CPF Building sold for S$550m to Ascendas Land company
The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land.
POSTED: 26 Nov 2015 12:26 UPDATED: 26 Nov 2015 23:37
SINGAPORE: The landmark CPF Building at 79 Robinson Road has been sold for a higher-than-expected S$550 million, the CPF Board announced on Thursday (Nov 26).
The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land.
Ascendas plans to redevelop CPF Building into an office building with supporting retail elements, said Mr Manohar Khiatani, President & Group CEO of Ascendas and Deputy Group CEO of Ascendas-Singbridge.
"With the CPF Building, Ascendas would be able to offer quality CBD office space to complement our business park offerings to our customers in Singapore,” he added.
BID PRICE HIGHER THAN EXPECTED
Analysts had expected the building to fetch about S$450 million.
The CPF Board said the bid from Southernwood Property met all tender criteria, "including the strength of their financial standing and purchase conditions such as the assignment of tenancies to the new owner".
The other two bids were S$538.28 million by Leapford, a company owned by Pacific Century Regional Developments, and S$280 million by OUE Reef Development.
The CPF Board will be moving to Novena Square Towers “to free up prime office space in the Central Business District for higher-value uses”. Its corporate operations relocated on Nov 23.
The CPF Service Centre will continue to operate at 79 Robinson Road until further notice.
- CNA/dl
- wong chee tat :)
Showing posts with label CPF. Show all posts
Showing posts with label CPF. Show all posts
Monday, November 30, 2015
Monday, November 16, 2015
CPF Board at Robinson Road relocates to Novena Square
CPF Board at Robinson Road relocates to Novena Square
CPF says the relocation will free up prime office space in the Central Business District for higher-value uses.
POSTED: 16 Nov 2015 10:47
SINGAPORE: The corporate operations of the Central Provident Fund (CPF) Board at the CPF Building at 79 Robinson Road will relocate to Novena Square Towers A and B from Nov 23.
In a news release on Monday (Nov 16), CPF said the relocation will free up prime office space in the Central Business District for higher-value uses. The CPF Building at 79 Robinson Road has been put up for sale through a tender and bids are currently being evaluated.
According to CPF, the move does not affect the CPF Service Centre at 79 Robinson Road which will continue to operate on the second floor of CPF Building until further notice. The customer hotline (1800-227-1188) and email (member@cpf.gov.sg or employer@cpf.gov.sg) also remain unchanged.
The new CPF Board corporate address at Novena Square is:
238B Thomson Road
#08-00 Tower B Novena Square
Singapore 307685
- CNA/xk
- wong chee tat ):
CPF says the relocation will free up prime office space in the Central Business District for higher-value uses.
POSTED: 16 Nov 2015 10:47
SINGAPORE: The corporate operations of the Central Provident Fund (CPF) Board at the CPF Building at 79 Robinson Road will relocate to Novena Square Towers A and B from Nov 23.
In a news release on Monday (Nov 16), CPF said the relocation will free up prime office space in the Central Business District for higher-value uses. The CPF Building at 79 Robinson Road has been put up for sale through a tender and bids are currently being evaluated.
According to CPF, the move does not affect the CPF Service Centre at 79 Robinson Road which will continue to operate on the second floor of CPF Building until further notice. The customer hotline (1800-227-1188) and email (member@cpf.gov.sg or employer@cpf.gov.sg) also remain unchanged.
The new CPF Board corporate address at Novena Square is:
238B Thomson Road
#08-00 Tower B Novena Square
Singapore 307685
- CNA/xk
- wong chee tat ):
Monday, September 28, 2015
CPF Building along Robinson Road up for sale by public tender
CPF Building along Robinson Road up for sale by public tender
It could be redeveloped into a mixed use development with office, retail and serviced apartments or a hotel, subject to approval from authorities, the marketing agent says.
POSTED: 17 Sep 2015 17:33 UPDATED: 17 Sep 2015 22:51
SINGAPORE: The landmark CPF Building at 79 Robinson Road has been put up for sale by public tender, after the Central Provident Fund (CPF) Board signed a long-term lease to rent space at Novena Square Towers A and B for the Board’s operations.
Its marketing agent CBRE said the relocation of CPF offices in the building will "free up prime office space in the Central Business District for higher-value uses".
The building, which was completed in the 1970s, sits on a regularly-shaped site with an area of about 47,056 sq ft. The current Net Lettable Area of the building is approximately 324,000 sq ft. It also has frontage of 120m along Robinson Road.
It could be redeveloped into a mixed use development with office, retail and serviced apartments or a hotel, subject to approval from authorities, CBRE said.
The tenure of CPF Building is 99 years from 1968 and the tender closes on Oct 28.
The CPF Board will be moving to Novena Square Towers from the last quarter of this year. The Board’s Service Centre at Robinson Road will continue to operate until further notice.
- CNA/xk
- wong chee tat :)
It could be redeveloped into a mixed use development with office, retail and serviced apartments or a hotel, subject to approval from authorities, the marketing agent says.
POSTED: 17 Sep 2015 17:33 UPDATED: 17 Sep 2015 22:51
SINGAPORE: The landmark CPF Building at 79 Robinson Road has been put up for sale by public tender, after the Central Provident Fund (CPF) Board signed a long-term lease to rent space at Novena Square Towers A and B for the Board’s operations.
Its marketing agent CBRE said the relocation of CPF offices in the building will "free up prime office space in the Central Business District for higher-value uses".
The building, which was completed in the 1970s, sits on a regularly-shaped site with an area of about 47,056 sq ft. The current Net Lettable Area of the building is approximately 324,000 sq ft. It also has frontage of 120m along Robinson Road.
It could be redeveloped into a mixed use development with office, retail and serviced apartments or a hotel, subject to approval from authorities, CBRE said.
The tenure of CPF Building is 99 years from 1968 and the tender closes on Oct 28.
The CPF Board will be moving to Novena Square Towers from the last quarter of this year. The Board’s Service Centre at Robinson Road will continue to operate until further notice.
- CNA/xk
- wong chee tat :)
Sunday, September 20, 2015
More making voluntary contributions to CPF accounts
More making voluntary contributions to CPF accounts
According to the CPF Board, these top-ups amounted to about S$500 million last year, up 25 per cent compared to 2013.
By Linette Lim, MediaCorp News
POSTED: 18 Sep 2015 23:04 UPDATED: 18 Sep 2015 23:23
SINGAPORE: More Singaporeans are making voluntary contributions to their Central Provident Fund (CPF) accounts. According to the CPF Board, these top-ups amounted to about S$500 million last year, up 25 per cent compared to 2013.
One such Singaporean is former investment analyst Lim Chin Yong, who retired in 2012. The 56-year-old has been making voluntary contributions to his own CPF account for the past two years, to earn higher interest on his savings.
Last year, he also topped up his wife's retirement account, so that she can be eligible for the CPF LIFE Scheme.
"CPF LIFE to me - at the time when I was looking at it, in 2014 - when you contribute, a minimum of S$148,000, it will guarantee you something like S$1,000 to S$1,200 from 65 until (you turn) 80 or 85, or until you die. S$1,000 to S$1,200 - it doesn't take you far, so I decided to put money into my wife's account so that she can have her own income stream of S$1,200 when she retires,” said Mr Lim.
Mr Lim is not alone. According to the CPF Board, there were nearly 74,811 top-ups last year, up 24 per cent compared to 2013.
Said Associate Professor Jeremy Goh from the Singapore Management University’s Lee Kong Chian School of Business: “When people make decisions like topping up their CPF accounts and looking at how much are the rates that are being paid, they are also looking at what the alternatives are. So if the alternatives out there are not as attractive as the one offered by CPF, then they will choose to top up. When people top up their CPF accounts, it just signals to me at least, that the rates seem pretty attractive.”
If what you want are risk-free returns and a higher annuity payout after retirement, financial advisors say you may be better off putting your spare cash into your CPF accounts. But for those with no spare cash on hand, it might be best to increase your income, experts recommend.
Said Mr Tan Siak Lim, financial advisory director at Financial Alliance: "There are not a lot of solutions, to be honest, other than to try to increase their income, because everything starts from your income. If you don't have excess funds, obviously you'd want all your money to be out, for your daily bread-and-butter necessities."
Currently, Singaporeans with sufficient balances in their Retirement Accounts at age 55 will automatically be placed under the CPF LIFE scheme. This is S$60,000 for those turning 55 on 1 January 2016 or after.
For those turning 55 between Jan 1, 2013 to Dec 31, 2015, there must be at least S$40,000 in the Retirement Account at 55 years old, or at least S$60,000 in the Retirement Account at payout eligibility age, which is currently at 65.
According to the CPF Board website, those with insufficient funds can also apply to join CPF LIFE.
- CNA/dl
- wong chee tat :)
According to the CPF Board, these top-ups amounted to about S$500 million last year, up 25 per cent compared to 2013.
By Linette Lim, MediaCorp News
POSTED: 18 Sep 2015 23:04 UPDATED: 18 Sep 2015 23:23
SINGAPORE: More Singaporeans are making voluntary contributions to their Central Provident Fund (CPF) accounts. According to the CPF Board, these top-ups amounted to about S$500 million last year, up 25 per cent compared to 2013.
One such Singaporean is former investment analyst Lim Chin Yong, who retired in 2012. The 56-year-old has been making voluntary contributions to his own CPF account for the past two years, to earn higher interest on his savings.
Last year, he also topped up his wife's retirement account, so that she can be eligible for the CPF LIFE Scheme.
"CPF LIFE to me - at the time when I was looking at it, in 2014 - when you contribute, a minimum of S$148,000, it will guarantee you something like S$1,000 to S$1,200 from 65 until (you turn) 80 or 85, or until you die. S$1,000 to S$1,200 - it doesn't take you far, so I decided to put money into my wife's account so that she can have her own income stream of S$1,200 when she retires,” said Mr Lim.
Mr Lim is not alone. According to the CPF Board, there were nearly 74,811 top-ups last year, up 24 per cent compared to 2013.
Said Associate Professor Jeremy Goh from the Singapore Management University’s Lee Kong Chian School of Business: “When people make decisions like topping up their CPF accounts and looking at how much are the rates that are being paid, they are also looking at what the alternatives are. So if the alternatives out there are not as attractive as the one offered by CPF, then they will choose to top up. When people top up their CPF accounts, it just signals to me at least, that the rates seem pretty attractive.”
If what you want are risk-free returns and a higher annuity payout after retirement, financial advisors say you may be better off putting your spare cash into your CPF accounts. But for those with no spare cash on hand, it might be best to increase your income, experts recommend.
Said Mr Tan Siak Lim, financial advisory director at Financial Alliance: "There are not a lot of solutions, to be honest, other than to try to increase their income, because everything starts from your income. If you don't have excess funds, obviously you'd want all your money to be out, for your daily bread-and-butter necessities."
Currently, Singaporeans with sufficient balances in their Retirement Accounts at age 55 will automatically be placed under the CPF LIFE scheme. This is S$60,000 for those turning 55 on 1 January 2016 or after.
For those turning 55 between Jan 1, 2013 to Dec 31, 2015, there must be at least S$40,000 in the Retirement Account at 55 years old, or at least S$60,000 in the Retirement Account at payout eligibility age, which is currently at 65.
According to the CPF Board website, those with insufficient funds can also apply to join CPF LIFE.
- CNA/dl
- wong chee tat :)
Monday, August 3, 2015
MediShield Life coverage will start on Nov 1
MediShield Life coverage will start on Nov 1
Over the next year, notifications on an individual's MediShield Life policies and private Integrated Shield Plans will be sent out. The letters will be sent when the individual's policies are up for annual renewal.
By Sara Grosse, Channel NewsAsia
POSTED: 02 Aug 2015 11:40 UPDATED: 02 Aug 2015 23:15
SINGAPORE: MediShield Life coverage will start on Nov 1, and the universal healthcare insurance scheme will kick in for all Singapore residents on or after this date.
Health Minister Gan Kim Yong on Sunday (Aug 2) announced the start date of MediShield Life on the sidelines of the launch of a MediShield Life Welcome Booklet at ITE College West.
For those whose existing MediShield or Integrated Shield Plan policies are not yet due for renewal, they will also start enjoying enhanced MediShield Life benefits from November, but their MediShield Life premiums will only be payable on their next policy renewal date.
Over the next year, notifications on an individual's MediShield Life policies and private Integrated Shield Plans will be sent out. The letters will be sent when the individual's policies are up for annual renewal.
For example, the first batch of premium notifications, which states eligibility of premiums and subsidies, will be sent out in late September. This is for policies being renewed on Nov 1. Similarly, those who pay Integrated Shield Plan premiums will receive their premium notification letters from their private insurers before their policies are due for renewal.
Those who are currently uninsured will receive a letter with details about their new coverage in October, while those with pre-existing medical conditions will also receive a letter by October this year.
These individuals have to pay 30 per cent Additional Premiums.
Prior to the launch of MediShield Life, the CPF Board will conduct checks to identify these individuals who will be subject to Additional Premiums, by tapping on existing medical information in government databases.
For the uninsured who do not wish to have their medical information checked, they may decline access by submitting a form online by Sept 15.
HEALTH MINISTRY REVIEWING LIST OF SERIOUS PRE-EXISTING ILLNESSES
Mr Gan added that the Health Ministry is reviewing the list of serious pre-existing illnesses. Examples of such illnesses include stroke, cancer, Chronic Obstructive Pulmonary Disease, serious kidney failures requiring dialysis and serious heart and liver conditions.
However, the Government added that the list is subject to how severe the conditions are.
"Say for example, if cancer is included, it also depends on how severe the cancer is," said Mr Gan. "If heart disease is one of the diseases that will be considered, it also depends of the severity of the heart disease the person suffers from.
"It is quite an extensive, elaborate way of assessing and therefore it is better for the individual to be informed specifically whether the person is affected by the additional premium, rather than a very broad category.
"We are working out the letters and we will explain to them how they are impacted and we also provide them with a hotline number and how they can obtain more clarification."
Mr Gan said that those who have been identified to have a pre-existing condition can make an appeal. Grounds of appeal include the person saying that their condition has actually improved or the condition is no longer applicable to them as they had it many years ago, he added.
MEDISHIELD LIFE WELCOME BOOKLET OUT IN AUGUST
Come August, all Singapore households will also receive the MediShield Life Welcome Booklet, which will be available in four official languages.
It provides information on what MediShield Life is, its benefits, premiums and subsidies, as well as how Integrated Shield Plans work.
- CNA/av
- wong chee tat :)
Over the next year, notifications on an individual's MediShield Life policies and private Integrated Shield Plans will be sent out. The letters will be sent when the individual's policies are up for annual renewal.
By Sara Grosse, Channel NewsAsia
POSTED: 02 Aug 2015 11:40 UPDATED: 02 Aug 2015 23:15
SINGAPORE: MediShield Life coverage will start on Nov 1, and the universal healthcare insurance scheme will kick in for all Singapore residents on or after this date.
Health Minister Gan Kim Yong on Sunday (Aug 2) announced the start date of MediShield Life on the sidelines of the launch of a MediShield Life Welcome Booklet at ITE College West.
For those whose existing MediShield or Integrated Shield Plan policies are not yet due for renewal, they will also start enjoying enhanced MediShield Life benefits from November, but their MediShield Life premiums will only be payable on their next policy renewal date.
Over the next year, notifications on an individual's MediShield Life policies and private Integrated Shield Plans will be sent out. The letters will be sent when the individual's policies are up for annual renewal.
For example, the first batch of premium notifications, which states eligibility of premiums and subsidies, will be sent out in late September. This is for policies being renewed on Nov 1. Similarly, those who pay Integrated Shield Plan premiums will receive their premium notification letters from their private insurers before their policies are due for renewal.
Those who are currently uninsured will receive a letter with details about their new coverage in October, while those with pre-existing medical conditions will also receive a letter by October this year.
These individuals have to pay 30 per cent Additional Premiums.
Prior to the launch of MediShield Life, the CPF Board will conduct checks to identify these individuals who will be subject to Additional Premiums, by tapping on existing medical information in government databases.
For the uninsured who do not wish to have their medical information checked, they may decline access by submitting a form online by Sept 15.
HEALTH MINISTRY REVIEWING LIST OF SERIOUS PRE-EXISTING ILLNESSES
Mr Gan added that the Health Ministry is reviewing the list of serious pre-existing illnesses. Examples of such illnesses include stroke, cancer, Chronic Obstructive Pulmonary Disease, serious kidney failures requiring dialysis and serious heart and liver conditions.
However, the Government added that the list is subject to how severe the conditions are.
"Say for example, if cancer is included, it also depends on how severe the cancer is," said Mr Gan. "If heart disease is one of the diseases that will be considered, it also depends of the severity of the heart disease the person suffers from.
"It is quite an extensive, elaborate way of assessing and therefore it is better for the individual to be informed specifically whether the person is affected by the additional premium, rather than a very broad category.
"We are working out the letters and we will explain to them how they are impacted and we also provide them with a hotline number and how they can obtain more clarification."
Mr Gan said that those who have been identified to have a pre-existing condition can make an appeal. Grounds of appeal include the person saying that their condition has actually improved or the condition is no longer applicable to them as they had it many years ago, he added.
MEDISHIELD LIFE WELCOME BOOKLET OUT IN AUGUST
Come August, all Singapore households will also receive the MediShield Life Welcome Booklet, which will be available in four official languages.
It provides information on what MediShield Life is, its benefits, premiums and subsidies, as well as how Integrated Shield Plans work.
- CNA/av
- wong chee tat :)
Thursday, May 14, 2015
Joint Press Release by CPF & HDB - CPF interest rates and HDB’s mortgage rate for Q3 2015
Joint Press Release by CPF & HDB - CPF interest rates and HDB’s mortgage rate for Q3 2015
- wong chee tat :)
Date issued : 14 May 2015
CPF INTEREST RATES FROM 1 JULY 2015 TO 30 SEPTEMBER 2015
|
HDB MORTGAGE RATE FROM 1 JULY 2015 TO 30 SEPTEMBER 2015
|
Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the third quarter of 2015.
The above interest rates include an additional 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA) which is part of the Government’s efforts to enhance the retirement savings of CPF members.
INTEREST RATE FOR ORDINARY ACCOUNT AND HDB MORTGAGE RATE
The OA interest rate will be maintained at 2.5% per annum from 1 July 2015 to 30 September 2015, as the computed rate of 0.21% is lower than the legislated minimum interest rate.
Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 July 2015 to 30 September 2015.
Please refer to Annex A 
(PDF 269KB) for the detailed computation of the OA interest rate and HDB mortgage rate.
(PDF 269KB) for the detailed computation of the OA interest rate and HDB mortgage rate.
INTEREST RATE FOR SPECIAL AND MEDISAVE ACCOUNTS
The SMA interest rate will be maintained at 4% per annum from 1 July 2015 to 30 September 2015, as the computed rate of 3.27% is lower than the current floor interest rate.
INTEREST RATE FOR RETIREMENT ACCOUNT
The RA interest rate will be maintained at 4% per annum from 1 January 2015 to 31 December 2015, as announced on 25 November 2014.
PUBLIC ENQUIRIES
CPF members can visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188 for enquiries.
*This includes the additional 1% interest paid on the first $60,000 of a member’s combined balances, of which up to $20,000 comes from the Ordinary Account (OA). The additional interest earned on OA monies will go to the member’s Special Account or Retirement Account, to enhance their retirement adequacy. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.
- wong chee tat :)
Tuesday, March 31, 2015
New Lease Buyback Scheme Takes Effect From 1 April 2015
New Lease Buyback Scheme Takes Effect From 1 April 2015
Details on the new LBS and other monetisation options available are found in Annex. (PDF 230KB)
- wong chee tat :)
Date issued : 31 Mar 2015
In September 2014, the Government announced four enhancements to the Lease Buyback Scheme (LBS), in response to feedback received during the Our Singapore Conversation on Housing.
2The new LBS will benefit more elderly households and provide greater flexibility to suit different preferences and needs. These enhancements will come into effect from 1 April 2015:
- (a) Extending the scheme to 4-room HDB flats: With this extension, the LBS will cover 75% of elderly HDB households compared to 35% currently. 4-room households will receive up to $10,000 cash bonus per household when they participate in the LBS. This is on top of the proceeds they receive from selling the tail-end lease of their flat to HDB.
(b) Raising the income ceiling: The income ceiling for participating in the LBS will be raised to $10,000, from $3,000 per month. Similarly, the income ceiling for the Silver Housing Bonus (SHB) scheme will be raised from $3,000 to $10,000.
(c) Lowering the CPF top-up requirement for households with two or more owners: For these households, each owner will only need to top up his or her CPF Retirement Account (RA) to the current Basic Retirement Sum (age-adjusted), instead of the current Full Retirement Sum (age-adjusted), hence allowing more upfront cash.
(d) Offering flexibility in the length of lease to be retained: Elderly households can choose the length of lease to be retained, ranging from 15 to 35 years (in 5-year increments), subject to the lease covering the youngest owner till age 95.
Details on the new LBS and other monetisation options available are found in Annex.
(PDF 230KB)
When and How To Apply
3From 1 April 2015, applicants can enjoy the new LBS by submitting an online application via the HDB InfoWEB. Those who need help completing the application may approach any HDB Branch for assistance.
4After the LBS application is submitted, HDB will conduct a personalised one-to-one financial counselling session for each household. The session seeks to help them better understand the LBS and the other monetisation options available, so that they can decide on an option that will best suit their priorities and retirement needs.
Enquiries
5For more information on the LBS, the public can call HDB Branch Service Line at 1800-225-5432 between 8.00am and 5.00pm from Mondays to Fridays.
- wong chee tat :)
Sunday, June 22, 2014
Random Thoughts
I can't sleep well these few nights. No, it is not because of the world cup fever.
It could be the warm nights during this June .... But there are lots of stuff that are running in my mind such as:
- increasing expenses (especially bills)
- cpf (especially for housing and retirement)
- new planned hardware to get but not enough money!!!! =(
What to do?
I guess I have to tackle them one by one... And I need my sleep otherwise I will look like a zombie the next day!
- wong chee tat :)
It could be the warm nights during this June .... But there are lots of stuff that are running in my mind such as:
- increasing expenses (especially bills)
- cpf (especially for housing and retirement)
- new planned hardware to get but not enough money!!!! =(
What to do?
I guess I have to tackle them one by one... And I need my sleep otherwise I will look like a zombie the next day!
- wong chee tat :)
Tuesday, June 17, 2014
Govt may tweak quota system to help married couples live near their parents
Govt may tweak quota system to help married couples live near their parents
Tweaking the quota system is one option the government could look into to improve the chances of those hoping to live near their parents.
SINGAPORE: Tweaking the quota system is one option the government could look into to improve the chances of those hoping to live near their parents.
Minister of State Mohamad Maliki Osman said this at the second housing conversation session on Saturday which aims to find out what more can be done to help extended families live together or close by.
He said another area is to consider extending grants to second-time home buyers purchasing HDB resale flats near their parents.
Thirty-six married participants attended the second housing conversation.
About a third said they were in favour of giving absolute priority to those hoping to buy a new flat near their parents.
32-year-old Arina Tan, who has a one-year-old daughter, said: "We had been balloting for a flat near our parents for four times but we weren't able to get it. For the fifth time, we tried a further place at Yishun where the government has opened up more flats at the non-mature estates. We were able to get it.
“We have our flat in Yishun but we still stay weekdays at my in-laws place because of the baby. She can take care of her and we do not need to travel every day from Yishun to Jurong."
A week ago, courting couples gave a resounding "no" when asked if they were in favour of giving absolute priority to those hoping to buy a new flat near their parents.
To prevent people from abusing the system, some participants said there should be conditions if absolute priority is given such as extending the Minimum Occupation Period from five, to 10 years.
However, some also acknowledged the challenges of giving absolute priority.
"If somebody were to have absolute priority, then there would be another group that wouldn't have anything at all so I think it's a bit difficult," said Joewind Han.
About half of the participants also said while they did not want absolute priority, they were in favour of more priority being given.
One option could be to tweak the quota system instead.
Dr Maliki said: "As we try to look at ways to enhance the opportunities for young couples to live near their parents, one option is to see how best we can tweak at the quota system. Today, we have about 85 per cent of BTO flats allocated to first-timers, 15 per cent to second-timers.
"One option is if you want to really look at ways to enhance the possibility, or increase the chances of second-timers who want to live near their parents, maybe we can set aside a quota within perhaps that 15 per cent. They can possibly look at how their chances can be better met. But nonetheless, we are still exploring some of these ideas."
Participants also discussed whether second-time home buyers should get housing grants when buying a resale flat near their parents.
Currently, first time home buyers purchasing a resale flat get a S$30,000 CPF Housing Grant, but this goes up to S$40,000 when they buy a resale flat to live together with, or near their parents.
Some had suggested that the additional S$10,000 be given to both first and second-timers.
Dr Maliki said: "This is a significant shift when we talk about giving grants to second-timers but I think they recognise the proposal is to give grants to those wanting to live near their parents and this is for those who did not get to exercise that option when they bought their first flat so I think it's quite a rational proposition.
"That's something that we can try to consider how else we can facilitate couples who have moved on to their next phase of their life stage to live near their parents. If it means that a grant can incentivise that, a grant can facilitate that, we will be prepared to consider that."
Participants were also split when asked if the government should continue building more Three-Generation (3Gen) flats.
Some said while they were in favour of having more 3Gen flats built, they also hoped some design improvements could be made.
"As a concept, it's great but I think if the useable space, the common spaces are not tweaked well, it could just lead to hot housing," said Goh Ling Pin.
"There could be extra conflict within the house like a lot of people crammed within a smaller space might not fulfil the purpose of helping a family get along," Goh added.
His wife Christine Choo said: "We are living with my father-in-law and I believe that he will like to have his own privacy as well, and for us to have our own privacy, but yet at the same time we want to live together so having a dual-key system where he's just next door and we're under one roof and for us to take care of the financing, would be very helpful for elderly who is also a retiree."
Dr Maliki said: "We're looking at the needs, the profile of different family types, size commensurate with the size of the family too. We want to make it optimal for families when they use the spaces."
Dr Maliki said how the first batch of 3Gen flats in Yishun pans out will have to be observed before fine-tuning designs.
The next housing conversation session is on June 19 and will target seniors with children above 21.
- CNA/fa
- wong chee tat :)
Tweaking the quota system is one option the government could look into to improve the chances of those hoping to live near their parents.
SINGAPORE: Tweaking the quota system is one option the government could look into to improve the chances of those hoping to live near their parents.
Minister of State Mohamad Maliki Osman said this at the second housing conversation session on Saturday which aims to find out what more can be done to help extended families live together or close by.
He said another area is to consider extending grants to second-time home buyers purchasing HDB resale flats near their parents.
Thirty-six married participants attended the second housing conversation.
About a third said they were in favour of giving absolute priority to those hoping to buy a new flat near their parents.
32-year-old Arina Tan, who has a one-year-old daughter, said: "We had been balloting for a flat near our parents for four times but we weren't able to get it. For the fifth time, we tried a further place at Yishun where the government has opened up more flats at the non-mature estates. We were able to get it.
“We have our flat in Yishun but we still stay weekdays at my in-laws place because of the baby. She can take care of her and we do not need to travel every day from Yishun to Jurong."
A week ago, courting couples gave a resounding "no" when asked if they were in favour of giving absolute priority to those hoping to buy a new flat near their parents.
To prevent people from abusing the system, some participants said there should be conditions if absolute priority is given such as extending the Minimum Occupation Period from five, to 10 years.
However, some also acknowledged the challenges of giving absolute priority.
"If somebody were to have absolute priority, then there would be another group that wouldn't have anything at all so I think it's a bit difficult," said Joewind Han.
About half of the participants also said while they did not want absolute priority, they were in favour of more priority being given.
One option could be to tweak the quota system instead.
Dr Maliki said: "As we try to look at ways to enhance the opportunities for young couples to live near their parents, one option is to see how best we can tweak at the quota system. Today, we have about 85 per cent of BTO flats allocated to first-timers, 15 per cent to second-timers.
"One option is if you want to really look at ways to enhance the possibility, or increase the chances of second-timers who want to live near their parents, maybe we can set aside a quota within perhaps that 15 per cent. They can possibly look at how their chances can be better met. But nonetheless, we are still exploring some of these ideas."
Participants also discussed whether second-time home buyers should get housing grants when buying a resale flat near their parents.
Currently, first time home buyers purchasing a resale flat get a S$30,000 CPF Housing Grant, but this goes up to S$40,000 when they buy a resale flat to live together with, or near their parents.
Some had suggested that the additional S$10,000 be given to both first and second-timers.
Dr Maliki said: "This is a significant shift when we talk about giving grants to second-timers but I think they recognise the proposal is to give grants to those wanting to live near their parents and this is for those who did not get to exercise that option when they bought their first flat so I think it's quite a rational proposition.
"That's something that we can try to consider how else we can facilitate couples who have moved on to their next phase of their life stage to live near their parents. If it means that a grant can incentivise that, a grant can facilitate that, we will be prepared to consider that."
Participants were also split when asked if the government should continue building more Three-Generation (3Gen) flats.
Some said while they were in favour of having more 3Gen flats built, they also hoped some design improvements could be made.
"As a concept, it's great but I think if the useable space, the common spaces are not tweaked well, it could just lead to hot housing," said Goh Ling Pin.
"There could be extra conflict within the house like a lot of people crammed within a smaller space might not fulfil the purpose of helping a family get along," Goh added.
His wife Christine Choo said: "We are living with my father-in-law and I believe that he will like to have his own privacy as well, and for us to have our own privacy, but yet at the same time we want to live together so having a dual-key system where he's just next door and we're under one roof and for us to take care of the financing, would be very helpful for elderly who is also a retiree."
Dr Maliki said: "We're looking at the needs, the profile of different family types, size commensurate with the size of the family too. We want to make it optimal for families when they use the spaces."
Dr Maliki said how the first batch of 3Gen flats in Yishun pans out will have to be observed before fine-tuning designs.
The next housing conversation session is on June 19 and will target seniors with children above 21.
- CNA/fa
- wong chee tat :)
Pioneer Generation Package notification letters sent out
Pioneer Generation Package notification letters sent out
Seniors who qualify for the Pioneer Generation Package have begun receiving letters informing them of their eligibility. These include about 1,000 people who do not have CPF accounts.
SINGAPORE: Seniors who qualify for the Pioneer Generation Package have begun receiving letters informing them of their eligibility.
These include about 1,000 people who do not have CPF accounts.
They would have received instructions on how to set up an account in order to receive Medisave top-ups.
Pioneers will receive their Pioneer Generation card in the mail by September.
They can then use the card at all participating health institutions.
The Health Ministry said these institutions will have the pioneers' details in their computer systems by September, when the scheme kicks in.
But Chairman of the Government Parliamentary Committee for Health Chia Shi-Lu is urging for more to be done.
He said some seniors may not have their cards with them when they visit the doctor.
Dr Chia said: "It may be difficult to expect people to have the PG cards with them at all times.
"I believe that information relating to all the benefits and plans should be integrated with NRIC cards, so that when registration is done, the computer system will pick up on whether they are covered."
- CNA/xq
- wong chee tat :)
Seniors who qualify for the Pioneer Generation Package have begun receiving letters informing them of their eligibility. These include about 1,000 people who do not have CPF accounts.
SINGAPORE: Seniors who qualify for the Pioneer Generation Package have begun receiving letters informing them of their eligibility.
These include about 1,000 people who do not have CPF accounts.
They would have received instructions on how to set up an account in order to receive Medisave top-ups.
Pioneers will receive their Pioneer Generation card in the mail by September.
They can then use the card at all participating health institutions.
The Health Ministry said these institutions will have the pioneers' details in their computer systems by September, when the scheme kicks in.
But Chairman of the Government Parliamentary Committee for Health Chia Shi-Lu is urging for more to be done.
He said some seniors may not have their cards with them when they visit the doctor.
Dr Chia said: "It may be difficult to expect people to have the PG cards with them at all times.
"I believe that information relating to all the benefits and plans should be integrated with NRIC cards, so that when registration is done, the computer system will pick up on whether they are covered."
- CNA/xq
- wong chee tat :)
Wednesday, May 21, 2014
Joint Press Release by HDB & CPF - CPF Members Receive 2.5% Interest Rate On Ordinary Accounts From 1 July 2014 TO 30 September 2014
ShareDate issued : 21 May 2014
Interest Rate For Ordinary Account (OA)
All CPF members will continue to enjoy a risk-free interest rate of 2.5% per annum on their Ordinary Account savings from 1 July 2014 to 30 September 2014.
The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, February 2014 to April 2014, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for July 2014 to September 2014 will remain unchanged at 2.50% per annum.
Extra Interest of 1%
As part of our efforts to enhance the retirement savings of CPF members, an extra 1% per annum interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.
HDB’s Mortgage Rate
The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 July 2014 to 30 September 2014.
The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the Annex (PDF 188KB).
(PDF 188KB).Public Enquiries
For more information, please visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188.
- wong chee tat :)
Monday, May 19, 2014
Singapore blogger issued letter of demand by PM Lee's lawyers
Singapore blogger issued letter of demand by PM Lee's lawyers
'Heart Truths' blogger Roy Ngerng was issued a legal request today to remove a post describing the Prime Minister as having "misappropriated" CPF monies.
SINGAPORE: Mr Roy Ngerng, author of a blog titled The Heart Truths, was today (May 19) issued a legal request by Drew & Napier, on behalf of Singapore Prime Minister Lee Hsien Loong, to remove an article that had been "published maliciously", according to the lawyer's letter.
According to the letter issued by Senior Counsel Davinder Singh, the blogpost, titled “Where your CPF Money Is Going: Learning From The City Harvest Trial”, is understood to mean that Mr Lee "is guilty of criminal misappropriation of the monies paid in the Central Provident Fund (CPF).
“This is a false and baseless allegation and constitutes a very serious libel against our client, disparages him and impugns his character, credit and integrity,” the letter, dated May 18, stated.
Mr Lee has requested that Mr Ngerng:
Immediately remove the blogpost;
Publish an apology on the homepage of his blog for as long as the offending blog post was left online; and
Pay compensation for damages and legal costs.
The blogger has three days to comply, failing which legal proceedings will be taken against him, the lawyer wrote.
The letter was reproduced by Mr Ngerng on his blog site today.
In the same post, Mr Ngerng said of the legal request: “Today, I received an email from Lee Hsien Loong’s lawyer. I am being sued for defamation.
"I have advocated for a fairer and more equal Singapore where every Singapore and every person in Singapore can be taken care of and protected by our country. Today, I am finally being silenced.”
Mr Ngerng did not say in the blogpost if he would comply with the requests, although he stated: "It is only right that as people, we stand and fight for our freedoms."
- CNA/kk
- wong chee tat :)
'Heart Truths' blogger Roy Ngerng was issued a legal request today to remove a post describing the Prime Minister as having "misappropriated" CPF monies.
SINGAPORE: Mr Roy Ngerng, author of a blog titled The Heart Truths, was today (May 19) issued a legal request by Drew & Napier, on behalf of Singapore Prime Minister Lee Hsien Loong, to remove an article that had been "published maliciously", according to the lawyer's letter.
According to the letter issued by Senior Counsel Davinder Singh, the blogpost, titled “Where your CPF Money Is Going: Learning From The City Harvest Trial”, is understood to mean that Mr Lee "is guilty of criminal misappropriation of the monies paid in the Central Provident Fund (CPF).
“This is a false and baseless allegation and constitutes a very serious libel against our client, disparages him and impugns his character, credit and integrity,” the letter, dated May 18, stated.
Mr Lee has requested that Mr Ngerng:
Immediately remove the blogpost;
Publish an apology on the homepage of his blog for as long as the offending blog post was left online; and
Pay compensation for damages and legal costs.
The blogger has three days to comply, failing which legal proceedings will be taken against him, the lawyer wrote.
The letter was reproduced by Mr Ngerng on his blog site today.
In the same post, Mr Ngerng said of the legal request: “Today, I received an email from Lee Hsien Loong’s lawyer. I am being sued for defamation.
"I have advocated for a fairer and more equal Singapore where every Singapore and every person in Singapore can be taken care of and protected by our country. Today, I am finally being silenced.”
Mr Ngerng did not say in the blogpost if he would comply with the requests, although he stated: "It is only right that as people, we stand and fight for our freedoms."
- CNA/kk
- wong chee tat :)
Saturday, April 26, 2014
Documents to Prepare for Application of HDB Loan Eligibility (HLE) Letter
Important note:
To enable us to process your HLE application, please submit the relevant documents listed below for all persons listed in the flat application. The HDB may also request for other documents to be submitted other than those listed below for purpose of credit assessment. The HLE application cannot be processed if the documents are incomplete.
| 1. | For Employed (with monthly CPF contribution)* | |
 | As an applicant: | |
| a) | Latest 3 months’ payslips or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 3 months; and |
| b) | Latest 15 months' CPF contribution history. |
| If income includes allowance, 12 months’ income proof will be required. | |
| As an occupier: | |
| | Latest 3 months’ payslips or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 3 months. |
| 2. | For Employed (without monthly CPF contribution)* | |
| As an applicant: | |
| a) | Latest 12 months' payslips or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 12 months; and |
| b) | Credit bureau report#; and |
| c) | Latest 12 months’ bank statements/passbook. |
| As an occupier: | |
| | Latest 3 months’ payslips or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 3 months. |
| 3. | For Self-Employed | |
| As an applicant: | |
| a) | Valid Accounting & Corporate Regulatory Authority (ACRA) Computer Information (Business Profile)or Valid license of business / trade; and |
| b) | Latest Notice of Assessment from IRAS or Certified Annual Statement of Accounts from an audit firm; and |
| c) | Credit bureau report#; and |
| d) | Latest 12 months’ bank statements/passbook |
| As an occupier: | ||
| a) | Valid Accounting & Corporate Regulatory Authority (ACRA) Computer Information (Business Profile)or Valid license of business / trade; and |
| b) | Latest Notice of Assessment from IRAS or Certified Annual Statement of Accounts from an audit firm. |
| 4. | For Commission-Based and Regular Part Time Worker | |
| As an applicant: | |
| a) | Latest 12 months' commission statements/payslips or Recent letter^ from employer certifying job designation, commencement date and commissions/salaries for the last 12 months; and |
| b) | Latest 15 months' CPF contribution history; and |
| c) | Credit bureau report#; and |
| d) | Latest 12 months’ bank statements/passbook |
| As an occupier: | |
| | Latest 12 months' commission statements/payslips or Recent letter^ from employer certifying job designation, commencement date and commissions/salaries for the last 12 months. |
| 5. | For Odd Job Worker | |
| As an applicant: | |
| a) | Latest Notice of Assessment from IRAS or Recent letter^ from employer certifying job designation, commencement date and commissions / salaries for the last 12 months; and |
| b) | Latest 15 months' CPF contribution history; and |
| c) | Credit bureau report#; and |
| d) | Latest 12 months’ bank statements/passbook |
| As an occupier: | |
| | Latest Notice of Assessment from IRAS or Recent letter^ from employer certifying job designation, commencement date and salaries for the last 12 months |
| 6. | For Pensioner | |
| As an applicant: | |
| a) | Payslip/letter^ from previous employer stating the monthly pension received; and |
| b) | Credit bureau report#; and |
| c) | Latest 12 months’ bank statements/passbook |
| As an occupier: | |
| | Payslip/letter^ from previous employer stating the monthly pension received |
| 7. | For Unemployed between 18 to 62 years old | |
| Unemployed applicant/occupier will need to submit a Statutory Declaration on unemployment status or a valid Student Pass, if they are currently a full-time student. The Statutory Declaration can be executed at Loans Counter or any HDB Branches. Declarants are required to bring along their Identity Cards to execute the Statutory Declaration. In addition, the following documents are required if applicant / occupier were unemployed for fewer than 3 months: | |
| a) | Income proof for the preceding month(s) from previous employer stating their gross monthly income and last day of service; and |
| b) | Latest 15 months' CPF contributions history |
| 8. | For Applicant and Essential Occupier who have taken one HDB concessionary housing loan and are buying the next HDB flat after disposing the existing one | |
| a) | Completion statements (showing the breakdown of cash proceeds and CPF refund) for the disposal of the applicant's and his/her spouse/fiance/fiancee's last owned HDB flat (if they do not have a current flat); and |
| b) | Divorce documents showing the division of matrimonial HDB flat (if the immediate past HDB flat was disposed of with / by ex-spouse) |
| 9. | Income / Allowance NOT considered for credit assessment | |
| a) | Rental Income; |
| b) | Interest from fixed deposit / savings account; |
| c) | Alimony allowance (divorce cases); |
| d) | Bonuses; |
| e) | Dividend income; |
| f) | Director fees; |
| g) | Overtime; |
| h) | National Service allowance; |
| i) | Claims / reimbursement / expenses; |
| j) | Scholarship overseas allowance |
| k) | Occupier’s Income |
| Note: | ||
| * | Income tax returns are not acceptable for employed persons. | |
| ^ | For proof of income, note that all letters from employer must have company letterhead/stamp, name, signature and designation of certifying officer. | |
| # | A copy of the Credit Bureau report can be requested either on-line | |
| If you are working overseas, please submit additional income proof such as employment pass, work permit, evidence of trade business, overseas income tax returns, where applicable. If the documents to be submitted are in languages other than English, Mandarin, Malay or Tamil, an official translation in English of these documents are required. | |
Last Updated on 16 Apr 2014
- wong chee tat :)
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