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UOB's $181m suit over 'inflated housing loans'
- Thread starter krafty
- Start date
Just curious if one day HDB prices drop by 25% and all foreigner HDB mortagees default who are they going to sue?
It has happened before, after the 1997 crisis. Interestingly, those foreigners who were caught were the Kuai Kuai type. The smart ones had long sold their flats and took profit before the crisis. So for those who can't pay, they were allowed longer repayment period / deferred payment...
Sue Cecelia Sue
Lippo group again
In the Singapore High Court decision of Astro Nusantara International BV and others v PT Ayunda Prima Mitra and others [2012] SGHC 212, the Plaintiffs from the Astro group of companies (“the Astro Claimants”) succeeded in enforcing five arbitral awards totalling more than US$250 million against the Defendants from the Lippo group of companies (“the Lippo Respondents”).
Although the case was decided under the provisions of the Singapore International Arbitration Act (“IAA”), the decision is also useful in the Malaysian context for the interpretation of the Arbitration Act 2005 (“Malaysian Arbitration Act”).
This article will first set out a brief overview of the relevant provisions of the IAA before going on to discuss the facts and the legal issues of the case.
hahaha......spoken like a typical empty vessel......
google here and there and he thinks he knows better than SCs engaged by the parties concerned (banks and developers and crooks)....
only a retard would behave in such a manner and still not felt embarrassed....
Bro KUKU Bird , dont like that . I truly enjoy Papsmearer input and his contribution to this thread .
Property price cuts to accelerate on back of UOB’s Sentosa lawsuit
Fri, Jan, 9, 15 Posted by : The PEARS Team
Singapore Business Review
http://limchinseong.com/property-price-cuts-to-accelerate-on-back-of-uobs-sentosa-lawsuit/
Singapore
In spite of several rounds of cooling measures, developers have managed to evade a meaningful correction in property prices by wooing buyers with incentives. But price cuts are expected to accelerate thanks UOB’s landmark lawsuit against Lippo Group, which will chip away at the developers’ marketing tactics.
According to Nomura, the case will cause developers to think twice before attempting to lure hesitant buyers with such incentive schemes.
Apart from this, the clock is also ticking for many developments which will soon be subject to the ABSD rule, which levies hefty fines on unsold projects.
“While it appears most developers are still adopting a wait-and-see approach, we think this is likely to
change in 2015F, because: 1)time is running down on projects affected by the ABSD rule, 2) lower prices could encourage the government to re-think its housing policy, and 3) the developers still have margin to
lower prices,” stated Nomura.
“We reiterate our view that with developers more proactive in lowering headline prices in 2015F, this should in turn 1) stimulate higher sales volume, especially for projects with an average price point of SGD2mn/unit and lower, and 2) prepare the ground for the government to ease policy towards the end of 2015F,” the report added.
Bro KUKU Bird , dont like that . I truly enjoy Papsmearer input and his contribution to this thread .
Property price cuts to accelerate on back of UOB’s Sentosa lawsuit
Fri, Jan, 9, 15 Posted by : The PEARS Team
Singapore Business Review
http://limchinseong.com/property-price-cuts-to-accelerate-on-back-of-uobs-sentosa-lawsuit/
Singapore
In spite of several rounds of cooling measures, developers have managed to evade a meaningful correction in property prices by wooing buyers with incentives. But price cuts are expected to accelerate thanks UOB’s landmark lawsuit against Lippo Group, which will chip away at the developers’ marketing tactics.
According to Nomura, the case will cause developers to think twice before attempting to lure hesitant buyers with such incentive schemes.
Apart from this, the clock is also ticking for many developments which will soon be subject to the ABSD rule, which levies hefty fines on unsold projects.
“While it appears most developers are still adopting a wait-and-see approach, we think this is likely to
change in 2015F, because: 1)time is running down on projects affected by the ABSD rule, 2) lower prices could encourage the government to re-think its housing policy, and 3) the developers still have margin to
lower prices,” stated Nomura.
“We reiterate our view that with developers more proactive in lowering headline prices in 2015F, this should in turn 1) stimulate higher sales volume, especially for projects with an average price point of SGD2mn/unit and lower, and 2) prepare the ground for the government to ease policy towards the end of 2015F,” the report added.
Just ignore kukushit. He had promised to get lost from the forum if Scroobal left. Scroobal kept his word, and kukushit did not. In this forum, the only currency is your credibility/integrity. And he has non. Coming on SBF is a break for him, normally, he is at the workers dorm getting raped by bangla workers. That's his only income.
Yes Sir . Points Noted
Sir , i trying to research the Public Listed Company 's name which recently
was in the news for Buying the Entire Unsold Units from its related Company/Subsidiary .
Why MAS / Lender / SGX / Banks did not take Action on this Listed Company for
Conflict of Interests , Shareholders also quiet quiet . Now sure Sitting on Huge Lossess !!!
here is the name
http://www.singsupplies.com/showthr...n-to-line-it-member-s-pockets-with-more-money
http://www.singsupplies.com/showthr...n-to-line-it-member-s-pockets-with-more-money
Yes Sir . Points Noted
Sir , i trying to research the Public Listed Company 's name which recently was in the news for Buying the Entire Unsold Units from its related Company/Subsidiary.
Why MAS / Lender / SGX / Banks did not take Action on this Listed Company for
Conflict of Interests , Shareholders also quiet quiet . Now sure Sitting on Huge Lossess !!!
Here the news :
http://www.stproperty.sg/articles-p...hiap-hoe-snaps-up-unsold-condo-units/a/184646
The five remaining units sold at Skyline 360º were a super penthouse on the
36th floor and four penthouses on the 31st to 34th floors. -- ST FILE PHOTO
Hiap Hoe snaps up unsold condo units
It purchases units at its own developments at bargain prices
The Straits Times - October 16, 2014
By: Cheryl Ong
TWO bulk purchases of units on the top floors of Skyline 360° at St Thomas Walk and Signature at Lewis condominiums have raised
eyebrows over the basement pricing - and the fact that the developer itself has bought them.
Listed developer Hiap Hoe swept up remaining units at both luxury developments through a wholly-owned company last month,
disclosures filed with the Singapore Exchange showed.
Units on the highest floors of a project almost always command a premium, yet the pricing is lowest for any level in the projects.
HH Residences, a unit set up in April, had snapped up five units at the 61-unit Skyline 360º condo in River Valley for $35 million from
Bukit Panjang Plaza, another Hiap Hoe subsidiary.
This works out to $1,574 per sq ft (psf) based on a total area of 22,238 sq ft - well below the low pricing of $1,630 psf for a 2,131 sq ft
unit sold in August 2009, caveats lodged with the Urban Redevelopment Authority showed.
A 4,015 sq ft penthouse unit on the 35th floor had set a record high for the condo in April 2012 when it sold for $10.07 million - or
$2,508 psf. The units in the bulk deal were a 6,523 sq ft "super penthouse" on the 36th floor and four other 3,929 sq ft
penthouses on the 31st to 34th floors.
HH Residences also picked up two penthouses on the 12th and highest floors of a smaller freehold project, Signature at Lewis,
in Lewis Road.
The units were bought for $7 million - or $1,071 psf - from another Hiap Hoe unit, Guan Hoe Development.
One unit is 3,444 sq ft while the other is 3,068 sq ft.
The pricing falls below the lowest price of $1,227 psf set in January 2010, for a 1,841 sq ft unit.
Hiap Hoe told SGX the acquisition was "in connection with an internal restructuring exercise" but declined to elaborate when
contacted by The Straits Times.
Penthouse units, particularly those in the posh districts, have lost their shine.
Buyers have shied away from the sizeable price tags that come with the large units given stringent mortgage rules and
the additional buyers' stamp duty (ABSD).
http://www.stproperty.sg/articles-p...hiap-hoe-snaps-up-unsold-condo-units/a/184646
The five remaining units sold at Skyline 360º were a super penthouse on the
36th floor and four penthouses on the 31st to 34th floors. -- ST FILE PHOTO
Hiap Hoe snaps up unsold condo units
It purchases units at its own developments at bargain prices
The Straits Times - October 16, 2014
By: Cheryl Ong
TWO bulk purchases of units on the top floors of Skyline 360° at St Thomas Walk and Signature at Lewis condominiums have raised
eyebrows over the basement pricing - and the fact that the developer itself has bought them.
Listed developer Hiap Hoe swept up remaining units at both luxury developments through a wholly-owned company last month,
disclosures filed with the Singapore Exchange showed.
Units on the highest floors of a project almost always command a premium, yet the pricing is lowest for any level in the projects.
HH Residences, a unit set up in April, had snapped up five units at the 61-unit Skyline 360º condo in River Valley for $35 million from
Bukit Panjang Plaza, another Hiap Hoe subsidiary.
This works out to $1,574 per sq ft (psf) based on a total area of 22,238 sq ft - well below the low pricing of $1,630 psf for a 2,131 sq ft
unit sold in August 2009, caveats lodged with the Urban Redevelopment Authority showed.
A 4,015 sq ft penthouse unit on the 35th floor had set a record high for the condo in April 2012 when it sold for $10.07 million - or
$2,508 psf. The units in the bulk deal were a 6,523 sq ft "super penthouse" on the 36th floor and four other 3,929 sq ft
penthouses on the 31st to 34th floors.
HH Residences also picked up two penthouses on the 12th and highest floors of a smaller freehold project, Signature at Lewis,
in Lewis Road.
The units were bought for $7 million - or $1,071 psf - from another Hiap Hoe unit, Guan Hoe Development.
One unit is 3,444 sq ft while the other is 3,068 sq ft.
The pricing falls below the lowest price of $1,227 psf set in January 2010, for a 1,841 sq ft unit.
Hiap Hoe told SGX the acquisition was "in connection with an internal restructuring exercise" but declined to elaborate when
contacted by The Straits Times.
Penthouse units, particularly those in the posh districts, have lost their shine.
Buyers have shied away from the sizeable price tags that come with the large units given stringent mortgage rules and
the additional buyers' stamp duty (ABSD).
The holding power still very strong. Let us see how long can they hold before further slashing of price.
Hiap Hoe sells Treasure on Balmoral to controlling shareholder for $185m
The Properties comprise the main assets held by Hiap Hoe Super Bowl. Since the sales launch of the Properties in September 2012 (at an initial launch price of between S$2,044 per square foot (“psf”) to S$2,375 psf), the Group has not been successful in selling any of the Properties despite various marketing activities by the appointed marketing agents. The Group’s attempts to sell the Properties have been made even more challenging by the several rounds of cooling measures introduced by the Singapore government which have dampened the local property market and further reduced the pool of potential purchasers in view of the implementation of the total debt servicing ratio which has made it challenging for sellers of residential units with a higher price point. The Directors believe that foreign purchasers in particular, who traditionally make up a majority of the purchasers of high end residential developments in prime districts in Singapore, have been deterred by the Additional Buyer’s Stamp Duties and other property cooling measures, and have refocused their investments to other markets outside of Singapore.
In October 2013, the Group appointed Savills (Singapore) Pte Ltd (“Savills”) as its exclusive marketing agent for the divestment of all the Properties by way of private treaty with a guide price of S$2,100 psf. The Group received a number of enquiries but no formal offer was received.
Subsequently, an Expressions of Interests (“EOI”) exercise for the enbloc sale of the Properties was launched in early July 2014 with a guide price of S$1,850 psf or S$191.4 million for all the Properties. The EOI exercise attracted 45 enquiries and 19 inspections of the Properties by property developers, funds, institution al and high net worth investors. Following the close of the EOI exercise in August 2014, the Group had not received any satisfactory offers and the offers received contained terms and conditions which were not favourable to Hiap Hoe SuperBowl. The highest offer received by the Group for all the Properties was S$1,750 psf or an aggregate price of approximately S$181 million for all the Properties, which represents a price that was 5.4% to 19.8% less than the EOI guide price.
The Proposed Disposal will enable the Group to dispose of the Properties, through the sale of the Sale Shares, at the market value of the Properties as set out in the Valuation Report. Based on the Valuation Report, the current market value of the Properties as at 13 November 2014 is S$185,000,000 (or approximately S$1,789 psf). As at the date of entry into the SPA, such mark et value represents a price for the Properties that is higher than any of the other offers received by the Group for the Properties.Accordingly, the proposed purchase by Hiap Hoe Holdings represents the best offer received by the Group to date for all the Properties.
In light of the foregoing and given the current market conditions in the residential property sector in Singapore, the Directors believe that the Proposed Disposal represents a good opportunity for the Group to dispose of this investment in the Properties at current market value and will enable the Group to deploy the proceeds from the sale for other purposes. As such, the Directors believe the Proposed Disposal to be
in the interest of the Company.
Hiap Hoe sells Treasure on Balmoral to controlling shareholder for $185m
The Properties comprise the main assets held by Hiap Hoe Super Bowl. Since the sales launch of the Properties in September 2012 (at an initial launch price of between S$2,044 per square foot (“psf”) to S$2,375 psf), the Group has not been successful in selling any of the Properties despite various marketing activities by the appointed marketing agents. The Group’s attempts to sell the Properties have been made even more challenging by the several rounds of cooling measures introduced by the Singapore government which have dampened the local property market and further reduced the pool of potential purchasers in view of the implementation of the total debt servicing ratio which has made it challenging for sellers of residential units with a higher price point. The Directors believe that foreign purchasers in particular, who traditionally make up a majority of the purchasers of high end residential developments in prime districts in Singapore, have been deterred by the Additional Buyer’s Stamp Duties and other property cooling measures, and have refocused their investments to other markets outside of Singapore.
In October 2013, the Group appointed Savills (Singapore) Pte Ltd (“Savills”) as its exclusive marketing agent for the divestment of all the Properties by way of private treaty with a guide price of S$2,100 psf. The Group received a number of enquiries but no formal offer was received.
Subsequently, an Expressions of Interests (“EOI”) exercise for the enbloc sale of the Properties was launched in early July 2014 with a guide price of S$1,850 psf or S$191.4 million for all the Properties. The EOI exercise attracted 45 enquiries and 19 inspections of the Properties by property developers, funds, institution al and high net worth investors. Following the close of the EOI exercise in August 2014, the Group had not received any satisfactory offers and the offers received contained terms and conditions which were not favourable to Hiap Hoe SuperBowl. The highest offer received by the Group for all the Properties was S$1,750 psf or an aggregate price of approximately S$181 million for all the Properties, which represents a price that was 5.4% to 19.8% less than the EOI guide price.
The Proposed Disposal will enable the Group to dispose of the Properties, through the sale of the Sale Shares, at the market value of the Properties as set out in the Valuation Report. Based on the Valuation Report, the current market value of the Properties as at 13 November 2014 is S$185,000,000 (or approximately S$1,789 psf). As at the date of entry into the SPA, such mark et value represents a price for the Properties that is higher than any of the other offers received by the Group for the Properties.Accordingly, the proposed purchase by Hiap Hoe Holdings represents the best offer received by the Group to date for all the Properties.
In light of the foregoing and given the current market conditions in the residential property sector in Singapore, the Directors believe that the Proposed Disposal represents a good opportunity for the Group to dispose of this investment in the Properties at current market value and will enable the Group to deploy the proceeds from the sale for other purposes. As such, the Directors believe the Proposed Disposal to be
in the interest of the Company.
Here the news :
http://www.stproperty.sg/articles-p...hiap-hoe-snaps-up-unsold-condo-units/a/184646
The five remaining units sold at Skyline 360º were a super penthouse on the
36th floor and four penthouses on the 31st to 34th floors. -- ST FILE PHOTO
Hiap Hoe snaps up unsold condo units
It purchases units at its own developments at bargain prices
The Straits Times - October 16, 2014
By: Cheryl Ong
TWO bulk purchases of units on the top floors of Skyline 360° at St Thomas Walk and Signature at Lewis condominiums have raised
eyebrows over the basement pricing - and the fact that the developer itself has bought them.
Listed developer Hiap Hoe swept up remaining units at both luxury developments through a wholly-owned company last month,
disclosures filed with the Singapore Exchange showed.
Units on the highest floors of a project almost always command a premium, yet the pricing is lowest for any level in the projects.
HH Residences, a unit set up in April, had snapped up five units at the 61-unit Skyline 360º condo in River Valley for $35 million from
Bukit Panjang Plaza, another Hiap Hoe subsidiary.
This works out to $1,574 per sq ft (psf) based on a total area of 22,238 sq ft - well below the low pricing of $1,630 psf for a 2,131 sq ft
unit sold in August 2009, caveats lodged with the Urban Redevelopment Authority showed.
A 4,015 sq ft penthouse unit on the 35th floor had set a record high for the condo in April 2012 when it sold for $10.07 million - or
$2,508 psf. The units in the bulk deal were a 6,523 sq ft "super penthouse" on the 36th floor and four other 3,929 sq ft
penthouses on the 31st to 34th floors.
HH Residences also picked up two penthouses on the 12th and highest floors of a smaller freehold project, Signature at Lewis,
in Lewis Road.
The units were bought for $7 million - or $1,071 psf - from another Hiap Hoe unit, Guan Hoe Development.
One unit is 3,444 sq ft while the other is 3,068 sq ft.
The pricing falls below the lowest price of $1,227 psf set in January 2010, for a 1,841 sq ft unit.
Hiap Hoe told SGX the acquisition was "in connection with an internal restructuring exercise" but declined to elaborate when
contacted by The Straits Times.
Penthouse units, particularly those in the posh districts, have lost their shine.
Buyers have shied away from the sizeable price tags that come with the large units given stringent mortgage rules and
the additional buyers' stamp duty (ABSD).
Frankly, I don't think there is anything hanky panky about this deal. The Leeporter Cheryl Ong is just trying to stir shit. And not very well. I say this because most developers usually set up a shell company when they start a new project. You can see the ongoing example of the Columbarium in Sengkang West. The winning bid was a company with paid up capital of $1 incorporated a few days before the bid. This is to afford the developer some measure of protection in the event of a lawsuit as their subsidiary company will be sued and not the parent company. In this case, it appears that the parent company bought the last 5 units at Skyline and the last 2 units at Signature because these units were already being marketed since 2011 or earlier and not able to sell. Skyline got its occupancy permit in 2012 and Signature was completed in 2011. In light of the really bad market now for high end condos, its not likely these remaining 7 units will sell anytime soon. Hiap Hoe needs to wind up these subsidiary companies incorporated to do these 2 projects. So, it waited till its year end (Dec 31 2014) before selling these units to another HH company. This way, the original companies can be wind up in 2014 in time for the fiscal year end, and if HH sold these 7 units at a "loss" because the price was so low, then it just pays less corporate taxes in 2014. This could be why HH says its an "internal restructuring exercise". It is because they want to wind up the company started to do the project.
U can be assured that whatever HH entity bought these units, ongoing marketing is still taking place to sell them. Although now, they will be classified as a "resale" even though they may never have been occupied. The author of the article is comparing the price that HH sold to its subsidiary with its 2009 or 2010 or even 2012 price and claiming its too cheap. Well, the prices have really fallen, and its possible that the price that the HH subsidiary bought these units is probably close tot the current market price. So, no need for alarm.
P.S. I thought Bukit Panjang Plaza is owned by Capitaland and not HH.
http://www.hiaphoe.com/sites/default/files/Hiap Hoe AR 2013.pdf
Double confirmed Bukit Panjang Plaza Pte Ltd ( a company ) is 100% owned By H Hoe .
Expect More and More Listed Companies to Buy Back Unsold Properties ( Condo / Landed )
from their Subsidaiary and or Associated Company to Support the Pty Mkt
this is what they called "Cash Back" more difficult to prove in Private Pty Transaction.
In other countries syndicate recruite new Immigrants as the Proxy or Fall guy s
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