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RESIDENTIAL PROPERTY, SHIPPING & MARINE | Staff Reporter, Singapore
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Daily Briefing: UN to hear Malaysia-Singapore island dispute; 4 refuelling vessels seized over unpaid debt

And here’s why 99-year leasehold HDB flats aren’t a good investment for old age anymore.

From AFP News via Yahoo! Finance:

The United Nations’ International Court of Justine (ICJ) will hold hearings into Malaysia’s request to overturn its ruling in a dispute with Singapore over a “tiny but strategic” island Pedra Branca/Pulau Batu Puteh.

“The International Court of Justice (ICJ) ‘will hold public hearings in the case concerning the revision of the judgement of 23 May 2008 in the case concerning sovereignty over Pedra Branca/Pulau Batu Puteh.’

Four days of audiences will be held starting on June 11 in the imposing tribunal housed in the Peace Palace in The Hague, the ICJ added in a statement.

Malaysia lodged its case in February 2017, calling for the court to overturn its 2008 ruling granting its neighbour sovereignty over the disputed rocky outcrop.”

Read more here.

From Reuters:

Four marine refuelling barges owned and operated by Vermont UM Shipping Pte Ltd were seized in Singapore on Monday night by law firm Rajah & Tann over an unpaid debt.

“Singaporean law firm Rajah & Tann seized the vessels over unpaid claims on behalf of its client, Malayan Banking Berhad, or Maybank, said a source with direct knowledge of the matter who declined to be identified as the person is not authorized to speak to the media.

The source declined to specify the amount of the claims against Vermont UM Shipping.

Rajah & Tann did not respond to an emailed request for comment. Maybank also did not respond to an emailed request for comment.

The vessels - the Angel Sun, Angel Moon, Angel Star and Ansheng - were seized on Monday night, according to the Supreme Court website.”

Read more here.

From iCompareLoan via Yahoo! Finance:

Are 99-year leasehold HDB flats still worth investing in for old age? Others think the claim that the flats will support buyers through their old age isn’t valid anymore.

“Writing for his Ministry’s blog in March last year, Mr Wong asked HDB flat owners to not assume that all old HDB flats will become eligible for Sers (Selective En bloc Redevelopment Scheme). He said that ‘only 4% of HDB flats have been identified for SERS since it was launched in 1995’, and that ‘it is only offered to HDB blocks located in sites with high redevelopment potential.’

HDB’s flash estimates say that the median price of resale flats dipped by 0.8% in the 1st Quarter of 2018 from the previous three-month period. The price drop is significant from its peak in the 1st quarter of 2013.

Some, like Mr Lim, are disappointed by the price drop in HDB resale flats. ‘Most of them were hoping to downgrade and live on the profits from selling their flats but have become disillusioned,’ Mr Lim said.”

Read more here.

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