Most owners and tenants at Pearls Centre accept compensation package

SINGAPORE - In a statement released on Thursday, the Singapore Land Authority (SLA) said that 241 owners agreed on the payout which takes into account the market value of the property, the cost of relocation, stamp duties and legal fees for the purchase of a similar replacement property, as well as an extra payment to mitigate the financial impact of the acquisition.

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Here is the full statement from the SLA:

241 out of 243 (99.2 per cent) owners have accepted the Government's compensation package for the acquisition of Pearls Centre.The compensation package comprises the statutory compensation and an ex-gratia payment. In response to the requests by the two remaining owners, the Singapore Land Authority (SLA) has extended the time given for them to respond.

As for the tenants, 174 out of 175 (99.4 per cent) eligible tenants have accepted the Government's offer of ex-gratia payment. One tenant has not replied but if he has a valid reason, SLA is prepared to similarly extend the time given for him to respond.

Owners and eligible tenants had the legal right to file appeals within 14 days from the date of the Collector's Award on 27 March 2013, if they were dissatisfied with the statutory compensation offered. Two appeals were filed but were subsequently withdrawn on 24 April 2013. This means that there are no longer any appeals from the Pearls Centre owners and tenants.

The units at Pearls Centre will be handed over to the State in August 2014.

Member of Parliament for Tanjong Pagar GRC, Ms Indranee Rajah, said, "We are glad that the owners and tenants have accepted the compensation packages. Together with SLA, my grassroots leaders and I met the owners and tenants on several occasions to discuss and address their concerns to the best of our abilities. They were appreciative of the increase in ex-gratia payments, which help to offset their relocation expenses."

Pearls Centre was gazetted for compulsory acquisition on 29 August 2012 for the construction of the Thomson MRT line and comprehensive redevelopment. On 27 March 2013, the Government informed eligible owners and tenants of the statutory compensation and ex-gratia payment amounts for the compulsory acquisition of Pearls Centre. On 8 April 2013, in response to feedback, the Government increased the ex-gratia payment amounts to further mitigate the financial impact of the acquisition exercise.

SLA will continue to stay in touch with affected owners and tenants and provide the necessary assistance.