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The chief executive steering the giant Orchard Road development hasn’t let anything hold her back on her way up
 
What has been the biggest obstacle for veteran property consultant Soon Su Lin?

A swarm of mosquitoes. And that was probably the only thing that ever brought her down during her high-flying 16 years spearheading real estate transactions in Singapore, China, South Korea, Taiwan and Hong Kong.

“When I was a property valuer, I had to value this large piece of swampland, was bitten by mosquitoes and later came down with dengue fever,” recalled a laughing Ms Soon, chief executive of Orchard Turn Developments, the company responsible for one of the largest building projects the shopping belt has ever seen.

With the example, Ms Soon brushed aside notions about politics of gender. Instead, success at any level comes to the brave, she said in her first profile interview since she left top international commercial real estate firm CB Richard Ellis (CBRE) last May.

There, she was involved in landmark transactions such as the sale of Scotts Shopping Mall and The Ascott Serviced Apartments.

At every stage of her employment with CBRE, Ms Soon said she always dived head-first into different kinds of projects, some of which led her in unexpected but ultimately fulfilling directions.

The occasional trifle, however, did occur. “In the earlier years of travelling to China, my impression was that the Chinese businessmen were less comfortable in dealing with a woman. When I travelled with a male colleague, they were more comfortable talking to my male colleague, even though I held a higher title,” she said.

Such encounters did little to dampen her spirit or slow her climb up the ladder.

Today, as the top person at Orchard Turn Developments, Ms Soon stands on the cusp of creating the first residential-cum-retail project to hit Singapore’s prime shopping street in about a decade.

Worth $2 billion, the 56-storey building will have more than 450 shops and restaurants, including top brands now not in Singapore.

Ms Soon’s project could also set standards for design and architecture, besides smashing bench- mark prices for luxury apartments. City Development’s St Regis Residences currently holds the record of $3,000 per square foot.

“I was always very focused on the assignment — rather than being concerned if I could do the job because I am a woman,” said Ms Soon.

Source : Weekend Today - 3 Mar 2007

Colliers International has put up Fairways Condominium for sale by way of invitation to submit an offer.

The freehold property is located at 610/612 Telok Blangah Road, near the upcoming Labrador Park MRT station. With a land area of 146,532 sq ft, the site is zoned for residential use under the 2003 Master Plan with a plot ratio of 2.1.

The condominium comprises a stepped 7-, 12-, and 13- storey block with a total of 108 apartments and townhouses. Residents have a view of the Keppel Golf Course, and are near mega mall VivoCity and Sentosa.

“The buyer could enjoy a larger site by amalgamating the neighbouring state land of about 8,288 sq ft,” said Colliers International director of investment sales Ho Eng Joo.
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The site’s indicative land value is $232 million or $750 per sq ft per plot ratio inclusive of development charges and cost of state land alienation, Mr Ho said.

At press time, about 70 per cent of the owners had agreed to the en bloc sale. The call for developers to submit offers closes on March 21.

Source : Weekend Today - 3 Mar 2007

Savills Prestige Homes is handling the sale of a Good Class Bungalow (GCB) land in the Queen Astrid Park area by expression of interest.

“The area is the favoured address and home to a number of foreign dignitaries and families from Singapore’s distinguished list of rich and famous,” said Mr Steven Ming, head of investment sales and prestige homes for Savills Singapore.

The elevated freehold GCB redevelopment site measures 25,438 sq ft and is a short drive away from Holland Village and Sixth Avenue. With a wide frontage, the potential buyer can design and construct a home with a panoramic view of the entire estate.

The indicative price guide for the site is $19 million. The expression of interest exercise closes on April 11.

This is the third GCB land parcel that Savills Prestige Homes has put up for sale. It handled the sale of the land parcel at 20 Astrid Hill and 26B Queen Astrid Park, which sold for $13.6 million and $10.7 million, respectively.

Source : Weekend Today - 3 Mar 2007

The fate of the Waterfront View estate in Bedok remains in doubt, with a couple fighting the estate’s collective sale deciding to take their case to the High Court.

Mr Yeo Loo Keng and his wife Cheryl Lim - the only unit owners who fought the sale to the end - insisted they would incur a loss of $106,244, which was part of their CPF principal amount and accrued interest owed to their CPF accounts.

However, the Strata Titles Board (STB) had ruled in a landmark decision on Feb 5 that this was not considered a financial loss, as the CPF Board said the couple will not need to make up the shortfall if the net proceeds of the sale, after repaying the bank loan, are less than the amount they owe the CPF.

The couple said they were appealing to avoid being forced to incur a loss.

While the planned collective sale is scheduled to be completed on May 7, it could be overturned by the High Court if the latter rules in favour of the couple.

The couple bought their 14th-floor, 1,711 sq ft apartment 12 years ago for $515,000. Each of the 583 owners will be paid about $660,000 from the sale, from which they will get around $644,000 after deducting legal fees and stamp duty. Mr Yeo, though, argued that it was not enough.

He said he has to pay off a bank loan of $342,844 plus CPF principal amount and interest of $407,599, which makes a total of $750,443.

It was the first time the STB had to decide if CPF money is considered a financial loss in the sale of residential property.

The couple’s lawyer, Mr Leong Yung Chang of Veritas Law Corporation, said the main thrust of the appeal would be that loss of CPF money should be considered a deductible expense.

He also confirmed this will be the first time the High Court will hear such a case.

‘Although we face the risk of losing, we feel the public needs to know the High Court’s position and if it ratifies STB’s ruling,’ said Mr Yeo.

He also said he felt the laws on collective sales, passed in the 1990s, have ’swung the pendulum too far against the interests of minority members’.

‘There’s a general feeling of a need for greater protection for people like my client who are forced to suffer a loss,’ said Mr Leong.

For the collective sale to be approved, the reserve price has to be met and 80 per cent of Waterfront View’s owners have to agree.

Madam Valerie Ong, a 45-year-old housewife whose estate is currently in the process of a collective sale, told The Straits Times that she sympathised with the couple’s position. She said she believes a ‘policy review’ of collective sales is overdue, especially with the huge increase in such sales in the last few years.

Waterfront View’s sales committee member Kevin Tan said he was surprised at the couple’s decision, but was prepared to ‘fight all the way’.

‘If he wants to up the ante, we have no choice but to respond.’

Another resident, Mr David Govinden, said residents would definitely be upset that the couple are taking the matter further, as ‘we thought the chapter was over’.

Mr Yeo said he had no intention of causing inconvenience to residents but was acting within his rights.

‘I don’t want to regret not appealing. This is the final step we can take,’ he said.

Located in Bedok Reservoir Road, the former HUDC estate was sold for $385 million last May to FCL Peak, a joint venture between Frasers Centrepoint and Far East Organization.

Mr Leong estimates it will take a month for a High Court ruling to be made.

When contacted, both STB and CPF said they could not comment until after the ruling.

Source : Straits Times - 2 Mar 2007

A 130-room business hotel will soon occupy what was formerly Pearl’s Hill Primary School.

The 37-year-old building, which was vacated by the school in 2001, will undergo a $6 million renovation to equip it with features like broadband Internet access, a gym and restaurant.

The hotel will open by the end of this year and be run by property and shipping company Vita Holdings.

Vita subsidiary Whitehouse Holdings won a recent Singapore Land Authority tender to rent the building for an initial term of three years, renewable up to 2016.

It will pay $82,178 a month in rent, charging an average of $150 a night for rooms.

The hotel’s proximity to Singapore General Hospital means it could cater to medical tourists.

The new hotel will go some way towards meeting the target of adding 2,000 hotel rooms here over the next two years.

Source : Straits Times - 2 Mar 2007