US$300m boost from tenants - Singapore

US$300m boost from tenants - Singapore
SINGAPORE-BASED SembCorp Parks, part-owner and manager of the Vietnam-Singapore Industrial Park, has already secured 15 tenants who will pump more than US$300 million into its latest industrial park as it broke ground yesterday in northern Vietnam.
Among the tenants are Fujikin Vietnam II, which, among other things, will make parts for the semiconductor and chemical industry as well as build computer software products for export to Japan and elsewhere. The company plans to invest US$50 million in the new park in Bac Ninh in north-eastern Hanoi.

Other companies which have booked space there include Unigen (R&D activities), Petrolimex International (industrial and decorative paint) and Trading Investment and Development Company (construction of hotel and outdoor sports complex).

Low Sin Leng, co-chairman of the VSIP and Township Development Joint Stock Company, said yesterday that the latest US$103 million project will be ‘a premium 700-hectare industrial township that integrates commercial and residential facilities with industrial park development’.

While a government to government initiative, she said SembCorp and Betamex, the Vietnamese state enterprise which has a stake in it, have run VSIP as a commercial business.

‘Over the last 11 years, the VSIP project in the south has expanded from its original 500 hectares to 845 hectares and successfully attracted 347 foreign as well as local manufacturing companies to the industrial park,’ Ms Low said. ‘It has brought a total investment value of US$2 billion and will create 75,000 jobs in the Binh Duong province.’

SembCorp Parks, a wholly-owned subsidiary of SembCorp Industries, a leading utilities and marine group listed on the Singapore Exchange, has a 40.31 per cent effective share in the latest VSIP project.
Source : Business Times - 12 Dec 2007

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S’pore Govt earmarks $750m to boost broadband speeds

S’pore Govt earmarks $750m to boost broadband speeds

IDA to appoint firm to put in place infrastructure for 1 Gbps Net access

By WINSTON CHAI

(SINGAPORE) In a bid to rev up broadband access speeds in Singapore, local authorities are prepared to pump in as much as $750 million to help defray the heavy cost of building a new nationwide Internet highway.

‘For Singapore to remain competitive in the globalised economy, we need careful and timely investments in our key economic infrastructures including infocomm infrastructure.’

The multi-million subsidy was unveiled yesterday when the Infocomm Development Authority of Singapore (IDA) released the long-awaited tender for the mammoth task of laying the Republic’s future broadband foundation, called the Next Generation National Broadband Network (Next Gen NBN).

‘For Singapore to remain competitive in the globalised economy, we need careful and timely investments in our key economic infrastructures including infocomm infrastructure,’ said Lee Boon Yang, Minister for Information, Communications and the Arts.

‘To ensure that Singapore’s infocomm infrastructure is ready for future needs, we must act now,’ he told reporters.

Under this so-called Request for Proposal (RFP), the telecommunications regulator is looking to appoint a company to put in place new Internet pipes or the ‘passive infrastructure’ needed to deliver blazing broadband speeds of one Gbps (gigabit per second) and beyond to all homes and businesses.

Once in place, the new network is expected to boost competition by levelling the field for providing Internet services and opening the doors to new Web-based applications such as high-definition video conferencing, telemedicine and e-learning.

According to Khoong Hock Yun, IDA’s assistant chief executive, the government has capped its grant for the effort at $750 million and the remaining costs will be borne by the winning bidder, coined the Network Company (NetCo).

The NetCo is primarily responsible for constructing and operating the broadband network’s passive infrastructure and it will then sell its services to another entity called the Operating Company (OpCo). The latter will then act as a bandwidth wholesaler to companies that are keen to provide Internet services and applications.

This approach is dramatically different from the current competitive landscape in which companies like SingTel and StarHub own their underlying broadband pipes. They also resell bandwidth to other players in addition to providing their own Internet access packages to consumers and businesses.

To avoid unfair competition and discriminatory pricing, the IDA has mandated that the NetCo be ’structurally separate’ from other players down the line. This means that the successfully bidder for the ongoing RFP cannot vie to be the OpCo or provide Internet-related services to the end-user in future.

For example, if SingTel and StarHub want to bid for the current tender and offer broadband packages on the new network, they can only do so by forming joint ventures with separate boards and different shareholding structures.

‘As a policy, we have therefore decided to adopt separation between the different levels of the Next Gen NBN to achieve effective open access. The RFP to construct the network will therefore provide for structural separation of the passive network operator from the downstream operators,’ Dr Lee explained.

Currently, 12 consortiums have been pre-qualified by IDA to be eligible for the project. These include incumbents SingTel and StarHub, as well as foreign companies like Siemens Networks and Japan’s NTT-West. Alliances led by companies like Alcatel Singapore, BT, T-Systems and Hong Kong Broadband Network are also in the running.

These groups will have to submit their proposals before March 25 next year but the deadline could be extended if a new bidder joins the fold.

The winning NetCo bid will be announced by Q3 2008 and IDA will call for a separate tender for the OpCo in the second quarter.

Singapore’s new broadband network is expected to be partly operational by as early as 2010 and it will provide island-wide connectivity by the year 2015.

Source : Business Times - 12 Dec 2007

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Goldman seeks $1 billion windfall on DBS Building

Goldman seeks $1 billion windfall on DBS Building

US bank could be tweaking portfolio, sources say; DBS may move to new location
By KALPANA RASHIWALA

(SINGAPORE) Goldman Sachs is said to be discreetly looking around for a buyer for DBS Building along Shenton Way. The US bank, which bought the two office towers two years ago, could reap a tidy gain of almost $1 billion should a deal go through.

DBS Building: Given the property’s age and tenure, it may be hard to find takers at $2,000 psf, say analysts
Market watchers say that it makes sense for Goldman Sachs to reshuffle its office portfolio to more prime locations in Singapore.

Goldman is believed to be seeking a price of at least $2,000 per square foot of net lettable area (NLA), which would work out to about $1.75 billion, compared with the $789 psf or $690 million that it paid for the property in late 2005.

Meanwhile, DBS which sold the property to Goldman and leased back the space it occupied, is expected to relocate to Marina Bay Financial Centre (Phase 2), as reported by BT.

DBS occupied the entire 49-storey Tower 1 - which is more than 30 years old - when it sold the property to Goldman in 2005. It also occupied almost 40 per cent of the 34-storey Tower 2, which is just 13 years old. It leased the premises for eight years, with an option for renewal.

The Singapore bank is now said to be eyeing a move to its prestigious new location, expected to be completed in late 2011. This suggests a period of overlap with its existing lease on DBS Building, that runs till late 2013.

Goldman, on the other hand, has been snapping up new office assets of late.

In August this year, it inked a deal to buy Chevron House at Raffles Place from CapitaLand and other parties for $730 million or $2,780 psf of NLA.

The building stands on a site with a remaining lease of about 81 years. Goldman Sachs is also expected to purchase the 37-storey Hitachi Tower next door, in which CapitaLand also has a stake. The price is understood to be around $3,000 psf, or about $840 million in total. Hitachi House has a 999-year leasehold tenure and faces Collyer Quay.

‘It’s good business sense for Goldman to move its Singapore office holdings from the old Shenton Way area to Raffles Place/Collyer Quay, where rental and capital values are likely to appreciate faster.

‘The new financial district at Marina Bay will be connected to the Raffles Place/Collyer Quay vicinity, which will also be rejuvenated with the Ocean Financial Centre development,’ a seasoned industry market watcher said.

Some office market watchers estimate that in the current market, Goldman Sachs may fetch around $1,750 psf to $1,800 psf of NLA for DBS Building - instead of the $2,000 psf minimum price it is seeking - given the property’s age and short balance land tenure.

‘A lot will also depend on what sort of rentals the building can fetch after DBS moves out,’ a property consultant said.

And while the Singapore office market has sizzled this year because of an acute shortage of offices, investors have become a little cautious lately on fears that the US sub-prime contagion could clip the space requirements of big financial institutions here.

‘Perhaps Goldman Sachs stands a higher chance of achieving its target price range it if waits a little longer and hopefully by then, the current sub-prime woes may ease,’ an observer suggests.

Investment in Singapore’s office sector, including land for development into offices, has seen a staggering $14.9 billion worth of deals sealed so far this year. This is about three times the figure for the whole of last year.

The supply crunch has also seen prime office capital values rise from about $2,000 psf at the start of this year to nearly $3,000 psf, as seen in the price that Goldman Sachs is believed to have negotiated for Hitachi Tower.

Source : Business Times - 12 Dec 2007

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After year of highs, petro sector wants more

After year of highs, petro sector wants more

New players and investments over next 12 months will give it more rounded profile
By RONNIE LIM
(SINGAPORE) Singapore’s oil and petrochemicals sector is on a roll - and the coming 12 months will only see it gather even more momentum.

‘While the first generation of bio-fuel makers were drawn by the availability of biofuel crops in this region, the 2G ones are completely technology-driven.’

- Aw Kah Peng,
assistant managing director of the EDB

Led by ExxonMobil’s US$5 billion second petrochemical cracker here, investments in the sector hit all-time highs this year. Crucially, the year to come will see more specialty chemical plant investments following the new crackers. These include Shell’s US$3 billion cracker.

‘It’s been a very good year. More significantly, this year’s petrochemical investments mark very important turning points for the sector,’ Aw Kah Peng, assistant managing director of the Economic Development Board (EDB) told BT.

In biofuels, for instance, Finnish refiner Neste Oil just this month announced its S$1.2 billion investment in a 800,000 tonnes per annum (tpa) bio-diesel production plant in Tuas, which will be the largest worldwide.

‘Neste is the real deal,’ Ms Aw said, stressing that it is the first 2G (second-generation) biofuel producer to have commercialised technology capable of producing higher value- add biodiesel from crops like palm oil.

Neste will produce biodiesel that is completely sulphur-free with no aromatics, a company official earlier told BT.

‘While the first generation of bio-fuel makers were drawn by the availability of biofuel crops in this region, the 2G ones are completely technology-driven,’ Ms Aw said.

In petrochemicals, this year’s ‘biggie’ was ExxonMobil’s (EM) 1 million tpa cracker on Jurong Island, adding to Shell’s 800,000 tpa facility on Pulau Bukom - with construction of both well under way.

When they start operations around 2009/2010, the duo will bring Singapore’s total ethylene capacity - the building block for other value-add, downstream petrochemicals - to 4.1 million tpa.

Together with two earlier crackers here - EM’s first 900,000 tpa cracker and Petrochemical Corporation of Singapore’s 1.4 million tpa facility - they will provide ‘critical mass’ to supply the harder-to-get feedstocks needed by new downstream players producing more specialised petrochemicals.

After securing the two latest EM and Shell investments, the EDB official stressed that ‘in the coming 12 months, we have to ensure we fully extract value from these crackers by also securing new specialised downstream players’.

One target is Germany’s Lanxess, which can use the C4 fraction, or isobutylene, from the Singapore crackers to produce synthetic rubber used for manufacturing tyre inner liners and inner tubes.

The German specialty chemicals maker has shortlisted Singapore, Malaysia and Thailand as possible sites for a S$845 million plant slated to start up in 2010 - coinciding with the operation of the new Singapore crackers. And a decision by Lanxess on the plant site is imminent.

Another such big specialty chemicals investment could also come from Taiwan, sources said.

Singapore is also pushing for at least one more new oil refinery as well as two more world-scale petrochemical crackers.

Ms Aw said that one reason behind this is also the need for additional naphtha from refineries to feed new petrochemical crackers.

The existing Singapore refineries - ExxonMobil, Shell and Singapore Refining Company (SRC) - with a total capacity of 1.39 million barrels per day (bpd), produce enough naphtha to feed at most one more new petrochemical cracker.

So if Singapore, with 4 million tpa of ethylene capacity (including the latest two crackers) wants to achieve its long-term target of 6 million tpa, it will need at least another new oil refinery.

But a greenfield refinery here may not be forthcoming for a while, given current steep engineering, procurement and construction (EPC) costs due to a worldwide oil-and-gas boom.

Singapore Petroleum Company CEO Koh Ban Heng told a recent energy conference that it would cost a whopping US$5 billion to build a moderately complex 200,000 bpd refinery here, based on building costs of US$25,000 a barrel. Besides, refining margins need to be in the US$12-14 per barrel range to justify the investment, he added, which is more than the average margin of the last couple of years.

Meanwhile, Singapore has to be content with an additional ‘niche’ refinery in the form of a US$400 million, 110,000 bpd condensate splitter which the Jurong Aromatics Corporation intends to build as part of its planned US$2 billion aromatics complex on Jurong Island.

Singapore’s refineries, however - mainly built in the 1960s and 1970s - ‘have lots of room for upgrading’, says Ms Aw.

The SRC refinery, for instance, is undertaking an US$81 million plant revamp to produce ultra-low sulphur diesel. This is expected to be the first phase of a planned upgrading potentially costing up to US$400 million to enable it to produce environment-friendly gasoline as well.

Source : Business Times - 12 Dec 2007

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Temasek raises stake in Indonesian bank

Temasek raises stake in Indonesian bank

JAKARTA - TEMASEK Holdings said it has increased its stake in Bank Internasional Indonesia, giving it more control over the country’s sixth-largest bank by assets.
Singapore’s investment company bought shares held by Barclays Capital and ICB Financial Group. The three are part of a group that controls Bank Internasional.

Temasek said yesterday that it boosted its stake in the unit called Sorak Financial Holdings to 75 per cent from 50 per cent. Sorak in turn owns 56 per cent of Bank Internasional.

The stake increase suggests that Temasek may merge the bank with its 68 per cent- owned Bank Danamon Indonesia, rather than sell one of the two assets to meet an Indonesian central bank shareholding restriction, analysts such as Mr Made Suardhini said.

The stake increase also gives Temasek greater access to a market that is 52 times bigger in population. ‘With this acquisition, the scenario of a merger will likely occur between Bank Internasional and Bank Danamon,’ Mr Suardhini said in a report yesterday.

Temasek owns the stake in Bank Danamon through another group of investors. It must propose a plan to sell its stake or merge the two banks by the end of this year to meet a central bank deadline that restricts control of more than one financial services company.

Temasek has informed the central bank about its increased stake, said Bank Indonesia official Ahmad Rizal. It is still waiting for Temasek’s business plan for the two banks, he added.

BLOOMBERG NEWS

Source : Straits Times - 12 Dec 2007

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Jackie Chan pays $11m for Singapore Jinriksha Station at 1 Neil Road

Jackie Chan pays $11m for Singapore Jinriksha Station at 1 Neil Road

Celebrity plans to open piano bar, reflexology business, offices

By Joyce Teo, Property Correspondent
DOWN MEMORY LANE: Built in 1903, the Jinriksha Station was the central depot for rickshaw drivers.

HONG KONG movie superstar Jackie Chan’s love affair with Singapore property continues with his latest purchase - the former Jinriksha Station at 1 Neil Road.
He fell in love with the historic building - once the central depot for rickshaw drivers in Singapore - and bought it for $11 million.

The three-storey corner building in Tanjong Pagar now houses a music lounge called EZ50 on the ground floor. Its sale price works out to $818 per sq ft (psf).

‘It’s a good price because the individual shophouses there are about $1,000 over psf on average,’ said Mr Simon Kwan, who helped broker the deal about a fortnight back. ‘As long as he purchases it at or below the market price, he will be comfortable,’ he said, of Chan.

Mr Kwan, who is the star’s property agent, also runs EZ50 and The 50s pubs, as well as the recently opened Jackie Chan’s Cafe Coffee and Tea at 1 Nassim Road.

The star purchased 1 Neil Road from a firm owned by Mr S. L. Cheong, which also owns the 1 Nassim Road property leased to Chan.

Mr Cheong, the uncle of SC Global chief Simon Cheong, also sold Chan The 50s entertainment complex on Tanjong Pagar Road for $8.8 million in 1996.

Both the Tanjong Pagar buildings are in the Neil Road conservation area.

‘You can’t find buildings like this anywhere else,’ said Mr Kwan. ‘These are the two most outstanding buildings in Tanjong Pagar.’

The former Jinriksha station was built in 1903.

It is a commercial building with space for rent. The One Family KTV karaoke lounge used to occupy the second and third floors, but it had since closed down, according to Mr Kwan, who is managing the building on behalf of Chan.

Mr Kwan has plans for a piano bar, a foot reflexology business or offices for the 8,500 sq ft of space on the second and third floors.

‘The highest possibility is to have offices,’ he said, explaining that this plan would leave him time to concentrate on running Chan’s new restaurant business in Singapore.

Also, office rents are currently strong, supported by tight supply.

Rents at the nearby Red Dot Traffic Building are at $6 psf a month, while those at International Plaza next to the Tanjong Pagar MRT station are going for $7.50 to $8 psf.

Mr Kwan said they could have seven to eight office units.

A decision will be made after a trip to Hong Kong to meet up with Chan and firm up plans, he said.

Apart from commercial buildings, the movie star also owns a few condominium units in the Orchard Road area, including a three-bedroom unit in The Grangeford condo on Leonie Hill Road.

The 99-year leasehold Grangeford is by now known for the property that sold en bloc for more than half of Horizon Towers’ price on a psf basis.

Chan bought his Grangeford apartment, which is being rented out, for only $1.3 million back in 1996.

He will stand to reap about $3.4 million from the collective sale, which he was originally not keen on joining.

Another Hong Kong superstar, Andy Lau, also used to own an apartment at Grangeford, as well as a unit at the UE Square condo.

Mr Kwan said he had since sold these off for Andy Lau. He also used to manage the Singapore properties of the late Teresa Teng and Anita Mui.

Savills Singapore’s director of business development and marketing, Mr Ku Swee Yong, said there would be more celebrities entering Singapore’s property market.

‘For one, the Formula One event will bring in a lot of celebrities.’

Source : Straits Times - 12 Dec 2007

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New surcharge ‘is fairer’

New surcharge ‘is fairer’
ComfortDelGro spokesman Tammy Tan talks about the cab company’s fare hike, which takes effect on Monday

The complicated fare structure, unpopular with passengers and cabbies, appears to have become even harder to figure out. Why did ComfortDelGro say it had been simplified?

‘Replacing the flat $2 surcharge for peak premiums with a tiered pricing is a fairer system. The $2 surcharge is imposed regardless of whether you are in the cab for one minute or for half an hour during peak periods.

‘Under the new system, the more time you spend in our cab during peak hours, the more you pay.

‘This is fair given the high demand for taxis during these periods. So, for example, if a commuter boards the taxi at 6.50am and alights at 7.05am, he pays extra only for the five minutes starting from 7am. This works out to just $1. If he boarded at 6.50am but alighted at 7.15am, then he pays for the 15 minutes worth of peak travel - during which time the taxi driver could have catered to another customer if it had been a shorter journey.’
But some would suggest that does not make it any easier to figure out how much you have to pay at the end of the trip. How do you respond to that?

‘The breakdown will be clearly shown on the meters. So, for example, if a commuter is travelling during peak times, the 35 per cent premium will be shown clearly on the meter at the bottom right corner, like how the midnight surcharges are currently.

‘Our meters are tamper-proof so there is little risk of miscalculation. All receipts will have detailed breakdowns and we strongly urge commuters to keep their receipts.’

Source : Straits Times - 12 Dec 2007

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Will cabs vanish from city fringe?

Will cabs vanish from city fringe?
Some passengers concerned that $3 downtown peak hour surcharge may mean fewer cabs on outskirts of town
By Maria Almenoar & Jessica Jaganathan
STANDING IN LINE: Among the areas likely to be affected are taxi stands in high traffic zones such as Far East Plaza, Shaw House (above) and Tanglin Mall near Orchard Road. — ST PHOTO: AZIZ HUSSIN

IF YOU need to hail a cab on the fringe of downtown, be prepared to wait, a transport expert warned yesterday.
In the wake of a new pricing structure that gives some cabbies a bonus for picking up passengers in the heart of the city, many are likely to skip the outskirts and make a beeline for places like Orchard Road.

Among the areas likely to be affected are taxi stands in high traffic areas such as Far East Plaza, Shaw House and Tanglin Mall near Orchard Road and The Concourse in Beach Road.

National University of Singapore transport researcher and postgraduate student Han Songguang called the new surcharges ‘very bad news’ for people working or living in these areas just outside downtown.

‘I am not sure how taxi companies or LTA will be able to enforce or discourage errant cabbies,’ he said on Monday.

The same day, ComfortDelGro announced it will levy a $3 surcharge on passengers who hop into a cab in the downtown area during peak hours - up from $1.
Its fare revision includes higher flag-down rates and metered rates but lower call booking charges during prime hours.

Member of Parliament Ong Kian Min, who is deputy chairman of the Government Parliamentary Committee for Transport, said he is concerned over the downtown surcharges.

Without a gradual scale, drivers will likely head to the city proper, he said.

‘It’s a choice between $3 or nothing for drivers, so this will definitely influence their driving behaviour. We may head to more problems and complaints, in the end, if taxi drivers do avoid taxi stands along the fringe.’

Comfort - the largest company here, with 65 per cent of the cabs on the road - said the new city surcharge is designed to encourage taxis to pick up passengers in the city centre. Cabbies leave downtown for the suburbs and find little incentive to drive all the way back to pick up new passengers, it said.

While the surcharge may address the problem of too few cabs in the city during peak hours, Comfort acknowledged it may create a shortfall on the outskirts of downtown.

Comfort said it will ‘keep a close eye’ on cabbies to make sure they do not zip by taxi stands there. But when asked specifically how it will monitor its drivers, the company declined to comment.

Yesterday, only one passenger in 10 who discussed the fare increase with The Straits Times was ready to walk in and pay the city surcharge if left stranded.

The rest, like frequent cab user Carol Lee, would opt to wait or call a cab at the cost of $3.50.

‘There’s not much difference when you compare a call charge and the new rates, so I would rather call one,’ said the 33-year-old bank manager.

Marketing manager Gary Loh agreed.

‘I will be prepared to wait 10 minutes tops and if there is still no sign of a cab, I’ll call one. I’m too lazy to walk into town,’ said the 31-year-old.

SMRT Taxis, Premier and Smart have confirmed they will also raise fares.

Prime Taxis will look to implement new surcharges but will not raise flag-down fares for at least the next three months.

Trans-Cab could not be reached for comment.

New surcharge ‘is fairer’

The complicated fare structure, unpopular with passengers and cabbies, appears to have become even harder to figure out. Why did ComfortDelGro say it had been simplified?

‘Replacing the flat $2 surcharge for peak premiums with a tiered pricing is a fairer system. The $2 surcharge is imposed regardless of whether you are in the cab for one minute or for half an hour during peak periods.

‘Under the new system, the more time you spend in our cab during peak hours, the more you pay.

‘This is fair given the high demand for taxis during these periods. So, for example, if a commuter boards the taxi at 6.50am and alights at 7.05am, he pays extra only for the five minutes starting from 7am. This works out to just $1. If he boarded at 6.50am but alighted at 7.15am, then he pays for the 15 minutes worth of peak travel - during which time the taxi driver could have catered to another customer if it had been a shorter journey.’
But some would suggest that does not make it any easier to figure out how much you have to pay at the end of the trip. How do you respond to that?

‘The breakdown will be clearly shown on the meters. So, for example, if a commuter is travelling during peak times, the 35 per cent premium will be shown clearly on the meter at the bottom right corner, like how the midnight surcharges are currently.

‘Our meters are tamper-proof so there is little risk of miscalculation. All receipts will have detailed breakdowns and we strongly urge commuters to keep their receipts.’

PROBLEMS MAY ARISE

‘It’s a choice between $3 or nothing for drivers, so this will definitely influence their driving behaviour. We may head to more problems and complaints…’ - MP ONG KIAN MIN, deputy chairman of the GPC for Transport
CALLING OVER WALKING

‘I will be prepared to wait 10 minutes tops and if there is still no sign of a cab, I’ll call one. I’m too lazy to walk into town.’ - MARKETING MANAGER GARY LOH
Source : Straits Times - 12 Dec 2007

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S’pore School bus fares set to go up by $5-$10 a month

S’pore School bus fares set to go up by $5-$10 a month

Hike takes effect from January; many parents up in arms

By Jane Ng
PARENTS reacted with dismay yesterday to the news that school bus fares are likely to jump by at least $5 to $10 a month starting next month.
The largest association of school bus companies here recommended the hike in the wake of rising diesel prices. But some private operators have said they plan to raise their prices even more.

That drew the ire of some parents, who said bus fares, now between $40 and $160 a month, are already too high.

‘Many of my neighbours are considering taking their children out of school transport after this year,’ said Mr Foo Suan Keng, 46, a senior commercial officer in a shipyard who has three children taking the bus.

The increase is the first since January last year, said the Singapore School Transport Association, which represents 90 per cent of operators here. The group has about 1,000 members and a fleet of 2,000 buses.

Chairman Wong Ann Lin said bus companies have seen their profits disappear.
A survey commissioned by the association two years ago showed that, on average, operators took home about $20,000 in 2005. Their expenses were over $30,000. Mr Wong had said earlier that bus drivers make most of their money from ferrying workers and not school children.

Mr Wong said even the expected fare hike would not cover the rising costs faced by operators.

But that is small consolation for parents. Teacher Samila Ghouse, 33, a mother of three, pays $260 a month to bus her two school-going kids and is worried about the increase. Her youngest daughter will start taking the bus next year, bringing her total bill to $380 before the increase.

She said: ‘I have no alternatives other than the school bus. I’m a single parent and have no way to send them to school.’

While the association recommended that members increase their fares by not more than $10 a month, they have no say over other operators.

Mr Ng Ang Heng, 50, who is not part of the association, said fares on his bus will go up by $15 to $30 next month. That will not cover the cost of ferrying pupils.

The rising expectations of parents have made it harder to turn a profit, he said. ‘Even though the Land Transport Authority guideline says three children to two seats, parents want one child per seat. That limits the number of children I can ferry.’

Meanwhile, parents say they are left with little choice but to cough up the cash.

Mr Foo now pays $45 per child for a two-way trip. That will rise to $70 next month. He is considering other arrangements, including car pooling.

‘Some parents have even considered transferring their children to a school that is closer to their home,’ he said.
PRICES UNREASONABLE

‘Many of my neighbours are considering taking their children out of school transport after this year.’ - MR FOO SUAN KENG, 46, a senior commercial officer in a shipyard who has three children taking the bus
PARENTS DEMANDING

‘Even though the LTA guideline says three children to two seats, parents want one child per seat. That limits the number of children I can ferry.’ - MR NG ANG HENG, 50, bus driver, whose fares will go up by $15 to $30 next month

Source : Straits Times - 12 Dec 2007

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For Rent Singapore Landed Property , 11.12.2007

For Rent Singapore Landed Property , 11.12.2007

Price are subject to changes , please call (+65) 91002985 for lastest update

Landed Property — Hillcrest
Address — Hillcrest Road
Type — 4+G
Size (Sq Ft) — 2753
Asking Rental — $14.9k NETT
Facilities / Amenities — Beauty World Shopping Centre, King Albert Complex
Remarks — 2 storey Semi-D unit. Fully Furnished Showflat
Available Units — 1

Landed Property — Greenwood Crescent
Address — Greenwood Crescent
Type — 7+2Study+U
Size (Sq Ft) — 7503
Asking Rental — $24k
Facilities / Amenities — Orchard Rd, American Club, Orchard MRT etc
Remarks — 3 storey Semi-D unit with Spa Pool
Available Units — 1

Landed Property — Shelford Road
Address — -
Type — 3+U
Size (Sq Ft) — 2263
Asking Rental — $6.4k
Facilities / Amenities — Coronation Plaza, Hwa Chong Institution, mins drive to town
Remarks — 2.5 storey Terrace
Available Units — 1

Landed Property — Bedok Grove
Address — Bedok Place
Type — 4+G+U+Bal
Size (Sq Ft) — 3261 - 4004
Asking Rental — $8.4K onwards
Facilities / Amenities — Tanah Merah MRT, EXPO, Laguna Country Club
Remarks — 1 Fully Furnished Showflat Corner unit / 1 Partial Furnished Inter-terrace unit
Available Units — 2

Landed Property — Woodgrove Bungalows
Address — Ashwood Grove / Cedarwood Grove
Type — min 6+G+U
Size (Sq Ft) — 7556 - 8547
Asking Rental — $21.9k onwards
Facilities / Amenities — American School, Woodlands MRT, Causeway Point
Remarks — Prestige 3 storey Bungalows with Spa Pool or Medium size Pool. Partial Furnished
Available Units — 3

Landed Property — Banyan Villas
Address — Lentor Plain
Type — 4+G+U
Size (Sq Ft) — 2939 - 3079
Asking Rental — $12.5k onwards
Facilities / Amenities — Yio Chu Kang MRT, CTE
Remarks — 1 Partial Furnished units, 1 Fully Furnished Showflat units (with Lap Pool)
Available Units — 2

Landed Property — Florida Park
Address — Sunrise Walk
Type — 4+G+U+Roof Garden
Size (Sq Ft) — 3843 - 3993
Asking Rental — $10.8k NETT onwards
Facilities / Amenities — Yio Chu Kang MRT, CTE
Remarks — 2 Fully Furnished Corner unit Showflats
Available Units — 2

Landed Property — Lentor Modern
Address — Lentor Loop
Type — 4+U
Size (Sq Ft) — 3165
Asking Rental — $13.2k NETT
Facilities / Amenities — Yio Chu Kang MRT, CTE
Remarks — 1 Fully Furnished Corner unit Showflat
Available Units — 1

Landed Property — Cashew Villas
Address — Cashew Road
Type — 4+G+Study+U+Roof Garden
Size (Sq Ft) — 3541 - 4456
Asking Rental — $11.6k onwards
Facilities / Amenities — Rail Mall, PIE, BKE, Bukit Timah Hill
Remarks — 1 Partial Furnished unit / 2 Fully Furnished Showflats
Available Units — 3

Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

For Rent Singapore Private Apartment / Condo , 11.12.2007

For Rent Singapore Private Apartment / Condo , 11.12.2007

Price are subject to changes , please call (+65) 91002985 for lastest update

Apartment / Condo — Grange 80
Address — 80 Grange Road
Type — 4+U
Size (Sq Ft) — 2314
Asking Rental — $16.3k onwards
Facilities / Amenities — Swimming Pool, Gym, Sauna, Steam Room
Remarks — Private Lift Lobby, Free use of Orchard Parksuites facilities
Available Units — 1

Apartment / Condo — ICON
Address — 10 Gopeng St
Type — 2+U & 3+U Loft
Size (Sq Ft) — 1119 - 1249
Asking Rental — $9.3k onwards
Facilities / Amenities — Full Condo facilities
Remarks — Partial Furnished, with choice of Sea View or City View
Available Units — 2

Apartment / Condo — Meadow Lodge
Address — Chun Tin Road
Type — 4+U
Size (Sq Ft) — 1410
Asking Rental — $7k
Facilities / Amenities — Pool, Gym, BBQ Pits, Fitness Corner
Remarks — Partial Furnished
Available Units — 1

Apartment / Condo — Orange Regency
Address — 101 Fernhill Road
Type — 4+U
Size (Sq Ft) — 1765
Asking Rental — $11.6k NETT
Facilities / Amenities — Swimming Pool, Gym, Furo Bath, BBQ pits
Remarks — Partial Furnished and to be Renovated
Available Units — 1

Apartment / Condo — Chancery Grove
Address — 25,27,29 Chancery Lane
Type — 3+Roof Garden & 3+1
Size (Sq Ft) — 2540 - 2896
Asking Rental — $12.7k onwards
Facilities / Amenities — Swimming Pool, Gym, Private Car Porch
Remarks — Townhouse concept, Partial Furnished with outdoor patio and Roof Garden
Available Units — 3

Apartment / Condo — Riverplace
Address — 60,62,66 Havelock Road
Type — 2+U Maisonette
Size (Sq Ft) — 1894 -1970
Asking Rental — $11.6k onwards
Facilities / Amenities — Full Condo facilities
Remarks — 2 & 3 storey maisonette, Partial Furnished
Available Units — 2

Apartment / Condo — Cavenagh Lodge
Address — 81 Cavenagh Road
Type — 3+U
Size (Sq Ft) — 1482 - 1697
Asking Rental — $7.1k onwards
Facilities / Amenities — Swimming Pool, Gym, Furo Bath, Sauna and BBQ pits
Remarks — Fully Furnished, Free shuttle bus, option for Housekeeping, SCV etc. Limited units with Balcony. Selected units available for SHORT-TERM LEASE (min 6months). 1 unit is PARTIAL FURNISHED
Available Units — 7

Apartment / Condo — Gold Palm Mansions
Address — Lorong K Telok Kurau
Type — 3+1
Size (Sq Ft) — 1152 - 1582
Asking Rental — $4.4k onwards
Facilities / Amenities — Swimming Pool, BBQ pits, Public Park
Remarks — Fully Furnished, 1 unit is Partial Furnished
Available Units — 2

Apartment / Condo — Serenity Park
Address — 157 Tamarind Road
Type — 3+U+Bal
Size (Sq Ft) — 1324
Asking Rental — $4k
Facilities / Amenities — Full Condo facilities
Remarks — Fully Furnished. Available for SHORT-TERM LEASE
Available Units — 5

Apartment / Condo — Banyan Condominium
Address — Chwee Chian Road
Type — 3+U
Size (Sq Ft) — 1528 - 1873
Asking Rental — $5k onwards
Facilities / Amenities — Full Condo facilities
Remarks — Fully Furnished. 1 unit is PARTIAL FURNISHED SHOWFLAT!
Available Units — 4

Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com