Economy scores top marks in Bertelsmann ranking - Singapore
German non-profit group ranks S’pore most successful among 125 nations
By LEE U-WEN
SINGAPORE’S economy has been ranked the most successful among 125 countries worldwide, easily outperforming all its Asian counterparts. The ranking, released yesterday by German non-profit organisation Bertelsmann Foundation, put Taiwan in fifth spot, while South Korea just made the top 10 in ninth place.
Somewhat surprisingly, the two fastest-growing Asian economies - India and China - came in 42nd and 51st.
Bertelsmann’s latest Transformation index ranked 125 states on the basis of development, management and market economy.
Singapore, however, fared poorly when measured solely against the criteria for constitutional democracy. It was placed 72nd - on par with Russia.
Bertelsmann’s country report for Singapore highlighted the Republic’s economic growth of 7.7 per cent in 2006, noting that the volume of imports and exports grew 13 per cent to US$810 billion that year.
‘Singapore, a highly-developed and successful free-market economy, enjoys a remarkably open and corruption-free environment, stable prices and a per capita GDP equal to that of the four largest western European countries,’ the report said.
It added: ‘With regard to the quality of social market economics, only Singapore has managed to reach the peak in a regional comparison with China and India, closely followed by South Korea and Taiwan.’
Bertelsmann was critical of Singapore’s ‘authoritarian style of government’ and the country’s low ranking of 140th on the latest Reporters Without Borders press freedom index.
It said: ‘Political opposition continues to be restricted to what the government refers to as a ‘lunatic fringe’ that often plays only to a foreign gallery.’
In terms of management performance, Singapore was 32nd for its political decision-making, an improvement of four places from the last study conducted two years ago.
On the topic of sustainability, the report made mention of how Singapore’s political leadership ‘has been very concerned about environmental problems such as industrial and urban pollution’.
Touching on race and religion, the report said: ‘The government takes pains to prevent any disruption of religious and ethnic peace and harmony by strictly implementing rules and regulations drawn up for this purpose.’
Taking into account all the various criteria, such as economic growth and overcoming poverty, the report ranked Singapore third in Asia, just behind Taiwan and South Korea.
Internationally, it ranked 23rd, with the Czech Republic leading the pack.
Source : Business Times - 15 March 2008
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Sunday, March 16, 2008
Chinese firm buys Singapore Tuas Power for $4.2b
Chinese firm buys Singapore Tuas Power for $4.2b
Temasek gets well above $3b valuation for sale of the first of three energy firms
By Michelle Tay
HUGE DIVESTMENT: The sale of Tuas Power marks Temasek’s largest divestment in dollar terms and the biggest acquisition of a Singapore company since 2001. — PHOTO: TUAS
POWER TEMASEK Holdings has sold Tuas Power to a Chinese company for $4.24 billion - well above its initial valuation of $3 billion five months ago.
The deal with SinoSing Power, the wholly owned subsidiary of Chinese power company China Huaneng Group, is expected to be completed by March 24, said Temasek in a statement yesterday.
It will mark the end of the bidding process that began last October, when Temasek announced its plan for the sale of the first of its three wholly owned power generation companies (gencos).
Mr Wong Kim Yin, Temasek’s managing director of investments, said yesterday: ‘China Huaneng is an established player with a strong track record in the power business. Its proposal through
SinoSing was the most attractive.
‘It emerged as the winner based on clear considerations of price and acceptable commercial terms.’
WINNING BID
‘China Huaneng is an established player with a strong track record in the power business…It emerged as the winner based on clear considerations of price and acceptable commercial terms.’MR WONG, on why Temasek picked China Huaneng Analysts said the sale marks Temasek’s largest-ever divestment in dollar terms and the biggest acquisition of a Singapore company since 2001.
Sources close to the deal told The Straits Times that the $4.24 billion price tag is testament to the strength and stability of the Singapore economy and an endorsement of the growth potential of electricity demand in the Republic.
Tuas Power has a capacity of 2,670 megawatts (MW) and accounts for over a quarter of Singapore’s electricity generation. This means it is worth $1.6 million per MW it generates.
Temasek plans to sell off the two remaining power plants by the first half of next year.
Analysts speculate that Power- Seraya, which has a licensed capacity of 3,100 MW, may be worth $4.96 billion, while Senoko Power, with 3,300 MW, may be worth $5.28 billion.
The state-owned investment company has not indicated which will be sold next.
The plants were transferred from the state to Temasek between 1995 and 2001, on the understanding that it would eventually sell all three companies.
Selling the three gencos is a key step in freeing up the domestic energy market and has been in the pipeline for six years.
Power generation is considered to be a part of the energy market; competition is viewed as healthy for this sector and should be introduced. Private ownership of the gencos should ensure a competitive market and more players can be expected to enter the market as Singapore’s power needs grow.
For the moment, market watchers say that a change in ownership will not affect electricity prices because the three gencos have been operating independently, competing against each other.
Beijing-based China Huaneng is the largest power generation company in China and also owns a 50 per cent stake in Australian power generation joint-venture firm OzGen. It has an installed capacity of 71,000 MW and total assets for the group exceed US$45 billion.
China Huaneng vice-president Huang Long said the transaction was a major step for his company ‘in its goal to diversify its assets across geographies and technologies’.
Source : Straits Times - 15 March 2008
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Jerry Hansin (+65)9027 5537
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Temasek gets well above $3b valuation for sale of the first of three energy firms
By Michelle Tay
HUGE DIVESTMENT: The sale of Tuas Power marks Temasek’s largest divestment in dollar terms and the biggest acquisition of a Singapore company since 2001. — PHOTO: TUAS
POWER TEMASEK Holdings has sold Tuas Power to a Chinese company for $4.24 billion - well above its initial valuation of $3 billion five months ago.
The deal with SinoSing Power, the wholly owned subsidiary of Chinese power company China Huaneng Group, is expected to be completed by March 24, said Temasek in a statement yesterday.
It will mark the end of the bidding process that began last October, when Temasek announced its plan for the sale of the first of its three wholly owned power generation companies (gencos).
Mr Wong Kim Yin, Temasek’s managing director of investments, said yesterday: ‘China Huaneng is an established player with a strong track record in the power business. Its proposal through
SinoSing was the most attractive.
‘It emerged as the winner based on clear considerations of price and acceptable commercial terms.’
WINNING BID
‘China Huaneng is an established player with a strong track record in the power business…It emerged as the winner based on clear considerations of price and acceptable commercial terms.’MR WONG, on why Temasek picked China Huaneng Analysts said the sale marks Temasek’s largest-ever divestment in dollar terms and the biggest acquisition of a Singapore company since 2001.
Sources close to the deal told The Straits Times that the $4.24 billion price tag is testament to the strength and stability of the Singapore economy and an endorsement of the growth potential of electricity demand in the Republic.
Tuas Power has a capacity of 2,670 megawatts (MW) and accounts for over a quarter of Singapore’s electricity generation. This means it is worth $1.6 million per MW it generates.
Temasek plans to sell off the two remaining power plants by the first half of next year.
Analysts speculate that Power- Seraya, which has a licensed capacity of 3,100 MW, may be worth $4.96 billion, while Senoko Power, with 3,300 MW, may be worth $5.28 billion.
The state-owned investment company has not indicated which will be sold next.
The plants were transferred from the state to Temasek between 1995 and 2001, on the understanding that it would eventually sell all three companies.
Selling the three gencos is a key step in freeing up the domestic energy market and has been in the pipeline for six years.
Power generation is considered to be a part of the energy market; competition is viewed as healthy for this sector and should be introduced. Private ownership of the gencos should ensure a competitive market and more players can be expected to enter the market as Singapore’s power needs grow.
For the moment, market watchers say that a change in ownership will not affect electricity prices because the three gencos have been operating independently, competing against each other.
Beijing-based China Huaneng is the largest power generation company in China and also owns a 50 per cent stake in Australian power generation joint-venture firm OzGen. It has an installed capacity of 71,000 MW and total assets for the group exceed US$45 billion.
China Huaneng vice-president Huang Long said the transaction was a major step for his company ‘in its goal to diversify its assets across geographies and technologies’.
Source : Straits Times - 15 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
International school big on Chinese - Singapore
International school big on Chinese - Singapore
By Ho Ai Li
IT IS an international school catering mainly to Australian and British pupils, but it is not uncommon to hear Mandarin being spoken in the classrooms at Avondale Grammar School.About eight in 10 students in this private school in Toa Payoh, which runs on an Australian curriculum, take Chinese. A second language is compulsory, and French is the other option.
School headmistress Fran Hazell said at the school’s official opening yesterday: ‘People are very open to learning new things… and they want to absorb almost everything. It’s going to be a language that is going to be used a lot.’
Having led the school through its set-up in the last year, she is taking her leave, and will be replaced by Mr Martin Tait. Under his watch, the school will bump up its enrolment, just like what other international schools here are doing, on the back of an influx of expatriates coming here to work.
The Australian International School, for example, has a waiting list with hundreds of names.
Avondale, which started taking in pupils last July, now has 106 aged five to 11. It will start taking in students aged 12 and above in two years; enrolment will go up to 250 eventually.
Ms Hazell said the school started out with plans for a ’smaller’ campus: ‘We feel for young children; it is very important that they have a smaller environment so they can identify with and feel that they belong in our community.’
The teacher-pupil ratio is 1 to 11 for pre-school, and 1 to 24 for primary levels.
Just over six in 10 pupils are Australian and another two in 10, Britons. Four Singaporeans attend its pre-school.
Two teachers from China take the children through daily Chinese lessons lasting 20 to 45 minutes each.
Housewife Tracy Maclean, 33, who moved here from Sydney with her husband and children last year, was keen for son Joshua, seven, and daughter Amy, five, to learn Chinese.
She said: ‘We are going to be here for at least three years. We want the kids to be part of the country. To be part of the country, obviously they’ll have to learn the language.’
Parents pay $4,725 a term, or almost $19,000 for four terms a year.
Source : Straits Times - 15 March 2008
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Jerry Hansin (+65)9027 5537
jerry@assetomgt.com
www.assetomgt.com
By Ho Ai Li
IT IS an international school catering mainly to Australian and British pupils, but it is not uncommon to hear Mandarin being spoken in the classrooms at Avondale Grammar School.About eight in 10 students in this private school in Toa Payoh, which runs on an Australian curriculum, take Chinese. A second language is compulsory, and French is the other option.
School headmistress Fran Hazell said at the school’s official opening yesterday: ‘People are very open to learning new things… and they want to absorb almost everything. It’s going to be a language that is going to be used a lot.’
Having led the school through its set-up in the last year, she is taking her leave, and will be replaced by Mr Martin Tait. Under his watch, the school will bump up its enrolment, just like what other international schools here are doing, on the back of an influx of expatriates coming here to work.
The Australian International School, for example, has a waiting list with hundreds of names.
Avondale, which started taking in pupils last July, now has 106 aged five to 11. It will start taking in students aged 12 and above in two years; enrolment will go up to 250 eventually.
Ms Hazell said the school started out with plans for a ’smaller’ campus: ‘We feel for young children; it is very important that they have a smaller environment so they can identify with and feel that they belong in our community.’
The teacher-pupil ratio is 1 to 11 for pre-school, and 1 to 24 for primary levels.
Just over six in 10 pupils are Australian and another two in 10, Britons. Four Singaporeans attend its pre-school.
Two teachers from China take the children through daily Chinese lessons lasting 20 to 45 minutes each.
Housewife Tracy Maclean, 33, who moved here from Sydney with her husband and children last year, was keen for son Joshua, seven, and daughter Amy, five, to learn Chinese.
She said: ‘We are going to be here for at least three years. We want the kids to be part of the country. To be part of the country, obviously they’ll have to learn the language.’
Parents pay $4,725 a term, or almost $19,000 for four terms a year.
Source : Straits Times - 15 March 2008
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Jerry Hansin (+65)9027 5537
jerry@assetomgt.com
www.assetomgt.com
January retail sales rise 7.8% - Singapore
January retail sales rise 7.8% - Singapore
By MATTHEW PHAN
SINGAPORE’S retail sales in January rose 7.8 per cent year on year, the Department of Statistics said yesterday. Points of brisk business: Sales at supermarkets jumped 19.1 per cent in January, while department stores saw a 20.9 per cent year-on-year rise in sales It added that retail sales rose just 1.5 per cent if adjusted for inflation.
This is ‘hardly consistent with booming consumption’, said HSBC economist Robert Prior-Wandesforde.
‘Growing concern about inflation, unevenly distributed income gains and the weakness of the equity market could be other explanations for the softness in spending, although surprisingly soft retail sales has been a feature of the Singapore economy for at least 18 months now,’ he said in a note.
At 7.8 per cent, the January jump was still stronger than the 4.3 per cent and 1.9 per cent falls in real terms seen in November and December 2007 respectively, Mr Prior-Wandesforde noted.
Excluding motor vehicles, retail sales in January were 15.1 per cent higher.
The strongest increases were seen in sales of petrol, food and beverages, and at department stores and supermarkets.
Petrol sales rose 41.1 per cent, though this was clearly due to the effect of prices, as petrol sales rose only 5.5 per cent in real terms, according to the SingStat release.
Department store sales were up 20.9 per cent, an increase HSBC described as ‘huge’, while supermarket sales were up 19.1 per cent.
In real terms, they were up 15.9 per cent and 12.8 per cent respectively.
Food and beverages saw a year-on-year rise in retail sales of 20.5 per cent, or 14.7 per cent after accounting for inflation.
Meanwhile, retail sales in other segments, like motor vehicles and recreational goods, declined.
Motor vehicle sales fell by 5.3 per cent, or by 10.1 per cent in real terms, while sales of recreational goods dipped 1.7 per cent, or 3.9 per cent in real terms.
After adjusting for inflation, sales of jewellery and at provision and sundry shops also dipped slightly.
The good news for the economy is that exports and manufacturing production bounced back very strongly in January, following the distortions of the fourth quarter, and it is ’still realistic to expect a very strong bounce in first-quarter Singapore GDP’, said Mr Prior-Wandesforde.
The Republic could even see a double-digit quarter-on-quarter seasonally adjusted annualised rise in first quarter GDP, he said.Source : Business Times - 15 March 2008
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Jerry Hansin (+65)90275537
jerry@assetomgt.com
By MATTHEW PHAN
SINGAPORE’S retail sales in January rose 7.8 per cent year on year, the Department of Statistics said yesterday. Points of brisk business: Sales at supermarkets jumped 19.1 per cent in January, while department stores saw a 20.9 per cent year-on-year rise in sales It added that retail sales rose just 1.5 per cent if adjusted for inflation.
This is ‘hardly consistent with booming consumption’, said HSBC economist Robert Prior-Wandesforde.
‘Growing concern about inflation, unevenly distributed income gains and the weakness of the equity market could be other explanations for the softness in spending, although surprisingly soft retail sales has been a feature of the Singapore economy for at least 18 months now,’ he said in a note.
At 7.8 per cent, the January jump was still stronger than the 4.3 per cent and 1.9 per cent falls in real terms seen in November and December 2007 respectively, Mr Prior-Wandesforde noted.
Excluding motor vehicles, retail sales in January were 15.1 per cent higher.
The strongest increases were seen in sales of petrol, food and beverages, and at department stores and supermarkets.
Petrol sales rose 41.1 per cent, though this was clearly due to the effect of prices, as petrol sales rose only 5.5 per cent in real terms, according to the SingStat release.
Department store sales were up 20.9 per cent, an increase HSBC described as ‘huge’, while supermarket sales were up 19.1 per cent.
In real terms, they were up 15.9 per cent and 12.8 per cent respectively.
Food and beverages saw a year-on-year rise in retail sales of 20.5 per cent, or 14.7 per cent after accounting for inflation.
Meanwhile, retail sales in other segments, like motor vehicles and recreational goods, declined.
Motor vehicle sales fell by 5.3 per cent, or by 10.1 per cent in real terms, while sales of recreational goods dipped 1.7 per cent, or 3.9 per cent in real terms.
After adjusting for inflation, sales of jewellery and at provision and sundry shops also dipped slightly.
The good news for the economy is that exports and manufacturing production bounced back very strongly in January, following the distortions of the fourth quarter, and it is ’still realistic to expect a very strong bounce in first-quarter Singapore GDP’, said Mr Prior-Wandesforde.
The Republic could even see a double-digit quarter-on-quarter seasonally adjusted annualised rise in first quarter GDP, he said.Source : Business Times - 15 March 2008
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Jerry Hansin (+65)90275537
jerry@assetomgt.com
Singapore PM’s worry: Families who live beyond their means
Singapore PM’s worry: Families who live beyond their means
They often turn to MPs for help; community groups can help promote sound values: Mr Lee
By Zakir Hussain AWARD FOR LONG-TIME VOLUNTEER: PM Lee presents the Outstanding Dedication to Service award to Mr Boimin Wakiman, 72, at the Malay Youth Literary Association’s 60th anniversary charity dinner. Looking on is its president Izzuddin Taherally. — ST PHOTO: BRYAN VAN DER BEEK
SINGAPOREANS who spend beyond their means and have to go to their MPs for help were placed under the spotlight by none other than Prime Minister Lee Hsien Loong yesterday.He noted that as MPs, ‘we often see families who have over-committed themselves financially’ - for instance those who have been ‘extravagant in doing up their homes using renovation loans’, or ‘bought expensive furniture or large-screen TV sets on hire purchase’.
‘The ones with the most serious problems have bought homes which are larger than they can afford, and taken mortgages which they are then unable to pay,’ he said.
Mr Lee was speaking at the 60th anniversary dinner of the Malay Youth Literary Association (popularly known by its Malay acronym 4PM), a community welfare organisation that helps young Malays.
While families who live beyond their means come from all races, ‘quite a few are Malay families’, he noted.
‘It is a sensitive matter to raise, but all MPs and social workers know that it is a real issue that needs to be tackled,’ he added.Contacted by The Straits Times, Tampines GRC MP Masagos Zulkifli said he sees at least one such case a week - for example, a family living in a flat it cannot afford, or one that needs help preventing its TV or stereo sets from being repossessed. Some come with the latest mobile phones, a clear sign they have wrong priorities, he said.
Another MP contacted, Hong Kah GRC MP Zaqy Mohamad, sees young families who need help staving off illegal moneylenders or servicing credit-card debt or car loans.
Mr Lee said Malay-Muslim organisations like 4PM play a critical role in shaping the young.
They could promote sound personal values like living within one’s means and planning for the future, as well as the right attitudes towards race, religion and national issues.
Another important area they should work on: leadership renewal.
More successful young Malay professionals were setting up their own groups or joining multiracial ones rather than the traditional Malay-Muslim organisations, he noted.
While this was to be encouraged, it also meant that the latter have to ‘move more boldly to put promising ones into leadership positions’, he said.
This is because these organisations are a training ground for Malay leadership at the national level, he said, citing senior parliamentary secretaries Hawazi Daipi - a former honorary general secretary of 4PM and now its adviser - and Masagos Zulkifli, who ran Perdaus and started its humanitarian offshoot Mercy Relief. Malay-Muslims groups can help Promote sound values. MMOs can help to promote sound personal values and attitudes. One of these is, of course, the importance of education. But another, not so often discussed, is the importance of living within one’s means and planning for the future.
Financial planning and discipline are critical life skills, but unfortunately, they do not come naturally to everyone. As MPs, we often see families who have over-committed themselves financially, run into serious trouble, and then come to the MPs’ Meet-the-People sessions for help. Some have been extravagant in doing up their homes using renovation loans. Others have bought expensive furniture or large-screen TV sets on hire purchase. The ones with the most serious problems have bought homes which are larger than they can afford, and taken mortgages which they are then unable to pay.
These families belong to all races, but quite a few are Malay families. It is a sensitive matter to raise, but all MPs and social workers know that it is a real issue that needs to be tackled.
It is natural, and good, that families aspire to upgrade their lives. But it is also important to be frugal. We should not spend beyond what we can afford, or spend today without thinking enough about how we will pay for it tomorrow.
We should always try to put aside something for the future, especially to invest in the education of our children, and to have enough for our medical expenses and old age. If we save too little for a rainy day, and a storm hits us unexpectedly, the consequences can be devastating.Move boldly on leadership renewal
MMOs are not just part of our civic society, but also a training ground for Malay leadership. They provide avenues for people to step forward, take up issues they feel passionately about, and make a useful contribution to the community.
By proving themselves and earning the respect of their peers, they emerge as leaders, not just within the Malay-Muslim community, but eventually on the national stage too.
Many of our Malay MPs have come up through this process, like Mr Hawazi Daipi who was 4PM’s honorary secretary-general, and is still its adviser, and Mr Masagos Zulkifli, who ran Perdaus, and later started and then spun off Mercy Relief.
To sustain this flow of new leaders, MMOs must make a continuing effort to attract talent, groom and nurture them. This is a top priority for Singapore’s national leadership, but it is also important for community organisations.
With steady social and educational progress, each successive cohort of Malays contains more well-educated and successful professionals, and more who can and want to contribute to the community.
Instead of joining existing MMOs, these younger Malays are increasingly getting together on their own to set up their own associations and do projects. But they are not only forming new Malay groups; they are also participating in multiracial voluntary welfare organisations and community groups.
This is to be encouraged, but it also poses a challenge to the existing MMOs. Therefore, existing MMOs must make a conscious effort to induct these professionals, and move more boldly to put promising ones into leadership positions.
Source : Straits Times - 15 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)90275537
jerry@assetomgt.com
They often turn to MPs for help; community groups can help promote sound values: Mr Lee
By Zakir Hussain AWARD FOR LONG-TIME VOLUNTEER: PM Lee presents the Outstanding Dedication to Service award to Mr Boimin Wakiman, 72, at the Malay Youth Literary Association’s 60th anniversary charity dinner. Looking on is its president Izzuddin Taherally. — ST PHOTO: BRYAN VAN DER BEEK
SINGAPOREANS who spend beyond their means and have to go to their MPs for help were placed under the spotlight by none other than Prime Minister Lee Hsien Loong yesterday.He noted that as MPs, ‘we often see families who have over-committed themselves financially’ - for instance those who have been ‘extravagant in doing up their homes using renovation loans’, or ‘bought expensive furniture or large-screen TV sets on hire purchase’.
‘The ones with the most serious problems have bought homes which are larger than they can afford, and taken mortgages which they are then unable to pay,’ he said.
Mr Lee was speaking at the 60th anniversary dinner of the Malay Youth Literary Association (popularly known by its Malay acronym 4PM), a community welfare organisation that helps young Malays.
While families who live beyond their means come from all races, ‘quite a few are Malay families’, he noted.
‘It is a sensitive matter to raise, but all MPs and social workers know that it is a real issue that needs to be tackled,’ he added.Contacted by The Straits Times, Tampines GRC MP Masagos Zulkifli said he sees at least one such case a week - for example, a family living in a flat it cannot afford, or one that needs help preventing its TV or stereo sets from being repossessed. Some come with the latest mobile phones, a clear sign they have wrong priorities, he said.
Another MP contacted, Hong Kah GRC MP Zaqy Mohamad, sees young families who need help staving off illegal moneylenders or servicing credit-card debt or car loans.
Mr Lee said Malay-Muslim organisations like 4PM play a critical role in shaping the young.
They could promote sound personal values like living within one’s means and planning for the future, as well as the right attitudes towards race, religion and national issues.
Another important area they should work on: leadership renewal.
More successful young Malay professionals were setting up their own groups or joining multiracial ones rather than the traditional Malay-Muslim organisations, he noted.
While this was to be encouraged, it also meant that the latter have to ‘move more boldly to put promising ones into leadership positions’, he said.
This is because these organisations are a training ground for Malay leadership at the national level, he said, citing senior parliamentary secretaries Hawazi Daipi - a former honorary general secretary of 4PM and now its adviser - and Masagos Zulkifli, who ran Perdaus and started its humanitarian offshoot Mercy Relief. Malay-Muslims groups can help Promote sound values. MMOs can help to promote sound personal values and attitudes. One of these is, of course, the importance of education. But another, not so often discussed, is the importance of living within one’s means and planning for the future.
Financial planning and discipline are critical life skills, but unfortunately, they do not come naturally to everyone. As MPs, we often see families who have over-committed themselves financially, run into serious trouble, and then come to the MPs’ Meet-the-People sessions for help. Some have been extravagant in doing up their homes using renovation loans. Others have bought expensive furniture or large-screen TV sets on hire purchase. The ones with the most serious problems have bought homes which are larger than they can afford, and taken mortgages which they are then unable to pay.
These families belong to all races, but quite a few are Malay families. It is a sensitive matter to raise, but all MPs and social workers know that it is a real issue that needs to be tackled.
It is natural, and good, that families aspire to upgrade their lives. But it is also important to be frugal. We should not spend beyond what we can afford, or spend today without thinking enough about how we will pay for it tomorrow.
We should always try to put aside something for the future, especially to invest in the education of our children, and to have enough for our medical expenses and old age. If we save too little for a rainy day, and a storm hits us unexpectedly, the consequences can be devastating.Move boldly on leadership renewal
MMOs are not just part of our civic society, but also a training ground for Malay leadership. They provide avenues for people to step forward, take up issues they feel passionately about, and make a useful contribution to the community.
By proving themselves and earning the respect of their peers, they emerge as leaders, not just within the Malay-Muslim community, but eventually on the national stage too.
Many of our Malay MPs have come up through this process, like Mr Hawazi Daipi who was 4PM’s honorary secretary-general, and is still its adviser, and Mr Masagos Zulkifli, who ran Perdaus, and later started and then spun off Mercy Relief.
To sustain this flow of new leaders, MMOs must make a continuing effort to attract talent, groom and nurture them. This is a top priority for Singapore’s national leadership, but it is also important for community organisations.
With steady social and educational progress, each successive cohort of Malays contains more well-educated and successful professionals, and more who can and want to contribute to the community.
Instead of joining existing MMOs, these younger Malays are increasingly getting together on their own to set up their own associations and do projects. But they are not only forming new Malay groups; they are also participating in multiracial voluntary welfare organisations and community groups.
This is to be encouraged, but it also poses a challenge to the existing MMOs. Therefore, existing MMOs must make a conscious effort to induct these professionals, and move more boldly to put promising ones into leadership positions.
Source : Straits Times - 15 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)90275537
jerry@assetomgt.com
Saturday, March 15, 2008
SC Global is title sponsor for F1 support race - Singapore
SC Global is title sponsor for F1 support race - Singapore
It will also field a car in this year’s Porsche Carrera Cup Asia series
By SAMUEL EE
(SINGAPORE) Luxury residential property developer SC Global Developments is zooming into the motorsports arena by fielding a car in this year’s Porsche Carrera Cup Asia series and becoming the title sponsor of the Singapore round of the race.
Days of thunder: Christer Ekberg (left), Porsche Asia Pacific MD, and Simon Cheong, SC Global chairman and CEO, at the Padang yesterday. The event will be called the ‘Porsche SC Global Carrera Cup Asia - Singapore 2008′
As a result, the September event will be officially named the ‘Porsche SC Global Carrera Cup Asia - Singapore 2008′ and it will take place before the inaugural 2008 Formula 1 SingTel Singapore Grand Prix as a support race.
‘The attention of motorsports fans around the world will undoubtedly be focused on Singapore later this year when it stages its first Formula 1 Grand Prix and the first ever Formula 1 night race,’ said SC Global chairman and CEO Simon Cheong yesterday in a speech to announce the sponsorship.
‘SC Global is proud to contribute to what will be both an enormously successful event, and one which will put the spotlight firmly on this dynamic city.’
SC Global will be the title sponsor for only the Singapore race, not the whole series, which begins with next weekend’s F1 race in Sepang, Kuala Lumpur, and ends with the Macau Grand Prix in November.
This means that during the Singapore race, all 18 Porsche cars in the competition will have the SC Global name plastered on the front windscreen - considered the most prominent spot on the car. In the other races, only the Porsche name will occupy that position.
No mention was made of the sponsorship amount, with Porsche Asia Pacific citing confidentiality agreements. But within motorsports circles, a title sponsor is understood to typically pay a six-figure sum for what is the highest level of sponsorship. In this case, it is expected to be more than 100,000 euros (S$213,703) but likely to be less than 500,000 euros.
In addition, SC Global will be paying up to 300,000 euros for running a team for the season total of seven race weekends.
This includes the Porsche 911 GT3 Cup car (under 130,000 euros), a services package (about 65,000 euros), parts and tyres, as well as travel and accommodation costs.
It was also announced at yesterday’s press conference that DBS would be the official financial services partner for the Porsche Carrera Cup Asia 2008 season. Like SC Global, Singapore’s largest bank’s sponsorship will also have a ’special focus’ on the race in Singapore.
SC Global and DBS will be joining international names such as Mobil, Michelin and adidas, among others, as Carrera Cup sponsors.
Meanwhile, the Porsche Centre Singapore has donated $50,000 each to the Mainly I Love Kids (MILK) Fund and The Straits Times School Pocket Money Fund.
Karsono Kwee, executive chairman of the Eurokars group of companies, ceremonially handed over the cheques yesterday at the Porsche Pit Stop Singapore held at the Padang.
S Iswaran, Minister of State for Trade and Industry, who attended the function said that preparation for September’s Formula One race was in ‘advanced stages’, with the completion of road works and the pit building expected by end May and end June respectively.
With additional reporting by Lim Wen Juin
Source : Business Times - 15 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
It will also field a car in this year’s Porsche Carrera Cup Asia series
By SAMUEL EE
(SINGAPORE) Luxury residential property developer SC Global Developments is zooming into the motorsports arena by fielding a car in this year’s Porsche Carrera Cup Asia series and becoming the title sponsor of the Singapore round of the race.
Days of thunder: Christer Ekberg (left), Porsche Asia Pacific MD, and Simon Cheong, SC Global chairman and CEO, at the Padang yesterday. The event will be called the ‘Porsche SC Global Carrera Cup Asia - Singapore 2008′
As a result, the September event will be officially named the ‘Porsche SC Global Carrera Cup Asia - Singapore 2008′ and it will take place before the inaugural 2008 Formula 1 SingTel Singapore Grand Prix as a support race.
‘The attention of motorsports fans around the world will undoubtedly be focused on Singapore later this year when it stages its first Formula 1 Grand Prix and the first ever Formula 1 night race,’ said SC Global chairman and CEO Simon Cheong yesterday in a speech to announce the sponsorship.
‘SC Global is proud to contribute to what will be both an enormously successful event, and one which will put the spotlight firmly on this dynamic city.’
SC Global will be the title sponsor for only the Singapore race, not the whole series, which begins with next weekend’s F1 race in Sepang, Kuala Lumpur, and ends with the Macau Grand Prix in November.
This means that during the Singapore race, all 18 Porsche cars in the competition will have the SC Global name plastered on the front windscreen - considered the most prominent spot on the car. In the other races, only the Porsche name will occupy that position.
No mention was made of the sponsorship amount, with Porsche Asia Pacific citing confidentiality agreements. But within motorsports circles, a title sponsor is understood to typically pay a six-figure sum for what is the highest level of sponsorship. In this case, it is expected to be more than 100,000 euros (S$213,703) but likely to be less than 500,000 euros.
In addition, SC Global will be paying up to 300,000 euros for running a team for the season total of seven race weekends.
This includes the Porsche 911 GT3 Cup car (under 130,000 euros), a services package (about 65,000 euros), parts and tyres, as well as travel and accommodation costs.
It was also announced at yesterday’s press conference that DBS would be the official financial services partner for the Porsche Carrera Cup Asia 2008 season. Like SC Global, Singapore’s largest bank’s sponsorship will also have a ’special focus’ on the race in Singapore.
SC Global and DBS will be joining international names such as Mobil, Michelin and adidas, among others, as Carrera Cup sponsors.
Meanwhile, the Porsche Centre Singapore has donated $50,000 each to the Mainly I Love Kids (MILK) Fund and The Straits Times School Pocket Money Fund.
Karsono Kwee, executive chairman of the Eurokars group of companies, ceremonially handed over the cheques yesterday at the Porsche Pit Stop Singapore held at the Padang.
S Iswaran, Minister of State for Trade and Industry, who attended the function said that preparation for September’s Formula One race was in ‘advanced stages’, with the completion of road works and the pit building expected by end May and end June respectively.
With additional reporting by Lim Wen Juin
Source : Business Times - 15 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Private fund buys remaining Singapore 53 Grange Infinite units
Private fund buys remaining Singapore 53 Grange Infinite units
Average price for the units, bought for $400m, is said to be $2,600-$2,700 psfBy KALPANA RASHIWALAA PRIVATE fund managed by ARA Asset Management group is believed to have bought the remaining 53 units at Chip Eng Seng’s and Citadel’s Grange Infinite freehold condo project for almost $400 million. Savills Singapore is believed to have brokered the latest bulk deal. The 68-unit condo is now fully sold.
The average price for typical three and four-bedroom units in the transaction is believed to be about $2,900 per square foot (psf).
However, for all 53 units sold under the deal, the average price is said to be slightly lower, at $2,600-$2,700 psf, as the three penthouses and other larger units included in the transaction were priced lower.
This marks a reversal of the previous trend, which set in around late-2006, of bigger units fetching higher psf prices than smaller ones.
‘Now people are more wary and start to get concerned if the overall purchase quantum reaches a very high level, so the tendency is to pay lower psf prices for bigger units,’ a property consultant said.
Another interesting feature of the bulk sale at Grange Infinite is that it is priced lower than individual units sold earlier in the project.
The initial 15 units in the condo fetched a median price of $3,201 psf in September, according to Urban Redevelopment Authority data.
The 15 apartments were sold at prices ranging from $3,025 to $3,299 psf.
This too marks a reversal of what was happening in December, when a Kuwait Finance House (KFH) unit bought 97 apartments at Guocoland’s Goodwood Residence in the Bukit Timah/Scotts Road area for a median price of $3,200 psf - about 25-30 per cent above the $2,500 psf average price that Sui Generis was fetching at nearby Balmoral Crescent at the time.
GuocoLand said this week that KFH is letting the options on that purchase lapse, but added that the two sides are in talks with ‘a view to a grant of fresh options for units in the development’.
A seasoned market watcher said overseas funds, particularly from Europe and Asia, remain interested in bulk purchases in Singapore condo projects - but only at fair valuations, that is, at a discount to the prices at which the units would be sold to individual investors.
‘Right now, such investors are looking for mid to long-term plays. The mood for short-term play is not so positive,’ said the market watcher.
‘Of course, some developers may not want to sell units at a discount, unless sentiment in the market weakens, like now.’
The 36-storey Grange Infinite condo will come up on the former Grange Tower site next to the Indian High Commission.
The property launch scene has generally been quiet lately, as buyers adopt a wait-and-see approach amid US sub-prime jitters in the stock market.
However, some developers have been quietly releasing projects.
Frasers Centrepoint has sold 30 units at its freehold Martin Place Residences in the Kim Yam Road area since mid-January through private previews.
The 30 units were sold at an average price of about $1,800 psf after discounts.
Source : Straits Times - 14 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: http://www.assetomgt.com/
Average price for the units, bought for $400m, is said to be $2,600-$2,700 psfBy KALPANA RASHIWALAA PRIVATE fund managed by ARA Asset Management group is believed to have bought the remaining 53 units at Chip Eng Seng’s and Citadel’s Grange Infinite freehold condo project for almost $400 million. Savills Singapore is believed to have brokered the latest bulk deal. The 68-unit condo is now fully sold.
The average price for typical three and four-bedroom units in the transaction is believed to be about $2,900 per square foot (psf).
However, for all 53 units sold under the deal, the average price is said to be slightly lower, at $2,600-$2,700 psf, as the three penthouses and other larger units included in the transaction were priced lower.
This marks a reversal of the previous trend, which set in around late-2006, of bigger units fetching higher psf prices than smaller ones.
‘Now people are more wary and start to get concerned if the overall purchase quantum reaches a very high level, so the tendency is to pay lower psf prices for bigger units,’ a property consultant said.
Another interesting feature of the bulk sale at Grange Infinite is that it is priced lower than individual units sold earlier in the project.
The initial 15 units in the condo fetched a median price of $3,201 psf in September, according to Urban Redevelopment Authority data.
The 15 apartments were sold at prices ranging from $3,025 to $3,299 psf.
This too marks a reversal of what was happening in December, when a Kuwait Finance House (KFH) unit bought 97 apartments at Guocoland’s Goodwood Residence in the Bukit Timah/Scotts Road area for a median price of $3,200 psf - about 25-30 per cent above the $2,500 psf average price that Sui Generis was fetching at nearby Balmoral Crescent at the time.
GuocoLand said this week that KFH is letting the options on that purchase lapse, but added that the two sides are in talks with ‘a view to a grant of fresh options for units in the development’.
A seasoned market watcher said overseas funds, particularly from Europe and Asia, remain interested in bulk purchases in Singapore condo projects - but only at fair valuations, that is, at a discount to the prices at which the units would be sold to individual investors.
‘Right now, such investors are looking for mid to long-term plays. The mood for short-term play is not so positive,’ said the market watcher.
‘Of course, some developers may not want to sell units at a discount, unless sentiment in the market weakens, like now.’
The 36-storey Grange Infinite condo will come up on the former Grange Tower site next to the Indian High Commission.
The property launch scene has generally been quiet lately, as buyers adopt a wait-and-see approach amid US sub-prime jitters in the stock market.
However, some developers have been quietly releasing projects.
Frasers Centrepoint has sold 30 units at its freehold Martin Place Residences in the Kim Yam Road area since mid-January through private previews.
The 30 units were sold at an average price of about $1,800 psf after discounts.
Source : Straits Times - 14 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: http://www.assetomgt.com/
CAI targets global portfolio of 10 airports-Singapore
CAI targets global portfolio of 10 airports-Singapore
By VEN SREENIVASAN
CHANGI Airports International (CAI) expects to have a global portfolio of about 10 airports and investments of US$1 billion in airport equity in about five years.Chow Kok Fong, the international airport boss of the Civil Aviation Authority of Singapore (CAAS), said yesterday: ‘That will be a good size and it will allow us to grow to a level where we can achieve economies of scale as a global airport player.’
Indeed, CAI appears to be already getting that recognition. Yesterday, the company was named the 2008 Asia-Pacific Airport Investment Company of the Year at the Frost & Sullivan Asia Pacific Aerospace & Defence Awards ceremony.
And CAI’s parent CAAS was itself named Airport of the Year at yesterday’s ceremony for ‘demonstrating world-class efforts in meeting the demands of all its end-users’.
Mr Chow said he was pleased with the award. ‘Some may see this as just a beauty contest, but it is an important recognition of our achievement and standing,’ he said.
Indeed, CAI has been aggressively expanding its footprint across the Middle East, India, Russia, Vietnam and China. In India, which has some 80 airports, CAI has been aggressively sniffing out airport planning, management or investment projects at Tier 2 and Tier 3 cities with half a million to three million air passengers a year.
‘We are confident of establishing a strong presence in India over the next 10 years,’ Mr Chow said.
Last month, CAI joined forces with a private consortium, Bengal Aerotropolis Projects, to clinch a technical services agreement at India’s first private airport, the US$2.5 billion Durgapur Aerotropolis project. CAI hopes to eventually upgrade its involvement to that of an investor.
Just days earlier, it signed a memorandum of understanding with the Middle Airports Authority of Vietnam to invest in, develop and operate Phu Bai International Airport in the city of Hue - the first time a foreign investor will work exclusively with Vietnam’s aviation authority.
In China, CAI invested some US$100 million to buy a 29 per cent stake in Nanjing Lukou International Airport in Jiangsu province. It is poised to participate in at least half a dozen second-tier airports in southern and central China.
In the Middle East, where its operations management contract at Abu Dhabi International Airport ends soon, it is looking to invest in the project.
CAI is a preferred bidder to manage and operate Saudi Arabia’s King Fahd International Airport in Damman. It is also drawing up the masterplan for the King Hussein International Airport at Aqaba, Jordan.
Back in India, it is exploring more modernisation contracts for airports such as Navi Mumbai, Greater Noida, Kannur and the 24 non-metro airports initiated by the Airport Authority of India.
Mr Chow sees huge potential in the Indian government’s plan to build 400 private airports in the next decade. ‘We are very confident of establishing a strong presence in India over the next 10 years,’ he said.
Together with its partner, the Tata group, CAI recently submitted bids for the state-controlled Amritsar and Udaipur airports which are undergoing privatisation. The successful bidder will be announced next month.
Last year, the two partners clinched a deal to develop Nagpur Airport in Maharashtra state into a passenger and cargo hub.
According to Mr Chow, more opportunities are opening up in the Central Asian republics and eastern parts of Russia. CAI is currently exploring opportunities at St Petersburg.
What does CAI offer which gives it an edge over the competition?
‘We don’t provide plain vanilla airport solutions which depend purely on landing fees and passenger service charges,’ Mr Chow said.
‘Our value proposition lies in our innovative proposals and our ability to bring along with us investors and industries which can create a whole airport community. This includes providing more air links, and building up MRO (maintenance, repair and overhaul) operations capabilities, logistics hubs and other new revenue streams.’
Source : Business Times - 15 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
By VEN SREENIVASAN
CHANGI Airports International (CAI) expects to have a global portfolio of about 10 airports and investments of US$1 billion in airport equity in about five years.Chow Kok Fong, the international airport boss of the Civil Aviation Authority of Singapore (CAAS), said yesterday: ‘That will be a good size and it will allow us to grow to a level where we can achieve economies of scale as a global airport player.’
Indeed, CAI appears to be already getting that recognition. Yesterday, the company was named the 2008 Asia-Pacific Airport Investment Company of the Year at the Frost & Sullivan Asia Pacific Aerospace & Defence Awards ceremony.
And CAI’s parent CAAS was itself named Airport of the Year at yesterday’s ceremony for ‘demonstrating world-class efforts in meeting the demands of all its end-users’.
Mr Chow said he was pleased with the award. ‘Some may see this as just a beauty contest, but it is an important recognition of our achievement and standing,’ he said.
Indeed, CAI has been aggressively expanding its footprint across the Middle East, India, Russia, Vietnam and China. In India, which has some 80 airports, CAI has been aggressively sniffing out airport planning, management or investment projects at Tier 2 and Tier 3 cities with half a million to three million air passengers a year.
‘We are confident of establishing a strong presence in India over the next 10 years,’ Mr Chow said.
Last month, CAI joined forces with a private consortium, Bengal Aerotropolis Projects, to clinch a technical services agreement at India’s first private airport, the US$2.5 billion Durgapur Aerotropolis project. CAI hopes to eventually upgrade its involvement to that of an investor.
Just days earlier, it signed a memorandum of understanding with the Middle Airports Authority of Vietnam to invest in, develop and operate Phu Bai International Airport in the city of Hue - the first time a foreign investor will work exclusively with Vietnam’s aviation authority.
In China, CAI invested some US$100 million to buy a 29 per cent stake in Nanjing Lukou International Airport in Jiangsu province. It is poised to participate in at least half a dozen second-tier airports in southern and central China.
In the Middle East, where its operations management contract at Abu Dhabi International Airport ends soon, it is looking to invest in the project.
CAI is a preferred bidder to manage and operate Saudi Arabia’s King Fahd International Airport in Damman. It is also drawing up the masterplan for the King Hussein International Airport at Aqaba, Jordan.
Back in India, it is exploring more modernisation contracts for airports such as Navi Mumbai, Greater Noida, Kannur and the 24 non-metro airports initiated by the Airport Authority of India.
Mr Chow sees huge potential in the Indian government’s plan to build 400 private airports in the next decade. ‘We are very confident of establishing a strong presence in India over the next 10 years,’ he said.
Together with its partner, the Tata group, CAI recently submitted bids for the state-controlled Amritsar and Udaipur airports which are undergoing privatisation. The successful bidder will be announced next month.
Last year, the two partners clinched a deal to develop Nagpur Airport in Maharashtra state into a passenger and cargo hub.
According to Mr Chow, more opportunities are opening up in the Central Asian republics and eastern parts of Russia. CAI is currently exploring opportunities at St Petersburg.
What does CAI offer which gives it an edge over the competition?
‘We don’t provide plain vanilla airport solutions which depend purely on landing fees and passenger service charges,’ Mr Chow said.
‘Our value proposition lies in our innovative proposals and our ability to bring along with us investors and industries which can create a whole airport community. This includes providing more air links, and building up MRO (maintenance, repair and overhaul) operations capabilities, logistics hubs and other new revenue streams.’
Source : Business Times - 15 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Swiss Life sets up office here, targets wealthy - Singapore
Swiss Life sets up office here, targets wealthy - Singapore
By SIOW LI SENSWISS
Life will open an office here next month to sell its life insurance products aimed at the wealthy. ‘The Asian market offers great growth potential in this attractive segment.’ - Bruno Pfister, CEO, international, Swiss Life Group The Singapore office of Switzerland’s market leader for pension and life insurance products is not just its first in Asia, but also outside Europe.
The branch office, Swiss Life (Liechtenstein), is part of the group’s international strategy to tap into burgeoning Asian markets.
‘We see the potential for Asia, and Singapore is a great hub to tap into this Asian market,’ said company spokeswoman Irene Fischbach.
Swiss Life’s main markets are Switzerland, Germany and France.
The product to be sold in Asia is structured for international high net worth individuals and called private placement life insurance. Created since 2004, it is sold through the group’s Luxembourg and Liechtenstein offices, said Ms Fischbach.
‘It’s a structured life insurance product that combines individual asset management with retirement planning,’ she said.
Clients must have a minimum of 200,000 Swiss francs (S$270,059). Private placement life insurance is currently sold to customers in Sweden, Italy and the US. It has attracted assets under management of nine billion Swiss francs.
The Singapore office will be headed by Thomas Vonrueti, who will lead a team of seven.
Swiss Life cooperates with leading private banks and independent asset managers to sell its products.
Swiss Life Group’s chief executive, international, Bruno Pfister said: ‘The Asian market offers great growth potential in this attractive segment. In Singapore we are ideally positioned to expand into further markets in the region. The new location represents an important addition, enabling us to serve our customers from three competency centres in the future.’
According to Forbes magazine’s 2008 billionaires report, the number of Asian billionaires increased a third to 211 with a total net worth of US$804 billion, up from US$554 billion.
The number of millionaires in Singapore shot up 11,000 people or 21.2 per cent last year - the fastest growth rate in the Asia-Pacific and one of the fastest in the world, said a 2007 Merrill Lynch-Capgemini report.
Source : Straits Times - 14 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
By SIOW LI SENSWISS
Life will open an office here next month to sell its life insurance products aimed at the wealthy. ‘The Asian market offers great growth potential in this attractive segment.’ - Bruno Pfister, CEO, international, Swiss Life Group The Singapore office of Switzerland’s market leader for pension and life insurance products is not just its first in Asia, but also outside Europe.
The branch office, Swiss Life (Liechtenstein), is part of the group’s international strategy to tap into burgeoning Asian markets.
‘We see the potential for Asia, and Singapore is a great hub to tap into this Asian market,’ said company spokeswoman Irene Fischbach.
Swiss Life’s main markets are Switzerland, Germany and France.
The product to be sold in Asia is structured for international high net worth individuals and called private placement life insurance. Created since 2004, it is sold through the group’s Luxembourg and Liechtenstein offices, said Ms Fischbach.
‘It’s a structured life insurance product that combines individual asset management with retirement planning,’ she said.
Clients must have a minimum of 200,000 Swiss francs (S$270,059). Private placement life insurance is currently sold to customers in Sweden, Italy and the US. It has attracted assets under management of nine billion Swiss francs.
The Singapore office will be headed by Thomas Vonrueti, who will lead a team of seven.
Swiss Life cooperates with leading private banks and independent asset managers to sell its products.
Swiss Life Group’s chief executive, international, Bruno Pfister said: ‘The Asian market offers great growth potential in this attractive segment. In Singapore we are ideally positioned to expand into further markets in the region. The new location represents an important addition, enabling us to serve our customers from three competency centres in the future.’
According to Forbes magazine’s 2008 billionaires report, the number of Asian billionaires increased a third to 211 with a total net worth of US$804 billion, up from US$554 billion.
The number of millionaires in Singapore shot up 11,000 people or 21.2 per cent last year - the fastest growth rate in the Asia-Pacific and one of the fastest in the world, said a 2007 Merrill Lynch-Capgemini report.
Source : Straits Times - 14 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Flu situation here stable: Singapore Ministry of Health
Flu situation here stable: Singapore Ministry of Health
By ARTHUR SIM AND JOANNE CHIEW
THE Ministry of Health (MOH) said yesterday that the influenza situation in Singapore is stable, and no significant increase in acute respiratory infections (ARIs) has been reported in polyclinics. MOH advises there is no need for S’poreans to rush to get themselves vaccinated. This update comes amid fears that the outbreak of influenza in Hong Kong, which has already claimed three lives, could be caused by avian flu and Sars.
But Hong Kong authorities have already ruled them out as causes of the deaths.
MOH said it is working closely with the territory’s health officials in monitoring the situation there.
According to MOH, ongoing surveillance in Singapore shows that the number of attendances at emergency departments and hospital admissions for ARIs and pneumonia has not risen.
The percentage of influenza viruses isolated from patients with flu-like illnesses has also not risen, remaining low at the usual 5 per cent.
Nonetheless, MOH and healthcare institutions will continue to remain vigilant.
Singapore’s peak for ARIs extends to March every year. The ministry reminds Singaporeans to keep a high standard of personal hygiene and avoid crowded places with poor ventilation, especially for those travelling to places experiencing increased influenza activity such as Hong Kong.
MOH advises that there is no need for Singaporeans to rush to get themselves vaccinated against the flu.
However, those in the vulnerable group for influenza complications, such as older adults aged 65 and above, persons with underlying health conditions and young children under five years of age, should undergo routine annual flu vaccinations. Some Singaporeans have nevertheless decided to postpone their trips to Hong Kong.
SA Tours manager (marketing & communications) Ruth Lim said: ‘We have concerned passengers who have postponed their travel plans for this week to next week to observe the situation first.
‘Others are consulting family members on rescheduling travel dates.’
Dynasty Travel manager (marketing communications) Fern Sim said that it had not seen any cancellations.
However, even if there were, Ms Sim explained that full refunds are not likely because neither the Hong Kong or Singapore governments have issued health or travel warnings.
In Hong Kong, the Secretary for Food & Health, York Chow, did announce yesterday that all kindergartens, childcare centres and primary schools would be closed for two weeks.
The statement released by the Hong Kong government added that the flu season has contributed to a 16 per cent increase in admissions to medical wards and a 60-70 per cent increase in paediatric wards.Source : Business Times - 14 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: http://www.assetomgt.com/
By ARTHUR SIM AND JOANNE CHIEW
THE Ministry of Health (MOH) said yesterday that the influenza situation in Singapore is stable, and no significant increase in acute respiratory infections (ARIs) has been reported in polyclinics. MOH advises there is no need for S’poreans to rush to get themselves vaccinated. This update comes amid fears that the outbreak of influenza in Hong Kong, which has already claimed three lives, could be caused by avian flu and Sars.
But Hong Kong authorities have already ruled them out as causes of the deaths.
MOH said it is working closely with the territory’s health officials in monitoring the situation there.
According to MOH, ongoing surveillance in Singapore shows that the number of attendances at emergency departments and hospital admissions for ARIs and pneumonia has not risen.
The percentage of influenza viruses isolated from patients with flu-like illnesses has also not risen, remaining low at the usual 5 per cent.
Nonetheless, MOH and healthcare institutions will continue to remain vigilant.
Singapore’s peak for ARIs extends to March every year. The ministry reminds Singaporeans to keep a high standard of personal hygiene and avoid crowded places with poor ventilation, especially for those travelling to places experiencing increased influenza activity such as Hong Kong.
MOH advises that there is no need for Singaporeans to rush to get themselves vaccinated against the flu.
However, those in the vulnerable group for influenza complications, such as older adults aged 65 and above, persons with underlying health conditions and young children under five years of age, should undergo routine annual flu vaccinations. Some Singaporeans have nevertheless decided to postpone their trips to Hong Kong.
SA Tours manager (marketing & communications) Ruth Lim said: ‘We have concerned passengers who have postponed their travel plans for this week to next week to observe the situation first.
‘Others are consulting family members on rescheduling travel dates.’
Dynasty Travel manager (marketing communications) Fern Sim said that it had not seen any cancellations.
However, even if there were, Ms Sim explained that full refunds are not likely because neither the Hong Kong or Singapore governments have issued health or travel warnings.
In Hong Kong, the Secretary for Food & Health, York Chow, did announce yesterday that all kindergartens, childcare centres and primary schools would be closed for two weeks.
The statement released by the Hong Kong government added that the flu season has contributed to a 16 per cent increase in admissions to medical wards and a 60-70 per cent increase in paediatric wards.Source : Business Times - 14 March 2008
Singapore Property - Buy , Sell , Rent , Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: http://www.assetomgt.com/
Friday, March 14, 2008
Lawyers on the move as firms beef up tax practicesTAX
Lawyers on the move as firms beef up tax practices
TAX lawyers are playing musical chairs, with several partners getting ready to take up new jobs at rival firms.
BT understands that Yeoh Lian Chuan, a partner at Allen & Gledhill’s tax practice group, will leave in the coming months. It is not clear where he is heading.
When contacted, Allen & Gledhill confirmed the move but was mum on his departure date.
Mr Yeoh, who joined the firm in 2001, focuses on Singapore taxation and financial services advisory work, according to Allen & Gledhill’s website.
His move comes after changes at the tax practices of other law firms.
Drew & Napier said recently that it has brought in Ong Sim Ho and his team to beef up its tax practice. Mr Ong, who runs a boutique tax law firm carrying his name, has been tasked with leading and expanding the tax law practice at Drew & Napier.
His entry will take the Drew & Napier team to about nine. At the same time, Drew & Napier’s current tax group head, Teoh Lian Ee, has indicated that she wants to retire this year. Hiring Mr Ong is part of the firm’s succession strategy as it restructures its tax group by creating three more specialist teams on top of its existing trust team.
Earlier this month, Rajah & Tann said Stacy Choong, now a director at Drew & Napier, will join its tax practice by June 1.
Ms Choong will join tax specialist Christina Ng at Rajah & Tann to develop its tax practice.
Source : Business Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
TAX lawyers are playing musical chairs, with several partners getting ready to take up new jobs at rival firms.
BT understands that Yeoh Lian Chuan, a partner at Allen & Gledhill’s tax practice group, will leave in the coming months. It is not clear where he is heading.
When contacted, Allen & Gledhill confirmed the move but was mum on his departure date.
Mr Yeoh, who joined the firm in 2001, focuses on Singapore taxation and financial services advisory work, according to Allen & Gledhill’s website.
His move comes after changes at the tax practices of other law firms.
Drew & Napier said recently that it has brought in Ong Sim Ho and his team to beef up its tax practice. Mr Ong, who runs a boutique tax law firm carrying his name, has been tasked with leading and expanding the tax law practice at Drew & Napier.
His entry will take the Drew & Napier team to about nine. At the same time, Drew & Napier’s current tax group head, Teoh Lian Ee, has indicated that she wants to retire this year. Hiring Mr Ong is part of the firm’s succession strategy as it restructures its tax group by creating three more specialist teams on top of its existing trust team.
Earlier this month, Rajah & Tann said Stacy Choong, now a director at Drew & Napier, will join its tax practice by June 1.
Ms Choong will join tax specialist Christina Ng at Rajah & Tann to develop its tax practice.
Source : Business Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Some Singapore Gillman Heights owners fight on for their homes
Some Singapore Gillman Heights owners fight on for their homes
22 minority owners in bid to overturn sale; they simply don’t want to move
By Joyce Teo, Property Correspondent
UNITED FRONT: These owners of homes at Gillman Heights showed up in court proudly sporting T-shirts emblazoned with their condo’s name as they remained bent on overturning the collective sale inked last year. — ST PHOTO:
SHAHRIYA YAHAYA A GROUP of owners at Gillman Heights Condominium is fighting hard to stop the $548 million sale of the property, despite reports that hint at a market slowdown.The deal was struck when the market was in full flight in February last year - but now, such deals to sell en bloc have dried up.
The group’s stated reason for opposing the sale? They love their homes.
The owners opposing the sale of the Alexandra Road estate turned up on day one of a High Court appeal yesterday wearing specially-made T-shirts with the condo’s name emblazoned on them.
Said one: ‘We made it for the appeal to show our unity and our love for our home.’
The 22 minority owners are trying to overturn the collective sale of their estate to CapitaLand, Hotel Properties (HPL) and two private funds.
They are appealing on various grounds, including the way the sale process was conducted, how the former HUDC estate’s age was calculated and how the price was achieved.
Three other groups, representing 18 owners, are also in court. One is made up of eight owners from four units who want to know if a supplementary deal to extend the original collective sale agreement is valid. They face legal action from the buyers for alleged breach of contract.
The Strata Titles Board (STB) approved the sale of the 607-unit, 99-year leasehold estate late last year. The sale was inked in February last year at $363 per sq ft (psf) of potential gross floor area.
Owners stand to reap $870,000 to $950,000 per unit - then 40 to 55 per cent above the levels they would have got in an individual sale.
Still, some never wanted to sell. ‘We had no intention to sell,’ said one of the 22 minority owners. ‘The price was never our problem… You can’t find another place like this in Singapore.’
The 46-year-old, who declined to give his name, lives in a 1,880 sq ft unit with his family.
Mr Pang Tee Lian, one of eight owners to sign the first agreement, but not the supplementary one, said: ‘A collective sale means you can get decent proceeds. But it appears to us we would have no choice but to downgrade. And that means moving to a smaller place farther away.’
The 59-year-old did not agree to the supplementary deal as he felt the sale process had not been done properly.
‘The market has quietened down but we don’t just swing with the tide,’ said the general manager of a building facade firm, who also declined to be named. ‘It’s not so much about the money anymore. After this experience, I just want to stay away from collective sales.’
To minority owners, a collective sale is akin to a compulsory acquisition, said Senior Counsel Michael Hwang yesterday. He has been engaged by Tan Chin Hoe & Co to act for the 22 owners.
He argued that before amendments last year to laws governing collective sales, former HUDC estates had not been intended by Parliament to be covered by these laws.
Outside court, a property consultant said the owners may have trouble finding comparable replacement homes, even with the weaker market.
‘Demand for land has weakened, but if you look at individual deals, prices have yet to fall. Owners would be looking at the price they can get and not the price of the land their estate sits on.’
If they sold individually, they would still ‘be able to get the same price or more’.
The hearing continues today.
Source : Straits Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
22 minority owners in bid to overturn sale; they simply don’t want to move
By Joyce Teo, Property Correspondent
UNITED FRONT: These owners of homes at Gillman Heights showed up in court proudly sporting T-shirts emblazoned with their condo’s name as they remained bent on overturning the collective sale inked last year. — ST PHOTO:
SHAHRIYA YAHAYA A GROUP of owners at Gillman Heights Condominium is fighting hard to stop the $548 million sale of the property, despite reports that hint at a market slowdown.The deal was struck when the market was in full flight in February last year - but now, such deals to sell en bloc have dried up.
The group’s stated reason for opposing the sale? They love their homes.
The owners opposing the sale of the Alexandra Road estate turned up on day one of a High Court appeal yesterday wearing specially-made T-shirts with the condo’s name emblazoned on them.
Said one: ‘We made it for the appeal to show our unity and our love for our home.’
The 22 minority owners are trying to overturn the collective sale of their estate to CapitaLand, Hotel Properties (HPL) and two private funds.
They are appealing on various grounds, including the way the sale process was conducted, how the former HUDC estate’s age was calculated and how the price was achieved.
Three other groups, representing 18 owners, are also in court. One is made up of eight owners from four units who want to know if a supplementary deal to extend the original collective sale agreement is valid. They face legal action from the buyers for alleged breach of contract.
The Strata Titles Board (STB) approved the sale of the 607-unit, 99-year leasehold estate late last year. The sale was inked in February last year at $363 per sq ft (psf) of potential gross floor area.
Owners stand to reap $870,000 to $950,000 per unit - then 40 to 55 per cent above the levels they would have got in an individual sale.
Still, some never wanted to sell. ‘We had no intention to sell,’ said one of the 22 minority owners. ‘The price was never our problem… You can’t find another place like this in Singapore.’
The 46-year-old, who declined to give his name, lives in a 1,880 sq ft unit with his family.
Mr Pang Tee Lian, one of eight owners to sign the first agreement, but not the supplementary one, said: ‘A collective sale means you can get decent proceeds. But it appears to us we would have no choice but to downgrade. And that means moving to a smaller place farther away.’
The 59-year-old did not agree to the supplementary deal as he felt the sale process had not been done properly.
‘The market has quietened down but we don’t just swing with the tide,’ said the general manager of a building facade firm, who also declined to be named. ‘It’s not so much about the money anymore. After this experience, I just want to stay away from collective sales.’
To minority owners, a collective sale is akin to a compulsory acquisition, said Senior Counsel Michael Hwang yesterday. He has been engaged by Tan Chin Hoe & Co to act for the 22 owners.
He argued that before amendments last year to laws governing collective sales, former HUDC estates had not been intended by Parliament to be covered by these laws.
Outside court, a property consultant said the owners may have trouble finding comparable replacement homes, even with the weaker market.
‘Demand for land has weakened, but if you look at individual deals, prices have yet to fall. Owners would be looking at the price they can get and not the price of the land their estate sits on.’
If they sold individually, they would still ‘be able to get the same price or more’.
The hearing continues today.
Source : Straits Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Hong Kong’s killer flu
Hong Kong’s killer flu
Victim goes from healthy to dead in 15 days as outbreak brings back bad memories of another killer flu - Sars
By Tracy Quek, China Correspondent
TAKING PRECAUTIONS: A primary school pupil in Hong Kong getting a temperature check yesterday. Kindergartens and primary schools have been ordered to shut their doors for two weeks.
BEIJING - WHEN seven-year-old Law Ho Ming fell ill last month, there was nothing to suggest he was down with anything more serious than the common flu.The Primary 2 pupil of Ho Yat Tung Primary School in Hong Kong’s western Tuen Mun district had developed the usual flu-like symptoms, including a cough and a mild fever. He was taken to see a family doctor on Feb 24 and stayed home from school.
But the ‘ordinary flu’ fooled everyone.
In just 15 days, the virus robbed Ho Ming’s parents of their chatty, rosy-cheeked child, leaving them distraught and heightening fears of a killer influenza in Hong Kong where at least three other kids have died and dozens of others are unwell with suspected flu.
The three others who died were three-year-old girl Ho Po Yi, 27-month-old boy Or Ho Yeung and a 21-month-old boy whose name was not revealed.
An inquest will be held to investigate the cause of Ho Ming’s death on Tuesday, reported the South China Morning Post.
Hong Kong’s Centre for Health Protection said the boy’s flu had developed into encephalitis (swelling of the brain), but tests were needed to confirm the exact cause of death, the paper said.
The viciousness of the suspected flu bug has brought back dark memories of another outbreak that assailed the city and nearby countries, including Singapore, just five years ago - severe acute respiratory syndrome, or Sars.
Sars victims also displayed the usual flu symptoms, but unlike sufferers of the ordinary flu virus, they deteriorated rapidly after being infected. In many cases, the Sars bug proved fatal.
While the flu bug currently going around in Hong Kong is not Sars, it serves as a reminder that influenza is a ‘nasty disease’, said Mr Peter Cordingley of the World Health Organisation.
‘We often say, ‘Oh, I’ve got a touch of the flu’. But in fact, influenza, when it is full blown, is a nasty disease,’ he told The Straits Times on the phone from Manila.
‘It kills the young and elderly, it kills those who have got underlying medical conditions, so it is a nasty virus and has to be treated seriously.’
A week after Ho Ming’s visit to the family doctor, he was no better. Alarmed that her son was still coughing and running a high fever of about 39 deg C, his mother took him to the Tuen Mun Hospital on March 6.
Tests performed by emergency room doctors, however, found no trace of meningitis or encephalitis. His chest X-ray was also clear. There was no need for a hospital stay, doctors said.
Back home, the boy’s condition took a sudden dive. In two days, Ho Ming was back at the hospital, semi-conscious and suffering from pain in his limbs.
This time, doctors warded him in intensive care, but by then, even their best efforts came too late.
Two days later, on March 10, the boy was declared brain dead, and his parents made the painful decision to take him off life support.
Ho Ming’s father, a construction worker, told the Hong Kong press that the doctors who treated his son had done their best.
‘My son’s sickness worsened very quickly…But I was mentally prepared that my son would not be able to hold out,’ he said. ‘I don’t blame anyone.’
But his wife was inconsolable.
Speaking to Hong Kong’s Ming Pao Daily News, the 48-year-old housewife whose full name was not released said she could not come to terms with Ho Ming’s sudden death.
She described her son as a ‘diligent, obedient boy who never caused her any worry’.
‘In just over 10 days, this virus took the life of a healthy, lively child. It is so vicious. I could not have stopped it even if I tried. I have only one son, why must it be this way?’
Source : Straits Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Victim goes from healthy to dead in 15 days as outbreak brings back bad memories of another killer flu - Sars
By Tracy Quek, China Correspondent
TAKING PRECAUTIONS: A primary school pupil in Hong Kong getting a temperature check yesterday. Kindergartens and primary schools have been ordered to shut their doors for two weeks.
BEIJING - WHEN seven-year-old Law Ho Ming fell ill last month, there was nothing to suggest he was down with anything more serious than the common flu.The Primary 2 pupil of Ho Yat Tung Primary School in Hong Kong’s western Tuen Mun district had developed the usual flu-like symptoms, including a cough and a mild fever. He was taken to see a family doctor on Feb 24 and stayed home from school.
But the ‘ordinary flu’ fooled everyone.
In just 15 days, the virus robbed Ho Ming’s parents of their chatty, rosy-cheeked child, leaving them distraught and heightening fears of a killer influenza in Hong Kong where at least three other kids have died and dozens of others are unwell with suspected flu.
The three others who died were three-year-old girl Ho Po Yi, 27-month-old boy Or Ho Yeung and a 21-month-old boy whose name was not revealed.
An inquest will be held to investigate the cause of Ho Ming’s death on Tuesday, reported the South China Morning Post.
Hong Kong’s Centre for Health Protection said the boy’s flu had developed into encephalitis (swelling of the brain), but tests were needed to confirm the exact cause of death, the paper said.
The viciousness of the suspected flu bug has brought back dark memories of another outbreak that assailed the city and nearby countries, including Singapore, just five years ago - severe acute respiratory syndrome, or Sars.
Sars victims also displayed the usual flu symptoms, but unlike sufferers of the ordinary flu virus, they deteriorated rapidly after being infected. In many cases, the Sars bug proved fatal.
While the flu bug currently going around in Hong Kong is not Sars, it serves as a reminder that influenza is a ‘nasty disease’, said Mr Peter Cordingley of the World Health Organisation.
‘We often say, ‘Oh, I’ve got a touch of the flu’. But in fact, influenza, when it is full blown, is a nasty disease,’ he told The Straits Times on the phone from Manila.
‘It kills the young and elderly, it kills those who have got underlying medical conditions, so it is a nasty virus and has to be treated seriously.’
A week after Ho Ming’s visit to the family doctor, he was no better. Alarmed that her son was still coughing and running a high fever of about 39 deg C, his mother took him to the Tuen Mun Hospital on March 6.
Tests performed by emergency room doctors, however, found no trace of meningitis or encephalitis. His chest X-ray was also clear. There was no need for a hospital stay, doctors said.
Back home, the boy’s condition took a sudden dive. In two days, Ho Ming was back at the hospital, semi-conscious and suffering from pain in his limbs.
This time, doctors warded him in intensive care, but by then, even their best efforts came too late.
Two days later, on March 10, the boy was declared brain dead, and his parents made the painful decision to take him off life support.
Ho Ming’s father, a construction worker, told the Hong Kong press that the doctors who treated his son had done their best.
‘My son’s sickness worsened very quickly…But I was mentally prepared that my son would not be able to hold out,’ he said. ‘I don’t blame anyone.’
But his wife was inconsolable.
Speaking to Hong Kong’s Ming Pao Daily News, the 48-year-old housewife whose full name was not released said she could not come to terms with Ho Ming’s sudden death.
She described her son as a ‘diligent, obedient boy who never caused her any worry’.
‘In just over 10 days, this virus took the life of a healthy, lively child. It is so vicious. I could not have stopped it even if I tried. I have only one son, why must it be this way?’
Source : Straits Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
MMP Reit refinances $220m short-term loans - Singapore
MMP Reit refinances $220m short-term loans - Singapore
By IAN POH
MACQUARIE MEAG Prime Reit (MMP Reit) has refinanced $220 million of short-term loans, $190 million of which are due in May and $30 million in August.
‘In light of the strategic review of MMP Reit announced on Feb 19, the new funding has been arranged to extend the maturity of the facilities until end-September,’ said Macquarie Pacific Star, the manager of MMP Reit. This will allow the review to proceed with flexibility. It also removes the need to incur additional costs to unwind longer-term loans, which may be necessary if there is a transaction arising from the strategic review, said the real estate investment trust (Reit) manager.
In its Feb 19 announcement on the strategic review, the Reit manager said the specific objective is to enhance value for MMP Reit unit-holders. The review includes the possibility of the Macquarie Group selling its stake in the Reit.
The financing renewals have been secured on competitive terms and will not have a material impact on distribution per unit to unit-holders, the Reit manager said, adding that the successful refinancing - a continuation of support for the trust by finance providers - shows the strong credit quality of MMP Reit.
‘MMP Reit’s creditworthiness is supported by the high quality of underlying assets, low gearing, rental reversions, occupancy levels and tenancies,’ said Macquarie Pacific Star chief executive officer Franklin Heng.
MMP Reit recently announced an increase in its net asset value to $1.61 per unit as at Dec 31, 2007. The Reit is trading at a discount to this value, closing yesterday at $1.22.
‘We remain committed to securing the most optimal financing arrangements to maximise returns to unit-holders,’ Mr Heng said yesterday. ‘We will continue to monitor MMP Reit’s funding position throughout the strategic review.’
MMP Reit posted a 15.7 per cent year-on-year rise in distributable income to $16.2 million for the fourth quarter ended Dec 31, 2007.
Source : Straits Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
By IAN POH
MACQUARIE MEAG Prime Reit (MMP Reit) has refinanced $220 million of short-term loans, $190 million of which are due in May and $30 million in August.
‘In light of the strategic review of MMP Reit announced on Feb 19, the new funding has been arranged to extend the maturity of the facilities until end-September,’ said Macquarie Pacific Star, the manager of MMP Reit. This will allow the review to proceed with flexibility. It also removes the need to incur additional costs to unwind longer-term loans, which may be necessary if there is a transaction arising from the strategic review, said the real estate investment trust (Reit) manager.
In its Feb 19 announcement on the strategic review, the Reit manager said the specific objective is to enhance value for MMP Reit unit-holders. The review includes the possibility of the Macquarie Group selling its stake in the Reit.
The financing renewals have been secured on competitive terms and will not have a material impact on distribution per unit to unit-holders, the Reit manager said, adding that the successful refinancing - a continuation of support for the trust by finance providers - shows the strong credit quality of MMP Reit.
‘MMP Reit’s creditworthiness is supported by the high quality of underlying assets, low gearing, rental reversions, occupancy levels and tenancies,’ said Macquarie Pacific Star chief executive officer Franklin Heng.
MMP Reit recently announced an increase in its net asset value to $1.61 per unit as at Dec 31, 2007. The Reit is trading at a discount to this value, closing yesterday at $1.22.
‘We remain committed to securing the most optimal financing arrangements to maximise returns to unit-holders,’ Mr Heng said yesterday. ‘We will continue to monitor MMP Reit’s funding position throughout the strategic review.’
MMP Reit posted a 15.7 per cent year-on-year rise in distributable income to $16.2 million for the fourth quarter ended Dec 31, 2007.
Source : Straits Times - 14 March 2008
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Thursday, March 13, 2008
MacRitchie makeover put on hold after contractor goes bust
MacRitchie makeover put on hold after contractor goes bust
By Melissa Kok
NATURE lovers and fitness buffs who frequent MacRitchie Reservoir for leisure activities may have to wait nine months longer before they can get to enjoy some of the new visitor-friendly facilities promised by PUB and the National Parks Board.
The $5-million MacRitchie spruce-up, the first phase of which was slated for completion this month, came to an abrupt stop when its contractor - Wacon Construction and Trading Private Limited - went bust.
According to Mr Moh Wung Hee, Director, Best Sourcing, PUB, construction work had come to a virtual halt two months ago. Mr Moh said PUB has since terminated its contract with the company as 'it failed to make satisfactory progress on the project'.
The upgrade was supposed to be part of PUB's Active, Beautiful, Clean Waters (ABC) programme to spiff up most of Singapore's reservoirs and rivers.
It was meant to provide MacRitchie with new features such as shower facilities, a specially designated warm-up area and a two-storey carpark that would double the number of lots.
PUB will be calling a new tender this month to find a replacement contractor, and said it aims to complete construction of the carpark by the end of this year.
No details on the targeted completion date for the entire project were given at this time.
When contacted by The Straits Times, Mr Ong Say Kiat, who is the managing director of Wacon Construction, declined to talk about the MacRitchie project. But he blamed rising operation costs as the main reason for his company's financial troubles.
He said: 'My company had to fold because of the price increase in raw materials, especially sand'.
Sighing, Mr Ong added that it was 'a heartache to see the company that he built from scratch' collapse.
He declined to reveal how much debt his company was in, or if there were other projects that were also put on hold. But The Straits Times understands that several companies had already taken legal action against Wacon Construction for slightly over $1 million in monies owed to them this year.
Three other firms are taking Wacon Construction to court for debts amounting to over $83,000.
Back at MacRitchie, some regulars at the nature reserve were disappointed when told of the delay.
Mr Bernd Nordhausen, 46, who jogs at MacRitchie regularly, said he was annoyed as the delay would mean the problem of finding a parking lot, especially on weekends, would have to continue longer than expected.
'A bigger carpark is desperately needed. It's already been about 14 months since the upgrading began, that's just too excessive,' he said.
Another regular jogger, Mr Surinder Singh, 50, said: 'It's a lot of inconvenience, because everyone was looking forward to the facilities, especially the showers and now it's 'Oh! suddenly stop!''.
But Mr Singh added, 'Of course, unforseen circumstances always happen, so hopefully we can expect a quick action from PUB.'
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
By Melissa Kok
NATURE lovers and fitness buffs who frequent MacRitchie Reservoir for leisure activities may have to wait nine months longer before they can get to enjoy some of the new visitor-friendly facilities promised by PUB and the National Parks Board.
The $5-million MacRitchie spruce-up, the first phase of which was slated for completion this month, came to an abrupt stop when its contractor - Wacon Construction and Trading Private Limited - went bust.
According to Mr Moh Wung Hee, Director, Best Sourcing, PUB, construction work had come to a virtual halt two months ago. Mr Moh said PUB has since terminated its contract with the company as 'it failed to make satisfactory progress on the project'.
The upgrade was supposed to be part of PUB's Active, Beautiful, Clean Waters (ABC) programme to spiff up most of Singapore's reservoirs and rivers.
It was meant to provide MacRitchie with new features such as shower facilities, a specially designated warm-up area and a two-storey carpark that would double the number of lots.
PUB will be calling a new tender this month to find a replacement contractor, and said it aims to complete construction of the carpark by the end of this year.
No details on the targeted completion date for the entire project were given at this time.
When contacted by The Straits Times, Mr Ong Say Kiat, who is the managing director of Wacon Construction, declined to talk about the MacRitchie project. But he blamed rising operation costs as the main reason for his company's financial troubles.
He said: 'My company had to fold because of the price increase in raw materials, especially sand'.
Sighing, Mr Ong added that it was 'a heartache to see the company that he built from scratch' collapse.
He declined to reveal how much debt his company was in, or if there were other projects that were also put on hold. But The Straits Times understands that several companies had already taken legal action against Wacon Construction for slightly over $1 million in monies owed to them this year.
Three other firms are taking Wacon Construction to court for debts amounting to over $83,000.
Back at MacRitchie, some regulars at the nature reserve were disappointed when told of the delay.
Mr Bernd Nordhausen, 46, who jogs at MacRitchie regularly, said he was annoyed as the delay would mean the problem of finding a parking lot, especially on weekends, would have to continue longer than expected.
'A bigger carpark is desperately needed. It's already been about 14 months since the upgrading began, that's just too excessive,' he said.
Another regular jogger, Mr Surinder Singh, 50, said: 'It's a lot of inconvenience, because everyone was looking forward to the facilities, especially the showers and now it's 'Oh! suddenly stop!''.
But Mr Singh added, 'Of course, unforseen circumstances always happen, so hopefully we can expect a quick action from PUB.'
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Work on 2nd cruise terminal in Marina South to begin in June
Work on 2nd cruise terminal in Marina South to begin in June
When completed by 2010, it will allow Singapore to handle 1.6 million cruise passengers by 2015.
By Lim Wei Chean
BY 2010, cruise passengers arriving in Singapore will be able to disembark with style in Marina South.
Singapore Tourism Board chief Lim Neo Chian on Tuesday announced at the Miami Seatrade Shipping Convention that construction on a new International Cruise Terminal will begin in June and it will be ready by 2010.
The new terminal will have no height restrictions, deeper waters and a large turning basin, which will allow the new generation of cruise ships that are up to twice the size of those currently stopping at the Singapore Cruise Terminal at HarbourFront to dock. The two terminals will be only a 10 to 15 minute drive away from each other.
Cruise operators here have bemoaned the fact that Singapore's current cruise terminal is too small for the longest time. Bigger cruise ships like Royal Caribbean's Rhapsody of The Seas, the biggest ship to sail in Asia, was unable to dock at the HarbourFront terminal because it was too tall. There have also been issues with capacity crunch due to overcrowding at the existing terminal.
Tenders for engineering and architectural design proposals for the second cruise terminal have been called, and various submissions have come in. STB said the tenders will be awarded next month.
The new terminal, which is near Marina Bay, Singapore's new Downtown and financial services hub, will enable Singapore to ride on the growth of the global and Asian cruise industry and achieve its target of handling 1.6 million cruise passengers by 2015.
Last year, the Singapore Cruise Centre handled over 943,000 cruise passengers - a 10 per cent increase over the 857,000 passengers in 2006.
Growth of 44 per cent expectedThe Ocean Shipping Consultant has projected that Asia - China, South Korea, Japan and Southeast Asia - can expect a 44 per cent growth in cruise passengers, from 1.07 million in 2005 to 1.54 million by 2010. By 2015, the number of Asian cruise passengers is expected to hit 2.02 million - a jump of over 88 per cent over 2005.
RCI and Silversea Cruises also opened offices in Singapore last year.
Singapore will also be a port-of-call for a host of ships this year, including Cunard's Queen Victoria on her maiden world cruises, and ships from Princess Cruises, P&O, Oceania Cruises, Holland America Line and Crystal Cruises.
Recognising this growth potential, cruise operators are offering a wide range of itineries within Asia.
Leveraging on Singapore's strategic location between major international maritime routes and its excellent air connectivity to more than 90 destinations in 60 countries worldwide, a number of cruise companies have based themselves here to strengthen their Asian presence.
Several of the world's top cruise lines, such as Star Cruises, Royal Caribbean International, Costa Cruises, P&O Princess and Silversea Cruises have made Singapore the homeport or marquee port for their Asian ship deployments.
Mr Lim said with the completion of the new cruise terminal, 2020 is shaping up to be a banner year for Singapore, and for cruise in particular.
Along with the other mega attractions including the Singapore Flyer, the Formula One night race, the two integrated resorts, Marina Barrage and Gardens by the Bay, Singapore is on track to achieve its targets of 17 million visitor arrivals and S$30 million in tourism receipts by 2015.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
When completed by 2010, it will allow Singapore to handle 1.6 million cruise passengers by 2015.
By Lim Wei Chean
BY 2010, cruise passengers arriving in Singapore will be able to disembark with style in Marina South.
Singapore Tourism Board chief Lim Neo Chian on Tuesday announced at the Miami Seatrade Shipping Convention that construction on a new International Cruise Terminal will begin in June and it will be ready by 2010.
The new terminal will have no height restrictions, deeper waters and a large turning basin, which will allow the new generation of cruise ships that are up to twice the size of those currently stopping at the Singapore Cruise Terminal at HarbourFront to dock. The two terminals will be only a 10 to 15 minute drive away from each other.
Cruise operators here have bemoaned the fact that Singapore's current cruise terminal is too small for the longest time. Bigger cruise ships like Royal Caribbean's Rhapsody of The Seas, the biggest ship to sail in Asia, was unable to dock at the HarbourFront terminal because it was too tall. There have also been issues with capacity crunch due to overcrowding at the existing terminal.
Tenders for engineering and architectural design proposals for the second cruise terminal have been called, and various submissions have come in. STB said the tenders will be awarded next month.
The new terminal, which is near Marina Bay, Singapore's new Downtown and financial services hub, will enable Singapore to ride on the growth of the global and Asian cruise industry and achieve its target of handling 1.6 million cruise passengers by 2015.
Last year, the Singapore Cruise Centre handled over 943,000 cruise passengers - a 10 per cent increase over the 857,000 passengers in 2006.
Growth of 44 per cent expectedThe Ocean Shipping Consultant has projected that Asia - China, South Korea, Japan and Southeast Asia - can expect a 44 per cent growth in cruise passengers, from 1.07 million in 2005 to 1.54 million by 2010. By 2015, the number of Asian cruise passengers is expected to hit 2.02 million - a jump of over 88 per cent over 2005.
RCI and Silversea Cruises also opened offices in Singapore last year.
Singapore will also be a port-of-call for a host of ships this year, including Cunard's Queen Victoria on her maiden world cruises, and ships from Princess Cruises, P&O, Oceania Cruises, Holland America Line and Crystal Cruises.
Recognising this growth potential, cruise operators are offering a wide range of itineries within Asia.
Leveraging on Singapore's strategic location between major international maritime routes and its excellent air connectivity to more than 90 destinations in 60 countries worldwide, a number of cruise companies have based themselves here to strengthen their Asian presence.
Several of the world's top cruise lines, such as Star Cruises, Royal Caribbean International, Costa Cruises, P&O Princess and Silversea Cruises have made Singapore the homeport or marquee port for their Asian ship deployments.
Mr Lim said with the completion of the new cruise terminal, 2020 is shaping up to be a banner year for Singapore, and for cruise in particular.
Along with the other mega attractions including the Singapore Flyer, the Formula One night race, the two integrated resorts, Marina Barrage and Gardens by the Bay, Singapore is on track to achieve its targets of 17 million visitor arrivals and S$30 million in tourism receipts by 2015.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Tuesday, March 11, 2008
Singapore still ranked as least corrupt in Asia
Singapore still ranked as least corrupt in Asia
The Philippines and Thailand seen as most graft-ridden in survey of expats
By Goh Chin Lian
THE Political and Economic Risk Consultancy (Perc) expects corruption to emerge as a hot-button issue in Asia this year as slowing growth, rising food prices and political campaigns feed a groundswell against graft
.
But Singapore is unlikely to be tainted as expatriates surveyed by the Hong Kong-based group once again rank it the least corrupt economy in the region.
The annual survey also rated Hong Kong and Japan highly among 13 Asian economies.
The Philippines was deemed the most corrupt for the second consecutive year.
Thailand, China, Indonesia, India and Vietnam fared poorly too.
The 1,400 expatriates surveyed in January and February this year were asked to grade the extent that corruption detracts from the attractiveness of the business environment they work in.
Singapore scored with its 'no-nonsense approach to corruption', the report said.
Perc said the 100 expatriates polled here were of the view that the Singapore Government is 'doing an excellent job of keeping corruption low'.
'It is not excessively bureaucratic and does not impose onerous compliance costs, but it is strict about regulations and thorough in its monitoring,' the report said.
Perc highlighted the integrity of the public sector as a factor that impresses foreign investors.
It said the lack of corruption also enhances the Republic's credentials as a business and financial centre.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
The Philippines and Thailand seen as most graft-ridden in survey of expats
By Goh Chin Lian
THE Political and Economic Risk Consultancy (Perc) expects corruption to emerge as a hot-button issue in Asia this year as slowing growth, rising food prices and political campaigns feed a groundswell against graft
.
But Singapore is unlikely to be tainted as expatriates surveyed by the Hong Kong-based group once again rank it the least corrupt economy in the region.
The annual survey also rated Hong Kong and Japan highly among 13 Asian economies.
The Philippines was deemed the most corrupt for the second consecutive year.
Thailand, China, Indonesia, India and Vietnam fared poorly too.
The 1,400 expatriates surveyed in January and February this year were asked to grade the extent that corruption detracts from the attractiveness of the business environment they work in.
Singapore scored with its 'no-nonsense approach to corruption', the report said.
Perc said the 100 expatriates polled here were of the view that the Singapore Government is 'doing an excellent job of keeping corruption low'.
'It is not excessively bureaucratic and does not impose onerous compliance costs, but it is strict about regulations and thorough in its monitoring,' the report said.
Perc highlighted the integrity of the public sector as a factor that impresses foreign investors.
It said the lack of corruption also enhances the Republic's credentials as a business and financial centre.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Monday, March 10, 2008
MPs seek steps to prevent 'magic dollars' flat scam
MPs seek steps to prevent 'magic dollars' flat scam
Greater flexibility in HDB loan rules for downgraders may help, say some
By Jessica Cheam
THE emergence of a new scam by HDB flat sellers has prompted calls by some MPs for a review of loan rules for flat downgrading.
Housing agents say sellers who resort to the so-called 'magic dollars' scam often face financial difficulties and may be having a hard time in downgrading to cheaper flats.
Some MPs noted that greater flexibility in downgrading rules could help these people.
Property agents have recently seen an increase in deals where the seller and buyer collude to under-declare the sale price to the Housing Board.
The buyer pays the difference between this and the real price to the seller in cash, often in return for a discount.
These sellers are likely to have bought their homes at the previous market peak, leaving the flat in negative equity, where the mortgage is more than the property's value.
This means that any sales proceeds will go towards repaying the seller's loan and the money taken from the Central Provident Fund (CPF).
This would leave him with no cash in hand.
The scam provides vital extra cash - indirectly from the seller's CPF monies - in a buoyant HDB market with high resale prices.
Some families struggle to fork out the cash amount over and above a flat's valuation.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Greater flexibility in HDB loan rules for downgraders may help, say some
By Jessica Cheam
THE emergence of a new scam by HDB flat sellers has prompted calls by some MPs for a review of loan rules for flat downgrading.
Housing agents say sellers who resort to the so-called 'magic dollars' scam often face financial difficulties and may be having a hard time in downgrading to cheaper flats.
Some MPs noted that greater flexibility in downgrading rules could help these people.
Property agents have recently seen an increase in deals where the seller and buyer collude to under-declare the sale price to the Housing Board.
The buyer pays the difference between this and the real price to the seller in cash, often in return for a discount.
These sellers are likely to have bought their homes at the previous market peak, leaving the flat in negative equity, where the mortgage is more than the property's value.
This means that any sales proceeds will go towards repaying the seller's loan and the money taken from the Central Provident Fund (CPF).
This would leave him with no cash in hand.
The scam provides vital extra cash - indirectly from the seller's CPF monies - in a buoyant HDB market with high resale prices.
Some families struggle to fork out the cash amount over and above a flat's valuation.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Sunday, March 9, 2008
Budget surplus, yes, but saving for future is crucial
Budget surplus, yes, but saving for future is crucial
PM: Focus on instant handouts over long-term growth 'dangerous'
By Zakir Hussain
PRIME Minister Lee Hsien Loong has described as 'dangerous' the view that Singapore is now rich enough for the Government to dish out hongbao freely.
In his first comments on this year's Budget, he warned that if the country stopped saving and investing for the future, economic growth would also grind to a halt and 'we would be in serious trouble'.
Mr Lee said he had noticed that when people discussed the Budget, passed by Parliament last Thursday, the emphasis was on its immediate handouts.
There was much less focus on its longer-term investments to help Singapore grow and prepare for future challenges.
Many seemed interested mainly in 'what more should the Government give? Who else to give to? Who should get more?' he said.
He warned against such an attitude:
'The assumption which some people have is - we are now rich, we can afford to spend more. This is a very dangerous way of thinking and worries me a lot.'
Singapore is where it is today, he said, 'because we have saved, we have been frugal, because we haven't just thrown money away'.
'If now we change our mindset, and say we used to save, now that we have money we don't need to save anymore, then the growth will stop. Singapore will go down, and we will all be in serious trouble,' he added.
This year's Budget included a $1.8 billion surplus sharing package of income tax rebates, growth dividends and top ups to Medisave to help people cope with the rising cost of living.
But some members of the public and their elected representatives in Parliament called for yet more relief to help individuals and businesses cope with rising costs, in light of the bumper $6.45 billion surplus for the last financial year.
On Friday, at the launch of a new Anchorvale community club in Sengkang, Mr Lee assured Singaporeans that as the economy grows and the resources at the Government's disposal increase, it will strengthen the social safety nets and set aside more to support needy and low-income families.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
PM: Focus on instant handouts over long-term growth 'dangerous'
By Zakir Hussain
PRIME Minister Lee Hsien Loong has described as 'dangerous' the view that Singapore is now rich enough for the Government to dish out hongbao freely.
In his first comments on this year's Budget, he warned that if the country stopped saving and investing for the future, economic growth would also grind to a halt and 'we would be in serious trouble'.
Mr Lee said he had noticed that when people discussed the Budget, passed by Parliament last Thursday, the emphasis was on its immediate handouts.
There was much less focus on its longer-term investments to help Singapore grow and prepare for future challenges.
Many seemed interested mainly in 'what more should the Government give? Who else to give to? Who should get more?' he said.
He warned against such an attitude:
'The assumption which some people have is - we are now rich, we can afford to spend more. This is a very dangerous way of thinking and worries me a lot.'
Singapore is where it is today, he said, 'because we have saved, we have been frugal, because we haven't just thrown money away'.
'If now we change our mindset, and say we used to save, now that we have money we don't need to save anymore, then the growth will stop. Singapore will go down, and we will all be in serious trouble,' he added.
This year's Budget included a $1.8 billion surplus sharing package of income tax rebates, growth dividends and top ups to Medisave to help people cope with the rising cost of living.
But some members of the public and their elected representatives in Parliament called for yet more relief to help individuals and businesses cope with rising costs, in light of the bumper $6.45 billion surplus for the last financial year.
On Friday, at the launch of a new Anchorvale community club in Sengkang, Mr Lee assured Singaporeans that as the economy grows and the resources at the Government's disposal increase, it will strengthen the social safety nets and set aside more to support needy and low-income families.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Carpark charges for malls along Orchard Rd up between 10-36%
Carpark charges for malls along Orchard Rd up between 10-36%
By Judith Tan
Parking charges at most carparks rose with the upping of the Goods & Services Tax by two percentage points last year.
THAT trip to shop or run errands in Orchard Road is setting back motorists more in parking charges nowadays.
A Straits Times check of 20 malls on the shopping strip revealed that parking fees have gone up at 18 of them.
Just over a third of the 18 carparks are levying charges that are between 10 and 20 per cent more.
While the jump is bigger at some, there are also places where weekday, off-peak fees have stayed about the same.
The most expensive places to park are Tang Plaza or Wheelock Place, where leaving your car for three hours will cost $9 before 5pm on weekdays.
Prices are not uniformly high along Orchard Road. It is four times cheaper to park in Plaza Singapura, for instance. Three hours there costs just $2.25.
Tang Plaza is the only mall on the strip that charges by the minute, so motorists pay for the exact amount of usage.
At other carparks, the rates are calculated in blocks of between 15 minutes to an hour.
It can make a difference.
Housewife Ong Lee Lee, 55, for example, has found that she will be charged $3.50 for an hour and five minutes at Tang Plaza; if she parks at Ngee Ann City down the road for that length of time, she would be paying $3.84 for a block lasting an hour and a half.
Parking charges at most carparks rose with the upping of the Goods & Services Tax by two percentage points last year, say carpark operators.
But the jump has been by more than two percentage points - by a whopping 36 per cent in one instance.
Cairnhill Place takes the dubious honour as that carpark. Leaving your car there for three hours before 5pm on a weekday now costs $8, up from $5.90 just two years ago.
Back in 2002, the nondescript-looking carpark was the best-kept secret among motorists looking for lots in the heart of Orchard Road: It cost just $3 for three hours then.
Its operator, Wilson Parking, which runs 50 carparks islandwide, declined comment on the price increase.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
By Judith Tan
Parking charges at most carparks rose with the upping of the Goods & Services Tax by two percentage points last year.
THAT trip to shop or run errands in Orchard Road is setting back motorists more in parking charges nowadays.
A Straits Times check of 20 malls on the shopping strip revealed that parking fees have gone up at 18 of them.
Just over a third of the 18 carparks are levying charges that are between 10 and 20 per cent more.
While the jump is bigger at some, there are also places where weekday, off-peak fees have stayed about the same.
The most expensive places to park are Tang Plaza or Wheelock Place, where leaving your car for three hours will cost $9 before 5pm on weekdays.
Prices are not uniformly high along Orchard Road. It is four times cheaper to park in Plaza Singapura, for instance. Three hours there costs just $2.25.
Tang Plaza is the only mall on the strip that charges by the minute, so motorists pay for the exact amount of usage.
At other carparks, the rates are calculated in blocks of between 15 minutes to an hour.
It can make a difference.
Housewife Ong Lee Lee, 55, for example, has found that she will be charged $3.50 for an hour and five minutes at Tang Plaza; if she parks at Ngee Ann City down the road for that length of time, she would be paying $3.84 for a block lasting an hour and a half.
Parking charges at most carparks rose with the upping of the Goods & Services Tax by two percentage points last year, say carpark operators.
But the jump has been by more than two percentage points - by a whopping 36 per cent in one instance.
Cairnhill Place takes the dubious honour as that carpark. Leaving your car there for three hours before 5pm on a weekday now costs $8, up from $5.90 just two years ago.
Back in 2002, the nondescript-looking carpark was the best-kept secret among motorists looking for lots in the heart of Orchard Road: It cost just $3 for three hours then.
Its operator, Wilson Parking, which runs 50 carparks islandwide, declined comment on the price increase.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Transformation of Punggol River begins
Transformation of Punggol River begins
$7.13 million project to create reservoir park with man-made island will be ready by 2010
By Tania Tan
WORK to transform the Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground on Sunday.
Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island - a clump of soil and grass - into the water.
For its design, the $7.13 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.
Work will be completed by 2010.
Punggol River is the first of five sites to be improved this year under the Active Beautiful, Clean (ABC) Waters Programme.
Launched by national water agency PUB in 2006, the $200 million programme is an ambitious island-wide revamp of 28 waterways.
The aim is to rejuvenate Singapore's drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes where people can enjoy water activities and even commute.
Giving a preview of the projects during the Budget debate last month, Minister for the Environment and Water Resources Yaacob Ibrahim said, for example, that the Lower Seletar Reservoir would sport a heritage bridge, featuring story panels which will tell of the area's kampung history.
Work on the pilot projects of Kolam Ayer and the Bedok and MacRitchie reservoirs is in its final phases and will be unveiled this year.
'With these projects, we hope to bring waterfront living to the heartland, improve the quality of our living environment and enhance property values,' said Dr Yaacob.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
$7.13 million project to create reservoir park with man-made island will be ready by 2010
By Tania Tan
WORK to transform the Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground on Sunday.
Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island - a clump of soil and grass - into the water.
For its design, the $7.13 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.
Work will be completed by 2010.
Punggol River is the first of five sites to be improved this year under the Active Beautiful, Clean (ABC) Waters Programme.
Launched by national water agency PUB in 2006, the $200 million programme is an ambitious island-wide revamp of 28 waterways.
The aim is to rejuvenate Singapore's drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes where people can enjoy water activities and even commute.
Giving a preview of the projects during the Budget debate last month, Minister for the Environment and Water Resources Yaacob Ibrahim said, for example, that the Lower Seletar Reservoir would sport a heritage bridge, featuring story panels which will tell of the area's kampung history.
Work on the pilot projects of Kolam Ayer and the Bedok and MacRitchie reservoirs is in its final phases and will be unveiled this year.
'With these projects, we hope to bring waterfront living to the heartland, improve the quality of our living environment and enhance property values,' said Dr Yaacob.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Saturday, March 8, 2008
Local universities throwing open houses to attract students
Local universities throwing open houses to attract students
By Alex Liam
EVERY university in town wants to be a class act.
And to attract the cream of the students who just received their A level results two days ago, the four universities - NUS, SMU, NTU and UniSIM - have been holding open houses since this weekend.
Although their websites already give out plenty of information, including recent fee increases, open houses allow students to get a better feel of campus life.
Brochures and invitation letters were sent out to students weeks in advance to trumpet the events and activities in the open houses.
The Singapore Management University (SMU), for instance, trotted out unconventional co-curricular activities like Muay Thai (Thai-style kickboxing) and a Latin salsa music band.
'We want to let students be informed while having an enriching and fun experience,' said SMU's admissions director Alan Goh.
On Saturday, salsa band Samba Masala wooed the freshmen-to-be at SMU's open house. The two-day event ends today.
Formed in 2002, the all-student band is now 35-strong and it has performed at events like the Chingay and the Youth Olympics party at the Padang two weeks ago.
SMU, located at Bras Basah, is expecting up to 8,000 visitors this weekend. Last year, it hosted 6,500 visitors.
Over at the National University of Singapore (NUS) in Kent Ridge, those feeling peckish after all the talks on academia can head for its Food Bazaar.
Its two-day open house takes place next weekend.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
By Alex Liam
EVERY university in town wants to be a class act.
And to attract the cream of the students who just received their A level results two days ago, the four universities - NUS, SMU, NTU and UniSIM - have been holding open houses since this weekend.
Although their websites already give out plenty of information, including recent fee increases, open houses allow students to get a better feel of campus life.
Brochures and invitation letters were sent out to students weeks in advance to trumpet the events and activities in the open houses.
The Singapore Management University (SMU), for instance, trotted out unconventional co-curricular activities like Muay Thai (Thai-style kickboxing) and a Latin salsa music band.
'We want to let students be informed while having an enriching and fun experience,' said SMU's admissions director Alan Goh.
On Saturday, salsa band Samba Masala wooed the freshmen-to-be at SMU's open house. The two-day event ends today.
Formed in 2002, the all-student band is now 35-strong and it has performed at events like the Chingay and the Youth Olympics party at the Padang two weeks ago.
SMU, located at Bras Basah, is expecting up to 8,000 visitors this weekend. Last year, it hosted 6,500 visitors.
Over at the National University of Singapore (NUS) in Kent Ridge, those feeling peckish after all the talks on academia can head for its Food Bazaar.
Its two-day open house takes place next weekend.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Former HDB Centre is bustling once more
Former HDB Centre is bustling once more
It is boom time again in Bukit Merah after the former HDB hub, which went a-begging for tenants, is now fully occupied.
BUKIT Merah Town Centre is no longer a ghost town.
Ask Ms Florence Chan who used to park her car at the third level of the multi-storey carpark there.
These days, she can find a vacant lot only at level nine.
The administrator of Covenant Evangelical Free Church, which has its offices in Connection ONE, says it is just one indication that good times have returned to the area.
Come lunchtime, hordes of office workers pour out from the five buildings of Connection ONE, formerly known as the HDB Centre, and head for the eateries nearby.
It is a far cry from the situation two years ago when one third of the 764,000-sq-ft office space sat empty.
It was even worse in 2002. That was when the HDB relocated its headquarters to its current premises in Toa Payoh.
This relocation was a big blow to the food eateries and other retail businesses in Bukit Merah which had profited from the big number of people who visited the HDB Centre daily.
The HDB initially could not find enough tenants to fill up all the space it vacated. Its spun-off building consultancy Surbana Corporation, previously called HDB Corporation, moved back in 2003.
Fast-forward to 2008 and it's a different story.
HDB said the complex was fully let out from September last year. The tenants include hospital groups, private schools, a church group and a betting centre.
The HDB believes the competitive rental rate is one of the factors. 'In fact, we still receive many enquiries for office space,' said a spokesman.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
It is boom time again in Bukit Merah after the former HDB hub, which went a-begging for tenants, is now fully occupied.
BUKIT Merah Town Centre is no longer a ghost town.
Ask Ms Florence Chan who used to park her car at the third level of the multi-storey carpark there.
These days, she can find a vacant lot only at level nine.
The administrator of Covenant Evangelical Free Church, which has its offices in Connection ONE, says it is just one indication that good times have returned to the area.
Come lunchtime, hordes of office workers pour out from the five buildings of Connection ONE, formerly known as the HDB Centre, and head for the eateries nearby.
It is a far cry from the situation two years ago when one third of the 764,000-sq-ft office space sat empty.
It was even worse in 2002. That was when the HDB relocated its headquarters to its current premises in Toa Payoh.
This relocation was a big blow to the food eateries and other retail businesses in Bukit Merah which had profited from the big number of people who visited the HDB Centre daily.
The HDB initially could not find enough tenants to fill up all the space it vacated. Its spun-off building consultancy Surbana Corporation, previously called HDB Corporation, moved back in 2003.
Fast-forward to 2008 and it's a different story.
HDB said the complex was fully let out from September last year. The tenants include hospital groups, private schools, a church group and a betting centre.
The HDB believes the competitive rental rate is one of the factors. 'In fact, we still receive many enquiries for office space,' said a spokesman.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
$12.6m more to help SMEs improve business practices
$12.6m more to help SMEs improve business practices
By Lynn Lee
FROM a shop in Changi Village tailoring suits for British military officers, Ms Kavita Thulasidas' family business has bloomed into a high-end East-meets-West clothing store for fashionistas.
Eight months ago, the managing director of Stylemart in Selegie Road launched her first overseas venture - a spa in Bangalore, India.
Ms Thulasidas, 33, says the Singapore Indian Chamber of Commerce and Industry's talks on doing business in India, and its network of lawyers and consultants came in useful when she was putting together her plan.
And it looks like the chamber will be able to do more for companies like Stylemart, as it now has a new facility to provide business and consultancy advice to small and medium enterprises(SMEs).
On Saturday, an Enterprise Development Centre - the fifth in Singapore - at the chamber's Stanley Street headquarters was officially opened by Prime Minister Lee Hsien Loong.
Mr Lee also announced a $12.6 million injection of funds by the Government, to fund the five centres' work over the next three years. The five are run by two trade associations and three chambers of commerce.
To date, the centres have helped around 14,000 of the 145,000 SMEs to improve business practices, in areas like human resources, finance and technological devlopment.
In his speech, Mr Lee also drew attention to how the SICCI could help both Singapore and Indian firms leverage on the countries' free-trade agreement .
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
By Lynn Lee
FROM a shop in Changi Village tailoring suits for British military officers, Ms Kavita Thulasidas' family business has bloomed into a high-end East-meets-West clothing store for fashionistas.
Eight months ago, the managing director of Stylemart in Selegie Road launched her first overseas venture - a spa in Bangalore, India.
Ms Thulasidas, 33, says the Singapore Indian Chamber of Commerce and Industry's talks on doing business in India, and its network of lawyers and consultants came in useful when she was putting together her plan.
And it looks like the chamber will be able to do more for companies like Stylemart, as it now has a new facility to provide business and consultancy advice to small and medium enterprises(SMEs).
On Saturday, an Enterprise Development Centre - the fifth in Singapore - at the chamber's Stanley Street headquarters was officially opened by Prime Minister Lee Hsien Loong.
Mr Lee also announced a $12.6 million injection of funds by the Government, to fund the five centres' work over the next three years. The five are run by two trade associations and three chambers of commerce.
To date, the centres have helped around 14,000 of the 145,000 SMEs to improve business practices, in areas like human resources, finance and technological devlopment.
In his speech, Mr Lee also drew attention to how the SICCI could help both Singapore and Indian firms leverage on the countries' free-trade agreement .
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Demand for single office units still going strong in quiet market
Demand for single office units still going strong in quiet market
Investors turn more cautious, but small firms still interested in strata-titled offices
By Fiona Chan, Property Reporter
ALL has turned quiet on the housing front, but some other segments of the property market appear to have escaped that fate.
Still going strong in particular are sales of single office units in larger commercial buildings. Known as strata-titled offices, these properties recorded active demand in the fourth quarter last year, even as home sales were taking a breather.
A healthy 13 transactions of strata offices occurred between October and December, up from only five in the previous quarter, according to data from CB Richard Ellis (CBRE).
Most of the properties were in the city area - Suntec City, Tong Building in Orchard Road, Springleaf Tower in Anson Road - and changed hands at well above $2,000 per sq ft (psf), CBRE said.
Altogether, $750.8 million worth of strata offices were sold in the fourth quarter, bringing the total for last year to $1.7 billion - more than four times the figure for 2006.
Prices also rose solidly throughout the year. At Suntec City Tower 1, a favourite strata-office location, unit prices climbed about 50 per cent from just above $1,500 psf in January to almost $2,400 psf in December - the highest level in two years.
The steady take-up of single units is due largely to the wider boom in Singapore's office market. A shortage of offices, even as expanding businesses push up demand for space, has boosted prices and rents across the board, drawing much interest from investors, said CBRE's executive director of investment properties, Mr Jeremy Lake.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
Investors turn more cautious, but small firms still interested in strata-titled offices
By Fiona Chan, Property Reporter
ALL has turned quiet on the housing front, but some other segments of the property market appear to have escaped that fate.
Still going strong in particular are sales of single office units in larger commercial buildings. Known as strata-titled offices, these properties recorded active demand in the fourth quarter last year, even as home sales were taking a breather.
A healthy 13 transactions of strata offices occurred between October and December, up from only five in the previous quarter, according to data from CB Richard Ellis (CBRE).
Most of the properties were in the city area - Suntec City, Tong Building in Orchard Road, Springleaf Tower in Anson Road - and changed hands at well above $2,000 per sq ft (psf), CBRE said.
Altogether, $750.8 million worth of strata offices were sold in the fourth quarter, bringing the total for last year to $1.7 billion - more than four times the figure for 2006.
Prices also rose solidly throughout the year. At Suntec City Tower 1, a favourite strata-office location, unit prices climbed about 50 per cent from just above $1,500 psf in January to almost $2,400 psf in December - the highest level in two years.
The steady take-up of single units is due largely to the wider boom in Singapore's office market. A shortage of offices, even as expanding businesses push up demand for space, has boosted prices and rents across the board, drawing much interest from investors, said CBRE's executive director of investment properties, Mr Jeremy Lake.
Singapore Property - Buy, Sell, Rent, Invest
Jerry Hansin (+65)9027 5537
email: jerry@assetomgt.com
website: www.assetomgt.com
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