Bt Timah land lease 'will be my top focus if re-elected'

[mr funny]

http://www.straitstimes.com/PrimeNew...ry_660818.html

Apr 25, 2011

Bt Timah land lease 'will be my top focus if re-elected'


THE residents of Mayfair Park estate tucked inside Rifle Range Road have been anxious of late.

Already, the owners of 114 bungalows and semi-detached houses and two condominiums in this corner of Bukit Timah, who have only 44 years left on the 99-year leases on their homes, are staring down property values that are headed south because of the dwindling lease.

Their prospect of selling does not look good either, because most banks are not keen to give loans for such properties; the Central Provident Fund Board also bars CPF savings from being used to buy properties with under 60 years left on their leases.

But Mr Liang Eng Hwa, who was a Member of Parliament for Holland-Bukit Timah GRC until Parliament was dissolved last week, said he will make working on the land lease in Mayfair Park estate his top priority if he is re-elected.

He said he will speak to residents to find out where they stand on the matter.

'I haven't really heard from them yet - whether they want to go for a renewal. I would have to find out more,' he said, but added that in the house visits he has done, many residents have asked him what the terms would be if they were to go for a renewal of their leases.

'What I will do, if elected, is to really put this as top priority and work on this,' he said.

Mr Liang was speaking to The Straits Times at the Family Carnival@Mayfair (Zhenghua) yesterday. Also at the event was the leader of the People's Action Party team expected to contest Holland-Bukit Timah GRC, Dr Vivian Balakrishnan.

JUDITH TAN

[hyenergix]

The govt is not in need of cash. The longer the govt waits, e more e $ can b collected later. 99LH properties usu will have this issue. I'm not sure y so many pp jump in to buy 99LH at ulu locations now.

[focus]

This one really becomes raiding the reserves if you allow them to top up to 99 lh and then they sell to developer for big big profit

[amk]

ST should really use this case to educate ppl: look 99LH really means you have nothing in the end, and long before the middle it will become worthless ! Dun cry when it happens.

[Fleur]

Don't understand. Since this is in bucket timah area, why isn't it en bloc already? Comparatively, nearby 99 yr leasehold is selling record high!

[Fleur]

I meant bukit timah area

[desirenlure]

I don't understand why the residents have to worry about the lease expiry or top up when their properties still have 44 years (or 60 years for Arcadia condo) remaining. Don't they already know the lease is a ticking timer when they purchase their property or are they just trying to milk a dead cow?

[jc]

Agree I think this MP will lose more votes by proposing this... as this will bring about unhappiness with pple who paid a premium for FH cos they know FH don't have this lease problem....

[land118]

Think this MP miscalculated...., "top focus" only benefit Owners of 114 landed property and 2 condos; this add up at most 2k-3k voters at best. Gain these hearts of owners, but may lose so many others who may question MP why they are less important....

[smallant]

his scope is only mayfair ?? MP of mayfair ?? or MP of estate ??
daft .... think he better get his priorities rite ! making tis kind of statement in public without going through his head..... sigh ...

[desirenlure]

Now that Mr Liang is elected, do you think the government is going to make the process and criteria for lease top-up of 99 (or shorter) years residential (or commercial) property more transparent?

[fclim]

Now that Mr Liang is elected, do you think the government is going to make the process and criteria for lease top-up of 99 (or shorter) years residential (or commercial) property more transparent?

This Liang Eng Hwa is a board member of URA. Don't pray pray.

[Allthepies]

This Liang Eng Hwa is a board member of URA. Don't pray pray.

so there is a high chance for lease top up? so we shld accumulate more leasehold properties now?

[fclim]

Only PCK will do that.

[pupboy]

I hope that the Strata Title Board will look into it seriously. If they allow this development land to be top up that mean it apply to all 99 lease old condo.