Lum Chang Holdings

(07-11-2013, 11:12 PM)NTL Wrote: If I am not wrong, progressive payment at TOP is 40%. So if 40% make up $12.5M, then their profit from the development is actually higher than your estimate.

40% at TOP? IIRC, at the completion stage of the brick walls, the progressive payment is already 45%.

(not vested)

I think CityFarmer is right on this one. At TOP, payment should more or less be 100%.

Left 15%??
http://www.ura.gov.sg/uol/guidelines/res...edule.aspx

Stage Payment under a standard payment scheme ( % of purchase price )
Upon the grant of Option to Purchase 5% - 10% (booking fee)
Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date 20% less booking fee
Completion of foundation work 10%
Completion of reinforced concrete framework of unit 10%
Completion of partition walls of unit 5%
Completion of roofing/ceiling of unit 5%
Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit 5%
Completion of car park, roads and drains serving the housing project 5%
Temporary Occupation Permit or Certificate of Statutory Completion 25%
On completion date 15%

Ok, at TOP is 25%. And on completion is another 15%. Completion should be when the development is handled over to the MCST?

(08-11-2013, 10:27 AM)NTL Wrote: Ok, at TOP is 25%. And on completion is another 15%. Completion should be when the development is handled over to the MCST?

The completion milestone should be Certificate of Statutory Completion (CSC) received, IIRC.

(10-11-2013, 09:15 PM)CityFarmer Wrote:

(08-11-2013, 10:27 AM)NTL Wrote: Ok, at TOP is 25%. And on completion is another 15%. Completion should be when the development is handled over to the MCST?

The completion milestone should be Certificate of Statutory Completion (CSC) received, IIRC.

This is mentioned as the last 15% in the website below:

http://www.newlaunchproperty.org/sg/payment-scheme/

Either:-
1) Where completion of the Sale & Purchase takes place before the issuance of Certificate of Statutory Completion (CSC):
a) 2% to be paid to the Vendor on completion of Sale & Purchase
b) 13% to be paid to the Singapore Academy of Law as stakeholders to be dealt with as follows:
i) 8% to be released within 7 days of production of CSC
ii) 5% to be released to the Vendor on expiry of 12 months from date of notice to take vacant possession 15%
OR
2) Where CSC is issued before completion of the Sale & Purchase:
a) 13% to be paid in the following manner upon issuance of CSC
i) 8% to be paid to the vendor
ii) 5% to be paid to the Singapore Academy of Law as stakeholders which shall be released to the vendor on expiry of 12 months from date of notice to take vacant possession
iii) 2% to be paid to the vendor on completion of Sale &Purchase

So, the completion is talking about the completion of the S&P, which could happen before or after the CSC.

(10-11-2013, 10:47 PM)NTL Wrote:

(10-11-2013, 09:15 PM)CityFarmer Wrote:

(08-11-2013, 10:27 AM)NTL Wrote: Ok, at TOP is 25%. And on completion is another 15%. Completion should be when the development is handled over to the MCST?

The completion milestone should be Certificate of Statutory Completion (CSC) received, IIRC.

This is mentioned as the last 15% in the website below:

http://www.newlaunchproperty.org/sg/payment-scheme/

Either:-
1) Where completion of the Sale & Purchase takes place before the issuance of Certificate of Statutory Completion (CSC):
a) 2% to be paid to the Vendor on completion of Sale & Purchase
b) 13% to be paid to the Singapore Academy of Law as stakeholders to be dealt with as follows:
i) 8% to be released within 7 days of production of CSC
ii) 5% to be released to the Vendor on expiry of 12 months from date of notice to take vacant possession 15%
OR
2) Where CSC is issued before completion of the Sale & Purchase:
a) 13% to be paid in the following manner upon issuance of CSC
i) 8% to be paid to the vendor
ii) 5% to be paid to the Singapore Academy of Law as stakeholders which shall be released to the vendor on expiry of 12 months from date of notice to take vacant possession
iii) 2% to be paid to the vendor on completion of Sale &Purchase

So, the completion is talking about the completion of the S&P, which could happen before or after the CSC.

For property owners of under-construction projects, the important fact is upon CSC, the final 15% have to be paid, either in cash, or in disbursed loans by banks.

For completed property projects, the buyers will pay the full remaining sum upon weeks after signing of S&P with his/her lawyers.

IC. Dunno that.

At a time when many contractors are complaining of labour shortage and falling behind schedule, what the company did was truly admirable. No doubt this does not imply that the stock is worth investing, but I am proud to be a minority owner of this company.

Proudly vested.

Sunday Times Article:
Free repairs for fire victims' flats
Construction firm says it is 'a small way of giving back to community'

When retiree Tan Kong Lam watched his three-room Whampoa flat of more than 20 years go up in smoke three weeks ago, his heart sank.

"Almost everything - my bedroom, kitchen, living room - was damaged," said the 55-year-old former tailor.

But this week, his family will be returning to a flat where signs of the fire can hardly be seen - thanks to homegrown construction firm Lum Chang Building Contractors.

For the last two weeks, the company has been sending five to eight workers each day to re-tile, repair and paint all four affected flats at Block 33 Jalan Bahagia - for free. It declined to reveal how much it cost but the Tan family believed the refurbishing cost for their flat is at least $10,000.

Lum Chang is diversifying into preschool education via new subsidiaries "EduGenus"

http://infopub.sgx.com/FileOpen/LCH_New_...eID=288575