Land Owners Abuse Land Acquisition Act To Squeeze More Money From Taxpayers!

[JohnTan]

SINGAPORE — A total of S$10 million has been awarded to owners of eight partial land lots being acquired for construction of the Thomson-East Coast MRT Line.

The Singapore Land Authority (SLA) said the owners were paid the market value as determined by private valuers, in accordance with the Land Acquisition Act.

Most of the acquired land, spanning a total of over 24,000sqm, is in the Marine Parade and Changi South areas. More than 17,000sqm belongs to the Laguna National Golf and Country Club.

The club said it has received the notice of compensation but declined further comment.

In April last year, S$45 million was awarded to owners of 15 houses also affected by the construction of the MRT line. They were located at Amber Road and Tanjong Katong Road.

The SLA said some owners have accepted the award while others filed appeals with the Appeals Board. One valuer Channel NewsAsia spoke with said the valuation process is sometimes not that straightforward.

Mr Tan Keng Chiam, head of valuation advisory services at property consultancy JLL, said: “The challenges are basically understanding of the asset, what are the encumbrances, covenants or restrictions.”

“I think one has to understand the product and thereafter determine the basis. In many occasions, differences arises because of different assumptions.” CHANNEL NEWSASIA

http://www.todayonline.com/singapor...oast-line-land-acquisition-awarded-s10m-total

 

[Papsmearer]

SINGAPORE — A total of S$10 million has been awarded to owners of eight partial land lots being acquired for construction of the Thomson-East Coast MRT Line.

The Singapore Land Authority (SLA) said the owners were paid the market value as determined by private valuers, in accordance with the Land Acquisition Act.

Most of the acquired land, spanning a total of over 24,000sqm, is in the Marine Parade and Changi South areas. More than 17,000sqm belongs to the Laguna National Golf and Country Club.

The club said it has received the notice of compensation but declined further comment.

In April last year, S$45 million was awarded to owners of 15 houses also affected by the construction of the MRT line. They were located at Amber Road and Tanjong Katong Road.

The SLA said some owners have accepted the award while others filed appeals with the Appeals Board. One valuer Channel NewsAsia spoke with said the valuation process is sometimes not that straightforward.

Mr Tan Keng Chiam, head of valuation advisory services at property consultancy JLL, said: “The challenges are basically understanding of the asset, what are the encumbrances, covenants or restrictions.”

“I think one has to understand the product and thereafter determine the basis. In many occasions, differences arises because of different assumptions.” CHANNEL NEWSASIA

http://www.todayonline.com/singapor...oast-line-land-acquisition-awarded-s10m-total

Wah, this is fucking thievery. Where do they get these property valuators from? They must be paid under the table by SLA to come up with a small number.Only $10 million for 24,000 sq m. works out to $38.70 per sq ft of land. Pray tell me where in singapore I can buy land so cheap. Even if the land is not gazetted for residential use, its still damn cheap. If I want to buy 5000 sq ft, I only pay less then $194,000. Even if I only graze goats on it, its still damn cheap. And $45 million for 15 houses works out to only $3 million per house. I presume they are talking about bungalows and not terrace houses. Where can you buy a freehold bungalow with land in the Amber Road/Tanjong Katong for $3 million each. Tell me, I will get a group of investors together and we will buy them all day long. Something smells fishy with these valuations.