18 Jul '14, 6am

#GlobalREBubble #Singapore 'Govt audit shows MINDEF mismanaged public land' @SGPropertyGuru

The Auditor-General’s Office (AGO) for the Financial Year 2013/2014 highlighted some of the Ministry of Defence (MINDEF)’s lapses in its management of government land and assets, according to media reports. In particular, this pertains to in leasing agreement with Sembawang Country Club (SCC), and renting out a large commercial property for below market value. In 1994, when MINDEF licensed a parcel of land to Sembawang Country Club (SCC) as a golf course, the agreement failed to stipulate an end date. Based on State Land Rules, the duration should not surpass three years. The country club also subleased a 6,842 sq m wooded land within the golf course which was not covered by the original agreement between SCC and MINDEF. The country club also agreed to maintain the wooded area even though it was not part of the licence. However, the place became littered with garbage, heav...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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