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Shanmugam remark sums up Horizon Towers owners’ day in court

EVEN before the main event got underway, the sideshow — with its sparks, spats and conspiracy theories — proved no less intriguing.

On Friday, the sale committee of 210-unit Horizon Towers took the minority owners to court in an appeal against a Strata Titles Board (STB) decision to throw out an en bloc attempt, after the board found three pages missing from the sale order application.

The legal tussle between the two parties seemed relatively straightforward — until Horizon Partners Private Limited (HPPL), the consortium buying over the development, and a splinter group of majority owners threw their hats into the ring. They made separate applications asking their cases also be heard by the High Court.

Add a mix of acerbic heavyweight lawyers, a rowdy public gallery and suspicions all around, and even the usually mild-mannered Justice Choo Han Teck, who presided over the hearing, had to assert himself several times to keep the courtroom in order.

While some 70 Horizon Towers residents packed the public gallery, extra seats had to be brought in for the lawyers — who included prominent Senior Counsels K S Rajah, K Shanmugam and Chelva Rajah — and their legal assistants from six different law firms.

Before the main proceedings could begin, Justice Choo had to rule on the applications by HPPL and the splinter group. Arguments on all sides were peppered with sharp exchanges and insinuations.

At one point, Mr Shanmugam wanted to interject but was stopped by Justice Choo. The crowd cheered: “Yes, sit down!”

This prompted Mr Shanmugam to remark: “Perhaps, the people at the back should be reminded that this is not a circus.”

Mr Shanumugam also responded to Mr K S Rajah’s remarks that the court should not grant the applications for “all and sundry to do this and that”.

Said Mr Shanmugam: “Firstly, I am not all and sundry. Next, I’m not doing this and that. I’ve a graver interest in the matter than he does.”

Lawyer Ramesh Kannan, representing three minority owners, said that as far as HPPL was concerned, it was “purely an issue of financial gain or loss”.

And the reason why HPPL wanted to be involved, he added, was due to its concern over a “change in strategy” by the majority owners and the suspicion that the current sale committee was “infiltrated” by owners who were against the sale.

Since the majority owners have already resolved to extend the sale order deadline to Dec 11 — as required by the buyer — the latter has no basis for such a suspicion, Mr Ramesh argued.

But Mr Shanmugam countered: “What’s the purpose of the appeal? To get a ruling … and use that in a breach of contract.”

The drama did not end with the hearing, which began at 11am and was adjourned at 2pm with Justice Choo saying he would give his ruling on Monday — after which the actual hearing for the appeal would proceed.

Outside the High Court, the majority owners, who have engaged a public relations firm, gave a statement through one of the unit owners, Mr Victor Ow.

A real estate developer, Mr Ow said: “It was very clear that HPPL was trying to say that the consenting owners are trying to breach the contract. But in fact, we are not.”

On a personal note, he pleaded with the public not to see him and his neighbours as “greedy”. There were “many discrepancies” in the current en bloc legislation, he said, and they were merely fighting for their “individual rights”.

“In fact, we suffer. We are quite prepared to abide by the contract but … do not push us around and cast fear into our lives,” Mr Ow added.

Source : Weekend Today - 29 Sept 2007

The recovery in mass market property sales in Singapore started as far back as a year ago.

According to consultant CB Richard Ellis, this debunks the notion that the recovery for mass market projects has trailed the high-end market until the last few months.

But, even with sales rising for some 12 months, CBRE’s research has found that prices only started edging up in the last six months.

The study is based on an analysis of the new units launched last year and the corresponding take-up volumes

It found that 68 per cent of the new projects launched in the West Coast last year had actually been taken up.

Likewise, take-up rates for districts 15 and 16 were about 90 per cent.

Home buyers bought about 74 percent of projects in the prime districts of 9 and 10, and 96 per cent for the Downtown area and Sentosa Cove.

CBRE says the strong sales of non-prime projects suggest that upgraders and private homeowners had bought properties, in anticipation of a rise in prices. - CNA/ch

Source : Channel NewsAsia - 28 Sep 2007

The strong demand for office space in the central business district has spilled over to the rest of Singapore.

According to property consultants DTZ, the occupancy rate for office space islandwide climbed to 97.6 percent in the third quarter.

This is largely because of an acute shortage of office space in the Central Business District (CBD).

DTZ says the shortage is due to the demolition of Asia Chambers Building and the alteration works being done at two office blocks, OUB Building and Ocean Building.

The office market saw a net loss of 455,000 square feet of stock in the three months to September.

Occupancy rates in Raffles Place rose by 1.1 percent from the previous quarter.

With higher asking rents and lack of office space in the CBD, many companies have flocked to the CBD fringe and decentralised areas.

This has boosted occupancy in these regions with the Alexandra area, for example, rising 3.5 percent to full occupancy.

Average monthly rents for Alexandra have increased by 13 percent to S$6.80 per square foot per month from the second quarter.

Another area, Novena, achieved 98.5 percent occupancy. - CNA/ch

Source : Channel NewsAsia - 28 Sep 2007

Turquoise goes on sale with prices ranging from $2,400 to $2,700 psf

HO BEE Investment has begun selling units at its Turquoise condo at Sentosa Cove at prices ranging from around $2,400 to $2,700 psf.

King’s 8

Apartments cost around $5.3 million for a typical three-bedroom unit and about $6.4 million for a typical four-bedroom unit.

The listed developer sold about 20 of the 30 units that it released yesterday in the project, which comprises only 91 units in total.

Ho Bee seems to be in no hurry to sell out the 99-year leasehold project, given the increasing scarcity of new project launches on Sentosa Cove, market watchers say.

Three bedders in the development have an average size of about 2,100 sq ft, and four-bedders about 2,500 sq ft. Turquoise also has a variety of penthouse sizes - three bedders, four bedders (both of these come with their own jacuzzis), and three sky villas ranging from 6,900 to 7,900 sq ft and each with its own swimming pool.

Ho Bee is developing the six-and-a-half storey project on Sentosa Cove’s Waterfront Collection site, which is flanked by Tanjong Golf Course and waterways.

Over at King’s Road in the Bukit Timah area, DTZ Debenham Tie Leung is marketing this weekend King’s 8, comprising eight freehold strata bungalows. The strata areas of the units range from 4,898 sq ft to 5,414 sq ft, and are priced between $4.67 million and $4.98 million. The bungalows have two storeys plus an attic, basement, a private pool and two private carpark lots. King’s 8 is being developed by Longitude Central.

Over at Jansen Road, Fragrance Land is holding a soft launch for 12 strata terrace houses. Prices of the 999-year leasehold development range from $830 to $850 psf of strata area.

And at the prime Scotts Road, Wheelock Properties (Singapore) begins today the official launch of Scotts Square, releasing a limited number of units. During a preview of the project in July, it sold about half of the 338 apartments, at an average price of $3,983 psf.

Source : Business Times - 28 Sep 2007

Sentiment strongest in rental apartment, office, hotel/resort, retail sectors: survey

SHANGHAI, Singapore and Tokyo have emerged as the top three most promising Asia-Pacific cities for real estate investment prospects, according to a report from the US-based Urban Land Institute (ULI) and the accountancy firm PricewaterhouseCoopers (PwC).

Hot Markets

‘Sentiment was strong among survey participants to either buy or hold all types of properties in Shanghai, Singapore and Tokyo, rather than sell properties, illustrating the cities’ strong popularity with the investment community,’ a news release by PwC and ULI said.

For Singapore, the strongest sentiment for buying property was in the rental apartment sector, followed by the office, hotel/ resort, retail and indus- trial/distribution property.

The report, Emerging Trends in Real Estate Asia Pacific 2008, is the second annual investor survey from ULI and PwC. It shows that Singapore has jumped from fourth to second placing for investment prospect rankings, and from ninth to third spot for development rankings. Singapore is ranked first for city risk ratings.

One respondent in the survey said Singapore was ‘certainly one of the markets in the area that provides a very stable legal and tax environment, and property rights that are beyond question. And it therefore is certainly one of the markets where many, especially Westerners, are very comfortable.’

The report was based on interviews and surveys with more than 190 professionals, including investors, developers, property company representatives, lenders, brokers and consultants.

The survey covered 20 cities. Shanghai was in the top position in the latest 2008 investment prospect ranking, up from second spot in the earlier ranking. Tokyo maintained its third position, while Osaka, which was first in the 2007 ranking, moved down to fourth position. Hong Kong was ranked fifth in the latest survey, moving up six positions.

While Singapore moved from fourth to second spot in investment prospect, sell recommendations increased for office, retail, and hotel/resort from 0 per cent in the 2007 report issued last year to 19 per cent, 13 per cent and 13 per cent respectively in the latest 2008 report.

Buy recommendations for industrial/distribution property increased from 35 per cent to 44 per cent.

The 2008 survey also shows that the growing Asia-Pacific real estate market still offers opportunities for investors and developers next year. Asia-Pac real estate executives’ response remains strong on overall economic and market fundamentals, regardless of interest rate increases.

High levels of equity capital continue to pour into the Asia-Pacific property pool. For 2008, the hotels sector tops the list of real estate performance prospects, followed by the office sector.

PwC’s tax partner in Singapore, David Sandison, said: ‘It’s expected that even greater amounts of capital will be flooding Asia Pacific real estate markets in 2008. The real challenge for investors will lie in finding the right assets against the backdrop of yield compression and scrutiny by regional governments and tax authorities.’

The strongest sentiment for buying in Singapore was for rental apartments, with about 53 per cent of respondents recommending a buy, 34 per cent hold and 13 per cent sell.

For office space, 52 per cent advised buying, 29 per cent hold and 19 per cent sell.

The survey also showed that 48.5 per cent recommended buying hotel & resort property, 38 per cent advised holding, and 13 per cent, selling. For retail property, 45 per cent advised buying, 41 per cent holding and 13 per cent selling.

In the industrial/distri- bution sector, about 44 per cent of respondents recommended buying, 42 per cent holding and 14 per cent, selling.

ULI is a global education and research institute championing responsible leadership in land use to enhance the total environment.

Source : Business Times - 28 Sep 2007