Office demand unaffected by global credit crunch-CANNES, France

Office demand unaffected by global credit crunch-CANNES, France

No threat of financial sector redundancies: URA

(CANNES, France) The credit crunch has so far failed to dent demand for office space in Singapore or derail its bid to become Asia’s leading financial centre, a senior member of the city-state’s Urban Redevelopment Authority (URA) told Reuters.
 
Getting bigger: The URA plans to double the Marina Bay financial district to 2.82 million sq m - or twice the size of London’s Canary Wharf financial district
Speaking at the annual MIPIM trade fair in Cannes on Tuesday, Choy Chan Pong, head of land administration at the URA, said that Singapore had not felt the threat of vast financial sector redundancies and its construction boom continued.

‘We have not seen any evidence of a decline in demand for office space, and for now most financial institutions in Asia are still hiring,’ he said.

The URA said earlier this week that it planned to double the size of Singapore’s Marina Bay financial district to 2.82 million square metres - or twice the size of London’s Canary Wharf financial district - as international financial sector occupiers continued to seek presence in the city.

The authority had set aside 101 hectares of green parkland directly adjacent to the Marina Bay financial district that would serve as ‘lungs’ for the city, and which would never be sold for office schemes, at any price.

‘We have had offers from several Middle Eastern developers and investors to buy the land we have allocated for the Marina Gardens but we will never sell it,’ Mr Choy said. ‘It stops Singapore from becoming a concrete jungle. It is priceless.’

Standard Chartered Bank and DBS Bank have agreed to take a total of 111,500 square metres of space at the Marina Bay Financial Centre, a 438,000 square metre office and residential project being developed by Keppel Land, Cheung Kong Holdings/ Hutchison Whampoa and Hongkong Land.

According to data from global property broker Cushman & Wakefield last month, Singapore prime office rents climbed 78 per cent in local currency terms in 2007 but Mr Choy quelled fears that this surge in rental costs had begun to price some occupiers out of the market, and towards rival markets of Tokyo and Hong Kong.

‘You have to remember this rental increase was from a very low base. Singapore is still cheaper than Hong Kong . . . and Tokyo is almost full,’ Mr Choy said.

Hong Kong is the second most expensive office market in the world, behind London, with annual office rents averaging US$239 per square foot. Tokyo is in third place with annual office rents at US$210 per square foot. Singapore is in seventh place.

Its annual office rents average US$130 per square foot.

‘We do not expect financial institutions will have to choose one market over another, so we have no concerns about growth of China or Japan,’ Mr Choy said..

‘Realistically, banks know they have to be in all three cities because we serve different markets, and if banks want access to India or South East Asia, they need to be in Singapore.’
Source : Business Times - 13 March 2008

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M&As may change credit ratings of Singapore Reits: Fitch

M&As may change credit ratings of Singapore Reits: Fitch
(HONG KONG) The credit ratings of Singapore property trusts may change because of expected mergers and acquisitions, said Fitch Ratings. It believes there may be transactions among the city-state’s real estate investment trusts in the near to medium term, according to a statement it released yesterday. Local trusts including Allco Commercial Real Estate Investment Trust and Macquarie MEAG Prime Reit have said they may sell assets.
The global credit crunch sparked by US mortgage defaults may restrict the access of bidders to funding and reduce international investor interest in Singapore’s real estate market, Fitch said. ‘Global issues such as access to equity and debt funding may impact the ability of Singapore Reits to take advantage of any acquisition opportunity and will certainly limit the number of any interested parties in any asset disposals,’ Fitch analysts led by Hong Kong-based Stan Ho wrote.

Macquarie MEAG, the owner of stakes in two Singapore downtown malls, said biggest shareholder Macquarie Real Estate last month received ‘unsolicited offers’ for its 26 per cent stake. Allco Commercial, Allco Finance Group Ltd’s Singapore-traded property trust, said on March 9 it may sell its Australian assets, which include Perth’s Central Park office tower and Centrelink Headquarters in Canberra. The properties are valued at A$483 million (S$621 million), according to the trust.

Moody’s Investors Service said on Feb 26 it might downgrade Macquarie MEAG’s rating as the trust’s review of assets raises ‘considerable uncertainty’ about its asset profile and ownership structure and jeopardised Macquarie MEAG’s progress in refinancing S$235 million of maturing loans. About 80 per cent of those loans come due in May, according to Moody’s.
 
Macquarie MEAG’s senior unsecured debt is rated Baa2, the second-lowest investment grade, by Moody’s. — Bloomberg

Source : Business Times - 13 March 2008

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Singapore: costliest industrial spot in Asia ex-Japan

Singapore: costliest industrial spot in Asia ex-Japan

It rises 2 notches to take 12th place in the world

SINGAPORE has risen two notches to become the 12th most expensive industrial location in the world.
And excluding Japan, which is ranked third in the world, Singapore is the most expensive location in Asia, surpassing Hong Kong (23rd), Mumbai (26th) and Taipei (36th).

Average net rents are now at $1.70 per square foot a month after rising 26 per cent year-on-year (y-o-y) last year. Total occupancy cost was US$14.64 psf a year at end-December 2007.

Singapore was also the eighth highest in terms of y-o-y rental increase as reflected in Cushman & Wakefield’s (C&W) report, Industrial Space Across the World, which covers 138 global locations.

On industrial rents here, C&W (Singapore) managing director Donald Han said that demand rose across all segments including manufacturing, warehouses and business parks. The latter, in particular, gained from the spillover effects of the office space crunch in the CBD.

As a result, Singapore moved up two places to become the 12th most expensive industrial location in the world.

Mr Han believes the outlook for rental increases for industrial space here remains bullish.
 
He said: ‘In the past 12 months, we saw the opening of the KPE and Terminal 3 besides other initiatives that are under construction such as the Circle Line MRT. All these will help to raise the attractiveness of industrial parks located in the peripheral areas and along with it, the rentals.’

London (near Heathrow) remained the most expensive industrial location with a total occupancy cost of US$28.91 psf a year followed by Dublin at US$21.81 psf. Oslo, with a total occupancy cost of US$18.32 psf took fourth place.

Despite European cities accounting for seven out of the top 10 locations in the global ranking, regional growth in Europe was slowest of all the global regions at just 2.5 per cent last year.

However, while Western Europe saw average rental growth of 1.3 per cent, Central and Eastern Europe increased by 7 per cent with the key locations being Poland, the Czech Republic and Romania.

In Asia, Mumbai moved up 11 places to 26th position. It also saw the highest rental increase of 94.44 per cent y-o-y followed by Istanbul (60 per cent) and Bogota (54.2 per cent).
Source : Business Times - 13 March 2008

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Green is the new black -Singapore

Green is the new black -Singapore

ARTHUR SIM meets landscape designer Chang Huaiyan, who wants to grow gardens on walls
A FAMOUS frog once said: ‘It’s not easy being green.’ Which explains why even though we live in the tropics - where more than 90 per cent of the world’s plant species can be found - so few of us have green fingers.
 
In love with nature: The Salad Dressing office
OK, the frog may have been talking about his skin colour, but anyone who has ever owned a dying money plant will know his pain.

Not Chang Huaiyan though.

Not satisfied with being able to turn the most barren patches of earth into veritable mini-Edens, Mr Chang, a landscape designer, now wants to grow gardens on walls too.

‘We are currently making small steps by studying vertical green systems and growing trees in the air without soil by means of aeroponics,’ reveals Mr Chang, founder of landscape consultancy Salad Dressing.

‘We believe the current technology advancement will allow for a possibility of understanding bio-buildings - like humans who can survive with an artificial heart, buildings can be half-plant too, like a cyborg,’ he explains.

It is difficult to doubt a man with such conviction. And looking at what he has done with his own home and office, it’s clear Mr Chang understands both plants and architecture well.

He set up his office and home with some friends after graduating from the National University of Singapore (NUS) with a master’s in architecture.

And it was in this small house in Telok Kurau that he experimented with landscaping.

‘My definition of a garden is a man-made space that reminds one of nature,’ says Mr Chang, who was mentored at NUS by celebrity landscape designer Michael White.

Mr Chang’s definition of landscaping is certainly open to interpretation, and in the Telok Kurau house, he takes the liberty of including a wooden hut with recycled roof tiles and rough-plastered walls for the sole purpose of forming an idyllic backdrop to other landscape elements in the garden.

‘I always believe the garden is not just for plants but for people too,’ he adds.

The garden was designed as a procession of ‘layers of experience’ so there is quite a lot packed into it.

One passes through a timber curtain gate, over meandering stepping stones, across a lily pond and into a courtyard before entering the house.

Along the way, there are plants like the tall sterculia, bismarckia noblilis and the mussaenda aurorae - ‘for its generous white blooms that reflect the light of a full moon’.

Mr Chang also dots his garden landscape with works of art as a counterpoint to nature, and because it has a ‘catalytic effect on the imagination’.

Perhaps what is more remarkable about the landscaping is how it has been designed with the house such that while there are never really any plants in the house, they are nevertheless always there.

He uses a simple interface: ‘I decorated the interiors with objects collected on my travels through the tropics - and these are usually objects that celebrate the tropical landscape.’

In the living room, a small strip of garden is made grander with the addition of yellow bamboo, which also has a subtle architectural quality. Mr Chang cannot bear to leave a surface untouched, so he also inscribed a poem on this section of the garden wall.

The kitchen, which faces a shaded wall is the perfect place for ferns and orchids, while the backyard becomes an outdoor gallery of sorts for his collection of black-hued plants like tacca chantrieri and the simpler black-stemmed yam.

While it may seem that Mr Chang appears to have found his own, ‘little piece of Eden’, readers will be sad to learn that the house, along with the rest on the street, recently succumbed to en bloc fever.

Mr Chang has since moved to a small apartment, and the plants that could travel (together with a chunk of wall with a mural painted by him) moved to an off-beat, one-storey office on the fringe of the CBD.

Here, in between securing contracts to design the grounds of condominiums like One North, Oasis Garden and Newton Meadows, Mr Chang once again works his green magic, attracting monitor lizards, jungle fowl and snakes to his little oasis, just minutes from Shenton Way.

Source : Business Times - 13 March 2008

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Goodman exit seen as chance for A-Reit expansion-Singapore

Goodman exit seen as chance for A-Reit expansion-Singapore

By KALPANA RASHIWALA

IN A move that could pave the way for Ascendas Real Estate Investment Trust (A-Reit) to finally expand overseas, Australia’s Goodman Group has exited the trust.
Goodman is selling its 40 per cent stake in the entity that manages A-Reit as well as a 6.28 per cent stake in the trust itself. The latter transaction is for $158.16 million or about $1.90 per A-Reit unit. The counter closed at $1.95 yesterday, down two cents.

The buyers in both transactions are fully owned units of Ascendas Pte Ltd, which will gain full control of the Reit manager, which will be renamed from Ascendas-MGM Funds Management to Ascendas Funds Management (S).

Ascendas’ stake in A-Reit will also go up to 26.77 per cent.

An announcement last night put an end to speculation late last year that Goodman would exit A-Reit. Market watchers expected Goodman to sell its stake in the A-Reit manager when the Australian group was tipped to land the job of managing a proposed Reit that will hold some properties being divested by JTC Corp.

The strategy would have been to remove the conflict of interest of Goodman having an interest in two Singapore industrial Reit managers potentially competing for the same assets and tenants.

However, JTC eventually gave its Reit management job to Mapletree Investments in February. Although Goodman did not clinch that deal, some market watchers nonetheless welcome Goodman’s exit from A-Reit’s manager, as it paves the way for A-Reit to invest in properties outside Singapore.

A-Reit has never expanded overseas because of an understanding among the shareholders of the Reit manager to avoid conflict of interest, analysts say.

Goodman Group CEO Greg Goodman possibly hinted almost as much when he told BT last night that ‘we have operations in the region, and so does Ascendas’ and parting ways will minimise mutual conflict of interest.

Another important reason Goodman is exiting its involvement with A-Reit’s manager is because ‘our approach is that we prefer to have full control of any Reit manager we’re involved with, and that’s not possible in this case’, Mr Goodman said.

However, the group is not bidding goodbye to the Singapore industrial property market.

‘Goodman will re-enter the Singapore market at some point. We know this market well and we like it,’ Mr Goodman said.

The group could invest in the Singapore industrial property scene again, possibly through its wholesale property funds, or development activity.
Source : Business Times - 13 March 2008

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Regional markets get a fillip from Fed’s liquidity offer -Singapore

Regional markets get a fillip from Fed’s liquidity offer -Singapore

Plan welcomed but opinions differ over its long-term impact on US economy and markets
By R SIVANITHY

(SINGAPORE) Asian stock markets yesterday rebounded sharply in line with Wall Street’s Tuesday reaction to the US Federal Reserve’s latest credit market bailout plan, led by a 1.9 per cent jump in Hong Kong’s Hang Seng Index to 23,422 and a 1.6 per cent gain for Tokyo’s Nikkei at 12,861.
Most markets, however, were off their intra-day highs, suggesting that doubts remain over how effective the plan will prove to be and the length of the stockmarket rally, especially since previous Fed-inspired moves have failed to have a lasting effect.

In yesterday’s session, the Straits Times Index first surged 100 points but ended with a net gain of 57.09 points at 2,917.94. It started the week at 2,836, a 15-month low.

The US central bank on Tuesday offered to let the biggest investment banks on Wall Street borrow up to US$200 billion in Treasury securities in exchange for hard-to-sell mortgage- backed securities as collateral.

In effect, the Fed has agreed to hold large volumes of mortgage-backed bonds that Wall Street firms are struggling to sell and is providing them with either cash or Treasury securities that they can immediately convert to cash - all in an effort to ease the acute strain in credit markets brought on by the sub- prime crisis.

The move came in tandem with liquidity injections from the Bank of Canada, Bank of England, European Central Bank and Swiss National bank.
 
The reaction so far from analysts is that it will lead to some short-term relief but the longer-term problems remain.

‘They are essentially creating a US$300 billion bank out of nothing,’ the New York Times quoted Lou Crandall, chief economist at financial research firm Wrightson ICAP, as saying.

But while the Fed’s moves may relieve short- term cash problems, Mr Crandall said, ‘it doesn’t solve the fundamental issue - which is the decline of capital in the banking system’.

The US newspaper also quoted analysts warning that the central bank might make things worse in the long run by postponing the repricing of mortgage assets that financial institutions are holding, or by further weakening the value of the dollar and aggravating inflation.

AFP on Tuesday quoted Brian Wesbury, economist at First Trust Portfolios, as saying the action was better than a rate cut because it was targeted at the most troubled financial institutions.

‘By narrowly targeting the problems in the credit markets rather than broadly influencing the economy through additional steep rate cuts, the Fed has greatly improved its approach,’ Mr Wesbury said.

The news agency also quoted Simon Derrick at Bank of New York Mellon as saying the actions would at least buy the Fed some time and ease pressure to cut rates, which some say could be damaging in the long run by fuelling inflation.

‘The jury remains out as to whether this will prove sufficient to free up the liquidity freeze in the credit markets,’ Mr Derrick said.

Reuters meanwhile reported that, in an interview, International Monetary Fund (IMF) first deputy managing director John Lipsky said the coordinated move showed that central banks were aware of what’s going on and are willing to take innovative actions.

‘Is this going to cure what ails the economy? I would guess everyone realises the answer to that is ‘no’. Is this going to be helpful in addressing the strains in financial markets? For sure, the answer is ‘yes’,’ Mr Lipsky said.

Independent research outfit Ideaglobal said the impact of the announcement may last for 1-2 weeks but may not have the 2-4 week effect enjoyed after Dec 12, which was when the Fed and other central banks last pumped liquidity into the market.

‘The central bank liquidity action can slow the liquidation in mortgage-backed securities and slow the increase in margin calls but the sharp fall in the US housing market/US recession will see a return to the credit bear market in the US,’ said Ideaglobal’s director of research Mike Gallagher.

Source : Business Times - 13 March 2008

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One-stop banking centre for SMEs venturing abroad -Singapore

One-stop banking centre for SMEs venturing abroad  -Singapore

By Chia Yan Min 
 
SMALL and medium-sized enterprises (SMEs) aiming to expand overseas can now sort out all their banking needs in one go at a new HSBC facility officially opened yesterday.
The bank’s commercial international banking centre in Collyer Quay will allow clients to open an overseas HSBC account with ease.

It dispenses with the need to travel overseas, deal with language issues and navigate unfamiliar banking regulations - hurdles commonly faced by SMEs venturing abroad, said an HSBC study.

HSBC’s new service, the first of its kind in SME banking in Singapore, gives customers a single point of contact for international business banking.

They need only liaise with relationship managers at the Collyer Quay facility, saving time and money.

The centre was set up in response to the growing number of Singapore SMEs doing business overseas.

Last year, 70 per cent of the SMEs in Singapore had operations outside the Republic, an 11 per cent rise from 2006.

HSBC’s head of commercial banking, Ms Tan Siew Meng, said: ‘We hope to provide customers the comfort of dealing with someone who is familiar with their business and speaks their language.’

The centre also caters to foreign businesses keen to trade or establish operations in the Republic.

They will be able to set up a Singapore bank account from any of HSBC’s 54 commercial international banking centres, which can be found in countries such as China, India and the United States.

The Collyer Quay centre actually opened for business a month ago. It has already handled about 400 queries, with cross-border account opening being one of the most commonly requested services.

Source : Straits Times - 13 March 2008

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Singapore job market expected to stay upbeat

Singapore job market expected to stay upbeat 

By Ong Bi Hui 
 
STOCK markets are spouting loads of gloom and doom right now, but it is a good time to enter the job market, according to an expert from recruitment specialist Robert Walters.
Regional director Mark Ellwood said multinational corporations still see Asia as a key growth area and will keep hiring, despite gathering concerns about the United States economy.

However, he said Singapore might not enjoy the same sterling employment figures it did last year, given the US downturn, which has begun to affect Europe as well. If recession strikes China and India, Asia might experience negative job growth, he added.

Singapore’s job market will remain upbeat, he believes, with the highly competitive finance sector enjoying the greatest increase in salaries. Firms are willing to pay a 20 to 25 per cent premium to entice talent into jumping ship.

One reason is that Singapore has become a source market for talent from banks in China, India and the Middle East.

There is a job boom in procurements, engineering and human resources. Highly skilled workers competent in risk management, sales and marketing, and pricing and costing are also hot property.

The skill shortage seen last year is likely to persist, pushing up wages across all sectors.

Robert Walters attributes this to efforts to promote Singapore as a financial hub. As a result, many global firms have set up regional offices here, which has in turn created demand for skilled talent.

‘It is not often we see a candidate-driven market,’ said Mr Ellwood. ‘Employers now have to offer more attractive packages or counter-offers to retain talent.’

The shortage of local talent has also forced firms to recruit abroad, with overseas hires rising from 5 per cent to 15-20 per cent in the past 18 months in all sectors.

Though talent has usurped the driver’s seat in the current job market, Robert Walters, which recruits mainly for the financial and legal fields, advises against job-hopping as the inability to demonstrate career longevity might work against some people.

Mr Ellwood also believes financial remuneration alone will not be enough to help firms stem the brain drain. Workers are also concerned about the working culture and promotion opportunities.

Source : Straits Times - 13 March 2008

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No major property launches expected in the next 3 months -Singapore

No major property launches expected in the next 3 months -Singapore
 
Kuwaiti pullout from $818m deal, low top bid for Jurong West site unnerve market

By Joyce Teo, Property Correspondent 
 
MAJOR residential property launches are unlikely for at least three months after the already nervous market was spooked by two sobering events this week, market analysts said.
The first was the pullout of a Kuwaiti investor, Kuwait Finance House, from an option to buy $818 million worth of 97 units at Goodwood Residence.

The second was when the top bid by a property developer for a Jurong West landed housing site came in at less than half what had been expected.

Market sentiment was already jumpy given general market uncertainty, in the wake of the United States sub-prime crisis.

Developers were already saying they are prepared to delay their launches. Property consultants now do not expect any major condominium launches in the next three months. Some developers could even postpone their launches indefinitely, they said.

Still, prices are generally holding steady for now and smaller players will still launch small projects in the months ahead.

Industry sources speculated that Kuwait Finance House had pulled out as it had bought the units at a very high price that could not be supported by the current market.

As for the Jurong West site, sources said the low bid of $78 per sq ft of land area reflected rising building costs and current sentiment. If the Government awards the tender, sale prices of below $1 million per unit will fit in well with upgraders’ expectations and needs, they say.

An industry source said: ‘The Kuwaiti pullout is bad news but it’s not as if things have suddenly changed drastically.’ The fundamentals in Singapore are intact but sentiment has deteriorated, he said.

‘There are people who have money to buy but they just want to wait and see.’ With buyers and sellers largely waiting on the sidelines, there is little action.

Developers prefer to err on the side of caution and even if they offer homes for sale, they are doing it quietly, sources said.

Indeed, so far this year, the 405-unit Waterfront Waves in Bedok Reservoir has been the only new major condo launch. A few blocks have been launched and 110 units have been sold.

Small, quiet releases include the 47-unit Cosmo in Guillemard Crescent and some projects in Telok Kurau. Despite the sluggish market, some of these small projects such as Cosmo and Suites@Owen in Owen Road have sold well.

A consultant said: ‘There are foreign funds and investors still in the market that are on the lookout for bulk condo purchases.’

Among high-end properties, a fund recently agreed to buy - at a discount - the remaining units at Grange Infinite, sources said. The 68-unit freehold condo in Grange Road has more than 40 units left.

There is no lack of high-end condo projects - with quite a few ready or nearly set for launch.

These include Far East Organization’s Silversea in Amber Road, UOL Group’s Breeze by the East in Upper East Coast Road, and City Development’s condo project in Thomson Road.

But financially strong developers are likely to delay launches to the second half, said a consultant.

While the bigger players may not act soon, Evan Lim & Co’s EL Development is preparing to launch its 51-unit Parc Centennial in Kampong Java Road soon.

‘Not everyone can hold back their launches for a long time,’ said another consultant. ‘But nobody is ready to lower their prices yet.’

He added: ‘There’s the possibility of prices falling but I haven’t seen people panicking.’

In the short term, prices are likely to remain flat.

‘It is good for the property market to have a sustainable and affordable price level for the mass market,’ said a property developer. He added that demand as well as unprecedentedly high construction costs were problems.
 

Source : Straits Times - 13 March 2008

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More suffering from end-stage kidney failure

More suffering from end-stage kidney failure
 
Number doubles to 1,084 in a decade; diabetes accounts for six in 10 cases

By Salma Khalik, Health Correspondent 
 
MORE than 1,000 people here lost the use of their kidneys in 2006 and about 400 of them died within a year.
The state-run Health Promotion Board (HPB) released these figures to commemorate World Kidney Day today, which aims to raise awareness of the dangers of kidney diseases.

It said that 38 per cent of people on kidney dialysis die within the first year, compared to only 7 per cent of people who had transplants.

Dr Lye Wai Choong, a renal physician in private practice, said that of the 38 per cent, many die within the first three months.

Five years after they suffer from kidney failure, 89 per cent of those who received transplants are still alive, compared to 36 per cent of those on dialysis.

In the past, those on dialysis would not live beyond seven years. But with better treatment, some now do.

The figures from the board showed two worrying trends.

The number of people suffering from end-stage kidney failure has almost doubled in the past decade - from 562 new cases in 1997 to 1,084 new cases in 2006.

Diabetes, where the body is not able to break down sugars in the blood, accounts for six in 10 cases of kidney failure, up from just four a decade ago.

This is far higher than international figures of between 30 and 50 per cent. It is also well above rates in Hong Kong and Taiwan.

This means that either more people here are suffering from diabetes, or more are not able to control their blood-sugar levels, and hence end up with this deadly disease.

To encourage more diabetics to get proper treatment, the Ministry of Health allows people to draw up to $300 per Medisave account each year to pay for their outpatient treatment.

Unfortunately, close to half the people with diabetes here do not know they have the disease, according to a 2004 study. The HPB urged people to get their doctors to screen them for the disease.

Aside from kidney failure, diabetics are also at higher risk of getting heart attacks or stroke and going blind. They are also more prone to getting wounds that do not heal, with many losing toes or legs to gangrene.

Dr Lye said earlier detection and treatment would stave off the deadly effects of the disease.

End-stage kidney failure, where the organs are functioning at 15 per cent or less of capacity, could also result from inflammation of blood vessels in the kidney or severely high blood pressure.

Malays account for a disproportionate number of kidney-failure patients, followed by Indians. This reflects the higher incidence of diabetes within these ethnic groups.

The only good news from the figures is that people are suffering from kidney failure at an older age - at an average age of 62 years in 2006, compared to 56 in 1997.

Although transplants are far better treatment for such sufferers, only 53 of the 563 who were on the waiting list last year received one. Of these, 27 got a kidney from a relative, and the rest from a dead donor. In 2006, 117 patients got a transplant.

The board would like to encourage more relatives to donate their organs. It said that a person who donates a kidney does not suffer ‘any significant adverse effect on his health’.

Source : Straits Times - 13 March 2008

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