Complete Property Market Updates of Singapore

July 24, 2008

Viet market seen hurting S’pore firms

Filed under: Developer News, General, Vietnam — Propertymarketupdates @ 2:46 am

Analysts say they may end up with unsold homes given slowing sales of late

SINGAPORE developers in Vietnam are likely to be affected by a cooling residential property market and tighter government regulations, research houses say.

Keppel Land, CapitaLand, Guocoland, Fraser & Neave, Allgreen and Chip Eng Seng are six developers with residential projects in Vietnam, said BNP Paribas, and Keppel Land has the largest exposure with about US$7 billion of project value.


Safe as houses? Keppel Land’s new Dong Nai township project; the company has the largest exposure, about US$7 billion of project value, among Singapore players

While margins may exceed 30 per cent, development risks are high as well.

‘Sales have slowed down in the past few months. Selling prices have also become more realistic and some speculators are leaving their deposits forfeited,’ BNP Paribas said in a report.

According to BNP Paribas, the first phase of Keppel Land’s The Estella fetched an average selling price of about US$2,200 per square metre (psm) early this year. This is around 30 per cent lower than the highest price of US$3,200 psm at end-2007 by CapitaLand’s The Vista, which is across the road.

In the same vein, Morgan Stanley said last week that developers may end up with unsold inventory, should speculators forgo their options to purchase units.

‘While developers have been announcing strong buying interest for their projects for some time, most buyers have only paid the respective deposits for registered papers - that is, the options to purchase units,’ Morgan Stanley said in a report. At The Estella, for instance, sale-and-purchase agreements have been signed for only 200 of the 650 units launched.

Morgan Stanley also projected a 38 per cent devaluation of the Vietnamese dong against the US dollar from current spot levels over the next 12 months. A weaker dong would make residential property less affordable, since rents and prices are pegged to the US dollar.

Morgan Stanley said that it foresees developers delaying launches amid poor sentiment. And it is bearish on prospects for Keppel Land - ‘the most vulnerable, with NAV (net asset value) potentially declining by seven cents a share to $7.18 a share’. For CapitaLand and Allgreen, however, Morgan Stanley analysts believed that the impact on NAV would be negligible.

BNP Paribas remained neutral overall on Singapore developers in Vietnam. ‘Long-term fundamentals remain favourable with a high urbanisation rate, rising incomes and affluence, returning overseas Vietnamese and an influx of expatriates,’ it said.

Both research houses also highlighted regulatory risks in Vietnam. Morgan Stanley, for instance, said that the residential property market could cool further when a 25 per cent capital gains tax on property transactions takes effect in January 2009.

‘The Vietnamese government is taking pro-active measures to address economic challenges facing the country,’ Keppel Land was quoted as saying in a Bloomberg report last week. ‘Foreign investors are still confident of the long-term growth potential of Vietnam. Fundamentals in the property market remain strong.’

Source : Business Times - 10 Jun 2008

Singapore is safest place in Asia: Mercer rankings

Filed under: About Singapore, General, Singapore Economy — Propertymarketupdates @ 2:41 am

It takes 9th place for personal safety; 32nd for quality of living

IN THE global quest to woo foreign talent, a good 30 cities are placed above Singapore in terms of quality of living, going by consulting firm Mercer’s latest rankings.

But solely on ‘personal safety’, Singapore is in the top league with the best - all of which happen to be in Europe.

In a ranking dominated at the top by Swiss and German cities, Singapore is 32nd in Mercer’s 2008 global quality of living survey, up two places from 2007.

Canadian and Australian cities, as well as New Zealand’s Auckland, also rank strongly in the top 25.

The annual survey covering 215 cities uses New York City as the benchmark with an index score of 100.

This year, top-ranked Zurich scores 108, while at the other end, Baghdad gets just 13.5 points.

Singapore’s index score is 102.9, a small improvement from 102.5 last year.

In Asia (outside Australia and New Zealand), Singapore ranks highest, followed by the Japanese cities of Tokyo, Yokohama, Kobe and Osaka. And only two US cities - Honolulu and San Francisco - are above Singapore.

Mercer’s survey evaluates cities on 39 key indicators in all the major areas that affect the living environment - socio-political and cultural climate; the economy; health and sanitation; education standard; public services; recreation; availability of consumer goods; housing; and the natural environment.

It also produces a separate ranking on ‘personal safety’, covering issues such as internal stability; crime; effectiveness of law enforcement; and relationships with other countries.

Here, Luxembourg takes the top spot, followed by Bern, Geneva, Helsinki and Zurich, who all share second position.

Singapore - at No 9 overall, just ahead of Auckland and Wellington - is ’safest’ in Asia, followed by several cities in Japan and Hong Kong.

The Mercer quality of living survey serves as a guide to governments and major companies when sending staff on overseas assignments.

Said Mercer senior researcher Slagin Parakatil: ‘Establishing suitable allowances linked to local costs and quality of living is essential in encouraging expatriate employees with transferable skills to accept international assignments.’

Commenting on Singapore’s results, Wong Su-Yen, managing director of Mercer Asean, said that the island’s improved ranking this year reflects its strength relative to other cities in public services; transport; medical services; housing; and the socio-political environment.

‘On the other hand, Singapore could further improve its standing by enhancing its socio-cultural environment, recreation options and natural environment.

‘The just-released Leisure Plan by the Urban Redevelopment Authority aims to address precisely some of these issues,’ she added.

‘If Singapore continues to enhance its quality of living offerings, we believe the city will continue to rate favourably for expatriates looking to relocate to the region.’

Source : Business Times - 10 Jun 2008

Singapore leapfrogs Hong Kong as a financial centre

Filed under: About Singapore, General, Singapore Economy — Propertymarketupdates @ 2:39 am

Survey ranks it fourth worldwide but expert says it can’t stand still

SINGAPORE climbed to fourth place on MasterCard’s Worldwide Centers of Commerce Index this year, leapfrogging Chicago and Hong Kong along the way. It is now the number two city in Asia in this ranking of financial centres - with only Tokyo ahead of it.

‘The Centers of Commerce Index is a roadmap for corporations to identify and evaluate investment and market opportunities in a world where cities, instead of countries, have become the primary economic players,’ said Yuwa Hedrick-Wong, MasterCard Worldwide’s economic adviser in Asia-Pacific.

The index surveyed 75 cities using seven key indicators of varying weightages that evaluated a city’s legal and political framework, economic stability, ease of doing business, financial flow, business centre, knowledge creation and information flow, and livability.

Singapore’s ranking was driven by its strong showing in relation to the ease of doing business and its legal and political framework indicators, in which it ranked first and second overall, respectively.

Manu Bhaskaran, a member of the panel behind the index, attributed Singapore’s strength in these areas to prudent government leadership in facilitating commerce,

‘The government has made the right decisions in cutting taxes, bringing in talent and focusing on integrated resorts,’ said Mr Bhaskaran at the briefing on the index yesterday.

He is, however, quick to caution against complacency. ‘Singapore tends to do well in the ‘process areas’ which are related to bureaucracy. But other people can learn this formula and mimic it,’ he said.

Instead, Singapore would do well to shore up its competence in the knowledge creation and liveability areas, he said.

It is currently ranked 40th for liveability - an indicator measuring elements like personal freedom and quality of life. ‘To generate more knowledge creation, Singapore should keep adding more universities and encouraging foreign talent,’ said Mr Bhaskaran.

Singapore also has its work cut out if it wants to break into the top three, which is illustrated by the fact that the top three positions have been retained this year by London, New York and Tokyo.

‘London and New York possess critical mass, having amassed a concentration of analysts, investment banks and the support services that accompany them. Critical mass is something that we lack, especially in the financial flows area,’ said Mr Bhaskaran.

The key to overcoming this limitation is cross-border integration and higher levels of economic growth within the Asean region, he revealed. ‘Singapore has to be the capital city in the economic sense in Asean, in order for it to be in the top two,’ he said.

Source : Business Times - 10 Jun 2008

Singapore is easiest city in the world to do business

Filed under: About Singapore, General, Singapore Economy — Propertymarketupdates @ 2:37 am

It is also top in region for economic stability and legal/political framework: Survey

SINGAPORE has leapfrogged rival Hong Kong in a ranking of the most influential commercial centres around the world.

The Republic is now the second most influential centre in Asia, just behind Tokyo, according to the survey, which is said to be used by multinationals to help guide investment decisions.

Singapore sits in fourth spot globally in the MasterCard Worldwide Centres of Commerce Index, up two places from last year. Hong Kong fell from fifth to sixth.

Although the Republic trails London, New York and Tokyo, it beat them in terms of a key criterion used to compile the ranking - the ease of doing business.

In last year’s inaugural ranking, Singapore came in fourth in this area, which covers a range of factors, including quality of life, investor protection, health and safety, and corporate tax levels.

Mr Mark Ellwood, the managing director of recruitment firm Robert Walters Singapore, attributed the high score to how easy it is to set up a business and to hire foreign talent here.

Mrs Mildred Tan, the managing director of Ernst & Young Associates, said: ‘Singapore is very pro-business, and institutions gravitate towards environments that are open and welcoming.’

She called the ranking a ‘positive reinforcement’ for firms considering doing business in the Republic.

‘When it comes to relocation, they will look at various things, from tax incentives to telecommunications infrastructure. The study will be another indicator for them whether to start here, to remain here, or to grow here.’

Singapore was also top in the Asia-Pacific for two of the other six criteria used in the ranking: economic stability and the legal/political framework.

The ranking of 75 cities is drawn up by a panel of academics and other experts.

It serves as ‘a road map for corporations to identify and evaluate investment and market opportunities in a world where cities, instead of countries, have become the primary economic players’, said Dr Yuwa Hedrick-Wong, MasterCard Worldwide’s economic adviser.

He said Asia ‘is experiencing a renaissance in terms of economic growth and social development’.

Eight Asian cities feature in the top 25 this year, up from five last year. ‘The growth performance of China and India has shifted the economic centre of gravity towards Asia,’ said Dr Hedrick-Wong.

Mr Manu Bhaskaran, the head of economic research at the Centennial Group and one of the eight members of the Worldwide Centres of Commerce research panel, said that given time, Singapore could overtake Tokyo as the top Asian centre of commerce.

‘Tokyo has not opened up the way the US, Europe, Dubai and Singapore have,’ he said, adding that Singapore’s absolute score of 66.16 points was not far behind that of Tokyo (66.6).

The other four criteria used in the ranking are volume and connectivity of financial flow, reputation as a business centre, knowledge creation and information flow, and liveability.

One of Singapore’s biggest challenges appears to be its place in the bottom half of the 75 cities in terms of liveability.

While Vancouver in Canada emerged as the world’s most liveable city, Singapore ranked 40th - or fifth in the Asia-Pacific.

MasterCard said a relative lack of personal freedom dragged its score down.

As was the case last year, the top three places in the study went to London, New York and Tokyo, in that order.

First-timers in the top 25 include Shanghai and Amsterdam.

Mr Bhaskaran said the Chinese city could rise further, as it was ’sitting on top’ of what is probably the most dynamic economy for the next 20 to 30 years.

Strong showing

SINGAPORE’S sterling ranking is the result of its strong position in the Asia-Pacific.

Here’s how the Republic fared in the region based on the seven criteria used:

Legal/political framework: No. 1
Economic stability: No. 1
Ease of doing business: No. 1
Volume and connectivity of financial flow: No. 4
Reputation as a business centre: No. 2
Knowledge creation and information flow: No. 4
Liveability: No. 5

Top 10 cities

TOP IN REGION

Tokyo maintained its third spot in this year’s survey, making it the highest ranked city in the Asia-Pacific.

The MasterCard Worldwide Centres of Commerce Index ranked 75 cities according to their ability to connect markets and commerce on a global level.

At the top are:
1. London
2. New York
3. Tokyo
4. Singapore
5. Chicago
6. Hong Kong
7. Paris
8. Frankfurt
9. Seoul
10. Amsterdam

GOOD PROSPECTS

Singapore stands a good chance of overtaking Tokyo in the ranking, says Mr Bhaskaran.

Source : Straits Times - 10 Jun 2008

One North: An ecosystem of learning

Filed under: Education, General — Propertymarketupdates @ 2:35 am

Lessons at one-north include the study of literature, how to build a digital game and cookery classes

IT’S a place where you can study Confucius and Shakespeare, learn how to build a digital game for the Wii, probe the human gene or whip up a Mexican meal - whichever takes your fancy.

one-north, a fast-developing area that wants to be known as Singapore’s ‘icon of the knowledge economy’, is teeming with schools and institutions of learning.


Learning centre: (Left) The Pixel building boasts a funky grey, black and white harlequin-patterned exterior; NTU@one-north houses the Centre for Continuing Education, the Confucius Institute and an alumni clubhouse; aspiring future game developers admiring works of art by DigiPen students

The list includes well-known names in both local and international education - the National University of Singapore (NUS), the Nanyang Technological University (NTU) one-north campus, Insead, DigiPen Institute of Technology, Singapore Polytechnic, United World College, Tanglin Trust School, the Anglo-Chinese School and Junior College and the Japanese Primary School.

Not forgetting the various institutes in genomics, molecular biology and nanotechnology that are housed in giant research centre Biopolis, as well as much smaller outfits that focus on creative pursuits such as drama and cuisine.

‘The location at one-north provides an ideal setting for students, staff and visitors to learn, work and unwind alongside scientists, researchers, technopreneurs and business people from all over the world,’ said a spokesperson for NTU.

The Jurong-based university last year opened NTU@one-north, which houses educational facilities such as the Centre for Continuing Education (CCE) and the Confucius Institute, as well as a 10-level alumni clubhouse.

The CCE offers executive programmes and online courses for participants in Singapore and abroad. The Confucius Institute, a collaboration with Shandong University and the Office of Chinese Language Council International (Hanban), teaches Chinese and runs courses on Chinese culture.

Different cup of tea

Offering a rather different cup of cha is DigiPen Institute of Technology, which from September will offer two degrees in Singapore - a Bachelor of Science in Real-Time Interactive Simulation and a Bachelor of Fine Arts in Production Animation.

The first degree focuses on the technology behind the development of video games, including the development of game engines, graphics, physics, artificial intelligence and networking. The second degree aims to prepare students to produce 2D and 3D art for animation industries such as feature films and video games.

The institute is housed in Pixel, a funky grey, black and white harlequin-patterned building at Central Exchange Green, a grassy area in one-north. Jason Chu, chief operating officer for DigiPen, said that the atmosphere there is ‘dynamic, exciting and desirable’.

‘DigiPen’s programmes are exciting and challenging and students need an environment where they can focus and concentrate their efforts in studying,’ he said. ‘The location in Pixel is serene and provides an ideal learning environment.’

DigiPen actually started life in 1988 as Digipen Corporation, a computer simulation and animation company in Canada. In 1998, DigiPen Institute of Technology was created in the US, and its American alumni includes Kim Swift, who ranked seventh in a recent list of the top 25 most influential people in the digital gaming industry. She helped to develop the Portal game for Valve Corporation, which won Best Game of the Year award in 2008.

Mr Chu said that one of the reasons why DigiPen decided to open its first-ever branch campus in Singapore was ‘the dedication and support of the Singapore government towards the development of the interactive digital media industry (IDM)’. Singapore also has ‘the potential of becoming the centre for the IDM industry, due to its strategic location in South-east Asia’, he said.

For Narayan Pant, the dean of executive education at Insead, the nation’s cosmopolitan nature was also a draw for the world-famous business school, which also has campuses in Fontainebleau and Abu Dhabi. ‘Singapore is a cosmopolitan culture and this is a reflection of our own cosmopolitan roots,’ he said. ‘We get students, teachers and participants from all over the world. It’s not only about bringing the class to the world, but about bringing the world to the class.’

Insead’s campus at one-north opened in 2000, and the school had initially planned its next step of expansion for 2008. ‘Instead, our next stage of growth was in 2005, when we had to make a 50 per cent expansion in space,’ said Prof Pant.

The business school’s proximity to other institutions of learning and research is another plus point. ‘In education, you don’t work alone,’ he said. ‘You work in an ecosystem. It’s about being near a library, the NUS, the NTU. And every new development, such as at Rochester Park or Fusionopolis, adds to the ecosystem. From that perspective, one-north is a great place to be.’

Another school which a multi-national flavour, this time literally, is Palate Sensations. The school, situated in a black-and-white colonial building at the Wessex Estate, offers lessons in French, Italian and Mexican cuisine, as well as courses for cocktails and pastry.

‘We like to work some of our courses around a theme, like a movie,’ said managing director and owner Lynette Foo. ‘We have Mexican cooking classes built around Like Water for Chocolate, and French classes around the movies Ratatouille and Chocolat.’

A few blocks away, also in the Wessex Estate within one-north, is the Centre Stage School of the Arts, which teaches drama to children. On any given day, crowds of kids can be seen entering or leaving the school, chattering excitedly and getting ready to enact scenes from Roald Dahl’s The Twits or Shakespeare’s A Midsummer Night’s Dream.

The school accepts participants as young as six months, when babies start to learn the basics of interaction, to as old as 17 years. It also has a few adult classes. ‘Theatre’s so important, it’s not only about acting, but about poise, expression, listening and language,’ said artistic director Peter Hodgson, who has a bachelor of arts in theatre as well as teaching and acting diplomas.

‘More and more, the corporate world is also tending to hire people with an arts background,’ added Mr Hodgson, who started the school with his wife, Alison Tompkins.

Centre Stage used to be located in the River Valley area, but Mr Hodgson said that Wessex Estate, in the green enclave of one-north, is more conducive to learning drama. ‘The advantage here is that we have a beautiful, calm environment,’ he said. ‘It’s more helpful to what we do.’

Source : Business Times - 10 Jun 2008

Abterra exercises option to buy office units

Filed under: Auction, Commercial, General — Propertymarketupdates @ 2:28 am

MINING and logistics company Abterra exercised an option from Park Central Investments to buy six office units in Suntec Tower One for $31.6 million on Friday last week.

The proposed acquisition of the 14,380 sq ft of space is scheduled for completion on Aug 28.

The property has 99-year leasehold tenure that expires in February 2088.

The price paid, which equates to $2,200 per sq ft (psf), took into account the current market value of Suntec Tower office units and the rental potential for portions Abterra may not use.

According to caveats filed on Suntec City office space, three offices have changed hands so far this year at $2,300 psf and one at $2,115 psf.

Abterra plans to move from its current premises in Shenton Way to the Suntec Tower units when the acquisition is complete.

‘As a result of the proposed move, the company will be able to stabilise its operating expenses and buffer against possible rental hikes incurred from an extension of the use of its current premises,’ it said yesterday.

‘Furthermore, the property has separate strata titles for the entire building … There are very few offices available for sale on a strata basis. Hence the company decided to acquire the property when the opportunity arose.’

The company has paid Park Central a deposit of 10 per cent of the purchase price. The balance will be funded externally and/or internally.

Abterra does not expect the proposed acquisition to have a material impact on the group’s financial performance in the current financial year.

Abterra shares closed half a cent lower at 8.5 cents yesterday.

Source : Business Times - 10 Jun 2008

Stalemate over prices leads to lowest auction sales in 10 years

Filed under: Auction, General — Propertymarketupdates @ 2:26 am

THE property auction market has hit a brick wall with buyers and sellers in a stand-off over prices that could jam up the works for the rest of the year.

Sales are likely to hit their lowest point in a decade, with only 31 properties worth $27.28 million bought between January and last month, said Colliers International.

Residential sales are particularly flat with just six private homes worth $8.38 million sold over the five months.

Compare that with the same period last year when 108 properties worth $204.64 million found buyers, it added.

Business is so slow that at least three auctioneers are now holding monthly sales instead of fortnightly sales.

Ms Grace Ng, Collier’s deputy managing director and auctioneer, said: ‘The sales so far (residential and commercial) are likely the lowest in 10 years, but it is not a reflection of poor market conditions.

‘It’s mainly due to the lack of mortgagee sales and the stalemate between buyers and sellers.’

Mortgagee sales occur when a cash-strapped home owner cannot service the debt and the bank force-sells the property.

The same stand-off is evident in the general private homes market, where buyers want lower prices but sellers are refusing to budge.

Ms Mary Sai, Knight Frank’s executive director (auctions), said: ‘Right now, there are offers on the table, but owners are not biting because the offers are about 10 per cent to 15 per cent below previous transacted levels.’.

The last time auction rates were so low was in the first half of 1998, when 52 properties worth $56.44 million were sold, said Colliers.

Auction clearances went on to hit a record high in 1999, thanks largely to mortgagee sales. Many owners were hit by the financial crisis and forced to sell their homes, while buyers were picking up bargains after property values plunged from the 1996 peak.

Ms Sai said the bargain hunters are back, but mortgagee sales have yet to surface in a major way - and consultants do not expect them to.

Ms Ng said: ‘In 1998-1999, a lot of people could not service their loans or rent their properties out. Affordability wasn’t there.’

‘Now, our employment rate is still high, so people are still servicing their loans. Interest rates are also attractive even if they are rising.’

A senior director at DTZ Debenham Tie Leung, Mr Shaun Poh, added: ‘The market attracted a fair bit of speculators last year. Some of them may have trouble offloading their properties, so we may see a small increase in mortgagee sales towards the end of the year.’

But unless buyers or sellers give ground, the market - both for auctions and general sales - is likely to stay at a stalemate.

The one area where auctioneers have been more active is the commercial arena, with shop units, shophouses and industrial property successfully going under the hammer.

Of the 31 properties sold in the first five months of the year, six were residential properties, 16 were shop units or shophouses worth $13.92 million, and seven were industrial properties worth $2.81 million, said Colliers.

Of the remaining two properties, one is an office unit and the other is a piece of land.

‘This year, we are seeing more interest in strata-titled commercial and industrial units,’ Mr Poh said.

‘They are buying for their own use because office rents have risen so much.’

POOR MORTGAGEE SALES TO BLAME

‘The sales so far are…not a reflection of poor market conditions. It’s mainly due to the lack of mortgagee sales and the stalemate between buyers and sellers.’ - MS GRACE NG, COLLIER’S DEPUTY MANAGING DIRECTOR AND AUCTIONEER

Source : Straits Times - 10 Jun 2008

Chip Eng Seng unit bags $123.5m HDB contract

Filed under: Construction News, General, HBD Reviews — Propertymarketupdates @ 2:23 am

CHIP Eng Seng Corporation’s wholly owned subsidiary Chip Eng Seng Contractors (198 has been awarded a $123.5 million contract by the Housing and Development Board (HDB).

The contract is for the construction of five 25-storey residential blocks in Sengkang. The contract includes the construction of a multi-storey carpark with future community facility on the first storey, and a precinct pavilion. Work is expected to begin this month, with completion slated for 2011.

The contract is not expected to have any material impact on the group’s net tangible assets and earnings per share for the current financial year ending Dec 31.

This is the company’s second HDB construction contract this year. In January it announced a contract to build 1,394 housing units in Queenstown. The company has also undertaken two other HDB housing projects, one in Sembawang and the other being Pinnacle @ Duxton.

The group’s construction order book now stands at about $755 million. Said executive chairman Lim Tiam Seng: ‘With increasing demand for construction, we are confident of our prospects for the rest of 2008.’

Mr Lim further believes that the group’s construction division will continue to have a busy year ahead with tenders and construction work.

Source : Business Times - 10 Jun 2008

Singapore upgrades

Filed under: About Singapore, Community Voices, General — Propertymarketupdates @ 2:16 am

Does the Urban Redevelopment Authority’s Draft Master Plan live up to its ambitious vision? What do you like most about the plan, and what would you change or add?

THE URA’s Draft Master Plan focuses boldly on decentralisation, bringing buzz to the outskirts. I am positive that with this plan in place, Singaporeans will be able to enjoy the convenience of living, working and playing right at their doorsteps. The result of this plan is the creation of mini-communities within the larger community, and this will foster stronger ties among residents and improve the quality of life. With Singaporeans living longer and retiring later, this plan solves the need for convenience in housing, leisure, work and travel options. I am excited to see Singapore’s next level of development in the decade ahead.

The Leisure Plan shows foresight in planning, as it complements the housing, industry and travel infrastructure. This will further enhance Singapore’s greenery and waterfronts, and ensure the city does not become a concrete jungle - all work and no play. Consideration could be placed on a recent trend where Singaporeans are selecting homes in established neighbourhoods with ample amenities such as hospitals, schools, shopping facilities and accessibility, rather than those in the developing outskirts. By encouraging the public to be in tune with the development of infrastructure, and allowing them to monitor the process and celebrate milestones in the progress, they will be assured that Singapore as a country - and not just select neighbourhoods - is the place where they can truly live, work and play.

Deborah Ho
CEO
DBS Asset Management Ltd

THE URA’s Draft Master Plan to transform Singapore into a network of sub-metropolitan areas and a ‘live, work and play’ haven is timely.

The four redevelopments, namely, Downtown Core Precinct, Jurong Lake District, Kallang Riverside and Paya Lebar Central, must not all be more of the same. I would like to suggest that each should have its own identity and character to offer the widest range of ‘live, work and play’ options for Singaporeans.

For example, the Downtown Core Precinct can be the top nightlife entertainment centre in Singapore, building on the two integrated resorts, the Singapore Flyer and SingTel Formula One. The buzz should be permitted to flourish 24/7, much like Las Vegas.

Jurong Lake District can be transformed into a premier site for theme parks capitalising on the current tourist attractions, which can all be linked by a monorail system to enhance the visitor experience and to take in the lake and reservoirs in the area. Adding a softer touch to the existing industrial estate will certainly give it a much-needed lift. Kallang Riverside can be promoted as a centre for sea sports and other leisure activities, given the proximity of the Sports Hub. Paya Lebar Central can be developed into a vibrant entrepreneurial campus or hub much like Silicon Valley, where budding entrepreneurs can show off their innovations and inventions throughout the year. This could be the place where investors and start-ups meet to seal deals.

I interpret the Draft Master Plan as the government’s recognition of the past, present and future contributions of Singaporeans. Singaporeans work hard and deserve to enjoy a higher quality of life. Why not, when we can now afford it. That said, we must also make sure that the needs of the less fortunate are not forgotten. Singaporeans must continue to work towards being a more gracious society, if we are to reap the full benefits of the Draft Master Plan. Going forward, we have the unparalleled opportunity to work hard and play hard, befitting our status as a First World nation.

Lim Soon Hock
Managing Director
Plan-B Icag Pte Ltd

I THINK the URA has drafted a novel plan with great foresight for a tiny island with no natural resources and limited space that is facing increasing competition for business and talent from the region.

I especially welcome the plan to build more new homes, which I feel is overdue, considering the rising rental costs and foreign population. Creating quality housing at affordable prices is key to helping Singapore stay competitive and continue to attract and retain talent.

But along with providing more affordable waterfront homes, to bring people closer to nature, I think the Master Plan should also encompass plans for an eco-oriented city - much like the Sino-Singapore eco-city project in Tianjin, China. Besides bringing people closer to nature, we should also remind people to treasure and protect our resources. Including such elements as energy-saving buildings, environmentally friendly water and power supply and intelligent waste management will be the icing on the cake, and will showcase Singapore as a true model city for sustainable development.

Hans-Dieter Bott
Managing Director
Siemens Pte Ltd

THE Master Plan is indeed an exciting and ambitious vision for our city. It will position Singapore as a global, economic and cosmopolitan city, without losing its Asian and tropical uniqueness. It provides for balanced urban living with nature, green and blue, facilities for ‘live, work and play’.

While the URA’s artist impressions and videos are captivating, my concern is how much of these will tie in with our economic growth and how much will remain a paper plan. While we need to have such a vision, it must also be rooted in sound economic foundations for it to be achievable. We are in a sense competing with global cities like London, Beijing, Dubai, New York and Tokyo, and a city too can falter in its vision.

My second point is that a Master Plan is like a tapestry which acknowledges past contributions yet allows future additions. And the future must include the role of the private sector. On this note, the government needs to have a good sense of whether developers, both local and foreign, will buy into this vision.

Thirdly, lofty ideals if pitched too high could seem costly to the man in the street. He is concerned about mundane issues like accessibility, transportation, facilities, spaces, choices and, of course, cost. The plan should include cheaper and larger spaces, either public or private. An example of the latter would be loft spaces in cheaper zones (think New York) so that creative, young people without much money can thrive.

Lastly, on a pragmatic note, and because our company is in the business of protecting buildings and infrastructure, we see a need to build robustness in the city against natural hazards and terrorism. It might sound strange talking about this in relation to the Master Plan, but increasingly there will be a need to embed security and protection, just as the Master Plan needs to touch base with economics.

Liu Chunlin
CEO
K&C Protective Technologies Pte Ltd

BEING a firm advocate of family values, what I like most about the Master Plan is the wide range of leisure activities available. I can imagine Singapore being a much more interesting and exciting place to live with a round island route that offers many possibilities. Such opportunities not only encourage healthy living but also family days-out to enjoy each other’s company. This will be another step closer to work-life balance.

The plan also gives Singaporeans less reason to complain that they have nothing to do besides watching movies or indulging in the nation’s favourite pastime, shopping.

I applaud the move to create more ‘Uniquely Singapore’ experiences with the slated developments of wetlands and attractions closer to nature. Singapore will no longer be known just as a bustling concrete jungle but also a place that offers scenic reprieve.

Furthermore, tourists can look forward to a kaleidoscope of Singapore’s attractions - both the popular tourist attractions and those off the beaten track.

With much more to see and do, visitors would extend their vacation in Singapore, thus boosting the country’s tourism industry. And with more vibrant nightlife on the horizon, Singapore would also be known for its energetic and cosmopolitan landscape.

However, my concern is that with commercialisation, some of the leisure activities would become expensive indulgences and tourist traps. It should be highlighted that we don’t always have to pay to have fun - and we shouldn’t.

Annie Yap
CEO
The GMP Group

THERE are an estimated 141,000 households in the surrounding residential areas as well as more than 14,000 businesses around the locality. However, as Paya Lebar Central increasingly becomes an important employment centre, the sizeable resident population in the public housing estates of Geylang, Aljunied/Paya Lebar, Marine Parade and Bedok would benefit by forming the labour base for this new commercial node.

Existing commercial buildings or high-tech industrial buildings in the vicinity of Paya Lebar Central could also witness a strengthening of value over time as the entire area becomes a recognised place for work, shopping and community activities.

Pauline Goh
Managing Director
CB Richard Ellis Singapore

SINGAPORE has limited land resources and the URA’s plan to adopt a winning formula of ‘live, work and play’ in Kallang and Paya Lebar is indeed a step in the right direction. Given today’s high inflation rate and the seemingly unending increases in petrol prices, the ability to reduce commuting and have your place of work and recreational facilities nearby are factors most Singaporeans welcome.

While it is great for someone to be able to live, work and play in one area; doing this from Monday to Friday, year in and year out, can become ‘claustrophobic’ after a while.

For the next step, perhaps the URA or other relevant authorities could work jointly with the private sector to look at plans to jointly invest in and develop mega types of recreational facilities, such as a mega theme park or even an indoor ski resort, to provide a quick weekend getaway in some of the islands lying south of Singapore - without the hassle of flying.

While Singapore provides a safe environment, conducive business climate and political stability that augur well to attract foreign talents, the URA’s provision of a wholesome plan to ‘live, work and play’ will enhance our competitiveness to draw talents to Singapore.

Norman Yeow
Managing Director
Sanford Rose Associates

AS A global citizen, I have lived and worked in major cities throughout Japan and other countries prior to my current posting in Singapore. If Singapore can realise the Draft Master Plan 2008, the country will truly become one of the world’s few cities that successfully integrate residential, commercial and social needs.

Any thriving city needs buzz (which results from human activity), yet many of the world’s major cities currently sacrifice living standards in some way to generate buzz. It goes to show that holistic urban planning is easier said than done.

The Draft Master Plan 2008 suggests that the government has already identified the all-important goal of harmoniously blending diverse residential, commercial and social needs. To realise this goal, Singapore must seek innovative ways to ease the growing pressure on public resources (such as transportation or telecommunications networks) due to increased human activity.

For example, the strain on transportation networks could be reduced if round-the-clock broadband Internet connectivity - increasingly prevalent nowadays - allows residents to interact online for work or play. High-speed, on-demand Internet connectivity is an example of what Fujitsu Asia calls ‘ubiquitous computing’, and facilitates human interaction via large inter-connected networks and end-user devices including computers and handheld gadgets.

In addition, telecommunication needs inevitably increase with human activity, so the national broadband network should be regularly upgraded to ensure minimal system downtime and sufficient headroom for future growth.

As a leading IT and communications solutions provider, Fujitsu Asia can contribute indirectly to Singapore’s efforts in realising the Draft Master Plan 2008, by deploying solutions for ubiquitous computing or building high-speed telecommunication networks.

Noboru Oi
Group CEO
Fujitsu Asia Pte Ltd

THE URA has already accomplished a very challenging feat, having successfully given the downtown area the much needed boost in the areas of business, hospitality and leisure. I am confident that the URA’s Draft Master Plan 2008 will work towards strengthening Singapore’s position as a distinct global business hub. The aim to help Singapore achieve a good balance of ‘live, work and play’ will also contribute to a better quality of life for both locals and foreigners living in Singapore.

One of the most attractive and significant aspects of the Master Plan is the objective of bringing jobs closer to home. Not only will this help all of us to achieve a better work-life balance, Singapore will also live up to its reputation as a city that boasts endless business opportunities.

In addition, residential areas that are further from the city also hold a lot of potential to be transformed into mini-hubs, with each focusing on a special business niche. Such initiatives, however, should be implemented without compromising the serenity and comfort that residents value in their neighbourhoods.

Charles Reed
CEO
DoCoMo interTouch

I THINK the URA’s latest Draft Master Plan, though ambitious, is workable if it is able to achieve a critical mass of residents, job opportunities and recreational facilities within each hub. A lot has to go into the final planning to ensure that there is the right mix of each element of ‘live, work and play’.

What’s interesting about this latest Master Plan is the aim to have distinctive features in each hub, for example, emphasising the lake element in the Jurong Lake District. This makes it very different from the monotonous satellite towns of the 1970s like Toa Payoh and Ang Mo Kio where one cannot really differentiate one town from another. By emphasising the unique features of each hub, they will appeal to different segments of the population.

Wee Piew
CEO
HG Metal Manufacturing Ltd

THERE is no doubt that the URA’s Draft Master Plan will deliver the Singapore government’s vision to raise the quality of living, working and playing in Singapore very significantly. The development of the island-wide network of parks and park connectors will provide Singaporeans with an excellent opportunity to better appreciate what nature has to offer, and hopefully make everyone more environmentally sensitive.

In view of Singapore’s ageing population, the needs of the elderly must not be overlooked in the plan. It is also important to ensure that the new facilities are affordable, pleasurable and accessible to the masses so that nobody is marginalised.

Darren Thomson
President & CEO
Manulife

Source : Business Times - 9 Jun 2008

Expat schools make room for growing population

Filed under: Education, General — Propertymarketupdates @ 2:12 am

Aussie school’s $45m extension is latest; long waiting lists at popular ones

THE Australian International School’s new campus extension in Lorong Chuan makes it the latest among international schools here to address the issue of the squeeze on places.

The $45 million junior school complex is a self-contained one on the school’s existing campus.

The fact that it needed this add-on facility points to the booming expatriate population here: many international schools are full, and popular ones have long waiting lists.

All eight schools contacted have either expanded or will do so in the next few years.

The number of expatriates here went up nearly 10 per cent in just one year, from 798,000 in 2005 to 875,500 in 2006, going by latest available figures.

The demand for places in international schools is expected to grow. A survey done by the American Chamber of Commerce in Singapore (AmCham) among its member companies last year found that a third - or 22 out of 68 - would be expanding their expatriate headcounts here by about 200 within the next three years.

These employees have about 300 children who will need places in international schools here.

The employees of the companies surveyed had among them 24 children who were on waiting lists.

AmCham has set up a committee to give its member companies better access to these waiting lists, and to work with various agencies to help schools gauge their expansion needs more accurately.

AmCham chairman Steve Okun, noting that many AmCham member companies have been unable to move key employees here because these employees’ children do not have places in their selected schools, said: ‘With most international schools at their admissions’ saturation, the situation is only worsening.’

Prime Minister Lee Hsien Loong recently counted the squeeze on places in international schools as a ‘constraint’ here, and said the Government had stepped in to ease the shortage by helping these schools to expand.

The director for education and professional services at the Economic Development Board (EDB), Mr Toh Wee Khiang, said that EDB was facilitating the expansion of the German European School and the United World College’s second campus.

It is also trying to interest top-quality institutions in setting up pre-tertiary schools here, he added.

But at least one school principal thinks the support given is insufficient.

He complained: ‘The EDB is attracting many companies here, but it is helping only some schools with expansion. Not enough is being done for many others. We are pretty much left on our own.’

The Australian International School happens to have room to expand on its existing campus.

Its new block has 40 classrooms for 800 pupils, a cafeteria, music and art rooms, a children’s library, more outdoor eating and play areas and an underground carpark.

The school’s population, now at 1,860, is expected to climb to above 2,100 next month.

Together with its other campus just next door, the school will be able to accommodate 2,500 students - and hold off having a waiting list for 18 months, said its director for marketing and enrolments Kim Douglas.

The school expects to have a waiting list again from 2010.

Its principal, Mr Peter Bond, said: ‘With many schools facing a similar situation as us, families want to know there’s a space for their children before bringing them here.’

He said he expected ‘no respite in the short term’.

The state of schools:

Australian International School
Where: Lorong Chuan
No. of students: 1,860
Age range: Three to 18 years
Annual fees: $21,088 to $26,979
Waiting list: None
Issue it is facing: The opening of the new junior school will stave off the waiting-list problem for only 18 months.

German European School
Where: Bukit Tinggi Road
No. of students: 1,075
Age range: 18 months to 18 years
Annual fees: $19,100 to $23,500
Waiting list: None
Issue it is facing: The school is covered for the next three years, but is still on the lookout for a campus nearer the current one.

Tanglin Trust School
Where: 95, Portsdown Road
No. of students: 2,250
Age range: Three to 18 years
Annual fees: $20,000 to $25,000
Waiting list: One to two years
Issue it is facing: The expansion planned in the senior school will increase the school’s total intake to close to 3,000 in five years.

Lycee Francais de Singapour (French School of Singapore)
Where: Ang Mo Kio Ave 3
No. of students: 1,390
Age range: Two to 18 years
Annual fees: $11,000 to $21,500
Waiting list: 50 children
Issue it is facing: To create 26 more classrooms, the school will demolish and rebuild the kindergarten block. This will allow the school to take in 2,000 students by 2011.

DPS International School
Where: 36 Aroozoo Avenue
No. of students: 250
Age range: Four to 17 years
Waiting list: Three months
Annual fees: $4,200 to $5,700
Issue it is facing: Open since 2004, the school is planning to set up another branch soon.

NPS International School
Where: 10 & 12 Chai Chee Lane
No. of students: 212 as at May 2008
Age range: Four to 15 years
Waiting list: None for now.
Annual fees: $7,800 to $11,400
Issue it is facing: Plans to expand but may not be soon.

United World College Southeast Asia
Where: Dover and Ang Mo Kio (Holding campus)
No. of students: 2,900
Age range: Four to 18 years
Waiting list: Nine months
Annual fees: $19,485 to $24,315
Issue it is facing: The school’s long waiting list gave it the push to set up a second campus in Tampines by 2010.

Source : Straits Times - 9 Jun 2008

« Previous PageNext Page »

Blog at WordPress.com.