Category Archives: General

Waking up to the world of casinos

Posted on 3 Nov 2009 | Comments Off on Waking up to the world of casinos

IN 2010, Singaporeans will wake up to a world that will include casinos, an industry that is sometimes known to have a sleazy underbelly.

While it is not known how the industry here will evolve, some light will likely be thrown at least on how junkets are to be operated when the Casino Regulatory Authority (CRA) reveals more details on licensing requirements for junket promoters soon. This is expected to address issues such as junket promoters’ eligibility, licensing fees, and disclosure of commissions, junket participants names and even junket schedules.

The junket promoter’s job is to arrange junkets for a select group of people to gamble at a specific casino by offering ‘comps’ – complimentary transportation, food, lodging and entertainment. Their services can also include arranging for credit.

In Macau, junket promoters are thought to be responsible for all the high-roller VIP business, which constitutes almost 70 per cent of the Special Administrative Region’s (SAR) total gaming revenue. However, junket promoters there have operated largely unregulated until the industry was expanded in 2004 to include other players such as Las Vegas Sands and Wynn. Continue reading →

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Posted in General, Sentosa Property

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Govt agency should handle resale flat sale

Posted on 31 Oct 2009 | Comments Off on Govt agency should handle resale flat sale

DAVID Lawrence has a suggestion for dealing with the problem of rogue housing agents whom the government is trying to rein in: by introducing legislation.

Either the Ministry of National Development or Housing and Development Board could set up a separate statutory body and give it exclusive rights to deal in resale HDB flats, he says.

Such legislation may be difficult to apply retroactively for the existing flats, he notes. But when HDB sells new flats, it could write in the agreement that when the lessees wish to re-sell their flats after the five-year minimum occupation period, they will have to go through the new stat body.

‘If you wish to sell your flat, all you’ll have to do is to list it with this new stat body,’ Mr Lawrence, who is chief executive of Wheelock Properties (Singapore), told BT in a recent interview. ‘The new body would not have to be involved in the pricing. People can put their own price, as in a free market. If it doesn’t sell within three months, then they’ve priced it too high,’ he said.

The proposed new stat body would employ agents who have been screened and found suitable. ‘The commission charges could be low but it will still pay for this stat body to handle all these sales,’ Mr Lawrence said. Continue reading →

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Posted in General, HDB

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