\n<\/p>\n
SINGAPORE \u2013 Bloomberg journalist Low De Wei had left out information given to him by a real estate analyst so he could paint a \u201cfalse picture\u201d that some buyers of good class bungalows (GCBs) were paying premiums for off-the-radar deals. <\/p>\n
Senior Counsel Davinder Singh, who is representing two ministers in the defamation suit against Bloomberg and Mr Low<\/span><\/a>, said the reporter did this despite being told by the analyst in an e-mail that there was no difference between the pricing of caveated and non-caveated transactions.<\/p>\n Mr Singh, who is acting for Coordinating Minister for National Security K. Shanmugam and Manpower Minister Tan See Leng, noted that the analyst had explained that the price of a GCB depended on several factors, including the size of the plot, the terrain and the quality of the finishes. <\/p>\n Cross-examining Mr Low on April 15 in the ongoing defamation trial in the High Court, Mr Singh said: \u201cHere was your source telling you that there is no difference between caveated and uncaveated (deals) when it comes to pricing. It depends on the various factors.<\/p>\n \u201cYou completely disregarded all of that and presented a false picture. You created a notion, a fiction of there being premiums paid for off-the-radar transactions.\u201d<\/p>\n Mr Shanmugam, who is also Home Affairs Minister, and Dr Tan have sued Bloomberg and Mr Low over the Dec 12, 2024, article headlined \u201cSingapore mansion deals are increasingly shrouded in secrecy\u201d.<\/p>\n The report mentioned the sale of Mr Shanmugam\u2019s former home in the Queen Astrid Park area to UBS Trustees for $88 million in 2023, and Dr Tan\u2019s non-caveated purchase of a bungalow in Brizay Park for nearly $27.3 million the same year.<\/p>\n In the article, Mr Low wrote\u00a0that deals without caveats are much harder to track because they do not show up in a database maintained by the Urban Redevelopment Authority (URA).<\/p>\n A\u00a0caveat\u00a0is a legal document that property buyers and mortgage lenders can submit to the Singapore Land Authority (SLA) to prevent a property from being sold to others.<\/p>\n Mr Low denied Mr Singh\u2019s charge that he had created \u201ca fiction\u201d.<\/p>\n The lawyer put it to the reporter that the article was written maliciously \u201cto embarrass and damage\u201d the ministers, and that Bloomberg decided to inflict maximum damage by keeping the article up without a paywall for more people to read.<\/p>\n \u201cFar from an exercise of responsible journalism, this article was written by a pen dipped in gall,\u201d Mr Singh added.<\/p>\n The lawyer noted that the report ends with a quote from a real estate expert who said that there is a risk of things going out of control if there are no checks and balances, and that it would be better if all private property deals are subject to mandatory disclosure rules.<\/p>\n Mr Singh said Mr Low included the last paragraphs despite knowing and understanding the checks and balances and disclosure rules.<\/p>\n He highlighted a ministerial statement by then Second Minister for Home Affairs Josephine Teo<\/span><\/a> in October 2023 relating to a $3 billion\u00a0money laundering\u00a0case, which was provided to Mr Low by SLA when he submitted queries in preparation for his article.<\/p>\n