Changing electric point yourself

When an electrical switch becomes faulty, it causes much frustration; having to spend tens of dollars to engage a electrician which costs many times more than the cost of the switch itself. However, the daunting task of changing a switch coupled with the danger of being electrocution makes one with little choice but to turn to engage external help.

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To get started on changing the faulty switch, you first will need a few tools – flat head screw driver and Philips screwdriver. What’s next?

1. Turn off the master switch at the DB box

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If you are an amateur, it’s extremely important to take extra caution when dealing with electrical switches – switching off the mains reduces the risk of electrocution. Also, do make sure that you are in a well-lit place.

2. Get the tools and spare part ready.

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The spare switch can be bought in most hardware stores for a few couple of dollars. And a flathead/Philips screwdriver is a essential handy tool every home should have.

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Pull out the switch cover by applying a little force until you hear a click sound.

3. Dismantle the spoilt switch

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Up to this point you may find when you unscrew the holding screws of the switch there is a partial blockage by the border of the switch.  You have to remove the border cover by using a flathead screwdriver and dislodge the cover at the groove in the picture.

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3. Remove the switch wires properly

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After you removed the screws you will see the wires dangling in the interior. You have to unscrew the wires from the holding points using a screwdriver (with the relevant heads).

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It is good to remove the wires one by one and attached to the new switch in the right order so that you won’t have problem with the circuitry.

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4. Secure the new switch.

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5. Put back the cover and turn on the master switch back in the DB box.

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Now the switch is good to go.

Airbnb in Japan

The world’s third most valuable startup is drumming support in the world’s third largest economy in the latest round of debate on regulation. The tourism boom in the country results in shortage in hotel room availability and Airbnb is positioning itself as offering a significant social value proposition in the situation, by supporting tourism and benefit the communities in which they operate by directly benefiting the hosts of the properties. Listing in Japan has balloted to 35K, hosting 1.38m guests. The weakened Yen together with relaxing of visa requirements pushed inbound tourists to a record of 19.7m in 2015 from 8.4m in 2012. The hotel occupancy in Tokyo is tighter than Paris, Hong Kong and New York. It is estimated that the number will hit 35m in 2020.

Deferred payments are catching up among developers

Following the brisk sales in OUE’s Twin Peaks, more developers are adopting deferred payment schemes to move sales. About 160 units were sold at the OUE project since March after the scheme was introduced. 

CapitaLand sold about 20 units in d’Leedon under its version of deferred payment schemes.  It has also introduced the scheme for the Interlace.

Some of the deferred payment schemes involve allowing buyers to stay first pay later. It involves a downpayment ranging from 5-20 % upon exercising the option and the remaining bulk payment of 80-90% to be paid a year later.

Core Central Region resale index received a boost

Core Central Region (CCR) shows a uptrend in terms of property resales, with the SRX index of non-landed homes in the region up 4.7% year-on-year. For Rest of Central Region (RCR), the sub-index rose 0.6% over the same period while the suburbs Outside Central Region (OCR) drop 2.0%. CCR resale deals rose steadily over the past few months — 84 (Dec)/88 (Jan)/93 (Feb)/133 (Mar)/163 (Apr)/ 232 (May). The rise in resale volumes could be partly attributed to the developer sales at OUE Twin Peaks in the Grange/Leonie Hill Road. The developer has introduced two new payment schemes for the project. Another project, Ardmore Three, also contributed to the rise due to the discounts of 15% off the selling price as well as the rebate for the ABSD.

Projects that are delicenced, ie projects that received Certificate of Statutory Completion, are considered resale properties. Developers of such projects may roll out novel schemes to market their projects, as they are no longer bound by the Housing Developers (Control and Licensing) Act and rules.

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QIA bought Asia Square for $3.4b

Qatar Investment Authority (QIA) bought the 43-storey office tower from US PE giant BlackRock. The psf figure based on this sale price is at $2720, lower than the $3520 psf offered for Straits Trading Building a week ago. The net lettable aread is at 1.25m sqft, at a yield in excess of 3%. The anchor tenant is Citibank, together with Google and Julius Baer. QIA also own the Raffles Hotel and other properties.

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LVS looking to offload MBS mall next year

Owner of the iconic Marina Bay Sands, Las Vegas Sands (LVS), is looking to put up Shoppes at Marina Bay Sands (MBS) next year. The exclusive rights for LVS to operate the mall MBS was granted from 2007-2017, so that the operator can recoup the billions of dollars in construction costs and investment.  The same right has been given to Genting Singapore for Resorts World Sentosa.

The sale of the mall however is subjected to government approval. The operating income is assumed at around US$150m and the valuation of the mall is approximately US$4-5b based on 3-4% cap rate. In first quarter, the mall revenue is at US$39m, hotel room revenue at US$88.9m and Convention/retail/other revenue at US$46m, according to MBS reports.

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New sites for Keppel Club replacement

By 2021, Keppel Club has to vacate its current premises. It is exploring offshore places including Batam for its golf options. Other options include tie up with Hollandse Club along  Adam Road. Sites offered to Keppel Club includes venues in Seletar Aerospace Park, Bt Batok West Avenue near Tengah, Yishun Avenue 1 near Orchid Country Club.

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Scheme for underground links in Orchard Road

Urban Redevelopment Authority (URA) has scheme that provide cash grants for malls to build underground links along Orchard Road. The incentive started in 2004 and gives up to $28.7k psm for the construction of underground walkways. However there are little take up for the incentive. The biggest obstacle cited is cost, among other challenges.  Another challenge is the fear among malls that the links will allow flow to competitors.

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January new home sales slow

Only 322 private homes were sold in January by developers, which is a 16% fall from that in Dec 2015 at 384. It is also a 14% fall from a year ago. The sluggish market is partly due to the fact that no new fresh projects were launched for sale in January. The top seller was The Poiz Residences which sold 26 homes at median price of $1416 psf.  The attraction of the property that draws buyers is its location next to Poling Pasir MRT station. The Amore, an EC at punggol was the next best seller with 24 units sold at media price of $799 psf.  The next 3 best sellers are: Sims Urban Oasis ($1405 psf), Kingsford@Hillview ($1277 psf), and Brownstone ($810 psf).  All three projects sold 21 units last month.

The upcoming launches expected include the following projects: The Wisteria, Sturdee Residences, Wander Vale, and Visionaire. 

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