Over 2,000 Home Team officers commended for professionalism

Over 2,000 Home Team officers commended for professionalism

By Saifulbahri Ismail, TODAY

SINGAPORE: It was the largest transfer of inmates in the country’s prison history - involving some 5,000 inmates from five prison institutions to the Changi Prison Complex.

But the operation, which was not without risks, was carried out smoothly.

On Thursday, those involved in the move were among the over 2,000 Home Team officers commended for their professionalism and achievements in mounting successful operations between May 2007 and August this year.

A total of 152 awards were presented to these officers by Senior Minister of State for Law and Home Affairs, Associate Professor Ho Peng Kee, at a ceremony on Thursday.

The mass prison transfer – dubbed Operation Voyage – spanned five Sundays, involving more than 360 officers.

The movement in convoys over distances had its share of risks, said Deputy Superintendent of Prisons Faisal Mustaffa, who played a key role in the operation.

“There are myriad of challenges when it comes to escorting inmates in mass transfers,” he said.

He added that things like vehicle breakdowns, medical emergencies en route to the destination, and worst-case scenario accidents had to be factored into the plans, not just internally by the prisons team, but also with the other Home Team agencies.”

Another Home Team commended on Thursday was the group of police officers who helped solve the Cortina Watch heist earlier this year with assistance from the Thai police.

In the highly publicised case, former senior supervisor of Cortina Watch, Jerry Ee, misappropriated $7.9 million in luxury watches and cash. Ee managed to make the slip into Thailand, but the authorities were hot on his heels.

A team of four investigators from the Singapore Police Force travelled to Bangkok and began working with the Thai police.

Through the assistance of their Thai counterparts, a bank was identified where Ee was seen making a transaction. CCTV footage showing Ee trying to dispose of the watches served as evidence linking him to the crime.

The Singapore team also collaborated with a representative from Cortina Watch in Bangkok. Retailers dealing with expensive watches were alerted.

Assistant Superintendent of Police Burhanudeen Hussainar, one of the investigators in the case, said: “Once this network of retail watches was alerted to the serial numbers, it was difficult actually for Ee to dispose of (his loot) and – he realised this.”

With the police closing in, “I think he realised his time was up and he decided that enough was enough, so he called his lawyer,” ASP Burhanudeen said.

- TODAY/so

Source : Channel Newsasia - 13 November 2009

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Record $653,000 for 4-room flat

Record $653,000 for 4-room flat

Industry players caution high price for unit in Queenstown is a one-off

By Jessica Cheam

The four-year-old 969sqft unit at Forfar Heights, Strathmore Avenue, is just five minutes walk from Queenstown MRT station, and on the top, 40th floor of the block. The price paid by the Indonesian buyer is about 2.5 times the $262,000 the seller and his wife paid a few years ago. — ST PHOTO: DESMOND LIM

A FOUR-ROOM Queenstown HDB flat has sold for $653,000, setting a new record for price per sq ft (psf), amid continuing red-hot demand for resale flats.

The buyers, a male Indonesian permanent resident and a Singaporean woman, could have bought a condominium unit in an outlying area for the price.

But they were won over by the location, just five minutes walk from Queenstown MRT station, and on the top, 40th floor of the block, with unblocked views of greenery from all windows.

The four-year-old 969sqft unit at Forfar Heights, Strathmore Avenue, sold for $68,000 above valuation - a level determined by an independent valuer.

This works out to $674 psf, smashing the previous record of $609 psf, achieved in January last year, by about 10 per cent.

This may be an unusually high price but resale prices have been moving up.

Recent Housing Board data shows resale flat prices surged 3.8 per cent in the first nine months of the year, reaching a historic level - surpassing even that of the 1997 property peak.

The deal was brokered by Mr Chris Neo, 32, and Kelvin Lim, 28, marketing directors of ERA Realty. Mr Neo told The Straits Times yesterday that the price was good for the prime location.

‘Although at that price you could buy a private property somewhere else, at this location, you wouldn’t be able to get private property for less than $900 psf,’ said Mr Neo, who has three years’ experience and specialises in HDB flats in Queenstown.

He clinched the deal by persuading the vendors, who had not been looking to sell, to part with their home - promising a good price. He then trawled property websites to look for potential buyers.

The buyers declined to be interviewed.

However, seller Michael Nandakumaran, 55, was thrilled. ‘We were surprised that we could achieve this price, but are very glad about it,’ he said.

The final selling price is about 2.5 times the $262,000 he and his wife paid a few years ago when their flat was selected for HDB’s en bloc redevelopment scheme.

They paid a designer $60,000 to renovate their Queenstown home.

The couple, who have three children, are off to live in Jurong East in an HDB flat.

HDB’s latest data shows four-room units in the Strathmore Avenue block sold for between $501,000 and $595,000 between February and June.

The latest record stunned some industry observers. Ngee Ann Polytechnic real estate lecturer Nicholas Mak said it was ‘highly unusual’ for buyers to pay that price when they could get a private condominium unit, albeit in an outlying estate.

Still, he feels that this could be the first of more to come as HDB resale flat prices creep up. ‘The record will stand for a couple of quarters and if prices keep climbing, we’ll see another record.’

ERA Asia-Pacific associate director Eugene Lim, however, thinks the sale is a one-off, owing to its good attributes.

‘This is not common at all and is not the general trend. Usually, such sales happen only when there’s a well-off buyer who wants a specific location and has the budget for it,’ he said.

Mr Mak added: ‘This sale is going to be quoted by sellers and agents to try and get people to pay higher prices. Buyers have to bear in mind such sales are not usual and not get pressured into paying more than they should.’

Some record flat prices

FOUR ROOMS: November 2009 - $653,000 ($674 psf), Strathmore Avenue

Previous record: January 2008 - $590,000 ($609 psf), Jalan Membina

THREE ROOMS: December 2007 - $382,000 (about $580 psf), Upper Cross Street

ABSOLUTE RECORD: January 2008 - $890,000 ($552 psf), for executive flat in Mei Ling Street

Source : Straits Times - 13 November 2009

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Business will be a breeze, if Apec meets its targets

Business will be a breeze, if Apec meets its targets

S’pore to spearhead drive to new 25% target, focusing on five priority areas

By LEE U-WEN

WITHIN six years, companies can look forward to saving up to US$450 when importing or exporting a container of goods.

Keep trade and investment free and open: Mr Lim (with Mr Yeo, right) said yesterday that ‘there is still a temptation to resort to trade-restrictive measures in order to placate or solve some of these unemployment issues, so there is a need for vigilance’
It will also cost US$500 less to start a business, and bosses can expect to get their new venture up and running a week earlier and resolve contract disputes three months sooner compared to today.

These were some specific examples cited by trade and foreign ministers from the 21-member Asia-Pacific Economic Cooperation (Apec) grouping as they detailed their new region- wide target of making it 25 per cent cheaper, faster and easier to do business by 2015.

An interim target to make improvements by 5 per cent has been set for 2011, the ministers said in a wide-ranging joint declaration statement. The Asia-Pacific region as a whole has already seen trade transaction costs fall by 3.2 per cent from 2006-08, on top of the 5 per cent cut achieved from 2002-06.

Singapore, which is chairing this year’s Apec meetings, will spearhead the drive towards the new 25 per cent target and will focus on five priority areas: starting a business; getting credit; enforcing contracts; trading across borders; and dealing with permits.

In terms of cutting down on the number of steps a company has to deal with, the new targets aim, for instance, to remove five procedures to obtain a construction permit, and nine steps to settle a contract dispute.

‘The atmosphere in which these targets are set and member economies try to achieve them is quite unlike traditional trade negotiations which are sometimes seen as ‘you win, I lose’,’ said Singapore’s Foreign Minister George Yeo at a media conference yesterday.

He noted how Apec economies are not bound by specific targets because of the ‘collegial’ nature of the grouping and the discussions. ‘There is instead a very interesting peer dynamic for each trying to be as good as the next person,’ he said. ‘Economies are quite willing to help less developed ones.’

To kick-start things and help nudge other economies along, seven ‘champion economies’ have volunteered to build capacity in the five priority areas. They are the United States, Singapore, New Zealand, Japan, South Korea, Hong Kong and China.

The ministers also stressed that while the global economic situation has ‘eased considerably’ and world GDP is estimated to rise by nearly 3 per cent next year, the recovery will ‘remain fragile’ and growth over the next few quarters is likely to be uneven.

‘Unemployment remains unacceptably high in many of our economies,’ they said in the statement. ‘We will work together and with other international fora to ensure that the recovery does not stall and to lay a foundation for growth that is inclusive, balanced and sustainable, supported by innovation and a knowledge-based economy, and anchored on Apec’s core agenda to promote free and open trade and investment.’

‘There is still a temptation to resort to trade-restrictive measures in order to placate or solve some of these unemployment issues, so there is a need for vigilance,’ said Singapore’s Trade and Industry Minister Lim Hng Kiang.

‘More importantly, there is a need for exit mechanisms for some of these measures - to make sure that even if they are temporary measures taken because of the severity of this crisis, there are clear steps how to withdraw them when things revert to more normal conditions.’

Source : Business Times - 13 November 2009

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Property division helps boost Q2 profit 13% for Boustead

Property division helps boost Q2 profit 13% for Boustead

By VEN SREENIVASAN

CONTINUED strong performance by its real estate division allowed Boustead Singapore to lift second- quarter earnings by a respectable 13 per cent in the face of challenging business conditions and unfavourable forex movement.

The engineering and infrastructure specialist posted a profit of $10.8 million for the quarter ended Sept 30, compared to $9.5 million a year ago. This was achieved despite a 12.7 per cent fall in revenue to $114.3 million.

The results translated into first-half net earnings of $20.2 million, which are 33.4 per cent up from last year’s $15.2 million. Revenue came to $233.2 million, up 10.8 per cent from a year ago.

The group had net cash of $163.4 million and an order book in excess of $450 million as at end-September.

It declared an interim dividend of 1.5 cents.

The star performer during the quarter remained the real estate solutions division, which achieved revenue of $61.8 million, 7.7 per cent up year-on-year. This division’s strong performance was underpinned by the steady progress of the industrial real estate solutions business, as well as improving revenue from the new township business in Libya, where Boustead is constructing a 1,164-villa township. To date, about one-third of the villas have been completed. The unit expects to continue clinching numerous projects in Singapore and around the world.

Commenting on the results, CEO and chairman Wong Fong Fui said that the first-half financial results were not unexpected given the generally challenging operating environment.

‘Still, it was pleasing to see net profit growth of 33.4 per cent for the first half. Nonetheless, it is highly unlikely that we will be able to exceed our full-year record performance in FY2009, given that it is improbable that we will be able to unlock the value of any industrial leasehold facilities in FY2010.’

Source : Business Times - 13 November 2009

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Ho Bee posts record 9-month profit

Ho Bee posts record 9-month profit

By KALPANA RASHIWALA

HO BEE Investment posted a strong increase in third-quarter net earnings, lifting its top and bottom lines for the first nine months past the record showing for full year 2007.

Paradise Island: Last of 29 villas sold in August for $22 million
Net profit for the quarter ended Sept 30 rose to $99.3 million from $18.7 million for Q3 last year. Revenue swelled from $52.5 million to $209.2 million, largely as a result of a big chunk of income booked for the Orange Grove Residences project, which was completed in July.

Ho Bee’s first nine months net profit jumped from $81.8 million to $293.9 million. Revenue quadrupled from $263.5 million to $1.06 billion. The numbers surpass the full-year 2007 net earnings of about $272 million and revenue of $596 million.

The strong report-card for the first nine months was achieved despite the fact that Ho Bee booked some $110 million of writedowns in Q2 this year for fair-value changes of investment and development properties.

‘The group’s revenue and earnings for the next quarter will remain positive,’ said Ho Bee chairman and CEO Chua Thian Poh.

Besides Orange Grove Residences, other projects that contributed to the group’s performance in the Jan to Sept period include Vertis in the Amber Road area, Quinterra at Holland Road, and The Coast condo and Paradise Island villas at Sentosa Cove. Ho Bee sold the last of 29 villas at Paradise Island in August for $22 million. All five projects received Temporary Occupation Permit in the first nine months of this year. That’s when developers book a chunk of earnings from units sold in residential property developments.

Collections from buyers from these projects boosted Ho Bee’s coffers. It enjoyed a whopping $896 million net cashflow from operating activities in the first nine months of 2009. This enabled it to repay nearly $700 million of borrowings this year, trimming group borrowings from about $1.15 billion at end-2008 to $457 million at end-Sept 2009. Cash and cash equivalents stood at $161.6 million at end-Sept 2009, up from $45.1 million at end-2008. Net gearing fell to a low of 0.26 times at end-Sept 2009 from 1.26 times at end-2008.

Ho Bee’s net asset value per share appreciated from $1.20 at end-2008 to $1.56 at end-Sept 2009. On the stockmarket yesterday, the counter ended three cents higher at $1.40.

Ho Bee has released two projects in the current quarter - Trilight at Newton Road and Parvis at Holland Hill. The latter is a joint project with MCL Land. So far, 61 Trilight units have been sold since its launch in October and 55 units sold at Parvis, which was released this month.

Next year, Ho Bee is expected to launch a 151-unit condo project at Sentosa Cove named Seascape. The group has another project - a 304-unit condo - in the upscale waterfront housing area which it’s developing on the Pinnacle Collection site. This could possibly be released late next year. Ho Bee is developing both projects jointly with Malaysia’s IOI group.

Source : Business Times - 13 November 2009

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CDL sells $1b worth of homes in Q3

CDL sells $1b worth of homes in Q3

It posts 28.4% jump in profit, sells North Bridge Commercial Complex
By KALPANA RASHIWALA
CITY Developments Ltd (CDL) sold 854 private homes for a total of about $1 billion in the third quarter of this year. As a result, its sales tally for the first nine months of 2009 came to 1,391 units worth about $1.72 billion, a big jump from the 360 units of about $340 million in the same period last year.

Residential projects that contributed to the group’s latest Q3 sales include Volari in the Balmoral area, Hundred Trees in West Coast, Livia in Pasir Ris and The Arte at Thomson.

The property and hotels group posted a net profit of $193.6 million for the third quarter ended Sept 30, 2009, an increase of 28.4 per cent from $150.8 million a year ago. The improvement was due chiefly to its property development business. There was no one-off divestment gain, unlike for Q3 2008 when the sale of Commerce Point was booked.

For the first nine months, CDL’s net earnings slipped 13.3 per cent to $416.75 million.

CDL said that it has agreed this month to sell all its 60 strata subdivided units in the 999-year-leasehold North Bridge Commercial Complex for $46 million. The sale is slated to be completed in March 2010 and profits will be booked in Q1 2010.

On the launch front this quarter, CDL is planning to offer a new 177-unit condo on Thomson Road next to The Arte. The project will comprise one to four-bedroom units, and they will be relatively small at affordable prices, the group said.

CDL generated $852.4 million cash flow from operating activities in the first nine months, a 175 per cent jump from $309.8 million previously. Gearing ratio improved to 42 per cent at end-September, from 48 per cent at end-December last year. CDL pointed out that this was not due to any fund-raising exercise such as rights issues or equity funding. Interest cover also improved to 13 times, compared to 11.7 times previously.

Group revenue increased 36.7 per cent to $940.9 million for Q3, and 5.5 per cent to $2.35 billion for the first nine months.

At Sentosa Cove, the group expects to complete construction of a yet-to-be-launched 228-unit condo on the Quayside Isle Collection plot towards the end of next year. The hotel and commercial components of the site could be completed in second-half 2012.

CDL, which is also a major office landlord, said that the group achieved occupancy of 90.3 per cent for its office portfolio as at end-Q3.

It said that the office market is seeing an increase in leasing activity. ‘Occupiers are, in the meantime, still looking for lower-cost and better-value options, but there are selective companies seeking to expand.’

Looking ahead, CDL said that home buying interest in the next few months is expected to remain relatively stable, though not at the same pace as that experienced in Q2 and Q3 this year. This is on the back of the Monetary Authority of Singapore’s recent statement that it may introduce further measures to cool the property market should there be risk of renewed escalation of speculative momentum.

‘Compared to a year ago, positive property market sentiments are showing signs of recovery,’ CDL said. ‘For the group’s property development segment, it has managed to lock in its profits from presales activities. It also has a wide spectrum of land bank catering to the different needs of the market segment and will be able to extract the appropriate land parcels, at the right time, to seize the opportunities as the market improves.’

The counter ended 12 cents lower at $10.08 yesterday.
Source : Business Times - 13 November 2009

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