Let’s hear views to refine property fund safety rules

Source : Straits Times – 25 Jan 2010

I REFER to last Thursday’s Forum Online letter by Mr Paul Chan, ‘New rules on property funds not safe enough’. Mr Chan’s main concern is the role of stakeholder that lawyers play, which allows them to hold conveyancing money pending completion.

The proposed regime of measures offers alternatives for consumers who hold the same view as Mr Chan. In situations where the conveyancing process requires a third party to hold money for the buyer and seller, the Singapore Academy of Law (SAL) will offer a stakeholding service. Buyers may also choose to make payment of transaction proceeds directly to sellers.

Escrow arrangements, where a bank holds money on behalf of both parties, will also be available where it is commercially feasible for the bank to offer the service.

Those who wish to be assisted by their lawyers for commercial convenience can do so using the conveyancing accounts of the law firms under the proposed arrangement. Lawyers will not have unilateral control over the release of money held in the conveyancing accounts. Both sets of lawyers will have to sign off before payment can be made from these accounts.

We are working with lawyers, banks, SAL and other stakeholders to ensure that the new system will not be more time-consuming nor cumbersome for the consumer.

We thank Mr Chan for his feedback, and welcome further views which will help us refine the proposed measures. The public consultation materials are at the Ministry of Law’s website (www.minlaw.gov.sg) and the Reach portal (www.reach.gov.sg).

Chong Wan Yieng (Ms)
Head, Corporate Communications
Ministry of Law

Serangoon Gardens site to be used for arts, sports

Source : Straits Times – 25 Jan 2010

ARTS studios and sports facilities will occupy three buildings at the site next to the workers’ dormitory in Serangoon Gardens.

The blocks were originally meant to form a buffer zone between the dormitory and the estate’s residential areas, to ease residents’ concerns about the workers living there.

The buildings are part of the former Serangoon Gardens Technical School along Burghley Drive.

Now, the Singapore Land Authority is tendering the blocks out on its website for use as arts, dance or drama studios and schools, or interim facilities for sports such as tennis, squash or badminton.

The blocks, with a gross floor area of 1,935 sq m, will be rented out at $14,500 a month for two years.

The website of Aljunied GRC, which administers the estate, also carried an announcement about the upcoming tender, which is expected to open later this month or next.

The tender results will be announced by April or May, according to the website.

Aljunied GRC MP Lim Hwee Hua said on Saturday that the area had already been zoned for use as a school, so it was feasible to use the site as an arts and drama studio or sports facility.

She made the remarks on the sidelines of a community programme to encourage more women to go for breast cancer screening.

Estate residents welcomed the prospective use of the buildings.

Mr John Leow, 69, who chaired a residents’ committee on the dormitory issue, said he was not worried about the buildings’ proximity to the dormitory because they could not be accessed from the dormitory.

‘Arts or sports facilities will enrich the community,’ he said.

When the workers’ dormitory, now called the Central Staff Apartments, was proposed in 2008, upset residents voiced concerns about security, safety and traffic congestion.

The dormitory now houses more than 100 workers from China, India, Malaysia and Bangladesh. The number will rise to 600 by mid-year.

Mrs Lim noted there had been no issues with the workers since they moved into the buildings last month.