Parking squeeze may take shine off new buildings - Singapore

Parking squeeze may take shine off new buildings - Singapore

Rules vastly reducing carpark lots in new office buildings and malls are poised to bite
By UMA SHANKARI

(SINGAPORE) New office buildings and shopping malls coming up in the central areas of Singapore - especially in new downtown Marina Bay - are likely to feel the full force of existing rules limiting the number of parking spots allowed for each building.
 
 
And with a whole slew of commercial buildings nearing completion over the next few years, a severe shortage of carpark lots is imminent. New ‘white’ sites, such as the Marina View land parcels, get just one carpark spot for every 425 sq m - or 4,575 sq ft - of commercial space. White sites can be developed into a combination of uses.

Developers are allowed to provide more spots, but at the expense of giving up office or retail space. As yields for commercial space are significantly higher than those for carpark lots, most will not do so.

What this translates to is quite startling - a company that takes up one entire floor in Marina Bay Financial Centre (MBFC) with a large floor plate of 25,000 sq ft could be entitled to just six carpark lots.

Similarly, in a medium- sized building, a company occupying an entire floor - or some 10,000 sq ft of space - will get just two parking spots.
‘Shopping centres without enough carpark lots will suffer. There will be a complete change in shopping patterns.’
 
 
And for the upcoming mega office building on the Marina View site, this means that the 1.7 million sq ft of office space the owner is required to provide would entitle the development to around just 380 parking spots.

While the rules have been in place for all new buildings since May 2002, the impact has not really been felt so far because in the old central business district (CBD), an excess of carpark lots in older buildings make up for the shortfall in newer ones.

Golden Shoe Car Park and Market Street Car Park also provide some much-needed supply.

But for new downtown Marina Bay, there will be no such buffers. Buildings in the area will mostly all be new - which means that they will not have excess carpark spaces.

‘The ruling is a bit harsh, especially if you look at all the big projects coming up in Marina Bay,’ said one local developer. ‘Those buildings will have thousands of workers, and only a few hundred carpark lots each.’

Singapore is trying to attract more financial institutions, which means that more professionals from the banking and financial services sectors are expected to relocate from abroad. But some of them may find that they cannot drive to work, the developer added.

Macquarie Global Property Advisors’ Marina View development - which combines two sites won in government land tenders - is one building that will likely be hit by the shortage, industry players said. The project is required to provide some 1.7 million sq ft of office space.

MBFC, on the other hand, is expected to fare slightly better. Although the building is a white site and therefore subject to the ‘one carpark lot for 425 sq m of commercial space’ rule, it also has ‘hub status’, which means that it is allowed to have slightly more carpark lots without having to sacrifice its commercial gross floor area (GFA). But while Marina Bay will likely be the first to be hit, the existing CBD is also going to face the same problem in the future, market watchers said.

‘Right now, the CBD is managing,’ said Nicholas Mak, director of research and consultancy at Knight Frank. ‘But if developers continue tearing down and then building new buildings, then we will have a problem.’ This is because new projects on the sites of old buildings are also subject to the newer guidelines.

For some of these buildings, the number of parking spots will be reduced from one for every 400 sq m (4,306 sq ft) of office space to one for every 425 sq m (4,575 sq ft). Parking space was a lot more liberal in some older buildings.

Adding to the woes of drivers is also the impending loss of Market Street Car Park. CapitaCommercial Trust (CCT) recently said that it has been granted planning permission to redevelop the building into an office tower.

Other than office buildings, any upcoming new shopping malls, hotels, cinemas, theatres, restaurants and bars will also be affected. The impact will be greatest in the central areas, but are also being felt elsewhere - especially for white sites.

A retail development slated for a plum white site above Serangoon MRT Station will have only slightly over 200 carpark spots - which Danny Yeo, Knight Frank’s deputy managing director, said would be a ‘tricky situation’. The mall has a maximum permissible GFA of 942,132 sq ft.

By contrast, Singapore’s now-largest suburban mall Causeway Point has a GFA of 629,160 sq ft of GFA and 915 carpark lots. Even then, it gets ‘pretty crowded’ during the weekends as the mall is the only shopping centre in Woodlands, a spokeswoman for Frasers Centrepoint said.

Industry players believe the squeeze is part of the government’s move to push more people to use public transport. But developers point out that the shortage of parking spaces will come at a time when the car population is climbing.

BT understands that for the Serangoon site, analysts recommended that the authorities provide close to 1,000 parking spots. But despite this, only over 200 units were allowed. ‘Shopping centres without enough carpark lots will suffer,’ said one property analyst. ‘There will be a complete change in shopping patterns.’

When contacted, the Land Transport Authority (LTA) said it currently regulates parking by stipulating the minimum number of car parking lots to be provided based on the given floor area of a development. ‘Developers may build more carpark lots but they have to balance them with the opportunity cost of the additional space.’
 
Source : Business Times  - 29 March 2008

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1.2 billion - New funding for research

1.2 billion  - New funding for research

New ways to turn scientists into entrepreneurs
 
By Chang Ai-Lien, Science Correspondent 
OVER $1.2 billion will be pumped into efforts to boost research into cancer and natural disasters, and to help researchers turn their findings into money-spinners.
Prime Minister Lee Hsien Loong announced a host of initiatives yesterday, marking the third year running that the Research, Innovation and Enterprise Council (RIEC) handed out over $1 billion.

Previous years focused on the biomedical sciences, environmental and water technologies and interactive and digital media.

This time, the money goes to studying the No. 1 killer here, cancer, as well as to studying natural disasters and weather changes affecting the region and beyond.

Here is where the new funding will go.

$287m: Earth observatory

AN INTERNATIONAL team of scientists will set up a new centre to study nature’s triple threat of earthquakes, volcanoes and global warming.

Singapore offers the perfect stable spot from which to study highly volatile earthquake activity nearby, said Professor Kerry Sieh, who has come from the United States to head the new facility.

The region sees natural disasters regularly, including the 2004 tsunami which left 230,000 dead in the region.

‘We have the opportunity, with our work, to hopefully forecast disasters earlier, and avert disaster,’ Prof Sieh said. ‘This will affect hundreds of millions of people in South-east Asia in the coming century.’

$256m: for cancer

A NATIONAL University of Singapore facility will focus on cancers more common in Asians than Caucasians, and investigate how drugs work differently in Asians.

The Cancer Research Centre of Excellence, which will also aim to quickly transform discoveries into treatments, will be headed by Professor Daniel Tenen from the Harvard Medical School.

RIEC member Professor Paul Herrling said that government support, research facilities and a well-regulated health system give Singapore the edge to become a hub in cutting-edge cancer research among Asians.

$350m: Science business

A SLEW of schemes will help scientists turn their research into moneyspinners.

Aside from helping with funding for start-up companies, there is an innovation fund for universities to create ‘incubators’ with mentors-in-residence.

‘Not every scientist is a good businessman. In fact very few are,’ said PM Lee, explaining why the help is needed.

But the bottom line, he said, was having good ideas.

$360m: Research campus

THE CAMPUS for Research Excellence and Technological Enterprise will house research centres from the world’s top universities.

First in will be the Massachusetts Institute of Technology, and it will feature energy-efficient technologies for buildings in the tropics.

Architect Russell Drinker, who is leading the project’s planning and architectural design, said that he expected significant savings through the use of solar energy and clean power.

Even the narrowness of buildings, which allow more sunlight to penetrate, was designed to halve artificial lighting needs.
Source : Straits Times  - 29 March 2008

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For Rent - UE Square - District 09 Singapore Apartment Condo Listing- 29.03.2008

For Rent - UE Square - District 09 Singapore Apartment Condo Listing- 29.03.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — C
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Singapore to invest over S$1b to grow innovation & entrepreneurship

Singapore to invest over S$1b to grow innovation & entrepreneurship

By May Wong,

SINGAPORE: Singapore will invest over S$1 billion to grow innovation and entrepreneurship.

A national framework has also been set up, spelling out initiatives to advance R&D-based innovation and enterprise in Singapore.

Prime Minister Lee Hsien Loong said this after a three-day meeting by the Research, Innovation and Enterprise Council (RIEC).

Mr Lee is the chairman of RIEC, which comprises renowned academics and corporate leaders. The RIEC was set up to advise the Singapore government on national research policies and strategies.

One of the key objectives under the National Framework for Innovation and Enterprise (NFIE) is to make sure that research projects undertaken by local universities are commercially viable.

PM Lee said the R&D efforts should lead to consequences which are practical for the economy.

He said: “There is a process for this. From a bright idea to a workable product to a business proposition to a successful start-up, to an IPO, to become Google or Microsoft or Genintec…. You have to have many components of an eco system, so that you start with a good idea, somebody will work with you, take it the next step forward, develop it, get some venture capitalists interested, have a business plan, start the business going and feedback, update, upgrade and so on. Therefore you need a whole intermediate mechanism to make it flow, and that’s what we’re trying to build up.”

Some initiatives under this NFIE include a fund to be set up at each university, a new national centre for innovation studies and a technology incubation scheme.

As Singapore moves to grow entrepreneurship, some RIEC panel members believe it is important for companies and investors to state their needs more clearly.

This will then allow the researchers to be more precise in coming up with marketable solutions that can be applied in the real world.

The RIEC also observed that strategic research programmes, such as Environmental and Water Technologies, have made good progress over the last year.

The others are Biomedical Sciences Translational and Clinical Research and Interactive and Digital Media.

Success is seen in increased research activities, growing investments and new manufacturing plants.

Trade and Industry Minister, Lim Hng Kiang, said: “What we have arrived after three years is a more balanced and a more holistic framework that enables us to evolve our economic development strategy to a new platform and over 5-10, 15 years, our economy will be more resilient with all these work being done.”

One example is how Singapore attracted Norwegian company Renewable Energy Corporation (REC), that develops solar cells, to set up here last year.

PM Lee said: “After REC, we’ve had two or three more other projects come in last year… We’ve had other companies come in to do research in Singapore. So, I think, for something to get off the ground within one year and to reach this level is not bad. I wouldn’t claim for myself, first-class performance, but I’d pass the examination. Therefore I have confidence that for the next plans which we have put forward, we’ll spend the money sensibly and results will be achieved.”

Mr Lee also gave an update on the Campus for Research Excellence And Technological Enterprise. The design of the research facility will pioneer the use of environmental sustainability and energy efficient technologies in buildings.

The RIEC has so far approved over $4 billion to establish a strong research environment in Singapore. The RIEC is expected to meet again in 2010. - CNA/ir
Source : Channel NewsAsia  - 29 March 2008

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Singapore Hotel room rates set to hit record high during F1 race

Singapore Hotel room rates set to hit record high during F1 race

By Wong Siew Ying, 

SINGAPORE : Hotel room rates are set to hit an all-time high when the Formula One Grand Prix comes roaring into Singapore this September.

Visitors can expect to pay nearly 100 percent more, even if they are staying at a mid-range hotel.

Over 90,000 die-hard fans are expected to catch Singapore’s first Formula One Grand Prix from the race ground.

But as the speed demons burn up the asphalt, the accommodation may burn a hole in their pocket.

Some mid-range hotels which Channel NewsAsia approached declined to be interviewed, but a check showed that room rates during the tail-end of September are set to double.

And they will be the highest ever seen in Singapore, according to the National Association of Travel Agents.

However, some hotels said it is hard to price rooms because the race organiser has not released figures for its ticket sales so far.

Robert Khoo, CEO, NATAS, said, “It’s hard for them to gauge at this moment what is the actual price that the public will pay, so in order not to lose out, they are currently pegging their price at quite an unrealistic level to make sure that they don’t lose out, in the event that demand is really high. So I think along the way, I hope they can do some adjustment to react to the actual booking situation.”

For instance, a standard room at Furama City Centre hotel in Chinatown costs S$350 (plus taxes) during peak period.

But come end September, it will shoot up to S$488 a night (excluding taxes) from September 22 to 26; and S$888 a night (excluding taxes) from September 26 to 29 - with a clause of a minimum three nights’ stay.

At Bayview Hotel near Bencoolen Street, a standard room which goes for S$300 (plus taxes) per night will cost S$800 (excluding taxes) from September 24 to 29. And guests will have to stay for at least five nights.

It will also be more expensive to put up at Hotel 81 branches in Chinatown, Bugis and Bencoolen.

Prices will jump from between S$149 and S$189 a night to about S$450 - from September 26 to 29 - with a minimum stay of three nights.

Meanwhile, rooms at Allson Hotel along Victoria Street will go up from S$300 a night (excluding taxes) to S$700 (excluding taxes), from September 24 to 29.

On top of that, guests will have to stay for at least five nights, and pay an extra 20 percent for CESS tax which will be imposed on hotels near the racing ground.

NATAS acknowledged the acute shortage of rooms in Singapore, but said that on the whole, hotels should raise their rates gradually.

Mr Khoo said, “Hoteliers have the tendency to keep rates high and at the last moment, when they can’t sell the rooms, they will lower the rates and throw all these rooms out for the travel agents, but sometimes these happen too late and agents are not able to utilise these rooms, so it’s a waste actually.”

NATAS expects many hotels to hire more staff to cope with the increase in occupancy rate, from the current average of over 70 percent to about 90 percent. And it said many of these workers are likely to be foreigners.

Therein lies another concern that service standards may be affected.

In the long run, as room rates trend up, the other worry is that this might deter travellers from visiting Singapore altogether. - CNA/ms

Source : Channel NewsAsia  - 29 March 2008

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