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Condominiums and Apartments Rentals dated 9 March 2008
Straits Times: Getting a divorce without losing her home
Getting a divorce without losing her home – Singapore
Recent CPF changes allow for a more eqitable distribution of the matrimonial home and let the ex-wife keep a roof over her head
By Lorna Tan, Finance Correspondent
DIVORCING couples come under even greater emotional strain when they try to sort out who gets what.
Last October, measures were put in place that tilt the balance towards divorced women who would otherwise get little from the sale of the matrimonial home – or could even lose the roof over their heads.
Under the revised Central Provident Fund (CPF) rules, retirement funds will be distributed more equitably when coupples split their matrimonial property.
In a nutshell, the changes allow CPF assets such as property or unit trusts, or sale proceeds from these assets, to be transferred immediately to the ex-spouse’s account.
Most Singaporeans use CPF monies to buy the matrimonial home. In some cases, the husband is more willing to transfer it to his former wife, says lawyer Amolat Singh of Amolat Singh & Partners, especially if she can show she’s entitled to a big share.
CPF rules
The old system
The property could not be transferred to the wife until and unless all the monies used by her ex-husband for the mortgage had been fully reimbursed into his CPF account, together with the accrued interest.
Often, the parties did not have the funds to do so, so they were left with no choice but to sell the flat.
This could place them in financial straits, especially if they’d paid a high price for the home. Also, the spouse with the kids would probably have to find alternative accommodation.
This was what happened to Madam Shirley Chong (not her real name), who downgraded to a three-room flat from a four-roomer. Her two kids had to move to a new school as well.
The court had ruled that the flat should go to her, but she did not have the money to make the reimbursement, so the transfer could not take place. The flat was sold and a charge placed on her ex-husband’s account.
He is not yet 55 years old and it remains to be seen whether she will get her money when he reaches that age, as a mandatory Minimum Sum has to be retained in his CPF account.
The new system
The property can be transferred immediately from one spouse to the other even if the funds have not been fully reimbursed into the CPF account.
A charge is placed on the account so as to secure the refund of the CPF monies in the event of a sale.
If the wife sells the property, she must make a reimbursement equivalent to the total amount of the CPF monies used by her ex-husband, into her own CPF account.
This ensures that there is no leakage of funds from the CPF system.
The refund is just postponed until there is a sale, and the refund or reimbursement is made into her own account.
Madam Chong would be far better off under the new rules as the court could order an immediate transfer of the flat to her with or without a reimbursement.
Here are three real-life cases where divorced couples have benefited from the new rules.
Couples who have benefited
Case 1
MARRIED for six years, Mr and Mrs Victor Lee (not their real names) bought a three-room HDB flat now worth $200,000 on the resale market. He owed her $9,000 for maintenance in arrears.
Finally, they divided the flat in such a way that she took over his share by paying $60,000 into his CPF account. This represented the CPF monies he had withdrawn to buy the flat, plus accrued interest, less the debt of $9,000.
Said Ms Lie Chin Chin, the managing director of law firm Characterist: ‘Without the revised ruling, the $9,000 would have remained an outstanding debt. This ruling permits a partial refund of CPF monies into the ex-husband’s account, so Mrs Lee managed to offset the debt with the sum that was supposed to be refunded into his CPF account.’
When she sells the flat, however, she is required to refund any CPF monies she used for the property, plus the sum of $9,000, into her CPF account.
Case 2
AFTER 10 years of marriage, Mr and Mrs David Lim (not their real names) called it quits. At the point of divorce, she had no income and was thus unable to secure a housing loan. She had custody of a child and they needed a roof over their heads.
The Lims agreed that he would transfer his share in their five-room flat worth $400,000 to her without making any refunds into his CPF account. She managed to take over the flat in her sole name and continued living there with her child.
Without the revised CPF ruling, the division of the matrimonial flat could have posed a financial burden. The flat would have had to be sold or she would have had to take it over.
If the flat had been sold, most of the proceeds would have been refunded into his CPF account. There would have been little cash left over to be distributed. She would not have had the funds to buy another flat.
If she had taken over the flat, she would have had to get a loan so she could refund the monies into his CPF account. But she had no income, so her chances of getting a loan would have been practically non-existent.
Case 3
WHEN Mr and Mrs Joseph Ang (not their real names) bought their matrimonial home for $550,000 more than 10 years ago, they put in equal contributions using CPF monies.
The property is now worth $1.8 million. She paid for the renovation costs of $450,000.
They agreed to divide the house 80:20 in her favour. This meant he should receive $360,000.
But the sum due to be refunded into his CPF account was about $420,000 as the refund had to include the accrued interest on the CPF monies used. They agreed that she would take over his share by paying only $360,000 into his account.
Court order needed
Lawyers point out that the new CPF rules do not automatically apply in all divorce cases. A court order must first be made.
The onus is on the court to explicitly state that one spouse can transfer his or her share of the property to the other without having to refund the monies used. Only then can the transfer take place.
If the court does not make such an order, and it is purely the couple’s decision to buy over each other’s share of the property, the old rules still apply. The transaction must be done at fair market value and the monies must go back to the respective CPF accounts.
Source : Straits Times – 02 March 2008
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Straits Times: Banks woo cash-rich en bloc residents
Banks woo cash-rich en bloc residents – Singapore
Talks held at Farrer Court to promote financial services to residents after estate’s $1.34 billion collective sale
By Shuli Sudderuddin
CITIBANK STAFF posted in the void decks of Farrer Court blocks invited residents to finance-related talks after the estate was bought by developer CapitaLand. At the talk, the Citibank officers spoke about financial management services for affluent customers. IPP Financial Advisers also held a talk there. — ST PHOTO: WANG HUI FEN
WHERE there is money, businesses will pursue it. So it is not surprising that at least two financial players, Citibank and IPP Financial Advisers, have held talks at Farrer Court to woo residents with their services.
Residents netted $2.15 million on average after the estate had a collective sale in June last year. The 618-unit estate in Farrer Road was bought by developer CapitaLand for a record $1.34 billion. The original owners paid a little over $100,000 for their units 31 years ago.
The wooing of the Farrer Court community began four months ago with the unusual sight of Citibank officers posted in the void decks. They invited residents to two finance-related talks, complete with a free buffet dinner, in the estate’s function room.
When The Sunday Times attended one talk last Wednesday evening, we saw bank staff handing out booklets to more than 150 residents. The staff spoke about financial management and Citigold services targeting more affluent customers.
Citibank said such talks were held on an ongoing basis in private residences, including The Berth by The Cove in Sentosa Cove in January.
Many residents liked what they saw. As Mr Aeden Tang, 49, a bank officer, said: ‘Other banks didn’t take the trouble to reach out to us, unlike Citibank.’
Another resident, a 56-year-old retiree who wanted to be known only as Madam Tan, agreed: ‘It’s a win-win situation because many residents are old and can’t shop around for a good bank.’
Independent financial adviser IPP also held a talk there yesterday which drew about 25 people.
Residents said Citibank’s more aggressive tactics worked better than IPP’s. The latter had put up a banner to advertise its talk.
Other banks such as Standard Chartered have also reached out to those living in private residences.
None of them or IPP wanted to reveal how much business the talks had generated. OCBC, however, stopped such roadshows two years ago as it felt that they encroached on residents’ privacy.
Source : Straits Times – 02 March 2008
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Straits Times: Putting the WOW into a masterplan
Putting the WOW into a masterplan – Singapore
A good urban plan must have impact and give a sense of excitement, says Jeffrey Ho, executive vice-president of home-grown Surbana Urban Planning Group, which has won global planning awards
By Jessica Cheam
SOME KEY ASPECTS OF AN ICONIC PLAN are attractiveness, convenience and efficiency, says Mr Ho, who finds great job satisfaction from interacting with his clients, especially those who are enlightened and open to new ideas.
HOME-GROWN Surbana International Consultants, which used to be part of the Housing Board (HDB), is well-known for winning architecture awards for its work in designing and building Singapore’s public homes.
But elsewhere in the global arena, Surbana has also carved out a name for itself. It has fought off competition from international firms to win awards and clinch contracts to create masterplans for various projects, and even whole cities.
Surbana’s urban planning arm, Surbana Urban Planning Group, has traversed far and wide to draw masterplans for diverse locations including China, the Middle East, Indonesia, Sri Lanka, South Africa and Cambodia.
Some of Surbana’s masterplans to have won international awards include those for Tianjin Port Island in China, the Van Chuong New Urban Area in Vietnam and Greater Doha in Qatar.
Q What defines masterplanning and what do you consider when planning a new town or project?
Follow your intuition
‘I find urban planning quite intuitive. Once you understand the place, you have a knack for knowing what goes where. There is a pattern and formula you can apply, but you need to adapt it to the local context… There is no one fixed approach.’
MR HO, on the work of an urban planner
A A masterplan is actually a physical plan that defines land uses in a specified area.
More specifically, in our context, it is called urban planning.
This requires a multi-disciplinary group of professionals to put together plans, perspectives, scale models, computer- generated animation and written reports.
There are many aspects of a site that urban planners need to understand before any masterplan can be developed. These aspects are related to existing conditions such as: land uses, transport, landscape, community values and traditions, climatic conditions, constraints, environmental quality, vibrancy and the general feel of the place as a whole.
Q What does the work of urban planners entail?
A A masterplan can take three months to a year to complete.
We develop the plan through site visits and meetings with the relevant authorities, local businessmen, academics, fellow consultants and stakeholders. We also review documents, statistical reports and so on.
We go beyond being a tourist in the country that we are planning for. We have to live and breathe the country.
Sometimes, I find urban planning quite intuitive. Once you understand the place, you have a knack for knowing what goes where.
There is a pattern and formula you can apply, but you need to adapt it to the local context. For urban planning, there is no one fixed approach.
Q What challenges do you face and how do you tackle these issues?
A Sometimes being an Asian firm is a disadvantage as we are competing with very established European firms. But this does not deter us. Rather, it sharpens our professional and negotiation skills.
We started small but we have tried as much as possible to get international exposure. Slowly, after doing more projects and getting a proven track record, we have started to gain a reputation. It’s a very steep learning curve but we are getting there.
Also, Singapore has a tight labour market, which makes it hard to find good and committed people – and cost is high.
Q How different is it working overseas?
A Language can sometimes be a big problem in places such as Vietnam and Cambodia. You need a translator, and sometimes the essence and meaning of words get lost in translation.
Then other things you have to consider include how to find the right place to get the information you need, understanding the political situation of various countries and being able to respond to changes in government policies. Basically, we have to be more flexible.
Q So what makes an iconic masterplan?
A A good urban plan must be what I call ‘imageable’. You have to look at it and go ‘wow’. It must have impact and make you feel a sense of excitement.
If it is well-composed, you also get a certain feeling of ‘comfortability’.
Some key aspects of an iconic plan are: attractiveness, convenience and efficiency.
Our projects in the Middle East are examples of mega and iconic masterplans. One of them is the Al Salam City Masterplan that we did in 2006 – it is a 2,000ha site in Umm Al Quwain – one of the emirates of the United Arab Emirates.
Our clients were so satisfied that they have engaged us to implement the masterplan.
From there, we went on to clinch the biggest masterplan project with the Qatar government: a 4,000 sq km planning of two municipalities.
Most of the Middle East projects are done on a clean slate with hardly any constraints. And here lies the golden opportunity for us to showcase our creativity, capabilities, knowledge and skill in delivering a project on time and meeting international standards.
Q What are some current global trends in urban planning?
A The biggest buzzword now is sustainability. Everywhere you go, people are ‘going green’. Future urban planning will place special emphasis on eco-friendliness.
Environmental issues have always been part of our urban- planning philosophy. But now more than ever, this needs to be expressed physically in our plans, and in the landscape too, using green spaces and green technology.
There are two major trends on top of this – one is the desire to create a ‘must visit’ destination that attracts investment and people.
The masterplan must have that ‘wow’ factor I talked about, that differentiates the location and helps it stay ahead of other developments. This is more prevalent in the Middle East.
In other places like China, the other trend is more apparent – that of using the masterplan to focus on solving issues such as traffic congestion, environmental pollution, housing needs, growing population and the need to conserve.
Q Which is your most memorable project?
A I have to say the next project will be the most memorable one, because you start all over again. Every project is interesting so I can’t really single out any one.
But for me, the greatest job satisfaction is actually the interaction with my clients. If they are really enlightened and are open to ideas, the whole development process becomes very stimulating and inspiring.
SURBANA’s URBAN-PLANNING ARM HAS CARVED OUT A NAME for itself globally, and its clients include neighbouring Malaysia (above) as well as Mid-East nations like the UAE (below).
Industry trends
Sustainability
Future urban planning will place special emphasis on eco-friendliness, says executive vice-president Jeffrey Ho of Surbana Urban Planning Group. Environmental issues have always been part of the firm’s urban-planning philosophy. But now more than ever, this needs to be expressed physically in its plans, and in the landscape too, says Mr Ho, using green spaces and green technology.
Creating a ‘must visit’ destination
Such a masterplan must have a ‘wow’ factor that differentiates the location and helps it stay ahead of other developments, says Mr Ho.
Issues-based approach
In some places like China, the masterplan is used to focus on solving issues such as traffic congestion, environmental pollution, housing needs, growing population and the need to conserve.
Source : Straits Times – 02 March 2008
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COSMO condominium (stone’s throw to the Mountbatten MRT (Circle Line)
Reflecting the cosmopolitan lifestyle, COSMO comes with a promise – of a wonderful life that awaits you. Based on the splendid concept that it is built on, COSMO ensures that every detail is carefully looked into and put together to fulfi l that promise.
COSMO is just within a stone’s throw to the Mountbatten MRT (Circle Line) Station and located at the edge of the city, close to everywhere. Close to the City. Just minutes away from all the hustle and bustle of city life at the Central Business District of Raffl es Place & the new Downtown. Close to Sports & Recreation Venues. In close proximity to the new multi-million dollar Sports Hub, Indoor Stadium, public golf course at Marina Bay Golf Club and recreational activities at the East Coast Park. Close to Entertainment & IRs. A short drive to The Esplanade Theaters by the Bay, the new Singapore Flyer, Marina Bay & Sentosa Integrated Resorts. Close to Shopping & Eateries. Walk to great eateries at the Old Airport Road Food Centre or pop into the MRT to Suntec City, Raffl es City and just about anywhere connected to the MRT system. Close to Anywhere. Excellent accessibility to Changi Airport via the East Coast Parkway (ECP) and with the Pan Island Expressway (PIE) and Kallang Expressway (KPE) just a short drive away, COSMO is easily accessible from all parts of Singapore.

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District 15: Belvedere
The luxurious life have a new name, Belvedere. As soon as you have seen it, you for which is nowhere else aroused curiosity living. A towering structure of prestige, the knack and the exclusiviteit at one coveted address.
Without claim with weakened schittering, Belvedere the new stamp of refined living in the east is. The sauce eventual luxury and improvement took in seven 25-verdieping crams on, which spreading out country and sea faces overlook themselves.
Developer : Sherwood Development Pte Ltd (keppel Land)
Tenure : FH
TOP : 12/2008 expected
Property Type : CONDO
Disctrict : 15
Unit Info
• All ground floor units comes with a private enclosed space.
• All upper units comes with a balcony.
• Total Units: 167 units in two 25-storey towers.
• 51, 53 Meyer Rd
• 2 Rooms (#01) (1 unit): 112 sq.m. (1206 sq.ft.)
• 3 Rooms (#01) (6 units): 122 to 150 sq.m. (1313 to 1615 sq.ft.)
• 2 Rooms (22 units): 94 sq.m. (1012 sq.ft.)
• 3 Rooms (132 units): 115 to 128 sq.m. (1238 to 1378 sq.ft.)
• 4 Rooms penthouse (5 unit): 239 sq.m. (2573 sq.ft.)
• 5 Rooms penthouse (1 unit): 224 sq.m. (2411 sq.ft.)
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Tomlinson – Cuscaden Road-Singapore -District 09 – 10
Tomlinson – Cuscaden Road-Singapore -District 09 – 10

A splendid fusion of granite and glass, TheTomlinson is like no other residence in Singapore. Conceived with the idea of the ultimate in luxury living, The Tomlinson is a masterpiece that’s created by the very best.
Its graceful rhythmic form, with its grand curving gesture is designed by Pei Cobb Freed & Partners, the renowned architectural firm founded by I M Pei. Impressive by day, this striking structure’s beauty will be illuminated and transformed at night by lighting specialist, L’Observatoire International.
And naturally, once you step in, you’ll appreciate the same unparalleled standards that the reputed interior design firm of Hirsch Bedner Associates is known worldwide for. Sensuous living. A way of gratifying your senses to the fullest. Whether it’s simple modern comfort, sheer decadence or contemporary opulence that you prefer, The Tomlinson is where you can indulge to perfection.
A profusion of glass and natural light infuses the living room with a marvelous sense of airy serenity, while affording panoramic views of the city. Unexpected details like a gracefully curved corridor and an ingenious wine alcove are just some of the exacting design work you can expect.
And of course, space is at a premium to do as you desire. You may make your selection
from a choice of commodious 2,347 sq ft 4- bedroom and 3,703 sq ft 5-bedroom apartments.
For more extensive space, there’s also a 5-bedroom apartment with a private roof terrace; as well as a 3-storey penthouse with its own internal lift, reflecting pool and roof terrace with a magnificent view.
Developer: Wing Tai Holdings Limited
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The Tessarina – Wilby Road – Singapore District 10
The Tessarina – Wilby Road – Singapore District 10

First it was the location. Then, the luxury. But now, it’s about living. The way you hadn’t thought possible.
The Tessarina is a treasure waiting to be enjoyed. It lies nestled in an idyllic oasis bound by Wilby Road, Holland Road and Bukit Timah Road. Close to the heart of the city, close to the best schools. And yet, far from the crowds.
Here’s what is so spectacular and serene about the spot we have picked for you:
all around The Tessarina and lush, majestic trees and pretty, low to mid-rise developments. Without anything to disturb the skyscape, The Tessarina offers a sweeping, exhilarating view of its charming surroundings. And keeping the greatest timeless pleasures of life in mind, world-renowned architect Harold Guida has quietly constructed what he calls, quite simply, a place you can feel good about being in.
Developer: Wing Tai Holdings Limited
PROPERTY TYPE: APT
LOCATION: WILBY RD
DISTRICT: 10
POSTAL CODE: 276306
TENURE: FH
EST. TOPDATE: 2004
TOTAL UNITS: 443
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The Nexus – Bukit Timah Road-Singapore-District 11 – 21
The Nexus – Bukit Timah Road-Singapore-District 11 – 21

Live Connected…Amid Superior Luxuries Enhanced by the splendid luxuriance that
surrounds, The Nexus interior finishes are a subtle blend of minimalism and modish chic. The Nexus is truly a home you can simply style to your own comfort.
FREEHOLD Forever
Get Connected…To Everywhere Minutes away from the cosmopolitan hub of Orchard Road and Holland Village, The Nexus is also well-connected by major expressways. With close proximity to reputable schools (from elementary to tertiary) and friendly amenities, The Nexus is where you will enjoy a more enriching lifestyle.
Developer: Wing Tai Holdings Limited
PROPERTY TYPE: APT
LOCATION: BT TIMAH RD
DISTRICT: 21
POSTAL CODE: 589655
TENURE: FH
EST. TOPDATE: 2007
TOTAL UNITS: 242
Unit Area
4 BED ROOM 1485 – 1572
3 BED ROOM 1206 – 1378
2 BED ROOM 947 – 1066
STUDIO 592 – 624
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The Light at Cairnhill – Singapore- District 09 – 10
The Light at Cairnhill – Cairnhill Road, Singapore- District 09 – 10

Nestled in the heart of Orchard Vicinity lies The Light at Cairnhill, an exquisite premium
freehold residential development by WingTai Land and Rodamco Asia. Designed with the discerning “New Asian” homeowner in mind –this sanctuary is tastefully designed to reflect the owners’ high aesthetic sense and totally connected to take on the city and beyond.
Consisting of an ultra modern residential tower, surrounded by a tranquil landscaped bamboo garden, it is the only project of its kind that also includes 3 conservation houses as residential units. The main residential tower block with its 20 storeys of glass and aluminium exterior is an impressive sight to behold.
Never has there been such a tranquil and tastefully designed development so close
to Singapore’s shopping belt- Orchard Road.
You are just a short walk away from 5 star hotels, fashion boutiques and of course excellent schools and other much sought after clubs and facilities.
Developer: Wing Tai Holdings Limited
PROPERTY TYPE: APT
LOCATION: CAIRNHILL CIRCLE
DISTRICT: 09
POSTAL CODE: 229768
TENURE: FH
EST. TOPDATE: 2005
TOTAL UNITS: 118
Unit Area
PENTHOUSE 3218 – 5242
4 BED ROOM 2013 – 2443
3 BED ROOM 1485 – 2131
2 BED ROOM 1238 – 1313
STUDIO 700 – 893
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