Daily Archives: 28 Aug 2009

Illegal subletting in private residences on the rise

Posted on 28 Aug 2009 | Comments Off on Illegal subletting in private residences on the rise

The Urban Redevelopment Authority (URA) has investigated over 500 cases of illegal subletting at private residences so far this year. That’s 25 per cent more than the whole of 2008.

These involve the unauthorised partitioning of apartments, shophouses and terrace units into smaller units in order to sublet them individually.

Authorities said the majority of offences involved turning residential units into workers dormitories, boarding houses or hostels.

And they said culprits include property agents, a claim which their umbrella association flatly denies.

The Institute of Estate Agents said members found flouting the rule will be reported to the authorities, and stripped of their membership.

Source : Channel NewsAsia – 27 Aug 2009

Comments Off on Illegal subletting in private residences on the rise

Posted in Property Market / Real Estate

Tagged ,

Saizen to resume payouts in Q4 FY’10

Posted on 28 Aug 2009 | Comments Off on Saizen to resume payouts in Q4 FY’10

It posts 19% fall in distributable income to 1.37 billion yen for FY2009

SAIZEN Real Estate Investment Trust (Reit), which has suspended distribution of income for the financial year ended June 30, 2009 (FY2009) to conserve cash, said that it aims to resume distribution from the last quarter of FY2010 or the first quarter of FY2011.

This comment came in its financial report for FY2009, which saw it posting a 19 per cent fall in distributable income to 1.37 billion yen (S$20.37 million).

Its net property income, however, grew 17.2 per cent to 2.9 billion yen as it recognised contributions from 166 properties for the full fiscal year. In fiscal 2008, some 65 properties were added gradually across the year.

Saizen also completed its divestment of UI Building for 274.68 million yen yesterday. Continue reading →

Comments Off on Saizen to resume payouts in Q4 FY’10

Posted in Funds

Tagged , ,