IN the first suspected case of a lawyer absconding with a client’s money to emerge since the rules surrounding such crimes were tightened last month, David Khong of Sim & Wong allegedly left town last weekend with $68,000 from the account of a client at a previous firm.
On July 15, rules came into force stipulating that two signatories are needed for cheques for amounts exceeding $30,000 to be drawn from clients’ accounts.
The rules, among other measures, were designed to prevent lawyers from mishandling clients’ money, and were actuated by an incident in June last year when lawyer David Rasif disappeared with over $10 million from clients’ accounts.
According to Peter Sim, a director of Sim & Wong, Mr Khong had closed his sole proprietorship, David Khong & Associates, and joined Sim & Wong only in June.
At his previous firm, Mr Khong had been working on a conveyancing transaction, and the work was transferred to Sim & Wong. However, the buyer’s 4 per cent deposit, worth about $88,000, was left in the old firm’s bank account, Mr Sim said.
When acting on behalf of a seller, a law firm typically holds the buyer’s deposit, which it releases to the seller after the transaction is complete.
Although David Khong & Associates had shut down, the firm’s bank account remained open. This was for administrative reasons, such as to pay ongoing bills, and is considered ‘normal procedure’, Mr Sim told BT.
Further, law firms usually place client money in fixed deposits, rather than current account, to earn higher interest. As the transaction was expected to close within weeks, the money was left at the old firm’s account, he said.
On Aug 20, Mr Khong sent an email message to Wendy Wong, a partner at Sim & Wong. In the email message, Mr Khong said he had absconded with $68,000 of the client’s money and left the country, according to Mr Sim.
The email message also mentioned miscellaneous debts, said Mr Sim. He said he had seen Mr Khong at work the previous Friday and noticed nothing untoward in his behaviour.
Sim & Wong has reported the matter to the Commercial Affairs Department of the Singapore Police Force, as well as the Law Society.
The police told BT yesterday that the report had been lodged, but said it was ‘inappropriate to comment on investigations’ and did not furnish further detail.
Meanwhile, ‘the Council of the Law Society has intervened on 21 August 2007 in the practice and client account of one David Khong Siak Meng as the Council has reason to suspect dishonesty in relation to a sum of about $68,000 on the part of this solicitor’, a spokesperson for the Law Society told BT.
‘The Council has appointed an investigative accountant to look into the matter. The Chief Justice has been informed of the matter. As the matter is currently under police investigation, the Law Society is unable to comment further,’ added the spokesperson, but said the society would issue a press release at a later date when appropriate.
‘We don’t know how or when he (Mr Khong) took out the money. Presumably he only needed one signature to do so,’ said Mr Sim.
Mr Khong’s confession came ‘out of the blue’, said Mr Sim.
Source : Business Times - 23 Aug 2007
Saturday, August 25, 2007
New borrowers with HSBC’s variable rate home loans are to be allowed to defer their repayments for a month each year
New borrowers with HSBC’s variable rate home loans are to be allowed to defer their repayments for a month each year, six months after taking out a loan.
The bank, which announced the new ‘payment holiday’ feature this week, said each deferred monthly instalment will be added to the outstanding balance on the loan, which means customers who choose to defer a payment will need to pay higher subsequent monthly instalments.
Wendy Lim, the bank’s head of consumer banking in Singapore, said the option of a payment holiday would give customers greater flexibility in managing their finances.
A customer can take a one-month payment holiday for each anniversary year of the loan, but the first deferment can be made only after six months. The monthly instalments will be revised after each payment holiday.
The bank has also launched new home loan packages directly linked to the three-month Singapore interbank offered rate or Sibor, a common benchmark for banks’ loans to businesses here.
Interest rates charged on these home loan packages will be the published three-month Sibor on the first business day of each month, plus 0.7 of a percentage point, a bank spokesman said. In recent months, other banks here have also introduced mortgages based on publicly available benchmark rates.
Source : Business Times - 23 Aug 2007
The bank, which announced the new ‘payment holiday’ feature this week, said each deferred monthly instalment will be added to the outstanding balance on the loan, which means customers who choose to defer a payment will need to pay higher subsequent monthly instalments.
Wendy Lim, the bank’s head of consumer banking in Singapore, said the option of a payment holiday would give customers greater flexibility in managing their finances.
A customer can take a one-month payment holiday for each anniversary year of the loan, but the first deferment can be made only after six months. The monthly instalments will be revised after each payment holiday.
The bank has also launched new home loan packages directly linked to the three-month Singapore interbank offered rate or Sibor, a common benchmark for banks’ loans to businesses here.
Interest rates charged on these home loan packages will be the published three-month Sibor on the first business day of each month, plus 0.7 of a percentage point, a bank spokesman said. In recent months, other banks here have also introduced mortgages based on publicly available benchmark rates.
Source : Business Times - 23 Aug 2007
Inflation rose at the fastest pace in 12 years last month
If it seemed to you that seeing the doctor or eating out is becoming more expensive of late, you were spot on.
Inflation rose at the fastest pace in 12 years last month — as the Goods and Services Tax (GST) hike kicked in, food costs rose and rents soared.
The Consumer Price Index (CPI) rose 2.6 per cent from a year earlier after rising 1.3 per cent in June, the Department of Statistics said yesterday. The rise was the fastest since January 1995.
Compared to a year ago, gains were the sharpest for healthcare, as more expensive Chinese herbs and higher medical consultation fees pushed the category up by 5.7 per cent.
Food, which has the largest weightage in the CPI, increased 2.9 per cent from a year ago, as the costs of cooked food, fruits, fish and milk powder went up — the last due to higher global prices.
July also marked the first month the surge in real estate prices finally hit headline inflation. While housing prices went up by 0.7 per cent from a year ago, it crept up by 4.9 per cent compared to June as electricity prices climbed and rents increased.
Public housing rents — which hit a 10-year high last month — is included in the CPI’s housing component, unlike private rents.
The Monetary Authority of Singapore expects inflation this year to be at the upper half of its 0.5- to 1.5-per-cent range, before rising to about 2 per cent next year.
But private-sector economists expect full-year inflation to exceed 1.5 per cent this year. UOB economist Alvin Liew, whose forecast is 1.8 per cent, said the impact of the GST hike would be “felt for the next 11 months”.
Also, bad weather in the region has led to supply disruptions that may continue to bolster food costs, CIMB-GK economist Song Seng Wun told Dow Jones Newswires.
Source : Today - 24 Aug 2007
Inflation rose at the fastest pace in 12 years last month — as the Goods and Services Tax (GST) hike kicked in, food costs rose and rents soared.
The Consumer Price Index (CPI) rose 2.6 per cent from a year earlier after rising 1.3 per cent in June, the Department of Statistics said yesterday. The rise was the fastest since January 1995.
Compared to a year ago, gains were the sharpest for healthcare, as more expensive Chinese herbs and higher medical consultation fees pushed the category up by 5.7 per cent.
Food, which has the largest weightage in the CPI, increased 2.9 per cent from a year ago, as the costs of cooked food, fruits, fish and milk powder went up — the last due to higher global prices.
July also marked the first month the surge in real estate prices finally hit headline inflation. While housing prices went up by 0.7 per cent from a year ago, it crept up by 4.9 per cent compared to June as electricity prices climbed and rents increased.
Public housing rents — which hit a 10-year high last month — is included in the CPI’s housing component, unlike private rents.
The Monetary Authority of Singapore expects inflation this year to be at the upper half of its 0.5- to 1.5-per-cent range, before rising to about 2 per cent next year.
But private-sector economists expect full-year inflation to exceed 1.5 per cent this year. UOB economist Alvin Liew, whose forecast is 1.8 per cent, said the impact of the GST hike would be “felt for the next 11 months”.
Also, bad weather in the region has led to supply disruptions that may continue to bolster food costs, CIMB-GK economist Song Seng Wun told Dow Jones Newswires.
Source : Today - 24 Aug 2007
Parkway Life Real Estate Investment Trust
One of the biggest initial public offerings (IPO) this year made a disappointing debut yesterday – a casualty of the uncertainties afflicting financial markets.
Despite a generally upbeat stock market, Parkway Life Real Estate Investment Trust (Reit) opened trading in the afternoon session at $1.27, a cent below the offer price of $1.28, and steadily fell before ending at $1.19 a unit.
Ms Daphne Roth, vice-president of equity research at ABN Amro Private Banking, said: “This is really wrong timing. The full risk appetite has not come back.”
The Reit was established by Parkway Holdings to invest mainly in income producing Asia-Pacific real estate especially for healthcare and healthcare-related purposes.
Parkway Holdings sold 288.9 million shares at $1.28 apiece and investors applied for about 12 times the available stock.
The strong demand had some market participants speculating that the Reit could open as high as $1.48, with generally buoyant market sentiment pushing the units as high as $1.50 apiece.
Still, UOB KayHian said that the Reit’s yield is comparable to hospitality Reits such as CDL Hospitality Trust and Ascott Reit.
“Its yield is much more attractive when compared to Reits investing in commercial, retail or industrial properties,” it said. — AGENCIEs with additional reporting by Cheow Xin Yi
Source : Today - 24 Aug 2007
Despite a generally upbeat stock market, Parkway Life Real Estate Investment Trust (Reit) opened trading in the afternoon session at $1.27, a cent below the offer price of $1.28, and steadily fell before ending at $1.19 a unit.
Ms Daphne Roth, vice-president of equity research at ABN Amro Private Banking, said: “This is really wrong timing. The full risk appetite has not come back.”
The Reit was established by Parkway Holdings to invest mainly in income producing Asia-Pacific real estate especially for healthcare and healthcare-related purposes.
Parkway Holdings sold 288.9 million shares at $1.28 apiece and investors applied for about 12 times the available stock.
The strong demand had some market participants speculating that the Reit could open as high as $1.48, with generally buoyant market sentiment pushing the units as high as $1.50 apiece.
Still, UOB KayHian said that the Reit’s yield is comparable to hospitality Reits such as CDL Hospitality Trust and Ascott Reit.
“Its yield is much more attractive when compared to Reits investing in commercial, retail or industrial properties,” it said. — AGENCIEs with additional reporting by Cheow Xin Yi
Source : Today - 24 Aug 2007
The short supply of available office space in the central business district is driving financial institutions to be more flexible
The short supply of available office space in the central business district is driving financial institutions to be more flexible when planning their real estate needs.
“Currently, banking and finance tenants occupy 36 per cent of all Grade A stock in Singapore, or close to 500,000 sq m,” said Justin Kean, associate director of Asia Pacific occupier research at consultancy Jones Lang LaSalle (JLL).
“This figure has increased by approximately half since the beginning of 2006.”
Added Mr Kean: “This implies that much of the recent rental movements in this market can be attributed to the banking and finance sector.”
A JLL white paper on real estate trends in the banking and finance sector showed financial institutions are exploring ways to create a better work environment, besides just looking at physical locations for expansion.
Advancements in data storage and communication technology have enabled the separation of front and back-end operations. The latter are then moved to cheaper locations.
To optimise office space, some banks here are considering the possibility of hot-desking, or allowing staff to work off-site or from home.
Such arrangements, together with the adoption of flexible work hours, would give the banks the flexibility to absorb minor shocks in the market, which might result in the reduction of staff numbers, without downsizing their real-estate portfolio.
JLL said, in line with the rise in corporate social responsibility within the sector, more real estate managers are making it an important part of their portfolio management strategy, including selecting eco-friendly buildings.
Source : Weekend Today - 25 Aug 2007
“Currently, banking and finance tenants occupy 36 per cent of all Grade A stock in Singapore, or close to 500,000 sq m,” said Justin Kean, associate director of Asia Pacific occupier research at consultancy Jones Lang LaSalle (JLL).
“This figure has increased by approximately half since the beginning of 2006.”
Added Mr Kean: “This implies that much of the recent rental movements in this market can be attributed to the banking and finance sector.”
A JLL white paper on real estate trends in the banking and finance sector showed financial institutions are exploring ways to create a better work environment, besides just looking at physical locations for expansion.
Advancements in data storage and communication technology have enabled the separation of front and back-end operations. The latter are then moved to cheaper locations.
To optimise office space, some banks here are considering the possibility of hot-desking, or allowing staff to work off-site or from home.
Such arrangements, together with the adoption of flexible work hours, would give the banks the flexibility to absorb minor shocks in the market, which might result in the reduction of staff numbers, without downsizing their real-estate portfolio.
JLL said, in line with the rise in corporate social responsibility within the sector, more real estate managers are making it an important part of their portfolio management strategy, including selecting eco-friendly buildings.
Source : Weekend Today - 25 Aug 2007
REITs have been sold down in recent weeks amid the market volatility.
Like most other property-related counters, Singapore-listed real estate investment trusts or REITs have been sold down in recent weeks amid the market volatility.
As one analyst puts it, the last time he looked, the buildings were still standing, the offices still occupied and owners still collecting rents in a robust economic environment.
But it appears that investors are not seeing REITS in the same positive light.
According to a Goldman Sachs index, Singapore REITs have fallen by 11.8 percent over the past two months.
That is a better showing than the 15.3 percent drop in its property stock index.
Analysts said a fearful climate has caused the market to under-appreciate the defensive qualities of REITs and overstate their risks.
Tony Darwell, Head of Asian Equity Research at Nomura Singapore, said: “When you look at say the Singapore office market, what we’ve seen is very, very strong growth in terms of capital value, but that strong growth in capital value has been driven by rents. We’ve not actually seen yields in the office market compressed.”
A case in point is K-REIT.
Its unit price fell by 20 percent over the last one month, while Keppel Land’s share price dropped by just 6 percent.
Analysts said they remain positive about Singapore REITs.
“There’s definitely risk in terms of outlook in the US, but given the supply demand dynamic over the next 12 to 18 months, given an expectation that rental and rental growth is likely to be relatively robust, some of the REITs in the offering – Guoco Commercial REIT, Macquarie Prime REIT, Capital Commercial Trust – look quite interesting at current valuation,” said Mr Darwell.
Analysts said REITs offer a much higher income payout than property stocks – often 100 percent, compared to 20 to 40 percent.
They also believe that Singapore-listed REITs are trading significantly below their current asset valuation. - CNA/so
Source : Channel NewsAsia - 24 Aug 2007
As one analyst puts it, the last time he looked, the buildings were still standing, the offices still occupied and owners still collecting rents in a robust economic environment.
But it appears that investors are not seeing REITS in the same positive light.
According to a Goldman Sachs index, Singapore REITs have fallen by 11.8 percent over the past two months.
That is a better showing than the 15.3 percent drop in its property stock index.
Analysts said a fearful climate has caused the market to under-appreciate the defensive qualities of REITs and overstate their risks.
Tony Darwell, Head of Asian Equity Research at Nomura Singapore, said: “When you look at say the Singapore office market, what we’ve seen is very, very strong growth in terms of capital value, but that strong growth in capital value has been driven by rents. We’ve not actually seen yields in the office market compressed.”
A case in point is K-REIT.
Its unit price fell by 20 percent over the last one month, while Keppel Land’s share price dropped by just 6 percent.
Analysts said they remain positive about Singapore REITs.
“There’s definitely risk in terms of outlook in the US, but given the supply demand dynamic over the next 12 to 18 months, given an expectation that rental and rental growth is likely to be relatively robust, some of the REITs in the offering – Guoco Commercial REIT, Macquarie Prime REIT, Capital Commercial Trust – look quite interesting at current valuation,” said Mr Darwell.
Analysts said REITs offer a much higher income payout than property stocks – often 100 percent, compared to 20 to 40 percent.
They also believe that Singapore-listed REITs are trading significantly below their current asset valuation. - CNA/so
Source : Channel NewsAsia - 24 Aug 2007
Horizon Towers for allegedly breaching the option to purchase agreement for the $500 million
The Hotel Properties-led consortium yesterday filed a suit in the High Court against the majority owners of Horizon Towers for allegedly breaching the option to purchase agreement for the $500 million collective sale of the Leonie Hill property.
The proceedings that HPL instituted in the High Court also seek to get an order that the vendors of Horizon Towers ‘do everything in their power to obtain a collective sale order from the Strata Titles Board’, it was mentioned in a statement to the Singapore Exchange yesterday evening.
In addition, HPL could seek damages for breach of contract.
The law suit came about after the Strata Titles Board dismissed on Aug 3 an application by Horizon Towers’ majority owners seeking STB’s order for the collective sale. Earlier, the HPL-led consortium, which also includes Morgan Stanley Real Estate and Qatar Investment Authority, had exercised their option to purchase.
The STB’s dismissal of the application was greeted with jubilation by some of Horizon Towers’ owners, given the steep rise in prime district residential values since the deal with the HPL-consortium was sealed.
Following STB’s decision, the sales committee representing Horizon Towers majority owners chose not to extend the sale agreement with the HPL consortium when it expired on Aug 11.
The HPL-consortium had earlier threatened to sue the majority owners for lost profits - estimated at $800 million to $1 billion - from a redevelopment of the site. They also wanted the sale deadline extended by four months and the STB decision appealed.
Source : Business Times - 24 Aug 2007
The proceedings that HPL instituted in the High Court also seek to get an order that the vendors of Horizon Towers ‘do everything in their power to obtain a collective sale order from the Strata Titles Board’, it was mentioned in a statement to the Singapore Exchange yesterday evening.
In addition, HPL could seek damages for breach of contract.
The law suit came about after the Strata Titles Board dismissed on Aug 3 an application by Horizon Towers’ majority owners seeking STB’s order for the collective sale. Earlier, the HPL-led consortium, which also includes Morgan Stanley Real Estate and Qatar Investment Authority, had exercised their option to purchase.
The STB’s dismissal of the application was greeted with jubilation by some of Horizon Towers’ owners, given the steep rise in prime district residential values since the deal with the HPL-consortium was sealed.
Following STB’s decision, the sales committee representing Horizon Towers majority owners chose not to extend the sale agreement with the HPL consortium when it expired on Aug 11.
The HPL-consortium had earlier threatened to sue the majority owners for lost profits - estimated at $800 million to $1 billion - from a redevelopment of the site. They also wanted the sale deadline extended by four months and the STB decision appealed.
Source : Business Times - 24 Aug 2007
AN URBAN Redevelopment Authority tender at Kaki Bukit Road
AN URBAN Redevelopment Authority tender at Kaki Bukit Road 3 yesterday drew seven bids, with a top offer of $72 per square foot (psf) of potential gross floor area - the highest-ever unit land price for a 30-year leasehold industrial site, according to CB Richard Ellis.
And this top bid, made by Eastpoint Development Pte Ltd, was a whopping 58 per cent more than the second-highest bid of $46 psf per plot ratio (ppr), which came from EL Development, a unit of Evan Lim & Co.
The top bid at yesterday’s tender worked out to nearly $5.7 million in absolute terms and the bidder, Eastpoint Development, is controlled by Lim Kim Hong and Lim Huixing.
The Lims also took part in Wednesday’s tender for the maiden transitional office site next to Newton MRT Station, bidding under MV Land Pte Ltd, which entered the fourth-highest bid at that tender.
The Kaki Bukit site is zoned for Business 1 use, which means it can be developed for a range of clean and light industrial, and warehouse use.
Colliers International director (industrial) Tan Boon Leong reckons the 131,917-sq-ft plot, which has a plot ratio of just 0.6 and a triangular shape with a narrow pointed tip at one end, is optimally suited for development into single-storey (with mezzanine floor) terrace factories or two/three-storey terrace factories. ‘The plot can be built into about 23 single-storey (with mezzanine floor) units with an average saleable area of 3,500 sq ft per unit,’ he added.
‘The break-even cost to the developer could be around $150-$180 psf of saleable area and it could sell the units for about $220-230 psf. It should be able to command a premium for such factories, despite the 30-year leasehold tenure, because there’s a dearth right now for single-storey terrace factories in the Paya Lebar, MacPherson and Kaki Bukit areas,’ Mr Tan added.
CB Richard Ellis executive director Li Hiaw Ho said the Kaki Bukit site can be developed into a high-tech industrial building.
Yesterday’s tender also drew bids from KNG Development, Sin Hong Hwa Pte Ltd, Union Contractors (Singapore), Eng Seng Lee Construction Co and Soilbuild Group. Soilbuild was the lowest bidder at $2.44 million or $31 psf ppr. It was also the lowest tenderer at Wednesday’s tender for the 15-year leasehold transitional office site next to Newton MRT Station.
CBRE’s Mr Li noted that the high number of bids received as well as the robust prices for the industrial site indicate continued strong demand among developers and manufacturers.
‘It is not surprising as occupancy rates for industrial space are still on an upward trend. Industrial rents are also on a healthy growth path, driven by a buoyant manufacturing sector,’ he added.
Source : Business Times - 24 Aug 2007
And this top bid, made by Eastpoint Development Pte Ltd, was a whopping 58 per cent more than the second-highest bid of $46 psf per plot ratio (ppr), which came from EL Development, a unit of Evan Lim & Co.
The top bid at yesterday’s tender worked out to nearly $5.7 million in absolute terms and the bidder, Eastpoint Development, is controlled by Lim Kim Hong and Lim Huixing.
The Lims also took part in Wednesday’s tender for the maiden transitional office site next to Newton MRT Station, bidding under MV Land Pte Ltd, which entered the fourth-highest bid at that tender.
The Kaki Bukit site is zoned for Business 1 use, which means it can be developed for a range of clean and light industrial, and warehouse use.
Colliers International director (industrial) Tan Boon Leong reckons the 131,917-sq-ft plot, which has a plot ratio of just 0.6 and a triangular shape with a narrow pointed tip at one end, is optimally suited for development into single-storey (with mezzanine floor) terrace factories or two/three-storey terrace factories. ‘The plot can be built into about 23 single-storey (with mezzanine floor) units with an average saleable area of 3,500 sq ft per unit,’ he added.
‘The break-even cost to the developer could be around $150-$180 psf of saleable area and it could sell the units for about $220-230 psf. It should be able to command a premium for such factories, despite the 30-year leasehold tenure, because there’s a dearth right now for single-storey terrace factories in the Paya Lebar, MacPherson and Kaki Bukit areas,’ Mr Tan added.
CB Richard Ellis executive director Li Hiaw Ho said the Kaki Bukit site can be developed into a high-tech industrial building.
Yesterday’s tender also drew bids from KNG Development, Sin Hong Hwa Pte Ltd, Union Contractors (Singapore), Eng Seng Lee Construction Co and Soilbuild Group. Soilbuild was the lowest bidder at $2.44 million or $31 psf ppr. It was also the lowest tenderer at Wednesday’s tender for the 15-year leasehold transitional office site next to Newton MRT Station.
CBRE’s Mr Li noted that the high number of bids received as well as the robust prices for the industrial site indicate continued strong demand among developers and manufacturers.
‘It is not surprising as occupancy rates for industrial space are still on an upward trend. Industrial rents are also on a healthy growth path, driven by a buoyant manufacturing sector,’ he added.
Source : Business Times - 24 Aug 2007
AN URBAN Redevelopment Authority tender at Kaki Bukit Road
AN URBAN Redevelopment Authority tender at Kaki Bukit Road 3 yesterday drew seven bids, with a top offer of $72 per square foot (psf) of potential gross floor area - the highest-ever unit land price for a 30-year leasehold industrial site, according to CB Richard Ellis.
And this top bid, made by Eastpoint Development Pte Ltd, was a whopping 58 per cent more than the second-highest bid of $46 psf per plot ratio (ppr), which came from EL Development, a unit of Evan Lim & Co.
The top bid at yesterday’s tender worked out to nearly $5.7 million in absolute terms and the bidder, Eastpoint Development, is controlled by Lim Kim Hong and Lim Huixing.
The Lims also took part in Wednesday’s tender for the maiden transitional office site next to Newton MRT Station, bidding under MV Land Pte Ltd, which entered the fourth-highest bid at that tender.
The Kaki Bukit site is zoned for Business 1 use, which means it can be developed for a range of clean and light industrial, and warehouse use.
Colliers International director (industrial) Tan Boon Leong reckons the 131,917-sq-ft plot, which has a plot ratio of just 0.6 and a triangular shape with a narrow pointed tip at one end, is optimally suited for development into single-storey (with mezzanine floor) terrace factories or two/three-storey terrace factories. ‘The plot can be built into about 23 single-storey (with mezzanine floor) units with an average saleable area of 3,500 sq ft per unit,’ he added.
‘The break-even cost to the developer could be around $150-$180 psf of saleable area and it could sell the units for about $220-230 psf. It should be able to command a premium for such factories, despite the 30-year leasehold tenure, because there’s a dearth right now for single-storey terrace factories in the Paya Lebar, MacPherson and Kaki Bukit areas,’ Mr Tan added.
CB Richard Ellis executive director Li Hiaw Ho said the Kaki Bukit site can be developed into a high-tech industrial building.
Yesterday’s tender also drew bids from KNG Development, Sin Hong Hwa Pte Ltd, Union Contractors (Singapore), Eng Seng Lee Construction Co and Soilbuild Group. Soilbuild was the lowest bidder at $2.44 million or $31 psf ppr. It was also the lowest tenderer at Wednesday’s tender for the 15-year leasehold transitional office site next to Newton MRT Station.
CBRE’s Mr Li noted that the high number of bids received as well as the robust prices for the industrial site indicate continued strong demand among developers and manufacturers.
‘It is not surprising as occupancy rates for industrial space are still on an upward trend. Industrial rents are also on a healthy growth path, driven by a buoyant manufacturing sector,’ he added.
Source : Business Times - 24 Aug 2007
And this top bid, made by Eastpoint Development Pte Ltd, was a whopping 58 per cent more than the second-highest bid of $46 psf per plot ratio (ppr), which came from EL Development, a unit of Evan Lim & Co.
The top bid at yesterday’s tender worked out to nearly $5.7 million in absolute terms and the bidder, Eastpoint Development, is controlled by Lim Kim Hong and Lim Huixing.
The Lims also took part in Wednesday’s tender for the maiden transitional office site next to Newton MRT Station, bidding under MV Land Pte Ltd, which entered the fourth-highest bid at that tender.
The Kaki Bukit site is zoned for Business 1 use, which means it can be developed for a range of clean and light industrial, and warehouse use.
Colliers International director (industrial) Tan Boon Leong reckons the 131,917-sq-ft plot, which has a plot ratio of just 0.6 and a triangular shape with a narrow pointed tip at one end, is optimally suited for development into single-storey (with mezzanine floor) terrace factories or two/three-storey terrace factories. ‘The plot can be built into about 23 single-storey (with mezzanine floor) units with an average saleable area of 3,500 sq ft per unit,’ he added.
‘The break-even cost to the developer could be around $150-$180 psf of saleable area and it could sell the units for about $220-230 psf. It should be able to command a premium for such factories, despite the 30-year leasehold tenure, because there’s a dearth right now for single-storey terrace factories in the Paya Lebar, MacPherson and Kaki Bukit areas,’ Mr Tan added.
CB Richard Ellis executive director Li Hiaw Ho said the Kaki Bukit site can be developed into a high-tech industrial building.
Yesterday’s tender also drew bids from KNG Development, Sin Hong Hwa Pte Ltd, Union Contractors (Singapore), Eng Seng Lee Construction Co and Soilbuild Group. Soilbuild was the lowest bidder at $2.44 million or $31 psf ppr. It was also the lowest tenderer at Wednesday’s tender for the 15-year leasehold transitional office site next to Newton MRT Station.
CBRE’s Mr Li noted that the high number of bids received as well as the robust prices for the industrial site indicate continued strong demand among developers and manufacturers.
‘It is not surprising as occupancy rates for industrial space are still on an upward trend. Industrial rents are also on a healthy growth path, driven by a buoyant manufacturing sector,’ he added.
Source : Business Times - 24 Aug 2007
CAPITALAND has stepped up its presence in Shanghai
CAPITALAND has stepped up its presence in Shanghai by securing a commercial site in the Zhabei District for 598.1 million yuan (S$119.6 million).
The purchase was made in a government land auction through an indirect subsidiary, Yorksure Pte Ltd.
The 20,310 sq m site, with a plot ratio of 3.5, will be developed into quality offices and a high-end hotel or service residences. Total gross floor area is estimated at 71,085 sq m.
CapitaLand said in a statement yesterday that the leasehold site, located along West Guangzhong Road in the commercial area of Ling Shi, is in the Shanghai Multimedia Valley.
The Shanghai Multimedia Valley, with a planned total gross floor area of 800,000 sq m, will house a concentrated cluster of high-tech and multimedia-related industries.
The mega project is slated for completion in 2015.
The property group’s proposed Zhabei District development, which has a tenure of 40 years for the hotel and 50 years for the offices, will be ready by end-2009 to benefit from the maturing business environment in the area.
Lim Ming Yan, CEO of CapitaLand China, said: ‘This acquisition will enhance our presence in Shanghai and extend the group’s footprint into Zhabei District.
‘With its comprehensive transport infrastructure, excellent connectivity and maturing business environment, Zhabei District is becoming one of the major extensions of the city’s central business district.
‘We will build quality offices and high-end business accommodation to cater to the needs of those working in the Shanghai Multimedia Valley.’
Source : Straits Times - 24 Aug 2007
The purchase was made in a government land auction through an indirect subsidiary, Yorksure Pte Ltd.
The 20,310 sq m site, with a plot ratio of 3.5, will be developed into quality offices and a high-end hotel or service residences. Total gross floor area is estimated at 71,085 sq m.
CapitaLand said in a statement yesterday that the leasehold site, located along West Guangzhong Road in the commercial area of Ling Shi, is in the Shanghai Multimedia Valley.
The Shanghai Multimedia Valley, with a planned total gross floor area of 800,000 sq m, will house a concentrated cluster of high-tech and multimedia-related industries.
The mega project is slated for completion in 2015.
The property group’s proposed Zhabei District development, which has a tenure of 40 years for the hotel and 50 years for the offices, will be ready by end-2009 to benefit from the maturing business environment in the area.
Lim Ming Yan, CEO of CapitaLand China, said: ‘This acquisition will enhance our presence in Shanghai and extend the group’s footprint into Zhabei District.
‘With its comprehensive transport infrastructure, excellent connectivity and maturing business environment, Zhabei District is becoming one of the major extensions of the city’s central business district.
‘We will build quality offices and high-end business accommodation to cater to the needs of those working in the Shanghai Multimedia Valley.’
Source : Straits Times - 24 Aug 2007
Mitre Hotel.
HE WAS the last man standing in the way of the sale of the Mitre Hotel.
Now, 62-year-old Chiam Heng Hsien, who is the only living partner of the hotel, will not only have to move out, but he will also not get any compensation for being evicted.
The dilapidated hotel, which stopped operating in 2002, is a well-known landmark, sitting on 40,000 sq ft of prime land in Killiney Road.
It has also been at the centre of a legal saga that started back in 1996.
Then, Mr Chiam fought off a move by his cousin, Mr Chiam Heng Luan, and the latter’s daughter - who had obtained a court order to sell the site.
However, the High Court did not decree that the hotel had to be vacated before it could be sold.
Then, the highest bid came up to $73 million, but Mr Chiam Heng Hsien, who owns 10 per cent of the property, resisted.
He said he would move out only if the hotel proprietors were paid $21 million.
The deal fell through.
Mr Chiam continued staying in the hotel until early last year, when the family went back to court.
By the time the hearing began in April this year, he was the only one holding out against all the other 11 owners of the site, who wanted it to be sold.
Justice Judith Prakash ruled against Mr Chiam, ordering the property to be sold via public tender. Mr Chiam was also ordered to clear out of the premises at least four weeks before the sale is completed.
Justice Prakash said in April that she would decide later whether the hotel proprietors should be compensated for being kicked out.
On Tuesday, in a 52-page written judgment, she ruled that the proprietors were not entitled to compensation.
The judge also gave her reasons for deciding that the property was to be sold.
In court, Mr Chiam, represented by Mr Andre Maniam, had claimed that a 1948 agreement allowed the hotel proprietors to stay on the property for as long as they wished.
Alternatively, he argued, the proprietors should be awarded compensation if they move out.
But the plaintiffs, through Senior Counsel Harpreet Singh Nehal, argued that there was no such agreement.
In her judgment, Justice Prakash agreed that, apart from Mr Chiam’s testimony, there was no other evidence that there was such an agreement for an indefinite stay.
However, she found that there was an intention for the proprietors to occupy the property for as long as it was running a hotel business.
She found that once the proprietors stopped running the hotel business, they could no longer prevent the land owners from demanding the return of the property.
Therefore, she ordered that all 12 owners of the property pay for all property tax and maintenance expenditure incurred by the proprietors since the beginning of 2003, when the hotel lost its operating licence. The unspecified amount is to be paid from the sales proceeds of the property.
Source : Straits Times - 24 Aug 2007
Now, 62-year-old Chiam Heng Hsien, who is the only living partner of the hotel, will not only have to move out, but he will also not get any compensation for being evicted.
The dilapidated hotel, which stopped operating in 2002, is a well-known landmark, sitting on 40,000 sq ft of prime land in Killiney Road.
It has also been at the centre of a legal saga that started back in 1996.
Then, Mr Chiam fought off a move by his cousin, Mr Chiam Heng Luan, and the latter’s daughter - who had obtained a court order to sell the site.
However, the High Court did not decree that the hotel had to be vacated before it could be sold.
Then, the highest bid came up to $73 million, but Mr Chiam Heng Hsien, who owns 10 per cent of the property, resisted.
He said he would move out only if the hotel proprietors were paid $21 million.
The deal fell through.
Mr Chiam continued staying in the hotel until early last year, when the family went back to court.
By the time the hearing began in April this year, he was the only one holding out against all the other 11 owners of the site, who wanted it to be sold.
Justice Judith Prakash ruled against Mr Chiam, ordering the property to be sold via public tender. Mr Chiam was also ordered to clear out of the premises at least four weeks before the sale is completed.
Justice Prakash said in April that she would decide later whether the hotel proprietors should be compensated for being kicked out.
On Tuesday, in a 52-page written judgment, she ruled that the proprietors were not entitled to compensation.
The judge also gave her reasons for deciding that the property was to be sold.
In court, Mr Chiam, represented by Mr Andre Maniam, had claimed that a 1948 agreement allowed the hotel proprietors to stay on the property for as long as they wished.
Alternatively, he argued, the proprietors should be awarded compensation if they move out.
But the plaintiffs, through Senior Counsel Harpreet Singh Nehal, argued that there was no such agreement.
In her judgment, Justice Prakash agreed that, apart from Mr Chiam’s testimony, there was no other evidence that there was such an agreement for an indefinite stay.
However, she found that there was an intention for the proprietors to occupy the property for as long as it was running a hotel business.
She found that once the proprietors stopped running the hotel business, they could no longer prevent the land owners from demanding the return of the property.
Therefore, she ordered that all 12 owners of the property pay for all property tax and maintenance expenditure incurred by the proprietors since the beginning of 2003, when the hotel lost its operating licence. The unspecified amount is to be paid from the sales proceeds of the property.
Source : Straits Times - 24 Aug 2007
Insurer NTUC Income sees tide turning
Insurer NTUC Income sees tide turning
By Cheow Xin Yi, TODAY | Posted: 21 August 2007 0954 hrs
Photos 1 of 1
Chief executive Tan Suee Chieh
SINGAPORE: The bloodletting was substantial — a net loss of 303 insurance agents over the past four years.
But the tide has turned for insurer NTUC Income, which saw a net gain of 100 full-time agents as of July.
"The bleeding has stopped," chief executive Tan Suee Chieh told an audience of 1,200, mostly insurance agents, at the Ritz Carlton hotel yesterday, even as he announced a 500-day "Cultural Revolution" focused on NTUC Income employees.
The revamp will include a change in the formal designation of its 560 full-time insurance agents, from "Development Officers" to "Financial Consultants". Mr Tan also announced financial incentives for part-time agents to join the firm full-time.
While he did not offer reasons for past losses, reportedly, many departures over the past year were due to agents' unhappiness over the setting up of a direct sales force with a fixed salary — an initiative by former CEO Tan Kin Lian. Some saw the move as cannibalising the efforts of the mobile agency force.
The direct sales force is still in operation, but is just one out of five channels of sale, including the Internet, the insurer told Today.
Yesterday, Mr Tan — who had embarked on a bold rebranding of the company after taking over in February — said that while the overhaul would carry through to the end of next year, in actuality, "culture change" was an ongoing process. "We are very good in teamwork and execution, but not so good in terms of creativity, taking ownership and expressing our independence of thoughts," he said.
The insurers' general managers will gather for a three-day Sentosa retreat to come up with the blueprint for the transformation. Mr Tan also spoke of expanding recruitment and hinted at possible management changes, with "the acquisition of talent to continue on a vigorous pace".
Income has launched a new insurance product, Revosave. Touted as a hybrid that combines traditional endowment plan features with an investment-linked component, it aims to achieve sales of least $20 million over 12 months, or 16 per cent of the target market share. - TODAY/fa
By Cheow Xin Yi, TODAY | Posted: 21 August 2007 0954 hrs
Photos 1 of 1
Chief executive Tan Suee Chieh
SINGAPORE: The bloodletting was substantial — a net loss of 303 insurance agents over the past four years.
But the tide has turned for insurer NTUC Income, which saw a net gain of 100 full-time agents as of July.
"The bleeding has stopped," chief executive Tan Suee Chieh told an audience of 1,200, mostly insurance agents, at the Ritz Carlton hotel yesterday, even as he announced a 500-day "Cultural Revolution" focused on NTUC Income employees.
The revamp will include a change in the formal designation of its 560 full-time insurance agents, from "Development Officers" to "Financial Consultants". Mr Tan also announced financial incentives for part-time agents to join the firm full-time.
While he did not offer reasons for past losses, reportedly, many departures over the past year were due to agents' unhappiness over the setting up of a direct sales force with a fixed salary — an initiative by former CEO Tan Kin Lian. Some saw the move as cannibalising the efforts of the mobile agency force.
The direct sales force is still in operation, but is just one out of five channels of sale, including the Internet, the insurer told Today.
Yesterday, Mr Tan — who had embarked on a bold rebranding of the company after taking over in February — said that while the overhaul would carry through to the end of next year, in actuality, "culture change" was an ongoing process. "We are very good in teamwork and execution, but not so good in terms of creativity, taking ownership and expressing our independence of thoughts," he said.
The insurers' general managers will gather for a three-day Sentosa retreat to come up with the blueprint for the transformation. Mr Tan also spoke of expanding recruitment and hinted at possible management changes, with "the acquisition of talent to continue on a vigorous pace".
Income has launched a new insurance product, Revosave. Touted as a hybrid that combines traditional endowment plan features with an investment-linked component, it aims to achieve sales of least $20 million over 12 months, or 16 per cent of the target market share. - TODAY/fa
Bigger housing subsidy to help lower income families buy flats
By Wong Siew Ying, Channel NewsAsia | Posted: 19 August 2007 2229 hrs
Photos 1 of 1
Related News
• HDB to revamp housing estates with series of upgrading initiatives
• Workfare payout to be raised for older workers
• CPF savings to earn higher interest
• Singapore looking into setting up fourth university
• New re-employment law by 2012 to help S'poreans work longer
• Turbulence in financial markets will affect Asia in next 3 to 6 months: PM Lee
• PM Lee says Singapore needs more bilingual, bicultural talents
• Human Organ Transplant Act to include Muslims: PM Lee
• The Prime Minister's National Day Rally speech
The dream of owning a home may come sooner for many lower income families.
The government is planning to enhance the Additional CPF Housing Grant subsidy.
Speaking at this year's National Day Rally, Prime Minister Lee Hsien Loong also announced a new initiative that could help older Singaporeans monetise their flats.
The Housing and Development Board is set to improve the Additional CPF Housing Grant scheme which was introduced last year.
The grant will be increased from S$20,000 to S$30,000, and it will give needy families a leg up to buy their first subsidised flat.
PM Lee said: "Now, a 3-room flat, new from HDB today, cost you $120,000, so $30,000 out of that is a lot of money.
Not only will they be getting more subsidy, more lower income families will also be eligible for the Additional CPF Housing Grant.
HDB will be raising the household income ceiling from S$3,000 a month to S$4,000.
This, Mr Lee said, would cover about half of all households in Singapore.
The government also wants to put more money in the hands of older Singaporeans to aid retirement.
By helping them to unlock the value of their flats, especially those living in 2 or 3-room flat who have only had one bite of the housing cherry.
PM Lee said: "Right now, they can sell it, move to a studio apartment, 30-year lease. But we will introduce a new alternative, a new scheme. Instead of letting you move out of a flat and into a new place with 30 years, we will just let you stay in your flat and take back the tail of your lease and leave you with 30 years lease on your present flat."
The payout will be in two parts - an upfront lump sum payment and monthly payments for the rest of their lives, much like an annuity.
The scheme will target those aged 62 and above.
Mr Lee added that the 30-year lease should see them through their twilight years, and ease concerns that they will have nowhere to stay.
The government will work out some arrangements for those who live longer. - CNA/ch
By Wong Siew Ying, Channel NewsAsia | Posted: 19 August 2007 2229 hrs
Photos 1 of 1
Related News
• HDB to revamp housing estates with series of upgrading initiatives
• Workfare payout to be raised for older workers
• CPF savings to earn higher interest
• Singapore looking into setting up fourth university
• New re-employment law by 2012 to help S'poreans work longer
• Turbulence in financial markets will affect Asia in next 3 to 6 months: PM Lee
• PM Lee says Singapore needs more bilingual, bicultural talents
• Human Organ Transplant Act to include Muslims: PM Lee
• The Prime Minister's National Day Rally speech
The dream of owning a home may come sooner for many lower income families.
The government is planning to enhance the Additional CPF Housing Grant subsidy.
Speaking at this year's National Day Rally, Prime Minister Lee Hsien Loong also announced a new initiative that could help older Singaporeans monetise their flats.
The Housing and Development Board is set to improve the Additional CPF Housing Grant scheme which was introduced last year.
The grant will be increased from S$20,000 to S$30,000, and it will give needy families a leg up to buy their first subsidised flat.
PM Lee said: "Now, a 3-room flat, new from HDB today, cost you $120,000, so $30,000 out of that is a lot of money.
Not only will they be getting more subsidy, more lower income families will also be eligible for the Additional CPF Housing Grant.
HDB will be raising the household income ceiling from S$3,000 a month to S$4,000.
This, Mr Lee said, would cover about half of all households in Singapore.
The government also wants to put more money in the hands of older Singaporeans to aid retirement.
By helping them to unlock the value of their flats, especially those living in 2 or 3-room flat who have only had one bite of the housing cherry.
PM Lee said: "Right now, they can sell it, move to a studio apartment, 30-year lease. But we will introduce a new alternative, a new scheme. Instead of letting you move out of a flat and into a new place with 30 years, we will just let you stay in your flat and take back the tail of your lease and leave you with 30 years lease on your present flat."
The payout will be in two parts - an upfront lump sum payment and monthly payments for the rest of their lives, much like an annuity.
The scheme will target those aged 62 and above.
Mr Lee added that the 30-year lease should see them through their twilight years, and ease concerns that they will have nowhere to stay.
The government will work out some arrangements for those who live longer. - CNA/ch
Turbulence in financial markets will affect Asia in next 3 to 6 months: PM Lee
Turbulence in financial markets will affect Asia in next 3 to 6 months: PM Lee
By S Ramesh, Channel NewsAsia | Posted: 19 August 2007 2023 hrs
Photos 1 of 1
Lee Hsien Loong
Related News
• Bruised Asian stock markets dive further
• World leaders urge calm as stocks plummet
• Asian stocks buckle on US mortgage fears
• Bigger housing subsidy to help lower income families buy flats
• HDB to revamp housing estates with series of upgrading initiatives
• Workfare payout to be raised for older workers
• CPF savings to earn higher interest
• Singapore looking into setting up fourth university
• New re-employment law by 2012 to help S'poreans work longer
• PM Lee says Singapore needs more bilingual, bicultural talents
SINGAPORE : The external environment is favourable, and there is optimism all over Asia.
However the recent turbulence in global financial markets may affect economies in the US, Europe and also Asia in the next three to six months.
But the fundamentals for the region remain strong.
Prime Minister Lee Hsien Loong said this on Sunday in his National Day Rally speech.
Mr Lee also said ASEAN countries are benefiting from a strong Asia and high energy prices.
Singapore has taken over ASEAN Chairmanship and the focus would be on making the grouping stronger and more integrated.
This is so that ASEAN can keep pace with China and India and not be left behind.
On Singapore's bilateral ties with its closest neighbours, Malaysia and Indonesia, Mr Lee told his audience that they are good, with Singapore cooperating with both countries in many areas on a win-win basis.
There are however some outstanding issues with both countries, and Singapore will deal with them in the broader context of its overall relationship.
Mr Lee noted that Singaporeans are all over the world and that's the way to thrive in a globalised world.
At the same time, there is a need to secure the home base so as to create the conditions for Singapore to grow and give every citizen a stake in the country's success.
This would mean adapting and changing again and again as the world around Singapore changes.
For this, the government is implementing changes to make the economy vibrant and competitive, like developing the integrated resorts and remaking the city.
It has also introduced changes to strengthen social cohesion so that the country's citizens are not divided between races and religions, rich and poor or losers and winners.
Mr Lee said that's the way to sustain Singapore's exceptional performance - by tackling difficult problems that came its way and move forward as a nation. - CNA/ch
By S Ramesh, Channel NewsAsia | Posted: 19 August 2007 2023 hrs
Photos 1 of 1
Lee Hsien Loong
Related News
• Bruised Asian stock markets dive further
• World leaders urge calm as stocks plummet
• Asian stocks buckle on US mortgage fears
• Bigger housing subsidy to help lower income families buy flats
• HDB to revamp housing estates with series of upgrading initiatives
• Workfare payout to be raised for older workers
• CPF savings to earn higher interest
• Singapore looking into setting up fourth university
• New re-employment law by 2012 to help S'poreans work longer
• PM Lee says Singapore needs more bilingual, bicultural talents
SINGAPORE : The external environment is favourable, and there is optimism all over Asia.
However the recent turbulence in global financial markets may affect economies in the US, Europe and also Asia in the next three to six months.
But the fundamentals for the region remain strong.
Prime Minister Lee Hsien Loong said this on Sunday in his National Day Rally speech.
Mr Lee also said ASEAN countries are benefiting from a strong Asia and high energy prices.
Singapore has taken over ASEAN Chairmanship and the focus would be on making the grouping stronger and more integrated.
This is so that ASEAN can keep pace with China and India and not be left behind.
On Singapore's bilateral ties with its closest neighbours, Malaysia and Indonesia, Mr Lee told his audience that they are good, with Singapore cooperating with both countries in many areas on a win-win basis.
There are however some outstanding issues with both countries, and Singapore will deal with them in the broader context of its overall relationship.
Mr Lee noted that Singaporeans are all over the world and that's the way to thrive in a globalised world.
At the same time, there is a need to secure the home base so as to create the conditions for Singapore to grow and give every citizen a stake in the country's success.
This would mean adapting and changing again and again as the world around Singapore changes.
For this, the government is implementing changes to make the economy vibrant and competitive, like developing the integrated resorts and remaking the city.
It has also introduced changes to strengthen social cohesion so that the country's citizens are not divided between races and religions, rich and poor or losers and winners.
Mr Lee said that's the way to sustain Singapore's exceptional performance - by tackling difficult problems that came its way and move forward as a nation. - CNA/ch
Private home owners to enjoy enhanced upgrading at estates soon
Private home owners to enjoy enhanced upgrading at estates soon
By Foo Siew Shyan, Channel NewsAsia | Posted: 25 August 2007 1905 hrs
Photos 1 of 1
Related Videos
Private home owners to enjoy enhanced upgrading at estates soon
SINGAPORE: The Estate Upgrading Committee, which currently manages projects in selected private estates, will be revamped to oversee and coordinate all major upgrading works across different agencies in private housing estates.
This will help tackle the problem of lack of coordination, which is often raised by private home dwellers in feedback sessions.
The committee, chaired by Parliamentary Secretary for National Development Dr Maliki Osman, will also be reconstituted to comprise senior representatives from public agencies such as National Parks Board and the Land Transport Authority.
Private estates will also have access to the Community Improvement Project Committee (CIPC) funds soon.
The funds, currently restricted to HDB estates, will allow minor and ad-hoc upgrading works outside the major upgrading windows.
A pilot programme in three GRCs will be initiated. Citizens’ Consultative Committees in Aljunied, Holland-Bukit Timah and Tanjong Pagar will soon have more resources to act on behalf of their private estate residents, and to coordinate with government agencies on maintenance matters.
These measures were announced by the Committee on Private Estates and the National Development Ministry on Saturday.
Prime Minister Lee Hsien Loong had also spoken about some of these measures in his National Day Rally speech last Sunday. - CNA/ac
By Foo Siew Shyan, Channel NewsAsia | Posted: 25 August 2007 1905 hrs
Photos 1 of 1
Related Videos
Private home owners to enjoy enhanced upgrading at estates soon
SINGAPORE: The Estate Upgrading Committee, which currently manages projects in selected private estates, will be revamped to oversee and coordinate all major upgrading works across different agencies in private housing estates.
This will help tackle the problem of lack of coordination, which is often raised by private home dwellers in feedback sessions.
The committee, chaired by Parliamentary Secretary for National Development Dr Maliki Osman, will also be reconstituted to comprise senior representatives from public agencies such as National Parks Board and the Land Transport Authority.
Private estates will also have access to the Community Improvement Project Committee (CIPC) funds soon.
The funds, currently restricted to HDB estates, will allow minor and ad-hoc upgrading works outside the major upgrading windows.
A pilot programme in three GRCs will be initiated. Citizens’ Consultative Committees in Aljunied, Holland-Bukit Timah and Tanjong Pagar will soon have more resources to act on behalf of their private estate residents, and to coordinate with government agencies on maintenance matters.
These measures were announced by the Committee on Private Estates and the National Development Ministry on Saturday.
Prime Minister Lee Hsien Loong had also spoken about some of these measures in his National Day Rally speech last Sunday. - CNA/ac
Property en bloc deals expected to slow in H2: consultants
Property en bloc deals expected to slow in H2: consultants
By Daryl Loo, Channel NewsAsia | Posted: 18 August 2007 0011 hrs
Photos 1 of 1
Horizon Towers
SINGAPORE : The value of en bloc deals done in the second half of this year could slow down compared to the first six months, as sentiments in the property market turn cautious.
But property consultants say total deals are still likely to hit $16 billion - double that of last year - due to an exceptionally active first half.
A combination of factors - including uncertainties in the financial markets prompted by the US sub-prime crisis and the government's move to raise development charge rates - could have dampened developers' appetite for more land.
Karamjit Singh, MD of Credo Real Estate says: "Over the last one month or so, things have turned somewhat cautious. There were a lot of discussions about whether the government could cool the market and how they would implement measures.
"Developers have also bought quite a bit of sites in the first half of this year. Some of them are telling us that they have bought more than they ever intended for the entire year, so they will need to slow purchases until some of their new projects get off-loaded."
Other developments include an impending change in en bloc laws that could make it tougher to conclude a deal, and a growing legal spat between buyers and sellers of Horizon Towers.
Property consultants say owners may now need to temper their expectations in terms of asking prices.
"I would think that most of the en bloc sales will not reach the prices that the owners want to sell at. Horizon Towers was in a situation where, when the deal was signed, the market spiked up a lot. But in today's situation, are we going to expect another hike in the market at that kind of rate? That's questionable," says Dennis Yeo, MD of Colliers International.
But for homeowners who are worried that they may have missed the boat for en bloc sales, analysts say there could still be a silver lining.
"What may also happen on the flipside is that some en bloc sellers' expectations may turn more realistic. Prices may drop a bit, thereby motivating some developers waiting by the wings to take the bite," says Credo Real Estate's MD.
There were over $11 billion worth of en bloc deals in the first six months of this year, with many projects setting new record prices. - CNA /ls
By Daryl Loo, Channel NewsAsia | Posted: 18 August 2007 0011 hrs
Photos 1 of 1
Horizon Towers
SINGAPORE : The value of en bloc deals done in the second half of this year could slow down compared to the first six months, as sentiments in the property market turn cautious.
But property consultants say total deals are still likely to hit $16 billion - double that of last year - due to an exceptionally active first half.
A combination of factors - including uncertainties in the financial markets prompted by the US sub-prime crisis and the government's move to raise development charge rates - could have dampened developers' appetite for more land.
Karamjit Singh, MD of Credo Real Estate says: "Over the last one month or so, things have turned somewhat cautious. There were a lot of discussions about whether the government could cool the market and how they would implement measures.
"Developers have also bought quite a bit of sites in the first half of this year. Some of them are telling us that they have bought more than they ever intended for the entire year, so they will need to slow purchases until some of their new projects get off-loaded."
Other developments include an impending change in en bloc laws that could make it tougher to conclude a deal, and a growing legal spat between buyers and sellers of Horizon Towers.
Property consultants say owners may now need to temper their expectations in terms of asking prices.
"I would think that most of the en bloc sales will not reach the prices that the owners want to sell at. Horizon Towers was in a situation where, when the deal was signed, the market spiked up a lot. But in today's situation, are we going to expect another hike in the market at that kind of rate? That's questionable," says Dennis Yeo, MD of Colliers International.
But for homeowners who are worried that they may have missed the boat for en bloc sales, analysts say there could still be a silver lining.
"What may also happen on the flipside is that some en bloc sellers' expectations may turn more realistic. Prices may drop a bit, thereby motivating some developers waiting by the wings to take the bite," says Credo Real Estate's MD.
There were over $11 billion worth of en bloc deals in the first six months of this year, with many projects setting new record prices. - CNA /ls
CapitaLand to buy 2 malls in Malaysia for up to 1.2 bln rgt
CapitaLand to buy 2 malls in Malaysia for up to 1.2 bln rgt
08.16.07, 10:21 PM ET
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SINGAPORE (Thomson Financial) - Singapore property developer CapitaLand Ltd said Friday it is buying two shopping malls in Malaysia for up to 1.2 billion ringgit.
Through its indirect subsidiary, Front Winners Sdn Bhd, CapitaLand said it has agreed to buy the 1
Gurney Plaza, a shopping mall with over 700,000 square feet of net lettable area in Penang, for up to
793 million ringgit.
Front Winners also signed an option to buy 3 Gurney Plaza, which is currently under construction and will have over 130,000 square feet of net lettable area when completed by end-2008. The option can be exercised within six years.
Separately, CapitaLand said another indirect subsidiary, Mutual Streams Sdn Bhd, has agreed to buy the Mines Shopping Fair, a shopping mall with about 650,000 square feet of net lettable area in Selangor for up to 450 million ringgit.
Mutual Streams has also signed an option to lease a 6,800 square feet land adjacent to Mines Shopping for 3 million ringgit.
CapitaLand said Gurney Plaza and Mines Shopping will form the first two seed assets for the proposed Malaysian retail-focused real estate investment trust (REIT) CapitaLand wants to sponsor.
'In line with our current REIT strategy, we have identified other quality Malaysian retail assets that will augment Gurney Plaza and Mines Shopping Fair, and form the pipeline of assets for our pure-play Malaysian retail REIT, which could possibly be listed within a year,' CapitaLand president and CEO Liew Mun Leong said.
The group has sponsored five REITs, of which four are listed on the Singapore Exchange and one in
the Malaysian bourse.
08.16.07, 10:21 PM ET
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SINGAPORE (Thomson Financial) - Singapore property developer CapitaLand Ltd said Friday it is buying two shopping malls in Malaysia for up to 1.2 billion ringgit.
Through its indirect subsidiary, Front Winners Sdn Bhd, CapitaLand said it has agreed to buy the 1
Gurney Plaza, a shopping mall with over 700,000 square feet of net lettable area in Penang, for up to
793 million ringgit.
Front Winners also signed an option to buy 3 Gurney Plaza, which is currently under construction and will have over 130,000 square feet of net lettable area when completed by end-2008. The option can be exercised within six years.
Separately, CapitaLand said another indirect subsidiary, Mutual Streams Sdn Bhd, has agreed to buy the Mines Shopping Fair, a shopping mall with about 650,000 square feet of net lettable area in Selangor for up to 450 million ringgit.
Mutual Streams has also signed an option to lease a 6,800 square feet land adjacent to Mines Shopping for 3 million ringgit.
CapitaLand said Gurney Plaza and Mines Shopping will form the first two seed assets for the proposed Malaysian retail-focused real estate investment trust (REIT) CapitaLand wants to sponsor.
'In line with our current REIT strategy, we have identified other quality Malaysian retail assets that will augment Gurney Plaza and Mines Shopping Fair, and form the pipeline of assets for our pure-play Malaysian retail REIT, which could possibly be listed within a year,' CapitaLand president and CEO Liew Mun Leong said.
The group has sponsored five REITs, of which four are listed on the Singapore Exchange and one in
the Malaysian bourse.
Thursday, August 23, 2007
CAPITALAND has signed a conditional joint venture (JV) agreement with Azure City Co to develop a 1,200-unit high-rise condominium project in Ho Chi Mi
CAPITALAND has signed a conditional joint venture (JV) agreement with Azure City Co to develop a 1,200-unit high-rise condominium project in Ho Chi Minh City, Vietnam.
This brings CapitaLand’s pipeline of residential units in Vietnam to 2,800 homes, after venturing there in 2006.
CapitaLand will take a 75 per cent stake in the JV for $48.8 million.
Azure City Co, a local Vietnamese company involved in infrastructure and property, will hold the remaining 25 per cent.
The site is located in Ho Chi Minh City’s District 9 and CapitaLand said it will develop the project over the next three to four years.
CapitaLand Residential CEO Lui Chong Chee said: ‘With the country’s strong economic growth fuelling rapid urbanisation, we see demand for well-built and well-designed homes rising in both metropolitan cities like Ho Chi Minh City and Hanoi, as well as the other major cities in the country.’
This will be CapitaLand’s fourth residential development in Vietnam.
All four are in Ho Chi Minh City. The first is the 750-unit Vista in District 2 and CapitaLand says that the first phase, which was launched in June, has been fully taken up.
A 600-unit development in District 7 will be launched by end-2007.
CapitaLand also announced earlier this month that it will develop a 300-unit landed-housing develop with Azure City Co.
Source : Business Times - 23 Aug 2007
This brings CapitaLand’s pipeline of residential units in Vietnam to 2,800 homes, after venturing there in 2006.
CapitaLand will take a 75 per cent stake in the JV for $48.8 million.
Azure City Co, a local Vietnamese company involved in infrastructure and property, will hold the remaining 25 per cent.
The site is located in Ho Chi Minh City’s District 9 and CapitaLand said it will develop the project over the next three to four years.
CapitaLand Residential CEO Lui Chong Chee said: ‘With the country’s strong economic growth fuelling rapid urbanisation, we see demand for well-built and well-designed homes rising in both metropolitan cities like Ho Chi Minh City and Hanoi, as well as the other major cities in the country.’
This will be CapitaLand’s fourth residential development in Vietnam.
All four are in Ho Chi Minh City. The first is the 750-unit Vista in District 2 and CapitaLand says that the first phase, which was launched in June, has been fully taken up.
A 600-unit development in District 7 will be launched by end-2007.
CapitaLand also announced earlier this month that it will develop a 300-unit landed-housing develop with Azure City Co.
Source : Business Times - 23 Aug 2007
The Urban Redevelopment Authority (URA) is expected to release more transitional office sites after the maiden tender for a plot on a 15-year lease
The Urban Redevelopment Authority (URA) is expected to release more transitional office sites after the maiden tender yesterday for a plot on a 15-year lease next to Newton MRT Station attracted a whopping 11 bids.
The highest offer of $37 million or $219 per square foot of potential gross floor area came from Scotts Spazio, a joint venture between Hwa Hong Corporation unit Singapore Warehouse and KOP Capital.
Hwa Hong and KOP are believed to be weighing their options, but some observers suggest they may have placed their bid - which was 19 per cent more than the next highest offer from a unit of Sin Soon Lee Realty - with a view to developing the site into offices for lease to a single tenant, possibly in the insurance business.
Some market watchers tip the potential tenant as Prudential, which has been looking for space to expand.
The 1.04-hectare site can be built up to 168,627 sq ft of gross floor area, yielding about 140,000 sq ft net lettable area of offices.
‘Based on the highest bid submitted, the breakeven cost for a new project on the site is likely to be around $500 psf per plot ratio, and this would provide the successful bidder with a decent yield of around 12 per cent for the 15-year leasehold site, based on a gross monthly rent of about $6.50 psf,’ said CB Richard Ellis executive director Li Hiaw Ho.
‘This sort of rental level is roughly half what a tenant would pay for similar size office space in the CBD.’
Interestingly, KOP Capital has a tie-up with a unit of Emirates Investment Group to develop a condo on the Hotel Asia site further down Scotts Road.
The other parties that bid in yesterday’s tender include Sim Lian Land; MV Land, controlled by Lim Kim Hong and Lim Huixing; Hersing Corporation; United Engineers; Sino Holdings; Newton Centre, owned by Ho Kiau Seng, Phua Seng Hua Paul and Lau Kau Chin; and Khai Wah Development, part of Ho Lee Group.
Wing Tai and Soilbuild Group placed the lowest bids, of $74 psf ppr and $61 psf ppr respectively.
Market watchers expect URA to release more transitional office sites soon, given the strong demand in yesterday’s tender.
URA extended the lease period for the Scotts Road plot from an initial 10 years to 15 years after market feedback that most investors wanted a longer lease period to recoup their outlay and cater to potential tenants’ requirements.
Transitional office sites are one of the government’s initiatives to provide short-term relief from the office space crunch. In addition, URA has stepped up mid and longer-term office supply by offering more 99-year leasehold plots that can be developed into offices in the CBD.
These include two commercial plots in Anson Road, as well as several sites with minimum stipulated office components - two ‘white’ sites at Marina View near One Shenton, the former Beach Road camp, and a ‘white’ site above Outram Park MRT Station.
The tender for a plot in Anson Road closed last month and the site was awarded to a Mapletree Investments unit at $1,021 psf per plot ratio. The Beach Road tender closed last month and is being evaluated under a dual-envelope system under which the concepts proposed by tenderers will have to be acceptable before their price envelopes are opened.
The tender for the second plot in Anson Road closes on Aug 28 and that for the first plot at Marina View closes on Sept 19. The tender for the plot nearby is slated to close on Nov 13.
Source : Business Times - 23 Aug 2007
The highest offer of $37 million or $219 per square foot of potential gross floor area came from Scotts Spazio, a joint venture between Hwa Hong Corporation unit Singapore Warehouse and KOP Capital.
Hwa Hong and KOP are believed to be weighing their options, but some observers suggest they may have placed their bid - which was 19 per cent more than the next highest offer from a unit of Sin Soon Lee Realty - with a view to developing the site into offices for lease to a single tenant, possibly in the insurance business.
Some market watchers tip the potential tenant as Prudential, which has been looking for space to expand.
The 1.04-hectare site can be built up to 168,627 sq ft of gross floor area, yielding about 140,000 sq ft net lettable area of offices.
‘Based on the highest bid submitted, the breakeven cost for a new project on the site is likely to be around $500 psf per plot ratio, and this would provide the successful bidder with a decent yield of around 12 per cent for the 15-year leasehold site, based on a gross monthly rent of about $6.50 psf,’ said CB Richard Ellis executive director Li Hiaw Ho.
‘This sort of rental level is roughly half what a tenant would pay for similar size office space in the CBD.’
Interestingly, KOP Capital has a tie-up with a unit of Emirates Investment Group to develop a condo on the Hotel Asia site further down Scotts Road.
The other parties that bid in yesterday’s tender include Sim Lian Land; MV Land, controlled by Lim Kim Hong and Lim Huixing; Hersing Corporation; United Engineers; Sino Holdings; Newton Centre, owned by Ho Kiau Seng, Phua Seng Hua Paul and Lau Kau Chin; and Khai Wah Development, part of Ho Lee Group.
Wing Tai and Soilbuild Group placed the lowest bids, of $74 psf ppr and $61 psf ppr respectively.
Market watchers expect URA to release more transitional office sites soon, given the strong demand in yesterday’s tender.
URA extended the lease period for the Scotts Road plot from an initial 10 years to 15 years after market feedback that most investors wanted a longer lease period to recoup their outlay and cater to potential tenants’ requirements.
Transitional office sites are one of the government’s initiatives to provide short-term relief from the office space crunch. In addition, URA has stepped up mid and longer-term office supply by offering more 99-year leasehold plots that can be developed into offices in the CBD.
These include two commercial plots in Anson Road, as well as several sites with minimum stipulated office components - two ‘white’ sites at Marina View near One Shenton, the former Beach Road camp, and a ‘white’ site above Outram Park MRT Station.
The tender for a plot in Anson Road closed last month and the site was awarded to a Mapletree Investments unit at $1,021 psf per plot ratio. The Beach Road tender closed last month and is being evaluated under a dual-envelope system under which the concepts proposed by tenderers will have to be acceptable before their price envelopes are opened.
The tender for the second plot in Anson Road closes on Aug 28 and that for the first plot at Marina View closes on Sept 19. The tender for the plot nearby is slated to close on Nov 13.
Source : Business Times - 23 Aug 2007
CapitaLand will gain full ownership of One George Street
CapitaLand will gain full ownership of One George Street if negotiations to buy German insurer Ergo’s 50 per cent stake in the 23-storey award-winning office building are successful.
BT understands that the Singapore-listed property company is in talks to buy Ergo’s half-stake for about $2,500 per square foot of net lettable area - or higher.
At $2,500 psf, the building would be priced at just over $1.1 billion and the half-share CapitaLand would buy from Ergo would be worth about $560 million.
CapitaLand and Ergo, a member of Munich Re Group, own roughly equal stakes in the property through their equally owned Eureka Office Fund.
One George Street, completed in late 2004, was a redevelopment of the former Pidemco Centre in South Bridge Road.
It was one of three assets that CapitaLand pumped into the $875 million Eureka Office Fund in 2001. The other two were stakes in The Adelphi and Temasek Tower.
Earlier this year, CapitaLand and Eureka sold their stakes in Temasek Tower to Macquarie Global Property Advisors Group for $1.04 billion or $1,550 psf.
Temasek Tower is on a site with about 74 years of the original 99-year lease remaining.
CapitaLand Group CEO Liew Mun Leong revealed later that the group’s listed CapitaCommercial Trust (CCT) made an offer for Temasek Tower but it was less than Macquarie’s.
As for CapitaLand’s decision to buy the rest of One George Street, a market watcher said: ‘Maybe they see greater upside there because it was developed on a fresh 99-year lease, boasts big floor plates of about 30,000 sq ft and is closer to the Raffles Place area.’
Analysts reckon CapitaLand may be seeking full ownership of One George Street with a view to injecting it into CCT when it generates sufficient yields as leases are renewed at higher rates.
Agreeing, another industry observer said One George Street recently received a tenancy offer for a 4,000 sq ft space at a whopping $16.50 psf a month, but this was rejected by the owners, who may be eyeing even more.
‘When the present leases at One George Street were signed, the office market was weak,’ an analyst said. But there is upside now as leases are renewed and new leases signed, given the surge in office rents over the past two years.
Major tenants at One George Street include the Royal Bank of Scotland, Legg Mason, hedge fund manager Tudor, Man Financial and Lloyds.
At CapitaLand’s recent Q2 results briefing, Mr Liew said ‘the Singapore office sector will remain a core holding’ for the group but that it will reconstitute its portfolio by selling some office assets and investing in new developments.
One George Street has almost 450,000 sq ft of net lettable area and has won awards for its architecture and landscaping.
It has four skyrise gardens, the biggest of which is on the fifth floor and accessible to the public.
As for The Adelphi in the City Hall area, the Eureka fund initially had full ownership of the 999-year leasehold property but later sold some units, leaving it with 62 per cent of share values, according to a report in February this year.
There are plans for a collective sale of The Adelphi, which will provide Eureka an exit. The fund is expected to be wound up once the last of its three assets has been divested.
Source : Business Times - 23 Aug 2007
BT understands that the Singapore-listed property company is in talks to buy Ergo’s half-stake for about $2,500 per square foot of net lettable area - or higher.
At $2,500 psf, the building would be priced at just over $1.1 billion and the half-share CapitaLand would buy from Ergo would be worth about $560 million.
CapitaLand and Ergo, a member of Munich Re Group, own roughly equal stakes in the property through their equally owned Eureka Office Fund.
One George Street, completed in late 2004, was a redevelopment of the former Pidemco Centre in South Bridge Road.
It was one of three assets that CapitaLand pumped into the $875 million Eureka Office Fund in 2001. The other two were stakes in The Adelphi and Temasek Tower.
Earlier this year, CapitaLand and Eureka sold their stakes in Temasek Tower to Macquarie Global Property Advisors Group for $1.04 billion or $1,550 psf.
Temasek Tower is on a site with about 74 years of the original 99-year lease remaining.
CapitaLand Group CEO Liew Mun Leong revealed later that the group’s listed CapitaCommercial Trust (CCT) made an offer for Temasek Tower but it was less than Macquarie’s.
As for CapitaLand’s decision to buy the rest of One George Street, a market watcher said: ‘Maybe they see greater upside there because it was developed on a fresh 99-year lease, boasts big floor plates of about 30,000 sq ft and is closer to the Raffles Place area.’
Analysts reckon CapitaLand may be seeking full ownership of One George Street with a view to injecting it into CCT when it generates sufficient yields as leases are renewed at higher rates.
Agreeing, another industry observer said One George Street recently received a tenancy offer for a 4,000 sq ft space at a whopping $16.50 psf a month, but this was rejected by the owners, who may be eyeing even more.
‘When the present leases at One George Street were signed, the office market was weak,’ an analyst said. But there is upside now as leases are renewed and new leases signed, given the surge in office rents over the past two years.
Major tenants at One George Street include the Royal Bank of Scotland, Legg Mason, hedge fund manager Tudor, Man Financial and Lloyds.
At CapitaLand’s recent Q2 results briefing, Mr Liew said ‘the Singapore office sector will remain a core holding’ for the group but that it will reconstitute its portfolio by selling some office assets and investing in new developments.
One George Street has almost 450,000 sq ft of net lettable area and has won awards for its architecture and landscaping.
It has four skyrise gardens, the biggest of which is on the fifth floor and accessible to the public.
As for The Adelphi in the City Hall area, the Eureka fund initially had full ownership of the 999-year leasehold property but later sold some units, leaving it with 62 per cent of share values, according to a report in February this year.
There are plans for a collective sale of The Adelphi, which will provide Eureka an exit. The fund is expected to be wound up once the last of its three assets has been divested.
Source : Business Times - 23 Aug 2007
Wednesday, August 22, 2007
SENTOSA Cove Pte Ltd (SCPL) yesterday released another three 99-year leasehold bungalow plots for sale
SENTOSA Cove Pte Ltd (SCPL) yesterday released another three 99-year leasehold bungalow plots for sale, after reporting new benchmarks being set for waterway and fairway facing plots in the upscale locale.
After the latest offer, the only sites the master developer will have left for sale are two more individual bungalow plots, a man-made island (which can be developed for 19 bungalows) and a plum condo plot at the mouth of the marina.
In all, the developer will have sold plots for a total of about 2,500 homes since October 2003.
SCPL said yesterday that an expression of interest (EOI) for four bungalow parcels that closed in July saw a new benchmark price of $1,233 per square foot of land area being achieved for a waterway bungalow lot, surpassing the $960 psf previous record for such land set earlier this year.
The other two waterway plots offered in the July EOI were also sold at above $960 psf. The sole fairway bungalow site in that EOI fetched $1,065 psf, surpassing the previous high of $910 psf for such sites achieved earlier this year.
The last seafront bungalow plot at Sentosa Cove was sold for a record $1,473 psf during an EOI in May, surpassing the top price of $1,308 psf previously for such plots seen at an EOI late last year.
SCPL’s latest EOI, which is being launched tomorrow, is for three bungalow sites - all waterway-fronting plots, one of which also boasts nearby views of, but is not directly fronting, the Tanjong Golf Course and the sea.
This plot has a land area of 6,941 sq ft. The other two plots are 7,414 sq ft and 10,663 sq ft.
The EOI closes on Sept 4, with the award being based solely on price.
Credo Real Estate managing director Karamjit Singh predicts that the three latest waterway plots could fetch prices ranging from $1,100 to $1,300 psf, with scarcity value raising the price.
Following this EOI sale, the last two individual bungalow plots at Sentosa Cove - both of which face fairways - will be sold by private treaty.
Pearl Island and a coveted high-rise condo plot (dubbed C-13) at the entrance to Sentosa Cove’s marina basin will be offered for sale before the year runs out.
Source : Business Times - 22 Aug 2007
After the latest offer, the only sites the master developer will have left for sale are two more individual bungalow plots, a man-made island (which can be developed for 19 bungalows) and a plum condo plot at the mouth of the marina.
In all, the developer will have sold plots for a total of about 2,500 homes since October 2003.
SCPL said yesterday that an expression of interest (EOI) for four bungalow parcels that closed in July saw a new benchmark price of $1,233 per square foot of land area being achieved for a waterway bungalow lot, surpassing the $960 psf previous record for such land set earlier this year.
The other two waterway plots offered in the July EOI were also sold at above $960 psf. The sole fairway bungalow site in that EOI fetched $1,065 psf, surpassing the previous high of $910 psf for such sites achieved earlier this year.
The last seafront bungalow plot at Sentosa Cove was sold for a record $1,473 psf during an EOI in May, surpassing the top price of $1,308 psf previously for such plots seen at an EOI late last year.
SCPL’s latest EOI, which is being launched tomorrow, is for three bungalow sites - all waterway-fronting plots, one of which also boasts nearby views of, but is not directly fronting, the Tanjong Golf Course and the sea.
This plot has a land area of 6,941 sq ft. The other two plots are 7,414 sq ft and 10,663 sq ft.
The EOI closes on Sept 4, with the award being based solely on price.
Credo Real Estate managing director Karamjit Singh predicts that the three latest waterway plots could fetch prices ranging from $1,100 to $1,300 psf, with scarcity value raising the price.
Following this EOI sale, the last two individual bungalow plots at Sentosa Cove - both of which face fairways - will be sold by private treaty.
Pearl Island and a coveted high-rise condo plot (dubbed C-13) at the entrance to Sentosa Cove’s marina basin will be offered for sale before the year runs out.
Source : Business Times - 22 Aug 2007
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