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Daily Briefing: Chancery Court for en bloc sale at $390m; PayPal's Singapore-backed incubator looks for startups
And here's why Singapore's prime minister and his siblings are torn over a house.
From Bloomberg Finance:
Prime Minister Lee Hsien Long is in a fallout with his two younger siblings over a home that belonged to their late father, Lee Kuan Yew, Singapore's first prime minister. The government, which set up a ministerial committee, said they will need to review the options for the home.
"Deputy Prime Minister Teo Chee Hean set up the ministerial committee and -- at the height of last year’s spat -- said there was nothing secret about it, contrary to the two younger siblings’ assertion. The committee, he said, needed to review the options in case, for example, Dr. Lee chose to move out in the near future.
There is a misconception that the government is seeking to make a decision now, he told parliament last year, when no decision may be necessary for another 20 to 30 years. The prime minister’s views were sought by the committee in his personal capacity, and he was not been involved in discussions, according to the cabinet secretary."
Read more here.
From Property Guru:
The privatised HUDC estate along Dunearn Road, Chancery Court, has been launched for an en bloc sale at a price of $390m or $1,572 psf ppr, said marketing agent OrangeTee Advisory.
"The 99-year leasehold site comprises 136 residential units and eight commercial units.
Measuring approximately 259,134 sq ft, the site is zoned residential with a gross plot ratio of 1.4 under the 2014 Master Plan.
The asking price includes an estimated differential premium of about $180 million to top up the lease from about 62 years to a fresh 99 years and for site intensification."
Read more here.
From e27.co:
e27 featured PayPal Innovation Lab, the first-of-its-kind collaboration between global finance platform PayPal and the Singapore Fintech institutions, that will allow government agencies, industry groups, SMEs, and universities to participate.Their incubator is currently accepting startups to join their third cohort.
"The aim? To create and drive partnerships between the various players of the ecosystem that would enable them to build on their ideas and create better payments and finance solutions.
For example, their Research and Development programme partners with local universities in Singapore to involve its students in developing technological advancements aimed at anticipating and supporting the future of payments and money.
Together with their SME Programme, where they enable SMEs to digitalise their payment processes and their Incubation Programme, PayPal Innovation Lab has created an ecosystem that allows students and startups to work as a team to come up with innovative products."
Read more here.
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