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Q MY UNCLE has a landed property under a joint-tenant agreement with his wife, son and daughter-in-law. The property is under mortgage.

In his will, can my uncle give his share to his granddaughter, who is still at school?

Does the will, which he is going to make through a lawyer, have any effect on or override the joint-tenancy agreement?

A Individuals can own properties as joint tenants or tenants-in-common.

When one of the joint tenants dies, his share of the property then vests in the surviving co-owners (or co-owner, as the case may be).

The survivors own the whole property together.

Unlike tenants-in-common, they do not own a specific share.

This continues until the last joint tenant survives. He will then own the property in his sole name.

Tenants-in-common can hold the property in specific shares.

For example, A can have a 25 per cent share while B can own 65 per cent. C will own the balance 10 per cent.

A can leave his share to someone else, such as D, in his will.

Unfortunately, a joint tenant like your uncle will not be able to leave his share in the property to his grand-daughter in his will.

If he makes such a gift in his will, the will cannot override the joint tenancy, so such a gift may be held as invalid.

If your uncle wants to make such a gift to his granddaughter, he can sever the joint tenancy and become a tenant-in-common.

He can then leave that share to his granddaughter.

Rajan ChettiarLawyerRajan Chettiar & Co

Source : Sunday Times - 6 Aug 2006

But some think the proposed changes penalise private owners twice over

Private individuals or companies who own a little bit of Singapore history could soon have to take even more care to look after it properly.

Major amendments to the Preservation of Monuments Act are proposed by the Preservation of Monuments Board to strengthen its powers against errant building owners.

At present, a person who damages a monument faces a maximum fine of $5,000 or a jail term of up to six months, or both.

The proposal raises this penalty to a maximum fine of $200,000 or up to 12 months in prison, or both.

For continuing offences, a further fine not exceeding $100,000 a day can be imposed.

Besides, the court will have the power to order the offender to restore the national monument at his own expense and to the board’s specifications.

Singapore’s 55 national monuments include Raffles Hotel, the Armenian Church and the Nagore Durgha Shrine.

The owners and occupants of these national monuments will be duty-bound to ensure that the monuments are properly maintained.

If they do not comply with preservation notices sent by the board requiring maintenance works to be done, they can be fined up to $25,000.

The board will be able to send officers to enter a national monument at any time to carry out works and to get the owner to pay for the work.

The minister will be empowered to restrict activity on land surrounding national monuments to ensure the monuments are not endangered.

The board said that the existing Act is insufficient to protect monuments from errant owners who in some cases cause irreparable damage.

BT understands that the board was referring to unauthorised renovations made to the Tan Si Chong Su Temple at Magazine Road. The temple official responsible was fined $500 in 2003.

Kevin Tan, president of the Singapore Heritage Society, welcomed the stronger penalties for those who damage monuments, but said that there might be problems with the provisions which imposed obligations on their private owners.

‘Many people who own monuments do not ask for their buildings to become monuments, they just happen to be buildings that are deemed important and historical,’ he said.

Dr Tan said that the proposed changes penalised private owners twice over.

‘If you have your property designated as a national monument, it is as good as saying this property has become economically unviable,’ he said, as it loses any future redevelopment potential.

The board invites the public to share their views on the proposed changes. The consultation exercise is expected to be completed by early October.

More information can be obtained on its website at www.mica.gov.sg aboutus/pmb.html.

Source : Business Times - 5 Aug 2006

Developer gets 2 per cent more building space for incorporating $6.3m worth of art in the redeveloped former Scotts Shopping Centre

MORE than $6.3 million worth of artworks by Salvador Dali and Henry Moore, among others, will be incorporated into an upcoming Scotts Road building.

Wheelock Properties, which is redeveloping Scotts Shopping Centre and the service residences above it, will be bringing in four sculptures under a government incentive scheme to make art more accessible.

It is the first developer to join the programme, which rewards builders with more building space when they integrate artworks into their projects.

Wheelock, which is building a luxury apartment block with a retail podium at the Scotts Road site, intends to display a $1.8 million sculpture called ‘V&A Chandelier 1999′ by American artist Dale Chihuly in the podium when the building is completed by 2010.

It will also display three sculptures - ‘Alice in Wonderland’ by Dali, ‘Working Model for Sheep Piece’ by English artist Henry Moore and ‘Three Indeterminate Lines 1994′ by French artist Bernear Venet outside the building.

Singapore’s public spaces are currently adorned by artworks like Dali’s ‘Homage to Newton’ and Fernando Botero’s ‘Bird’, both at the UOB Plaza. The Urban Redevelopment Authority (URA), which is behind the incentive scheme, hopes to make the scene even livelier by giving developers up to 2 per cent more building space if they incorporate permanent installations within a publicly accessible area of a development in the city centre.

The chief executive of Wheelock, Mr David Lawrence, said: ‘These pieces by world-renowned artists will redefine Scotts Road and give our development its unique character.’

Wheelock will be allowed to build 2 per cent more space - or about 8,600 sq ft - than what is allowed.

According to the head of valuation and advisory services at property consultancy Jones Lang LaSalle, Mr Tan Keng Chiam, freehold retail space in the area is worth between $1,100 and $1,200 per sq ft. This means that the additional building space granted is likely to be worth more than $9 million.

Several developers have expressed interest in joining the scheme, said the URA. Its director of urban planning and design, Madam Fun Siew Leng, said: ‘We hope to see more artworks of such standard soon, so as to inject a signature imagery for our city centre.’

Commenting on the artworks, the president of the Nanyang Academy of Fine Arts, Mr Choo Thiam Siew, told The Straits Times: ‘These are done by the masters, so it’s good that the public can have access to their work. But I will certainly like to see more local work displayed.

‘We do have local sculptors that can do big public artworks. It’s high time we honoured, recognised and are proud of our own artists.’

Source : Straits Times - 4 Aug 2006

MORE than 400 new luxury apartments being built at the new Business and Financial Centre (BFC) at Marina Bay will be launched for sale starting next quarter.

Analysts say prices could reach heady heights of up to $1,500 per sq ft (psf).

The 428 units are located in a 55-storey residential tower being built as part of the BFC, which also comprises a massive office complex and retail space.

Buyers will be able to take their pick from 10 penthouses as well as apartments ranging from one-bedroom to four-bedroom units.

The developers of the BFC - Keppel Land, Cheung Kong Holdings and Hongkong Land - said yesterday that they are planning to start selling the first batch of units by the end of the year.

They added that the 99-year leasehold residential tower is expected to be completed at about the same time as the nearby Marina Bay Sands integrated resort in 2009.

The BFC tower has already receivedindications of interest, mainly from international retail buyers and investors, said the developers.

Although no indicative prices were given, property consultants believe the BFC apartments will be able to achieve prices comparable to those of neighbouring waterfront projects such as The Sail @ Marina Bay and Oceanfront at Sentosa Cove, both of which are being developed by City Developments.

Ms Tay Huey Ying, director of research and consultancy at property consulting firm Colliers International, said there is ‘a good chance’ that prices for units in the BFC tower will reach $1,500 psf.

‘If the units were launched now, their prices would probably hover around $1,300 to $1,400 psf, similar to what Oceanfront is currently fetching,’ she said.

‘But at the end of the year, we might be looking at between $1,400 and $1,500 psf, as resale prices for Oceanfront are already higher than its launch price.’

Providing a more conservative estimate was Jones Lang LaSalle’s national director of residential property, Ms Jacqueline Wong, who pointed out that The Sail’s average prices have been slightly lower at about $1,200 psf.

But both consultants agreed that the BFC units would attract strong demand from buyers similar to those of The Sail and Oceanfront.

‘I think there will be a number of ’specu-vestors’, who would buy for speculative purposes but who are able to hold on to the units until their capital value increases,’ said Ms Tay.

Ms Wong also noted that ‘in essence, the success of both The Sail and Oceanfront are based on the fact that they have very stunning sea views, which is a strong selling point’.

Source: Straits Times - 3 Aug 2006

THE collective sale of Minton Rise, a former HUDC estate in Hougang, has been relaunched - after the property failed to find a taker at the owners’ asking price when it was offered last December.

The owners’ reserve price remains at $209 million. But apparently the estimated differential premium/development charge (DC) quantum based on March 1, 2006, DC rates will be lower at $84 million - down from $89.7 million - despite an increase in DC rates on March 1 this year. ‘This is because the existing development baseline for the site has turned out to be slightly higher at a plot ratio of 1.541 based on a check with the Singapore Land Authority, instead of 1.53 as we thought it to be earlier,’ says Sam Tan, CEO of marketing agent NRA Real Estate. NRA also estimates that it will cost the developer of the site a further $19.5 million - although this quantum is subject to confirmation by the authorities - to top up the lease from a remaining 79 years to the original 99 years.

The $209 million reserve price set by the owners works out to a unit land price of $236 per square foot of potential gross floor area inclusive of the DC and lease upgrading premium. NRA estimates the breakeven cost for a new condo at $508 psf. The 472,378.5 sq ft site has a 2.8 plot ratio (ratio of potential maximum gross floor area to land area), which means the plot can be redeveloped into a new condo with almost 1,100 units averaging 1,200 sq ft each.

The tender for Minton Rise closes on Aug 29.

Just how keen developers will be on the site, given the substantial size of the new development, remains to be seen. Also, suburban condos have not exactly been selling like hot cakes - unlike luxury and waterfront properties.

‘Most ordinary people have not seen a substantial increase in bonuses despite the overall economic recovery,’ said a director with a property consultancy firm. ‘What could help to spur home-buying in the lower and middle tiers - whether it’s HDB resale, or suburban 99-year private condo - is a substantial bonus increase. That would help buyers make the 5 per cent cash downpayment.’

Source : Business Times - 3 Aug 2006