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30-01-2015, 08:30 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
The recent revelation that the government is allowing a Chinese temple to be built next to HDB BTO flats in Sengkang West, housing a columbarium, has caused an uproar among the future HDB residents there.
In an effort to soothe the residents’ anxieties, MP Lam Pin Min conducted a town hall meeting with the residents yesterday (4 Jan). However, more questions were raised during the dialogue session.
In particular, as reported in the media, residents were asking why a profit-oriented company was allowed to bid for the development of the Chinese temple cum columbarium.
“We should reserve these lands for our religious organisations”, said resident Alex Tan, “If our religious organisations were to compete with a private entity, in a few years’ time we may find our temples and churches priced out of the market. If a Buddhist temple needs to find new land, they may not be able to do so because private companies are bidding higher prices than what a not-for-profit organisation can pay.”
Another resident, Adrian Choo, said, “Dr Lam, thanks for sharing. But could you please comment on how proper it is for a corporation to tender for a religious site? I would be dismayed if, say, for a church site tender, a private company outbids other churches just for the land, as the company would have access to more resources than a not-for-profit religious body.”
Yet another resident Ms Goh said that she felt “cheated”. She cannot understand why a temple facility is being tendered out to a for-profit organisation and not to a religious or non-profit organisation. In her opinion, a for-profit organisation will definitely seek to maximise profit and it is not known what other expansion plans it has in the future.
Chinese temple tender awarded to company set up after tender called
In the last few days, TRE readers have been sending in related information about the company which won the bid to purchase the land parcel for developing the Chinese temple cum columbarium.
The following tender result from HDB’s website shows that the land parcel for the project was awarded to Eternal Pure Land Pte Ltd on 17 July 2014. It had submitted the highest bid for the site (2,000 sqm) at $5,200,988 [Link]. This works out to $242 psf:
The company’s 100,000 shares are wholly owned by SFS Care Pte Ltd, which, in turn, is wholly owned by Life Corporation Ltd (Life Corp), a company listed on the Australian Securities Exchange (ASX).
According to ASX, the directors of Life Corp are [Link]:
Mr Yuen Kam (Chairman)
Mr Simon Hoo (CEO, Executive Director) (i.e. Hoo Kia Wei)
Mr Victor Hoo (Executive Director) (i.e. Hoo Kwok Chye)
Mr Kenneth Lim (Executive Director) (i.e. Lim Chee Kwang)
Mr Voiron Chor (Non Exec. Director)
Mr Samuel Kong (Non Exec. Director)
Mr Mark Benedict Ryan (Non Exec. Director)
The other 2 bidders, Peng Hong Association and Xing Guang Maitreya Society, in all probability do not have the financial muscle to match a public listed company such as Life Corp. A public listed company can easily raise funds through right issues, warrants, bonds etc from the public.
Life Corp says on its website [Link]:
In September 2013, LFC (i.e. Life Corp) acquired a SFS Care Pte Ltd, a premium funeral service provider in Singapore. This signalled LFC entry into the bereavement care industry in Singapore with its new wholly owned company of SFS Care Pte Ltd (commonly known as Singapore Funeral Services).
In July 2014, LFC announced its successful tender of a leasehold land in Singapore for the construction of a Chinese temple with columbarium niche storage facility. The land lease acquired is a strategic move as LFC strives to expand its presence in the enlarged bereavement business in Singapore with the columbarium facility.
The founders of Singapore Funeral Services are Victor Hoo Kwok Chye and Hoo Hung Chye.
In its annual report for the year ended 30 June 2014 [Link], Life Corp announced losses:
It also mentioned that it was in “advanced negotiations” with parties to build a Chinese temple-cum-columbarium structure within the temple:
It also said that the purchase of the land parcel will be financed by a convertible bond:
Company selling niches in columbarium now
In a company disclosure [Link] in November 2014, Life Corp said that Hong Leong Finance has agreed to provide funding of $14,960,000 for the construction of the Chinese temple cum columbarium, after securing the land parcel. The construction financing facility is for 18 months and will be converted to a 7-year term loan on completion of the temple.
Life Corp also said that with the funding arranged, it has started marketing and pre-sales of the niches (spaces) in the columbarium. Take note that Life Corp says that the niches will be marketed as part of funeral service packages:
Ignoring interest charges, the total cost including the land and construction costs will amount to about $20 million for Life Corp. Assuming 10,000 niches, Life Corp will have to sell the niches at $2000 per niche on average in order to break even.
If more companies aggressively bid up the price of such land parcels, do not be surprised that one day Singaporeans will have to pay $20,000 for a niche in a columbarium to house the ashes of the dearly departed.
In any case, after the dialogue with MP Lam yesterday, about 100 residents suggested writing a collective letter to HDB for a full refund of their deposit as they would rather give up their housing unit at Fernvale Link.
It is not known if HDB will allow the residents to back out of their BTO purchase.
http://www.tremeritus.com/2015/01/06...tender-called/ (http://www.tremeritus.com/2015/01/06/temple-saga-firm-set-up-16-days-after-tender-called/)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?199319-Temple-saga-Firm-set-up-16-days-after-tender-called&goto=newpost).
The recent revelation that the government is allowing a Chinese temple to be built next to HDB BTO flats in Sengkang West, housing a columbarium, has caused an uproar among the future HDB residents there.
In an effort to soothe the residents’ anxieties, MP Lam Pin Min conducted a town hall meeting with the residents yesterday (4 Jan). However, more questions were raised during the dialogue session.
In particular, as reported in the media, residents were asking why a profit-oriented company was allowed to bid for the development of the Chinese temple cum columbarium.
“We should reserve these lands for our religious organisations”, said resident Alex Tan, “If our religious organisations were to compete with a private entity, in a few years’ time we may find our temples and churches priced out of the market. If a Buddhist temple needs to find new land, they may not be able to do so because private companies are bidding higher prices than what a not-for-profit organisation can pay.”
Another resident, Adrian Choo, said, “Dr Lam, thanks for sharing. But could you please comment on how proper it is for a corporation to tender for a religious site? I would be dismayed if, say, for a church site tender, a private company outbids other churches just for the land, as the company would have access to more resources than a not-for-profit religious body.”
Yet another resident Ms Goh said that she felt “cheated”. She cannot understand why a temple facility is being tendered out to a for-profit organisation and not to a religious or non-profit organisation. In her opinion, a for-profit organisation will definitely seek to maximise profit and it is not known what other expansion plans it has in the future.
Chinese temple tender awarded to company set up after tender called
In the last few days, TRE readers have been sending in related information about the company which won the bid to purchase the land parcel for developing the Chinese temple cum columbarium.
The following tender result from HDB’s website shows that the land parcel for the project was awarded to Eternal Pure Land Pte Ltd on 17 July 2014. It had submitted the highest bid for the site (2,000 sqm) at $5,200,988 [Link]. This works out to $242 psf:
The company’s 100,000 shares are wholly owned by SFS Care Pte Ltd, which, in turn, is wholly owned by Life Corporation Ltd (Life Corp), a company listed on the Australian Securities Exchange (ASX).
According to ASX, the directors of Life Corp are [Link]:
Mr Yuen Kam (Chairman)
Mr Simon Hoo (CEO, Executive Director) (i.e. Hoo Kia Wei)
Mr Victor Hoo (Executive Director) (i.e. Hoo Kwok Chye)
Mr Kenneth Lim (Executive Director) (i.e. Lim Chee Kwang)
Mr Voiron Chor (Non Exec. Director)
Mr Samuel Kong (Non Exec. Director)
Mr Mark Benedict Ryan (Non Exec. Director)
The other 2 bidders, Peng Hong Association and Xing Guang Maitreya Society, in all probability do not have the financial muscle to match a public listed company such as Life Corp. A public listed company can easily raise funds through right issues, warrants, bonds etc from the public.
Life Corp says on its website [Link]:
In September 2013, LFC (i.e. Life Corp) acquired a SFS Care Pte Ltd, a premium funeral service provider in Singapore. This signalled LFC entry into the bereavement care industry in Singapore with its new wholly owned company of SFS Care Pte Ltd (commonly known as Singapore Funeral Services).
In July 2014, LFC announced its successful tender of a leasehold land in Singapore for the construction of a Chinese temple with columbarium niche storage facility. The land lease acquired is a strategic move as LFC strives to expand its presence in the enlarged bereavement business in Singapore with the columbarium facility.
The founders of Singapore Funeral Services are Victor Hoo Kwok Chye and Hoo Hung Chye.
In its annual report for the year ended 30 June 2014 [Link], Life Corp announced losses:
It also mentioned that it was in “advanced negotiations” with parties to build a Chinese temple-cum-columbarium structure within the temple:
It also said that the purchase of the land parcel will be financed by a convertible bond:
Company selling niches in columbarium now
In a company disclosure [Link] in November 2014, Life Corp said that Hong Leong Finance has agreed to provide funding of $14,960,000 for the construction of the Chinese temple cum columbarium, after securing the land parcel. The construction financing facility is for 18 months and will be converted to a 7-year term loan on completion of the temple.
Life Corp also said that with the funding arranged, it has started marketing and pre-sales of the niches (spaces) in the columbarium. Take note that Life Corp says that the niches will be marketed as part of funeral service packages:
Ignoring interest charges, the total cost including the land and construction costs will amount to about $20 million for Life Corp. Assuming 10,000 niches, Life Corp will have to sell the niches at $2000 per niche on average in order to break even.
If more companies aggressively bid up the price of such land parcels, do not be surprised that one day Singaporeans will have to pay $20,000 for a niche in a columbarium to house the ashes of the dearly departed.
In any case, after the dialogue with MP Lam yesterday, about 100 residents suggested writing a collective letter to HDB for a full refund of their deposit as they would rather give up their housing unit at Fernvale Link.
It is not known if HDB will allow the residents to back out of their BTO purchase.
http://www.tremeritus.com/2015/01/06...tender-called/ (http://www.tremeritus.com/2015/01/06/temple-saga-firm-set-up-16-days-after-tender-called/)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?199319-Temple-saga-Firm-set-up-16-days-after-tender-called&goto=newpost).