Singapore Local company starts professional tour for golfers

Singapore Local company starts professional tour for golfers

By Patwant Singh
SINGAPORE : A local company called “OAAG” has pledged S$200,000 to launch a five-series golf tour, starting next week.

It aims to give golfers more tournament exposure, and by doing this, it wants to help more amateurs turn pro.

Touring golf professionals Mardan Mamat and Lam Chih Bing are two Singaporeans who have made a name for themselves in the world of professional golf.

However, not many locals are following in their footsteps. Observers said that most prefer to be teaching professionals, rather than become touring pros. So when it comes to big events like the recent Barclay’s Singapore Open, Singapore suffers.

Dean Tan, Committee Member, Singapore Professional Golf Association, said: “There are a lot of pros; they don’t have enough tournaments for the tour… (so) now we are doing more… (hoping) that other sponsors can come in and help us so that the local pros get more exposure to play in overseas tournaments in future.”

“Accenture” had recently stopped sponsoring the only local tour, but that is set to change. OAAG, which specialises in a range of golf services, is reviving the much-needed tour. It has come up with a S$200,000 sponsorship and that is just a start.

Nicklaus Dcruz, CEO, OAAG, said: “All of this is with the intention of bringing in additional sponsors, and two things will happen - we can increase the prize money and… we can increase the number of legs.”

Raffles Country Club will host the first tournament, which may last up to 15 legs in a year.

The inaugural “OAAG Golf Tour 2008″ will start on January 7, and it will see 78 golfers, including two amateurs, competing.

Besides a Challenge Trophy, also at stake is S$50,000 in prize money.

Local women golfers too will also have something new to look forward to. The HSBC Women’s Champions is making its debut in February and will hold qualifiers next week.

The winner will be the only Singaporean to play in an LPGA-sanctioned event; she will get to tee-off with some of the best women golfers in the world.

Natalie Gulbis, Professional Golfer, LPGA, said: “This is going to be the first really Asian Major, 72-hole event, (it is) going to be the biggest that Asia has ever seen and what a great place to have it in Singapore.” - CNA/ms
Source : Channel NewsAsia - 05 Jan 2008

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Staking claim in the new S’pore - Singapore

Staking  claim in the new S’pore - Singapore

By Sonia Kolesnikov

SINGAPORE: When the master developer of Sentosa Cove, an exclusive oceanfront residential community here, started selling land to individual builders in 2003, the first plot went for 350 Singapore dollars per square foot. In July, during the most recent land auction for a condominium site, the price was 1,799 dollars a square foot.

“Back in 2003, it was an untested market and the sale came right after SARS,” recalled Nicholas Chua, the business development and marketing manager at Ho Bee Group, which paid the equivalent of $203 a square foot at the time. “The confidence level in the property market wasn’t that great.” Now, Ho Bee owns six development sites there.

The luxury development’s success partly reflects the underlying strength of Singapore’s property market, which is expected to increase by as much as 30 percent this year, estimated Tay Huey Ying, director of research and consultancy at Colliers International real estate in Singapore. It also has benefited from the government’s 48-hour fast-track approval program for foreigners who want to buy homes or land in the development as well as plans to build a resort featuring a casino and Universal Studios theme park nearby.

“The product wasn’t a success at the beginning because it didn’t look interesting to the market, especially after the Dubai Palm and The World were launched in Dubai,” said Ku Swee Yong, director of marketing and business development at Savills Singapore. “It was after mid-2005, when the casino was announced, that buyers become more confident in the Cove’s prospects.”

“Solid marketing has also helped,” Ku said. “Developers will do well to take a leaf from the books of Sentosa Cove. The packaging has been so successful that investors who failed to secure a plot of land there still aspire to live there.

“I hope they will continue to sustain the brand name years after the Sentosa integrated resort has been completed and packed in with tourists,” he said.

In the space of a few years, Sentosa Cove, the only residential development on Sentosa Island, has become one of Southeast Asia’s most exclusive and expensive addresses, with three-bedroom condominiums selling for 5 million dollars and free-standing properties selling for 15 million.

The Cove has been marketed as “the world’s most desirable address” — a poster child for the “new” Singapore, which is trying to reinvent itself. In recent years, the city-state of 4.5 million has polished up its image as a dull place by developing a vibrant nightlife and art scene, announcing plans for two integrated resorts with casinos (including a family resort on Sentosa), and scheduling its first Formula One Grand Prix on Sept. 28.

On the economic front, the country also has become an important financial hub for private banking and hedge fund management, luring hordes of well-heeled bankers that splash out on high-end properties.

Sentosa Cove is divided into two gated communities, covering 117 hectares, or 290 acres, 60 percent of which has been reclaimed from the sea. It has a members-only marina with a few berths for mega yachts and a 320-room W Hotel is being planned.

When completed in 2010, the community of oceanfront, waterway-facing and fairway-flanking properties is to total 2,500 homes, including 400 free-standing structures, and 2,100 condominium units. So far, only around 275 homes have been completed.

At this point, more than half of the Cove’s buyers are foreigners, developers say.

Sentosa Cove was inspired by Port Grimaud, the 40-year-old lagoon development in the south of France designed by the late François Spoerry. “Our vision was to create one of the most desirable oceanfront residential communities,” explained Kemmy Tan, general manager of Sentosa Cove Pte, the project’s master planner and developer. “But we also realized we needed to adapt Port Grimaud’s concept to a tropical setting.”

So far, the company has sold more than 3 billion dollars in land to individual developers; buyers get only 99-year leaseholds on land.

The Cove’s property prices have moved up faster than the rest of Singapore’s because the overall development started from a lower base, Chua said. Units in Ho Bee’s first condominium, The Berth by the Cove, sold for 800 dollars per square foot when they were first offered for sale in 2004. Today, the apartments resell for about 1,800 dollars per square foot.

Meanwhile, a unit at the uncompleted Oceanfront condominium re-sold recently for 2,550 dollars per square foot. The seller initially bought the unit in September 2006 for 1,750 dollars per square foot; the resale produced a profit of more than 2 million dollars.

Since the start in September of sales of its latest condominium, The Turquoise, Ho Bee has sold 40 of the 55 available units, with prices averaging 5.2 million dollars for a three-bedroom condo and 6 million for a four bedroom.

“People have many reasons for buying on Sentosa. Some love the sea and have a boat they can moor there, others buy because they want to be close to two championship golf courses, and it is 15 minutes away from the financial district,” Chua noted.

Jenny Chua, chairwoman of Sentosa Cove Pte, adds that the gated communities offer greater privacy to home buyers. “Obviously this is not a security issue here, but more of a lifestyle decision,” she added.

Attention now is focused on the land tender for The Pinnacle Collection, a planned 20-story condominium structure that will be the tallest building on the island and will offer panoramic vistas of the South China Sea, the Southern Islands and the city skyline. The tender closed Dec. 12 and the result should be announced this month.

“The Pinnacle Collection is the last condominium parcel at Sentosa Cove and can categorically be classified as the best. It is anticipated that this will be the most coveted parcel of all, due to its strategic location at the entrance of the marina leading into Sentosa Cove,” said Li Hiaw Ho, executive director at CBRE Research in Singapore. Li believes that bids for the undeveloped site will exceed 2,000 dollars per square foot.

All of the buildable land on Sentosa Island will be sold by the end of 2008 but would-be home buyers will still have plenty of opportunities. Ho Bee is planning to sell a 150-unit condo, the Seaview, in the second quarter, while Lippo Group will start selling the Marina Collection and City Development will sell apartments in the Quayside Collection.

Also, sometime this year Elevation Developments will sell apartments in the Cove’s only development facing the Sentosa Golf Club’s Tanjong Course. The company is considering hiring the renowned architect Zaha Hadid for the project, which should have 20 units of about 6,000 square feet each, each with its own pool, said Satinder Garcha, chief executive of Elevation Developments. At current market prices, Garcha estimates each will sell for about 9 million dollars to 10 million dollars.

The reputation of the Italian architect Claudio Silvestrin probably has made the 18-villa development on Sandy Island, one of the manmade islands in the Cove, one of the area’s most anticipated projects.

Silvestrin designs Giorgio Armani’s stores; the landscaping will be done by Jamie Durie, an Australian who occasionally appears as a garden consultant on Oprah Winfrey’s show.

The villas will range in size from about 6,500 square feet to 12,000 square feet and each will come with a boat berth and private pool. Genesis-Alliance (YTL Companies) will offer them for sale sometime during the first quarter of the year.
Source : International Herald Tribune - 05 Jan 2008

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Commissions earned by Singapore real estate agencies up sharply in 2007

Commissions earned by Singapore real estate agencies up sharply in 2007

By Yvonne Cheong
SINGAPORE : Commissions earned by real estate agencies have gone up sharply, by as much as 80 percent, according to one agency.

Market watchers said that is not surprising, given the hike in property prices and number of transactions.

As a result, the industry is also attracting more agents.

Three days into the new year and real estate agency Propnex is already training 200 agents who have entered its fold. About half are new to the industry, but some are returnees.

Industry players said the renewed interest is not surprising. Some real estate agents have seen their income double in the last year.

At Propnex, about 100 agents earned more than S$200,000 each in commission.

Jenny Lee, real estate agent, Propnex, said: “Last year was one of the best years that I had in my nine years in this industry. Generally, all my clients whom I met along the way for the past 12 months, they are in fact very different from those many years ago.

“They are more informed, updated and intelligent. That’s why it actually makes selling and buying easier and faster compared to many years ago.”

More sophisticated clients are one reason why Propnex believes in training its people at an intensive weekend bootcamp.

Agents said last year was a good year because prices rose to healthy levels. Sellers stand to profit, and buyers believe there is further upside.

For HDB resale flats, more are willing to pay cash above valuation for good units.

Terence Low, real estate agent, Propnex, said: “Nowadays, if it’s HDB properties near to the MRT station or major amenities, people could be asking as high as S$50,000 or S$60,000 on average.

“Of course, we’re seeing people asking for S$120,000 above valuation; for the buyers to come along to pay this price, I think we have to really wait for somebody cash rich.”

However, as another agent would testify, that wait may be much shorter than expected.

Ms Lee said: “One of the deals that I closed in the month of October… it was a 28-year-old HDB jumbo (flat) in Ang Mo Kio, and the price that I transacted was actually S$140,000 above valuation.

“It was closed within 30 minutes during my open house. And these are actually HDB dwellers who want to upgrade. They want the space, but they don’t want to pay so much for a condo.”

A jumbo flat refers to two adjoining three-room flats converted into a single unit.

Over at another leading real estate agency, ERA, commissions as a whole more than doubled in 2007. - CNA/ms

Source : Channel NewsAsia - 05 Jan 2008

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Singapore Simei Street residential site attracts top bid of S$236m

Singapore Simei Street residential site attracts top bid of S$236m

By Loh Kim Chin

SINGAPORE : United Overseas Land and its partner Peak Century have put in the top bid of S$236 million for a residential site at Simei Street 4.

The price works out to about S$296 per square foot per plot ratio.

The Urban Redevelopment Authority tender attracted three bids.

The second highest bid of some S$231 million came from Frasers Centrepoint Properties.

NTUC’s Choicehomes trailed in at third place with its offer of S$188 million.

Consultant CB Richard Ellis estimates the future condominium project to be built on the site will have a breakeven price of about S$650 per square foot.

It expects the units to sell at between S$700 and S$750 per square foot.

Units in nearby projects, The Modena and Tropical Springs, are selling at between S$550 and S$650 per square foot in the resale market.

Another consultant Knight Frank expects the site to yield about 650 units. - CNA/ms

Source : Channel NewsAsia - 05 Jan 2008

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Economists talk down possibility of technical recession in S’pore

Economists talk down possibility of technical recession in S’pore

By Rachel Kelly
SINGAPORE: Private sector economists are taking a positive stance on the Singapore economy.

With GDP numbers for the fourth quarter of 2007 showing a contraction from the previous three months, yet another such dip would mean a technical recession.

This would happen if growth numbers for the first quarter of this year show a decline from the previous three months.

But economists polled by Channel NewsAsia prefer to talk about a rebound instead.

The construction sector more than pulled its weight in the fourth quarter, helping to compensate for sluggish numbers from manufacturing.

While data from pharmaceuticals and electronics was disappointing, analysts said that they expect to see an uptick for the current three months.

UOB economist, Ho Woei Chen, said: “I think that going forward, there is scope for an upturn in the manufacturing sector, growth in the first half of 2008. We see some support coming from transport engineering as well as the biomedical sector.

“The pharmaceutical output has been rather weak in October and November. As a result, there’s scope for an upturn in the first half of this year. For the electronics, it is more sensitive to the global business cycle and as a result it is more vulnerable. Despite that, after a year or so of weak growth…..the base is low enough for some recovery.”

He went on to say: “People are talking about the possibility of a technical recession, which is two consecutive quarter-on-quarter declines in growth in the GDP. I think that we shouldn’t be too worried on that at the moment. There’s job growth, fantastic job growth in the last two or three years. I don’t see any concern about a slowdown in the coming quarters, especially since we have 17
quarter-on-quarter expansion, before the contraction in the 4th quarter.”

Standard Chartered economist, Alvin Liew, said: “Right now, we are not looking at a contraction in the first quarter of this year….But the risk is, obviously, we are looking at developments (like)… slower external markets as well as the sub-prime issue has not yet been fully unravelled and it could make a turn for the worse. If that happens, a technical recession is not out of the question.”

High oil prices and a weak dollar are other factors posing a downside risk.

Overall, Singapore’s economic growth is forecast to moderate this year to between 4.5% and 6.5%, after the 7.5% expansion in 2007. - CNA/ir
Source : Channel NewsAsia - 05 Jan 2008

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Singapore SIA first flight in and out of Changi Airport Terminal 3

Singapore SIA first flight in and out of Changi Airport Terminal 3

By Wong Mun Wai
SINGAPORE: Singapore Airlines will be the first carrier to operate from Changi Airport Terminal 3 when it opens for operations next Wednesday.

Operations will start close to noon, with SQ 001 being the first flight scheduled to arrive at the new terminal at about 11.50am.

SQ 318, bound for London, will be the first flight to depart from Terminal 3 at 12.50pm. Terminal 3 check-in counters will be operational from 9am.

With effect from 9 January, SIA will operate from both Terminals 2 and 3.

With the expansion of services, customers departing from Changi Airport will check in at Terminal 2 or 3 for their flights, depending on their destination.

Flights may arrive at either Terminal 2 or 3, and information on the arrival terminal will be available at least two hours before the estimated arrival time.

Since flights may arrive at either terminal, it will be ‘quite inconvenient’ for those meeting arriving passengers, said SIA passenger Justine Lee.

Another SIA passenger, Horikoshi Kenji, said: “We cannot know which terminal we should go (to). Also, Terminal 2 and Terminal 3 are very far apart. So it should be very inconvenient.”

Travel company Sino-America Corporation agrees. It says that with extra checks involved, it is more inconvenient for those who are picking up their family members.

But it adds that passengers usually worry more about their departure terminal than the arrival terminal.

SIA says the information on which terminal its flights will arrive at will depend on the parking lots available.

It says it is implementing the new arrangement because of the physical constraints of operating from two terminals.

The carrier says it is not efficient to fix the arrival terminal for the planes because it can result in the towing of planes between Terminals 2 and 3. - CNA/938LIVE.
Source : Channel NewsAsia - 05 Jan 2008

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