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All remaining 7 ex-HUDCs have started en bloc process

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SINGAPORE: As the collective sales market picks up, more former Housing and Urban Development Company (HUDC) estates are jumping on the bandwagon to go en bloc.

A check conducted on Monday (Oct 3) showed that all remaining ex-HUDC flats are already at some point of the process.

Out of the 18 former HUDCs, 11 have been sold, with four of these deals – Rio Casa, Serangoon Ville, Eunosville, and Tampines Court – done this year alone, the most in any year.

Among the other seven, Florence Regency is re-looking its bids, while Ivory Heights, Pine Grove and Laguna Park have appointed marketing agents.

Chancery Court is looking for a marketing agent while Braddell View and Lakeview are looking to form a collective sales committee this month.

These developments were built in the 1970s and 80s to offer middle-income families public housing with condominium-like spaces. In 1995, the government began to privatise these estates.

Lakeview, a former HUDC estate that was privatised in 2003, is looking to form a collective sales committee soon. The 240-unit development is located along Upper Thomson Road. (Photo: Rachel Phua)

Some residents Channel NewsAsia spoke to had mixed feelings about their prospects.

Retiree Tay Yak Soon, who has lived in Braddell View since it was first built in 1981, said that although he likes living there because of the spacious layout and location, he believes it is time for Braddell View to go en bloc.

“Our estate is getting so old already … so a lot things got to be done … lift repairs and all that will cost us a bomb,” Mr Tay said.

However homemaker Want Sheng Nan, said in Mandarin that she is “on the fence” about moving out of Ivory Heights.

An original owner of the ex-HUDC at Jurong, she said: “The house is pretty old … but the location is very convenient – there are many shopping malls, stores. I’m very used to living here. And there’s a lot of interaction among neighbours here.”

BRADDELL VIEW’S PLOT RATIO

It could, however, take some time before one of these ex-HUDCs goes on the market.

Currently, Braddell View’s plot ratio is 2.1, but its management committee chairman Alex Teo said that the estate is hoping to have it increased to either 2.8, or 3.2 before it goes en bloc.

Mr Teo said he reached out to the estate’s MP, Senior Minister of State for Health Chee Hong Tat, over this matter in August. Mr Chee then linked him up with the Urban Redevelopment Authority (URA), he said.

Mr Teo added that the URA told him that for the matter to be considered, Braddell View will have to build an extra exit road for vehicles first. The 918-unit condominium currently only has one exit leading to Braddell Road.

Discussions with the authorities are still ongoing, Mr Teo said, but he is “positive” the authorities will build another exit route for the development.

“We understand that the Raffles Girls’ School (located next to the estate) will be completed in 2019, (so) most likely we will have the extra connection leading us from our estate to Toa Payoh Rise.”

When contacted, Mr Chee said that Braddell View is “discussing the matter with the authorities”.

Mr Teo thinks that with the current plot ratio, Braddell View can be sold for more than S$2 billion en bloc, but if the plot ratio was raised to at least 2.8, the estate could pocket nearly S$3 billion.

He added that based on the feedback from residents, they are in “no hurry” to cash out, although they are still planning to form the collective sales committee first.

LOCATION MATTERS

One developer that snapped up two of the former HUDC developments sold this year is Oxley Holdings.

Mr Ching Chiat Kwong, the CEO of Oxley Holdings, said that the reason they bought Rio Casa and Serangoon Ville is due to location.

“We believe Rio Casa and Serangoon Vile will be good for us to develop because they are in a mature estate, with all the amenities,” Mr Ching said.

He added that they are planning to launch new developments at both sites in the second half of 2018 and each site will house “more than 1,000 units”.

OLDER ESTATES, LARGE FLOOR AREAS

Besides their location in mature estates, another reason former HUDCs may make for more attractive buys could be their age, analysts said.

Mr Wong Xian Yang, OrangeTee’s head of research and consultancy, said that ex-HUDCs tend to be older than most private homes, so owners may be more willing to sell at a lower price.

Despite the large floor areas these estates have, Mr Wong said some developers are still willing to take the risk.

“The hype started after the successful sale of Shunfu Ville in 2016. (Then) we saw Tampines Court, which can potentially yield over 2,000 units. This suggests developers … are willing to take the risks to acquire large pieces of land.”

Mr Lee Nai Jia, senior director of research at Edmund Tie & Company, added that these estates were designed with a lot of open spaces and large unit sizes, so developers will have more room to maximise the land and build many more units than what the original development had.

And even though 11 residential sites – with a total sales value of more than S$3.6 billion – have already been sold en bloc this year, Mr Lee foresees that the collective sales market will remain hot for at least another nine months, given the uptick in the primary sales market.

However, both analysts reckon that with many more projects currently in various stages of the en bloc process, developers may become more selective of the sites they bid for.

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'I will not give up' – Britain's May tries to stamp authority on party

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MANCHESTER, ENGLAND – Prime Minister Theresa May will tell her Conservative Party on Wednesday it is not her style “to give up and turn away” when things get tough, trying to persuade critics she can lead Britain and secure a strong Brexit.

Striking a more personal tone, the 61-year-old May will describe her political drive to try to win over and rally a party that is disillusioned by rifts in her top team of ministers and by a June election when the party lost its parliamentary majority.

In a speech to the party faithful at their conference when May will unveil a plan to build more homes, the prime minister wants to reset her agenda and assert her authority after coming under pressure from her foreign minister Boris Johnson over her plans to leave the European Union in March 2019.

Her address could be make or break for the prime minister, whose attempt to present a united front at the conference has been undermined by Johnson, a possible leadership contender who received rousing applause for his speech on Tuesday.

Calling on the party to concentrate on voters instead of its internal wrangling, May will say she was in politics “to make a difference. To change things for the better. To hand on to the next generation a country that is stronger, fairer and more prosperous”.

“None of this will be easy. There will be obstacles and barriers along the way. But it has never been my style to hide from a challenge, to shrink from a task, to retreat in the face of difficulty, to give up and turn away,” she will say, according to excerpts of the speech.

OVERSHADOWED

The run up to May’s speech, however, was overshadowed by Johnson who once again dominated the airwaves after he stunned some party members at the conference in the northern English city of Manchester by saying Libya could become a new Dubai if it could clear the dead bodies away.

Again there were calls for Johnson to resign or be sacked, demands that May had hoped had been put aside after the foreign minister pledged his loyalty to her after setting out his own Brexit plan in a local newspaper.

May must also contend with a resurgent opposition Labour Party which accuses the government of mismanaging the economy and worsening social divisions. She and her ministers have sought to depict the Labour leadership as dangerous Marxists.

One senior Conservative said May must show “personality, vision and confidence” in her speech and offer “delegates hungry for ideas” something new.

Her deputy, First Secretary of State Damian Green, said May wanted to take the focus away from what he described as “a lot of drama” this week and onto helping people with their daily lives.

“What you will hear today from the prime minister is a very personal statement of the lessons she’s learnt from the election and what she derives from that in terms of what the government needs to do in the months and years to come,” Green told the BBC.

May will tell the party: “Let us shape up and give the country the government it needs.”

“For beyond this hall, beyond the gossip pages of the newspapers, and beyond the streets, corridors and meeting rooms of Westminster, life continues – the daily lives of ordinary working people go on. And they must be our focus today.”

Wednesday, October 4, 2017 – 17:14

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Uber driver, 64, who held two jobs dies after cardiac arrest at the wheel

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A 64-year-old Uber driver died in hospital after he suffered a cardiac arrest while driving on Sep 28 at around 7pm.

The Singapore Civil Defence Force (SCDF) said it dispatched an ambulance to the scene, located at the Changi Airport Terminal 2 exit towards East Coast Parkway.

The man, identified as Mr Wang Yongqing, was unconscious when conveyed to Changi General Hospital, which had been alerted to be on standby to receive him.

He was subsequently pronounced dead and established to have died of natural causes.

According to The Straits Times, the man had been driving when he suffered a cardiac arrest.

The deceased was single and lived with his brother, Mr Wang Yongshun, 62.

Shin Min Daily News reported that the victim held two jobs. He drove construction workers to their work sites until 5pm every day. In the past half a year, he began driving for Uber too, until past 1am.

Read the rest of the story on The Straits Times.

Wednesday, October 4, 2017 – 17:10

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N. Korea tension a threat to Asian growth: World Bank

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The World Bank warned Wednesday that surging tensions over North Korea’s nuclear programme could be a threat to robust growth in Asia.

The bank predicted that developing East Asia and the Pacific would expand 6.4 per cent this year, 6.2 per cent next year and 6.1 per cent in 2019, slightly better than their last forecasts in April.

“Developing East Asia and the Pacific is doing better than most other developing regions of the world and is likely to continue to do so,” said Sudhir Shetty, the bank’s chief regional economist.

He cited “a favourable external environment and robust domestic demand” for the improved picture in the institution’s latest report.

But Shetty warned that tensions over North Korea could dent the positive momentum.

Pyongyang has ramped up its weapons programme, conducting its sixth nuclear test and firing two missiles over Japan, and leader Kim Jong-Un has been engaged in a heated war of words with US President Donald Trump.

The tensions “have the potential to affect trade as well as the availability and access to external finance,” Shetty said, speaking to reporters via videolink from Bangkok.

“Since one of the channels for their impact is through trade, they will have significant impact on Asia which is reliant on trade and supply chains.”

He added that “an intensification of tensions in the region could make capital flows and exchange rates more volatile and raise global interest rates”.

Rising protectionism in the US under Trump and uncertainty caused by Britain’s looming exit from the European Union were also threats, the bank warned.

China, the world’s second-biggest economy, is expected to expand 6.7 per cent this year, easing to growth of 6.4 per cent next year and 6.3 per cent in 2019 as the economy rebalances away from external demand toward domestic consumption, the report said.

Southeast Asia’s five biggest economies should see growth of 5.1 per cent this year and 5.2 per cent in 2018 and 2019, slightly higher than April’s forecasts.

Wednesday, October 4, 2017 – 17:06

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Rohingya fleeing Myanmar say army redoubling push to clear villages

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BANGLADESH – Rohingya refugees arriving in Bangladesh amid a fresh exodus from strife-torn Myanmar have described whole villages being emptied and thousands marching to the border as security forces redouble efforts to drive the remaining Muslims from their homes.

More than 500,000 Muslim Rohingya have fled ethnic bloodshed in Myanmar in the past month and numbers are again swelling, with Bangladesh reporting 4-5,000 civilians now crossing the border each day after a brief lull in arrivals.

An estimated 10,000 more have reportedly massed in Myanmar near a crossing point into Bangladesh, and are poised to join the hundreds of thousands of mainly Rohingya refugees eking out survival in wretched camps over the border.

The spike in new arrivals – prompted by what Rohingya say is a fresh drive to purge Muslims still in westernmost Rakhine state – casts doubt on a Myanmar proposal aired this week to start repatriating the persecuted minority.

Rakhine has been emptied of half of its Rohingya population in weeks, and more are on the move as insecurity presses them to leave villages which have so far been spared the worst of the communal violence ripping through the state.

Rashida Begum, who arrived in Bangladesh late Monday, said local officials assured the Rohingya community for weeks they would be safe if they remained in their village.

“(But then) the army came and went door to door, ordering us to leave,” she told AFP of the military sweep in Maungdaw on Friday.

“They said they wouldn’t harm us, but eventually they drove us out and burned our houses.” Begum, 30, fled with her daughter to the coast where hundreds of Rohingya waited to cross the Naf River dividing Myanmar and Bangladesh.

Myanmar state media said the fleeing Rohingya had left “of their own accord” despite assurances they would be safe.

“I wanted to stay in my village,” Hasina Khatum, 25, told AFP in the coastal border town of Shah Porir Dwip.

“They (local officials) said ‘don’t go to Bangladesh. Everything will be fine’. We believed them, but nothing improved. Eventually we had to leave.” Sumaya Bibi, a softly spoken Rohingya teenager, described more than a thousand civilians hiding along the riverbank late Monday.

She said they boarded about 10 wooden fishing boats, many overloaded and carrying mainly women and children, and drifted under the cover of darkness across the Naf where they washed up on a remote beach.

Fazlul Haq, a local councillor in the area, said the flow of boats had almost stopped by late September but has resumed in recent days, bringing scores of Rohingya families reporting threats and intimidation by the army.

The UN said Tuesday that 509,000 refugees had crossed into Bangladesh as of September 30.

BURNED TO THE GROUND

The influx began after August 25, when attacks by Rohingya militants spurred a ferocious Myanmar army crackdown that the UN says amounted to “ethnic cleansing”.

Myanmar’s government refuses to recognise the Rohingya as a distinct ethnic group and considers them illegal migrants from Bangladesh.

Violence appears to have ebbed in northern Rakhine, although independent reporting is still blocked by an army lockdown, but fear has unsettled many of the Rohingya who remain.

Nurul Amin, who arrived Sunday after the military ordered his village be evacuated, described a long column of Rohingya civilians growing in size as it snaked toward the coast.

“As we left, people from villages all around us started joining. They (the Myanmar army) weren’t killing anyone, just burning houses,” he told AFP.

Thick plumes of smoke could be seen from Bangladesh rising beyond the border on Tuesday. An EU delegation in Rakhine earlier this week urged an end to the violence after seeing “villages burned to the ground and emptied of inhabitants”.

Amin said there were just “two, maybe three families in hiding, but no houses” in the villages surrounding his razed home in Maungdaw.

“They too will come in time,” he said.

Wednesday, October 4, 2017 – 16:41

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National Museum of Singapore to throw 130th birthday bash

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The celebrations on Oct 13 to 15 will feature interactive tours, art installations and music performances.

National Museum of Singapore. (File photo: Calvin Oh)

SINGAPORE: The National Museum of Singapore will mark its 130th birthday with a weekend of celebrations that will feature interactive tours, art installations and music performances, it said on Wednesday (Oct 4).

In a press release, the museum said admission for the celebrations on Oct 13 to 15 will be free, although selected programmes – such as tours by the museum director and curators – are ticketed.

National Museum of Singapore director Angelita Teo said the museum has “always endeared itself to the generation of its time”.

“For our birthday weekend, we invite visitors to get to know the museum better, re-discover its fascinating history and architecture, its galleries, my colleagues and our volunteers who have helped to make the National Museum not just the place to learn about Singapore’s cultural and historical heritage, but also the place to celebrate our shared stories.”

To mark the occasion, there will be a birthday cake-cutting ceremony on Oct 14 and cupcake giveaways.

There will also be an “artisanal retro market” featuring handicrafts, knick-knacks and locally-made produce, live music performances around the museum and craft activities, the museum said.

The National Museum was first established as the Raffles Library and Museum on Oct 12, 1887 and is Singapore’s oldest cultural institution.

“The museum was then established to spur intellectual inquiry in the region. It grew alongside the country, survived the Japanese Occupation and has transformed into a socio-history and cultural institution that is well-loved by many,” it said in the press release.

A new National Museum Historic Trail exploring the evolution of the museum over the years will be available from Oct 12, while special historic tours will also be available during the anniversary celebrations.

Details on the events can be found here

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Property windfalls: Four of the biggest en bloc sales of 2017

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SINGAPORE: The sale of Amber Park condominium, which was announced on Wednesday (Oct 4), set a record for Singapore’s largest freehold collective sale by dollar value, at S$906.7 million.

At this price, owners of the 200-unit freehold condominium would expect to receive gross sale proceeds of between S$4.3 million and S$8.3 million for their flat, marketing agent JLL said.

This sale comes as the local en bloc market heats up, with a number of sales resulting in multi-million dollar payouts for property owners. 

Here are some of those which have grabbing the headlines this year.

TAMPINES COURT

A former Housing and Urban Development Company (HUDC) estate, Tampines Court was sold in August earlier this year for S$970 million – the biggest deal for a former HUDC property since 2007.

The sale left each owner set to receive between S$1.71 million and S$1.75 million each, depending on the size of the unit.

Located at Tampines Street 11, the 101-year leasehold property has 69 years left. At 702,164 sq ft, the plot of land is able to yield 2,600 units of an average size of 753 sq ft.

Entrance of former HUDC estate Rio Casa. (Photo: Knight Frank)

RIO CASA

Each owner of Rio Casa stood to receive a gross sale price of about S$2 million upon successful completion of the river-fronting estate’s sale, when the former HUDC estate sold for S$575 million to joint venture company Oxley-Lian Beng Venture in May this year.

The estate, with a site area of 36,811.1 sq m, comprises seven residential blocks of 286 apartment and maisonette units.

Former HUDC estate Serangoon Ville. (Photo: Wendy Wong) 

SERANGOON VILLE

Another former HUDC estate, Serangoon Ville was sold for S$499 million to joint venture company Oxley Serangoon in July this year.

Owners of the estate, which was privatised in 2014, will get about S$2 million per unit upon completion. The sales price and additional charges work out to a rate of S$835 per square foot per plot ratio, according to the marketing agent ERA Realty.

Screengrab of Sun Rosier condominium at How Sun Drive from Google Maps.

SUN ROSIER

Owners of the 78-unit Sun Rosier condominium off Bartley Road stood to receive between S$2.86 million and S$4.77 million, at an average of S$1,885 per square foot, when the freehold development was sold for S$271 million last month.

It was snapped up by SingHaiyi Group, which submitted a bid that was S$36 million above the asking price of S$235 million.

The 146,046 sq ft How Sun Drive site has a gross plot ratio of 1.4 under the Urban Redevelopment Authority’s 2014 Master Plan. 

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Pageant denies Rohingya link in Myanmar beauty queen's dethroning

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YANGON – A Myanmar beauty pageant on Wednesday denied that the reason it dethroned a teen contestant was because of a graphic video she posted accusing Muslim Rohingya militants of driving communal violence in the west – an issue that has stirred a fierce nationalistic reflex inside the Buddhist-majority country.

Shwe Eain Si was stripped of her Miss Grand Myanmar title earlier this week. While pageant organisers said she had breached her contract, she alleged the move was linked to her comments on a crisis that has curdled religious tensions across Myanmar.

In the video, which was interspersed with gruesome photos of mutilated bodies, Shwe Eain Si expressed a view widely held among the Myanmar public that the Rohingya militants have led a “media campaign” to trick the world into thinking “they are the oppressed”.

She was referring to the humanitarian crisis in Rakhine state, where an army crackdown on the militants has sent more than half a million Rohingya civilians fleeing for Bangladesh since August 25.

While the globe has looked on with horror as Rohingya refugees pour into Bangladesh, sharing stories of atrocities at the hands of soldiers and Buddhist mobs, there is little sympathy for the group inside Myanmar.

The intense global pressure has sparked a siege mentality inside Myanmar, which has oppressed the Muslim minority for years and where Islamophobic sentiment has recently surged.

On Wednesday, Miss Universe Myanmar denied that the reason it punished the beauty queen was for her video and even offered some praise for the clip, which made no mention of the Rohingya exodus.

“The decision of Miss Universe Myanmar organisation regarding Shwe Eain Si was not related at all with the Rakhine video,” the company said in a Facebook post.

It added: “Although the video file posted now is good, it would be better if it was filmed more completely.” The firm’s original statement said Shwe Eain Si had been stripped of her title for breaking a number of rules.

In a lengthy Facebook post on Tuesday, the model denied breach of contract and defended her video as an effort by “a citizen of this country to use her fame to speak out the truth for her nation”.

The UN has accused Myanmar’s army of using its crackdown on the militants to systematically purge the Rohingya from its borders – a charge Myanmar authorities have staunchly denied.

Many, including the government, refuse to recognise the Rohingya as a distinct ethnic group, instead calling them “Muslims” or “Bengalis” – shorthand for illegal migrants from Bangladesh.

Ethnic tensions have been kindled over the years by the army and radical Buddhist monks, who have spread fears of an Islamic takeover despite Muslims making up less than five per cent of the population.

It is not the first time Myanmar’s nascent beauty queen scene has been rocked by drama.

Earlier this year a prominent transgender pageant winner was detained after a famous actress sued her for defamation over insults posted on a popular celebrity gossip page.

Wednesday, October 4, 2017 – 16:24

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