Singapore MRT network length to double by 2020; two new lines to be built

Singapore MRT network length to double by 2020; two new lines to be built

By Asha Popatlal

SINGAPORE: In a massive new investment, the government will pump in another S$20 billion on new rail lines and extensions islandwide, Transport Minister Raymond Lim announced Friday.

This is over and above the S$20 billion the government has already committed for the on-going Boon Lay extension, the Circle Line and the Downtown Line.

Mr Lim said the new and extended lines will go to places as diverse as Marine Parade and even Tuas.

The rail update is the second in a series of three major policy announcements in a sweeping review of the land transport network. A bus system overhaul was announced last week.

When the plans come to fruition in 2020, there will be one MRT station within five minutes’ walk in the city, in a network that will become denser than Tokyo’s.

Outside the city, more areas will be served by high-speed MRT.

There are currently 138 kilometres of rail lines. By 2020, authorities hope to double the network length and expect it to carry three times as many journeys, from today’s 1.4 million a day to 4.6 million in 2020.

Two new lines will be built.

The Thomson Line, to be ready by 2018, will run from Marina Bay through the Central Business District, all the way up to Ang Mo Kio and Woodlands. It will connect to another new Line, the Eastern Region Line, at Marina Bay.

The Eastern Region Line, to be ready by 2020, will serve areas such as Siglap and Marine Parade.

Existing lines will also be extended.

The North-South Line will be extended one kilometre south to serve the Marina Bay area developments while the East-West Line will be extended another 14 kilometres west into Tuas.

To avoid long waiting time and crowded trains, there will be 93 additional train trips weekly during the morning and evening peaks.

The authorities will work with SMRT to increase the number of trains and to improve the infrastructure over the next four years to reduce waiting time from the current 2.5-4 minutes to two minutes at busy stations during peak periods.

“When all this is done, what will we have? We hope we would have transformed the public transport system… And by doing so, Singaporeans will indeed consider the public transport system as their other car,” said the transport minister.

Completion dates of the various lines are also being fast-forwarded. Part of the Circle Line which was due to open from 2010 onwards, will now open in mid-2009. Completion of the Downtown Line will also be brought forward by two years to 2016.

Mr Lim made the announcement when he visited Kim Chuan Depot on Friday morning.
Source : Channel NewsAsia - 25 Jan 2008

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Businesses can now use Singapore government assets without bidding for tender

Businesses can now use Singapore government assets without bidding for tender

By Hasnita A. Majid

SINGAPORE: If you have an innovative idea, you can make use of government’s assets.

But you need to be the first one to come up with the idea.

This comes under the Ministry of Trade and Industry’s ‘First Mover Framework’.

The framework allows businesses to directly use an asset, without going through a competitive tender.

The First Mover also doesn’t need to pay the full market price for the use of the asset.

For example, a First Mover had successfully applied to Nparks for the use of the beach for sandcastle building activities.

Another managed to use hawker centre table-tops as advertising space.

Those interested in this initiative can visit the website at www.firstmover.gov.sg

The role of Champion for the First Mover initiative is taken up by Head of Civil Service, Peter Ho, who chairs the Pro-Enterprise Panel (PEP).

To date, the panel has received 1,700 suggestions and half of these have been accepted for implementation.

The panel hopes that its initiative will lead to a more pro-enterprise environment for Singapore.

And in recognition of its efforts, the United Nations has accorded the PEP the distinction of being a Finalist in the UN Public Service Awards in 2008. -CNA/vm

Source : Channel NewsAsia - 25 Jan 2008

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Resorts World at S’pore Sentosa builds S$80m bridge to ease visitor traffic

Resorts World at S’pore Sentosa builds S$80m bridge to ease visitor traffic

By Hasnita A Majid/ Hoe Yeen Nie

SINGAPORE: Resorts World at Sentosa has started work on a new vehicular bridge which costs S$80 million.

The new bridge is aimed at easing visitor traffic as over 15 million of them are expected to visit the Resort when it opens in early 2010.

The 710-metre, 3-lane bridge will run parallel to the existing causeway which connects Sentosa to the mainland. When completed in September 2009, both will be merged.

To help alleviate congestion near the Telok Blangah junction, existing admission booths will be relocated by Sentosa Leisure Group within the island, along Gateway Avenue.

By April, Gateway Avenue will be diverted to make way for the development of Resorts World at Sentosa.

From the vehicular bridge, drivers will then coast along Gateway Avenue, before the road fans out into seven lanes. Lanes and traffic directions are still being finalised.

The winning bid went to McConnell Dowell, an Australian-based engineering and construction company.

Resorts World at Sentosa said this is the first vehicular bridge of this scale to be built by a private developer in Singapore. - CNA/vm
Source : Channel NewsAsia - 25 Jan 2008

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S’pore Sports Hub’s tentative calendar of events ready by year-end

S’pore Sports Hub’s tentative calendar of events ready by year-end

SINGAPORE : The Singapore Sports Hub consortium is setting up a working committee to plan activities for the upcoming Sports Hub.

Their impressive programming calendar was the main reason the “dome-shaped” design was picked for the project.

In 3 years time, the Integrated Sports Hub, which will boast a retractable roof stadium, will also be a hive of activity - as numerous programmes have been lined up for the new facility.

These include annual international football tournaments, tennis and badminton events, and even the return of the Rugby Sevens.

An ASEAN Football League is also being planned to help bring back the Kallang Roar.

Seamus O’Brien, President and CEO, World Sports Group, said, “The national teams come together every two years in the ASEAN Championship, which has obviously been a big success.

“Now we are going to take that further into the club game and make sure that ASEAN, on a region-wide basis, is able to generate strong club sides, and good footballers that can compete with the rest of the region and hopefully in years to come, further afield.”

Another popular Asian sport - cricket - will also be making its presence felt at the new stadium.

For the man-in-the-street, Community Days will see free coaching clinics for the public to take up sports.

The fun does not end there.

Mr O’Brien said, “All of the activities of the Park on a daily basis can then be taken back out into the community in all forms of new digital media, which will give everybody a sense of belonging.”

The consortium will also engage experts and work with National Sports Associations to organise the multiple activities planned.

The consortium’s tentative calendar of events for its opening year will be ready by the end of this year. - CNA/ms
Source : Channel NewsAsia - 25 Jan 2008

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Average cash above valuation for Singapore HDB flats up 30% in Q4

Average cash above valuation for Singapore HDB flats up 30% in Q4

By Yvonne Cheong

SINGAPORE: HDB resale prices have gone up by a better-than-expected 17.5 per cent in 2007, the fastest rate since prices soared by 25 per cent in 1996, latest official figures by the Housing Development Board (HDB) showed.

Most homes in Singapore have appreciated to the highest levels since 1996. The price of a three-room HDB flat was an average of S$149,000 in the last quarter while a five-room flat in Marine Parade fetches an average of S$598,000.

Islandwide, the median price for an HDB flat was S$340,000.

Cash above valuation has also risen to an average of S$22,000, up from S$17,000 in the third quarter.

Knight Frank’s director for consultancy and research Nicholas Mak said, “It basically means that transacted prices are actually growing at a faster rate than the valuation. The effect can be quite positive for the private property market because it means that sellers of HDB flats will have more cash in hand for the down payment of their purchases of private properties. So that could lead to an increase in the demand for private properties.”

Rental prices have also gone up by S$100 a month for flats with four rooms or more. For instance, executive flats in Bishan are being let out for as much as S$2,200 a month.

Analysts said this is clearly a spillover-effect from the private property market.

Rents of private homes went up by 41.2 per cent in 2007. The increase in rents and sales prices, however, slowed to 6.8 per cent in the last quarter.

“In terms of prices of private homes, we realised areas that actually had the best performance in the fourth quarter (was) actually the fringe areas – just outside the prime districts of 9, 10 and 11, such as District 5 and in the Tanjong Rhu area. The reason is… I think there are some buyers who find that prices in the prime districts (have) already gone to quite a high level and they’re looking for homes that are near to the cities but just somewhere in the more-affordable areas.”

Analysts agreed that sales price and rent increases of both HDB and private properties are likely to be more subdued in the first quarter of 2008.

Jones Lang LaSalle’s head of research and consultancy Dr Chua Yang Liang said, “With the overhanging sub-prime issue that we’re not certain at this moment, what the impact is, I think it’d be a more cautionary leasing market in 2008.”

Prices of private properties went up by an expected 31.5 per cent last year. - CNA/ac
Source : Channel NewsAsia - 25 Jan 2008

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Analysts say Singapore properties will see boost from MRT expansion plans

Analysts say Singapore properties will see boost from MRT expansion plans

By Rachel Kelly

SINGAPORE: Property prices are expected to rise around ten to 15 per cent around the 100 new MRT stations to be built, analysts said.

The government announced Friday that it would pump S$20 billion to double the rail network by 2020.

Properties are going to be hot around the new 100 stations, with malls and public facilities expected to draw crowds to the stations.

Property consultants are forecasting price increases of ten to 15 per cent.

But with the new MRT lines to be completed only by 2020, they said the impact on the property market will not kick in until the next five to ten years.

Savills’ director of corporate business and residential Ku Swee Yong said, “Generally, properties that are (within) 200 metres of an MRT station do trade at what about ten to 15% premium over properties that are less accessible but still within the same neighbour hood. It is too early to speculate because the government hasn’t announced exactly where the line is going to pass through.”

The rail plans include pushing forward opening dates for announced projects and extending existing lines. Two new lines will also be built, the first in the Thomson area, which goes up as far north as Woodlands, and the second along the East Coast, starting from Marina Bay.

Property analysts said properties along the Eastern Region Line will see the largest benefit as MRT coverage will be extended to those areas for the first time.

But until the new lines are fully operational, analysts said residents living near the new lines may experience inconvenience because of the construction works and government land acquisitions involved in the projects. - CNA/ac

Source : Channel NewsAsia - 25 Jan 2008

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The Ascott Group reports 8% rise in full-year net profit - Singapore

The Ascott Group reports 8% rise in full-year net profit - Singapore

By Pamela Almeda,

SINGAPORE : The Ascott Group has reported an 8 percent increase in full-year earnings, in line with market forecasts.

Net profit came in at S$177.3 million.

The jump was due to an increase in rental rates as well as higher portfolio gains from asset divestment and revaluation.

The owner-cum-operator of serviced residences said it is looking to further grow its portfolio in the next two years.

The Ascott Group now has 20,618 units worldwide, crossing its 20,000 target in December.

It aims to add another 5,000 more units by 2010 - pushing its portfolio up to 25,000.

Over the past year, Ascott said it saw strong revenue growth, both in new as well as its more established markets.

Chong Kee Hiong, Deputy CEO, Finance and Investment, The Ascott Group, said, “Europe has been a great contributor, contributing about close to 50 percent of our revenue. And the growth has been very good, more than 10 percent in all the regions within Europe. And over than above that, Singapore grew well (with) double digit growth as well as Philippines.”

Net portfolio gains, including revaluation, came in at S$154.6 million.

Net gains from the divestment of properties came in at S$112.8 million, while revaluation gains from the Ascott Residence’s Trust’s properties was S$41.8 million.

Ascott opened nearly 1,500 units in nine properties last year, mostly in China.

It is looking to expand its footprint even more - with an eye on cities attracting strong foreign investment.

Mr Chong said, “What is most important to us is grow in cities where it makes economic sense for us and grow it well. In Asia, we are looking at China, India and Vietnam, In Europe we’re looking at the established cities like Paris, London.”

Ascott on Friday announced that it was pumping in more than S$170 million to grow its presence in Australia.

It is developing Citadines Melbourne on Bourke, a new serviced residence in Melbourne.

CapitaLand - which owns 66.5 percent of Ascott - has announced plans to take the serviced residence operator private.

Ascott plans to release a circular to shareholders later next month after all the details of CapitaLand’s offer comes next week.

For the whole year, Ascott is proposing a dividend of 6 cents per share, which includes a first and final dividend of 1.2 cents and a bonus dividend of 4.8 cents. - CNA/ms

Source : Channel NewsAsia - 25 Jan 2008

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S’pore’s private home prices up 6.8% in Q4

S’pore’s private home prices up 6.8% in Q4

SINGAPORE - Singapore’s private home prices rose a slower 6.8 percent in the October-December from the previous quarter.

The price index for private home sold rose 8.3 percent in the previous quarter, bringing prices to their highest in a decade.

For the whole of 2007, private home prices rose 31.2 percent, the Urban Redevelopment Authority (URA) said.
Source : Channel NewsAsia - 25 Jan 2008

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Wing Tai reports 25% rise in H1 earnings to S$105m - Singapore

Wing Tai reports 25% rise in H1 earnings to S$105m - Singapore

By Loh Kim Chin

SINGAPORE : Property developer Wing Tai has reported a 25 percent rise in half-time earnings to S$105 million.

This is due mainly to higher contributions from the sale of its condominium projects.

Revenue fell 52 percent to S$211 million.

In the second quarter, earnings fell 19 percent to S$44 million, following a 59 percent fall in the topline figure to S$111 million.

Wing Tai did not give a guidance on its outlook, but said it would monitor the market closely in light of the volatility. - CNA/ms

Source : Channel NewsAsia - 25 Jan 2008

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Japanese firm clinches Downtown Line job with winning bid of $230m -Singapore

Japanese firm clinches Downtown Line job with winning bid of $230m -Singapore

JAPANESE construction giant Taisei Corp this week clinched the latest major contract awarded for the construction of the MRT’s Downtown Line (DTL).
It will build the line’s Landmark Station, which is located at Central Boulevard near the Marina Bay Financial Centre, for $230 million. The job includes building the adjoining MRT tunnels and the main trunk road, Central Boulevard, above the station.

Taisei’s winning bid was the lowest among five bidders. Hock Lian Seng Infrastructure, Samsung Corp, Sato Kogyo and Sembawang Engineers tendered between $289.3 million and $362.9 million for the job.

Construction of the line is well underway, with almost $1.2 billion worth of civil contracts awarded so far, including Taisei’s contract.

The $12 billion, 40km Downtown Line is being built in three stages. The first stage, a 4.3km stretch with six stations, will serve the new downtown in Marina Bay.

The six stations are Bugis, Promenade, Bayfront, Landmark, Cross Street and Chinatown. Except for the first two, major civil works for the rest have been contracted.

Taisei’s contract brings the total amount of major works awarded for the Downtown Line to nearly $1.2 billion.

The first stage of the line is expected to be completed in 2013, and the whole project, by 2018.

Source : Straits Times - 25 Jan 2008

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