SINGAPORE — A new standard declaration requirement will be introduced for selected groups of public officers who have access to, or are involved in, the leasing and valuation matters of various commercial and residential state properties, said Senior Minister Teo Chee Hean in Parliament on Monday (July 3).
SINGAPORE — A new standard declaration requirement will be introduced for selected groups of public officers who have access to privileged information or are involved in the leasing and valuation matters of various commercial and residential state properties, said Senior Minister Teo Chee Hean in Parliament on Monday .
The officer will also have to declare that he has taken adequate steps to prevent any conflict of interest from arising, such as by recusing himself from overseeing or processing the transaction, said Mr Teo Chee Hean who is also Coordinating Minister for National Security. “I wish also to state that as no matters were raised to me regarding any aspect of the rental transaction, I am not an involved party in the rental process,” said Mr Teo, who is Mr Shanmugam’s Cabinet colleague.Mr Teo said that in the case of No. 26 Ridout Road, the guide rent of the original land area of 9,350sqm was established by SLA's Valuer as S$24,500.
He said that in 2018, the rental per unit gross floor area for the Black and White Bungalow at No 26 Ridout Road was S$30.94 per sqm per month. When the tenancies of the two properties were up for renewal after the initial three years, a revaluation was done to peg the rentals to the prevailing market rate.
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