To increase the supply of interim office space and for backroom support operations of financial institutions, the Singapore Land Authority (“SLA”) has awarded three State properties in July, opened another two tenders last week and is preparing two more properties to be offered to the market in coming months. The Authority is also evaluating four tenders to meet the demand for more office space. To-date, this would make the total estimated gross floor area (GFA) of 13 properties pushed out by SLA for only office use, since beginning of this year, about 90,000 square metres.

Three properties awarded

2 The first of the three successful awards is for the property at 3 Shan Road, former Moulmein CC, which SLA awarded to Phillip Securities Pte Ltd (辉立证券私人有限公司). This is also the first community centre to be adapted for office use. It has a GFA of about 2,100 square metres. The tenancy is for three years and renewable on terms up to 2016.

3 Phillip Securities won the tender at a bid of $35,000 per month. Just outside of the CBD and minutes away from the CTE and town, Phillip Securities planned to set up an Investor Centre, offering a range of financial services, a cafeteria, seminar/meeting rooms and offices for its backend operations. It expects to commence operations by year end.

4 Ms Lisa Lee, Director, Business Development (黎丽霞, 市场开发部经理) said, “This is our first time renting from a State property and will be our seventh Investor Centre, as part of our expansions plans to serve the needs of clients. We have been actively searching for more locations to expand our scope and client base. We plan to spend between $1 to $2 million for renovation works. Visibility and location of this State property makes it an ideal choice for us. Besides, the open concept design of the building appeals to us as we are adopting a club house concept, enabling clients to drop by and discuss about their financial needs in a comfortable and spacious setting and they can learn more about investments through our regular seminar talks.”

5 The former CPIB building at 150 Cantonment Road received 15 bids, the highest number ever for a SLA public tender. SLA awarded the site to Bravo Building Construction Pte Ltd, a property development company, at the highest bid price of $91,731.00 per month. This property is on the fringe of the CBD and has a land area of about 7,100 square metres and a GFA of about 4,500 square metres. The tenancy is for three years and renewable on terms up to 2016.

6 The company said it has plans to spend $3 million to refurbish the State property and transform it into an environmentally-friendly and handicapped-friendly building with wireless network. They intend to sublet units to companies providing products and services related to Integrated Resorts (IR) entertainment.

7 SLA also awarded another former government building, 18 Pearl's Hill Terrace at the former CID Training Centre, to Hean Nerng Warehousing Pte Ltd, which put in a bid of $5,300 in monthly rent. The property has a land area of about 1,700 square metres and a GFA of about 790 square metres. It has a hilltop location and is close to a MRT station with many restaurants nearby. The tenancy is up to December 2009.

8 Mr Kelvin Lim (林隆田), Hean Nerng Warehousing’s Managing Director says, “We intend to sublet units to companies which wish to expand their businesses or services near the CBD, for their backroom processes at affordable rental rates. They can be financial services firms, securities agencies, consultancy, accountancy firms, legal firms, interior design firms. We are targeting to complete renovations and start business operations by October this year.” Hean Nerng Holdings currently tenants another State property located at 2 Soon Wing Road.

9 They company added that they hope to retain the existing uniqueness of the building to attract more interested parties to rent.

More properties under evaluation

10 SLA is also evaluating more tenders for office use Results expected to be out in the next month. Please refer to Annexes A, B, C and D for the tender schedules.

300 Jalan Bukit Ho Swee (Former Bukit Ho Swee CC)
991 Alexandra Road, former Pasir Panjang ITE
10 Raeburn Park
195 Pearl's Hill Terrace, former Police HQ

More properties available for office space tender

11 SLA has offered more State properties as follows:

169 Sims Avenue
3 Lorong 6 Toa Payoh (Former Pei Chun Public School)
90 & 92 Jalan Rajah (Former ITE Balestier & Kim Keat Camp)
231 Mountbatten Rd (Former Haig Boys’ School)

Tenders have opened for a) and b). Both sites are near MRT stations. The former Haig Boys’ School may be given an additional GFA of 10,000 square metres for in-field development. Please refer to Annex E for a summary of current tenders of properties for dedicated office space.

12 SLA’s Director of Land Operations (土地咨询商业处长), Mr Simon Ong (王汉龙), said, “Financial institutions should find our State properties suitable for their needs as they are well located, of the right size, easily adaptable and most importantly, at relatively affordable rentals.”

13 For more information on available properties for rental, please visit SLA’s State Property and Information Online (SPIO) web portal (http://www.spio.sla.gov.sg), or call the SPIO hotline at 6323 9154. The tender documents are available on http://www.gebiz.gov.sg/ as from the tender opening date. Tender applications may be deposited at Singapore Land Authority, 8 Shenton Way, #26-01, Singapore 068811.

14 For media enquiries, please contact Miss Wang Hui Ling from Corporate Communications at tel: 6323 9116, hp: 9823 1479, or e-mail: Wang_Hui_Ling@sla.gov.sg.

-End-

Issued by:
The Singapore Land Authority
3 August 2007

Attachments (Source: SLA):
Annex A: Tender schedule of 300 Jalan Bukit Ho Swee (Former Bukit Ho Swee CC)
Annex B: Tender schedule of 991 Alexandra Road, former Pasir Panjang ITE
Annex C: Tender schedule of 10 Raeburn Park
Annex D: Tender schedule of 195 Pearl's Hill Terrace, former Police HQ
Annex E: Summary of new tenders launched

About SLA
The Singapore Land Authority (SLA) is a statutory board with the Ministry of Law. Its mission is to optimise land resources for the economic and social development of Singapore. SLA is responsible for the direct management of some 14,000 hectares of State land and about 5,000 buildings. It is also in charge of land sales, leases, acquisitions and allocation, developing and marketing land-related information, and maintaining the national land information database through digitised land information services. SLA is also the national land registration authority for property transactions, and the issuance and guarantee of land titles in Singapore. It also manages and maintains the national land survey system, including the defining of boundaries or legal limits of properties based on a coordinated cadastre survey system. Please visit www.sla.gov.sg for more information.

About Phillip Securities Pte Ltd
Established in 1975, Phillip Securities Pte Ltd is a member of PhillipCapital, which offers a full range of quality and innovative financial services to retail, corporate and institutional customers. PhillipCapital has grown steadily and progressively into an integrated financial services provider with more than 2500 staff in Asia and Europe and total shareholders' funds in excess of US$500 million. The comprehensive list of services include fund management, unit trusts, hedge funds, insurance planning, mortgage loans, investment research and broking in bond, securities, futures, foreign exchange, precious metals, commodities, corporate finance and advisory services and information technology solutions. Please visit http://www.phillip.com.sg/ for more information.

About Hean Nerng Warehousing Pte Ltd (贤能控股)
Hean Nerng Warehousing Pte Ltd is a subsidiary of LHN Group Pte Ltd. The company provides property management services. It leases open lands, industrial lands, industrial buildings, industrial warehouses, and industrial office from government agencies, commercial corporations and finance companies and then subleases the premises to companies operating in Singapore.

Annex A

TENDER OF STATE PROPERTY CALLED ON 08 JUN 2007 & CLOSED ON 20 JUL 2007 State Property at 300 Jalan Bukit Ho Swee, former Bukit Ho Swee CC
S/No.	Name of Tenderer	Tendered Monthly Rent (S$)
1	Equation Corp Limited	90,000/-
2	Deloitte & Touche Management Services Pte Ltd	54,700/-
3	Chen Lu Fei	42,200/-

Annex B

TENDER OF STATE PROPERTY CALLED ON 30 APRIL 2007 CLOSED ON 25 MAY 2007 State Property at 991 Alexandra Road, former ITE Pasir Panjang
S/No.	Name of Tenderer	Tendered Monthly Rent (S$)
1	RichZone Properties Investment Pte Ltd	288,999/-
2	Jian Yu Construction Pte Ltd	172,000/-

Annex C

OFFER OF STATE PROPERTY LAUNCHED ON 10 JULY 2007 State Property at 10 Raeburn Park, Singapore 088702
S/No.	Name of Tenderer	Tendered Monthly Rent (S$)
1	Hean Nerng Investments Pte Ltd	200,000/-
2	Glorycity Properties Investment Private Limited	138,333/-

Annex D

OFFER OF STATE PROPERTY LAUNCHED ON 30 JANUARY 2007 State Property at 195 Pearl’s Hill Terrace, Singapore 168976
S/No.	Name of Tenderer	Tendered Monthly Rent (S$)
1	Tan Yong Boon	15,000/-

Annex E

Here is a summary of the new tenders launched:

TENDER OF STATE PROPERTY CALLED ON 08 JUN 2007 & CLOSED ON 20 JUL 2007 State Property at 300 Jalan Bukit Ho Swee, former Bukit Ho Swee CC
Property	Land area (sqm)	GFA (sqm)	Property includes:	Tenancy period	Tender opening date	Tender closing date
169 Sims Avenue	840.8	385.7	Four single storey buildings and a Shed	3+3+3 years	Friday, 20 July	Friday, 10 Aug 07
3 Lorong 6 Toa Payoh (Former Pei Chun Public School)	4,430.0	6,107.0	1 block of 4-storey building	3+3+3 years	Friday, 27 July	Friday, 17 Aug