{"id":140466,"date":"2023-11-27T08:07:23","date_gmt":"2023-11-27T01:07:23","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/siblings-file-lawsuit-over-mothers-assets-orchard-road-rents-to-increase-by-up-to-6-and-more\/"},"modified":"2023-11-27T16:20:14","modified_gmt":"2023-11-27T09:20:14","slug":"siblings-file-lawsuit-over-mothers-assets-orchard-road-rents-to-increase-by-up-to-6-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/siblings-file-lawsuit-over-mothers-assets-orchard-road-rents-to-increase-by-up-to-6-and-more\/","title":{"rendered":"Siblings File Lawsuit Over Mother's Assets, Orchard Road Rents to Increase By Up to 6%, and More"},"content":{"rendered":"


\nSiblings File Lawsuit Over Mother’s Assets, Orchard Road Rents to Increase By Up to 6%, and More21 to 27 November 2023
\nThe lease on the land presently occupied by Raffles Town Club will not be renewed once it ends on 17 October 2026. Meanwhile, residents of Dairy Farm Residences were upset to find that their monthly maintenance fees would be way higher than what was advertised.
\n\u00a0
\n1. Raffles Town Club site to be returned to the state upon expiry of the lease in 2026
\nThe lease on the land presently occupied by Raffles Town Club will not be renewed once it ends on 17 October 2026, revealed the Urban Redevelopment Authority (URA) and Singapore Land Authority (SLA).
\nThis comes as the site will be redeveloped for residential use, supporting housing demand and enhancing the precinct\u2019s residential character.
\nURA and SLA explained that the move is in line \u201cwith the focus of redeveloping brownfield sites as much as possible to meet future demand for land, including housing\u201d.
\nNonetheless, Raffles Town Club \u2013 which is located at 1 Plymouth Avenue, near Stevens MRT interchange \u2013 can continue operating at the site until the lease expires in 2026, upon which it must return the land to the State.
\nIf Raffles Town Club wants to continue operations following the expiry of its lease, agencies will engage the club on the availability of suitable state properties via open tender. The club could also explore other options from the open market.
\n\u00a0
\n2. Owners of Dairy Farm Residences upset over significantly higher maintenance fees
\nResidents of Dairy Farm Residences were upset to find that their monthly maintenance fees would be way higher than what was advertised, reported TODAY.
\nMarketing materials for the newly completed condominium in Upper Bukit Timah showed that the estimated monthly maintenance fees would range between $260 and $350, depending on the type of unit purchased.
\nAs such, residents were shocked when they received an email informing them that the maintenance fees would be $713 to more than $800, depending on the unit bought.
\nThey also expressed frustration, noting that the low maintenance fees had been a major reason for their decision to buy a unit within the development.
\nMeanwhile, developer United Engineers Limited (UEL) attributed the hike in charges to inflationary increases in cleaning, security and other related costs. They explained that they are working with authorities to reduce the approved maintenance fees.
\nAlthough some owners do not expect to see a significant decrease in charges given that condominiums around Singapore have been increasing such fees annually, they remain hopeful for a resolution that aligns the fees closer to those charged by nearby condominiums, such as Hillion Residences and Verdale Residences, which are way lower.
\n\u00a0
\n3. Private home rents rise at a slower pace in Q3 2023
\nRents of private residential properties in Singapore rose 0.2% in Q3 2023, a much slower pace compared to the quarterly growth rate of between 1.4% and 8.3% since Q1 2021, said Savills.
\nBy region, rental growth of non-landed properties within the Rest of Central Region (RCR) and Outside Central Region (OCR) slowed to 1.9% and 1.3%, respectively, in Q3 2023.
\nThe Core Central Region (CCR) saw rents drop 1.7% \u2013 its first decline since Q1 2021.
\nSavills noted that the average monthly rent of high-end non-landed homes tracked by Savills declined 0.6% quarter-on-quarter to $6.16 per sq ft (PSF) per month. This marked the first rental decline for such properties, which registered an accumulated increase of 51.9% over the past two and a half years.
\n\u201cIt reconfirmed the view that rents had reached a plateau, particularly in the high-end market segment,\u201d said Savills.
\nIt attributed the softening in rent to a \u201cconfluence of events ranging from the uncertain economic outlook, high inflation, weakening labour market as well as the increased number of completed homes\u201d.
\n\u00a0
\n4. Good Class Bungalow on Third Avenue sold for $26.5 million
\nA two-storey Good Class Bungalow (GCB) located on Third Avenue has been sold for $26.5 million, reported Singapore Business Review citing Knight Frank.
\nSpanning 14,576 sq ft, the freehold property has a total gross floor area (GFA) of about 10,000 sq ft. It was launched for sale via public tender in September 2023.
\nMary Sai, Knight Frank Singapore\u2019s Executive Director for Capital Markets, said the property drew keen interest during its tender, thanks to its prime location within a GCB area.
\nNotably, Third Avenue is near transport nodes, lifestyle centres, schools, and a hospital.
\nShe shared that a good selling price was secured during a fair and transparent tender process.
\n\u201cWe were able to tap into our proprietary database of Ultra High Net Worth clients to secure the buyer, and to cement our place as a market leader in private wealth,\u201d she added.
\n\u00a0
\n5. Siblings file three lawsuits over mother\u2019s assets
\nIn a cautionary tale for parents on financial management, a recent case involving an elderly woman led to three lawsuits among her children who fought bitterly over her assets.
\nThe mother relied on others to manage financial matters since she could not read or write. Her ability to manage her affairs was further affected when she suffered from dementia before her death in 2017, reported The Straits Times.
\nThe first dispute began when her two daughters persuaded her to transfer her home to one of the sisters without paying the purchase price.
\nSuing on behalf of his mother, the eldest son recovered the money and used it to purchase an apartment under both their names. The youngest son later sued the eldest son after he became the legal representative of their mother following her dementia diagnosis.
\nIn 2021, the youngest son gained control to manage the estate and pursued a case against his eldest brother to make him account for their mother\u2019s assets.
\nWith this, the judge ruled that the money deposited by the mother on the joint account was all hers and ordered the eldest son to return the remaining amount with interest.
\nHe was also ordered to pay the mother\u2019s share of rental income on the apartment, sales proceeds and legal costs.
\n\u00a0
\n6. Orchard Road retail rents to increase by up to 6%
\nAverage rents on Orchard Road are expected to grow by up to 6% year-on-year (YoY) for 2023, while suburban malls will increase by 1% to 2%, amid the continuing recovery in tourist arrivals, revealed Savills.
\nBased on the basket of malls tracked by Savills, rents in Orchard Road rose 1.3% quarter-on-quarter to $22.40 PSF in Q3 2023, while the suburban area saw rent climb 0.7% quarter-on-quarter (QoQ) to $14.60 PSF.
\nSavills remains positive on the retail market\u2019s overall outlook, on the back of sustained demand and limited new retail supply.
\nMoreover, it expects the completion of new retail projects such as Forum Mall, Marina Square, and Harbourfront Centre to lift the overall rental expectations within the Central Region.
\nIt anticipates average rents on Orchard Road to rise by about 3% to 5%\u00a0YoY in 2024, while suburban rents are forecasted to remain flat as inflation and outbound travels dampen discretionary spending.
\n\u00a0
\n7. E-commerce sales to fuel demand for prime logistics spaces
\nThe steadily rising e-commerce sales in Singapore is expected to fuel demand for prime logistics facilities, revealed a CBRE report.
\nThe city-state\u2019s retail e-commerce market, which is valued at $5.8 billion in 2022, is forecasted to increase at 9.9% year-on-year, reaching $9.2 billion by 2027. Retailers\u2019 adoption of omnichannel strategies and reliance on Third-Party Logistics (3PL) providers for deliveries drive this upward trend in warehouse demand.
\nCBRE attributed the growth in e-commerce to high online penetration rates as well as high disposable income.
\nHowever, limited warehouse supply in the next few years may see demand surpass supply. In Q3 2023, occupancy rates are already at 91.3%. New warehouse supply is projected to stand at an average of 2.3 million sq ft per year, which is 34% below the six-year historical supply.
\nMeanwhile, prime logistics rents rose 11.7% in Q3 2023 and are expected to rise by 14% for the whole of 2023, up from 2022\u2019s 10.2% growth.
\nFor 2024, prime logistics rents are anticipated to increase by 4% due to economic headwinds and occupiers\u2019 focus on operational efficiency.
\n\u00a0
\n8. 50 Playfair Road sold for $81,180,000
\nThe freehold property at 50 Playfair Road has been sold for $81.18 million, revealed sole marketing agent Edmund Tie.
\nZoned for \u201cBusiness 1 \u2013 White\u201d use under the 2019 Master Plan, the property within the Tai Seng Business Hub has an area of about 2,489 sq m and a plot ratio of 3.5.
\nSwee Shou Fern, Edmund Tie\u2019s Head of Investment Advisory, said the tender for the property was hotly contested as it attracted developers, end-users, and investors, both foreign and local.
\n\u201cSome of these parties were looking to redevelop the site for food-factory use or a mixed industrial complex with a commercial component, while owner-occupiers were looking to develop the site for their corporate headquarters,\u201d she said.
\nThe buyer, on the other hand, intends to transform the site into a food factory.
\nShe shared that owners are anticipated to receive gross sale proceeds of $1.65 million to $6.22 million per unit.
\n\u00a0
\n9.\u00a0JTC awards Tampines North Drive site
\nThe tender for the industrial site located at Tampines North Drive 4 (Plot 1) has been awarded to Soilbuild Group Holdings Ltd, after it submitted a bid of $85.8 million, revealed JTC.
\nWith an area of 18,435.4 sq m, the site is zoned for Business 2 use and has a gross plot ratio of 2.5.
\nThe 30-year leasehold site was launched for sale on 29 August 2023, attracting two bids during the close of its tender on 24 October 2023.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nMarcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Siblings File Lawsuit Over Mother’s Assets, Orchard Road Rents to Increase By Up to 6%, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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Source: Tourmet.com The Singapore Land Authority (SLA) gazetted the acquisition of the land occupied by Raffles Country Club (RCC) in Tuas on Wednesday (4 January), so that it can be used for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95239,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-takes-over-raffles-country-club-despite-possible-delay-in-hsr\/","url_meta":{"origin":140466,"position":1},"title":"Govt takes over Raffles Country Club despite possible delay in HSR","date":"August 2, 2018","format":false,"excerpt":"\r The Raffles Country Club opened in 1988 and is one of the oldest golf clubs in Singapore. Source: Tourmet.com The local authorities recently took ownership of Raffles Country Club\u2019s land despite the possible postponement of the Singapore-Kuala Lumpur High Speed Rail (HSR), reported TODAYonline. 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