SINGAPORE: A correction order has been given to Mr. Kenneth Jeyaretnam in response to social media posts about the rental of two black-and-white bungalows at 26 and 31 Ridout Road by & nbsp, Law and Home Affairs Minister K Shanmugam, and Vivian Balakrishnan, respectively.
The Ministry of Law ( MinLaw ) stated in a media release on Wednesday( Aug 2 ) that Mr. Jeyaretnam’s July 27 Facebook and LinkedIn posts contained false statements.
He & nbsp must, in accordance with the Protection from Online Falsehoods and Manipulation Act( POFMA ), include a link to the government’s clarification on all of his Facebook and LinkedIn posts, stating that the content is false.
DISCLAIMERS REGARDING TO Information RENT
In his articles, the opposition politician and leader of the Reform Party claimed that the Singapore Land Authority ( SLA) had charged Mr. Shanmugam and Dr. Balakrishnan rent for 26 and 31 Ridout Road at a rate below market value.
According to MinLaw, the rental paid by both Ministers was at fair market value and not below business valuation, as determined by the review carried out by Senior Minister Teo Chee Hean. & nbsp,
” There was no proof that the Ministers’ jobs resulted in favorable hire rates.”
The government added that the ministers’ rental payments for both properties were equal to or greater than their individual manual rents. & nbsp,
The” key method through which SLA ensures that state components are rented out at fair market value” is the guide book, which is determined by professional brokers and must be calculated for all state property available for rent. & nbsp,
The brokers are chosen by qualified third-party managing agencies from & nbsp, SLA’s independent valuation team. & nbsp,
The valuers consider a variety of factors, such as location, usage, surface area, physical condition of the property, and current market conditions, when determining the guide rent. They also make reference to rentals of comparable properties.
According to MinLaw, a professional assessor from SLA determined the manual book for 26 Ridout Road, including the nearby area to the page. & nbsp,
The potential client for 26 Ridout Road was unknown to the SLA appraiser at the time of the incident, and it wasn’t until the media reported on the situation that he discovered that the renter was Minister Shanmugam.
It was also stated that it is customary for rental valuations of these properties to be based largely on the property’s gross floor area. The rental value for 26 Ridout Road was determined in accordance with accepted market practice. & nbsp,
According to MinLaw, 26 Ridout Road’s hire per unit floor area was the second highest when compared to the other nine black-and-white bungalows that were rented out in 2018.