Suspenders liao
Minister Khaw: DBSS land sale suspended pending review Editorial TEMASEK REVIEW EMERITUS
The government has suspended the sale of state land for DBSS scheme pending review of its present policies, says Minister Khaw Boon Wan.
Mr Khaw, who is the Minister for National Development posted on his Facebook that he has ordered the suspension of ”future DBSS land sale… however, a few DBSS land sites sold last year, like the Centrale 8 site, will launch their sales in next few months. these are old tenders beyond my control”.
Recently, SPH publication Business Times (BT) reported that the developer for Centrale 8 site Sim Lian Group stand to reap a shocking 75.8 percent gross profit margin from its sales with a land price of $82m.
The initial BT report sparked a furore among netizens with many lambasting Sim Lian Group for the obscene profit that it is making.
The report was subsequently disputed by BG (NS) Tan Chuan-Jin who said that ”there are major errors in BT’s report”. BG (NS) Tan said that Sim Lian’s land price paid is $178-$195m and not $82m as claimed by BT. This would mean that their (Sim Lian) profits are within 7% to 15% and not 75%.
Mr Khaw also chip in and said that the BT had grossly over-estimated the developer’s profit and gross profit margin.
“For example, it quoted a land price of $82,222,000 and a maximum GFA of 721,188 square feet for the project. Both figures were wrong. The correct figures were respectively $178,128,000 and 682,385 square feet. This was a huge difference of almost $100 million,” Mr Khaw pointed out.
Mr Khaw added that the profit margin would have been 26% based on his figures which differed from his subordinate BG Tan Chuan-Jin’s earlier estimate of 7% to 15% percent.
Despite ‘clarification’ from BG (NS) Tan and Mr Khaw, netizens are skeptical of the figures presented by both Ministers and have called for more transparency in the sale of state land under the DBSS scheme.
Mr Khaw, who has just taken over from his much maligned predecessor Mah Bow Tan claims that he has not been sleeping well and (is) working his guts off trying to calm the market, for the good of Singaporeans.
However, despite Mr Khaw’s best efforts, the HDB flat prices in the second quarter of 2011 rose by 2.9 per cent to a record high, the fastest since the third quarter of 2010.
Minister Khaw: DBSS land sale suspended pending review Editorial TEMASEK REVIEW EMERITUS
The government has suspended the sale of state land for DBSS scheme pending review of its present policies, says Minister Khaw Boon Wan.
Mr Khaw, who is the Minister for National Development posted on his Facebook that he has ordered the suspension of ”future DBSS land sale… however, a few DBSS land sites sold last year, like the Centrale 8 site, will launch their sales in next few months. these are old tenders beyond my control”.
Recently, SPH publication Business Times (BT) reported that the developer for Centrale 8 site Sim Lian Group stand to reap a shocking 75.8 percent gross profit margin from its sales with a land price of $82m.
The initial BT report sparked a furore among netizens with many lambasting Sim Lian Group for the obscene profit that it is making.
The report was subsequently disputed by BG (NS) Tan Chuan-Jin who said that ”there are major errors in BT’s report”. BG (NS) Tan said that Sim Lian’s land price paid is $178-$195m and not $82m as claimed by BT. This would mean that their (Sim Lian) profits are within 7% to 15% and not 75%.
Mr Khaw also chip in and said that the BT had grossly over-estimated the developer’s profit and gross profit margin.
“For example, it quoted a land price of $82,222,000 and a maximum GFA of 721,188 square feet for the project. Both figures were wrong. The correct figures were respectively $178,128,000 and 682,385 square feet. This was a huge difference of almost $100 million,” Mr Khaw pointed out.
Mr Khaw added that the profit margin would have been 26% based on his figures which differed from his subordinate BG Tan Chuan-Jin’s earlier estimate of 7% to 15% percent.
Despite ‘clarification’ from BG (NS) Tan and Mr Khaw, netizens are skeptical of the figures presented by both Ministers and have called for more transparency in the sale of state land under the DBSS scheme.
Mr Khaw, who has just taken over from his much maligned predecessor Mah Bow Tan claims that he has not been sleeping well and (is) working his guts off trying to calm the market, for the good of Singaporeans.
However, despite Mr Khaw’s best efforts, the HDB flat prices in the second quarter of 2011 rose by 2.9 per cent to a record high, the fastest since the third quarter of 2010.
but OT here 
