4 agencies battle for Singapore StarHub account

4 agencies battle for Singapore StarHub account

Mindshare, PHD and Starcom, together with incumbent Zenith, making pitch

By Chua Hian Hou
RECIPE FOR SUCCESS: StarHub’s hubbing strategy, giving its mobile, Internet and cable TV customers a discount on all three bills, has been cited by some analysts as one of the reasons for its success in the local market. — PHOTO: BLOOMBERG NEWS

TELECOMMUNICATIONS group StarHub is shopping for a new media buying agency, with four agencies asked to pitch for the coveted account.
Zenith Optimedia, which has held the account since 2002, is one of four alongside Mindshare, PHD and Starcom.

StarHub marketing vice-president Iris Wee said that while it has enjoyed a great working relationship with Zenith, it is opening up the field to find fresh and innovative media strategies for the telco.

The firm launched a closed- door pitch last November to select an agency, with a winner expected to be announced next month.

Zenith chief executive Harpreet Singh said the firm’s relationship with StarHub, its only telecoms client, is ‘as good as it gets’.

There has been a ‘high amount of respect and regard’, and he had enjoyed working with StarHub to ‘bring the whole ‘hubbing’ proposition to life’.

StarHub’s hubbing campaign offers customers signing up for its post-paid mobile, broadband Internet and cable TV services a discount on all three bills.

This ‘hubbing’ strategy has been described by some analysts as one of the reasons behind its success in Singapore’s competitive telecoms market.

Mr Singh said he is happy that StarHub had chosen a closed process rather than an open pitch, and Zenith has ‘put our best foot forward’ to retain the StarHub account.

The head of one of the other contenders, who declined to be named, said the winner will have to be more than just a media buyer.

‘I believe they are looking for a business consultant,’ he said.

What StarHub wants is ’someone who understands their business and can help them understand how to reach their customers, across the evolving media platforms over the next few years’, he said.

StarHub’s Ms Wee declined to say how big the account would be.
Source : Straits Times  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

$60m programme to groom SME bosses and promising execs - Singapore

$60m programme to groom SME bosses and promising execs - Singapore

By Alvin Foo
EARLY HEADSTART: ‘We want them to start early, be exposed to SMEs and become future SME bosses.’ — MR YEO, on giving undergraduates scholarships with the aim that the graduates will be released into the industry.

SPRING Singapore launched a $60 million programme yesterday to develop small and medium-sized enterprise (SME) leaders.
The Business Leaders Initiative, as the three-tier scheme is called, aims to train 1,000 bosses and senior executives, and groom 500 promising executives.

It offers Executive Development Scholarships, which pay for undergraduate study at the National University of Singapore (NUS), Nanyang Technological University (NTU) or Singapore Management University (SMU).

Upon graduation, they will work in Spring for three years before being encouraged to join an SME or to set up their own business.

The programme will also offer Management Development Scholarships. These partial scholarships will allow managers and executives part- or full-time study for an MBA at NUS, NTU or SMU.

Spring hopes to offer at least 50 scholarships in total annually over the next 10 years.

The top tier of the Initiative is the Advanced Management Programme focusing on training SME chief executives and senior management via short-term courses and executive MBAs.

Spring Singapore chairman Philip Yeo announced the initiative at the first Spring-SMU SME Leaders Management Development Programme graduation ceremony yesterday.

‘We are giving the undergraduate scholarships with the aim that the graduates will be released into the industry. We want them to start early, be exposed to SMEs and become future SME bosses,’ said Mr Yeo.

And in a similar move on the SME front, DBS Bank launched Singapore’s first dedicated loan scheme yesterday to help bosses and executives in the sector develop management know-how.

Under the scheme, an SME can borrow up to $200,000 at 10.5 per cent interest per annum to fund expenses incurred by staff pursuing management education in local or foreign universities.
Source : Straits Times  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Tan family raises offer for stake in Singapore Straits Trading

Tan family raises offer for stake in Singapore Straits Trading

Tecity group’s gambit seen as ‘gutsy’, opening bruising bidding war

By Lee Su Shyan, Assistant Money Editor
PROPERTY PLAYS: The Rendezvous Hotel and other hotels make up 11 per cent of Straits Trading’s revenue. — PHOTOS: STRAITS TRADING

A BRUISING battle for one of Singapore’s oldest listed firms looms after the grand-daughter of banker Tan Chin Tuan sharply raised yesterday her offer for The Straits Trading Company.
Ms Chew Gek Khim’s Tecity investment group cranked up its initial bid price of $5.70 by 80 cents, or 14 per cent, to $6.50.

Tecity’s new offer - described as ‘gutsy’ by one observer - was in response to a dramatic intervention on Thursday when OCBC Bank’s Lee family offered $5.76 for Straits Trading. That was six cents above Tecity’s initial offer.

Tecity’s rapid reaction impressed one market observer: ‘They must have had it all planned, to be able to respond so quickly.’

Another observer said the new offer was a strong response to the Lee family’s entrance into the fray: ‘It’s a strong message that is being sent. The Tan family is serious about taking control of the company.’

It also confirmed what shareholders already suspected - that a bidding war was in the offing.

Last Friday, the day after the Lee family’s surprise offer, Straits Trading shares hit an intra-day high of $6.11 before closing up 18 cents at $5.89.

Investors piled in again yesterday, pushing the stock 67 cents up to $6.56, with some hoping there would be more to come. The shares have not been this high for at least 20 years.

There were 4.4 million shares traded, a level that could mean the Lees were in the market snapping up stock and priming for a counterbid as the ball was now back in their court.

That prospect and Tecity’s robust response add more fuel to speculation that the two families - once seen as very close - have split.

Tecity, which owns nearly 24 per cent of Straits Trading, is a group of investment companies set up by the late Dr Tan, who was OCBC chairman for many years.

Analysts reckon several factors have motivated the Lee family, which owns more than 20 per cent of OCBC, to make their counter-offer.

Straits Trading is a key investment as it holds stakes in other companies in the ‘OCBC stable’ - 12 per cent of United Engineers and 6 per cent of WBL Corp.

This may make the Lees unwilling to lose any influence at Straits Trading while wanting to ensure OCBC Bank and Great Eastern will gain in a bidding war.

The Tecity offer - tweaked for Great Eastern and OCBC - may have addressed that last factor.

Under the offer, even if Tecity fails to win control of Straits Trading, Great Eastern and OCBC can sell their stakes - they hold over 26 per cent in total - to Tecity and be sure they will get the money. ‘This puts more pressure on them to consider the offer,’ said one observer.

Technically, Great Eastern and OCBC can accept either the Lee or the Tecity offer, although it is assumed they are likely to look more favourably upon the Lee’s, given the family’s bank connections. With their own shareholders and life policyholders to answer to, however, their decision will have to be purely commercial.

If Great Eastern and OCBC accept Tecity’s offer, it almost guarantees that the deal will succeed as Tecity will own over 49 per cent, just shy of the 50 per cent-plus-one share target.

Tecity’s offer is open until Feb 22.

Ms Chew said: ‘ We believe that our offer presents a unique exit and liquidity opportunity for all minority shareholders.’

Source : Straits Times  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore Changi passenger traffic at all-time high: 36m

Singapore Changi passenger traffic at all-time high: 36m

But record made bittersweet as growth rate is lowest in 3 years

By Karamjit Kaur, Aviation Correspondent

IT WAS a bittersweet 2007 for Changi Airport:
Passenger traffic hit an all-time high of 36.7 million, but the airport recorded slower growth in this area.

Last year’s tally marked a 4.8 per cent increase over 2006’s figure, the lowest in three years.

In 2006, year-on-year traffic jumped 8 per cent; in 2005, the total number of passengers grew more than 5 per cent over 2004’s figure.

Industry watchers have put Singapore’s relatively slow growth down to its starting from a higher base.

And as that base increases year after year with more passengers handled - as rival airports in the region vie for premier air hub status - Changi will have to work twice as hard to pull in the traffic and outdo itself.

Announcing the latest numbers yesterday, the Civil Aviation Authority of Singapore (CAAS) also cited two other records:

The more than 3.5 million passengers who passed through Changi last month was the highest ever in a single month; and

The 125,000 passengers on Dec 15 was the airport’s record in a single day.

Overall, 2007 was ‘a good year’, said CAAS director-general and chief executive officer Lim Kim Choon, who cited the take-off of the world’s first Airbus 380 commercial flight from Changi as a highlight.

The year also saw five new airlines, including Etihad Airways from the United Arab Emirates and homegrown Jett8 Airlines Cargo, join the Changi family.

Apart from these new carriers, the jump in passenger traffic can be traced to continued strong growth from key markets like China and India, said CAAS.

One area was down though - cargo volume.

This fell 0.9 per cent to 1.89 million tonnes as a result of softening demand for electronics in the United States and manufacturers switching to sea freight to save on high jet fuel charges.

Mr Lim said he believes more good things are in store this year for Changi, now served by 81 airlines flying to 190 cities in 60 countries.

The opening of Terminal 3 earlier this month, for example, puts the airport in a good position to tap demand for air travel, he said.

With four terminals, including one for low-cost carriers, Changi’s annual handling capacity is now about 70 million.
Source : Straits Times  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore Choa Chu Kang first station outside city to get mini mall

Singapore Choa Chu Kang first station outside city to get mini mall

By Maria Almenoar

CATCH an MRT train, LRT train, a bus or a good deal at Choa Chu Kang MRT station.
A mini mall has come up there, the first in a station outside the city centre.

Choa Chu Kang Xchange, officially opened by South West District mayor Amy Khor yesterday, takes after the shopping facilities found in the downtown Raffles Place and Dhoby Ghaut stations.

SMRT’s chief executive Saw Phaik Hwa said Choa Chu Kang station was picked as a location for the mall because of its high passenger traffic.

She said: ‘This is also the junction of the LRT, MRT and a bus exchange, so it’s unique in that sense.’

The mall sits on a field that used to separate the bus interchange from the MRT station.
It houses 42 shops with offerings ranging from food and beverages to clothing and hairdressing services within its 1,000 sq m premises.

Two dozen shops opened from the middle of last year, with the rest following at the end of last year and this month.

Housewife Ee Lai Fong, 40, is enjoying new-found convenience: ‘It’s easy for me to pick up food on my way home, especially when I’m busy with my two children.’

SMRT said that the rentals at these shops are similar to those at the Dhoby Ghaut and Raffles Place Xchange.

Last year, it had to deal with complaints from its tenants at the Dhoby Ghaut Xchange about poor shopper traffic.

Many tenants said they were behind on their rentals because they could only make up to $200 a day - not enough to cover the $2,000 to $7,500 monthly rental.

Ms Saw, referring to the incident, said the mix of tenants may not have been ideal and that certain tenants’ products or services did not fit in with the rest.

She added that Dhoby Ghaut Xchange has since turned around and is now more than 90 per cent occupied, with business growing by the month.

‘Why do exchanges work? Because they are nodes of thousands and thousands of people everyday…It is because we have the customers - that is why we build exchanges.’

SMRT, which made about $20 million in rental five years ago, expects to earn more than twice that this year.

Two other stations - Tanjong Pagar and Boon Lay - are slated to have mini malls by the middle of the year.
Source : Straits Times  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Demand for managers and execs at 10-year high - Singapore

Demand for managers and execs at 10-year high  - Singapore

Overall, 35,498 job openings were created last year, up almost 20% from 2006

By Goh Chin Lian

DEMAND for professionals, managers and executives is at a 10-year high, with four in 10 job vacancies crying out for their skills.

Professionals, especially engineers, are much sought after, while managers are the coveted ones in the financial services sector, including banks.

Overall, the booming economy generated 35,498 job openings last year, an almost 20 per cent increase over the 29,942 vacancies in the previous year.

The annual figures ending in September were released yesterday by the Ministry of Manpower (MOM) amid the threat of a recession in the United States economy.

However, headhunters like managing director Mark Ellwood, of Robert Walters Singapore, do not expect it to slow down the hiring of professionals, managers, executives and technicians (PMETs).
‘At least not for the next six months,’ he added.

The MOM survey last September polled about 11,000 companies in the private sector. And for the first time, the figures also included public-sector vacancies of the past two years.

All in, job openings for PMETs rose to 45.1 per cent last year, from 43 per cent the year before.

The No. 1 job in demand among PMETs is for management executives, usually with university degrees.

In fact, many more jobs are asking for higher qualifications, at least an Institute of Technical Education certificate or A levels.

Last year, 51 per cent of the openings required such qualifications, compared to 47 per cent a year ago.

However, soft skills such as the ability to persuade, build a team and work with other departments are becoming increasingly important, said Mr Tim Hird, managing director of recruitment firm Robert Half Singapore.

He added: ‘The accountant is no longer a bean counter. He is in the boardroom helping to make strategic decisions for the growth of the company.’

In manufacturing, engineers specialising in electronics and semiconductors are particularly sought after as the electronics industry continues to be a mainstay in the economy. Last year, it attracted $5.1 billion in fixed asset investments, coming in second after the chemicals industry.

Recruiters like Mr Hird believe the future looks bright for PMETs as Singapore continues to attract foreign companies to set up their headquarters or regional centres. ‘It is a great market for professionals with such specialist skills as accounting, banking and finance,” he said.

Although the Singapore economy is projected to grow at a slower pace of 4.5 to 6.5 per cent this year, vacancies in the construction industry are unlikely to dry up.

Last year, the booming sector had five times more openings for building and construction engineers than a year ago, and nearly twice as many for building and construction managers.

The non-PMETs are made up of two groups: production and related workers, plus clerical, sales and service workers.

All but one occupation saw an increase in job openings, with demand for clerical staff soaring by 49 per cent in one year. It reflects the demand in the public sector for administrative clerks, and receptionist and information clerks.

The exception was demand for plant and machine operators, which fell by 6 per cent. In particular, work in assembling electronic equipment and components plunged by more than a third.

Where the jobs are
Top jobs in terms of number of vacancies:
Professionals, managers, executives, technicians
Management executive (646)

Software engineer (566)

Sales & marketing executive (438)

Electronics engineer (390)

Mechanical engineer (305)

Clerical, sales & service workers
Private security guard (1,266)

Shop sales assistant (1,223)

Protective service worker, for example, firefighter, policeman, prison guard (1,121)

Administrative clerk (1,041)

Receptionist & information clerk (945)

Production & related workers
Construction labourer (1,027)

Crane & hoist operator (678)

Machine-tool-setter operator (553)

Welder (541)

Office cleaner (422)

Source : Straits Times  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore Changi Airport handles record traffic in 2007

Singapore Changi Airport handles record traffic in 2007
SINGAPORE : Singapore’s Changi Airport handled record passenger traffic of 36.7 million in 2007, up almost five percent from the previous year, the government said on Monday.

Last year’s passenger traffic, driven by strong growth in China and India, broke the previous record of 35.03 million set in 2006, the airport operator, the Civil Aviation Authority of Singapore, said.

Emerging markets like Vietnam, Russia and South Africa also contributed to last year’s record showing, it said.

Cargo volumes were down by almost one percent to 1.89 million tonnes (2.1 million tons) last year because of weaker electronic shipments to the US.

The drop was also due to growing preference by manufacturers to ship their products by sea instead of air as a result of high fuel prices, the airport authority said.

Changi Airport recently opened its third terminal, which cost S$1.75 billion (US$1.23 billion) and can handle 22 million passengers a year, raising its total capacity to about 70 million annually, the airport operator said.

The third terminal will reinforce Changi’s position as a regional aviation hub, analysts said. - AFP/ch
Source : Channel NewsAsia  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

S’pore’s tourism sector to continue booming in 2008

S’pore’s tourism sector to continue booming in 2008

By Rachel Kelly

SINGAPORE : Following record visitor numbers into Singapore last year, the tourism sector is expected to continue booming in 2008.

Some attractions operators said they saw an increase of as much as 30 percent in receipts last year and are expecting the numbers to climb.

To cater to growing demand, some attractions are planning to expand.

Industry experts said Singapore is growing as a tourism hub, and attractions will benefit most by working together.

Singapore has enjoyed almost 4 years of uninterrupted tourism growth, crossing the 10 millionth mark for annual visitor arrivals in 2007.

Operators such as Reverse Bungee and Hippo Duck Tours told Channel NewsAsia they saw a 30 percent growth in receipts last year.

Kelvyn Poh, General Manager, G-MAX, said: “Our intake has been very steady since the first quarter and second quarter. I would say that it’s an upward trend, and towards the last quarter of the year it’s been really great.

“Since the beginning of the company in 2003, it has been amazing that we are seeing such expansion and growth in the company, so we brought in our new ride to compliment the G-MAX reverse bungee.” To meet growing demand, G-MAX is planning to add a third ride.

The Singapore Flyer, due to launch next month, has already sold some 60 to 70 percent of tickets for the first three months of opening. It is reserving an additional 20 percent for walk-in visitors once it opens officially in March.

Patsy Ong, Managing Director, Adval, said: “Actually the soft launch is the first of March, the official launch is on the 15th April, and it being a soft launch we have actually released certain ticket types and that has been fully booked.”

These smaller attractions are also seen riding on the bigger ones opening in the next few years, including the integrated resorts and theme parks such as Universal Studios.

Industry watchers said that adding a local flavour could help to make these attractions a must-see.

Alexander Kai, Associate Professor of Management Practice, NUS, said: “The increase in tourism to the big cities is actually larger than the world GDP growth so that’s very positive, but doesn’t mean that you will be automatically successful.

“So (for) the Universal Studios Singapore, they have to localise and that’s what they will do - they will create a lot of attractions specifically for Singapore.”

Sentosa - home to one of the two integrated resorts - received over 460,000 more visitors in 2007 than in 2006.

Singapore will host its first ever F1 Grand Prix in September. This is expected to bring in an estimated 80,000 spectators a day over the period of the race and create receipts of around S$100 million a year. - CNA/ch
Source : Channel NewsAsia  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Rising power of Sovereign Wealth Funds sparks controversy - Singapore

Rising power of Sovereign Wealth Funds sparks controversy - Singapore

By Ng Baoying
SINGAPORE : Sovereign Wealth Funds (SWFs) have been in the news lately.

But how exactly did they come about and can countries do without them?

Abu Dhabi is the country with the world’s largest Sovereign Wealth Fund.

Currently worth more than 500 per cent of its GDP, Abu Dhabi government set up its fund in 1977 to invest the country’s surpluses.

Gerard Lyons, Chief Economist, Global Research Group Head, Standard Chartered Bank, said: “The origin of SWFs emanates from the fact that many oil rich countries wanted to have a way to stabilise or protect against fluctuating oil revenues and a few other countries started to also look at the attraction of using their income from commodities more generally to set up funds.”

Ho Yew Kee, Vice Dean, Finance and Administration, NUS, said: “Just as any investor, if I have spare money I need to think carefully with what to do with the excess money. Retirement, posterity for those who come after me. For a country we assume a country doesn’t die. Then the country has a responsibility to preserve its current wealth such that future generations will have a livelihood.”

Professor Robert Merton, Harvard Business School, said: “Most countries do not have investments in every sector. So by using the wealth funds to diversify, as you do here in Singapore, across a number of industries and investment activities outside Singapore, you provide a better risk return benefit to the country. The SWFs, and to an extent, countries, have recognised they have concentrated risks either by industry, commodity, oil or copper, forestry or because of the needs to preserve assets for future generations.”

Kuwait lays claim to having one of the earliest Sovereign Wealth Funds.

Set up in 1953, it paved the way for similar funds across the globe over the next half a century.

And as more successful state funds take the limelight with high profile investments, more countries have been looking to hop on the bandwagon.

Japan, for example, is in talks to create its first fund that will put to work its massive stockpile of foreign reserves, the world’s second largest after China’s.

Mr Lyons said: “Certainly the number of countries increasing or having their own SWF has increased significantly. Nine of the 22 biggest funds were created in the (new) millennium. The number of countries setting up such funds is rising, the amount at their disposal is huge, their targets more controversial.”

And such increasingly controversial targets have led to multiple calls for a code of conduct to govern such funds.

While most agree that some standardisation can be useful, they also think that these funds are unlikely to have ulterior motives.

Professor Merton said: “It’s of course a possibility if they have a large controlling interest in some companies they can exert influences which are not necessarily that of maximising returns. That’s of course a possibility. But I don’t think that’s inherent and I don’t really believe that’s the most likely objective for SWFs. There are ways SWFs could choose to mitigate that which are to have investment strategies that are highly diversified and invest in equities and debt and other assets all around the world rather than a few specific assets in a very concentrated way.”

Others say there’s no reason why a state fund should not work in favour of the state as long as it’s done legitimately.

Mr Ho said: “The country can move the SWF (to meet) its security needs. The state funds can take a strategic position not only in generation of returns but protection of critical resources. My gut feel is that this is something that SWFs will think about in the next stage of it.”

While it is easy to get carried away with state fund fever, there are countries seen as unlikely to ever have centralised management of state money.

One is the United States.

Mr Ho said: “The concern is always an issue about democracy, rights. In America it’ll be a lot more tricky if the Federal government tries to pull together the treasuries of the various states. And the states will have difficulties trying to pull together the treasuries of various counties. The genesis of these counties don’t start with a federal system or collective system. It starts with individual parts. To change the system and impose a complete command and control structure or a collective structure is more difficult.”

Some say the SWF route is not necessarily the only one to take.

Professor Merton said: “It isn’t necessary in today’s world to have a SWF to diversify risk using financial markets. So just as an aside, the next generation, whether you have the resources for SWF or not, there are ways to use financial contracts that are well known and available in large sizes to transform the risk of a country to a much more diversified position. I think one of the big innovations for country risk management is for a country to diversify its risk exposure much better with or without having a SWF.”

Analysts put current sovereign wealth fund assets in the range of US$1.5 trillion to US$2.5 trillion.

This amount is projected to grow sevenfold to $15 trillion in the next ten years. - CNA/ch
Source : Channel NewsAsia  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

SPRING S’pore pumps in another S$40m to groom businessmen

SPRING S’pore pumps in another S$40m to groom businessmen

By Pamela Almeda

SINGAPORE: SPRING Singapore is pumping an additional S$40 million to expand its Management Development Programme, now renamed Business Leaders Initiatives.

Under this scheme, SPRING Singapore will give away S$40 million worth of scholarships to 500 young and aspiring business leaders over the next ten years.

This is on top of its target to train 1,000 small and medium enterprise (SME) senior executives and CEOs by 2012.

SPRING Singapore chairman Philip Yeo said, “We want young people to start early - at least some people with aspirations or ambition to be a future boss. So the idea is to take a SPRING scholarship. You can (get) exposed to SMEs because when you are with SPRING, you deal with SMEs.”

The scholarships can come up to about S$80,000 per participant including allowances and course fees.

Applicants for the two new scholarships can take full-time or part-time courses as well as a university degree in the National University of Singapore, the Nanyang Technological University or the Singapore Management University.

Some companies are already looking to tap into the initiatives.

Unicurd Food Company’s business development manager Aloysius Goh said, “For our company, it’s really at that stage whereby we’re transiting from the founders to a more professionally elected team.

“So it is really… important that this new generation of professionals are well trained and have the requisite skills to bring the company to the next generation of its growth.”

“To help the SMEs, the key is to train people. And most organisations can’t afford the cost of training. And if we are able to fund these people and let them move on, it will churn out more people,” said Mr Yeo.

The Business Leaders Initiatives scheme was launched last year.

In response to SPRING Singapore’s call to help SMEs develop talent, DBS Bank also launched a loan scheme dedicated to help SMEs. Up to S$200,000 can be borrowed from DBS to fund staff’s education in local and foreign universities. - CNA/ac
Source : Channel NewsAsia  - 29 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com