Latest news with #HDB
CNA
2 hours ago
- General
- CNA
Yishun resident taken to hospital after spalling concrete falls in HDB flat
SINGAPORE: A 65-year-old man was taken to hospital after spalling concrete fell in the bathroom of his flat in Yishun on Thursday (Jun 19). In response to queries from CNA on Friday, the Housing and Development Board (HDB) said its officers were alerted to the accident at Block 127 Yishun Street 11. "The incident resulted in injuries to a 65-year-old resident. Upon being notified, our officers conducted an immediate investigation on the same afternoon and found loose spalling concrete on the floor of the master bedroom bathroom," it said. HDB also inspected the whole flat and found "slight bulging of concrete" in the ceiling of the kitchen bathroom. "While there is no sign of the imminent spalling of concrete at the ceiling of the kitchen bathroom, for the residents' peace of mind and safety, HDB has arranged for our contractor to remove the bulging concrete next Monday," it added. HDB is assisting the flat owners with repairs under the Goodwill Repair Assistance (GRA) scheme and is coordinating with the local grassroots to render financial assistance for the cost of the repair works. Minister for Home Affairs, Coordinating Minister for National Security and Member of Parliament for Nee Soon GRC, K Shanmugam visited the affected flat. In a Facebook post on Friday, Mr Shanmugam said the owner of the flat is in hospital receiving treatment. He added that he spoke with the man's wife and informed her that assistance would be given, including on payment for the repair works. "My volunteers are linking with HDB and Town Council on the matter," he wrote. HDB added it will continue to render assistance and support to the affected resident and his family. COMMON ISSUE FOR OLDER BUILDINGS Spalling concrete is a common issue for older buildings, especially in areas with damp conditions such as kitchens and toilets, according to HDB's website. The issue is largely caused by carbonation, a natural deterioration process that causes steel reinforcement bars in the ceiling to corrode and the concrete to crack. The affected Yishun unit was completed 41 years ago and was upgraded under the Home Improvement Programme in 2018, HDB said in its statement on Friday. As part of the toilet upgrading, which the resident opted for, new tiles and fittings were installed in the toilets and the ceilings were repainted, it said. "No repair works for spalling concrete were conducted as there were no signs of spalling concrete in the unit then." HDB also provided advice on preventing spalling concrete. Visible signs of cracks or holes should be promptly sealed, and residents can also paint their ceilings regularly to prevent moisture and carbon dioxide from entering the concrete. Proper ventilation is also encouraged as humid environments will speed up carbonation. Residents can do so by opening the windows, vents or doors when these areas are not in use. "If there is spalling concrete, you can repair it yourself if the area is small. If the affected area is large, you should engage a contractor to repair the ceiling promptly before more concrete dislodges and causes injury.
Mint
4 hours ago
- Business
- Mint
Indias HDB Financial IPO pricing not influenced by 70% premium in grey market, bankers say
By Siddhi Nayak, Vivek Kumar M and Bharath Rajeswaran MUMBAI, June 20 (Reuters) - The initial public offering of India's HDB Financial has been priced based on the fundamentals of the business, unaffected by the roughly 70% premium the stock is trading at in the informal 'grey market' for unlisted securities, bankers said on Friday. Shares in the lender will be sold in a price band of 700 rupees to 740 rupees per share ($8.06-$8.52), valuing HDB Financial at $7.1 billion at the upper end of the band. The shares were traded around 1,200 rupees to 1,250 rupees in the 'grey market'. "This price has been determined basis extensive roadshows," said Jibi Jacob, head of equity capital markets at Jefferies India, one of the bankers to the issue. "We have no influence on what is happening on the unlisted side," Jacob said at a press conference in Mumbai. HDB Financial's IPO, the largest for an Indian non-banking financial company, opens for subscription on June 25, with large institutions bidding a day earlier. The firm, which lends across segments such as personal and business loans, operates 1,747 branches nationwide. India's largest private lender, HDFC Bank, holds a 94% stake in the firm. The IPO pricing has been determined on the fundamentals of the franchise and how key peers are trading, said Sonia DasGupta, head of the investment banking division at JM Financial, another banker to the issue. At 740 rupees per share, the price-to-book ratio, a key measure of valuation, works out to 3.72 for HDB, in line with peers such as Bajaj Finance and Shriram Finance . India's red-hot IPO streak has cooled in 2025, following a blockbuster year in 2024 that saw record capital raised through new listings. So far this year, nearly 100 firms have hit the market, raising about $4 billion, a decline from the 137 IPOs and $4.3 billion fundraise in the year-ago period, according to data compiled by LSEG. Analysts attribute tepid retail investor demand to aggressive IPO pricing, as the Nifty 50 trades nearly 6% below its record high from last September. The bull run in Indian markets post the COVID-19 crisis led to valuations of unlisted firms inflating beyond fundamentals, said Arun Kejriwal, founder of Kejriwal Research and Investment Services. "HDB's approach is a timely reminder that IPO pricing should be grounded in reality, not speculative hype," Kejriwal said. ($1 = 86.6040 Indian rupees) (Reporting by Siddhi Nayak and Vivek Kumar M in Mumbai and Bharath Rajeswaran in Bengaluru, additional reporting by Nishit Navin; Editing by Mrigank Dhaniwala)
AsiaOne
6 hours ago
- AsiaOne
Elderly man left bloodied after concrete from toilet ceiling collapses on him in Yishun home, Singapore News
An elderly man was struck by falling spalling concrete from the ceiling of his toilet in his Yishun HDB flat, according to a Facebook post by user Siti Nurhashikin on Thursday (June 19) morning. In her post, she shared that her 65-year-old father was in the toilet at around 4.30am getting ready for morning prayers. As he was seated on the toilet, spalling concrete "suddenly collapsed" on him, causing him to suffer head, shoulder and knee injuries. Siti's aunt, Ross Arsad, as well as Siti's uncle, immediately rushed to the victim's home in Yishun to assist, also calling the ambulance. In images shared with AsiaOne by Ross, 60, cuts can be seen on the man's leg and scalp, with dried blood visible on his face. The spalling concrete which fell to the floor afterwards also had blood droplets on it. Spalling concrete refers to concrete that has broken away from a surface which may occur due to numerous factors such as moisture build-up or corrosion of metal reinforcement within concrete. The man was sent to hospital, where he received over 10 stitches, Siti said, adding that her father is now in hospital for observation as he is also on blood-thinning medication. According to her, the flat had gone through a home improvement programme (HIP) in 2018 and no recent renovation had been conducted by him or neighbours above. "This has been very traumatic for my dad — and worrying for all of us," Siti said. "We've reported to HDB and the police, and we are waiting for follow-up. "I'm sharing this so that other families with elderly parents living in older flats will be aware — please check on their house condition. We never thought something like this could happen." Responding to queries from AsiaOne, the police confirmed that a report has been lodged. We will assist: Shanmugam Nee Soon GRC MP K Shanmugam also visited the home, according to a Facebook post on Friday (June 20), stating that he spoke with Siti's mother during the visit. "Told her that we will assist them, including on payment for the repair works," said Shanmugam, who is also the Home Affairs Minister. "My volunteers are linking with HDB and Town Council on the matter." AsiaOne has reached out to HDB, Ross and Siti for more information. [[nid:677756]] khooyihang@
Straits Times
8 hours ago
- Health
- Straits Times
Toilet ceiling concrete falls on elderly man's head in Yishun, leaving him with over 10 stitches
A 65-year-old man was getting ready in his bathroom when chunks of concrete from the toilet ceiling fell on him without warning. Toilet ceiling concrete falls on elderly man's head in Yishun, leaving him with over 10 stitches A 65-year-old man was getting ready in his bathroom when chunks of concrete from the toilet ceiling fell on him without warning. His daughter Siti, a 34-year-old housewife, told Lianhe Zaobao that her father, stepmother and stepbrother live in a three-room HDB flat at Block 127 Yishun Street 11. The accident happened at around 4.30am on June 19, while the retiree was preparing for morning prayers. Suddenly, large pieces of concrete from the bathroom ceiling fell and struck him as he was sitting on the toilet. "My stepmother heard the noise and then heard my father calling for help, so she went to check," Siti said. "The toilet door was blocked by the debris, so she forcefully pushed the door open and found my father bleeding profusely." Immediately, Siti's stepmother notified her aunt, who lived close by. "She was terrified, my aunt helped to call the police," Siti recalled. "My father was sent to Tan Tock Seng Hospital for treatment. His health is not great in the first place, and this has made him worry even more." According to a Facebook post by Siti, her father suffered head, shoulder, and knee injuries. "His head needed over 10 stitches," it reads. "He is now in the hospital for observation, as he is also on blood-thinning medication. "The flat went through the Home Improvement Programme in 2018, and no recent renovations have been done by him or the neighbors above." The family later reported the incident to the Housing Board and to the police. "I'm sharing this so that other families with elderly parents living in older flats will be aware," Siti wrote. "Please check on their housing conditions. We never thought something like this could happen." According to the Housing Board, spalling concrete is a common issue for older buildings, especially in home areas with damp conditions, such as kitchens and toilets. It is the responsibility of owners to prevent and repair spalling concrete in their flats. Stomp has contacted the authorities for more info. Click here to contribute a story or submit it to our WhatsApp Get more of Stomp's latest updates by following us on:
New Paper
13 hours ago
- Business
- New Paper
SingPost puts 10 HDB shophouses up for sale and leaseback
Singapore Post has put up for sale 10 Housing Board (HDB) shophouses currently occupied by its post office outlets across Singapore, with the aim of leasing them back. A spokesperson said in response to queries from The Straits Times: "SingPost is initiating the divestment of 10 HDB shophouses across Singapore, in keeping with the group's plan to divest non-core assets. "Plans are for a sale and leaseback model to maintain current post office services." In a sale and leaseback model, an asset is sold to someone else, but then leased back to the initial owner for a certain duration. This occurs especially when the asset can be sold at a higher value than its initial purchase price. It can also allow the seller to raise capital from the proceeds of the sale, without interrupting its business operations. SingPost said in May that its strategic review and restructuring are ongoing. Its group chief financial officer Isaac Mah told the media at a briefing then that the company is engaging the Government to develop a more sustainable operating model, as the post office network is not profitable. SingPost has 42 post offices, of which it owns 21. As part of its efforts to restructure, it also sold its Australian logistics business, Freight Management Holdings (FMH). SingPost completed the sale of FMH for A$1.02 billion (S$853 million) in March. The group has also taken steps to sharpen its focus on its core postal and logistics business, including streamlining its operations to right-size the cost base, it said. In 2024, SingPost said that it is considering selling its flagship retail-commercial mixed development SingPost Centre at Paya Lebar Central, which it also identified as a non-core asset. The SingPost Centre was valued at $1.1 billion as at September 2023. Maybank analyst Jarick Seet said SingPost's sale and leaseback bid for the 10 HDB shophouses is "not a new thing". "In their announcements in 2024, SingPost has said that it wants to monetise its assets and reduce postal centres because there has been a drop in usage," he told ST. In 2024, it was reported that SingPost closed 12 post offices, or one out of five branches, in the last two years. This was due to declining mail volumes, as people turn to electronic means instead. It also said that letter mail and printed paper volumes in Singapore fell 8.1 per cent on the year to 87.8 million items, from 95.6 million items. But Mr Seet noted that SingPost may also not be allowed to close so many post offices rapidly as people in the various districts still need to use them, which makes the sale and leaseback model a compromise as it can still free up capital without disrupting services. The gains from the sales could also be used to revitalise SingPost's local business, and ultimately be returned to shareholders, he said. SingPost is already investing $30 million in a new automation system to expand processing capacity for small parcels at the regional e-commerce logistics hub facility. In May, it also announced a special dividend of nine cents per share after it booked a net exceptional gain of $222.2 million, largely from the divestment of its Australian business. Mr Seet reiterated his call to "buy" the stock. "SingPost owns lots of assets that hold intrinsic value like the HDB shophouses, which are now worth much more than what they were bought for. The same goes for SingPost Centre," he said. "If we add the value of all these assets up, it is much more than the market cap of the company today. So SingPost is undervalued, but it depends on the company to unlock value this way." SingPost shares closed at 57 cents on June 19, up nearly 0.9 per cent from its previous close of 56.5 cents.
