BT : Plans to draw business schools to Nepal Hill

Business Times - 04 May 2010

Plans to draw business schools to Nepal Hill

47,000 sq m of gross floor area available, including bungalows

By EMILYN YAP

A RUSTIC enclave at Buona Vista is aiming to be the centre of not just hard capital, but also human capital.

The government is pitching the idea of setting up shop at Nepal Hill to business schools and institutions specialising in talent development.

This is on top of earlier plans to attract hedge funds to the area.

The Economic Development Board (EDB) and JTC Corporation are working together to turn Nepal Hill into a regional centre for leadership training.

Prime Minister Lee Hsien Loong first announced the project - Singapore Leadership Initiative for Building Networks and Knowledge, or Singapore Link - at a human capital summit in September last year.

'Singapore Link will bring together business schools, corporate universities and professional services firms in a single campus devoted to leadership and talent development,' Mr Lee said then.

'This clustering will strengthen the links between research, management and training, encourage corporations and academia to work together on real world challenges and facilitate the eventual adoption of new best practices.'

Nepal Hill is near Biopolis, Fusionopolis and Rochester Park, and is a 15-minute drive away from the central business district.

Some 47,000 square metres of gross floor area will be available for occupation, of which 2,600 sq m will come from existing black-and-white bungalows.

JTC, the master planner and developer of Nepal Hill, finished refurbishing the bungalows last year to house future tenants.

For institutions which require more space, land will be available through tenders.

Tenants will include the Human Capital Leadership Institute (HCLI), a tie-up between the Manpower Ministry and the Singapore Management University. HCLI will conduct pan-Asian research on human resource issues and offer training on leadership and management.

The authorities did not reveal which other schools and institutions it is in talks with.

BT spoke to some human capital firms, which expressed support for the concept at Nepal Hill.

Hewitt Associates's South-east Asia market leader Kulshaan Singh said there has been no proposal for his firm to take up space at Nepal Hill.

'The idea is attractive as it brings us closer to the human resource community,' he noted.

Accenture also said it has not been formally approached to move, but its Management Consulting Innovation Center is nearby at Fusionopolis.

'Accenture is looking forward to playing a role in the HCLI,' said its partner for the talent and organisation performance practice in Asean, Rick Smith.

There are other institutions which have heard of the concept at Nepal Hill, but have no plans to relocate for various reasons.

'It is certainly an attractive idea to be in a hub where there is critical mass for any potential collaboration or cross-fertilisation of ideas through physical proximity and social networking,' said Aon Consulting's director of consulting for South-east Asia, Na Boon Chong.

In fact, Aon Consulting knew of the Link idea some time back and decided to set up its global research centre in Singapore.

But it will not be moving to Nepal Hill because it is located with two other Aon divisions in town.

The University of Chicago Booth School of Business, which has a campus near Somerset MRT station, is also aware of plans at Nepal Hill.

'The idea of clustering is something with which we are familiar and we can see its advantages,' said its associate dean for Europe and Asia, Glenn Sykes. But he added that the school prefers to be located downtown.

Another business school, Insead, has a campus at Buona Vista near Fusionopolis.

Neither EDB nor JTC revealed the number of institutions or the size of investments they aim to attract to Nepal Hill.

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



Artist's impression of Nepal Hill: The Economic Development Board and JTC Corporation are working together to turn Nepal Hill into a regional centre for leadership training. The enclave is near Biopolis, Fusionopolis and Rochester Park

ST : SMRT: A possible proxy property counter

May 4, 2010

COMMENTARY

SMRT: A possible proxy property counter

By Christopher Tan

SEVEN years ago, when Ms Saw Phaik Hwa took the helm at SMRT Corp, more than a few eyebrows were raised.

She was not only the first woman to be appointed to lead the public transport group, but she was also the first person from outside the military and public sector elite to be picked.

Questions were raised: What did someone who carved her career at duty-free retail chain DFS know about running the MRT system?

And how will Ms Saw, known for her love for flashy cars and tinted hairdo, gel with a strait-laced, Temasek-owned entity?

Well, Ms Saw has more than silenced the sceptics - simply by still being around. In fact, she is SMRT's longest serving chief executive after the late Lim Leong Geok.

Less obvious though is how Ms Saw has succeeded in adding a new and thriving facet to a staid and steady business. That facet is rental of retail space in and around MRT stations.

For the financial year ended March 31 this year, rental income contributed $51 million in operating profit, almost 40 per cent of MRT takings.

Before 2003, SMRT's rental income was negligible. So how did she do it?

By old-fashioned doggedness. Ms Saw, according to insiders, managed to convince the authorities to allow the train operator to optimise the utilisation of station space through her persistence.

'She fought, fought and fought until she got it,' one said.

Her endeavour paid off, and more handsomely than even she envisaged.

Back in 2003, she said SMRT had a potential to rent out 250,000 sq ft of retail space in its MRT network, which would have a commuter traffic of one million a day.

By March 31, SMRT had more than 309,000 sq ft of rental space (99.2 per cent occupied), and commuter traffic was more than 1.5 million a day.

Now that SMRT has taken over the Circle Line, its rental income could soar.

Although most of the stations are small, compared with those on the North South and East West Lines, there are still some sizeable ones. The biggest is Esplanade station, which will have 21,400 sq ft of rentable space for some 40 shops.

What Ms Saw has achieved is not miraculous. It is not even rocket science. It stems from her commercial experience in the retail sector, and her persuasiveness with the authorities.

Which begs the question why two other notable divisions at SMRT are not up to scratch: taxis and buses. These businesses joined the fold when SMRT took over Tibs Holdings in December 2001.

Since then, they have either been marginally profitable or simply in the red.

The reasons for the lacklustre bus business may be historical. Tibs, being relatively new to the bus scene, was given smallish route territories to operate in.

It also tried to differentiate itself by acquiring fully built-up buses, a costlier option than buying the chassis and then assembling the body itself.

And being a smaller operator, it does not have the economies of scale of, say, SBS Transit.

As for taxis, why SMRT is faring so poorly remains a mystery.

Perhaps the group should bite the bullet and exit the taxi business rather than having it weigh on the bottom line and capital expenditure year in, year out.

Fortunes in the bus division could turn in SMRT's favour when routes become contestable in the next couple of years - if the operator's service performance is any indication.

Since more stringent bus quality of service standards were introduced in 2007, the smaller operator has been penalised less than its bigger rival. That, however, may or may not be a function of size.

In any case, rental has emerged as the group's largest profit contributor after MRT operations, far outstripping buses, taxis and LRT.

Should SMRT then be viewed as a pure transport play on the stock market? It is a poser worth mulling over.

With such a sizeable rental portfolio, it could even qualify as a proxy to the property sector - like Singapore-listed Jardine Cycle & Carriage is a proxy to the Indonesian market.

Perhaps that explains its $2.15 stock price, which some analysts say is overpriced. Its price-earnings (P/E) ratio of 20 is a tad high compared with ComfortDelGro's 14.5 and SBS Transit's 10.3, they say.

Then again, property counters have been known to have far richer P/Es.

christan@sph.com.sg

ST : POSB discount pledge for home loans

May 4, 2010

POSB discount pledge for home loans

0.1 percentage point off first-year interest rate if HDB loan approval not within 60 mins

By Gabriel Chen

IN A first for the banking industry here, POSB is dangling a small discount off the first-year interest rate if it fails to grant approvals for HDB home loans within 60 minutes of completing an initial appraisal.

In its latest effort to rejuvenate the so-called people's bank, POSB yesterday launched a '60-minute promise'.

Customers applying for a home loan simply have to complete and return the necessary documents via e-mail or fax between 9am and 3pm from Monday to Friday.

These include income documents such as the latest income tax notice of assessment. They are also required to submit a mortgage loan application form, the option-to-purchase form (for new purchases), and the loan statement of account (for loans refinancing from HDB).

Once the application is received and deemed satisfactory (this will take a few hours), the customer will get an SMS informing him the 60-minute period has started and another SMS when the letter of offer is ready.

The customer can then proceed to the POSB branch of his choice to sign the letter of offer.

POSB promises customers 0.1 percentage point off the first-year interest rate if the letter of offer is not ready in 60 minutes.

Assuming there are no problems with the application, a POSB customer who submits the documents in the morning should be able to sign the letter of offer the same day.

Mr Koh Kar Siong, managing director and head of POSB, said this is all part of the bank's ongoing initiatives to improve its efficiency and provide greater convenience to customers.

'Providing our customers with a quick turnaround time, giving them the approved letter of offer within 60 minutes is our service promise of enhancing their banking experience with us,' he said.

Some other banks can issue the letter of offer within a day too, though the difference is that POSB is underscoring its commitment by dangling an interest rate discount if they cannot deliver within a certain timeframe.

Citi, for example, offers customers in-principle online approval for a mortgage loan within 60 seconds of an application.

Upon obtaining the in-principle approval, if the customer can submit the necessary documents early in the day and fulfil the required criteria, a letter of offer can be prepared the same day.

OCBC Bank is another example. More than 80 per cent of its HDB home loan customers have received an approval and letter of offer within 30 minutes, if the applications were straightforward and the documents were in order.

Mr Leong Sze Hian, president of the Society of Financial Service Professionals, cautioned home buyers to first consider their circumstances and if they can afford to service the mortgage, before snatching a quick deal.

The initiative appears to be in line with DBS Group Holdings chief executive Piyush Gupta's strategy to beef up the POSB franchise.

He has signalled an intention to 're-create the full service relationship where the POSB client sees us not only as a place to put their savings in but also to get their mortgage, unsecured financing and simple investment products'.

gabrielc@sph.com.sg

ST : Six bids for every flat on offer

May 4, 2010

Six bids for every flat on offer

Build-to-order scheme in Punggol sees strong demand as applications close

By Jessica Cheam

THE Housing Board (HDB) has been flooded with applications for its Punggol Emerald and Punggol Waves projects.

By 5pm yesterday, 8,967 offers for 1,429 flats had been lodged for the build- to-order (BTO) developments - about six bids for every unit on offer.

Applications for the estates, which were both launched last month, closed yesterday at midnight.

Four-room flats were the most popular, with 4,648 applications for just 609 flats up for grabs - more than seven vying for each unit.

Five-roomers also attracted more than six applicants each, with 2,810 applying for 431 flats.

Housing analysts say the intense interest shows demand for public housing remains high, especially for new flats.

This level of demand follows a similar response at the HDB's launch of projects at Sengkang and Sembawang in March, when 5,015 bids were received for 828 new flats.

PropNex chief executive Mohamed Ismail noted: 'The Government has been continually releasing new build-to-order flats this year and it has been absorbed by the market hungry for flats.'

The 'normal level of demand' in recent years has been about three applications to every flat, he added.

Mr Ismail expects demand for new flats to remain high as buyers turn from the resale market to the HDB.

Prices of resale flats are at record levels, and although the Government has recently introduced steps to cool the market, property agencies say it is too early to measure the impact.

The Punggol Emerald and Punggol Waves projects offer flats of various sizes, from studio apartments to five-roomers.

Studios attracted 773 applicants for 188 flats, while 736 applied for 201 three- room flats.

The HDB plans to launch 12,000 flats in the first three quarters of this year to meet strong demand.

It has offered 5,082 flats in the four months to April 30 with a further 1,100 BTO units to be launched in Yishun and Jurong West this month.

More launches have been earmarked for estates such as Bukit Panjang, Sengkang and Woodlands. Construction of BTO projects is triggered once a certain level of sales has been achieved.

jcheam@sph.com.sg



An artist's impression of Punggol Waves at Punggol Walk. It will offer 573 flats of various sizes. -- PHOTO: HDB

BT : China's anti-bubble move not enough

Business Times - 04 May 2010

China's anti-bubble move not enough

Higher bank reserve ratios no impact on rates and yuan peg

(BEIJING) China's third increase of bank reserve ratios this year left benchmark interest rates and the yuan's peg to the dollar unchanged, risking the need for more concerted effort to contain property prices and inflation in coming months.

The requirement will increase 50 basis points effective May 10, the People's Bank of China said on its website on Sunday. The current level is 16.5 per cent for the biggest banks and 14.5 per cent for smaller ones.

The latest move adds to a government crackdown on property speculation after record price increases in March and came on a holiday weekend, with Chinese markets shut yesterday.

Within an hour of the central bank announcement, Finance Minister Xie Xuren said that officials remained committed to expansionary policies to cement the nation's recovery.

'Beijing still prefers to fine-tune credit conditions and the property market rather than using blunter instruments that impact the entire economy,' said Brian Jackson, a Hong Kong- based strategist at Royal Bank of Canada. The danger is that the approach 'will not be enough to keep these price pressures under control, which would then force policy makers to tighten more aggressively later on.'

Hong Kong shares fell 1.4 per cent yesterday, with banks and property shares suffering the steepest declines. Mainland China markets were closed for a holiday. The Hang Seng Index closed almost 300 points lower at 20,811.4, near the day's lows.

Sunday's decision will remove 300 billion yuan (S$80.3 billion) from the financial system and may push back an interest rate increase until 'early June', according to Deutsche Bank AG.

The Shanghai Composite Index has tumbled 12 per cent this year on concern that government measures to cool the property market and the economy will hurt profits.

Inflows of speculative capital from investors betting on yuan gains may have driven Sunday's move, said Lu Zhengwei, a Shanghai-based economist at Industrial Bank Co.

Glenn Maguire, chief Asia-Pacific economist at Societe Generale SA in Hong Kong, said 'China has been inundated with hot money on the back of yuan revaluation speculation'.

Non-deliverable yuan forwards indicate the government will end the peg to the dollar, letting the currency gain 3.2 per cent within 12 months. They were little changed in trading yesterday.

The reserve-requirement increase will 'stoke yuan revaluation expectations' since they're part of a series of measures to cool the economy, UBS AG analysts wrote in a note yesterday. -- Bloomberg, Reuters

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

BT : Chinese bubble set to burst: Marc Faber

Business Times - 04 May 2010

Chinese bubble set to burst: Marc Faber

(HONG KONG) Investor Marc Faber said China's economy will slow and possibly 'crash' within a year as declines in stock and commodity prices signal the country's property bubble is set to burst.

The Shanghai Composite Index has failed to regain its 2009 high while industrial commodities and shares of Australian resource exporters are acting 'heavy,' Mr Faber said. The opening of the World Expo in Shanghai is 'not a particularly good omen,' he said, citing a property bust and depression that followed the 1873 World Exhibition in Vienna.

'The market is telling you that something is not quite right,' Mr Faber, the publisher of the Gloom, Boom & Doom report, said in a Bloomberg Television interview in Hong Kong yesterday. 'The Chinese economy is going to slow down regardless. It is more likely that we will even have a crash sometime in the next nine to 12 months.'

An index tracking Chinese stocks traded in Hong Kong dropped 1.8 per cent yesterday, the most in two weeks, after the central bank raised reserve requirements for the third time this year.

The Shanghai Composite has slumped 12 per cent this year, Asia's worst performer, as policy makers seek to rein in a lending boom that's spurred record gains in property prices. China's markets were shut for a holiday yesterday.

Mr Faber joins hedge fund manager Jim Chanos and Harvard University's Kenneth Rogoff in warning of a crash in China.

China is 'on a treadmill to hell' because it's hooked on property development for driving growth, Mr Chanos said last month. As much as 60 per cent of the country's gross domestic product relies on construction, he said. Mr Rogoff said in February a debt-fuelled bubble in China may trigger a regional recession within a decade.

Shanghai is projecting as many as 70 million visitors to the US$44 billion World Expo, more than 10 times the number who travelled to the 2008 Beijing Olympics. More than 433,000 people visited the expo on its first weekend. -- Bloomberg

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

BT : Office rents in Asia-Pac cities steady in Q1

Business Times - 04 May 2010

Office rents in Asia-Pac cities steady in Q1

S'pore rents up 0.5% but upcoming supply will weigh down on market, says Colliers

By EMILYN YAP

OFFICE rents across most Asia Pacific cities rose or stayed flat in the first quarter, indicating that the worst may be over for the commercial market, said Colliers International in a report yesterday.

The property consultancy found rents in Singapore going up by 0.5 per cent in Q1, reversing a 0.3 per cent dip in Q4 last year.

The improvement prompted it to predict a 5 per cent increase in rents from Q2-Q4.

Multinational corporations in Asia Pacific 'have been encouraged by stronger than anticipated economic conditions to re-activate their real estate plans, which had been largely put on hold immediately after the crisis hit', Colliers said.

'The demand for office real estate in the region continues to gather strength on the back of further economic growth expected over the next couple of years.'

Of the 25 cities which Colliers studied, 16 posted higher office rents in Q1, compared with just five in the preceding quarter.

Occupancy costs in Hong Kong climbed 5.1 per cent in Q1, exhibiting the largest percentage increase in Asia Pacific. They had risen 2.4 per cent a quarter ago.

There were more leasing enquiries and 'landlords were emboldened to raise asking rentals', Colliers noted.

It expects rents in Hong Kong to surge 20 per cent in the next 12 months because of the limited supply of new stock in core locations.

Colliers acknowledged that the upcoming supply of almost two million sq ft of new office space in Singapore will weigh down on the local commercial market.

But companies have committed to take up more than 80 per cent of this, it said.

And when these firms relocate, 'company expansions and formations - on the back of robust economic growth foreseen for 2010 - will help to mitigate this', Colliers said.

Colliers added that Singapore might see spillover demand from Hong Kong should rents there shoot up as expected.

Across Asia Pacific, Tokyo remained the most expensive place for offices, even though occupancy costs had dropped 1.8 per cent quarter-on-quarter.

They were US$98.35 per sq ft per year in Q1.

Hong Kong ranked second highest in occupancy costs, which hit US$82.96 psf per year.

Singapore came in third with costs of US$54.58 psf per year.

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

ST : Realty firms halt lending activities

May 3, 2010

Realty firms halt lending activities

Move comes in wake of MND plans to curb milking of flat sellers

By Mavis Toh



PROPERTY firms with moneylending arms that do a roaring business are now putting the brakes on their ventures.

Their activities came under the spotlight last Tuesday when Minister of National Development Mah Bow Tan said in Parliament that his ministry is drafting measures to stop moneylenders from exploiting cash-strapped flat sellers.

Property agency owners and moneylenders told The Straits Times there are about 10 realty firms that hold moneylending licences and operate credit arms along with their property businesses.

Moneylenders' Association of Singapore president David Poh estimates that there are at least another 30 individual property agents who are also licensed moneylenders.

There are currently 260 licensed moneylenders in Singapore, up from 173 in 2008 and 169 in 2007.

The draw? Licensed moneylenders are currently free to set interest rates for loans above $3,000.

Mr Poh said: 'Some of these black sheep charge interest up to 40 per cent and have hidden costs so the sellers don't get back much in their sales proceeds.'

Typically, flat sellers in urgent need of cash could apply for loans ranging from $5,000 to $100,000. The lenders in turn charge interest ranging from 1 to 10 per cent, depending on the loan amount, repayment period and their income.

A legal loophole allows moneylenders to lodge a caveat on the property to ensure they get the first bite of the profits when the flat is sold. This practice is not illegal, and neither is that of agents referring flat sellers to moneylenders for a fee.

However, industry players told The Straits Times that there is a conflict of interest. A property agent who is giving a loan to the home seller may no longer be objective. He may delay closing the property transaction to make the seller pay more in loan interest, or close it at a lower price so that the seller takes larger loans to raise the money needed.

PropNex chief executive Mohamed Ismail said business has proven so profitable that moneylenders are texting agents urging them to bring in flat sellers.

Mr James Lee, chief of James Lee Realty, which also has a credit service, said he sees at least 20 HDB flat sellers asking for loans each month.

Most borrow between $5,000 and $20,000: 'If we don't lend them the money, they will go to illegal moneylenders. While there are some unscrupulous lenders, you can't lump us all together.'

However, with the Ministry of National Development (MND) announcing a review of measures to curb such practices, the realty firms are now taking a step back and adopting a wait-and-see attitude.

Mr Lee has stopped giving loans to sellers: 'The rules are messy now, so we just want to wait till things are clearer.'

The chief executive of MindLink Realty, Mr Merson Chow, who also has stakes in two moneylending firms, has stopped lodging caveats.

'This means we don't extend large loans between $50,000 and $100,000 because it's risky without a caveat,' he said, adding that 20 per cent of borrowers default on payments.

His loan business started five years ago when he realised that two in every 20 sellers would ask his agents to recommend a moneylender they could trust.

Mr Mohamed Ismail wants it made illegal for agents to hold moneylending licences. He fired one such agent last month. 'I've made it a policy that any agent with a moneylending licence can't be a Propnex agent. We need tougher rules to weed them out from the industry,' he said.

When contacted, MND said it is working with the relevant authorities on legislative amendments to prevent flats from being used as a security for debt.

Advising owners against selling their flats to raise money, a spokesman said: 'While they may realise some cash from the sale, they will face a more serious problem of finding another roof over their heads.'

mavistoh@sph.com.sg

BT : STC says it signed no deal on Orchard site

Business Times - 03 May 2010

STC says it signed no deal on Orchard site

It was initially lined up to redevelop OCBC's Specialists' Centre/Phoenix site

By SIOW LI SEN

STRAITS Trading Company (STC) never had an agreement with OCBC Bank on the development of the prime Specialists' Shopping Centre and Hotel Phoenix site in Orchard Road, said Chew Gek Khim, STC executive chairman.

'Contrary to popular belief, there was no agreement... there was nothing in writing,' said Ms Chew, the first time she has spoken publicly on the matter.

Ever since OCBC Bank announced in March that it is in talks with construction and property group United Engineers Limited to build a hotel and mall on the land, there has been speculation that relations between the bank and STC were no longer on the same footing as in the past.

STC was the original player lined up for the project. It had announced in January 2008 that it was in 'advanced negotiations' with OCBC about redeveloping the land.

STC used to be part of the OCBC/Lee family stable before the Tecity group acquired it in a high profile takeover in 2008.

Ms Chew is the granddaughter of the late Tan Chin Tuan, a past chairman of OCBC. Mr Tan set up Tecity, which had held a stake in Straits Trading since the 1950s.

Mr Tan also started the old 392-room Hotel Phoenix, which closed in August 2007 after 35 years. It has since been demolished.

'Well, put it this way, if you have nothing in writing, then all transactions should be viewed at commercially and arms length,' said Ms Chew in a recent interview.

'As a major shareholder of Straits Trading, I would want all transactions to be commercially beneficial to Straits Trading,' she said.

Tecity now owns 89 per cent of STC - a holding company with businesses ranging from smelting and mining to hotel investment and property development.

On why she engineered the takeover in 2008, Ms Chew said: 'That's too complicated.'

During the last two years she has been busy restructuring the company with a view to extracting the best value for shareholders. She has beefed up its management and recruited experienced professionals to run its businesses. Heading its property unit is Eric Teng who used to be chief executive of Tecity.

Iqbal Jumabhoy, who has worked in many listed companies, now runs the hospitality division. Maureen Leong who took the role of group chief financial officer was last at Sembcorp Industries.

STC is an investment company and its subsidiaries should be viewed as business investments, she said.

Does that mean every business is potentially for sale? 'If we are true to what we say, that we must realise shareholder value, anything at the right price we must consider it for sale. One should not be so married or so emotionally attached that nothing is for sale,' she said.

'But having said that, the considerations are plentiful; it cannot just be today's price, it cannot just be 10 per cent above today's price,' she said. The group is prepared to hold for 20-30 years if that's what it takes, in order for value to be realised.

Calling STC's real estate division as the 'meat' of the group, she is mulling over what the balance should be in terms of how much should be developed for sale and what to hold for rental income.

STC's real estate assets include its flagship Straits Trading Building, a 28-storey building at Battery Road, 4 developed bungalows and 5 plots of bungalow land in Cable and Nathan Roads, 38-unit Gallop Green condominium and a tract of land close to one million square feet in Butterworth, Penang.

Last month, STC announced it had bought over the development of 12 bungalows in Chancery Lane.

For 2009, STC posted net profit of $139.9 million, up 143 per cent from a year ago. The biggest contributor came from its property division which had a pre-tax profit of $135 million against $8.4 million in 2008.

Its 73 per cent Malaysia Smelting Corp Bhd (MSC) which is listed in Bursa Malaysia has decided to focus on its original core business, that of mining and smelting tin.

With the shift in direction, MSC has begun a divestment programme for all its non-tin assets. The non-core assets comprise mining stakes in companies in Australia, Philippines, Australia and Indonesia. MSC is one of the top three tin smelters in the world, she said. Tin prices have recovered this year. They are at US$19,000 per tonne versus US$12,000 last year.

Ms Chew also disclosed that for 2010, the remuneration committee has decided she will get a total package of $750,000, three times more than the $250,000 director's fee she received for 2009.

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



Ms Chew: Disclosed that for 2010, the remuneration committee has decided she will get a total package of $750,000, against her $250,000 director's fee for 2009