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16 August 2013

4 bids for Telok Ayer site; top bid at S$1,112 psf ppr 

Source: Business Times

By: Kalpana Rashiwala 

A 99-YEAR leasehold commercial site at Cecil Street/Telok Ayer Street has fetched four bids at a state tender that closed on Thursday. The top bid of S$923.952 million, which works out to S$1,112.44 per square foot per plot ratio (psf ppr), was from Frasers Centrepoint's unit FC Commercial Trustee Pte Ltd. The second highest bid, from Euland Pte Ltd, was for around S$936 psf ppr.

Mapletree Trustee Pte Ltd bid S$901psf ppr while AT Capital Holdings offered S$851 psf ppr for the 99-year leasehold site.

At least 80 per cent, or 664,456 sq ft of the 830,564 sq ft maximum gross floor area for the project on the site must be set aside for office use. The balance can be for additional office use or for other commercial uses such as retail, and food and beverage uses. Urban Redevelopment Authority has stipulated that strata subdivision of the development will not be allowed.

Residential use on the site is also not permitted.

CPF ordinary accounts to continue to attract a 2.5% interest rate till end-2013

Source: The Straits Times
By: Rachel Tan

Central Provident Fund (CPF) members will continue to get a 2.5 per cent interest rate on their on Ordinary Accounts (OA) from Oct 1 to Dec 31 this year, said the CPF Board in a statement on Thursday.

The computed CPF interest rate derived from interest rates from local banks for the period May 1 to July 31 this year was 0.21 per cent per annum. As this is below the legislated minimum of 2.5 per cent per annum, the OA interest rate for this period will remain unchanged.

To enhance the retirement savings of CPF members, an extra 1 per cent interest will continue to be paid on the first $60,000 of a member's combined balances, with up to $20,000 from the OA.

Extra interest from the OA will go into the member's Special or Retirement Account. The concessionary 2.6 per cent interest rate for Housing Board mortgage loans will also remain unchanged from October until the end of the year.