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ALLGREEN Properties has sold 70 per cent of its 43-unit Pavilion Park (Phase Two) and will launch the remaining 12 units this weekend. Allgreen general manager Yong Voon Chen said: ‘This is not surprising at all, given that there are very few landed projects being offered island-wide.’

Pavilion Park

The second phase of Pavilion Park, which is off Bukit Batok Road, was previewed last week. For the remaining units, terrace units will be priced from about $1.4 million while semi-detached units will be offered from about $1.8 million. Sizes of the units range between 2,926 sq ft and 3,214 sq ft inclusive of roof terraces.

The freehold development is expected to be completed by 2009. Pavilion Park (Phase One) was first launched in 1999 and all 78 units offered for sale were sold within fours hours of the launch.

Prices then were reported to be between $1.37 million and $2.03 million for terrace units and between $1.67 million and $2.06 million for semi-detached units.

Pavilion Park is being marketed by CB Richard Ellis, and its director (residential) Joseph Tan said: ‘We are at the upswing of the market at the moment and there is no better time than now to enter the landed property market.’

Source : Business Times - 12 May 2007

Govt also plans to help importers unable to sell off raw materials

CONTRACTORS facing a cash-flow crunch for the past three months as a result of the Indonesian sand ban will likely get help soon.

Developers, in their clearest commitment so far, have responded to the call by the Government to share costs with contractors.

The details are now being worked out.

Indeed, the various players in the construction industry say that - as a result of steps taken by the Government and others - the situation will likely stabilise from now on.

Contractors, committed to completing projects when Jakarta abruptly imposed the ban in February, were hit with cash-flow problems. On top of supply shortages, raw material prices also shot up.

The Government pledged to compensate contractors for up to 75 per cent of the hike in construction cost of public projects. But many feared big losses for private-sector projects.

On Thursday, National Development Minister Mah Bow Tan said at an industry event that he was happy that ‘private sector associations have reached an in-principle understanding on cost-sharing’.

Mr Chang Meng Teng, chairman of the Construction Industry Joint Committee, which represents contractors, said details on an agreement are being finalised.

Mr Chia Hock Jin, executive director of the Real Estate Developers Association of Singapore, added that both parties were looking into the possibility of establishing a kind of benchmark.

‘However, we must leave room for adjustments as developers vary in size, and so do their projects.’

Mr Kenneth Loo, general manager of Straits Construction, said contractors have accepted the fact that pre-ban prices were long gone, but he was glad prices have stabilised over the last month.

Meanwhile, importers too have reason to cheer.

Mr Mah said on Thursday the Government will buy raw material from importers at a certain price if they are not able to sell it due to lower prices, as a result of market fluctuations.

New players in the market, Mr Anthony Seet and Mr T.H. Ng, of Teelek Trading, whose first shipment from Cambodia arrives next week, said this guarantee has boosted importers’ confidence in securing sand from different sources.

One thing, though, is for sure: the Building and Construction Authority (BCA) wants diversification, and is looking to produce ‘NewConcrete’ to reduce the reliance on sand and granite.

It told The Straits Times it is working with a ready-mix concrete company to produce and test this ‘NewConcrete’, which comprises copper slag as a 70 per cent substitute for natural sand, and recycled coarse aggregates as a substitute for granite aggregates.

Projects will be identified to try the new concrete for non-structural works like linkways and park connectors.

Source : Straits Times - 12 May 2007

Some face fines as they can’t pay for new place on time; others give up on choice homes

Some residents in a Bedok Reservoir condominium are facing a financial crunch, now that they will get the money from the sale of their homes en bloc later than expected.

The Straits Times understands that, with their cheques expected to come at the end of the month, or even next month, instead of this week, at least five residents at Waterfront View have not been able to pay for their new properties.

They will need to stump out penalties because of this; some have even had to take up loans to pay these fines.

The delay was caused by two residents who were against the sale and had gone to court to fight it out, said Dr Kevin Tan, a resident and a member of the committee formed to oversee the en bloc process.

Aside from the few caught in a financial bind, there are others who are unhappy about the delay for a different reason: They said they have had to forego buying properties they have eyed because of the unexpected delay in the cashflow.

Among those who have to pay a penalty for not being able to complete the sale of their next property is Mrs Agnes Ho-Gupta, 54, who has to pay a $5,400 penalty on her new purchase in Loyang.

She said: ‘We thought we could pay up for a new place within the specified grace period, but now, with the delay, I have to fork out a bit more.’

She is resigned to the fine, but other residents are more anxious, and even irate.

One of Mrs Ho-Gupta’s neighbours, Mr Warren Tan, 53, told The Straits Times how he had to give up on a home he would have liked to buy.

‘My family and I found a home we liked a lot at the end of March after a two-month search. But the agent advised us not to buy it because we did not know for sure when we would get the money for our present home. We were very disappointed.’

Residents say that they first found out about the delay last week, when they got letters from their lawyers.

‘Why did they tell us only now?’ one asked angrily. He did not want to be named.

Dr Tan, the sale committee member, said the legal tussles had a spillover effect on the rest of the process.

Now, the estimate is that lawyers acting on behalf of the residents of Waterfront View will eventually finalise accounts and give owners their cheques around early June.

Most residents now say that they are anxious about the process.

Said Mr Warren Tan: ‘We have to start all over again to look for a new home. I really hope this goes through on time, this time.’

UNEXPECTED

‘We thought we could pay up for a new place within the specified grace period, but now, with the delay, I have to fork out a bit more.’RESIDENT AGNES HO-GUPTA, 54, who has to pay a $5,400 penalty on her new purchase in Loyang

DREAM HOME GONE

‘We found a home we liked a lot…But the agent advised us not to buy it because we did not know for sure when we would get the money…We were very disappointed.’RESIDENT WARREN TAN, 53, who had to forgo a place he liked

Source : Straits Times - 12 May 2007

PROPERTY agent Goh Chong Liang, first accused of cheating in December last year, was yesterday slapped with 35 additional charges in a district court.

The 37-year-old father of two is accused of having perpetrated a $900,000 cashback scam between December 2003 and March last year.

A cashback deal refers to a property seller declaring a price higher than the actual transacted sum - helping the buyer get a bigger bank loan and thus providing him with instant cash.

The cash difference is kept by the buyer, or split between the two parties.

Yesterday, Goh’s case was moved to the Bail Court in the afternoon for the bail amount to be reviewed.

The prosecution said the sum - set at $300,000 in December last year - should be raised to $900,000.

District Judge Danielle Yeow asked the two sides to make submissions on issues such as Goh’s family background and cooperation with investigators - which would help determine if the accused is a flight risk.

She also allowed Goh’s lawyer, Mr Peter Fernando, and police prosecutor Shabbir Yusuf to agree on a bail amount - which they did, at a total of $600,000.

The first charge against Goh in December last year concerned the selling price of a Bukit Batok flat. He allegedly duped a bank into believing it was $312,000, when the actual price was only $285,000.

This led the bank to approve a $292,000 loan to the buyers of the flat.

Investigations into Goh have brought up a name the courts are becoming increasingly familiar with - David Rasif.

The runaway lawyer and his former partner David Tan - though not charged with any crime - are alleged to have conspired to help Goh pull off the cashback scam.

It was not mentioned exactly what their role was.

Rasif, 42, disappeared on June 5 last year - allegedly with $12 million of clients’ money.

Goh, who could be jailed for up to seven years if convicted, will return to court on May 15.

Source : Straits Times - 12 May 2007

Developer bags 16 BCA awards for its environmentally-friendly efforts

City Developments (CDL) has received more than one-third of all the Green Mark Awards that were handed out to private developers by the Building and Construction Authority recently.

CDL’s 16 awards account for more than 25 per cent of the total number of Green Mark Awards that have been given out since the inaugural one was presented in 2005.

Take a look at the numbers: CDL has achieved a reduction of 42 per cent of water and 19 per cent of energy used for construction. The developer’s construction sites also generated 49 per cent less worksite waste between 2004 and last year.

Just how did the developer go big on eco-friendly buildings without ramping up business costs?

“We believe that everyone involved — the architect, contractor, building managers and consumers — must think green and act on it. We must try our best to influence them by increasing their awareness and instill in them a need to be environmentally responsible,” said Mr Eddie Wong, general manager, projects division, CDL.

Hence, it introduced the CDL Environmental, Health and Safety (EHS) policy in 2003 to address the project management areas of energy and water conservation, waste management, safety and public health.

CDL’s contractors are appraised via the company’s 5-Star EHS Assessment System and are graded quarterly on a scale of 1 to 5 stars by independent auditors.

The results and practices of all contractors are then reviewed at seminars, providing a learning platform for all parties in the construction value chain for CDL’s properties.

Its approach has rubbed off on the property developer’s partners as well, with more than half of their key consultants obtaining ISO 14001 and OHSAS 18001 certifications.

And in an effort to encourage contractors to think green, CDL’s annual 5-Star EHS Excellence Award recognises contractors that score high during the EHS Assessment exercise.

One of the recipients is Tiong Seng Contractors, which has won the award twice.

“CDL’s vision and culture to continuously promote new eco-friendly solutions and alternatives have inspired us not only to adopt green practices but to continually search for even better results,” said Mr Pek Lian Guan, managing director of Tiong Seng Contractors.

Source : Weekend Today - 12 May 2007