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Lawyer says rare decision is based on sale price and less than 80% approval

THE Strata Titles Board (STB) threw out the collective sale application of Finland Gardens in Siglap after it failed to meet statutory requirements.

The rare decision to axe a bid for a sale en bloc followed five days of hearings that took place in July and early September.

The STB delivered its decision on Wednesday in an oral announcement but has yet to disclose the grounds for rejection. It may do so at a later date.

Mr Denis Tan, the lawyer for the owners objecting to the sale, heard the oral announcement. He said: ‘The board dismissed the application on the grounds that it found there was no 80 per cent majority and that the sale price was not obtained in good faith.’

The Finland Gardens sale required approval from at least 80 per cent of the owners.

Mainboard-listed company Sing Holdings bought the freehold 48-unit site in November last year for $49.5 million. The owners of each unit would stand to reap about $1 million to $1.27 million, depending on the size of the unit.

The owners of eight units objected to the sale; their grounds included not getting the best possible price for the estate.

In addition, they argued that a higher offer had come in after Sing Holdings’ offer, but the sale committee, instead of asking Sing Holdings to come up with a better price, had simply asked the company to match the later offer.

Clinic manager Valerie Chia, 46, said she and owners of the other seven units had objected to the sale from the start, more than a year ago.

The managing director of Sing Holdings, Mr Lee Sze Hao, said he would be asking the majority owners to file an appeal against the STB decision.

An industry observer said the ruling is significant because there is a general perception that collective sales are usually approved.

‘If you look at collective sale rules, their purpose is to facilitate such sales,’ he said.

Finland Gardens, located in the Siglap area at East Coast Avenue and East Coast Terrace, has a land area of 98,309 sq ft.

It comprises 48 units of walk-up apartments housed in two three-storey blocks.

Sing Holdings partnered Forum Asian Realty Income II to buy the estate. The United States-based fund holds a 30 per cent share of the joint venture.

In late October this year, the STB threw out the collective sale application for Airview Towers at St Thomas Walk.

Developer Bukit Sembawang, which had agreed to pay $202.17 million to buy the site in April, said recently that the application had been dismissed on a technicality. The sellers are planning to file an appeal, it added.

En-blocked

The STB vetoed the collective sale bid in an oral decision after five days of hearings in July and early September. It has yet to disclose the grounds for rejection but may do so at a later date.

An industry observer said the ruling is significant because there is a general perception that collective sales are usually approved.

Mainboard-listed Sing Holdings bought the site last November for $49.5 million. The owners of each unit would stand to reap up to $1.27 million.

The managing director of Sing Holdings, Mr Lee Sze Hao, said he would be asking the majority owners to file an appeal against the STB decision.

Source : Straits Times - 1 Dec 2007

URA selects 4 schemes out of 30 entries from S’pore, overseas architects

A LOW-RISE eco-village, canal streets, a coastal shopping promenade and terraced communal green roofs - coupled with dramatic views and contrasting skylines. This is the living environment suggested by the winning entrants in a competition to get ideas on how Marina Bay should look.

In September, the Urban Redevelopment Authority (URA) said it will set aside 60 hectares - the Marina South Residential District (MSRD) - for 11,000 homes.

A design competition to inspire innovative ideas to distinguish the area was announced at the same time.

When the competition closed on Nov 12, 30 entries had been received from local and overseas architects. Foreign submissions came from Hong Kong, Australia, Indonesia, India and the US.

Four schemes have been selected and another two received special mention. The winners are Hong Kong’s Compass Studio and Singapore’s Khoo Teik Rong, SKPS-Project and Surbana. Special mention was given to Australia’s Chor and Singapore’s ZONG Architects.

The four winners will get $10,000 and the two special mention schemes $5,000.

‘We are impressed with the numerous interesting and novel ideas from the competition,’ said URA’s director for urban planning and design Fun Siew Leng.

‘They will serve as a starting point to stimulate reflection and inspiration to develop Marina South into a distinctive waterfront garden district for generations to come.’

MSRD will also have 1.6 million sq ft set aside for hotel use and 678,000 sq ft of commercial space. The entire project will be developed over 15 to 20 years, once supporting infrastructure has been put in place.

Source : Business Times - 1 Dec 2007

UNITED Engineers (UE) has won a new project at Changi Business Park with an estimated development cost of $280 million.

The company said yesterday that its wholly owned subsidiary, United Engineers Developments Pte Ltd (UED), has been awarded the Built-to-Suit project by the Jurong Town Corporation (JTC).

The project involves UED undertaking a development to be named the Global Centre for Information and Communication (Centric Singapore).

This will comprise four main components: a business centre to house 200 IT companies; an IT training hub comprising exhibition and convention halls, an auditorium and seminar rooms; a business hotel with 200-300 rooms; and office and retail space.

The development is part of JTC’s master plan to build the Changi Business Park into an active urban development with two separate activity hubs linked by an attractive green garden environment with kiosks, sculptures and performing venues, UE said.

Centric Singapore will be sited on a land area of 29,000 square metres with an expected built-up gross floor area of 72,500 sq m.

Centric Management AG, Switzerland, an ICT hub specialist, will be the anchor tenant for the business park space.

‘With an unbeatable location at the Changi Business Park at the interchange of the existing Expo MRT station and the new MRT station to be built under the future Eastern Region Line, the project is sited at an extremely attractive catchment area, and is ideally positioned to become an Information and Communication Technology (ICT) hub,’ UE said.

Construction is slated to commence in 2008, and targeted for completion in 2011.

Source : Business Times - 1 Dec 2007

THE tally continues to rise. About $6 million may have gone missing together with lawyer Zulkifli Amin, who disappeared last week.

Police are now looking into how much of the missing money belonged to clients, among other things.

Mr Zulkifli, a lawyer of about seven years’ standing, skipped town last week.

His two other partners in the firm, Sadique Marican & ZM Amin, alerted the Law Society and the police.

Several clients also showed up at the firm’s office in Raffles City last week complaining of bounced cheques and stalled property deals.

While police investigations are ongoing, the Law Society has also moved in to examine the firm’s clients’ account.

The firm’s lawyers are also helping affected clients work out alternative arrangements.

The case has become a talking point in legal circles as it is the first since new rules came into force this year to protect clients’ money.

Among the new rules: two signatures are needed to withdraw sums higher than $30,000.

The rules kicked in after ex-lawyer David Rasif fled with more than $12 million of clients’ money last year.

But unlike Rasif, who had a one-man firm, Mr Zulkifli worked in a partnership, which means the remaining two partners may have to make good the loss.

There was a similar case about a decade ago when one lawyer faced a similar dilemma after his partner, Lim Yee Kai, made off with around $417,000 in clients’ money.

Lim is still on the run.

His partner ended up paying about $400,000 of a debt that soared to some $600,000 when legal and insurance costs were factored.

He could not keep up with the payments and was made a bankrupt in 2003.

But partners can be exempted from liability in some instances, said lawyer Manoj Nandwani. This can happen if they can show they were not aware of the fraud committed by a colleague or did not turn a blind eye to what was happening, he said.

Asked if the new rules needed more teeth in light of the latest incident, lawyer Montague Choy said: ‘You may change the rules… but then someone might show up to work around whatever’s new in place to the point where there are so many rules that it becomes not commercially viable to operate.

‘I do not think the problem is with the rules.’

Lawyer Amolat Singh said the case could trigger a move for clients’ deposits to be held by a separate stakeholder, rather than by lawyers.

‘We are the only profession required to hold such money, unlike doctors or accountants, who do not have to be part-time bankers.’

Source : Straits Times - 1 Dec 2007

High-rise blocks depicting hills and canals for boat rides are among the suggested features of four winning proposals

WATERFRONT-GARDEN living that’s just minutes away from the city. That is what residents at the future Marina South Residential District can expect.

No date has been set for when people can move in.

The Urban Redevelopment Authority (URA) has set aside 60ha of land between Gardens at Marina South and the Straits of Singapore, which will host some 11,000 homes, with a mix of commercial, hotel and community facilities for all to enjoy.

To get ideas for this project, the URA and the Singapore Institute of Architects (SIA) held a competition in September.

Open to students and professionals in planning, architecture and landscape, both locally and internationally, it drew 30 entries.

Participants had to illustrate how high-density living can co-exist with a waterfront garden concept, and set a new landmark in residential development.

A five-member panel, including Mr Tai Lee Siang, SIA president, and Ms Fun Siew Leng, director of urban planning and design at URA, chose four winners who each won $10,000.

The winning ideas will serve as an inspiration and catalyst for the masterplan.

Tay Suan Chiang

The four winning and other entries are on display at City Hall, Level 3 Chambers, till Dec 8, from 10am to 10pm. Admission is free.

Design by Surbana, Singapore

THIS proposal adopts two broad housing strategies.

The first is the Blue strategy, where 30- to 50-storey-high residential towers sit directly on a vast expanse of water in a radial manner. This allows residential owners to have breathtaking views.

Carparks and vehicle movements will be limited to the basement levels, freeing up the ground level for water-themed playgrounds.

In the second Green strategy, most of the rooftop spaces will be semi-public gardens. Public gardens and spaces are also carved out between apartment blocks, creating a closeness to nature.

An internal canal system will allow residents to take boat rides around the area.

Design by Compass Studio Limited, Hong Kong

The overall design of this proposal resembles rolling hills - depicted by high- rise residential blocks of various heights - that overlook a low-rise village.

The towers are arranged such that they have views of the Gardens at Marina South and the seafront.

Connecting the buildings are several high-level terraces called ‘Sky Cloud Gardens’, and they will be used for leisure activities.

Nearer the waterfront will be a low-rise eco village. Traffic here is restricted to green means of transportation, preferably electric cars.

Design by SKPS Projects, Singapore

The focus here is on creating more open areas and creating a waterfront space for communal and commercial use. Garden decks will link this area to the Gardens at Marina South.

The residential buildings will be lifted 10 storeys above ground, so the space below can be used by the public. There are also plans to plant rainforest

Design by Khoo Teik Rong, Singapore

Khoo Teik Rong was inspired by the many canals he saw in Amsterdam and wanted to recreate the same atmosphere. His canals will be artificially created and connect the Gardens at Marina South to the sea.

There are also plans for the canals to be lined with street-level shops.

His residential blocks will consist of high-rise ones as well as townhouses and waterfront homes.

Source : Straits Times - 1 Dec 2007