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Tuesday, June 29, 2010

BT : Gains in London home prices slow as owners decide to sell

Business Times - 29 Jun 2010

Gains in London home prices slow as owners decide to sell

More luxury houses and apartments on market as market recovers: Savills

(LONDON) Luxury-home prices in central London increased by the smallest amount in five quarters after a year-long recovery in values persuaded more owners to put apartments and houses on the market, Savills plc said.

The average value of a home costing more than £1 million (S$2.09 million) rose 0.6 per cent in the second quarter from the first three months of the year, according to the London-based property broker. Prices were 12 per cent higher than a year earlier, down from an annual gain of almost 17 per cent in the first quarter.

'It now seems clear we're at a tipping point' as more stock has come onto the market just as election uncertainty and planned government budget cuts hurt demand, Yolande Barnes, head of residential research at Savills, said in the statement.

Prices will fall about 4 per cent in the second half as the fragile economic recovery and higher taxes dampen appetites for homes in neighbourhoods like Mayfair, Kensington and Notting Hill, Barnes predicted. She expects values to decline one per cent in the full year, following an 8.8 per cent gain in 2009.

Luxury property values have gained every month since March last year as buyers competed for a limited number of homes for sale. Prices increased 3 per cent in first quarter and 4.3 per cent in the last three months of 2009. The second quarter increase was the smallest since an 18-month slide in prices bottomed out in March 2009.

Chancellor of the Exchequer George Osborne announced last week that from June 23 the tax rate on profits from the sale of rental properties or second homes will rise to 28 per cent from 18 per cent for UK taxpayers with total annual income exceeding £37,400.

Brokers reported a pickup in properties put on the market after a plan announced by the governing Conservative and Liberal Democrat parties implied that the capital gains tax rate would increase to as much as 50 per cent.

From April, individuals earning more than £150,000 a year are subject to a 50 per cent income tax levy. Mr Osborne also left in place the previous administration's plan to raise property transfer tax, known as stamp duty, for homes costing more than £1 million to 5 per cent in April 2011 from 4 per cent now.

The tax changes are unlikely to reduce demand for London real estate from overseas buyers, who account for half the purchases and 63 per cent of deals involving properties worth more £15 million, Savills said.

While values are 10 per cent below the peak reached in the third quarter of 2007, the pound's slide means that in dollar terms prices are down by 33 per cent, Savills said.

Properties selling for more than £5 million appreciated by 1.3 per cent from the end of March, the broker said, while homes costing in excess of £15 million gained 1.5 per cent in the quarter. -- Bloomberg

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.



Tipping point: More stock has come onto the market just as election uncertainty and planned government budget cuts hurt demand, said Yolande Barnes of Savills

BT : Dubai house prices unlikely to recover before 2011

Business Times - 29 Jun 2010

Dubai house prices unlikely to recover before 2011

Residential and commercial property market hit by oversupply: report

(DUBAI) Dubai house prices are not seen recovering before 2011 at the earliest while oversupply in commercial property will boost vacancy rates to more than 50 per cent next year Jones Lang LaSalle said on Sunday. A total of 26,000 homes are expected to be completed in 2010 and 25,000 in 2011, bringing total residential stock to 320,000 homes by the end of 2011, up from 287,000 at the end of the second quarter, the property consultancy said in a report.

'Despite the recent stabilisation in pricing levels, Dubai's residential market will experience a situation of oversupply and prices are not expected to recover before 2011 at the earliest,' the report said.

'Finance is a key factor in market recovery. The residential market has shown signs of improved lending in 2010 as more banks are injecting liquidity into the mortgage market.' Dubai's once booming property sector collapsed in the wake of the global financial crisis, leaving developers and customers with huge debts and several major projects unfinished.

Average apartment rents fell 10 per cent in the second quarter from the same period a year ago, and were down 4 per cent from the first quarter this year. Average villa rents fell 23 per cent in the second quarter from the second quarter of 2009 and were down 11 per cent from the first quarter this year. Greatest declines were in the luxury and high-end for both categories, the report said.

Apartment prices remained stable while villa prices rose marginally over the quarter.

While Dubai's office market is expected to experience a supply overhang, there is still a shortage of good quality supply, the report said.

2010 represents the peak in new supply with 20 million square feet of supply expected, but only 25 per cent of that is currently complete and further delays are expected\. \-- Reuters

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.



Taking stock: 2010 represents the peak in new supply with 20 million square feet of supply expected, but only 25 per cent of that is currently complete and further delays are expected

BT : Sales holding up but outlook cautious: UK housebuilder

Business Times - 29 Jun 2010

Sales holding up but outlook cautious: UK housebuilder

(LONDON) British housebuilder Taylor Wimpey plc said sales had held up in the first half of the year, but could offer little reassurance for the full year as consumer confidence remains depressed.

Taylor Wimpey, the first volume housebuilder to update investors since the UK general election and subsequent emergency budget, said sales had been dented in the second quarter as consumers delayed making big ticket purchases around the poll.

But the UK's third-largest housebuilder by market value said sales had recovered in recent weeks, echoing comments from luxury apartment developer Berkeley Group on Friday.

This will give some comfort to the sector, which has been struggling to regain a sure footing after the downturn knocked building activity, caused many builders to turn to shareholders for cash and wiped a fifth off property values.

But low mortgage availability - especially for first time buyers - and broader macro-economic uncertainty is denting short-term confidence in the sector.

'With ongoing political and economic uncertainty, we continue to run the business on a cautious basis, with selective land investment and an ongoing focus on costs and cash,' said Taylor Wimpey in a statement.

The company's comments come after a survey by mortgage lender Nationwide showed UK consumer confidence was at its lowest level in almost a year in May, reflecting concerns about the UK economy and unemployment which is set to rise sharply in the wake of government spending cuts.

House prices fell 0.4 per cent in May according to mortgage lender Halifax, while Nationwide reported a 0.5 per cent rise for the month, half the rate of the previous two months. The Land Registry said prices had fallen 0.2 per cent on the month.

Further pain may be on the cards as the government looks to reform the planning system. Taylor Wimpey said any change needs to be implemented with a clear transition period and with regard to cultural change.

The reform of the planning system - aimed at giving greater power to the local areas - is causing a headache for the building sector as some local authorities have already put planning decisions on hold until there is greater certainty from the coalition government.

Taylor Wimpey said it expects to complete 4,650 homes in the first half at an average selling price of £167,000 (S$350,000). This compares with 4,702 homes at an average selling price of £153,000 in the same period last year.

Taylor Wimpey, the most highly geared UK housebuilder with net debt of £650 million, said trading in the US market was volatile in the year-to-date, but it sees 'a steadier, clearer picture' towards the end of the year. -- Reuters

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : HK's mortgage loan approval up 34% in May

Business Times - 29 Jun 2010

HK's mortgage loan approval up 34% in May

(HONG KONG) New mortgage loans approved in Hong Kong in May rose by 34.3 per cent from a year earlier and increased 0.1 per cent in value terms from April, figures from the Hong Kong Monetary Authority (HKMA) showed.

New loans approved in May totalled HK$37.8 billion (S$6.74 billion), the HKMA said yesterday. Month-on-month figures are not seasonally adjusted.

Loan approvals for new property rose 0.7 per cent month-on-month in May, while loan demand for mortgages on existing property fell 4.5 per cent. Approvals for refinancing loans increased by 10.5 per cent against April.

Following is a summary of data from the authority for May compared with April: The number of new mortgage applications fell 11.1 per cent to 20,283 from the previous month's 22,818.

· The value of new mortgage loans drawn down increased by 12.7 per cent to HK$28.9 billion.

· The outstanding value of mortgage loans increased 1.5 per cent to HK$675.6 billion.

· The mortgage delinquency ratio and re-scheduled loan ratio were steady at 0.03 per cent and 0.06 per cent, respectively. -- Reuters

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : StayWell brings Australia hotel brands to Singapore

Business Times - 29 Jun 2010

StayWell brings Australia hotel brands to Singapore

Park Regis hotel opening in Sept; Leisure Inn plans on drawing board

By EMILYN YAP

AUSTRALIA-BASED StayWell Hospitality Group is looking to stamp its Park Regis and Leisure Inn brands on more properties in Singapore and the rest of Asia.

The first Park Regis hotel here is set to open in September, and the group also has the country's first Leisure Inn hotel on the drawing board.

StayWell may be rather new to Singapore, but it is not venturing unassisted. The group's chairman is Asok Kumar Hiranandani, who built up property firm Royal Brothers with his brother, Raj Kumar.

Park Regis Investments - in which Mr Asok Kumar Hiranandani is a shareholder - won the bid for a piece of state land at Merchant Road in 2007. It has invested around $175 million in total to build the 203-room four-star Park Regis Singapore, as well as a seven-storey office block, on the site.

The hotel is targeting business travellers and room rates could start in the range of $200. StayWell is expecting an occupancy rate of 70-80 per cent. Talks to lease the office space out are underway.

The hotel will be a 'stunning investment' in the next few years, Mr Hiranandani told The Business Times. His confidence stems from the hotel's location near Clarke Quay and from the opening of the two integrated resorts.

To stand out from the competition, Park Regis Singapore will incorporate 'bits of Singaporean and Australian flavours', said StayWell CEO and managing director Simon Wan. For a start, it has picked an Australian, Jason Dowd, as the hotel's general manager.

'We will make sure that from the composition of the food, the composition of the wine, the television channels in the room to the staff uniforms, there will be some Australian flavour complemented by local themes,' Mr Wan said.

There are generally few good hotels up for sale in Singapore, so those on the market tend to generate interest among investors and observers. According to Mr Hiranandani, Park Regis Singapore has already attracted investors' interest.

'If someone gives us a management contract back for at least 15 years, we'll be more than happy to sell the hotel . . . The intention of bringing the brand to Singapore was to take it out of Australia and expand it to Asia,' he said.

'But I'd rather open the hotel first and get the income going. If it's an attractive price, we'll take the offer and buy another site.'

StayWell hopes to follow up with another hotel here under the three-star Leisure Inn brand. The Park Regis and Leisure Inn lines will complement each other, Mr Wan said, adding that there is strong demand for well-located and well-managed hotels in the three-star market.

He cited the success of Ibis Singapore as an example. The hotel, managed by another hospitality group Accor, opened in February last year and has achieved an above 90 per cent occupancy rate in the last three months.

But StayWell will not be rushing into any deal just so it can set up the Leisure Inn hotel. 'Because of high land costs, we have to be very careful in approaching this,' Mr Hiranandani said.

StayWell has 24 hotels in its portfolio and owns 14 of them. The group is looking to expand in Asia, and is in negotiations to buy 38 hotels in China.

Mr Hiranandani also said that he has bigger plans for StayWell but declined to elaborate. All he shared was: 'We are the only unlisted hotel operator out there.'

So is StayWell eyeing a public listing? Mr Hiranandani's son Bobby, who has been involved in the day-to-day running of his father's hospitality business, said: 'There are many options we are looking at. A listing is somewhat possible down the road.'

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.



Brains behind the business: Bobby Hiranandani (centre); Mr Dowd (left) and Elaine Lim, director of sales and marketing, Park Regis Singapore. The hotel is targeting business travellers and room rates could start in the range of $200. StayWell is expecting an occupancy rate of 70-80 per cent and talks to lease the office space out are underway

BT : Banks face mounting losses in commercial property

Business Times - 29 Jun 2010

Banks face mounting losses in commercial property

Risk of further losses from exposure to real estate sector: BIS

(BASEL) The body grouping central banks around the world warned yesterday that banks are still worryingly exposed to risks such as falling commercial property prices which are likely to dent their earnings.

'Despite the improvement in banks' balance sheets, several factors raise doubts about the sustainability of bank profits,' said the Bank for International Settlements (BIS) in its annual report.

The so-called central bank for central bankers noted in particular that 'there is growing evidence that further losses can be expected from exposure to the commercial real estate sector'. Commercial property values in the United States have plunged by a third from their peak and rates of overdue loan payments have risen to more than 8 per cent, said the Basel-based bank.

In European countries like Ireland and Britain, commercial property prices have also plummeted by up to 46 per cent from their peak.

'Losses on European bank balance sheets are expected to mount over the next few years,' it said, noting that some banks have in fact been rolling over loans rather than inducing foreclosures, a move that is delaying recognition of losses.

Beyond losses in commercial properties, some banks are also highly exposed to sovereign debt risks, said BIS.

At the same time, with governments also having significant borrowing needs, BIS said banks may find it tougher to obtain refinancing.

Many international banks including Citigroup, UBS and Royal Bank of Scotland suffered from massive writedowns and losses during the financial crisis as their bets on the sub-prime private home loan market soured.

By April 2010, losses or writedowns reported by banks reached US$1.306 trillion, BIS said.

But new capital injected - mostly by governments through special rescue funds - almost matched these losses, reaching US$1.236 trillion.

The BIS groups more than 54 central banks\. \-- AFP

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : UK house price growth slows further in June

Business Times - 29 Jun 2010

UK house price growth slows further in June

(LONDON) UK house prices rose the least in five months in June as the prospect of a budget squeeze curbed demand and the supply of homes for sale increased, Hometrack Ltd said.

The average price in England and Wales gained 0.1 per cent from May, the slowest pace since January, to £158,900 (S$332,309), the London-based property researcher said in an e- mail report yesterday.

The number of new buyers registering with real-estate agents grew 0.1 per cent, and fell in six out of 10 regions, led by a 0.9 per cent drop in London.

Chancellor of the Exchequer George Osborne last week announced the deepest spending cuts in a generation and higher taxes to cut the UK's budget deficit. Consumer confidence slumped the most since July 2008 last month, Nationwide Building Society said. Home-price inflation has also been restrained by an increase in the number of properties for sale.

'Over the last four months the supply of housing for sale has grown three times faster than demand,' Richard Donnell, director of research at Hometrack, said in the report. 'We expect demand for housing to slow further as seasonal factors come into play and households consider the implications of the budget on their finances and on the economy.'

From a year earlier, prices increased 2.1 per cent in June, Hometrack said. The number of properties being listed for sale grew 2.9 per cent from May and is up 15 per cent in the past four months.

'We expect market conditions to remain subdued with prices likely to track sideways at best, but with the distinct possibility of small month-on-month falls,' Mr Donnell said.

Hometrack said higher interest rates pose 'the greatest potential threat' to the housing market and could lead to a 'material change' in market conditions. Bank of England policy maker Andrew Sentance voted for an interest-rate increase at the central bank's June 10 meeting, the minutes of the decision showed. It marked the first push for a rise within the policy committee in almost two years. The seven other members voted to leave the benchmark rate on hold at a record low 0.5 per cent.

Hometrack surveyed 1,507 agents and surveyors at 5,712 companies for its June report. -- Bloomberg

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : Industrial rents creep up in first rise since Q3 '08

Business Times - 29 Jun 2010

Industrial rents creep up in first rise since Q3 '08

By EMILYN YAP

RENTS for factories and warehouses turned around in the second quarter, rising for the first time since Q3 2008, DTZ said yesterday.

The property consultancy said the average monthly gross rent for first-storey private conventional industrial space was $2 per sq ft in Q2, up 2.6 per cent from Q1. The rent for upper-storey space was $1.60 psf, up 3.2 per cent.

According to DTZ, the average monthly gross rents for first and upper-storey private industrial space are down 14.9 and 22 per cent respectively from their peaks in Q3 2008.

Colliers International's director (industrial) Tan Boon Leong also said rents for factories and warehouses edged up in Q2. 'This is in line with the increase in factory orders, which in turn led to higher demand for industrial space,' he said.

In May, Singapore's manufacturing output surged 58.6 per cent year on year, driven largely by higher biomedical output.

Greater demand for industrial space has come mainly from higher-end manufacturers such as those in electronics and precision engineering, Mr Tan said.

He believes factory and warehouse rents will continue to rise in small steps this year, as manufacturers still need to utilise excess capacity carried over from the downturn.

DTZ has a similar view. 'Industrial rents are likely to continue to increase but at a slow pace given the stream of about 15 million sq ft of private industrial space in the pipeline over the next one and a half years,' said its South-east Asia research head Chua Chor Hoon.

The outlook for hi-tech industrial space is less bright. In Q2, the average monthly gross rent for business, science park and other space in this sector was unchanged at $3.15 psf.

DTZ does not expect hi-tech rents to move much this year, with a significant amount of business park space expected to come on stream in the second half.

There will also be competition for tenants from commercial space in secondary locations, said DTZ's executive director (business space) Cheng Siow Ying. 'The narrow rental gap between decentralised offices and hi-tech industrial space provides little impetus for upward movement of hi-tech industrial rents.'

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : Savills puts 6 HDB shops up for sale

Business Times - 29 Jun 2010

Savills puts 6 HDB shops up for sale

(SINGAPORE) Real estate consultancy Savills yesterday launched six HDB commercial shops for sale through expressions of interest.

The shops are in the mature estates of Ang Mo Kio, Bedok, Bukit Batok, Yishun and Tampines.

They are rented and operate as substantial eating establishments, with seven to 13 food stalls each plus an anchor drinks stall. They have elastic seating capacity of 200-370 people spread over internal and outdoor areas.

All the shops are close to wet markets and transport nodes, and have good visibility and plenty of public car parking.

Collectively, the six shops have a guide price of about $65 million, reflecting a net yield before property tax of 5.7 per cent. They can be sold as a portfolio or individually, with each shop priced at between $4.8 million and $16 million.

The existing tenancies have four to nine years to run. The net yield before property tax is expected to grow to above 6 per cent in the near term as committed rents are stepped up over the tenancy period.

Expressions of interest close at 3pm on July 21.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : It's boom time for Biopolis

Business Times - 29 Jun 2010

INDUSTRIAL SPACE
It's boom time for Biopolis

Phase 5 will be completed by 2013 and will bring the total R&D space there to more than 3.3 million sq ft, reports UMA SHANKARI

SINGAPORE'S biomedical sciences sector is booming. And to cater to the growing number of companies that need more space, the nation's premier biomedical research hub, Biopolis, will be expanded again.

Industrial developer and landlord JTC said in May that it will spend another $140 million to provide 495,000 square feet of new space for companies engaged in cutting-edge work in creating new drugs and medical equipment.

This new phase - which will be the fifth for Biopolis and will be completed by 2013 - will bring the total research and development (R&D) space at Biopolis to more than 3.3 million square feet.

Phase five follows hot on the heels of the fourth phase, which was announced just in January this year.

Biopolis has been purpose-built for public and private biomedical research institutes and organisations and the expansion comes at a time when multi-national biomedical companies are expanding in Singapore.

'The biomedical sector has been putting up a strong showing so far this year,' says CIMB economist Song Seng Wun. 'We have seen a lot of reports on capacity expansion and reports on new investments and it looks like the sector is now attracting quite a lot of interest.'

In May, Japan-based Fujitsu officially opened its first biomedical research facility in South-east Asia here in Singapore. The company plans to work with the Agency for Science, Technology and Research (A*Star) to provide cutting-edge methodology to drive research for the diagnosis of cancer and other diseases.

'Fujitsu's collaboration with A*Star represents our commitment to being part of an ecosystem that will enable Singapore to harness innovations in technology, with the aim of developing a world-class R&D hub,' said Francis Goh, president of Fujitsu Asia, at the plant's opening.

US-based Abbott also officially opened its Asia-Pacific Nutrition Research & Development Centre at the Biopolis in Singapore recently. The centre is Abbott's largest nutrition R&D facility outside of the US and will create science-based nutritional products for infants, children and adults.

The biomedical sector has been a boost to the overall economy over the first five months of this year. For example, Singapore's economy grew by close to 50 per cent year-on-year in April 2010 and 60 per cent year-on-year in May. Mr Song points out that the growth was largely led by the biomedical sector, which accounted for more than half of the growth in both months.

And for the whole of 2009, Singapore's biomedical sciences manufacturing output rose 2.5 per cent year-on-year to $20.7 billion, while total employment climbed 7.2 per cent to 13,174. Singapore aims for the sector to hit a manufacturing output of $25 billion by 2015.

Looking ahead, the sector is expected to continue expanding, and JTC will provide the real estate to support this growth, said Heah Soon Poh, director of JTC's biomedical and chemicals cluster.

Spearheading sustainable design

Biopolis's fifth phase will feature an energy efficient and sustainable design which will allow for more pre-clinical trials to be carried out.

In fact, the entire development aims to spearhead innovation in environment performance and sustainability and serve as a test-bed for promising environmental technologies.

Examples of Biopolis' sustainable features include: a building-integrated photovoltaic or solar-powered system; 'intelligent' building automation systems to optimise energy usage; a district cooling system to provide centralised chilled water supply to optimise the use of space and minimise energy costs for air-conditioning; and solar-powered LED lights with ultra capacitor as energy storage device, which are now being used as a landscape feature.

But with the upcoming expansion of Biopolis, sustainability will be taken a step further as JTC focuses on energy-efficient lab designs. Design strategies JTC will be looking into include more accurate sizing of laboratory equipment to reduce energy wastage; tapping on higher efficiencies for mechanical and electrical equipment and solar control and glazing for laboratory spaces to reduce heat gain.

It is also looking at the optimal selection of lighting to reduce maintenance and running costs as well as designing for naturally ventilated spaces wherever possible to reduce the cooling needed for the building.

'JTC recognises that energy efficiency is the leading driver for sustainable lab design as it represents the greatest possible operational savings,' the agency says. 'Sustainable energy efficient labs underscores JTC's ongoing effort to provide innovative and sustainable real estate solutions.'

Working to build a biomedical hub

Besides Biopolis, JTC is preparing land for manufacturing activities in the biomedical sciences sector.

The agency said earlier this year that it will launch a medical technology (med-tech) cluster in Jurong.

The med-tech sub-sector is expected to drive growth within the larger biomedical sciences sector. The cluster involves the manufacture of equipment used in the industry, such as syringes and medical test-kits.

Singapore's manufacturing output of med-tech products is expected to increase from $2.9 billion in 2008 to $5 billion by 2015, said JTC's Mr Heah.

Med-tech employs about two-thirds of all workers in the biomedical science sector, as it is more labour intensive than pharmaceutical production.

The new med-tech cluster, at Jalan Tukang in Jurong, aims to bring major industry players together in a new facility that will cost $60 million to $80 million to build initially.

Firms can collaborate and cut costs through cooperation as they will be located 'in the same space, creating synergies and reducing costs', said Mr Heah.

JTC and other government agencies are also pushing Tuas Biomedical Park, which has already attracted a host of global biomedical players such as Merck, Novartis, Pfizer, Wyeth, Genentech and GlaxoSmithKline.

The 183ha Tuas Biomedical Park I and 188ha Tuas Biomedical Park II are located at Tuas View at the western tip of Singapore and are five minutes from the Tuas Checkpoint to Malaysia and 20 minutes away from Jurong Port.

The park has all essential infrastructure, such as roads, power lines, telecommunication lines, sewer pipes and water and gas supplies. Third parties provide utilities such as steam, natural gas, chilled water and waste treatment services.

With the estate's 'plug-and-play' design, pharmaceutical, biologics, medical device and other biomedical companies can set up manufacturing operations with minimal lead time. They can either move into fully serviced facilities or custom-build their own.

By staying within a cluster, these firms can enjoy economies of scale from sharing major infrastructure. It is also easier for JTC to look after their niche requirements, the agency says.

All these developments show the government's ambitions for the biomedical sciences sector.

Several government agencies - including the Economic Development Board, A*Star and JTC - all share the job of turning Singapore's aim of being a biomedical hub into reality. JTC, which is charged with supporting the unique real estate requirements of the biomedical sciences industry, will continue to come up with innovative solutions, it said.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.



Driving growth: Biopolis's fifth phase aims to spearhead innovation in environment performance and sustainability and serve as a test-bed for promising environmental technologies

Monday, June 28, 2010

ST : Police probe cancelled sales of HK luxury flats

Jun 28, 2010

Police probe cancelled sales of HK luxury flats

HONG KONG: Police are probing the cancelled purchases of some luxury flats months after its developer said one of the units had been sold at a world-record price, a report said yesterday.

The Sunday Morning Post, citing a Transport and Housing Bureau document, said police had joined the probe into the sales after the government launched an investigation into the deals earlier this month.

Property giant Henderson Land Development reported this month that the sale of as many as 20 out of 24 units of its exclusive 39 Conduit Road tower in the city's Mid-Levels residential area had been cancelled.

The scrapped deals included what was supposed to be the world's most expensive apartment, a 554 sq m duplex that Henderson claimed sold for US$56.6 million (S$78.7 million) last October.

Critics demanded a probe, and asked why the cancellations came to light only eight months after the announcement of the sales, which helped hike prices for luxury residential flats in Hong Kong and stoked concerns about a property bubble.

Henderson has also been condemned for selectively numbering the floors on the 46-storey building as a ploy to attract Chinese buyers.

The supposed 68th-floor duplex that snatched a world- record price was actually on the 43rd and 44th floors, according to reports. It was so numbered because the number 68 sounds like 'continuing fortune' in Chinese, and is considered lucky.

A Henderson official could not be immediately reached yesterday, but a spokesman told the Post that the company would cooperate with any police probe.

'We are open to investigation. If they contact us, we'd be happy to provide them with the necessary information,' said the spokesman.

Lawmaker Ronny Tong from the opposition Civic Party said the police would look into possible fraud, but he added that the buyers could be speculators who decided to pull out of the sales fearing they could not make a profit.

Henderson reported two weeks ago that the deals had fallen through. It claimed to have made a loss of HK$734 million (S$131 million) on the unsold flats, which it said would be written off in its next financial statement.

The company has until tomorrow to give information to the HK Lands Department on the cancelled sales.

AGENCE FRANCE-PRESSE

TODAY ONLINE : Sharp drop in private home prices unlikely in H2

Sharp drop in private home prices unlikely in H2

05:55 AM Jun 28, 2010

by Ephraim Seow ephraimseow@mediacorp.com.sg



SINGAPORE - Do not expect the private residential property market to cool abruptly in the second half of this year. While property sales and home prices in some segments may soften in coming months, industry experts say the market is not likely to see a steep correction.

Observers believe buyers still have excess funds to chase more units here, with many considering property investing to be a safe haven compared to the volatile stock market. Market watchers expect 600 to 1,000 units to be sold each month, for the rest of the year.

While this is slower than the more than 1,000 units sold monthly from January to May, property analysts nonetheless say this level of demand suggests the market remains buoyant.

For the whole year, analysts expect total sales to hit between 12,000 and 15,000 units, thanks to the strong sales in the first half of the year. Sales of 7,666 private homes were recorded from January to May, more than the 7,073 sold in the same period last year.

Analysts believe the European debt crisis will lead to slower sales in the months ahead, compounded by the mismatch between buyers' and sellers' expectations, and the Government's cooling measures taking effect.

"Buyers may factor in the risks in the global market but sellers are not prepared to give that kind of discount, thinking the market will eventually improve," said Mr Nicholas Mak, real estate lecturer at Ngee Ann Polytechnic.

Private property prices may rise by between 10 and 15 per cent for the whole year.

Mr Mak said: "Developers are not likely to cut prices because they have the financial resources (from earlier strong sales) to hold on to. They also face low holding costs due to the low interest rates."

As for high-end homes specifically, prices in this segment still "have upside potential since they are still 15- to 20-per-cent lower than the peak levels in 2008," said Mr Donald Han, managing director of property consultancy Cushman and Wakefield.

Meanwhile, the large supply of land to be made available by the Government in the next six months - 27 residential sites and four mixed-use sites potentially yielding 13,905 residential units - should temper the aggressive bidding among developers, and this could have an effect on the en bloc market.

"Developers will be spoilt for choice in the Government Land Sales programme, which has a faster process. There is also no complexity arising from litigations as seen in en bloc sales," said Mr Mak.

Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved

TODAY ONLINE : In love with Sentosa Cove

In love with Sentosa Cove

05:55 AM Jun 28, 2010

by Esther Ng

SINGAPORE - A house in his neighbourhood was sold for $36 million and sales in the quiet and exclusive Sentosa Cove continue unabated, but shipping magnate Mahesh Iyer has no intentions of selling the bungalow he bought for just $6.8 million three years ago.

"Even if I sold it, where will I find another place like this?" he said.

Indeed, how many homes in Singapore have a yacht docked along a watercourse running in their backyard?

Coral Island, an enclave of 21 homes inside Sentosa Cove, looks like any other upper-middle class Sydney or Melbourne suburb. The absence of front gates - together with the low perimeter walls that separate the closely-built houses - lend the neighbourhood a cosy and relaxed air.

The Maheshes, who hail from Mumbai but have lived in Singapore for 11 years, will become Singapore citizens today.

When Today interviewed Mr Mahesh and his wife, Mala, three years ago, they were just about to move into their 10,000 sq ft bungalow with their two teenage children and one of the few families to move into Sentosa Cove.

"When we first moved in, we tried to order McDonald's and Pizza Hut, but they told us they don't deliver to our area. But now they do," said Mr Mahesh's daughter, Mithila, 18.

In spite of the property fever that is abuzz, most of their neighbours - including Singaporeans and those who are in banking, shipping and retail - are still living in their homes, Mr Mahesh told MediaCorp.

"We have no intention of selling. This is our home," said the 42-year-old managing director of Orient Express Lines.

The red-hot prices of Sentosa Cove's property prices do not surprise him as "supply is so little". All things considered, Singapore is still "positively cheaper" than other locations like New York and Tokyo, he added.

"We enjoy open spaces and like to walk, so Singapore offers lots of greenery and clean, unpolluted air. Also, it's safer here," said Mrs Mahesh, 42.

Waterfront living presents the family with many recreational perks - the Maheshes unwind by taking their yacht out to the Southern Islands.

With more young people in the neighbourhood, Mr Mahesh's 15-year-old son Murli and his friends relish biking over the island, and heading to Wave House, a surf and party hangout, to chill.

Since the integrated resort opened on the island, more people have moved into Sentosa Cove.

"It is a lot busier, but not in a bad way," said Murli.

Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved

BT : HK police get in the act over cancelled flat sales

Business Times - 28 Jun 2010

HK police get in the act over cancelled flat sales

(HONG KONG) Police are probing the controversial sale of luxury flats that fell through months after its developer said that one of them had set a world-record price, a report said yesterday.

The Sunday Morning Post, citing a Transport and Housing Bureau document, said that police had joined the probe into the sale after the government launched an investigation into the deal earlier this month.

A police spokesman could not be immediately reached for comment.

Property giant Henderson Land Development reported this month that the sale of as many as 20 out of 24 units at its exclusive 39 Conduit Road towers in the city's Mid-Levels residential area had been cancelled. The scrapped deals included what was supposed to be the world's most expensive apartment, a 6,158-square-foot duplex that Henderson said in October had sold for US$56.6 million.

Critics demanded a probe and asked why the cancellations came to light only eight months after the sales announcement, which helped hike prices for luxury residential flats in Hong Kong and stoked concerns about a property bubble.

Henderson has also been condemned for selectively numbering the floors on the 46-storey building as a ploy to attract Chinese buyers. The supposed 68th-floor duplex that snatched world-record price was actually on the 43rd and 44th floors, according to reports. It was so numbered because '68' sounds like 'continuing fortune' in Chinese and is considered lucky.

A Henderson official could not be immediately reached yesterday, but a spokeswoman told the Post that the company would cooperate with any police probe\. \-- AFP

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : 68 units sold at Waterfront Gold

Business Times - 28 Jun 2010

68 units sold at Waterfront Gold

Two of 5 blocks, or 150 units, of Bedok Reservoir condo released last Friday

By KALPANA RASHIWALA

FRASERS Centrepoint and Far East Organization have sold 68 of the 150 units for sale at the Waterfront Gold condo fronting Bedok Reservoir as of yesterday.

These were units released by the developers last Friday.

The 99-year leasehold condo, which has a total 361 units, is priced at $950 psf on average.

Over 70 per cent of units sold were smallish apartments - one bedders, one bedroom with study units and two bedders.

Buyers were predominantly Singaporeans and there was a roughly equal split between those with HDB and private addresses. In absolute price terms, the cheapest unit sold was about $555,000, for a 581 square foot, one-bedder on the second level. Both penthouses released (about 2,000 sq ft each) were sold at an average price of about $1,025 psf or $2.1 million each.

While Waterfront Gold's sales seem tepid compared with launches earlier this year, Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong said the outcome was 'within our expectation and quite remarkable given today's market sentiment'.

'We are testing the upper end of prices in the upgraders' market and because of the location and facilities, we are positioning Waterfront Gold as an upper-mid market condo rather than a mass-market product.

'For instance, we have a sky park with a dedicated express bubble lift and toilets in the development will have marble floors,' he added.

Mr Cheang also said the developers are offering two of the project's five blocks, or 150 units, as part of 'a deliberate attempt not to sell out the project'.

'We wish to sell progressively and keep the remaining three blocks until the location of the Bedok Reservoir Station on Downtown Line 3 is announced.'

Market watchers recall that during March/April, when home buying sentiment was stronger, developers used to achieve sales of about 300 units in the first weekend of a project's release.

Knight Frank managing director (residential services) Peter Ow attributed Waterfront Gold's sales result to a 'combination of challenging pricing and a slower market'.

Waterfront Gold is the third in a series of four condos that Frasers Centrepoint and Far East are developing on the former Waterfront View site.

Waterfront Waves was first released in January 2008 at an average price of about $750 psf, followed by the launch of Waterfront Key in July last year at $735 psf on average.

The developers have been raising prices in these two projects.

Waterfront Waves is now fully sold and the remaining 100-odd apartments at Waterfront Key are now selling at average prices of $850 psf for poolview units and $950 psf for reservoir-facing units.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.



99-year leasehold: The condo, which has a total 361 units, is priced at $950 psf on average

BT : Underground logistics/data centre in the pipeline

Business Times - 28 Jun 2010

Underground logistics/data centre in the pipeline

JTC Corp appoints NYSE-listed firm to carry out feasibility study

By RONNIE LIM

(SINGAPORE) Singapore is studying the feasibility of building a huge underground warehousing and data centre at Tanjung Kling, near Jurong Bird Park, BT has learnt.

The logistics and data centre will be the third underground facility which Singapore is planning. Construction is already underway on the first phase $1 billion Jurong Rock Cavern to store oil and chemicals on Jurong Island, while a feasibility study is being carried out for an underground science city at Kent Ridge.

The latest project will be carried out with the help of NYSE-listed Aecom Technology Corporation. Aecom, a leading provider of technical and management support, has just been awarded the consultancy for the project, a spokeswoman for JTC Corporation said, adding that it was selected from a group of eight tenderers.

Aecom has been involved in many underground projects globally, from mines in Australia to underground rail terminals in Hong Kong and New York's subway system. In Singapore, it provided building engineering services for the Capital Tower development.

Its study of the Tanjung Kling site - from preliminary geological assessment and market research to concept development - is expected to take at least one year to complete, the JTC spokeswoman said. It follows an earlier five-month 'geological investigation and ground characterisation study' last November.

The site, comprising Tanjung Kling and Jurong Hill, can potentially provide cavern space of over 1.1 million square metres and free up 45 hectares of surface land for other uses. By going underground, the warehousing and data centre facility will enjoy advantages such as shielding from heat and temperature humidity, low background radiation and less disturbance from vibration.

Under the feasibility study, Aecom will need to assess the technical requirements of warehousing and logistics players and developers, as well as of data centre operators, in order to develop the underground facility's conceptual design.

The consultant will also engage specialists, including environmental consultants and ornithologists 'to study the impact of the underground development, during both the construction and operational phases, to existing surface developments, traffic, environment, population working in the area and the residents of the Jurong Bird Park,' according to JTC's earlier tender document.

The preliminary geological assessment will include the consultant's take on the total cavern space and volume that can be constructed.

Next will be the preliminary concepts, with the consultant recommending - from a list of usage possibilities such as general cargo and chemicals logistics to container depot - what would be viable for the underground cavern.

Finally, the study's concept development phase will include its design, method of excavation and even explore the possibility of siting a district cooling system in the cavern complex.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

ST : Condos woo buyers with glitzy extras

Jun 27, 2010

Condos woo buyers with glitzy extras

While special features may not make or break a deal, they do enhance appeal

By Joyce Teo

Developers of a condominium featuring a skypark hope the feature will prove to be a hit with increasingly demanding buyers.

The skypark is on the top 16th floor of the 361-unit Waterfront Gold in Bedok Reservoir, which is being released this weekend.

Frasers Centrepoint, which is developing the condo jointly with Far East Organization, says it is the first skypark in a private residential project.

The skypark is an 8,000 sq ft observation-cum-exercise deck offering unparalleled views of Bedok Reservoir, the developers said. Units at the condo are selling for $950 psf on average.

As consumers here mature and become more demanding, developers are coming up with more special features to entice them.

While these glitzy extras may not make or break a deal, they do help to enhance a project's appeal.

And in a quieter market, they are all the more important when it comes to attracting buyers, experts said.

'The mass market and mid-tier market have surpassed peak prices. We are going through a consolidation phase, which could last for three, four, five months,' said Cushman & Wakefield managing director Donald Han.

'Buyers shouldn't be expecting too much of a discount though as developers are still in a very strong position and can hold.'

But buyers can expect to see more of these special condo features, experts said.

A recent major suburban launch, The Minton in Lorong Ah Soo, also highlighted its many facilities, including an air-conditioned, indoor badminton hall and a 20m heated pool.

The developer of the 1,145-unit condo recently raised the price slightly to $865 psf from $850 psf last month.

And at Twin Peaks in Grange Road, which could be launched in the early part of next month, all the units will come fully furnished - a first in Singapore.

'We wanted to give something that nobody else has given in Singapore,' said Mr Thio Gim Hock, chief executive of Overseas Union Enterprise. This feature would appeal to investors, who can rent the unit out immediately, he said.

The condo should cost around $2,850 psf on average, sources said.

'Differentiating features are important factors in selling a condo,' said Knight Frank managing director for residential services Peter Ow.

'In today's context, every developer is trying out new ideas and features to distinguish themselves from the competition. Hopefully, such special features will also help them to achieve a premium.'

He added: 'Moving forward, we definitely expect developers to be more innovative in their designs and concepts.'

Colliers International's director for research and advisory, Ms Tay Huey Ying, said Singapore home-buyers have become more demanding in their expectations as standards of public and private housing here rise.

They are also now 'more well-travelled and/or are exposed to diverse living and home concepts through the Internet and media', she said.

This means developers would need to constantly look for ways to improve their offerings to stay ahead of competition, whether it is a bull or a bear market.

'In the former, the developers need differentiators to edge out competition while in the latter, the developers use differentiators, which could also include marketing gimmicks, to stimulate demand,' Ms Tay said.

House-hunter Patricia Han said: 'These extras would already have been factored into the selling price. But if I were to rent out my unit, any extras can be an incentive when I market the condo.'

Ms Tay said Waterfront Gold's skypark is 'but a minor differentiator in the eye of the buyer'.

Location remains key. However, in a competitive market where buyers are flooded with many choices, being the first private condo to boast a skypark may give that development a slight edge, she said.

joyceteo@sph.com.sg



The Minton will have facilities such as an air-conditioned indoor badminton hall and a 20m heated pool. -- PHOTO: KHENG LEONG GROUP

ST : Don't lose the plot over foreign land

Jun 27, 2010

Don't lose the plot over foreign land

Buying land parcels overseas is risky, so investors must do proper due diligence

By Lorna Tan

It sounds like a sure-fire winner - buy cheap land overseas and cash in big time once developers come calling - but big losses can also come with the territory, as many Singaporeans can attest.

The uncertainty and high risks of such investments seem obvious, yet many investors here come a cropper when their investments in overseas land turn sour.

Singapore's consumer watchdog has received 11 complaints this year about firms selling such land and 14 last year. There were only four each in 2008 and 2007.

Landbanking, as the process is called, involves firms buying large plots and subdividing them into smaller parcels, making it easier to sell to investors as they can be priced at affordable levels.

Some plots in Britain can be picked up for as little as $10,000 each.

Landbanking firms tell investors they can buy undeveloped plots, usually rural land overseas, and sell later for a profit. Investors are often told the land is on the outskirts of a city where urban development is likely.

When development plans are drawn up, investors can then sell their plots to developers who are willing to pay higher prices to secure the land.

To make the deal attractive, some landbanking firms promise regular payouts over a fixed period or a buy-back guarantee. Some offer the flexibility of allowing investors to switch their plots to ones that have already received development approval so they can enjoy faster gains.

It looks a winner, yet the pitfalls are plenty.

Recently, the case of 200 investors made headlines when their investments in plots in Britain headed south.

They had bought plots at various times near places like Swindon and Gatwick since 2006. Each plot cost $15,000.

In all, these purchases, which were done through local firm Land International (Far East), amounted to an estimated $6 million.

Initially, the investors received quarterly payouts of 8 per cent a year from 2007. But these dried up when the parent firm of Land International (Far East), Land International, was closed by the British government in 2008 following an insolvency probe.

Investors later learnt that the plots had been zoned as 'green belt' or protected land, on which no development is allowed.

In Singapore earlier this month, 40 disgruntled investors turned up at Speakers' Corner in Hong Lim Park to share their woes on their investments which included landbanking.

Many had invested in Singapore-based investment firm Profitable Group and have yet to see any returns. An unhappy Mr H. Yeo, 35, had invested £13,000 (S$27,000) in 2008 in land in the Philippines through Profitable Group. He claimed he was due to get his returns last year but they have not materialised.

Since late last year, the firm has been on the Monetary Authority of Singapore (MAS) Investor Alert list. The list includes entities that may be conducting activities regulated by MAS without authorisation.

The executive director of the Consumers' Association of Singapore (Case), Mr Seah Seng Choon, warned that buying overseas land is a 'very high risk' activity and consumers should be extremely careful. Simply, if you cannot stomach such high risks, do not get involved.

'No one can be sure of getting back their money in such a venture. It is a very high risk, particularly when the business offering such investment is unknown and has no track records,' he said.

Case has been fielding complaints about landbanking for the past four years but it does not have the authority to deal with them.

Despite the bad publicity, some people have profited from their landbanking investments, usually after a long wait.

For instance, Indonesian investor Ludwina Ismail, 52, made total gains of 14 per cent after buying a half acre (0.2ha) of Canadian land in Calgary from Canadian-based landbanking firm Walton International, in early 2005.

She managed to exit after a two-year wait, but that was because the land she bought for C$33,000 (S$44,000) was a resale deal from an earlier investor who had bought it five years ago.

lorna@sph.com.sg


--------------------------------------------------------------------------------

As with all investments, landbanking investors must do proper due diligence. Here are some considerations.

1 Risks

These are high as the land may not appreciate in value for a long time. There are no guarantees on how soon developers will buy over the land. For instance, investor Molly Tan, 40, was given an estimate of five years by the landbanking firm but she ended up waiting 10 years before making her exit with some gains. So be prepared to stay invested for a number of years.

The long gestation period means the money invested may be stuck for several years while generating no returns, which makes the investment very illiquid. Investors are also subject to exchange rate movements as the plots are on foreign land and bought with foreign currency.

Bear in mind there is a tax impact as well, as profits are subject to withholding tax of about 25 per cent on a tiered basis. Of course, there is always a risk that the land is never developed. And reselling the land, if possible, may result in losses.

In the event of company closures, consumers may be left with nothing. This was what happened in 2006 when Britain landbanking firm Land Heritage (UK) closed after an investigation. Its 700 investors were not refunded.

A key risk is that the firms soliciting landbanking investments are not regulated here so they do not have to adhere to strict investment rules such as those laid down by the MAS, said Case's Mr Seah.

Besides the lack of regulation on such investments, the absence of a track record is another big hurdle, said Mr Chris Firth, chief executive of wealth management firm dollarDex.

'Retail investors may find it hard to get independent inform-ation, and even if they do, they may not have the expertise to properly assess the opportunity and particularly the risks. If things go wrong, they may not be able to call on regulators,' added Mr Firth.



2 Background checks on the land

Before embarking on such a venture, Case urges consumers to get as much information on the land on offer as possible, such as its condition, leasehold, restriction of use and so on.

'Ask the embassy about the conditions and requirements of foreigners owning the land in their country. Also, check up the relevant laws that apply to ownership of land and find out the taxes or levies that apply to land ownership,' suggested Case's Mr Seah.

Another tip is to find out if the offer for that plot of land is a credible one.

You should also assess the likelihood of the land value rising.

dollarDex's Mr Firth advised investors to find out the mark-up on the offered plots.

For example, a piece of British land without planning permission could fetch as little as £15,000. The same plot with planning permission could be worth £150,000, or sometimes even more.

Small investors may end up paying a price somewhere between these two, yet have a small - or unknown - chance of seeing planning permission granted, he said.

'Potentially, that means a big loss if permission is not granted. Moreover, very small plots of land could be very hard to sell in isolation if collective sales efforts peter out.'

Sometimes, land that has good potential for planning permission may already have a vendor's lien on it.

When a landbanking firm buys the plot, it could come with a condition that the firm must pay some money to the seller if the land is on-sold within a specific number of years.

'Such a lien could wipe out any potential profit for the small investor, depending on the mark-up,' added Mr Firth.



3 Background checks on the firm

Do not let a professional-looking website or a formal-sounding name sway you from authenticating the firm.

If it is foreign or has a foreign parent, ensure it is valid by checking with the embassy to ensure the scheme is not a scam.

Find out the paid-up capital and date of existence of the landbanking firm. There should be a proper contractual agreement that spells out its obligations. One important consideration is the title deeds.

You should also determine if the firm is regulated in the country that it is operating in.

Imagine the worst-case scenario and find out what recourse options are available if you want to exit later. If that happens, what are the applicable laws in the event of disputes?



4 Resolution process

If a dispute arises, the process can be costly.

It may be necessary to engage foreign lawyers to deal with the matter and in some countries, it may take years before a case is resolved.

You should research the credibility of the country's legal processes and the integrity of people involved in the legal process.

Furthermore, as these are overseas land plots, consumers must factor in travelling and accommodation costs to deal with any dispute.

Saturday, June 26, 2010

ST : Probably no property bubble here yet: MM

Jun 26, 2010

Probably no property bubble here yet: MM

THERE is probably no bubble in Singapore's property market, Minister Mentor Lee Kuan Yew said yesterday.

The sharp price rises that have been seen are 'part of the total liquidity in the whole world system', said Mr Lee, noting that interest rates are low, and foreigners still see properties as affordable.

'Even if we cap our excess, people in Hong Kong, Indonesia, will say, compared to what I have to pay, Singapore is cheap, let's buy it,' he added.

'And apart from landed properties, they can buy into any condos.'

Mr Lee, who was speaking at a dinner hosted by the Association of Banks in Singapore, said that the Government is convinced that there is real underlying demand for residential property.

'So it's probably not a bubble yet,' he added.

Still, he pointed out that the Government has taken measures to address concerns relating to the market overheating, including releasing more land to developers and putting in place more stringent rules for buyers when borrowing from banks to finance property.

'More land is being released, to dampen the enthusiasm of everybody rushing for the latest release, and we've told the banks to be more prudent and have a higher downpayment,' said Mr Lee.

'These are the precautions we can take, but it does not stop the Indonesians or the Thais or the Malaysian Chinese or the Filipino Chinese from coming here and saying, 'Compared to what I have to pay in my country, this is cheap'.'

Mr Lee was responding to a question by a Standard Chartered banker who had asked about whether he was worried about property prices here.

The banker had also tacked on a second question: 'Can we expect elections anytime soon?'

To that, Mr Lee replied: 'I am not the Prime Minister, I don't decide. And anyway it's got nothing to do with a property boom.'

ST : High Five & Low Down

Jun 26, 2010

High Five

What expats love about Singapore

1 PUBLIC SERVICES AND TRANSPORT

For American investor Jim Rogers, Singapore is a city where 'everything works'.

The tap water is safe to drink, local mail posted before 5pm is delivered the next working day, and you can get electric power at the flick of a switch.

Singapore also scores for the quality of its modern and efficient Mass Rapid Transit train system, which Mr Andrew Patterson, 36, a director at a digital advertising agency, describes as 'cheap and reliable'.

Road congestion, though, is a challenge. Transport planners are trying to keep that in check through an expanding Electronic Road Pricing system.

Singapore's excellent air links with the rest of the world are a big plus for foreigners who live here. Flights connecting the city state to some 200 destinations worldwide make it easy for globetrotters to explore and enjoy the exotic East, as well as travel for business.

UniSIM lecturer Frank Siegfried, 48, who hails from Germany, is a fan of national icons Changi Airport and Singapore Airlines. 'They have class, they have very high standards, and I like to be associated with them.'

2 ECONOMIC ENVIRONMENT

In the Mercer survey, Singapore came up aces for access to global banking services and foreign currency exchange.

Many of the 11 expatriates Insight interviewed also praised its pro-business environment.

Entrepreneur Linda Fulford, 43, was pleasantly surprised at the ease with which she can explore partnerships with other companies based here.

'This is certainly not the case elsewhere in the world,' says the Briton, who has lived here for 13 years.

Ms Deborah Henretta, 49, Asia group president for consumer products giant Proctor & Gamble, adds: 'As a professional, I truly enjoy the business friendliness... and working in a country that respects and rewards innovation.'

A third aspect of the economy that expatriates find attractive is Singapore's ongoing efforts to grow new sectors such as new media, biotech and non-profit enterprises.

These efforts make Singapore 'an exciting place for a professional to be', says Londoner Lin Fou-Menuhin, 45, a director at beverage firm Diageo Asia-Pacific. He moved here from Hanoi five years ago.

3 SCHOOLS AND EDUCATION

Whether you are young or old, Singapore is a great place to get an education, so say expats living here.

Mr Siegfried, a father of two, loves the choice of international schools on offer. 'There are European and German schools, but I could also choose others such as United World College if I preferred,' says the entrepreneurship lecturer, who moved here in 1995.

The excellent standards of the public education system also mean expats have few qualms about enrolling their children in local schools. That is what Mr Rogers chose to do for his elder daughter, because he wanted her to learn Mandarin.

Since Singapore is also the region's education hub, it offers adult education opportunities aplenty.

Oregon native Mr Patterson found it was more affordable to pursue a University of Buffalo executive master of business administration degree with SIM Global Education here than in the United States.

Former businesswoman Zhang Xiao Qing, 32, who moved to Singapore with husband Mr Fou-Menuhin, is pursuing a bachelor's degree in fashion design.

4 POLITICAL AND SOCIAL ENVIRONMENT

In the Mercer survey, this category encompasses factors such as ties with other countries, internal stability, crime, law enforcement and ease of entry and exit. Expats gave Singapore the thumbs up for all of them.

Mr Stephen Lewis, 52, an executive director in an investment bank, feels secure all round, 'from physical security, to low crime rates, to protection from crooked officials'.

For those constantly on the go like Mr Patrick Fiat, general manager of hotel Royal Plaza on Scotts, what matters most is seamless travel in and out of the country. 'Alighting from the plane and getting home takes just 30 minutes,' he says.

Singapore's ability to stay friends with neighbouring states, and resolve disputes peacefully, also counts in its favour.

5 HOUSING

It is hardly surprising that expatriates on generous housing allowances say the quality of housing here is 'excellent'.

After all, they can have their pick of the best homes in swanky districts such as Bukit Timah, Tanglin and the Holland Road area, where a number of international schools are also located.

But what Mr Siegfried appreciates are the affordable housing options for expatriates like him, who work for local organisations that do not foot the rent bill.

Not everyone has been as lucky. Mr Patterson has lived in a three-room HDB flat in Woodlands for over two years and hates it. 'It's small, cramped and has no character, but I didn't come here for the living conditions,' says the American, who will be moving to a bigger condominium unit next month.


--------------------------------------------------------------------------------

Low Down

What expats take issue with

1 SOCIO-CULTURAL ENVIRONMENT

The Mercer survey highlighted personal and media freedom as two areas where Singapore has room for improvement.

Censorship bothers some expatriates who live here, as that limits the range of art performances and films on offer. Censorship rules are, however, reviewed regularly. The first major review since 2002 is now under way.

Expats like American Andrew Patterson hope to see even more liberalisation, which he thinks will signal intellectual progress.

He says: 'I wish there was more tolerance for what people are trying to express.'

2 NATURAL ENVIRONMENT

Given that this tropical island is just one degree north of the equator, the only natural environment anyone can expect is a steamy one.

Newcomers have little choice but to adapt, or retreat to their air-conditioned offices and homes.

Expats like Mr Lin Fou-Menuhin say they find the humidity unbearable, but the sunshine and rain are pluses for businessman Takahashi Kenichi, 54, who dislikes cold Japanese winters.

A big plus point for Singapore, however, is its low susceptibility to natural disasters.

Earthquakes in nearby regions have so far triggered only tremors here, with no reported damage to buildings.

3 RECREATION

New Delhi native Shreekant Gupta, 50, puts it bluntly: 'Singapore is a very easy city to live in, but not necessarily a very fun city to live in.'

To a man, expats wish there were more options for fun and play here, beyond dining out or a lazy afternoon at the Botanic Gardens.

Dr Gupta and Mr Fou-Menuhin wish for a more exciting arts scene. Dr Gupta says: 'As the father of a 41/2-year-old, I'd like more non-mall-based places to go out to.

'The Jacob Ballas Children's Garden is a good start but there could be more.'

What Mr Takahashi misses about Japan are riverside barbecues and baseball games in the park. Those were his regular activities on weekends back home.

But with few green places large enough to accommodate those activities, he laments that weekends here have become somewhat 'boring'.

4 ECO-FRIENDLINESS

For citizens of a nation that prides itself on being a city in a garden, Singaporeans show a curious lack of eco-consciousness, says Dr Gupta.

'On campus, there is no recycling, and there is not enough emphasis on double-sided printing,' says Dr Gupta, who is based at the Lee Kuan Yew School of Public Policy.

German Frank Siegfried is troubled by the rapid destruction of green spaces to make way for development. He wishes Singaporeans had a greater appreciation for nature.

Recycling is not a factor on the Mercer list, but expats believe in the role it plays in the sustainability of the city.

Dr Gupta also wishes for a more bicycle-friendly city, a change which he says will not merely ease congestion, but also reduce air pollution and enhance public health.

Agreeing, American investor Jim Rogers, who takes his daughter to school on a bicycle, adds: 'Among the rankings of attractive cities, the cities that are ranked high are mostly bicycle-friendly.'

5 COST OF LIVING

Foreigners who have lived here since the 1990s can testify, as locals do, that prices of everything, from cars to homes to chocolate bars, have shot up.

Prices have risen in tandem with Singapore's bullish economic growth, and that is to be expected.

However, even expatriates are starting to find Singapore expensive.

Mr Siegfried, who has lived here for 15 years, says: 'I feel like we are being outpriced.'

ST : Singapore: Asia's most liveable city?

Jun 26, 2010

Singapore: Asia's most liveable city?

On Monday, the second annual World Cities Summit will kick into high gear. Mayors, urban planners and officials from around the globe will gather here to exchange ideas on how to develop liveable and sustainable cities for the future. Host country Singapore was recently ranked the most liveable city in Asia, and 28th in the world, in a survey of 450 cities. Insight finds out what Singapore's report card looks like, and the value of such rankings.

By Cassandra Chew

JAPANESE businessman Takahashi Kenichi fell in love with char kway teow and bak kut teh when he first came here to work in 1993.

'The flavours of these foods cannot be found in Japan,' says the Yokohama native and restaurant-chain owner.

The 54-year-old also found it easier to do business in Singapore than in nearby, politically tumultuous Thailand.

Confident that he could have a high quality of life here, Mr Takahashi left behind the cold Japanese winters for the perennial sunshine on this tiny isle.

Expatriates like him have helped Singapore retain the accolade of being Asia's most liveable city in the Mercer rankings, for the sixth consecutive year.

For the last 15 years, human resource consulting firm Mercer has been compiling a liveability index for cities.

This year, its survey spanned 450 cities. Singapore came in 28th, while Austrian capital Vienna topped the charts.

Singapore has held the top spot in Asia since it overtook Tokyo in 2004.

The Mercer survey ranks cities according to 39 factors, ranging from the ease of buying fresh fish for the table, to the reach of law enforcement. It is conducted by Mercer employees, together with partner firms and quality-of-life experts.

Multinational companies that relocate staff from one city to another use these findings to determine the appropriate amount of hardship allowance to pay their staff.

Naturally, the report concentrates on the needs and concerns of expats.

Those polled by Mercer say housing, education and banking services in Singapore are as good as they get.

In housing, however, their term of reference is likely to be the quality and upkeep of private housing, the choice for most expats, and not HDB homes. High-end estates popular with expats include areas in Tanglin, Bukit Timah and Newton.

As for education, what impresses expats is the wide choice of private and international schools on offer.

Parents can choose from a buffet that includes American, French, Swiss and Japanese schools. Others, like American investor Jim Rogers, 67, opt to send their children to good-quality local schools, so as to expose them to Mandarin.

Where money matters are concerned, expats value the ease with which they can access global banking services and exchange foreign currencies.

So what bothers expats about life here? The aspect that gets them literally hot under the collar is the climate.

Britain-born Lin Fou-Menuhin, 45, wishes the weather was cooler as he is 'very bad at handling the humidity'.

Apart from that quirk of destiny, which no government policy can remedy, two other factors that expats say impinge on their quality of life here are the lack of personal and press freedoms.

Another area Singapore failed to ace is in the range of recreational activities, with expats calling for more cultural exhibitions and museums, and a wider variety of theatrical and musical performances.

Mr Takahashi would also like to see more green spaces set aside for people to relax and play in.

If Singapore wants to better its 28th spot in the hotly contested race to be the world's most liveable city, Mercer's senior researcher Mariana Huston tells Insight that what it needs are more recreational activities, more room for personal freedom and less media censorship.

But experts say these rankings have their limitations.

Singapore Management University sociologist Chung Wai Keung says there is no objective way to measure what makes for a liveable city. He likens such surveys to university rankings, which should be taken with a pinch of salt.

Geography academic Pow Choon-Piew adds that these liveability surveys do not factor in what life is like for local residents, such as the urban poor.

Others argue that, in the light of climate change, the Mercer framework needs updating as it does not take into account growing interest in sustainability issues.

Two such issues that have come to the fore are recycling and cycling.

Urban development academic Shreekant Gupta notes that top-tier global cities like New York and Paris have declared car-free zones in key parts.

'It calms the city, not having cars, it makes the ambience different,' he says.

While Mercer's criteria have not changed, Ms Huston says its researchers now give greater consideration to sustainability issues when awarding scores.

As for Singapore, Dr Gupta says it too needs to go beyond what he calls 'first-generation issues', such as clean air and water, to excel in 'second-generation issues', such as being bicycle- and recycling-friendly.

That would bespeak its 'sophistication' and coming of age as a global city.

casschew@sph.com.sg


--------------------------------------------------------------------------------

How Mercer conducts its survey



HUMAN resource consulting firm Mercer has been conducting the Quality of Living survey for more than 15 years, since 1994.

It uses a questionnaire developed by its professionals to gather data.

This is done together with some of its multinational clients and experts in quality-of-life research.

Each city is evaluated in terms of 39 factors, under broad categories such as housing and economic environment.

During the data collection phase, field researchers and consultants supply the initial data, as well as evaluations and comments for the reports.

Then, the data is reviewed and analysed at Mercer's regional centres.

The findings are then compared and controlled in the final stage by global analysts to ensure consistency across the cities surveyed.

The Quality Of Living reports cover about 450 cities globally.

ST : Lend Lease plans mall, office block on Jurong site

Jun 26, 2010

Lend Lease plans mall, office block on Jurong site

AUSTRALIAN property giant Lend Lease wants to build a mall and an office block on the Jurong Lake District site that it is tipped to secure after lodging the highest bid.

The firm said in a statement yesterday: 'The site has capacity for (about) 108,000 sq m of development, including a regional suburban shopping centre and commercial tower.'

'Lend Lease will utilise its integrated property capabilities to create and deliver a prime suburban shopping mall and commercial tower in Singapore,' said its chief executive, Asia, Mr Ooi Eng-Peng.

Lend Lease said it made the bid jointly with one of its managed funds, the Asian Retail Investment Fund.

They offered $748.89 million, which works out to $649.6 per sq ft of gross floor area, more than twice the minimum required amount.

The fund will own 75 per cent of the asset while Lend Lease will hold a 25 per cent direct interest.

Lend Lease said the development will be funded by a combination of non-recourse project based debt and equity. 'Project debt of over $800 million has already been secured,' it said.

It added that the development is in line with its strategy and represents 'a significant opportunity for Lend Lease to grow its retail platform in Singapore leveraging on the group's integrated capabilities'.

Lend Lease will provide development, design, project management, construction and retail property management services.

The Jurong site is next to Jurong East MRT station and is set to kick-start the transformation of the sleepy district into a vibrant Jurong Lake District. Plans for the entire Jurong Lake District will be implemented over 10 to 15 years.

Mr Ooi said the project is 'an important strategic transaction for our Asian business as we continue to grow our presence in the highly sought after Singapore retail market'.

The Asian Retail Investment Fund was launched in 2006 with 313@somerset in Orchard Road as its seed investment. The new project will see it fully invested.

Mr Ooi said the investment demonstrates the firm's confidence in Singapore's retail market. Lend Lease also owns and manages the popular Parkway Parade in Marine Parade.

ST : Deloitte regional chief named new SLA chairman

Jun 26, 2010

Deloitte regional chief named new SLA chairman

LAW Minister K. Shanmugam has appointed Deloitte Asia-Pacific chief executive Chaly Mah as the new Singapore Land Authority (SLA) chairman.

Mr Mah, who is also Deloitte Singapore chairman, will take over from outgoing SLA chairman Greg Seow on Aug 1 and serve a two-year term.

Mr Mah will be joined by three new SLA members.

They are: Singapore Police Force chief-of-staff Wong Hong Kuan, senior counsel George Lim from law firm Wee Tay & Lim, and Ms Teo Lay Lim, country managing director of Accenture Singapore.

Mr Seow has been a member of the authority since its formation in 2001. Under his chairmanship, the SLA introduced a number of new initiatives.

One included collaborating with various government agencies such as the National Heritage Board to adapt state properties for use by the arts community.

It has also worked with the Economic Development Board to support its global education hub initiative.

Mr Mah is no stranger to the SLA, having been closely involved with the body since 2007.

INCA Law managing director Latiff Ibrahim, Singapore Airlines senior vice-president Yap Kim Wah and Ms Koh Lin-Net, deputy secretary (trade) at the Trade and Industry Ministry, will be leaving the SLA when their terms end on July 31.

FRANCIS CHAN

ST : MND rejects claims of sand smuggling

Jun 26, 2010

MND rejects claims of sand smuggling

Suppliers required to show proof sand comes from approved sources

By Jessica Cheam

THE Singapore authorities have rejected a claim published in Malaysian newspaper The Star that sand worth millions of dollars has been illegally 'floated' out of Malaysia and into Singapore for the past three years.

The report by The Star on Thursday alleged that a Singapore firm, which obtains the sand from a Malaysian partner, supplies it to Singapore's Housing Board.

This is despite a ban on sand exports imposed by the Malaysian government since 1997.

The Ministry of National Development (MND) told The Straits Times yesterday that 'there is no evidence that the sand HDB receives has been smuggled out of Malaysia, as alleged by The Star article'.

The MND, parent ministry of the HDB, said the agency engages sand suppliers on a commercial basis to supply sand for its development works.

As part of the procurement process, HDB requires its tenderers to produce quality certificates and export permits to confirm that their supply is from approved concessions in the source nations.

'In addition, our Customs have in place procedures to check and investigate the import of goods at the checkpoints.'

Sand supplies must have the necessary import permits to come through the Pulau Punggol Timor Aggregate Terminal, which is managed by the Building and Construction Authority, added the MND.

Meanwhile, the Johor state government said it will initiate its own probe into the sand smuggling allegations.

Its Local Government, Housing, Arts, Culture and Heritage Committee chairman, Datuk Ahmad Zahri Jamil, said at a press conference on Thursday: 'Johor does not export sand. So far, all our records indicate that everything is in order.'

Separately, the Malaysian Anti-Corruption Commission has called on all relevant agencies to join forces and dig deeper into illegal sand smuggling activities in the country.

Earlier this year, it arrested 43 people during its sand smuggling investigations. It added that illegal sand mining was rampant in Selangor, Johor, Perak and Pahang.

The Star reported that sand extraction is a common sight in Sungei Johor, as mining syndicates illegally transport millions of tonnes of sand, even on weekends and public holidays, via Danga Bay and the Port of Tanjung Pelepas. The sand is transported on barges through Sungei Johor to a jetty in Pulau Punggol Timor in north-eastern Singapore where the sand is unloaded, it claimed.

This is the second time in as many months that Singapore's sand industry has come under the spotlight.

Sand is a highly sought-after commodity in the Republic as it is used heavily either in the construction of buildings or for reclamation of land.

Last month, British environmental group Global Witness alleged that Singapore sand suppliers were importing Cambodian sand illegally and without regard for the environment. The report claimed Cambodia's sand trade was thriving despite a recent sand export ban.

Then, the Singapore Government rejected the report and issued a strong rebuttal. It said it had a robust system in place to control sand imports.

The Star also claimed that to circumvent the Malaysian ban on sand exports, the syndicates are believed to be exporting the sand as processed or 'packed' silica sand, an item that can be legally exported. Silica sand is high-purity sand often used in high-end applications such as sand blasting.

The newspaper said that the Singapore firm stands to profit from this lucrative trade as it pays $30 per cubic metre

of sand from its Malaysian source, compared with $40 per cubic metre for the same amount of sand from Thailand or Vietnam.

It estimated that since August 2007, more than three million cubic metres of sand had been smuggled out of Sungei Johor, and that syndicates could have raked in RM207 million (S$89 million) over a two-year period.

The paper said the Malaysian government has suffered losses due to the smuggling as it should have collected at least RM37.5 million in taxes from the exports.

Industry sources told The Straits Times yesterday that there had been speculation in recent months among industry players that some sand was being smuggled into Singapore from Malaysia.

But Singapore Contractors Association president Andrew Khng said he was unaware of any illegal activity, and that the supply of sand to Singapore's construction industry 'has been stable'.

'The sand suppliers have been sourcing sand from various countries since the Indonesian ban in 2007,' said Mr Khng.

Indonesia also banned the export of sand to Singapore in 2007, citing environmental concerns.

The Star said Malaysian government officials had been tipped off on the sand smuggling activity.

In February, it reported that several government officials had been charged with accepting bribes for allowing the smuggling of sand into Singapore.

jcheam@sph.com.sg


--------------------------------------------------------------------------------

PROCEDURES IN PLACE

'There is no evidence that the sand HDB receives has been smuggled out of Malaysia, as alleged by the Star article... Our Customs have in place procedures to check and investigate the import of goods at the checkpoints.'

The Ministry of National Development

BT : China to prick bubble, land softly: Barclays

Business Times - 26 Jun 2010

China to prick bubble, land softly: Barclays

By JAMIE LEE

CHINA'S economy is likely to experience a soft landing even as the government works to shrink a property bubble, according to a Barclays Capital report.

This will be despite housing prices making an expected decline of 20-30 per cent over the next few quarters, Barclays said.

'In countries with different characteristics, a correction of that magnitude could clearly risk a hard landing, but China may be exceptional.'

The impact of Chinese consumption from the price declines may be smaller than expected, since about half of the Chinese population are based in rural areas where there is no active property trading.

'Low-income and migrant workers would benefit from housing price declines, as they are likely to be home buyers,' added Barclays in its quarterly report.

Although asset bubbles are usually linked to current account deficits - which make economies fragile when the flow of international capital stops - China would not be affected, since it has been heavily investing its capital abroad. A country's level of current account indicates trends in its foreign trade.

'Arguably, the most important difference . . . lies in the banks, which are unlikely to be forced on the defensive and limit lending since, being state-owned, credit decisions will be determined by top-down political directives,' said Barclays, adding that the greater risk from the asset bubble deflation is an implementation one.

Chinese wage increases are unlikely to create significant inflationary pressures in the short term, since these are limited to a few coastal areas and profit margins could absorb some of the wage rises, Barclays noted.

'The change in labour market dynamics is a long-run, secular process that should play out over the years, not months.'

Barclays expects China's gross domestic product to grow 10.1 per cent this year, and ease to 9 per cent in 2011.

GDP growth in Asia is expected to slow to 7.6 per cent in 2011 from 8.8 per cent this year, partly as the impact from fiscal stimulus begins to wane, said Peter Redward, head of emerging Asia research at Barclays.

As for Singapore, growth is expected to be supported by the strength of the cyclical upturn in the global electronics industry, said economist Leong Wai Ho.

It is unlikely to be affected by the debt problems in Europe, as exports to countries in South Europe make up just about one per cent of total exports, he added.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : Diverse planners key to making a city liveable

Business Times - 26 Jun 2010

Diverse planners key to making a city liveable

Singapore is among the world's most liveable cities, say women delegates due to attend World Cities Summit here

By UMA SHANKARI

LIVEABLE cities are best designed by diverse planners, say high-ranking women due to attend the World Cities Summit in Singapore next week.

A wide range of perspectives is unmistakably important in planning for practical lifestyles and a safe and comfortable living environment, says Fumiko Hayashi, the mayor of Yokohama, Japan.

'It is said that half of the world's population currently dwell in cities and that percentage is certain to continue to grow in the future,' she told BT. 'If that happens, there will be more and more opportunities for people with a variety of values to live in the same city.'

Today's culturally diverse cities require culturally diverse planners who can bring different lifestyle and value perspectives, says Vishakha Desai, president of the Asia Society.

And Louise Cox, president of the International Union of Architects, likewise believes that diversity among planners is essential: 'Otherwise, a city becomes boring, unloved and unused, so unfortunate things happen that do not need to happen to people and places.'

Diversity is where having women on a planning committee comes in handy. Saskia Sassen, a professor of sociology at Columbia University's Department of Sociology & Committee on Global Thought, says that women's concerns may be different from men's. 'Many women will mention security as the key issue, and some sense of privacy. So we have women-only carriages in crowded commuter trains in India and Japan, for example,' she points out.

Ms Cox agrees that security is a major concern for women: 'As a woman I view safety in a city and on its public transport as an enormous consideration.'

Some big cities, for example, have office areas that are virtually deserted after work - which can make a lone person walking down these streets at midnight vulnerable, she says. Lonely parks are another worry.

'These situations should and can be avoided,' says Ms Cox. 'It is more economical for a building or place to be used all the time instead of only eight hours a day.'

The women identify Singapore, New York, Paris and Sydney as some of the most 'liveable' cities.

And what makes these places stand out is how their quality urban environments - with excellent architecture and urban design - bring tangible economic and financial benefits, foster creativity, attract brains and businesses and engender a sense of rootedness among citizens.

Liveable and sustainable cities are those which can successfully balance economic growth, cultural diversity and social dynamism with a high quality of life, says Cheong Koon Hean, chief executive of Singapore's Urban Redevelopment Authority (URA). 'A great, liveable city must also provide a diversity of experiences for its people - diversity in housing options, diversity of working environments, and diversity in leisure offerings,' she adds.

Amanda Burden, chair of New York City's planning commission and director of the department of city planning, says that when she first became commissioner, her team looked at areas where the city can grow and foster economic opportunity - not just established business districts such as Midtown or Lower Manhattan, but wherever there is potential, such as in Jamaica (in Queens) and Downtown Brooklyn. 'We transformed long neglected areas into thriving centres of economic activity,' she says. 'Through long-range comprehensive plans we ensure that development can flourish in districts located near transport hubs, providing new jobs and tax revenue for the city and its residents.

'The heart of this approach is to recognise the potential of new ways of doing business, take innovative approaches to unlock the potential of new places and make strategic investments today for the long-term health and stability of the city.'

But when all is said and done, the 'energy' of the people living in a city is crucial to its vitality and sustainable development, says Ms Hayashi. 'Citizens loyal to the cities they live in are active in all aspects of business and life, and I believe that this loyalty is what gives rise to safe, comfortable cities. We must gather the collective wisdom of these citizens to overcome global issues such as global warming, energy and poverty, and create sustainable cities together,' she says.

Adds Mrs Cheong: 'I believe that a successful city is not about being the biggest or having the tallest buildings, but it should focus on being a place where people want to be and can call it a home.'

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

BT : Deloitte's Chaly Mah is new SLA chairman

Business Times - 26 Jun 2010

Deloitte's Chaly Mah is new SLA chairman

He takes over from Greg Seow who completes a second two-year term on July31

By CHEW XIANG

DELOITTE Singapore chairman Chaly Mah has been appointed chairman of the Singapore Land Authority, taking over from Greg Seow who completes a second two-year term on July 31.

Mr Mah was appointed a member of SLA in June 2007 and became its deputy chairman in August last year.

He is chief executive of Deloitte Asia-Pacific and Deloitte South-east Asia, and president of CPA Australia's Singapore Division.

The Ministry of Law said yesterday Senior Counsel George Lim, Teo Lay Lim of Accenture Singapore and Wong Hong Kuan, chief of staff of the Singapore Police Force, will be appointed to SLA for two years from Aug 1.

They will replace senior lawyer Latiff Ibrahim, Singapore Airlines senior vice-president Yap Kim Wah and deputy secretary (trade) at the Ministry of Trade and Industry Koh Lin-Net, who complete their terms of office next month.

Mr Lim is a former president of the Law Society and a partner at Wee Tay & Lim.

Ms Teo is country managing director for Accenture Singapore.

Mr Wong has 16 years' experience in law enforcement, leadership and human resource development and finance policy formulation.

SLA expressed its appreciation to Mr Seow, Mr Latiff Ibrahim, Mr Yap and Ms Koh for their contributions.

Under Mr Seow's chairmanship, SLA introduced a number of initiatives. For instance, it worked with the National Heritage Board to adapt state properties for interim uses for the arts, and the Economic Development Board to support its global education hub initiative.

With the Infocomm Development Authority of Singapore, SLA is now leading a government-wide effort to develop a platform to integrate geospatial data, policies and technology, and launched an intelligent map information system last year.


With the IDA, SLA is leading a government effort to develop

a platform to integrate geospatial data, policies and technology, and launched an intelligent map information

system last year.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.



MR MAH
He was appointed a member of SLA in June 2007 and became its deputy chairman in August last year



MR WONG
He has 16 years' experience in law enforcement, leadership and human resource development and finance policy



MS TEO
She is country MD for Accenture Singapore and also holds two portfolios for its Asia-Pac global markets business

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