FINALLY, AN END TO PRIVATE FIRMS SHARING YOUR DATA?

FINALLY, AN END TO PRIVATE FIRMS SHARING YOUR DATA?

Government to introduce data protection law early next year

by Leong Wee Keat

Singapore – Relief may finally be in sight for consumers who are fed up with their personal data being flogged to private companies.

The Government will introduce a data protection law early next year, some seven years after a review of the Republic’s data protection regime was initiated.

The timeline was given by Minister for Information, Communications and the Arts Lui Tuck Yew in a written reply to Ang Mo Kio GRC MP Lee Bee Wah’s parliamentary query which was tabled during Monday’s Parliament session.

The minister added the proposed law is intended to “curb excessive and unnecessary collection of individuals’ personal data by businesses, and include requirements such as obtaining the consent of individuals to disclose their personal information”.

While it is not illegal to solicit personal data or to telemarket, concern has grown over data privacy – specifically how data is being obtained and sold.

Last month, for example, MediaCorp received a company’s offer of 10,000 emails of key Government and ministry officials at a price of S$1,000. Around 10,000 top management executives’ personal details were also offered for S$6,000.

In 2006, the Government had revealed that it had started examining the issue in November 2004. It formed an inter-ministry panel in October 2005, including representatives from ministries such as Trade and Industry, Finance and Home Affairs, as well as from other Government entities such as the Monetary Authority of Singapore.

Adding that the review has been completed, Mr Lui said: “The Government has concluded that it would be in Singapore’s overall interests to put in place a data protection regime, in order to protect individuals’ personal data against unauthorised use and disclosure for profit.”

The Infocomm Development Authority of Singapore (IDA), which is tasked to coordinate the effort, expects to release details of the proposed framework for consultation towards the end of this year.

Mr Bryan Tan, director of law firm Keystone Law Corporation, felt the proposed law could potentially apply to existing databases as well.

Mr Tan told MediaCorp: “A database is not a stagnant item – it grows and gets updated. Hence, these databases would over the course of time require updating and, accordingly, compliance.”

But technology lawyer Bryan Ghows noted that it was “logistically not possible” to go back to individual consumers on existing databases to ask for their consent to use their personal information. Thus, he thinks there may be a transition period. After which, “companies cannot use their existing data unless there is express consent”, said Mr Ghows.

Technology and telecommunications lawyer Rajesh Sreenivasan felt the Government would have to balance between protection of personal data and compliance costs for businesses when drafting the new law. He felt the proposed data protection law is “a win for all stakeholders” – consumers’ personal data will be better protected by businesses, while companies involved in cloud computing and data hosting services would receive better protection.

Mr Lui said a data protection council would be set up subsequently to oversee the implementation of the legislation. In the interim, the IDA said data would continue to be protected under sector-specific laws such as the Banking Act, Statistics Act and Official Secrets Act and common law.

Said an IDA spokesperson: “In addition, the Model Data Protection Code introduced in 2002 for voluntary adoption by the private sector will also govern the use of personal information by the Government and other companies who have adopted it.”
Source : TODAYonline – MediaCorp Press Ltd’s copyright

THE AVERAGE WAITING TIME FOR BTO FLATS IS LONGER THAN 3 YEARS »« Private home sales fall to three-month low

Prime Retail Rents here 14th Highest Globally

Prime Retail Rents here 14th Highest Globally

The average cost of prime retail rentals in the world has stabilized although it is still considered as high. There are some highly urbanized areas where there is a lack of retail space rentals; while there are also other areas experiencing an excess of retail space rentals where there are no takers. There should be a balance between these two in order to avoid a market bubble.

New York is still the number one contender with the highest annual prime retail rent in the amount of US$1,800 psf. Sydney ranks second with an annual prime retail rent of US$1,218 psf; with Hongkong coming in third place with an annual prime retail rent of US$1,113 psf.

Singapore went up a few notches to rank as number 14 globally, although the prime retail rents here went down slightly in the third quarter. Last year, Singapore’s ranking was number 18.
Singapore is now the 14th most expensive place in the world for prime retail shops.

In Q3, the average prime retail rent here was US$473 per sq ft per year ($51.80 psf per month). This is according to CB Richard Ellis. This was a 1.4 per cent drop from last year; and a 0.5 per cent fall from Q2. However, we have still managed to hold ourselves up with the rank of number 14th country with the highest prime rental rates in the world. Our businesses are doing well. Our economy is doing fine.

According to CBRE Singapore retail services director, rents in the prime area of Orchard Road have become more competitive. Property landowners here have become more cooperative and responsive in supporting the businesses of their tenants. They are aware that activities in the third quarter are generally slower and quieter after the Great Singapore Sale. And so they are supportive of their tenants’ creativity and efforts to generate more business.

Here in Singapore, shop retailers are eagerly awaiting the year-end festivities. They have been encouraged by a 15 per cent growth forecast, the estimates of higher tourist arrival for 2010 as well as a change in spending habits due to a projected growth in wages. These forecasts and estimates have made the shop retailers generally more optimistic about their business growth up till the end of 2010.

Some of the countries in the Asia Pacific region that ranked slightly ahead of Singapore are Tokyo, Melbourne and Guangzhou.

Some Asian markets such as Shanghai, Beijing, Tokyo, Taipei and Hongkong experienced an stabilized or even slight increase in the average prime rent cost. However, in some cities in China and India there is still the threat of a glut in new office retail space. There is always the fear of a real estate market bubble. There is always the problem of a lot of office rental space that is left without tenants This is often caused by unrealistic forecasts

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NEW HOME LOANS AND PROPERTY LAUNCHES TO BE HIT »« CapitaLand Rolls Out 1,715-Unit D’Leedon on Farrer Rd

CapitaLand Rolls Out 1,715-Unit D’Leedon on Farrer Rd

CapitaLand Rolls Out 1,715-Unit D’Leedon on Farrer Rd

District 10 is one of the upscale real estate sites in Singapore. One of the properties in this area is the former Farrer court. This has been purchased by CapitaLand, a high-rise developer for a record $1.3 billion at the peak of the real estate property boom.

On-going construction on this site is the D’Leedon, a 99-year leasehold residential project. This is comprised of seven high-end residential towers and 12 residential villas. The smallest unit will be about 900 sq ft; while some of the villas will be more than 4,000 sq ft. It is composed of 1,715 units. D’Leedon is believed to be the largest single condominium project ever in Singapore. However, CapitaLand, the developer, is expected to work on the project only in phases.

CapitaLand has started to market the project. The D’Leedon model unit has been built and flyers have started to be distributed to prospective buyers by the real estate agents. Pre-selling of the units is now underway.

The entire development project would cost around $3 billion, CapitaLand revealed in 2008. The project’s breakeven cost was pegged at around $1,350 psf to $1,450 psf by Patricia Chia, who was head of CapitaLand’s residential arm at that time.

Zaha Hadid and architectural theorist Patrik Schumacher are in charge of the project. They have been designing in Singapore for around 10 years now. Also involved in D’Leedon’s design is the Singaporean architecture and engineering firm of RSP.

The design of the buildings will be in the recognised style of architect Zaha Hadid, the first female recipient of the coveted Pritzker Architecture Prize. Her design for the project D’Leedon consists of seven 36-storey buildings with 150-metre towers . The towers will appear as if they grew out of the sunken gardens in the project’s landscape. The towers will appear to have “petals”. The tops of the buildings will appear to be like “fingers” of varied lengths.

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Mindy Yong

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Prime Retail Rents here 14th Highest Globally »« HDB Launches Lakeside Site for 580 DBSS Flats

HDB Launches Lakeside Site for 580 DBSS Flats

HDB Launches Lakeside Site for 580 DBSS Flats

A public shelter site located at Lakeside is being initiated for sale by the Housing and Development Board (HDB). This site has the possibility of generating 580 flats. This move is under the supervision of the HDB’s design- build- and- sell – scheme (DBSS).

The government’s DBSS system gives enormous benefits to the developer who wins the bid because he is able to exercise his freedom in designing, costing and promoting the units. He is given more autonomy to make his own decisions. The DBSS system gives support to developers and contractors.

This piece of land has an area of 2.1 hectares and is located at Yuan Ching Road. Its position is near the Jurong Lake and the Jurong Country Club Golf Course. It is also near educational establishments such as the Jurong Secondary School.

However, even though the site has good neighbors and establishments, it is not considered a good location. The reason for this is because it is far from an MRT station. The Lakeside and Boon Lay train stations are several bus rides away. It is therefore not considered a good investment.

One of the attributes of an ideal location or site is the availability of transportation. This is a major consideration in purchasing a real estate property. It is a necessary convenience for the buyer.

The property has a leasehold term of 103 years. Estimated forecast of bids could range from $133.5 million to $147 million. Expected to bid are four to six bidders who are contractors or developers. As this is not a very attractive property because of its distance from MRT stations, the bids are expected to go lower. This was revealed by Nicholas Mak, Research Executive Director of SLP International Property Consultant.

Proposals for this site are still being accepted. Acceptance of bids will close on January 5.

First-time buyers are now able to afford these new DBSS units. Since this is a public housing project, they can even apply for a CPF housing grant in the amount of US$30,000. This is an incentive given to original buyers . However, they will not be entitled to acquire a HDB concessionary loan.

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Mindy Yong

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CapitaLand Rolls Out 1,715-Unit D’Leedon on Farrer Rd »« Primary Market Shrugs Off Impact of Cooling Measures as Oct Sales Rise; Industry Watchers Wonder if this will Prompt New Steps from the Govt

Primary Market Shrugs Off Impact of Cooling Measures as Oct Sales Rise; Industry Watchers Wonder if this will Prompt New Steps from the Govt

Primary Market Shrugs Off Impact of Cooling Measures as Oct Sales Rise; Industry Watchers Wonder if this will Prompt New Steps from the Govt

The sales of private houses soared in the month of October government restrictions and attempts to control prices. This could mean that the restrictions were either not given enough attention or ignored by the buying public or they were not affected by such restrictions. Either way, some analysts believe that the government might yet initiate another set of policies and restrictions to curb real estate buying and selling and control the market.

Sales of private houses greatly increased by 16.1 per cent for the month of October. This increase was due partly to the release of new units at the luxurious The Glyndebourne and Suites, both located at premier districts. The buyers apparently were not affected by the government restrictions or had the means to circumvent these same restrictions.

The figure does not include the sales of the two new executive condominiums – The Canopy at Yishun and the Esparina Residences near the Buangkok MRT Station. Both these executive condominiums were oversubscribed. These two condominiums were the top sellers for the month of October. The last sale of executive condominiums was five years ago.

Because of the success of the executive condominiums, a lot of developers decided to cash-in on the trend . This resulted in the construction of smaller housing units, which were also grabbed by the buying public because of their affordable price and luxurious amenities inspite of their being public housing units. Moreover the demand for housing of the mass market was redirected to the executive condominiums.

This, together with the sales of private houses, accounted for the phenomenal increase in sales of housing units in October. This increase in sales is expected to continue until the end of the year.

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Mindy Yong

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HDB Launches Lakeside Site for 580 DBSS Flats »« UOL Group Reports Strong Sales of Spottiswoode Residences Condo

UOL Group Reports Strong Sales of Spottiswoode Residences Condo

UOL Group Reports Strong Sales of Spottiswoode Residences Condo

The Spottiswoode Residences Condo is the latest expensive project of the UOL Group. Its pre-selling blitz received a very strong affirmative reaction from buyers, as revealed by the UOL Group.

A pre-selling blitz is a sales event maneuvered by a real estate company to herald the opening of a new project – in this case, the Spottiswoode Residences Condo. An “Open House” is offered wherein the prospective buyers will see how the finished unit will appear. A team of real estate brokers is employed to distribute flyers and attend to the queries of the prospective buyers. Pre-selling promos and discounts are given at this time.

The Spottiswoode Residences Condo is a 36-storey high- rise condominium building located near the Outram MRT Station. It is composed of 351 units. A good number of the units are one- and two- bedroom apartments. The rest are the high-end or luxury units composed of the three-bedroom units and the penthouses. The Scottiswoode Residences Condo has seven elite luxury penthouses.

The floor areas of the one-bedroom and two-bedroom apartments and the three-bedroom luxury units vary from 603 square feet to 1,421 square feet. The prices of the units vary from $1,720 per square feet and $2,150 per square feet. A penthouse unit was sold for $1,850 per square feet.

At the pre-selling sales blitz held last November 12, a total of 150 units were offered for pre-selling. 87 per cent or 130 units were reserved out of the original 150 units. This is no mean feat and is indicative of what the buyers consider of the project.

At the formal launch of the Spottiswoode Residences Condo on Wednesday, November 17, another 80 units will be offered for sale. As with the first sales blitz, a very warm and positive sales response is expected.

A great majority of the buyers who reserved units in the project are Singaporeans. They comprise the 87 per cent of the buying public who made reservations for units. Most of the Singaporeans made reservations for the high-end luxury units. These fashionable units afforded them a panoramic and overlooking view of the sea.

“We believe buyers are excited about the potential transformation of the area into another waterfront city comparable to Marina Bay and an extended CBD are offering new lifestyle and workplace options.” This was expressed by Dolly Lian, UOL Group’s General Manager for Marketing.

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Primary Market Shrugs Off Impact of Cooling Measures as Oct Sales Rise; Industry Watchers Wonder if this will Prompt New Steps from the Govt »« S’pore Tops in Office Rental Growth

S’pore Tops in Office Rental Growth

S’pore Tops in Office Rental Growth

The increase in the third quarter Grade A rents here in Singapore have made the office space owners very happy. The increase greatly outweighed the gains made in other business centres in the Asia Pacific region.

According to a survey made by Jones Lang LaSalle (JLL), Singapore and Beijing, China topped the list. In local currency terms, both garnered quarterly net effective rental growth of 10.9 per cent. This reflects the net rental income that goes to the property owners and is exclusive of payables such as property taxes and maintenance fees.

The total occupancy cost paid by a tenant is called the gross rental income. While net rental income is a the pure rental income that goes to the owner after deducting all maintenance fees and property taxes that have to be paid.

Out of 26 Asia Pacific cities that were considered in terms of net effective rent incomes, Singapore came out fourth. Per JLL, an average of US$671 (S$870) per sq m went to the property owners.

Singapore’s ranking followed those of Hongkong, Tokyo and Mumbai. But Singapore was ahead of other regional business centres such as Ho Chi Minh City, Kuala Lumpur and Bangkok. They were ranked were 6th, 21st and 22nd, respectively.

In the third quarter, the average Grade A gross effective rent here in Singapore was $8.70 per sq ft of net rentable area per month. This rate is below peak levels in the years 1991, 1996 and 2008 which carried a percentage of 16 per cent, 23 per cent and 52 percent, respectively. But it was above level in the year 2000. The statistics were gathered by the JLL.

More increases are expected by the end of the year , notwithstanding the 12.3 per cent prime Grade A gross effective increase already earned.

The outlook looks good also the years 2011 and 2012. The potential for increase is already forecast based on the current trends. JLL reported.

A lot of office spaces is expected to be opened by next year. This means that there will be a lot of openings for office rentals. Vacancy levels will also rise next year.

Rental growth is expected to be slower in first half of next year inspite of the steady demand as compared with the second half of the year up to the year 2012.

As stated by Chris Archibold, JLL head of markets, the last six months evidenced an increasing level in tenancy interest. Part of this was brought about by the various relocation investments made by other countries. These relocation moves and show of confidence in the area further boosted investors’ thrust.

He further added that although there will be an increase in vacancies next year, this will not pose any threat or problem in connection with rental rates. Most of the office space units have already been committed or pre-sold.

More markets are expected to gain in strength as the bargaining power of the office space owners increases. This is evidenced by the 1.8 percent increase in the third quarter as reported by the Asia Pacific Office Rental Index.

This increase in prime office rates was helped considerably by the relocation of multinational corporations within the area and the expansion plans of the existing companies in the area. These multinational companies created the demand for office space, according to Mr Ong Kah Seng, senior manager for Asia Pacific Research of Cushman and Wakefield’s.

These companies generally accept the fact that rental rates are still considered on a low level as compared to the peaks achieved in mid-2008. He further states that an oversupply of office space will not occur since construction of new buildings was very slow and at a low level in the years 2008 and 2009. Again, no real estate market bubble is forecast.

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Mindy Yong

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UOL Group Reports Strong Sales of Spottiswoode Residences Condo »« China buyers dominate in S’pore Properties project

China buyers dominate in S’pore Properties project

China buyers dominate in S’pore Properties project

The presence of China buyers is increasing in the market as more and more are coming from HK and China’s cool market.

(SINGAPORE) Many and many people are coming towards Singapore in search of homes. They are occupying many housing projects and there is an assumption that this quantity will increase more in future. The reason is that there is a clamp down in properties from the authorities in china and Hong Kong.

There has been an analysis about home occupiers and it shows that almost 20% of private and permanent residences have been bought by Chinese and in this way they are contributing as the biggest foreigners settling in Singapore. This analysis has been done by DTZ property consultancy. This proportion stated above is much higher than the official data available from 1995. That data was provided by government sector.

No Chinese have become the 2nd largest property buyers in Singapore as non-Singaporean buyers. Apart from them Indonesians occupy the largest amount of houses and they are the biggest non-Singaporean buyers in Singapore. However Malaysians have taken the top spot with 21% and Indians are at 4th spot with 14% of market volume.

Taking as a whole figure the foreigners are accounted as 23% of the 7888 private home residential at the moment.

Singaporeans are the biggest share holders in the market as they have bought 73% of the houses and remaining 3% percent is occupied by different companies.

From 2007 onwards the presence of buyers has grown in Singapore. This has been said by DTZ. Just a quarter ago they were occupying 17% of private homes but today they are almost 23% in ration to Singaporeans. Malaysians and Indonesians are termed as the biggest buyers of property in Singapore.

DTZ has also stated that due to current real estate situations in china, the ratio of china buyers may increase in near future in Singapore as more Chinese people will be looking forward to buy properties overseas and Singapore is supposed to be the hot buying place for them.
The Chinese govt. has introduced new rules in real estate market to cool down the home loans ratio. In this way they have increased the down payments and have increased the term of lease. This will cause more Chinese buyers to go outside of the country buying new properties in overseas locations.

Hong Kong govt. is also taking some measure to cool down the current property conditions. This will also increase the number of buyers in Singaporean market.

A few day ago a new rule has been implied in the market. According to this rule those people who will be going to seell their properties in next in next 6 months will have to pay a tax of almost 15 % in accordance with total transaction price of the property. This has been done by imposing a special duty stamp on all transactions related to property.

There has been probable expectation from Chinese buyers towards market to go up a little bit. This has been said by Credo Real estate Executive Director Ong Teck Hui. In its results some of the Chinese buyers will be moving towards Singapore.

Some Chinese buyers prefer to buy properties in Hong Kong and this trend will also effect on Singaporean market Ong Teck said.

Phylicia Ang who is residential director at Savills has agreed with this point and he says the due to tightening policies implied by Chinese government a trend of buying properties in Singapore can be increased by Chinese buyers. We will be seeing more Chinese buyers then before in the market as a result of rules implemented by Chinese government. She also added that not many people buy homes in Singapore just form investments point of view. They do it because they want to settle down and become a family member here.

Peter Ow who is managing director ar Knight Frank said that Singapore is such a city in the world with which they feel very comfortable. So they will prefer to buy properties here in Singapore.

He also added that many Chinese people buy properties in Singapore in a biased way by their private banking sector or with the help of local developers who have established their offices in china. An example is Far East Organization.

Whenever we talk about buying properties in Singapore then it becomes a hot topic. The reason is increasing prices in property in Singapore however Singapore govt. has taken many measure so that property market can be kept stable since last September.

The financial Minister Tharman Shanmugartnam has said on last Monday that Govt. is has decided to keep an eye on the current situations so that additional steps can be taken when required. This is to make sure that the financial stability is still there in the market for buyers and sellers.

Most of the property consultants in Singapore don’t want the govt. to tighten the policies for property buying and selling as it has been done in china and Hong Kong. They should not do this at least for the time being however in future some more steps can be taken by the govt. Mr. Ong at Credo also said that govt. will wait to see how market responds in future to evaluate the required measures to be implemented in the market.

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Mindy Yong

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Mindy@MindyYong.com

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S’pore Tops in Office Rental Growth »« Over 1300 families have been benefited by Rental flat scheme

Over 1300 families have been benefited by Rental flat scheme

Over 1300 families have been benefited by Rental flat scheme

Last year in January a rental flat scheme was started by (IRH) housing scheme. This scheme was introduced to help citizens having financial issues and problems. Almost 1318 families have been benefited with this entire project since then.

In a written update provided by Mah Bow Tan for Dr Lam Pin MIN (Ang Mo Kio GRC) it is stated that almost 311 families have moved out of these flats. since then.
This scheme was launched to help families with financial problems to help them get temporary residence until they get some permenat residence of their own. Dr Lam had requested the ministry about the demands of this housing scheme.

Since 31st March a great number of families have been benefited with this project. Reports show that almost 611 families have acquired help with this project and almost 87 are those families that have finally moved on.

A family acquiring this scheme will be sharing 3 room flat with another family. Two families will be living in a single flat. However if family is big then this limitation can be waived for their ease.

Since all these families are going through financial problems so it was important to make flat sharing necessary so that rent can be low and divided between two families. In this way no family will have to bear extra burden of rent as it will be divided equally.
All those families living in this housing scheme are charges $300 – $400 monthly. These charges include all utilities, services and conservancy charges etc.

If such case comes in which family is big and need more space then they can be allowed to occupy a 2 room flat and it can given out on rent to that family by IRH.

The location of IRH flats are Toa Payoh, Bedok South and Havelock Road. It is important to mention here that in these localities flats of 3 rooms are given out at rent for $1000 – $1200 a month.

Such families that were in financial difficulties and couldn’t afford to live in luxury were meant to avail this facility of IRH flat housing scheme. Such families really needed to downgrade their living standard to get in better financial condition are short period of time.
This scheme really helped people in financial trouble as they were able to sell their own flats immediately and move into rental flats. In this way they were able to live in such rental flats that were priced very below as compared to market rates in that area.

The main concern was to reduce number of families getting defaulter in terms of home loans and this scheme really helped the people in need and govt. authorities.

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Mindy Yong

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China buyers dominate in S’pore Properties project »« Tampine’s site for executive Condo receives six Bids

Tampine’s site for executive Condo receives six Bids

Tampine’s site for executive Condo receives six Bids

Last month an executive condominium site in avenue 8 of Tampines was launched. This site has gained 6 bids so far. Unexpectedly the bid rates are slightly higher than the market expectations. Authorities are evaluating these received bids for this project.
The toppest bid was for S$187.6 million or it can be stated as $302 per square feet for each plot ratio has been received from consortium that is a joint bid from Hoi Hup Realty, SC wong Holdings and Sunway Developments.

This site was put to tender on 6th October and it yields 20600 square meter site. This site is supposed to contain 525 building units init.

This bid price is higher than expected bid price that was almost S$220 – S$280 per square feet ppr. The total area is almost 57680 square meters.

Another top bid that comes at 2nd place was placed by another joint venture of consortium that comprises of Lum Chang building contractors and Opal Star. They offered a price of S$172.8 million or it can be stated as S$278 per square feet per plot ratio for this tender. That has been closed yesterday at noon.

Executive condo sites that were released in 2nd half of the recent year are still waiting to be tapered off.

Two sites that were launched for tenders, one at Punggol got 4 and 5 bids each. These were closed in June & September this year. Another site that was launched for tender in august this year at Jurong west didn’t got any bids in the market.

Mr Li Hiaw ho who is executive director of CBRE research has said that this strong bid competition for Tampines land Parcels represent that developers and builders are very sure about the best productivity of this site.

He also mentioned that this site is quite near to many places in Tampines for example it is at walking distance to Bedok Reservoir and Temasek Polytechnic. Tampines Central, Tampines MRt stations and Tampines Rtail part is also very near to this place. Courts outlets and Ikea are also at near distance from this site. So this site has got a lot of potential in it.
Mr. Li says that the price of S$302 per square feet means that the break-even cost will go to S$600-S$620 per square feet.

MR. Li also said that we have experienced an average sale of S$838 per square feet last week on another site that is Water view, it is basically a private condo situated at Bedok Reservoir and contains 200 units that are sold now. He also added we can have a good market for this project called as EC project if we will be able to price it with a difference of about 15 – 20 % lower than the other Water view project.

It will be finally selling out at a price of S$670 – S$712 per square feet.

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Mindy Yong

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Over 1300 families have been benefited by Rental flat scheme »« Bounce back in land prices for EC housing