARI

SALES of new homes fell sharply in August as developers held back launches and buyers waited out the slow Hungry Ghost month amid global turmoil.

Some hope: In August, mass market homes continued to fare better. At Hong Realty’s Livia (above), some 32 units were sold at a median price of $659 psf while in the upmarket Ritz-Carlton Residences one unit transacted at above $3,500 psf
The number of new homes sold fell sharply to 320, down 64.3 per cent from the 897 homes sold in July this year. The number of home sales in August 2008 was also down 81.4 per cent from the peak of 1,720 units sold in August 2007 at the height of the property boom.

But interestingly, the number of purchases outstripped the number of units launched by developers for the first time since April. Developers launched just 194 units in August - the lowest number over the past one year. Even in February this year, when just 185 homes were sold, developers rolled out 343 new units.

Expecting lacklustre numbers for the Hungry Ghost month, developers held back their launches, noted one property insider. ‘If more projects had been launched, sales would probably have been better,’ he said.

The Hungry Ghost month, widely deemed to be an unlucky period for homebuying, fell in August this year. However, this taboo has been ignored in past years during property booms.

Developers could also have used the month as an opportunity to hold back launches as they wait for the market sentiment to improve, said Nicholas Mak, director of research and consultancy at Knight Frank.

But most property analysts generally agreed that August’s numbers were not as bad as feared.

‘When you consider that there was a lack of launches and a lack of advertising, the sale numbers were not that bad,’ said DBS Vickers’ property analyst Adrian Chua. ‘I was pleasantly surprised.’

Prices also appear to be holding steady - for now.

‘Surprisingly, prices are still holding up,’ said CIMB analyst Donald Chua. ‘But if volumes continue to be so thin, I wouldn’t be surprised if there are some price cuts.’

Volumes continued to be low, especially in the high-end segment. In August, just three units were transacted at above $3,500 per square foot (psf) - two units from Nassim Park Residences and one from The Ritz-Carlton Residences Singapore Cairnhill. Another five units were sold for between $3,000-$3,500 psf.

Mass market homes continued to fare better. ‘Despite having no new launches in this month, the outside central region (OCR) recorded a total transaction of 89 units,’ pointed out Chua Yang Liang, head of research for South-east Asia at Jones Lang LaSalle.

At Hong Realty’s Livia, for example, some 32 units were sold at a median price of $659 psf. Another 15 units were sold in Guoco- Land’s The Quartz at a median price of $725 psf.

Looking ahead, a slight increase in sales volume is anticipated for September. But market watchers should not expect a large pick-up in numbers, analysts warned. ‘The stock market is still getting hammered,’ noted Mr Mak. ‘And it’s the middle of September, but we haven’t seen any major launches yet.’

Developers’ cautious sentiment can be expected to continue into next year.

‘As more bad news unfolds from the western financial institutions, we would expect developers to turn more cautious and perhaps delay launches further until clarity is improved in the first half of 2009,’ said Ku Swee Yong, director of marketing and business development at Savills Singapore.

Echoed Li Hiaw Ho, executive director at CBRE Research: ‘For the rest of the year, the mood of the market is likely to maintain the status quo as the market remains wary of a weakening in the global economic environment.’

Source : Business Times - 16 Sept 2008

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Singapore HDB revamps Home Office Scheme to keep things hassle-free

Singapore HDB revamps Home Office Scheme to keep things hassle-free

By OH BOON PING

LICENSING schemes for small-scale business at home and the use of telecommunications equipment have been more hassle-free, as the government moves to extend the tenure period under both regulations.

HDB changed the approval periods to provide greater convenience to home office operators.

For example, the Housing Development Board has changed the approval period of all new and renewal applications under the Home Office Scheme (HOS) from three years to five years, even though the administrative fee has been kept at $20.

HOS allows budding entrepreneurs conduct small-scale business from HDB and private residential property. More than than 20,600 applications have been approved so far - most of them for IT consultancy, web design, real estate services and advertising.

HDB agency changed the approval periods to provide greater convenience to home office operators, such as allowing them leeway to formulate longer-term business plans.

HDB’s deputy director of branch operations Foo-Ho Yoke Ming says the benefits have of HOS been manifold. ‘Besides saving on rental of office space and enjoying lower start-up costs, users also save on travelling time and expenses to and from home and office. They also get to work from the comfort of their homes and spend more time with their families.’

HOS has drawn 19,000 applications so far from HDB flat owners. ‘The feedback has been very positive,’ says Mrs Foo-Ho. ‘Some HO users have expanded beyond the scope of the Scheme and moved on to formal business premises. HDB will continue to work with home office users, listen to their feedback and see how much further the scheme can be taken while maintaining the residential character and amenities of our housing estates.’

Mr Kenneth Yeo, of home-run business COADXIST, says of the latest change: ‘It shows that the government is supporting and encouraging the local business community.’

In a similar vein, the licence period for operating radio-communications equipment on board Singapore ships and aircraft has been extended from one year to five years at a revised fee of $100, up from $50 per annum previously.

According to the Infocomm Development Authority (IDA), frequency spectrum resources under the licensing scheme are fixed internationally and restricted to ship and aircraft use. which requires minimal intervention by IDA. Hence, improvements could be made to the licensing process. Besides the extended licence period, a licence can now be transferred when a ship or aircraft is sold.

Audrey Lee, director, competition and market access at IDA, says: ‘IDA reviews its rules regularly to ensure that where possible, licensing processes are simplified and streamlined. Such reviews will keep our licensing schemes robust yet adaptable to the market.

The Pro-Enterprise Panel was set up in 2000 to solicit feedback from businesses on how government rules and regulations can be improved to create a more pro-enterprise environment. The PEP is chaired by Civil Service Head Peter Ho and consists of mainly private-sector business leaders.

Source : Business Times - 16 Sept 2008

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