Latest news with #SingLand
Straits Times
22-05-2025
- Business
- Straits Times
Thomson View's $810 million sale put on hold after lawyers submitted ‘incomplete' documents
UOL, SingLand and CLD signed a conditional call-and-put option in October 2024 to acquire the 99-year leasehold development at $810 million. PHOTO: THE BUSINESS TIMES SINGAPORE - The $810 million sale of Thomson View condominium was put on hold by a High Court judge after the lawyers representing the collective sale committee (CSC) submitted 'incomplete' documents. At least 25 residents and parties related to the Thomson View sale packed the courtroom on May 22, awaiting the High Court's ruling on the fate of the $810 million sale, potentially the biggest residential collective sale since Chuan Park's $890 million sale in May 2023. High Court Judge Audrey Lim spent a better part of the hearing dressing down the lawyers of the Thomson View CSC for errors in documents, including submitting an 'incomplete' affidavit, and told them 'it is important you do the proper due diligence'. Thomson View was sold to UOL, Singapore Land (SingLand) and CapitaLand Development (CLD), after at least 80 per cent of owners (206 units) consented to lower their reserve price to $808 million, allowing them to accept the $810 million offer that was below their original reserve price of $918 million. UOL, SingLand and CLD signed a conditional call-and-put option in October 2024 to acquire the 99-year leasehold development at $810 million. On Nov 25, 2024, UOL announced that it had exercised the call option for the purchase. In trying to determine if the 80 per cent threshold was met, Justice Lim sought clarifications on the number of signatures in the collective sale agreement (CSA) dated Jan 4, 2024, and the number of signatures in a supplementary collective sale agreement. The judge pointed out that 'the first time period to obtain all the signatures to cross the 80 per cent threshold is 12 months from the first signature, which means that all 206 signatures must be obtained between Jan 8, 2023, and Jan 7, 2024. 'Some of the signatures are signed out of the time period in October and November 2024,' Justice Lim noted. CSC lawyer Hui Choon Wai, a partner at Wee Seow Teow LLP, told the court that 'there were 211 unit holders' signatures on the CSA, of which 206 signed the supplementary agreement'. Justice Lim then asked Ms Hui to explain in another affidavit 'how the CSA and the supplementary CSA differs, in that the CSA contained 211 unit holders' signatures and the supplementary CSA contained 206 of these unit holders' signatures.' 'For the supplementary affidavit, it should only exhibit the extra five unit holders' signatures which are not found in the CSA already exhibited in (CSC member) Cecilia Koh's first affidavit. 'The affidavit should also explain how many of these unit holders signed between Jan 8, 2023, and Jan 7, 2024, and what proportion in terms of shares and plot size they comprise, and whether the 80 per cent requirement was met within the 12-month period,' the judge said. 'The affidavit should also explain that for those signatures that I have pointed out, that are after Jan 7, 2024, how many units they comprise and what is the proportion in terms of shares and plot size,' Justice Lim added. 'If the 80 per cent threshold is not made out, counsel is to file written submissions to explain why the court should grant this application' to approve the sale, Justice Lim said. 'It is important you do the proper due diligence,' the judge said. 'You spent a lot of time trying to get the requisite (80 per cent) threshold... and you have errors all over the place,' she added. A group of dissenting homeowners had filed objections to the Strata Titles Boards (STB) , which stopped the en bloc process after mediation efforts failed. It is unclear on what grounds they objected to the sale. Two of the six dissenting homeowners – Goh Mia Song and Lim Choe San – who had withdrawn their objections on March 29, were at the hearing. When asked by The Straits Times why they had objected initially, both declined to comment. The other four dissenting parties did not attend the hearing. They had withdrawn their objections one day before the CSC applied to the High Court on March 28 to seek approval for the sale. Apart from the stop order issued on March 19 for Thomson View, there have been no other stop orders issued for collective sales so far in 2025, an STB spokesperson told ST. The next court mention is July 1. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
01-05-2025
- Business
- Business Times
SP Tao's family selling its offices in SGX Centre 2 for S$39.5 million
[SINGAPORE] The family of the late tycoon SP Tao is selling its space on the top two levels of the 29-storey SGX Centre 2 in Shenton Way for a total of S$39.5 million. This works out to about S$2,629 per square foot (psf) for the total strata area of about 15,026 square feet (sq ft). SGX Centre – comprising a two-tower 29-storey office building and podium – is on a site with 99-year leasehold tenure from November 1995, leaving a balance of about 69.5 years. The project, which is home to the Singapore Exchange among other tenants, was developed on the combined site of the former 22-storey Shing Kwan House and five-storey ICB (Industrial and Commercial Bank) Building. SGX Centre was completed about 25 years ago. The recent sale of the Tao family's space involves two transactions at SGX Centre 2. The whole of level 29, nearly 10,215 sq ft, is changing hands at S$26.85 million. In addition, about 4,811 sq ft on part of level 28 has fetched S$12.65 million. The two spaces are being sold to different Singapore-incorporated entities which have some common shareholders. The seller in both transactions is Shing Kwan (Pte) Ltd, owned by Tao's family. He died in 2021 at the age of 104. SP Tao, or Tao Shing Pee, used to own the penthouse and six car-parking spaces in Shing Kwan House, which he developed in 1973 through Shing Kwan Realty. In the same year, he became Singapore Land's (SingLand) chairman and major shareholder. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In 1990, Tao lost a takeover battle for SingLand and eventually exited the group in early 1996. In late 1997, prior to the development of the SGX Centre project, Tao agreed to transfer his penthouse and six car-parking spaces in Shing Kwan House to SingLand's wholly owned subsidiary Shing Kwan Realty (now known as SL Realty). In exchange, he received the entire 29th storey and part of the 28th storey of SGX Centre 2. SingLand owns the rest of the 28th floor as well as the bulk of SGX Centre 2, in addition to some space in SGX Centre 1. SGX Centre 1 is mostly held by UOB group. Last week, the Urban Redevelopment Authority released data showing that its price index of office space in Singapore's central region dipped 0.2 per cent quarter on quarter in Q1 2025, after slipping 0.7 per cent in the fourth quarter of 2024. For the whole of 2024, the price index appreciated 1.8 per cent. Savills Singapore noted recently that investment sales in the Singapore office market were lukewarm in the first quarter, which it attributed to a cocktail of factors. 'These include aggressive asking prices by sellers, fewer-than-expected (Federal Reserve) rate cuts, limited availability of investible-grade properties, and economic uncertainties arising from trade disruptions caused by US President Trump's tariff policies and ongoing geopolitical tensions,' Savills said. The property consulting group has maintained its forecast for overall Grade A Central Business District office rents to remain flat in 2025. 'As vacancy levels among most of the premium AAA-grade buildings are very low, they may still be able to eke out a 2 per cent year-on-year increase,' it added.
Straits Times
30-04-2025
- Business
- Straits Times
Family meal allowances, medical coverage for dependents: How firm cares for staff's loved ones too
Ms Cynthia Liang (left) and her son participate in an activity together at her workplace during Bring Your Kids To Work Day. PHOTO: SINGAPORE LAND GROUP BRANDED CONTENT Family meal allowances, medical coverage for dependents: How firm cares for staff's loved ones too At Singapore Land Group, employees are supported not just in the work they do, but also in their roles as parents and caregivers This year, Ms Cynthia Liang faces one of the most stressful challenges for parents in Singapore – preparing her son for the PSLE. However, she finds comfort in knowing that she can request more work-from-home (WFH) days to support him better. 'Just being there makes a difference,' says the 43-year-old assistant general manager at Singapore Land Group (SingLand). 'I may not be able to help him with his schoolwork, but he can tell me what he's struggling with and I can lend a listening ear. Having someone who cares for him by his side will help with his mental state.' Caring for employees and their families SingLand's adoption of a flexible WFH policy – two years before the release of the Tripartite Guidelines on Flexible Work Arrangement Requests which sets out the process for employees to formally request such arrangements – underscores the real estate firm's progressive approach to work-life balance. This policy has greatly benefited its workforce – nearly half of whom are women and many are juggling parenting or caregiving responsibilities. 'Something as simple as being able to work from home can actually allow you to be a better parent while still fulfilling your work responsibilities,' says Ms Liang. For the mother of three boys, the firm's annual $500 medical expense coverage for dependents of employees has also lightened her financial load. The amount can be used for spouses and children. 'Kids get sick quite often, and with three kids, it really adds up. At least, I don't have to worry too much when they see the doctor so frequently.' Such family-centric policies and benefits are a key reason SingLand has been named one of Singapore's best 250 employers, in a list compiled by global research firm Statista in collaboration with The Straits Times. These policies and perks embody the company's belief that work and family life are not a zero-sum game; employees should be able to prioritise both without compromise. 'Family is important to SingLand and its employees,' says Ms Welch Er, head of human resources (HR). 'Knowing their loved ones are well-cared for allows employees to focus on and engage fully with their work.' In a companywide Your Voice Survey conducted in 2024, three in four employees said they would recommend SingLand as a great place to work at. Unlike traditional companies that might expect employees to leave their personal lives at the door, SingLand takes the opposite approach. The company designates June as 'Family Month' and organises various activities for employees and their family. One such event was 'Bring Your Kids To Work Day', held in 2023. During the event, Ms Liang's sons, along with other children, received Lego sets, enjoyed magic shows and toured the company's departments to learn about their functions. Events like 'Bring Your Kids To Work Day' let staff share with their children what they do at work. PHOTO: SINGAPORE LAND GROUP 'My three boys had a lot of fun,' she says. 'They know I go to work every day, but the office is like a 'black hole' in their minds. Now they have a glimpse of my nine-to-five life.' Such events also allow employees to relate to one another beyond mere job titles, deepening mutual understanding. These opportunities to engage employees' families and foster connections among staff continue well beyond the month of June. Throughout the year, employees can bring their children to team events, such as pickleball matches. They also receive a yearly $100 allowance for family meals – a small gesture that emphasises the importance of quality family time. Ms Er says: 'These initiatives help nurture close-knit families, which naturally shapes our family-like company culture. Employees should feel at home when they come to work.' Strong support networks at home and in the office contribute to employee resilience and well-being. Based on findings from the Your Voice Survey 2024, SingLand is ranked near the top 70th percentile among companies that participated in a Gallup survey in Singapore on employee well-being and work-life balance. A culture of trust and openness To support employee self-care, SingLand offers three days of Medical Time-Off annually, allowing employees to attend routine health and dental check-ups without using their annual leave. Ms Liang says: 'It's helpful because such appointments are often scheduled during the workday. It's super hard to get an appointment after 6pm.' In 2025, the company introduced Sick Leave without a medical certificate, which allows employees to take time off to recuperate at home if they are unwell without the need for a visit to the doctor. Ms Er explains: 'This reduces their anxiety about having to wait for an hour for a consultation, especially when they already have medicine at home and don't really need to see the doctor.' To Ms Liang, these benefits not only offer employees greater autonomy in managing their health, but also communicate the employer's trust in its staff. 'It shows that the company thinks of us as adults who can manage our own work, instead of being suspicious of us,' she says. This trust and care extended to employees have shaped an open culture at SingLand. This translates even to the office's redesign in 2023. When staff returned to the office after the Covid-19 pandemic, they found their cubicles had been replaced with an open-plan layout. In the office's cafe-style pantry, employees come together for lunch and to celebrate birthdays, a ritual that SingLand supports by sponsoring birthday cakes. The company also promotes healthy eating with a weekly distribution of fruits in the pantry, offering employees an opportunity to gather and catch up with one another. The workplace overhaul created opportunities for informal bonding that Ms Liang, an introvert, 'never thought she needed'. The open-plan office has also changed the way employees work. No longer are employees separated by partitions or required to knock on doors. Now, Ms Liang and her colleagues can simply stand up at their table and immediately discuss their work face-to-face. 'It's a seed HR has planted to allow for serendipitous meetings. These things may seem insignificant, but they actually create a certain type of magic,' she says. Empowering women at work Women Inspired to Thrive is a ground-up initiative that supports female employees balancing work and home. PHOTO: SINGAPORE LAND GROUP Another employee-focused initiative that SingLand has rolled out is Women Inspired to Thrive (WIT), an ground-up employee resource group led by the firm's head of legal, Ms Teo Hwee Ping. To support female employees who wear multiple hats at home and at work, WIT chairs bi-monthly closed-door sharing sessions on topics ranging from building confidence at work to managing personal finances. These sessions serve as an opportunity for introspection for employees like Ms Liang, who, for the last 12 years, has dedicated herself to both her role at SingLand and raising her three sons, often at the expense of personal development. 'It's very difficult for women. When you get to a stage when you have to mind your child, you have less time for self-improvement,' Ms Liang says. At a recent session on aligning work with one's strengths, she realised that a role recalibration might inject new energy into her work life. This led to a conversation with Ms Er, in exploring the possibilities of a job rotation into other potential roles which could benefit both Ms Liang and the company. 'It allowed me to take a step back, understand myself, and figure out how to move forward in my career,' she explains. WIT also promotes a culture of psychological safety. Employees who may initially be reluctant to speak up gain confidence in its supportive environment, eventually finding their voice in other settings. 'In this setting, you get to see the vulnerabilities of others, which can make you reevaluate your initial impressions. That's quite powerful,' Ms Liang adds. Read more about Singapore's Best Employers here. Join ST's WhatsApp Channel and get the latest news and must-reads.
