Citylights For Sale Apartment / Condo, District 01-08 , 24.12.2007

Thaksin-backed party takes lead in polls

Thaksin-backed party takes lead in polls

By OUR CORRESPONDENT
IN BANGKOK

FIFTEEN months after being ousted by the military in a coup d’etat, the party backed by former prime minister Thaksin Shinawatra, has taken a lead in Thailand’s much awaited general elections.
Claiming victory: Mr Samak is ready to form a new government with allies once the Election Commission officially announces the election results
The People’s Power Party (PPP), which is closely associated with Dr Thaksin, looks set to get the first chance to form a government. Early indications suggested that the party could secure more than 230 seats out of the 480 seat Thai parliament.

‘We are going to form the government as we have the largest number of seats, and we hope to have the decision by early next month on which other party would join us,’ Samak Sundaravej, the leader of the PPP said at a press conference.

He added that he wanted the Election Commission to announce the results soon, so as to allow a government to be formed.

Mr Samak in the past had said that he wanted the self-exiled Dr Thaksin to return to Thailand and fight the legal cases against him, along with granting a general amnesty to the 111 members of Dr Thaksin’s now defunct Thai Rak Thai party.

The PPP leader said that his party aims to have at least 300 seats in Parliament. He would also like to have allies among other parties, he added, so that the government would be more stable.

Mr Samak also cast doubt on the early polls conducted on Dec 15 and 16 when close to three million people took part, including about one million in Bangkok alone.

‘From the exit polls we had on those two days, it was evident that we were in the lead but we have our suspicions now as the results in Bangkok look very different from those that we had anticipated,’ he said.

‘We will investigate this and inform in the future,’ Surapong Suebwonglee, the party’s secretary-general said.

Meanwhile, the PPP’s biggest opponent, the Democrat party, said that it was willing to accept the results and as the PPP has invited parties to join it in forming a government, the Democrats would wait for the PPP to try its luck first. If the PPP fails, they will then look into ways to form a government. The Democrat party ruled out joining the PPP team.

Military installed Prime Minister Surayud Chulanont said that it was time that the people’s voice was heard and that a government should be formed as soon as possible.

‘I would like to request that all parties should accept the results, as the outcome is the wish of the people and we have to listen to their voice,’ Mr Surayud said.

He added that a lot of work still needed to be done before a new government could take office, noting that the PPP, while being in the lead, is still short of a majority.

Mr Surayud stressed the need for reconciliation in Thailand so that the country could move forward. He urged the people and political parties to heed the message of Thailand’s King Bhumibol Adulyadej, who has called for national unity.

Commenting on the ongoing cases against PPP that could lead to its dissolution, he said that the process should be left to the justice department and nobody should intervene.

‘The justice system should not be intervened in and we have to leave it to the department to make its own decisions,’ he said.

Some leaders of Thailand’s smaller parties - such as Sanoh Theinthong of the Pracharaj Party - attributed the success of the PPP in this poll to the failure of the current government and the military.

As at 10 pm local time last night, the PPP was leading with 232 seats. The Democrat Party had 162 seats, the Chartthai Party 40 seats and the Puea Pandin had 24 seats.

Official results will be known in a month’s time although the Election Commission indicated that it will announce them as soon as possible.
Source : Business Times - 24 Dec 2007

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Singapore St Regis opens with Bentley fleet for guests

Singapore St Regis opens with Bentley fleet for guests

$1,100 a night Lady Astor suite comes with 24-hour butler, ride to airport

TAXI fares have gone up this week and the ordinary public and even bankers are complaining that it is now a bit pricey to get a cab in central Singapore.

‘I think people are looking for the experience, not just luxury.’

- David Campbell,
director of sales for St Regis in Singapore

But for the ultra-rich staying in the city-state, there may be no need to wait for a ride.

The St Regis Singapore, a new five-star hotel, opened its doors on Saturday with a fleet of customised Bentley limousines to ferry guests around.

The hotel is already fully booked until after Christmas.

The Lady Astor suite, available at $1,100 a night, comes with a 24-hour butler for the room as well as a round trip to the airport in one of the Bentleys.

The cars have deep-pile carpets for weary feet and a wine cooler in the arm-rest.

‘I think people are looking for the experience, not just luxury,’ said David Campbell, director of sales for St Regis in Singapore.

The St Regis is the first internationally branded luxury hotel to open in Singapore for 11 years, setting up competition against the likes of colonial-era Raffles. Global hoteliers are busily investing in Asia to tap growing regional wealth.
Visitor arrivals in Singapore have reached a record this year and the government is developing tourism as it tries to wean itself off manufacturing because of competition from cheaper factories in China.

But demand for luxury is coming not only from visitors.

Singapore had the fastest growing number of high-net worth individuals in the world last year, totalling about 67,000. Its booming economy, driven by manufacturing and financial services, is set to grow about 8 per cent this year, and the city-state is becoming a playground for the rich.

There is still a shortage of hotel rooms to meet demand, though, to the extent that the government is allowing golf clubs to build hotels on their land, to boost the city’s 37,000 rooms.

Plush hotels hope to attract newly rich Chinese and Indians in an Asian market worth US$115 billion a year. St Regis will build seven more in Asia over four years, from Osaka to Tibet.

But its Singapore fleet of Bentleys will soon be outdone.

The Norman Foster- designed Cappella Singapore on the resort island of Sentosa will open towards the end of next year, with a pair of million-dollar Rolls-Royce Phantom limousines. — Reuters
Source : Business Times - 24 Dec 2007

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Singapore Orchard Rd office unit fetches $2,497 psf

Singapore Orchard Rd office unit fetches $2,497 psf

Previous deal in same building on higher floor done at $1,601 psf in April
By KALPANA RASHIWALA

(SINGAPORE) The strata office market is still running hot. A first-storey freehold office unit at United House, behind Le Meridien Singapore Hotel in Orchard Road, went for $2,497 per square foot of strata area at a Colliers International auction last week.
United House: The freehold building holds potential for a collective sale, according to Colliers International which sold the first-storey unit, with an area of 3,003 sq ft, at an auction last week.
The last transacted price in the development was $1,601 psf for a 710 sq ft unit on the fifth level in April this year.

However, the highest unit price for a strata office unit here appears to be $3,050 psf, at The Central, a 99-year leasehold development above Clarke Quay MRT Station. Developer Far East Organization is said to have sold the entire 21st level of one wing of its V-shape, 25-storey office tower for $40.7 million several months ago.

The space comprises units #21-89 to #21-99, adding up to a total strata area of 13,337 sq ft. BT understands the buyer is a shipping company.

The $3,050 psf surpassed the previous record, set in the same building, when Far East sold the entire 24th level in the same wing for $2,850 psf, also this year.

While The Central’s mall has already opened, its office tower, and small office, home office (Soho) block are expected to be ready in the first half of next year.

In the Orchard Road area, unit #01-01 of United House was auctioned by Colliers on Dec 19 for $7.5 million. The road-fronting unit - with a strata area of 3,003 sq ft - is subdivided into two smaller units that have been leased out at a total monthly rent of $13,260, with the last lease expiring in October 2008.

This presents an opportunity for the property’s new owner - understood to be a low-profile Singapore investment company - to enjoy a higher yield when the lease is renewed or a new tenant found.

Grace Ng, Colliers deputy managing director (agency and business services) and auctioneer, attributes the unit’s appeal not just to current demand for offices but to United House’s potential for a collective sale.

The strata office market in other parts of Singapore also continues to buzz. At Suntec City, units on the 23rd and 27th floors have changed hands at prices ranging from $2,250 psf to $2,313 psf lately, according to caveats captured by SISV Services’ Realink system.

At International Plaza in Anson Road - another favourite for strata office investors - a unit on the 30th floor was sold for $1,586 psf in October.

Nearby, at Shenton House, a couple of adjoining units on the 15th storey changed hands last month at about $1,500 psf. A 10th floor unit at High Street Plaza was sold for $1,714 psf a few weeks ago.
Source : Business Times - 24 Dec 2007

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New entrants flock in as Singapore property sector booms

New entrants flock in as Singapore property sector booms

Six companies, some better known in other businesses, make maiden real estate buys
By UMA SHANKARI

(SINGAPORE) The property boom over the past two years has drawn many new players who are looking to reap the high returns that property development has to offer.

Mr Choo: Sees good opportunities in property development
Six companies made their maiden property purchases this year, data compiled by property firm CB Richard Ellis (CBRE) show. Among them are companies that have made a name for themselves in other businesses, such as construction company KSH Holdings and brokerage firm Kim Eng Holdings. Others are lesser known, like Duchess Development which was formed by two stockbrokers.

In addition, three other companies - BBR Holdings, Popular Holdings and Eastern Holdings - first made their appearance in 2006 with land purchases. This year, they have gone on to snap up more sites.

‘When the market is good, it draws in players who may not have been active before,’ said CBRE executive director Jeremy Lake.

He noted that many of the new entrants are construction companies that might have decided to take on development risks, after watching their developer clients reap big profits. During a property boom, such risks are lessened.

‘If you get your timing right in property, the profits can be substantial,’ Mr Lake said.

Experts said that the same trend was seen during the last property boom, which lasted from 1993 to 1996.

Companies that did not look at property development in the past are now beginning to do so because of the fatter margins.

One example is SuperBowl, which teamed up with its parent company Hiap Hoe to buy two sites for a total of $211.3 million.

SuperBowl’s managing director Teo Ho Beng told BT that while the company will continue to focus on its core leisure and entertainment business, it will also increase its exposure to property development where the margins are better.

Similarly, KSH Holdings sees good opportunities in property development. The company’s chairman and managing director Choo Chee Onn said that his company invested in residential sites this year because the opportunities opened up at the right time.

‘Going forward, we will buy more sites if the right opportunities arise,’ Mr Choo said in an interview. The company spent $180.8 million on two residential sites this year.

The first site, which KSH acquired in June with three other partners, was the construction company’s first purchase of a land parcel.

Other companies branching out from their traditional core businesses for the first time this year include electrical and mechanical engineering firm Tee International.

However, new developers and developers looking at boutique projects still account for only a small chunk of total purchases in 2007.

CBRE’s data shows that the bulk of sites sold this year went to big players such as companies linked to banker Wee Cho Yaw (UOL Group, Kheng Leong, United Industrial Corp and Singapore Land), Malaysian tycoon Quek Leng Chan’s GuocoLand and property giant CapitaLand.

New and boutique developers together bought some $2.4 billion worth of land sites in 2007, which account for about 5 per cent of total investment sales so far this year.

In 2006, such developers accounted for about 4 per cent of all investment sales, while in 2005, the figure was about 3 per cent.

However, property analysts warned that these new entrants are by no means guaranteed success. For starters, most bought sites in the more central areas of Singapore, where the price gain is expected to moderate this year even as construction costs are set to keep climbing, leading to a drop in margins.

‘For the high-end residential segment, there is now risk of a potential correction,’ said OCBC Investment Research analyst Winston Liew.

New developers might not have the resources to keep construction costs down unless they are contractors themselves, experts said.

Next year, established developers who have carved out niches are likely to do best, analysts said.

‘Going into 2008, we look for developers with specific niches and themes to outperform the sector as a whole,’ said CIMB property analyst Donald Chua. The research firm believed that listed smaller-cap developers are likely to trade at a discount to target valuations in 2008.

OCBC’s Mr Liew advocated being defensive when choosing property developer stocks. ‘We prefer developers that are domestic focused with substantial pre-sold projects, opportunities to unlock value from investment properties and finally offering valuation upside,’ he said.

Source : Business Times - 24 Dec 2007

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Singapore residential market is world’s hottest this year

Singapore residential market is world’s hottest this year

By Nicholas Fang
SINGAPORE’S booming housing market is the world’s hottest this year, with local home prices recording the fastest increase.
Residential property prices in the Republic surged 24.3 per cent, after adjustments for inflation, ahead of other bullish markets such as Shanghai in China and Bulgaria, said property investment research house Global Property Guide.

In a report published online, the firm said Singapore’s strong performance, like those of Japan and South Korea, was due to robust economic growth.

The survey was compiled using the latest official data from 42 countries, though other statistics were used for a few markets, such as Japan and the Philippines, where such figures were not available.

The latest Urban Redevelopment Authority (URA) numbers used in the survey show that Singapore home prices registered a 27.6 per cent annual jump at the end of September, significantly higher than the 7.6 per cent posted a year ago.

This nominal, non-inflation adjusted figure was below the 30.6 per cent recorded by Bulgaria in September and the 27.9 per cent recorded by Shanghai in October.

But in real terms, after adjustments for low inflation of only 2.66 per cent, the Republic leapfrogged these two markets to reach the top spot, said the report.

Singapore’s strong showing underscored a more general recovery in Asia, where several markets gained momentum in the first three quarters of the year.

Global Property said this reflected, to some extent, continued recovery from the 1997 Asian financial crisis.

In contrast, the United States housing market crashed due to the sub-prime mortgage crisis, while high interest rates were behind the slowdown in European house prices.

‘In Europe, most countries registered unimpressive year-on-year house price changes in 2007, aside from Norway and Estonia,’ the report said.

Looking to the year ahead, Global Property said property prices in much of Asia are still undervalued compared with pre-Asian crisis levels, despite strong increases this year.

It expects potential improvement in rentals in Singapore.

‘We believe gross rental yields are now too low, at 2 to 3 per cent.

‘Nevertheless, Singapore is attracting and admitting more foreign-born workers - which is positive for prices,’ it said.

Elsewhere in the region, Global Property also recommended Cambodia, Thailand, Japan, Australia and New Zealand to property investors.

It, however, cautioned against investing in Europe, apart from a handful of Eastern European states, because of high valuations after a long period of price appreciation.

In the Middle East, it found Egypt attractive for its high rental yields and low taxes, but warned of a possible oversupply in Dubai as more properties come on stream over the next two years.

——————————————————————————–
STRONG GAINS
While Singapore ranks behind Bulgaria and Shanghai in nominal house price growth, the Republic is the world’s best performer in real terms, given its low inflation rate of only 2.66 per cent, says Global Property Guide.

Source : Straits Times - 24 Dec 2007

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Giving future leaders a leg up - Singapore

Giving future leaders a leg up - Singapore
CORPORATE social responsibility in education translates into grants, scholarships and in-house training, which has risen in recent times.
About 20 companies reported new education initiatives launched in the last two years under CSR banners, especially directed at youth.

Typically, sponsors include larger IT, banking and multinational corporations, which are providing for a more diverse audience.

Mrs Tan Chee Koon, chief executive of the National Volunteer & Philanthropy Centre (NVPC), said ‘companies are teaching youth functional skills: IT literacy, financial management and entrepreneurship; they also share life skills including teamwork, self-confidence, social interaction and communications’.

In choosing to help the youth, they share one thing in common: ‘From a social perspective, it is to give these youth a future and a hope, from what the companies can bring to the table in this form of strategic community partnership.’

One such corporation is Citibank Singapore.

From 2002 to last year, it pitched in $2,542,000 to sponsor a range of educational programmes at more than 50 per cent of schools here.

Through the programme, students - from as young as 10 years old - learn about money management through comic books and interactive dramas.

Ms Sophia Tong, Citibank’s vice-president of community relations, said: ‘Children are exposed to a lot of things these days, including online fraud. They need to be educated on these matters. We don’t want them to think that money comes from a wall every time they look at an ATM.’

IT company Oracle pumped US$601.3 million (S$868 million) into youth education in Asia-Pacific from March to May this year.

Similarly, Microsoft and the Infocomm Development Authority of Singapore have initiated BackPack.NET.

Launched in 2003, the $18.8-million programme is driving the research, development and testing of innovative technologies in the classroom.

Other organisations are helping youth further their studies.

The American Chamber of Commerce’s fund-raising drive in 2004 generated $1.6 million - matched three to one by the Singapore Government - to fund an annual scholarship at the Singapore Management University (SMU).

This year, carmaker Honda offered a $1,000 scholarship and a month-long internship to four academically outstanding Institute of Technical Education (ITE) students.

For recipient Siti Haryati Salani, 21, the acknowledgement was also a boost in self-confidence.

‘They help us realise that ITE students can also win scholarships. It really helps dispel the notion that ITE is the end,’ she said.

Through these programmes, bad grades do not mean lost opportunities.

Employers with a Heart (EWH), set up by Harriet Business Group’s managing director James Chua and the group’s international partners last year, aims to give youth a chance to upgrade academically while earning a living at the same time through its Work and Study Programme.

By collaborating with more than 50 companies, EWH has garnered support in the form of job opportunities, industrial training and sponsorship of workshops or scholarships.

Earning $2,000 despite faring badly in her O-level examinations, Atiqa Syaliny Abu Bakar, 18, who is currently on the programme, said: ‘I wouldn’t have been able to sign up anywhere else to study with the grades I got.’

Academics aside, corporations like Coca-Cola - traditionally blamed for a host of ills caused by its high sugar, caffeine and phosphorous levels - want to repair that perception.

The soft-drink corporation sinks $100,000 yearly into its programme Step With It Singapore (SWIS), to promote a healthy lifestyle through three teaching modules and two workout modules.

So far, 90 primary schools have participated in the programme since it started in 2003. A study showed that after the programme’s pilot year, 77 per cent of the 14,095 student participants increased their daily activity levels.

As Coca-Cola chief executive Neville Isdell said: ‘We believe that we cannot succeed in a
Source : Straits Times - 24 Dec 2007

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Going green helps with positive branding - Singapore

Going green helps with positive branding - Singapore
SAVING the earth is the politically correct, socially responsible thing to do - especially for businesses aiming to enhance their public standing.
On the one hand, going green is cause du jour in an age where consumers want to reuse, reduce and recycle.

But for many large companies, it is also a branding decision.

Keeping in line with the global trend towards environmental concern does a company’s image good, said Associate Professor Tan Soo Jiuan of the department of marketing at the National University of Singapore Business School.

‘Consumers believe these companies are not just concerned about making money but also contributing back to good causes. It is part of shaping their public image.’

It is not a new idea, with textbook-worthy examples such as philanthropic industrialists the Lever Brothers and The Body Shop.

In Singapore, businesses which realise the value of ‘green’ programmes are jumping on the bandwagon, reports Singapore Compact, a society which furthers corporate social responsibility (CSR) here.

The number of companies calling to ask for information on how to pitch in for environmental causes has doubled this year, compared to last year.

They include STMicroelectronics, Shell and City Developments Ltd, which are willing to budget between a few thousand to a few million dollars for green initiatives.

Said the executive director of Singapore Compact, Mr Thomas Thomas: ‘There has been heightened interest over the last three years because companies realise they will no longer just be measured on making profits but how they make them.

‘They have to respond in the international lingo and cannot avoid being part of the global economy.’

The cause - aided in no small part by pop culture contributions such as former United States vice-president Al Gore’s Live Earth concert - is one that especially resonates with youth.

A recent STMicroelectronics tie-up with Young ChangeMakers had students trying their hand at design, development, and construction of electronic systems.

Young ChangeMakers is a grant scheme that provides funding and resources to youth who want to make a meaningful change in their community.

For Senoko Power, investing in youth means investing in ‘the decision-makers of tomorrow’ who will then learn to ‘think globally but act locally’.

The company spends about $650,000 a year on CSR initiatives. About 75 per cent of that amount - through its National Weather Study Project - is aimed at youth and the environment.

This year, the biennial project equipped 234 schools with mini-weather stations. Students then worked on environmental projects for a competition, with the winning team awarded a trip to Switzerland.

Others, like HSBC, collaborated with two overseas universities to research climate change and other major forms of environmental damage. They then helped to develop technologies to overcome the problems identified.

The amount ploughed into the project: $1,939,281.

Petroleum companies, too, want in. For Shell, the issue is also about managing perceptions of its mining of non-renewable fuels.

To curb that perception, it launched a mentorship programme to help students build self-confidence through nature-based activities.

It also organised an eco-marathon with the Singapore Environment Council (SEC) - a global competition where students designed, built and raced vehicles which used up the least fuel and produced as little emissions as possible.

Yet, critics from the US say companies are doing this to make socially conscious investors and customers comfortable about buying their products and shares.

Still, most consumers say the benefit to companies from CSR does not appear to be a bad thing.

Even environmental agencies approve of CSR. The SEC, in fact, depends on corporate sponsorships for 50 per cent of its annual budget.

Its executive director, Mr Howard Shaw, said that despite the notion that oil companies are depleting resources, the reality is: ‘You cannot switch off an oil well. If you switch it off, everything in society grinds to a halt.

‘In any partnership, there needs to be a win-win situation, or you would not go into the arrangement in the first place.’

After all, at least the company is pitching in, said Mr Jonathan Harari, 22, who runs an investment management company.

‘Both parties might be doing things for different reasons, but in the end the outcome is the same.’

Source : Straits Times - 24 Dec 2007

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Singapore Online shopping and S’poreans: They click

Singapore Online shopping and S’poreans: They click

More inclined to shop on the Web, with budget exceeding that for brick-and-mortar stores

By Irene Tham
SHOPPERS in Singapore are not only thronging the streets for holiday gifts, they are also trawling the Web - with an online budget that exceeds what they plan to spend at brick-and-mortar stores.
Online shopping is gaining favour among Singaporeans. A recent survey commissioned by MasterCard Worldwide put the number of people intending to shop online for holiday gifts this year at 60 per cent. Only 35 per cent said they shopped on the Internet last year.

Respondents also indicated they would spend more online, with an average per-person spending of $1,148 compared with $1,045 at physical stores.

The survey was conducted by the United States-based research consultancy firm Ipsos-Insight Corporation between late September and early October this year. It polled about 500 people in Singapore aged 18 and above.

Figures from newspaper reports showed that in 2005, at least 27 per cent of Internet users here bought at least one item online, with each online shopper spending an average of $1,068.

Online shoppers are attracted by the wide variety the Web offers.

Student Charlene Tan, 19, who orders clothes on online forum sgspree.livejournal.com about twice a month, said: ‘I can find more unique designs.’

These forums allow participants to aggregate customer orders and buy in large quantities from overseas suppliers for bulk discounts. It is a growing trend among Singaporean youth who want to follow the fashion trends they see in magazines but cannot find the clothes at home.

Thanks to new services like ComGateway and vPost, Singaporeans in the last few years have also been able to order from merchants who will not ship to overseas addresses or accept foreign credit cards for fear of fraud.

ComGateway, a local start-up which works with HSBC and DBS Bank, provides customers with a credit card that is recognised by US merchants. It also provides a billing and shipping address in Oregon to which buyers can send their purchases. ComGateway then redirects the package here for a fee.

SingPost’s vPost is helping online shoppers in a similar way, routing packages here from an address in California.

ComGateway has seen a fivefold increase in transactions this year from a year ago, thanks to the weakened US dollar and savings from buying on the Web.

This year, vPost has also witnessed a 50 per cent hike in shipments to Singapore from California. Both companies declined to disclose numbers.

According to ComGateway and vPost, US destinations are the most popular among online shoppers here. Besides the usual sites like Amazon and Victoria’s Secret, new sites are also capturing cyber shoppers’ attention. They include REI.com for outdoor gear; Chef’s Resource for kitchen help and cooking essentials; and Alibris for rare antique and out-of-print books.

However, tours, airline tickets and hotel reservations are the top online purchases. Clothes, accessories and shoes come next. This is according to the MasterCard survey and a separate poll completed recently by AC Nielsen Singapore.

Mr Allan Chee, 45, finance manager at a local event organiser, relies on the Web for his travel bookings as sites like Asiatravel.com and AsiaRooms.com offer up to 40 per cent discounts on hotel rooms. He also prefers to buy air tickets online to avoid travel agent fees.
Source : Straits Times - 24 Dec 2007

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Boom year for hotels in S’pore

Boom year for hotels in S’pore

By Lim Wei Chean

THE full rooms at the inns, from Geylang to Marina Bay, have been keeping hoteliers very busy - and jolly.
The year has been marked by the setting and breaking of record after record, and the numbers attest to their ‘it has been the best year ever’ chorus.

Strong tourism arrivals saw Singapore welcome its 10 millionth visitor on Saturday. Demand for rooms has been exceptionally high, with average occupancy in the high 80s percentage range throughout the year.

The shortage was so acute that travel agents had to put customers up in outlying areas such as Geylang because they could not get rooms downtown.

Three records have been set for average room rates. The highest, and most recent, was $219 in October.

The numbers for room revenues are even better. Four highs were set, surging above the last peak in 1995. October was an all-time record at $178.4 million.

The hotel industry’s joy is palpable, given the doldrums not so long ago. The robust demand means hoteliers can raise rates without too much worry.

‘Room rates have been undervalued for too long. The increase is way overdue,’ said Ms Stella Gillera, Mandarin Oriental’s director of sales and marketing.

Meanwhile, things could get even better, as the data for last month and this month have yet to be released, said hotel analyst Chee Hok Yean, executive vice-president of Jones Lang LaSalle Hotels.

She expects room rates to head up by another 15 per cent to 20 per cent, and room occupancy to remain between 85 per cent and 90 per cent next year.

Already, Pan Pacific Singapore and Royal Plaza on Scotts are increasing room rates by 20 per cent to 25 per cent, while Orchard Hotel’s are going up by about 10 per cent.

Meanwhile, new hotels are opening. The latest is St Regis Singapore, which welcomed its first guest on Saturday. The luxury hotel is charging $680 a night for its lowest-tiered rooms, and $10,000 a night for its presidential suite.

The opening of St Regis and 10 new hotels - adding some 1,700 rooms next year - should bring some slight relief to the room crunch, said Ms Caroline Leong, the Singapore Tourism Board’s director of travel services and hospitality business.

Given the boom in the sector and with more hotels opening, competition for labour will be tighter. Hotels are keen to ensure staff loyalty, which translates into better pay and perks.

Hotels have yet to announce year-end bonuses, but indications are that it will be a fat cheque for many just before Chinese New Year.

Mandarin Oriental’s Ms Gillera said: ‘Our staff should be very very happy.’
Opening soon
Park Hotel Clarke Quay: 355 rooms

The Crowne Plaza Changi Airport Hotel: 307 rooms

Capella Singapore: 193 rooms

NTUC Palawan Beach Resort: 200 rooms

Movenpick Treasure Resort: 118 rooms

Ascott Singapore@Raffles 152 rooms

Quincy Hotel: 108 rooms

Hotel at Carpenter Street: 42 rooms

Hotel at Jalan Kubor: 70 rooms

Hotel at Chin Swee Road: 133 rooms
Source : Straits Times - 24 Dec 2007

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