Daily News & Views 07 March 2012
HDB awards tender for land parcel at Upper Serangoon
HDB has awarded the tender of a land parcel at Upper Serangoon View/Upper Serangoon Road to the top
bidders of the executive condominium site. Ho Lee Group Pte Ltd & Evia Real Estate Management made a
joint bid of S$141.48 million when the tender closed on March 1. The site received a total of seven bids at
the close of the tender exercise. The 12,392.20 sq m site was put up for tender on January 19. It has a 99-
year lease term and a maximum gross floor area of 43,372.70 sq m with gross plot ratio of 3.5. HDB said
the site can have an estimated 435 dwelling units.
Top bid for Hillview Ave site beats expectations
An 'overly optimistic' top bid, a whopping 18.6% higher than the next, was put forth by Kingsford
Development for a 99-year residential site located along Hillview Avenue yesterday. Its bid of $243.2 million
or $638 psf ppr for the 136,147 sq ft plot with a plot ratio of 2.8 came even as other developers adopted a
more cautious stance. The bid may have been pegged to The Hillier's land price of $673 psf ppr when the
site was tendered in April 2011, suggested Credo Real Estate executive director Ong Teck Hui.
Will Wheelock Properties' parent now take the firm private?
The death of Wheelock Properties' David Lawrence last Sunday has again raised the spectre of the possible
privatisation of the company by parent Wheelock Group, the future direction of the organisation, as well as
its link to Simon Cheong. 'This company has always been one of the potential candidates (for privatisation)
and given that David Lawrence has unfortunately passed on, it could be a case for the parent company to
consider (privatisation),' said Maybank Kim Eng analyst Wilson Liew. 'But, I'm not sure if it will be
immediately done. . . It may be awhile, once the matter dies down, (and) operations settle.'
Daily News & Views
Singapore Real Estate
Ex-partners sue co-founder of Royal Brothers
Royal Brothers Group co-founder Asok Kumar Naraindas is being sued by two former partners who claim they
were cheated of their rightful share of profits from the sale of Park Regis Singapore in 2010 to Indonesian
mining magnate Yusuf Merukh for $218 million, The Business Times has learnt. Former Park Regis Singapore
shareholders Balbinder Singh Sohal and AMW Park Regis Singapore, a unit of Australian property investment
firm AMW Corp, have each brought lawsuits against Mr Asok, also known as Asok Kumar Hiranandani, in the
US medical device firm opens facility at Jurong biz park
US medical device company TriReme Medical Inc opened its new facility at the Jurong International Business
Park yesterday. The facility, which hosts its research and development, global sales and manufacturing arms,
is TriReme's first business unit established outside of the US, targeted to 'kickstart the firm's presence in Asia
and its rapidly growing markets', in the words of its founder and CEO, Eitan Konstantino.
Views, Review and Forum
Seniors' housing needs more important than playground, carpark
I was disheartened after reading about the Toh Yi neighbourhood saga yesterday ('HDB stands firm on flats for
elderly in Toh Yi area'). Surely, the housing needs of the elderly are of greater importance than an open space
of greenery, a playground or a carpark? When residents buy an HDB flat, they do not buy the neighbourhood.
Agencies like the HDB and Urban Redevelopment Authority have the authority to develop surrounding land
areas to cater to various needs. Letter by Tan Lin Neo
Towards greater tax certainty in Singapore
The Singapore tax system has traditionally been seen as a progressive one that seeks to keep tax rates
competitive for both businesses and individuals, while contributing to the government coffers to promote and
support sustained economic growth. Yet, there is no room for complacency. Tax systems need to be fair - and
relevant - in order to be competitive. And with countries vying ever more intensely for investor dollars in today's
volatile economic climate, providing clarity on tax affairs can give countries the needed one-up.
Daily News & Views
Corporate bond yields near record lows
Aussie central bank keeps rates steady
Bondholders agree to restructure Greek debt
Portugal in crosshairs as bond yields fuel bailout talk
China should widen yuan rate band: central bank adviser
Global Real Estate
FHA to lower insurance premiums for Mortgage Refis
S&P blocked in CMBS after derailed Goldman Sachs deal: mortgages
UK house prices decline as recovery concerns weigh on consumers: economy
China may expand property-tax trials beyond cities of Shanghai, Chongqing
Dijaya asset injection to boost market cap to over RM1 billion
News sources for Global Economy and Global Real Estate News
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Every effort is taken to ensure that all information extracted is correct at the time of dissemination, 07 March 2012.