Three years ago, Mr Gurdev Singh was working in a security firm for a monthly pay of $1,200. The divorcee with a son, had just started dating. He and his girlfriend were thinking of starting a family, so he bought a flat. "Six months later, we broke off. I tried ways to keep the 5-room flat. I tried my very best until I couldn't make it," he recalled. Mr Singh negotiated with the Housing Development...

Current situation provides company with cheaper way of exploiting synergies DID United Overseas Land (UOL) really "fail" in its attempt to take over United Industrial Corporation (UIC)? Most market observers suspect that UOL was never really that serious with its general offer to buy over shares it did not already own. Instead, they felt the offer was more of a technical one. After all, it was mandatory...

Las Vegas Sands said Wednesday it is working "aggressively" to meet its target to open the Marina Bay Sands in Singapore by the end of the year. It said construction of the project's first hotel tower has reached its halfway mark, and the three 55-storey hotel towers may be "topped out" in July. President of Marina Bay Sands, Nigel Roberts said he is confident of delivering on all fronts. Singapore is...

Private property developers are offering schemes to help Singapore’s homebuyers amid the current economic recession. One of the schemes is the Interest Absorption Scheme (IAS). It sees developers paying the interest on home loans instead of buyers, until the project receives its Temporary Occupation Permit (TOP). It is similar to the Deferred Payment Scheme which the Singapore government scrapped last...

Some developers are getting so “kiasu” (afraid to lose out) that they are getting the original buyers of homes to indemnify them should a sub-purchaser fail to pay. However, the Controller of Housing has told at least one developer, Keppel Land, that this is wrong. The issue was raised when the buyer of an apartment at Park Infinia at Wee Nam Road, just off Keng Lee Road, tried to sell the unit bought...

The offer by United Overseas Land (UOL) for property group United Industrial Corporation (UIC) had lapsed. UIC shareholders refused to accept the S$1.20-per-share offer that was tabled by UOL. While it failed to achieve the required level of acceptances for an unconditional offer, UOL's direct and deemed interest in UIC had risen from about 30 per cent to 45 per cent, after purchases on the open...

Singapore homebuyers can expect more private residential properties to be launched in the coming months and at lower prices. Analysts said that's because developers are now torn between accepting either weaker profits or high costs of holding on to land. Brisk sales seen in recent property launches like the Caspian can be credited to lower prices being offered by developers. Units there were sold at...

With the worsening economy, more landlords could see their tenants defaulting on rents. But one landlord in Queenstown has taken matters into his own hands by posting personal details of his errant tenant all over the neighbourhood. The leaflets stated that this man had left suddenly without informing his landlord. He also allegedly made off with the housekeys and has not returned any calls. The...

I REFER to the report "A plea for survival" (Feb 27) about the Singapore Retailers Association (SRA) asking landlords to reduce rentals significantly to help retailers cope with the severe economic downturn. The report was an eye-opener, showing that while businesses are trying their best to survive these difficult times, some landlords are trying to earn as much as they can in the short-term. The SRA is...

AT 72, Mr Koh Chiong Eng is worried he may lose his job as a petrol pump assistant. That is why he was among the five who signed up for the Lease Buyback scheme, which was officially launched yesterday some two years after Prime Minister Lee Hsien Loong mooted the idea. "I can‚t take the flat with me if I die. It‚s better to sell it to the Government and get some money to meet my daily needs," he...