All may gain if Goodman bags Singapore JTC Reit

All may gain if Goodman bags Singapore JTC Reit

By KALPANA RASHIWALA
AUSTRALIA’S Goodman group is reportedly expected to clinch the job of being the manager of a proposed real estate investment trust that will hold about S$1.6 billion of industrial properties to be divested by JTC Corp. No official announcements have been made so far.

If JTC picks Goodman to manage the new Reit, it should help smoothen negotiations on the price Goodman will receive for selling its 40% stake in A-Reit’s manager.

Market watchers expect Goodman to exit an existing business in Singapore - its 40 per cent stake in Ascendas-MGM Funds Management, the manager of Ascendas Real Estate Investment Trust (A-Reit). JTC’s subsidiary Ascendas holds the remaining 60 per cent.

Some industry players suggest that giving up its stake in the A-Reit manager was probably a condition JTC laid down for Goodman if it wants to manage the new Reit.

That makes sense. For one, it removes conflict of interest. Goodman can’t be having an interest in two Singapore industrial Reit managers who may compete for the same assets and tenants.

For Goodman, instead of having to divide its energies between managing two Reits in Singapore, it may be better to focus on just one Reit.

Another compelling reason for it to choose to manage JTC’s impending Reit and give up its stake in A-Reit’s manager is that Goodman can have full control of the JTC Reit manager, unlike A-Reit, whose Reit management company it controls jointly with JTC subsidiary Ascendas.

JTC may still keep a stake in the impending Reit - perhaps to assuage concerns of some of its tenants that the statutory board’s properties divestment will be accompanied by an increase in their occupation costs. But Goodman will clearly be in the driver’s seat for this new Reit.

Market watchers also expect Goodman to be a sponsor for the new trust, holding a stake of at least 20-30 per cent, in addition to having full ownership of the Reit manager.

That gives Goodman leeway to expand the new Reit as it deems best. The new Reit can ride on the Goodman group’s substantial clout - the group owns, develops and manages industrial and business space globally and has total assets of A$37 billion (S$46.5 billion) with over 700 properties under management. In Asia too, Goodman has a substantial presence in China, Hong Kong and Japan.

Goodman’s new Singapore Reit will be able to mine Goodman’s huge customer base for tenants for its existing and future properties as they expand across Asia. Goodman could also open the door for the Reit to acquire assets in the region.

These are some of the reasons why it makes sense for Goodman to choose sole control of the new Reit manager over continuing joint control of the A-Reit manager.

Its partner in the A-Reit manager, Ascendas, too may feel freer to grow the trust after Goodman leaves.

Since its listing on the Singapore Exchange in November 2002, A-Reit has focused exclusively on Singapore. No doubt its asset size has grown impressively - from an initial portfolio of eight properties worth S$607 million at the time of listing to 78 properties totalling S$3.3 billion as at Sept 30, 2007. But eventually, relying exclusively on the home market limits A-Reit’s expansion prospects.

Industry insiders say that A-Reit has never expanded overseas because of an understanding between Ascendas and Macquarie-Goodman (Macquarie and Goodman parted ways about 18 months ago although a name change to just ‘Goodman’ was effected only last year) that A-Reit will not venture overseas, where both Goodman and, at the time, Macquarie, have considerable interests. In a nutshell, it was to avoid conflict among the three parties overseas. Ascendas may have agreed to such conditions because back then, it needed to ride on Macquarie-Goodman’s brand name in industrial property funds management. Don’t forget, back in late 2002 when A-Reit was floated, Reits were still relatively novel here.

But five years on, Ascendas has gained considerable property fund management expertise, not only managing A-Reit but setting up property funds holding Indian properties, including the Ascendas India Trust (a-i Trust) which was last year floated as Singapore’s first listed Indian property trust.

Overseas markets

Ascendas also has significant presence in China and South Korea and is fast expanding in Vietnam. Ascendas may well decide to float separate Reits holding assets in various respective overseas markets. Or it may decide to park assets in some overseas markets in A-Reit. This will be an internal strategy Ascendas will have to sort out. But at least A-Reit will no longer be fettered from overseas expansion.

So if Goodman and Ascendas decide to part ways in the A-Reit manager, that may be a good thing, for both parties, as well as for A-Reit itself.

In July last year, JTC said it had shortlisted seven candidates to manage the Reit that will hold assets to be divested by the stat board. JTC is understood to have narrowed down on the final few candidates based partly on their track records and of these, Goodman probably offered the highest value for the assets that JTC will sell to the Reit.

If JTC does eventually pick Goodman to manage the new Reit, it should help smoothen ongoing negotiations on the price Goodman will receive for selling its 40 per cent stake in A-Reit’s manager.

Source : Business Times  - 07 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Singapore front runner to host Youth Olympics

Singapore front runner to host Youth Olympics

Bangkok is not a viable candidate, says IOC member

(PARIS) Singapore should prevail in the race to win the right to host the 2010 Youth Olympics, the dreamchild of International Olympic Committee (IOC) president Jacques Rogge, claimed a senior IOC member on Saturday.
He told AFP that while Bangkok could be eliminated as a viable candidate, Singapore fitted the bill as host because it is probably not capable of hosting senior Olympic Games - an option which Mr Rogge himself said he preferred.

On that basis, that should rule out Athens, Moscow and Turin, all of whom have hosted Olympic Games in the past.

‘Singapore would appear to fit the bill,’ the IOC member said.

‘It is highly efficient and capable of delivering a great Youth Games.

‘Moscow actually put on a Youth Olympics a few years ago which was a stunning success thanks to the mayor Yuri Luzhkov, who is sharp and highly intelligent.’

However, the IOC member said that Moscow could suffer a backlash following the Black Sea resort of Sochi’s successful bid for the 2014 Winter Games, where they sensationally edged the Korean candidate of Pyeongchang.

‘There is some ill feeling towards its bid because there are several people associated with Sochi’s candidacy, who have come on board.

‘There is a certain groundswell of bad sentiment against them because several members were promised by them certain things, and I am not talking about money here or anything of a dubious nature, which have not been delivered.

‘One very high profile IOC member was seething when he saw them turn up at Lausanne to lobby for Moscow and used rather colourful language, which I am sure will not result in a vote for Moscow!’

The IOC will vote by mail with the result announced sometime in March for a Games - for 14-18 year old’s - that is seen to be Mr Rogge’s legacy to the Olympic movement and which he gained approval for at the IOC Session in Guatemala City last July. — AFP

Source : Business Times  - 07 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Uphill trek ahead as Singapore building costs keep rising

Uphill trek ahead as Singapore building costs keep rising

Study suggests strain on resources, no let-up this year
By ARTHUR SIM

(SINGAPORE) The construction boom here is stretching resources, as costs of building materials look set to keep climbing through 2008.
Already, building costs are almost on par with Hong Kong, double that of Beijing, and just 30 per cent below New York.

And according to a report by construction cost consultancy Rider Levett Bucknall (RLB), Singapore prices jumped 12 percentage points to 15 per cent in 2007.

RLB sees the global tender price index (TPI) going up a further 15 per cent this year.

RLB managing partner Winston Hauw said: ‘It will be a very challenging year for the construction market in 2008, given the high demand on construction resources from existing and new development commitments this year.’
‘It will be a very challenging year for the construction market, given the high demand on construction resources from existing and new development commitments this year.’

RLB’s international tender price matrix is based on the pricing of standard commercial and residential building models for the various cities.

For Hong Kong, Beijing and London, the TPI rose by one percentage point, while in New York and Dubai, it fell 4.5 and 5 percentage points in 2007 respectively.

In its analysis of building costs worldwide - which is based on similar construction-related costs - Singapore ranks below these cities, except for Beijing.

Building costs for premium office buildings in London and New York start at $5,916 and $2,857 per square metre respectively. In Asia, the costs for premium office buildings in Dubai, Hong Kong and Singapore start at $2,810, $2,368 and $2,150 psm respectively.

While some factors contributing to building costs are universal, Mr Hauw said construction demand in Singapore has doubled from about $11 billion two years ago, putting a strain not just on material costs, but on labour, equipment and management staff costs as well.

Although the building costs in Singapore are just a fraction below Hong Kong’s, rental returns for landlords are higher.

According to the latest data by DTZ Debenham Tie Leung, Grade A office base rents in Hong Kong are $20.67 psf per month, compared to $12.15 psf per month here.

In both cities, vacancy for Grade A office space is 2.8-2.9 per cent.

DTZ executive director Ong Choon Fah said building costs and rental returns alone do not determine the investment potential of a city. ‘It also has to do with how these investors choose to allocate their funds,’ Ms Ong said. And with regard to Hong Kong, she added: ‘It is still very much a China play.’

In a recent report by CB Richard Ellis (CBRE), estimated initial yields (gross) for the prime office sector in Beijing, Hong Kong and Singapore were 7-9 per cent, 4.5 per cent and 4.3 per cent respectively.

For the luxury residential sector, yields were 6-8 per cent, 3.5 per cent and 2.6 per cent respectively.

CBRE executive director for research Li Hiaw Ho said building costs may have some impact when calculating overall yields, but he believes this is minimal.

Instead, in Singapore, as well as Hong Kong, land costs are a much bigger factor. He also noted that while Singapore’s land costs are high, Hong Kong’s are higher.

On the lower yields here, Mr Li said: ‘Lower yields can also mean that there are lower risks appttached to investing here.’

Knight Frank director of research and consultancy Nicholas Mak believes that for potential developers, building cost ranks below land cost, financing cost, and investor rate of return.

‘When advising clients during the feasibility study stage, we find they are more concerned with pinning down land costs,’ he said.

With respect to building costs, Mr Mak said: ‘In a buoyant market, developers are more likely to pass on higher building costs to the buyer, while in a quiet market, the developers may have to absorb this.’
Source : Straits Times  - 07 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Straits Trading Co wooed with cash offer - Singapore

Straits Trading Co wooed with cash offer - Singapore

Firm controlled by Tan Chin Tuan’s family values old favourite at $1.86 billion
By MATTHEW PHAN

(SINGAPORE) After having slipped off the radar screen for years, one of Singapore’s oldest companies is back in the news with a suitor declaring firm interest in it.
The Cairns, a privately-held investment firm controlled by family members of the late Tan Chin Tuan, has made a conditional cash offer for the Straits Trading Company that values it at nearly $1.86 billion, some 15 per cent higher than its market value based on last Friday’s closing price.

Straits Trading is itself a longstanding part of Singapore’s corporate scene. Founded as a partnership in tin smelting by European entrepreneurs in 1887, its assets today span hotels, properties and the metals and mining sector.

Its majority-owned subsidiary, the Kuala Lumpur- listed Malaysia Smelting Corporation, is one of the world’s leading integrated tin producers.

The Cairns - part of a larger set of investment firms founded by the late Mr Tan and known as the Tecity Group - is offering $5.70 per share for all the issued ordinary shares of Straits Trading.

The offer is conditional on its receiving valid acceptances in such number of shares as to give it a more than 50 per cent stake in the target.

Tecity already owns or controls some 22.46 per cent of Straits Trading, or over 73.2 million shares.

In fact, it has been steadily accumulating shares over the last year.

In the last three months, it has purchased in multiple transactions some 4.1 million shares in Straits Trading, at prices ranging from about $4.60 to $5.10.

Purchases made by Tecity in the last 10 months have contributed significantly to both volume and the increased price of the shares today, it said.

Tecity’s purchases have accounted for some 50.1 per cent of trading in the shares since March 1 last year, it added. On that day, Straits Trading’s share price closed at $4.18.

The announcement also noted that Straits Trading shares have seen very low liquidity in the last 20 years and that the offer price is the highest in that time.

According to Bloomberg, no research analysts presently cover Straits Trading.

Companies in the Tecity Group have been shareholders in Straits Trading since the 1950s, the announcement also said.

‘Given these historical ties, the Tecity Group wishes to increase its shareholding interest,’ it said.

The buyer does not intend to change the management team, and in the event that it obtains control, ‘would wish to participate with the board and management of the company in undertaking a strategic and operational review of the group’s businesses’, it said.

The offer is an opportunity for Tecity to enlarge its stake in Straits Trading ‘as part of its strategic investments in well-run companies’, it said.

Straits Trading earned over $300 million in net profits for the nine months ended September 2007, on revenues of $727 million.

Net profits more than tripled over the corresponding period last year, helped mainly by fair value surpluses amounting to over $220 million in the second quarter, due to revaluation of properties in Malaysia.

For the third quarter of 2007, earnings were a more modest $9.8 million, on revenues of nearly $270 million.

If The Cairns receives valid acceptances amounting to 90 per cent or more of Straits Trading, it may exercise the right to compulsorily acquire the remaining shares and delist the company, it said.

However, ‘it is the present intention of the offeror (The Cairns) to maintain the listing status’ of Straits Trading, though it will reassess this position based on the number of shares held, according to the announcement.

Standard Chartered Bank, which is a principal banker to Straits Trading, is advising The Cairns on the transaction.
Source : Straits Times  - 07 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Singapore Several MRT station ‘hot spots’ likely in the future

Singapore Several MRT station ‘hot spots’ likely in the future

Interest in these areas rises as Govt readies review of land use masterplan

By Joyce Teo, Property Correspondent

A MAJOR review of the town plan governing the development of land across Singapore is due this year - and keen interest centres on the use of land near MRT stations.
Property analysts have identified several MRT station ‘hot spots’, but they are playing down the possibility that the Government may allow more intensive development in these areas for now.

The five-yearly review of Singapore’s Master Plan, due around the middle of this year, will examine plot ratios - the level of intensity of development on a given site.

MRT stations hold interest for planners and industry watchers for the obvious reason that vast numbers of people use them every day. A new Jones Lang LaSalle report on higher plot ratios near Circle Line stations picked Paya Lebar, Buona Vista, Telok Blangah and Harbourfront as new hot spots.

The Master Plan shows the permissible land use and density for every parcel of land in Singapore. Property analysts say over time, plot ratios will have to increase in selected areas to cater to a growing population. What is uncertain is the timing.

For the purpose of planning land use and transportation in the next 40 to 50 years, the Government is using a projected population of 6.5 million, as opposed to the current population of 4.5 million.

Maximising the use of land around MRT stations is an obvious choice.

‘You can then minimise car usage, and the masses get the best accessibility,’ said Dr Chua Yang Liang, the head of research for South-east Asia at Jones Lang LaSalle. ‘From the planning perspective, it is about maximising your investment dollars and social benefits.’

‘Yes, the plot ratios may rise, but people should not count too much on that,’ said Knight Frank director of research and consultancy Nicholas Mak. ‘I don’t think the Government will be creating a lot of windfalls for private property owners, as there is no compelling reason to do so.’

Besides, some of the areas along the Circle line are fairly built-up, he said.

National Development Minister Mah Bow Tan said in June there was no need for an across-the-board change in plot ratios, as the land available today would be sufficient to meet needs over the next 10 to 15 years.

That, however, has not deterred some property owners from dreaming of a windfall.

Some recalled that certain sites above or near key MRT stations had their plot ratios raised after plans for the North-

East Line (NEL) were finalised more than 10 years ago. A prime example was the land around the Dhoby Ghaut MRT station, when it was also made the NEL interchange.

There is no need for significant increases in plot ratios along the Circle Line in the upcoming Master Plan because the line will not be ready until 2012, said Mr Ku Swee Yong, the director of marketing and business development at Savills Singapore.

Generally, the areas likely to see a significant revision in development density will be vacant state land around the Circle Line stations. Paya Lebar certainly has some. It is slated to be a regional commercial centre, so it is possible that the Government will allow a higher land density around the station, said Mr Ku.

It may happen at the Buona Vista stations, he said, as the area is a biotech hub.

Places such as Bishan and Dhoby Ghaut have been ruled out because there is little empty state land there. Also, plot ratios in Dhoby Ghaut are already very high, said Dr Chua.

‘So you can’t raise them further. Otherwise, you will upset the urban streetscape.’

Source : Straits Times  - 07 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

New-look Singapore STI to be launched on Thursday

New-look Singapore STI to be launched on Thursday

30-strong indicator set for smooth transition and will still be benchmark

By Lee Su Shyan, Assistant Money Editor
ON THURSDAY, the slimmed-down Straits Times Index (STI) - the benchmark used by investors worldwide to follow the mood of the Singapore market - will make its debut.
The revamped version will comprise 30 blue-chip stocks instead of the current 47.

That same day, another 18 new indexes called the FTSE ST indexes will also go live.

Singapore Press Holdings, the Singapore Exchange and Britain’s FTSE Group are spearheading this revamp.

They say the revamp will help the STI ‘better reflect the performance of various sectors of the Singapore stock market and meet the needs of both retail and institutional investors globally’.

The new STI will see 21 companies departing and four companies joining.

Those joining are aircraft maintenance firm SIA Engineering, Wilmar International, Yangzijiang Shipbuilding Holdings and Yanlord Land Group.

Palm oil giant Wilmar International, which went public after a reverse takeover in 2006, has seen its fortunes soar since it went public a little over a year ago.

The Chinese company Yangzijiang Shipbuilding was Singapore’s largest IPO last year.

Yanlord Land is a high-end property developer that focuses on the Shanghai area.

Of the 21 stocks leaving the STI, 16 will head to the 50-member FTSE ST Mid Cap Index. The 16 include ComfortDelGro, Venture Corp, SingPost and Parkway Holdings

While the STI is expected to remain the most widely- tracked benchmark, the FTSE ST Mid Cap Index is also expected to be popular. It will track the 50 next largest mainboard-listed companies by full market capitalisation.

Another closely-watched index is likely to be the FTSE ST China Index, comprising 50 China plays.

The FTSE ST Small Cap Index covers 193 companies. Three companies from the old STI - Creative Technology, Datacraft Asia and Jurong Technologies Industrial Corp - will join their ranks.

Of the 21 firms leaving the STI, two companies - Jardine Matheson and Total Access Communication - will not feature in either the FTSE ST Mid Cap or the FTSE ST Small Cap indexes.

The mmanaging director of boutique corporate finance house NRA Capital, Mr Kevin Scully, noted about the revamped STI: ‘The index is more robust and caters well to the institutional investor.’

More investment products are likely to be issued on the STI if the demand exists and liquidity improves, as is expected to be the case, said Mr Ooi Lid Seng, Societe Generale’s vice-president of structured products for Asia, excluding Japan.

‘We will be exploring the issuing of new products,’ he said.

A test version of the new STI has been running on the FTSE Group’s website since Oct 8. It began with a trial value of 1,000 points but, once the new STI takes effect on Thursday, the opening value will be the closing value of the current STI on Wednesday.

For historical analysis, there will also be a re-created history of the STI going back to Aug 31, 1999. This will be available on Friday.

For the 18 new indexes, their trial values have also been calculated since Oct 8, starting at 1,000. Their opening values on Thursday will be the same as their closing trial values on the previous day.

Industry players expect a fuss-free transition.

‘This has been planned for since last year and the index calculations have already been running for a couple of months, so it would really be surprising not to see a smooth changeover,’ said Mr T.K. Yap, the executive director of OCBC Securities.

Pointing to the level of interest in STI warrants, which account for about 15 per cent of total warrant turnover on the Singapore market, he said this showed that investors are interested in trading the STI.

He added: ‘The market needs more ways to trade the STI.’

Mr Yap hopes that active listed derivatives such as options and futures will be introduced in the future.
New entries
MAKEOVER: The new STI will see 21 companies departing and four companies, which include SIA Engineering and Yanlord Land Group, joining.

SIA Engineering: Aircraft maintenance firm with a market value of about $4.8 billion as at Dec 31.
Wilmar International: Palm oil giant run by chief executive Kuok Khoon Hong - the nephew of ’sugar king’ Robert Kuok. As at Dec 31, the company was worth $34.4 billion. Its market capitalisation is currently second only to that of SingTel’s.

Yangzijiang Shipbuilding Holdings: This was the largest initial public offering on the Singapore Exchange last year. The Chinese shipbuilder now has a market value of about $6.6 billion, after its shares more than doubled in value after the listing in April.

Yanlord Land Group: The high-end Chinese property developer focuses on the Shanghai district.

It has a market value of about $6 billion

Source : Straits Times  - 07 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Singapore NTUC Eldercare to open 5th centre in Punggol

Singapore NTUC Eldercare to open 5th centre in Punggol

New day-care facility to open this year; target is to have 10 centres

By Jeremy Au Yong

THE labour movement is half the way to achieving its target of 10 day-care centres for the elderly, after it announced the setting up of its fifth yesterday.

The newest centre will be built in Punggol, and will complement the four already run by NTUC Eldercare in Marsiling, Taman Jurong, Jurong Central and Pasir Ris.

It is due to open its doors in the second half of the year.

NTUC Eldercare Cooperative chairman Lim Boon Heng gave this update to reporters yesterday, at the launch of a multi-purpose card for union members.

He said the labour movement hopes to make the centres - which now depend on donations - self-sustaining in the future.

‘I think it is going to take us many years before we will reach a stage where the income from the fees that we receive will be adequate to cover running costs,’ said Mr Lim, who is also a minister in the Prime Minister’s Office.

Key to reaching that point, said Eldercare senior manager Lim Sia Hoe, is ‘critical mass’, hence the target of opening 10 centres.

But no deadline has been set for achieving it, she added.

So far, the cooperative has taken 11 years from the opening of the first centre in 1997 to reach the midway mark.

Each centre costs between $250,000 and $500,000 to set up, not including the running costs.

It costs Eldercare about $500 a month to care for each of the 120 people at the four centres, although most of them are charged only around $300.

Earlier in the day, the Eldercare Trust Fund received a cash injection from an OCBC Bank donation of $250,000. The sum is part of a commitment by OCBC to donate a percentage of the amount spent by users of the NTUC-OCBC credit card each year.

Mr Lim and labour chief Lim Swee Say witnessed the cheque presentation at Ang Mo Kio Hub.

The money will likely be used to pay for the setting up of the Punggol centre, as well as to defray the daily operating costs of the other centres.

Together with the donation, a new NTUC-linked card was launched at the event.

Called the NTUC Plus Card, it combines an OCBC credit card and ATM card, an NTUC membership card, an ez-link card and a LinkPoints rewards card into one.
Source : Straits Times  - 07 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

What price ‘posh’ public housing? Homing in on the issue -Singapore

What price ‘posh’ public housing? Homing in on the issue -Singapore

The latest public housing comes at a premium, but YouthInk writers wonder if the cost is worth it

Going beyond the basics

THE humble, historical background of the Housing and Development Board (HDB) differs significantly from the new and niche flats of the Design, Build and Sell Scheme (DBSS).

Some would argue that the latter goes against the original principles of public housing - that is, they must be affordable to all.

Yet these ‘original principles’ must be understood in the context in which they were formulated. A crisis of housing shortages in the 1960s left the Government with little choice.

Since then, public housing has evolved with new schemes and upgrading programmes which go beyond the bare basics. This is an inevitable reflection of a small nation’s social and economic progress. The DBSS flats are no exception.

The historical role of HDB - to provide cheap and simple housing - must be adequately met at all times. But beyond that, let market forces decide.
Koo Zhi Xuan, 21, is a first-year law student at the National University of Singapore (NUS)
It’s the people, not the space

FOR the average working individual in Singapore, a palatial bungalow is hardly a realistic investment.

The majority of our population lives in subsidised housing - arrangements which come with an extensive list of rules. The best consolation is that these restrictions at least come with an increasing structural attractiveness of HDB flats.

But it is a shame when practical functions of a residential community are compromised for new designs. Minimalist rain shelters do little to shield residents from torrential downpours native to Singapore.

Roof-top gardens intended for additional aesthetic value become every resident’s nightmare when perpetual neglect turns them into potential mosquito-breeding grounds.

The price premium undoubtedly comes with a degree of exclusivity. But it is possible to attain unique housing accommodation sans the hefty price tag for superficial exteriors.

In many other cities such as Hong Kong or New York, space is equally scarce, and clustered living is a must. But living in a shoebox is not impossible with a few great interior design ideas.

In the end, it’s the people you live with that make a house your home.
Alicia Ng, 23, is a final-year accountancy student at the Singapore Management University
Do in-depth demand studies

LATELY, the HDB demand-supply imbalance has frustrated some families, and young couples attempting to secure their desired flats.

But there is no short-term solution. The HDB needs to avoid a supply glut - the property plateau in 1997 saw long queues vanish after thousands of flats were built.

Still, there is room for improvement.

I live in Jurong West and my block, six years old, is only half-filled.

Potential buyers, apparently, are deterred by the area’s proximity to industrial estates and lack of vibrancy. Judging by the number of flats currently vacant, these conclusions were not derived prior to construction.

Conducting in-depth studies and surveys on demand patterns now could help prevent such a supply-demand mismatch in future.
Berton Lim, 20, has a place to read business administration at NUS
An attractive option

IN AUSTRALIA, the silent stigma attached to public subsidised housing is very apparent. No one will live in public housing if he can help it.

In contrast, Singapore’s public housing is much sought after. High-quality apartments at affordable rates allow most Singaporeans to be home owners.

Given the high aspirations of young Singaporeans, the HDB’s varied housing choices have become a hit with the younger generation.

The board is still relevant, long after its initial mandate to produce basic units which everyone can afford.

In fact, buyers do not get factory churnouts, because the DBSS allows Singaporeans to personalise their apartments.

And it is this pricier alternative which makes HDB flats an attractive option to

a wider spectrum of discerning home buyers.

Ultimately, being able to own an apartment beats renting one. Yet true to Singaporean culture, very rarely does something come ‘cheap and good’.
Tabitha Mok, 21, is a fourth-year medical student at the University of Western Australia

Source : Straits Times  - 07 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Singapore Terminal 3 will boost Singapore’s aviation hub status: analysts

Singapore Terminal 3 will boost Singapore’s aviation hub status: analysts
SINGAPORE : Singapore will Wednesday open an ultra-modern new airport terminal that industry analysts say will reinforce the city-state’s position as a regional aviation hub.

Terminal 3, which boasts a five-storey vertical garden with waterfalls, will receive its first passengers just months after a new terminal opened in Hong Kong and more than a year after Bangkok’s new airport began operating.

Aviation industry competition is intensifying in a region where airline passenger growth is projected to increase faster than the global average.

Analysts say the new terminal will boost the appeal of Singapore’s Changi Airport - particularly compared with its key challenger in Bangkok, which has been plagued with problems since opening in 2006.

“It will push Singapore further ahead of its rivals,” said Shukor Yusof, of Standard and Poor’s Equity Research.

Built at a cost of S$1.75 billion (US$1.22 billion), Terminal 3 offers 380,000 square metres (4.1 million square feet) of space in a seven-storey building.

It can handle 22 million passengers a year, bringing Changi’s total capacity to about 70 million, airport operator the Civil Aviation Authority of Singapore said.

Terminal 3 will add 28 aerobridge gates to Changi, with up to eight designed to handle the world’s biggest passenger plane, the superjumbo Airbus A380.

Singapore Airlines (SIA) in October became the world’s first airline to fly the double-decker A380 and will be the first to operate from Terminal 3.

The airline’s senior vice president of product and services, Yap Kim Wah, called Terminal 3 “another jewel in the crown for Changi as it cements its position as a leading international hub” - an assessment analysts agreed with.

The new facility “definitely reinforces Singapore’s position,” said Jim Eckes, managing director of Hong Kong-based aviation consulting firm Indoswiss Aviation.

With shiny granite floor tiles and carpeted lounges, the terminal has the ambience of a five-star hotel. Trees and plants dot the terminal, and the vertical garden, a wall covered with climbing plants and interspersed with waterfalls, provides a dramatic backdrop to the baggage claim area.

One bank executive, sipping wine with dozens of other guests invited for the first A380’s arrival, said the terminal “will surely give Singapore an edge.”

It is more than twice as large as the 140,000-square-metre second terminal which opened last June at Hong Kong International Airport.

Since opening a decade ago Hong Kong’s airport has seen rapid passenger growth, reaching 44.4 million in 2006, ahead of Changi’s record 35.03 million that year.

Analysts say Hong Kong is not a direct competitor to Changi because as well as being an international hub it is the gateway to China’s booming aviation market.

The International Air Transport Association says Asia Pacific passenger traffic will grow 5.9 percent annually between 2007 and 2011, faster than the 5.1 percent global average, and both Hong Kong and Singapore built their new terminals to tap the increasing demand.

“When Singapore builds something, they don’t do it for now, they do it for five, 10 years ahead,” Yusof said.

Peter Harbison, executive chairman of the Sydney-based Centre for Asia Pacific Aviation consultancy, said “the whole concept of always building ahead of demand is why Singapore has kept its leadership in the region.”

In September 2006 Thailand opened its new US$3 billion Suvarnabhumi Airport with an initial capacity of 45 million passengers per year in a bid to establish Bangkok as the region’s aviation hub.

But the airport has suffered from overcrowding and cracks in the runways as well as complaints about safety and sanitation.

“Suvarnabhumi is certainly a terrible terminal,” Eckes said.

It opened at roughly the same time Singapore’s Changi completed a S$240 million upgrade of its second terminal and shortly after it opened a separate terminal for budget airlines.

Tom Ballantyne, chief correspondent for the industry publication Orient Aviation, said Singapore “is continuously improving Changi” and Terminal 3 fits the pattern.

“It’s a mark of what Singapore has always done to stay ahead of the game,” he said.

Source : Channel NewsAsia  - 06 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Singapore Young PAP launches new recruitment tagline to broaden outreach

Singapore Young PAP launches new recruitment tagline to broaden outreach
SINGAPORE : “Your Place, Your Part, Your Party” is the latest tagline of Young PAP, the youth wing of Singapore’s ruling People’s Action Party.

It is a refelction of how the party is evolving into a more dynamic and inclusive organisation, with more innovative means to engage citizens, including new citizens.

Catherine Yap and Uma Maheswaran are learning more about the work of the Young PAP over different periods.

Yap’s experiences during the Meet-the-People Sessions have strengthened her resolve to be more self-sufficient and independent.

“When the needy come to ask and seek help in getting financial assistance, I’ll listen to their story and help them write the letter,” said Yap, a Young PAP member.

Uma Maheswaran become a citizen last October and he is happy with the politics in Singapore, unlike in India where he has lost count of the number of parties there.

“I see politics in a very different way in Singapore. It is politics for the country, for the sake of the people, (and this) is something I like. Rules and regulations go by the books,” said Maheswaran.

Launching the new tagline and celebrating Yong PAP’s 22nd anniversary, its chairman, Dr Vivian Balakrishnan, said the party has been actively recruiting at the branch level.

It is also focusing on people who are not ready to be involved in branch work but want to get to know the party better.

Dr Balakrishnan reminded members that the PAP stands for hope and growth for all Singaporeans.

“We need to make sure young Singaporeans, regardless whether they are ready for party politics, to be interested and sensitive to the political realities confronting Singapore. From there on, they will make their choice, either to join parties or don’t, and during elections, to vote for which parties,” said Dr Balakrishnan, Chairman of Young PAP. He is also the Minister for Community Development, Youth and Sports.

“We want to emphasise that politics is for real. It makes a difference and we are all ultimately dependant on the political decisions that are made because they determine the direction of a country,” he added.

And speaking about the future, Dr Balakrishnan was not yet ready to reveal who his successor in Young PAP might be.

“One of my priorities is to ensure succession… We have got a few people in mind but as for the exact timing, we will decide at the central executive committee,” said Dr Balakrishnan.

The event drew nearly 500 young Singaporeans, almost half of whom are non-party members.

There will be another introductory session next month where they can sign up and opt to do branch work with the party. - CNA /ls

Source : Channel NewsAsia  - 06 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com