$86.1m to upgrade 13 HDB estates

$86.1m to upgrade 13 HDB estates

By Hoe Yeen Nie

National Development Ministry has announced its largest batch of housing estate upgrading works to date. It will spend S$86.1m to upgrade 13 neighbourhoods, benefiting about 23,000 households.

National Development Minister Mah Bow Tan said: “The government is committed to spend money to rejuvenate your estate, to remake your estate, to make your estate more valuable. Why? Because this is the biggest asset that Singaporeans have - their home.”

The precinct at Tampines Ave 5/St 91 is one of the 13 new sites selected for the Neighbourhood Renewal Programme (NRP) this year.

Residents of Tampines will be given three architectural designs to choose from and provide feedback about. At least 75 per cent of residents must vote for the final design in order for work to proceed.

If residents vote in favour of improvement works, the neighbourhood will see changes like covered walkways, playgrounds and even new letterboxes.

Details of the other 12 sites will be announced by the town advisers.

Since residents do not have to pay anything for the new amenities, it is perhaps no surprise that past NRP projects have been given the green light - by about 90 per cent of the vote.

The NRP was first announced in 2007 by Prime Minister Lee Hsien Loong at the National Day Rally. The aim is to spruce up towns that are at least 20 years old.

HDB blocks built up to 1989 that have not undergone Main Upgrading Programme (MUP), Interim Upgrading Programme (IUP) or IUP Plus are eligible for the NRP. The budget is S$3,400 per flat and will be fully funded by the government.

So far, 32 sites have been selected for the NRP, including those in the current batch.

- CNA/ir

Source : Channel NewsAsia - 05 September 2009

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AEM Holdings unit to sell its Woodlands factory

AEM Holdings unit to sell its Woodlands factory

By Irene Chan

SINGAPORE: Singapore-listed AEM Holdings said on Friday that its wholly-owned subsidiary, AEM Platronics (S) Pte Ltd, will be selling its factory in Woodlands for S$3.1 million.

The book value of the property as at 31 August 2009 is approximately S$2.49 million.

According to AEM, the move is in line with the company’s business streamlining and restructuring plans to reduce its overheads.

The company plans to use the sale proceeds to repay bank loans and for working capital purposes.

- CNA/sc

Source : Channel NewsAsia - 05 September 2009

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En bloc fever (or jitters)

En bloc fever (or jitters)

THE sprawling Laguna Park condominium estate in Marine Parade, up for en bloc tender at $1.2 billion, is only the second offering in collective sales this year. The first was the smallish Dragon Mansion in Spottiswoode Park Road, asking for $120 million. In all of last year, only seven deals eventuated, for $371 million. Contrast the poverty with boom year 2007, when 111 developments were sold to fetch a pot of $12.4 billion for the mostly satisfied sellers. Many of these cashed-up people are behind the active condo sales of the past two months. Good for them, their living standards are rising.

At the slow rate collective-sale endeavours are emerging and taking into account some property specialists’ reservations about whether the present recovery has a solid basis, there seems little likelihood Singaporeans will be consumed again soon by en bloc fever, with all the contrasting connotations it entails. Negative emotions bubbled up in the last frenetic round: a backlash against perceived avarice; loss of rootedness in an inconstant landscape; the angst of elderly residents and those who valued a settled community; the underhand means some professional advisers and sales committees resorted to in rushing deals through.

This is not a criticism of collective sales. They are a democratic means of effecting urban renewal to make Singapore looking always posh. They distribute wealth among people who have little hope of acquiring riches. For planners, the higher-density building created is necessary to house a projected optimal population by mid-century.

What has changed the outlook of the issue is that, first, the Government intervened to exact more accountability of the principals and processes involved so as to better protect minority interests. An amendment gives owners a five-day cooling-off period to reconsider consent, after a sales agreement has been signed. Second, the Court of Appeal’s quashing of the Horizon Towers deal demanded of sales committees a higher degree of care and diligence in executing the consent process. This should put the last of the cowboys to flight. Most pointedly, the court said of the Strata Titles Board - which rules on en bloc matters - that it had ‘a significant inquisitorial role’ beyond sifting through the facts presented when hearing disputes.

Orderly conversion of built-up land to better use is never in dispute as a planning policy. The appeals judges’ opinions have served to emphasise the need for care. Now, it is almost certain government land sales will be speeded up to meet building demand. Considering these factors, a collective dash to tear buildings down is unlikely to be repeated to the same old degree.

Source : Straits Times - 05 September 2009

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Facelift for 13 more HDB estates

Facelift for 13 more HDB estates

Residents will get big say in $86m scheme to spruce up facilities

By Jessica Cheam

ABOUT 23,000 households across 13 HDB estates islandwide will soon see improvements to their neighbourhoods, from new covered linkways and drop-off porches to new playgrounds and letter boxes.

The Housing Board yesterday announced the rejuvenation of these estates at a cost of $86.1 million under its Neighbourhood Renewal Programme (NRP).

Under the scheme, residents have a big say in determining the look and feel of their estates by giving feedback to their town councils before such plans are set in stone.

For example, Tampines residents will be given three architectural designs to choose from and provide feedback on. At least 75 per cent of residents must vote for the final design in order for work to proceed.

Tampines was one of the first sites selected for the NRP exercise. Full details of the newly selected 13 sites will be announced over the next few months, said HDB.

National Development Minister Mah Bow Tan said yesterday that the Government is committed to rejuvenating HDB estates even during times of economic uncertainty.

He noted that the number of projects selected this year is almost double the earlier batch of seven last year.

‘Since the NRP was introduced… (it has) received strong support from residents, with high support levels averaging around 89 per cent,’ said Mr Mah, who was at the launch of Tampines’ NRP exercise last night. The event features a three-day exhibition of the designs for residents.

The NRP site launched at Tampines N9 yesterday is the largest to date, involving 38 blocks at a cost of $10 million.

The winning design will be announced at the year-end and more than 3,300 households will benefit from the improvements, said HDB.

Mr Masagos Zulkifli, Senior Parliamentary Secretary for Education and Home Affairs, said yesterday that the grassroots community had worked hard to get the approval for Tampines N9.

‘I am excited about this collective exercise not because it is the biggest NRP in Singapore, but more importantly because of the extent of involvement of the residents in deciding their own future,’ said Mr Masagos, who is also chairman of the Tampines Town Council.

Prime Minister Lee Hsien Loong first announced the NRP during his National Day Rally speech in August 2007. It is part of a key HDB initiative to renew middle-aged towns such as Yishun and Tampines.

Since then, 32 sites have been selected, of which 10 have carried out public consultations. The upgrading works are fully funded by the Government with no costs borne by the residents.

Public relations consultant Ng Mei Yan, 26, who just bought a five-room flat in Tampines, said she was thrilled to see the rejuvenation plans.

‘It’s quite timely because Tampines is quite a mature town, and it’s good that we can have a say before the plans go ahead,’ she added.

Source : Straits Times - 05 September 2009

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Condo-style HDB flat prices going up

Condo-style HDB flat prices going up

Increases of up to $20k surprise analysts, given buyers’ income ceiling

By Jessica Cheam

The 480-unit Natura Loft at Bishan - an example of HDB’s Design, Build and Sell Scheme - is now more than 80 per cent sold, up from 75 per cent just a month or so ago. Developer QingJian Realty has raised prices by between $5,000 and $20,000 on the back of an improved market.

PROPERTY developers have raised the prices of condominium-style public flats for the first time since their inception, in a bid to ride the mass market property boom.

A check by The Straits Times revealed that prices of flats at Natura Loft at Bishan and The Peak@Toa Payoh have risen by up to 3 per cent, or $20,000, depending on the attributes of the flats.

This move has surprised industry analysts, as buyers of such hybrid flats under the Housing Board’s Design, Build and Sell scheme (DBSS) have a fixed household income ceiling of $8,000.

‘The prices are higher but the income ceiling is still the same. These buyers are unlikely to have seen their wages rise, given the recent recession,’ said one industry analyst who declined to be named.

DBSS projects are designed, built and sold by private developers. They offer condominium-style fittings, layouts and facilities but are subject to public housing rules, such as the household income ceiling, ethnic quotas and a five-year minimum occupation period.

Developers told The Straits Times yesterday their move was in line with the booming market, with a stunning 2,767 private homes sold in July.

Mass market condominiums such as Centro Residences in Ang Mo Kio and Trevista in Toa Payoh have been launched in these mature HDB estates to good response; Centro reportedly sold at the $1,100 psf level and Trevista at $900 psf.

Three centrally located DBSS projects - The Peak@Toa Payoh, Park Central in Ang Mo Kio and Natura Loft at Bishan - priced slightly above $500 psf, have reported brisk sales, as demand for private homes has spilled into the HDB market.

Mr Zuo Hai Bin, managing director of Natura Loft developer QingJian Realty, said the 480-unit project is now more than 80 per cent sold, up from 75 per cent just a month or so ago.

Four-roomers are now all sold out, leaving five-room flats. QingJian has raised prices by between $5,000 and $20,000 on the back of an improved market, he said. But the firm has also been giving away free household appliances to attract buyers, he added.

The Peak’s developer, Hoi Hup Sunway, said prices had risen only for selected units by about 1per cent, or $5,000 to $7,000. ‘The public is still receptive to the development and demand is still strong,’ said its spokesman.

Other DBSS projects, like Park Central in Ang Mo Kio and Parc Lumiere in Simei, however, have maintained their prices.

Managing director David Liew, of Park Central developer United Engineers Developments, said prices had held at an average $500 psf as ‘DBSS housing is, after all, public housing’.

‘There’s an obligation by us to keep the selling price relatively affordable for the masses,’ he added.

From a commercial viewpoint, said PropNex chief executive Mohamed Ismail, it is ‘only natural that developers want to ride the market momentum’.

But others feel the real competition for DBSS flats is not mass market condominiums, but HDB resale flats.

‘The price gap between DBSS flats and resale HDB flats must not be too wide. Otherwise, developers will find it takes a long time to sell their flats and DBSS projects may not be viable in the future,’ said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.

When contacted, HDB said that, while developers can decide and adjust selling prices, they should ensure that prices are affordable to the target group of buyers.

‘If they overprice DBSS flats, they face the risk of poor demand and having to hold onto vacant flats. Therefore, it is in their own interest to set appropriate pricing in order to sell their flats,’ said an HDB spokesman.

Home buyer Cheow Kai Ying, 27, is one who feels that couples with an $8,000 income ceiling are unlikely to be able to afford such upmarket HDB flats if prices increase any further.

‘Public flats are, after all, meant to be subsidised,’ said Mrs Cheow.

Source : Straits Times - 05 September 2009

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More credit card safeguards

More credit card safeguards

Issuing banks agree to cap card members’ liability at $100 for unauthorised transactions; online transactions will require second password

By SIOW LI SEN

INCREASED protection is on the way for credit card members against unauthorised charges and for card holders who make online purchases.

MS ONG
Emphasised that the $100 cap will not apply if the cardholder has acted fraudulently or was grossly negligent
Yesterday, credit card issuing banks agreed to cap card members’ liability at $100 for unauthorised transactions starting Nov 1.

By the first quarter of next year, those buying goods online will have to provide a second password, similar to existing online banking transactions, as part of enhanced security measures. This includes using tokens or getting an SMS from the bank for the second password.

On the move to limit cardmembers liability, the Association of Banks in Singapore (ABS) said that this means that before notification of a credit card loss to the issuing bank, the maximum liability for cardholders due to unauthorised charges is $100. But this cap will not apply if the cardholder has acted fraudulently or was grossly negligent.

An example of gross negligence cited by the ABS is leaving one’s wallet unattended in the office and the card is then stolen, used and returned to the wallet without the cardholder realising it.

A cardholder would be acting fraudulently if, for instance, he disputes charges on his card which he claims to have been stolen overseas, when in fact he has under duress signed for exorbitantly priced drinks.

The move to limit liability is a U-turn by the industry which had earlier declined to do so.

Currently, only two card issuers, American Express and Maybank, have liability caps, of $100 and $500 respectively.

In July, there was a consumer uproar when three banks insisted that a human resource administration manager, Tan Shock Ling, make good her $17,100 charges after her credit cards were stolen from an unlocked car. The three banks were Citi, Royal Bank of Scotland and United Overseas Bank.

ABS director Ong Ai Boon yesterday said even after Nov 1, Ms Tan would still be considered as grossly negligent. ‘You wouldn’t leave $17,000 cash in your car, unlocked, unattended,’ said Mrs Ong. ‘It appeared that the car was not smashed, not broken into.’ Mrs Ong said that two of the banks have given a discount to Ms Tan while one has insisted on full payment.

Adam Rahman, Citi Singapore head of corporate affairs, said that ‘on a goodwill basis, we offered to waive 25 per cent of the sum charged to the card, as well as offered a three-month interest-free instalment repayment schedule for the remaining amount’. RBS and UOB declined to comment, citing customer confidentiality.

As for enhancing security for online transactions, the Monetary Authority of Singapore (MAS) yesterday said that it is working with the industry on the implementation of dynamic authentication for card-not-present or online transactions and the adoption of a chip technology platform. ‘We are looking at a phased introduction of some initiatives in the first quarter of next year,’ an MAS spokeswoman said.

The additional authentication will be similar to what is used for current banking transactions such as getting a randomly generated second password from a token or an SMS from the bank.

Source : Business Times - 05 September 2009

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Bedok @ Chai Chee Rd for sale

Bedok @ Chai Chee Rd for sale

Block No: 59
District: 16 ( Bayshore, Bedok, Siglap, Upper East Coast Rd, Eastwood, Kew Dr )
Property Type: 3 Rooms
Asking Price: $ 320,000
Storey: 10
Tenure: 99 years
Bedroom: 2
Bathroom: 2
Built up: 807 sq. ft.
Fixtures: 2 Bedrooms Airconed
More Fixtures:
Living: Marble
Dining: Marble
Bedroom: Marble
Kitchen: Ceramic

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Bukit Panjang @ Jeapang Road for sale

Bukit Panjang @ Jeapang Road for sale

Block No: 515
District: 23 ( Bukit Panjang, Choa Chu Kang, Bukit Batok, Dairy Farm, Hillview )
Property Type: 4 Rooms
Asking Price: $ 355,000
Tenure: 99 years
Bedroom: 3
Built up: 979 sq. ft.
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Bishan, Blk 261 @ Bishan St 22 for sale

Bishan, Blk 261 @ Bishan St 22 for sale

District: 20 ( Ang Mo Kio, Bishan, Braddell, Mei Hwan, Thomson )
Property Type: Executive Maisonette
Asking Price: $ 710,000
Storey: 2
Tenure: 99 years
Bedroom: 4
Bathroom: 2
Built up: 1572 sq. ft.
Fixtures: 3Rms Aircon
More Fixtures:
Living: Homogeneou
Dining: Homogeneou
Bedroom: Homogeneou
Kitchen: Ceramic
Facing: Ns Facing

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Bukit Panjang @ Jeapang Road for sale

Bukit Panjang @ Jeapang Road for sale

Block No: 515
District: 23 ( Bukit Panjang, Choa Chu Kang, Bukit Batok, Dairy Farm, Hillview )
Property Type: 4 Rooms
Asking Price: $ 355,000
Tenure: 99 years
Bedroom: 3
Built up: 979 sq. ft.
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Mindy Yong 杨雯诗

Tel: (+65) 91002985

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