S’pore employment rate up at record high

S’pore employment rate up at record high

Singapore’s employment rate has increased to a new high this year, mainly driven by job gains among women and older residents, according to findings from a labor force survey issued by the Ministry of Manpower on Tuesday.

Figures show that in June, 62.6 percent of the resident population aged 15 and over were employed, the highest since the survey began in 1991.

The employment rate for women in the prime-working age of 25 to 49 rose to a new high of 70.8 percent this year, while that for older residents aged 55 to 64 also reached a new high of 56.2 percent.

The employment rate for those aged 25 to 64 also increased from 75.5 percent last year to a new record of 76.5 percent.

There were 1,918,100 residents in the labor force comprising 1,100,100 men and 818,100 women.

The ministry said that most of the new jobs taken up by residents were in occupations paying more than the median income.

Nine out of ten jobs gained by residents went to professionals, managers, executives and technicians, mostly in the services sector.

Amid the tight labor market, the median monthly income for full-timers rose over the year by 7.7 percent to 2,330 Singapore dollars (about 1618 U.S. dollars) in June.

Nevertheless, this is still lower than the wage increases which averaged 9.5 percent from 1996 to 1998.

After adjusting for inflation, the median income grew over the year by 6.3 percent in 2007.

The survey also found that the workforce is rapidly ageing, with slightly over half of the economically active residents aged 40 years and above, compared with 33 percent in 1991.

Among the ageing workers, 25 percent are at least 50 years old, compared with 13 percent in 1991.
Source : Xinhua - 27 Nov 2007
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S’pore chases Middle East’s investors

Singapore chases Middle East’s investors
by ArabianBusiness staff writer

zoomSingapore developers are hoping Middle East investments will flow into the city-state’s planned developments.Singapore has utilised its presence at Cityscape Dubai to showcase its growth potential to Middle East-based investors.

The country has trumpeted the city-state’s pro-business environment, high levels of transparency, strong economic fundamentals and high quality of life as key drawcards for possible investors.

Singapore Urban Redevelopment Authority director Choy Chan Pong said the country wanted to earn a slice of the reported US $13 billion that the Gulf region’s investors spent internationally on real estate last year.

“Our objective is to highlight Singapore as a viable, valuable investment option,” he said.

“We are already seeing an upsurge in interest and a number of Middle East investors targeting opportunities in Singapore.

“Being a small city-state, planning for development is critical to sustain our economic growth. Singapore adopts an integrated and long-term approach to land use planning, and this process enhances the commercial attractiveness of development and enhances real estate values.

“Investors can look forward to opportunities to realise this very exciting vision for Singapore in the next five to 10 years,” he added.

Choy said investment was not limited to physical assets, with the country’s REIT market experiencing exponential growth since the first trust launched in 2002. Singapore is now Asia’s second largest REIT market, with 18 listed on the country’s stock exchange and more in the pipeline.
Source : ArabianBusiness - 27 Nov 2007

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The making of a landmark - Singapore

The making of a landmark  - Singapore

Singapore’s tallest public sculpture is currently under construction at the busy intersection of Raffles Quay, Collyer
Quay and Marina Boulevard.

The 18.35m sculpture by Israeli sculptor David Gerstein is intended to depict an upward spiral of progress, capturing the energy and momentum of the district.

Gerstein is well known internationally for his hand painted work. This will be his first work in South-east Asia.

The 44 tonne landmark is being built at a cost of $2 million by One Raffles Quay and is expected to be completed next January.

Source : Straits Times - 27 Nov 2007

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S’pore CPF investments in Sesdaq to continue

S’pore CPF investments in Sesdaq to continue

THE Central Provident Fund (CPF) Board will continue to allow members to invest their savings in Sesdaq firms, subject to the various existing limits on such investments.
The assurance comes with news that Sesdaq will be replaced by a new board from next month.

Sesdaq-listed firms will be able to move to the mainboard if they meet the criteria or remain on Catalist - the new board - by engaging a sponsor.

But CPF Board will not allow members to invest in companies on the new board yet.

‘These companies are more likely to be in their earlier stages of development with limited track records,’ the CPF said in a statement yesterday.

‘It would be prudent for us and members to have some time to peruse actual experience over the next two to three years, whether retirement savings are suitable to be invested…on the new board.’

CPF noted that Catalist will be ‘exchange-regulated but sponsor-supervised’, unlike mainboard and Sesdaq, which are ‘exchange-regulated and supervised’ markets.

Existing Sesdaq firms already have an easily identified track record, which is why CPF members are allowed to continue investing in them.

CPF Investment Scheme members have invested about $159 million in 151 Sesdaq firms - 3.5 per cent of the $4.5 billion of CPF monies invested in shares
Source : Straits Times - 27 Nov 2007

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October Singapore factory output growth at 0.9%

October Singapore factory output growth at 0.9%

Anaemic rate way below expectations; analysts blame volatile pharmaceutical sector

By Bryan Lee

SINGAPORE’S industrial sector disappointed for a second straight month with an anaemic growth of 0.9 per cent last month.
Coming in way below market expectations of a 7.5 per cent expansion, manufacturing output was dragged down by a surprisingly sharp contraction in drug production.

Economists yesterday shrugged off their misfired predictions as hapless victims of the pharmaceutical industry’s typical volatility.

Some suggested, however, that the weaker electronics growth could represent the early effects of a slowing United States economy - a key export market for local factories.

‘It’s quite shocking. Manufacturing this year has been one major disappointment after another,’ said OCBC Bank economist Selena Ling.

‘We thought that biomedical should get back on track, while an improvement in electronics would get us somewhere near an 8 per cent growth.’

Last month’s weak figures were a near replay of the previous month’s surprise 2.5 per cent contraction. Pharmaceutical was the chief culprit for both months’ underperformance.

Excluding the biomedical sector, factory output grew nearly 7 per cent, up from September’s 6 per cent, said CIMB-GK economist Song Seng Wun.

Drug output dropped 19.5 per cent last month against the same month last year, following a 37.1 per cent plunge in September.

The fall was attributed to a change in the mix of active drug ingredients being produced, said the Economic Development Board, which compiles the monthly manufacturing data.

Some economists expect a rebound in the last two months of the year.

But others, such as United Overseas Bank’s Ho Woei Chen, noted that last year’s high base made this less likely to happen.

Output from the key electronics industry grew by 5.7 per cent, down from September’s 6.7 per cent, as semiconductor and data storage growth slowed.

‘This is the first moderation after three months of acceleration. It may be too early to tell from one month’s data, but there’s a risk of further moderation in the months ahead,’ said Citigroup economist Zheng Kit Wei.

Ms Ling said the US sub-prime mortgage crisis might be starting to take its toll on Singapore manufacturers.

‘Financial institutions are one of the biggest buyers of IT equipment and, with investment banks cutting manpower, you will have an impact on IT demand.’

Other economists said, however, the US was unlikely to have played a big role in last month’s weak figures.

‘The US economy actually expanded strongly in the third quarter of the year,’ said HSBC economist Robert Prior-Wandesforde.

Mr Song said that any effects from a slowing US economy would likely be seen only next month or in January. He noted, however, that US retailers were offering steep discounts during the crucial Thanksgiving weekend, which might indicate weaker US consumer demand.

Transport engineering output, which includes oil rig production, clocked in another single-digit growth of 5.8 per cent. While this improved on September’s 4.6 per cent, it was a far cry from the 20 per cent to 30 per cent jumps seen earlier this year.

‘After surging growth in the first few years, expansion will taper off,’ said Standard Chartered Bank economist Alvin Liew.
Source : Straits Times - 27 Nov 2007

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Short-term Singapore office sites put up for sale to ease crunch

Short-term Singapore office sites put up for sale to ease crunch

Plots in Aljunied and Mountbatten roads come with 15-year leases

By Tan Hui Yee

GOOD news for office tenants struggling to find affordable office space in the Central Business District (CBD).
The Government yesterday launched for sale two short-term office sites along Aljunied and Mountbatten roads to ease the office space crunch.

Both plots come with 15-year leases and can house developments of up to three storeys.

The first plot - a 2.12ha site along Mountbatten Road next to the Singapore Association for the Deaf - can take up to 215,278 sq ft of office space.

The other - a 1.89ha site along Aljunied Road just behind the Aljunied MRT station - can house up to 203,276 sq ft of office space.

Consultants expect both sites to draw a good response.

Savills Singapore’s director of marketing and business development, Mr Ku Swee Yong, said the sites would appeal to firms keen to move back-room operations to cheaper spots outside the CBD.

Prime office rents have grown faster in Singapore than anywhere else in the world over the past year, according to a recent report by CB Richard Ellis.

Monthly prime office rental and associated costs shot up 82.6 per cent to $12.60 per sq ft in the 12 months ended Sept 30, it said.

Reacting to the crunch, the Government earlier released two short-term sites along Scotts Road and in Tampines. The first tender was hotly contested, but the other drew just one bid.

Mr Ku blamed the cool response to the Tampines plot on its distance from the CBD.

The two latest sites should get at least five bids each, he predicted.

The tender for the Mountbatten site will close on Jan 9; the Aljunied site, on Jan 16.

Mr Ku estimated the Mountbatten plot could fetch $28 million to $33 million, while the Aljunied site could net $25 million to $28 million.

Mr Nicholas Mak, the head of research and consultancy at Knight Frank, put his estimates at $27 million to $28 million for the Mountbatten plot and $30.5 million to $32.5 million for the Aljunied site.

Meanwhile, mixed development The Riverwalk in the CBD area has been put up for collective sale by tender.

The 0.76ha site, which houses 181 commercial units and 118 apartments, can be redeveloped into a commercial building with a gross floor area of about 403,351 sq ft, said its marketing agent, Jones Lang LaSalle.

This is subject to the authorities’ approval and payment of a development charge - estimated at $3 million - as well as a premium to top up its lease from the existing 72 years to 99 years. This may cost $60 million to $75 million.

Source : Straits Times - 27 Nov 2007

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Singapore Cairnhill Mansion up for collective sale

Singapore Cairnhill Mansion up for collective sale

THE Cairnhill Mansion apartment block near the Goodwood Park Hotel, plus an adjoining site, have been put up for collective sale - a transaction that could total nearly $600 million.
The owners of Cairnhill Mansion, which is about 40 years old, want at least $443.6 million for their estate, comprising 60 apartments of 2,024 sq ft each and an 8,525 sq ft penthouse. The freehold block is on a site of 43,103 sq ft.

The adjoining site of 1,800 sq m has a guide price of about $139.4 million.

These price the land at about $2,800 per sq ft (psf) per plot ratio, inclusive of development charge, a level market observers feel may be too high for the area.

It suggests a break-even price of $3,500 psf to $3,600 psf. Last month, units at the luxury development Hilltops at Cairnhill Circle went for a median price of $3,711 psf.

Marketing agent Knight Frank said yesterday that Cairnhill Mansion, which has a plot ratio of 2.8, was earlier granted permission from the Government to raise the ratio to 3.675.

The adjoining site also has a plot ratio of 2.8.

Both sites will be sold by separate tenders, which will close on the same day - Jan 15.

Knight Frank said a developer buying both plots could expect to build about 100 apartments, each of about 2,000 sq ft. Future development there can go up to 36 storeys.
Source : Straits Times - 27 Nov 2007

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Singapore ranked 9th most costly Asian city for expatriates

Singapore ranked 9th most costly Asian city for expatriates

By Grace Ng

SINGAPORE has risen 10 places in a new global survey of the most expensive places for expatriates to live.
The Republic is closing the gap on higher-priced Hong Kong, which stayed at No. 79 in the survey, conducted by human resources firm ECA International.

Despite the jump, Singapore, at No. 122, is still significantly cheaper for expats than Hong Kong and other key global centres, such as London at No. 10 and New York at No. 48.

Singapore’s rise up the table from No. 132 was the result of rising expat costs such as higher rents, coupled with a stronger Singapore dollar.

In contrast, the Hong Kong dollar, which is pegged to the US dollar, is weakening - offsetting a rise in expat costs.

Singapore is the ninth most expensive Asian city, the survey found. Seoul is the most expensive, at No. 7 in the world. Tokyo dropped from 10th to 13th place, partly due to a decline in the yen.
Top spot went to the African city of Luanda in Angola. Places like this, which are off the beaten track, are more expensive because some expat consumer items are hard to get, and those who want them have to pay top dollar.

The survey compares a basket of 128 consumer goods and services such as groceries, drinks and tobacco, clothing and electrical goods that are commonly purchased by expatriates in more than 300 locations worldwide.

Multinational firms use the survey’s results to help determine how much to pay their staff working overseas.

Living costs for expats are affected by factors such as inflation, availability of goods and exchange rates.

Singapore has seen higher inflation, partly due to a 2 percentage point hike in the goods and services tax to 7 per cent.

Mr Sebastien Barnard, 32, at the British Chamber of Commerce, said living expenses, especially food, have risen. ‘A year ago, lunch for two adults and two children cost about $70, including drinks. But now it’s over $95.’

But the surge in property rents is still the biggest bugbear of expats here.

Mr Mark Brider, 43, head of international personal banking for the Royal Bank of Scotland in Singapore, said: ‘There is a growing number of international people living in Singapore, so the demand drives up rental. My landlord just told me my rent will be raised 80 per cent in March next year.’

Nonetheless, he added, Singapore’s cost of living is still ‘competitive’ and ‘has still not reached the level of Hong Kong’.

The rising Singapore dollar has also pushed up expat living costs, said Mr Lee Quane, general manager of ECA International Hong Kong.

He said Singapore’s rising cost of living is ‘bad news’ for global companies, which have to adjust their expat employees’ pay and allowances to help them maintain their spending power here.

RENTALS ON THE RISE
‘There is a growing number of international people living in Singapore, so the demand drives up rental. My landlord just told me my rent will be raised 80 per cent in March next year.’
MR MARK BRIDER, 43, head of international personal banking for the Royal Bank of Scotland in Singapore
Source : Straits Times - 27 Nov 2007

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New guidelines on how S’pore charities should be run

New guidelines on how S’pore charities should be run

Revised code covers areas such as board make-up and how funds are raised

By Radha Basu & Theresa Tan

IGNORANCE of best practices can no longer be an excuse for charities that do not keep their house in order.
A comprehensive set of guidelines on how these custodians of public donations should run themselves was released yesterday.

They range from how charities should manage programmes and raise funds to who should sit on their boards.

The code of governance for charities and Institutions of Public Character (IPC) was drafted and finalised by the Charity Council after extensive public feedback.

It marks the first time that guidelines have been spelt out for all registered charities in Singapore, which are grouped according to the arts and heritage, community, education, health, religion, sports, social service and youth.

While some, like the social service sector, had their own codes of governance, others, such as religious groups, had none.

With such an overarching document looming, feedback to the draft was passionate.

A public consultation exercise between June and August drew responses from more than 700 charities, out of a total of about 1,900 in Singapore.

The council received 1,000 individual views and 200 written responses.

It considered the feedback and made the code ‘less onerous’ for charities to implement, said council chairman Fang Ai Lian.

For instance, the guideline now allows up to a third of a charity’s board to be made up of paid staff.

In its draft, the council had proposed that the board should be totally separate from its executive management.

But religious charities and many small arts and sports groups asked for leeway on this, said Mr Rajaram Ramiah, a lawyer who sits on the council.

The reasons were that spiritual leaders of many religious groups are often paid officers and board members. As for arts and sports groups, many are so small that they have trouble finding extra people to sit on the board.

The council said there are other checks to make sure the board is independent. For example, a paid staff member on the board cannot decide his own salary or be the chairman.

The council was set up in October last year to help shape the sector after it was rocked by several high-profile scandals.

The code is a set of best-practice guidelines that is not mandatory. But charities that do not comply with parts of it will have to explain why, said Mrs Fang, who is also chairman of accounting firm Ernst and Young.

‘We want to share best practices in the sector to make it easier for charities to regulate themselves,’ she said.

There is some way to go before this can be achieved as charities need to be a lot more transparent and accountable.

All of them will have to account for how compliant they are to the Commissioner of Charities by March 31 next year.

Charities that are IPCs - which means their donors can get tax deductions - will have to make this information public from April 1, 2009.

How well they adopt the code will be taken into account when they renew their IPC status, Mrs Fang said.

Charities yesterday welcomed the revised code.

Mr Chong Tze Chien, director of arts group, The Finger Players, lauded the ‘flexibility’ given to charities to explain why they cannot comply with certain sections of the code.

‘Our charity sector is so diverse,’ he said. ‘It would have been unfair if the guidelines left no room for negotiation.’

Source : Straits Times - 27 Nov 2007

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Singapore Dragon boat teams ‘warned’ of strong currents at pontoon

Singapore Dragon boat teams ‘warned’ of strong currents at pontoon

By Carolyn Quek & Bronwyn Sloan in Phnom Penh & Liaw Wy-Cin in Singapore
A CAMBODIAN official said yesterday that teams taking part in last Friday’s Tonle Sap races had been warned about strong currents and swirling waters on one side of the river.
Dr Nhim Vanda, vice-president of the National Committee for Disaster Management, said that like other teams taking part, Singapore’s national dragon boat team had been warned not to approach a pontoon on that side of the river.

He added that traditional Cambodian boats that take up to 85 men can withstand such conditions, but not the smaller 22-man boat the Singaporeans were in.

‘We had informed all the people on the boats that they should not come to this side,’ he told The Straits Times yesterday at the very pontoon where the Singapore dragon boat capsized on Friday, claiming the lives of five paddlers.

The bodies of Mr Chee Wei Cheng, 20, Mr Jeremy Goh Tze Xiong, 24, Mr Stephen Loh Soon Ann, 31, Mr Poh Boon San, 27, and Mr Reuben Kee En Rui, 23 were recovered on Sunday and brought home in a military aircraft last night.

Dr Nhim said that at 5.25pm, when the tragedy occurred, the current was very strong and the 10m-deep waters in the area were prone to whirlpools and downward rips.

Singapore officials contacted yesterday could not verify that the team had been warned.

However, another Cambodian official, government spokesman Khieu Kanharith, suggested language difficulties might have been a problem.

Docking instructions were made only in the local language, he said, and the Singapore team members might not have known that another boat was being ordered into position just as they were attempting to dock.

The senior vice-president of the Singapore Dragon Boat Association, Dr Lam Pin Min, said an investigation would be carried out, but the priority for Singapore officials now was to assist with the wake and funeral arrangements for the dead paddlers.

The 17 survivors and some family members of the dead men returned yesterday afternoon, and were met at Changi Airport by Dr Lam and Mr Teo Ser Luck, the Parliamentary Secretary for Community Development, Youth and Sports.

The remaining family members returned last night.

Dr Lam said: ‘We will interview survivors to try to put together what happened, to see if there was a lapse in safety areas, to improve upon them so that such incidents don’t happen again.’

Mr Teo said the ministry and relevant authorities will call a press conference soon to provide more information on what happened.
Source : Straits Times - 27 Nov 2007

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