Pearls Centre owners compensated with ex-gratia payment

[acidic.straw]

Pearls Centre owners compensated with ex-gratia payment

By Tham Yuen-c

Shop owners and residents at Pearls Centre in Chinatown were compensated on Wednesday for their units, which are being acquired by the Government to make way for tunnelling works on the Thomson MRT Line.

Besides the statutory compensation, which is based on the market value of the property as assessed by private valuers, the property owners were also given ex-gratia payments to "mitigate the financial impact of the acquisition exercise", said a press release from the Singapore Land Authority (SLA).

Last year, owners of commercial and residential units at the 99-year leasehold building had asked the authorities for more compensation, taking into account the 43-year-old building's potential en bloc value.

They said they had set up a sale committee about three months before the Government's acquisition announcement in September.

Ms Indranee Rajah, Member of Parliament (Tanjong Pagar GRC) said: "There were a few owners who submitted excessive claims, including some that were two to three times the market value. It was not possible to meet these claims, bearing in mind that the compensation is paid out of public funds, and no justification was provided for the excessive claims. However, the total compensation, including statutory compensation and ex-gratia payment, met or exceeded the majority of the other claims."

The SLA said all affected property owners will receive an advance payment of the compensation before they hand over their property to the Government.
Residents there will also not be subject to the recently implemented rules on housing loans limits when they buy their replacement property. In addition, those who are eligible to apply for new HDB flats will not have to wait out the 30-month debarment period imposed on former owners of private property.

Copyright © 2013 Singapore Press Holdings. All rights reserved.

[electron]

Does anyone know how substantial the ex gratia payment is? Wonder how far the goodwill of the state extends when it comes to compensation.

[leesg123]

Greed! it will never be enough one.

lets not forget that this is a piece of 99Lh junk tat has already burnt away many years. they expect it to be like fh property and paid solid amount.

[RCT]

When the garment want something back, what can u do?

[leesg123]

When the garment want something back, what can u do?

if gov is heartless, they can jolly well apply the act and pay token $1 or look at the remaining lease and compensate accordingly in proportion. i beleive the compensation is market value,though might be slightly lower than enbloc (in the first place enbloc also may not be successful, look at pearl bank).

[peterng8]

Pearls Centre owners compensated with ex-gratia payment

By Tham Yuen-c

Shop owners and residents at Pearls Centre in Chinatown were compensated on Wednesday for their units, which are being acquired by the Government to make way for tunnelling works on the Thomson MRT Line.

Besides the statutory compensation, which is based on the market value of the property as assessed by private valuers, the property owners were also given ex-gratia payments to "mitigate the financial impact of the acquisition exercise", said a press release from the Singapore Land Authority (SLA).

Last year, owners of commercial and residential units at the 99-year leasehold building had asked the authorities for more compensation, taking into account the 43-year-old building's potential en bloc value.

They said they had set up a sale committee about three months before the Government's acquisition announcement in September.

Ms Indranee Rajah, Member of Parliament (Tanjong Pagar GRC) said: "There were a few owners who submitted excessive claims, including some that were two to three times the market value. It was not possible to meet these claims, bearing in mind that the compensation is paid out of public funds, and no justification was provided for the excessive claims. However, the total compensation, including statutory compensation and ex-gratia payment, met or exceeded the majority of the other claims."

The SLA said all affected property owners will receive an advance payment of the compensation before they hand over their property to the Government.
Residents there will also not be subject to the recently implemented rules on housing loans limits when they buy their replacement property. In addition, those who are eligible to apply for new HDB flats will not have to wait out the 30-month debarment period imposed on former owners of private property.

Copyright © 2013 Singapore Press Holdings. All rights reserved.

Heard the next one now preparing to enbloc is Fook Hai building also D01 next to parkroyal hotel and chinatown shopping centre...

[leesg123]

Heard the next one now preparing to enbloc is Fook Hai building also D01 next to parkroyal hotel and chinatown shopping centre...

fook hai is freehold?

[blackjack21trader]

Peal Center is a very good example of the fate of 99LH. But I am not so sure the same will happen if the land belongs to private developers. The residents at Pearl Center are very lucky. Let's see what happen to the rest of the 99LH lands belonging to private developers due very soon in about 5 to 20 years time. If I am not wrong, there should be a first case come about 5 years time.

[blackjack21trader]

Peal Center is a very good example of the fate of 99LH. But I am not so sure the same will happen if the land belongs to private developers. The residents at Pearl Center are very lucky. Let's see what happen to the rest of the 99LH lands belonging to private developers due very soon in about 5 to 20 years time. If I am not wrong, there should be a first case come about 5 years time.

Please be vigilant in checking your leasehold land belonging to whom. In my view, it is safer to go for government land. Good Luck.

[blackjack21trader]

Please be vigilant in checking your leasehold land belonging to whom. In my view, it is safer to go for government land. Good Luck.

At least our government is a gentleman.

If I were the government, I would wait until Pearl Center lease expired.

WOAHAHHEHEHHEHEH

[blackjack21trader]

At least our government is a gentleman.

If I were the government, I would wait until Pearl Center lease expired.

WOAHAHHEHEHHEHEH

Then I will not pay them the market value. I will simply valued the land at zero, and the rest of the building at recycled price. You guys should thank GOD I am NOT the government.

WOAHAHHHEHEH

[blackjack21trader]

Then I will not pay them the market value. I will simply valued the land at zero, and the rest of the building at recycled price. You guys should thank GOD I am NOT the government.

WOAHAHHHEHEH

If you dun move, fine. I will mobilise the army lor. Count yourselves lucky I am not the government.


WOaAHAHHAHHEHEHEHEHEH

[blackjack21trader]

Go check your land owner first la...those private properties on 99LH land.

GOOD LUCK

[peterng8]

[peterng8]

fook hai is freehold?

had been away for quite some time...I think is it LH...I heard from sources that this building has always been a fav target for en bloc...true bo?