For a while now since the onset of property cooling measures, developers have tried various means to make their projects more palatable. They have more flexibility to come up with creative marketing schemes for delicensed projects - those that have received Certificate of Statutory Completion and individual strata titles issued to buyers.
Finance firm Hong Leong Finance (HLF) starts offering a programme today that gives retirees cash in the form of a term loan.The scheme could help retired people with paid-up property who need access to ready cash.
Their joint venture (JV), China Highway-Surbana Jurong Transportation Design and Research Co Ltd (China Highway-SJ), is 51 per cent owned by China Highway and 49 per cent held by Surbana Jurong.
Its owner, a European in the private equity business, occupied the property briefly, in 2013 and in 2014, before he moved to London to pursue business opportunities. He is now based there. He is understood to be expecting a price of S$24 million, which would work out to S$2,014 per square foot on a land area of 11,913.50 sq ft. The property is on a site with a 99-year leasehold tenure that began in August 2007, which means that about 89 years is left on the lease.