Price cuts help Far East sell 3 projects: sources - Singapore

Price cuts help Far East sell 3 projects: sources - Singapore

By KALPANA RASHIWALA

PROPERTY heavyweight Far East Organization has achieved encouraging sales for three 99-year leasehold suburban projects after it trimmed their prices by about 3-5 per cent shortly after the Chinese New Year period, sources say.
BT understands that the price cuts were aimed at drawing bargain hunters who were keen on the three completed developments - La Casa executive condo in Woodlands, and two private condos, The Lakeshore in Jurong and Hillview Regency in Bukit Batok.

‘Far East cut prices because it was pretty sure of the demand for its product. There were bargain hunters out there holding steady jobs and who’ve enjoyed a few years of good bonuses. Mortgage rates are also low today. But potential buyers had to be given a little incentive, because people expect softer prices as sentiment has weakened,’ an industry observer said. ‘It would have been pointless for Far East to have cut prices if there had been no demand as that would only have served to weaken confidence,’ he added.

Market watchers suggest that other developers could follow suit and help clear the current stalemate between buyers and sellers. After all, a modest price cut by developers in today’s environment may not be greeted with panic, as in the 1998 property slump, as the Singapore economy is still growing, and the job market healthy.
Far East is believed to have sold 50-plus units at The Lakeshore, around 20 units at Hillview Regency as well as the last 20-odd units at La Casa following the price cuts. Before the cuts, it had been selling units at The Lakeshore at prices ranging from the high $700 psf region to around $1,000 psf for apartments with views of Jurong Lake. Urban Redevelopment Authority’s plans for the location released this month have also boosted interest in the condo. At Hillview Regency, prices range from about $700-plus psf to the high $800s for apartments facing Little Guilin. Units at La Casa were priced at over $500 psf.

Source : Business Times   - 17 April 2008

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Property market seen growing on a strong Sing dollar

Property market seen growing on a strong Sing dollar

Fast income growth, falling interest rates will keep the sector buoyant, says report

HERE’S some good news for those feeling down after recent bearish reports on the local property market.
Canadian-based BCA Research this week issued a Buy Singapore Property Stocks report, arguing that a strong Singapore dollar will depress interest rates, which will continue to fuel the property market.

It also pointed to strong income growth and other fundamentals - for instance, the transformation of Singapore’s economy and favourable supply-demand dynamics - which it says will continue to underpin the Singapore real estate bull market.

‘While real estate prices in Singapore have been rising for a while, the pace of appreciation is unlikely to slow much given the solid fundamentals of this market,’ BCA Research argues.

‘The bull market in property stocks will resume given the positive backdrop of the real estate sector. The valuations of real estate stocks have become very attractive, based on almost all price ratios. Dividend yields for this sector, at 2.1 per cent, compare extremely favourably with domestic bonds that are yielding 1-2 per cent.

‘Property stocks have underperformed the Singapore equity benchmark since early 2007 and it appears a trend reversal is under way.’
 
In its report, the research house notes that the supply-demand dynamics in Singapore’s real estate market are positive and valuations are not overly expensive. The government’s measures last year have cooled housing activity somewhat, which has dented the performance of real estate stocks, BCA notes.

‘Nevertheless, strong income growth and depressed interest rates suggest that the property market in Singapore will stay buoyant,’ it adds.

The report also says that ‘when measured against the long-term trend of income per capita, property prices are still in a catch-up phase after a major undershoot in the aftermath of the Asian crisis’.

Housing affordability has not yet deteriorated, thanks to fast income growth and a plunge in interest rates. Rental yields have gone up as rent increases have been outpacing property prices.

‘Rising rental yields in the wake of plunging interest rates are not sustainable, as the arbitrage opportunity will be exploited,’ says BCA. ‘Given the supply-demand dynamics in Singapore’s real estate market, a further increase in property prices is the most likely scenario at the moment. Despite the three-year dramatic appreciation in property prices, housing supply has not become excessive.’

According to BCA, the supply of residential and office real estate is far from the level at the peak of the last bubble in 1996. It also says the impact of scrapping the Deferred Payment Scheme in slowing activity in the housing market appears to be waning.

The Singapore economy is also unlikely to weaken substantially during this global growth downturn, as it has become more diversified in recent years.
Source : Business Times   - 17 April 2008

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Singapore residential rentals 5th highest in Asia: study

Singapore residential rentals 5th highest in Asia: study

But Republic still competitive for firms moving staff into region: ECA
By JOANNE CHIEW

SINGAPORE’S residential rental rates for a three-bedroom apartment have increased by 33 per cent over a year - from 2006 to 2007.
This makes Singapore the fifth most expensive location in terms of residential rentals in Asia and ninth globally, according to a recent survey by ECA International.

ECA International is a knowledge and solutions provider for international human resources professionals.

The annual Accommodation Survey compares rental prices in 92 locations worldwide.

A three-bedroom apartment in a popular expatriate area in Singapore costs about US$4,460 per month in 2007, up from US$3,364 the previous year.

The 33 per cent increase is also the largest in Asia.

Lee Quane, general manager of ECA International Hong Kong, attributes the steep rise to rising demand and limited supply.

‘Companies (are) expanding their operations in Singapore together with government initiatives to attract skilled workers from overseas. But at the same time, the supply of property available has been limited by a number of factors such as en bloc purchases by developers, which have exacerbated the situation.’
 
In Hong Kong, the most expensive location in the world as ranked by the survey, rental is twice that of Singapore’s for an equivalent property.

It costs 60 per cent more to rent in Tokyo, the second most expensive location in Asia, than in Singapore, which ‘remains a competitive location for companies moving staff into the region’, Mr Quane says.

In addition, Mr Quane explains that exchange-rate fluctuations also make a difference.

Rental prices have gone up where the local currency has strengthened against the US dollar, as in Singapore.

Six of the top 10 most expensive locations in the world are in Asia - Hong Kong (1st), Tokyo (4th), Mumbai (6th), Seoul (7th), Singapore (9th) and Ho Chi Minh City (10th). New York (3rd), Moscow (2nd), London (5th) and Caracas (8th) are the other four.

Average rental prices in Asia are around US$3,820, well above the global average of US$2,950.

Some of the survey’s biggest rank movements have been experienced in the Middle East in Abu Dhabi, Sharjah and Doha, but Dubai remains the most expensive location there.

Source : Business Times   - 17 April 2008

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S’pore counts on Asia to bolster tourism industry

S’pore counts on Asia to bolster tourism industry

By ARTHUR SIM
A SLOWDOWN in the global economy is likely to affect the tourism industry here, Singapore Tourism Board (STB) deputy chairman and chief executive officer Lim Neo Chian said yesterday. But Asian tourists could be Singapore’s saving grace.
‘What is comforting is that a big part of our growth is in Asia,’ he said. ‘More than 80 per cent of our tourism arrivals are from the Asian market. So long as Asian markets as a whole are not too significantly affected, we will have good growth this year.’

But Mr Lim added a proviso - all bets are off if the slowdown in the US economy were to spill into Asian markets, especially India and China, as ‘discretionary spending and travel’ would be cut.

‘We are keeping our figures crossed,’ he added.

Mr Lim, who was speaking on the sidelines of the Cityscape Asia 2008 conference yesterday, said that STB is maintaining its target growth of 5-6 per cent even though this was set at the end of last year. ‘Come middle of year, we will take stock and see if our targets need to be scaled back,’ he said.

STB is nevertheless powering ahead to stimulate the tourism industry here. And it has identified four ‘energy zones’ it will focus on - Marina Bay, the Sports Hub, Mandai and Jurong Gateway.
 
Plans for Marina Bay are the most extensive, with the second cruise terminal and Gardens by the Bay already in the works. Mr Lim said that three land parcels at Marina Bay have been identified for future attractions. And the theme for these attractions will be in keeping with Gardens by the Bay.

There are plans to stage large concerts for 10,000-strong audiences at the Sports Hub. Mr Lim said that a request for proposals (RFP) for a new nature-themed attraction and hotel at Mandai will be launched next year.

The fourth energy zone at Jurong Gateway will be kick-started by revamping the Science Centre as a major ‘edutainment’ attraction.

STB is also busy with the Formula One race in September. Mr Lim said that in conjunction with the race, it is looking to put together a string of supporting events to stretch to a two-week period on either side of the race dates.
Source : Business Times   - 17 April 2008

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$500m set aside for media development in S’pore

$500m set aside for media development in S’pore

Development and attraction of talent a major focus, says MDA chief executive
By CHRISTOPHER LIM

THE three key government agencies responsible for Singapore’s media development highlighted a combined $500 million in funds available to the industry during an inaugural joint report for the press yesterday.
 
Dr Chia: Hosting and distributing content, on top of creating it, would be MDA’s overall goal 
The Media Development Authority (MDA), Infocomm Development Authority (IDA) and Economic Development Board (EDB) also drew attention to three primary drivers for Singapore’s growth in the interactive and digital media (IDM) sector. These are the growth of media companies; demand for Singapore content; and the market for the management and distribution of content and technologies.

The $500 million in investment funds emphasises Singapore’s growing strength as a media financing hub, and includes two funds established last October - the $10 million Raffles China Media Fund by Jack Neo’s Neo Studios Pte Ltd, and the US$40 million Europe-Singapore Co-production Fund set up by local company Six-Six-Eight and its European partners.

MDA will also unveil its new Singapore Media Fusion masterplan for 2015 later this year, and chief executive Christopher Chia revealed that the development and attraction of talent would be a major focus of the roadmap.

He added that hosting and distributing content, on top of creating it, would be MDA’s overall goal.

‘We’ve talked about this class of people who develop concepts and people who project-manage. The end result would be the ability to conceptualise a whole series of TV programmes, or storyboarding a whole film. This is the area where we’re trying to beef up our talent,’ said Dr Chia.

‘The other areas that are needed as the industry strengthens are what we call the ancillary services - legal services, intellectual property rights protection, distribution support, and franchise and licensing arrangements.’

But Dr Chia elaborated that Singapore’s IDM industry would have to become very large before demand for such services becomes significant, and said that our current talent pool is sufficient today.

Manohar Khiatani, assistant managing director of the EDB’s Industry Development Division, emphasised the need not only to develop homegrown talent, but to continually attract foreign professionals.

‘This is not only about addressing a shortage, because our unique proposition of being cosmopolitan really adds a different dimension and vibrancy to this sector,’ Mr Khiatani said.

‘If you look at the IDM segment relevant for game and animation companies, we have about 1,000 people graduating who have the core skills for this industry. This is quite a big increase over the last few years but we think we need even more,’ he adds.

Over 1,600 jobs will be generated by the international projects secured by EDB from 2005 onwards, according to the agencies’ estimates.

Singapore’s media market already employs 53,000 workers and currently boasts over $18.2 billion in revenue, contributing a total of $4.9 billion value-added.
Source : Business Times   - 17 April 2008

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Smart moves in Singapore home loan market

Smart moves in Singapore home loan market

By SIOW LI SEN

PERHAPS US Federal Reserve chairman Ben Bernanke can take a leaf from our local bankers when it comes to his nation’s sub-prime home loan borrowers who are struggling to meet higher instalments after lenders reset their interest rates higher.
Recently United Overseas Bank (UOB) launched a home loan package called UOB Clear where borrowers can fix their instalments for a three-year period, regardless of interest rate movements.

If the interest rate goes down, more of the principal would be paid off. And if interest rates move higher, a higher amount of the instalment would be used to pay the interest portion.

Fixing the instalment for 36 months is pretty radical, and unheard of, even without the volatility in interest rates.

But customers who use their Central Provident Fund (CPF) money to pay their home loans will appreciate the convenience since it is a hassle to inform the CPF board each time the instalment amount changes.

UOB is banking on the extra service it is offering to retain existing customers, as well as to get new ones.

Banks have been pretty creative in looking for ways to both retain and attract new home loan customers as refinancing has become the only game in town amid a dearth of new home sales.

Mortgages as a product, while low margin, is also relatively risk-free in Singapore, provided the economy continues to enjoy full employment, as it should given the strong economic growth momentum of the first quarter.

The economy surprised with a robust 7.2 per cent gain in the first quarter, against 5.4 per cent in the fourth quarter of last year.

Savvy borrowers who have begun shopping around for cheaper home loans in light of falling interest rates may also have come across a new feature offered by DBS Bank. One of its packages which pegs the interest rate to the 12-month Sibor, or the interbank interest rate, offers two free repricings within 24 months.

With DBS’s huge customer base, it frees its bankers from having to negotiate with impatient borrowers every time interest rates fall. The projection is that the key interest rate here will fall to below one per cent before the year is out. The 3-month Sibor yesterday was 1.36 per cent.

The penchant for home loan borrowers to switch banks every two or three years, especially once the lock-in periods are over, is a constant headache faced by bankers here.

Local banks have a harder time in a falling interest rate environment given their much bigger customer bases.

Even borrowers still within their lock-in periods are demanding their banks reprice their loans lower. Bankers explain that this is a losing proposition because they had secured the funding cost for the existing loan at an earlier higher price. But in the same breadth, they will offer to pay the penalty to lure new refinancing customers from a rival.

Still, the penalties worked into each package actually ensures that banks don’t lose out when customers jump ship.

The market is tough but standing still is just not an option.
Source : Business Times   - 17 April 2008

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Singapore Court directs Regent Garden sale to Allgreen to proceed

Singapore Court directs Regent Garden sale to Allgreen to proceed

By CHEW XIANG
THE stop-start en bloc sale of Regent Garden, a 31-unit West Coast Road condominium, to Allgreen Properties looks set to finally go through after the High Court yesterday directed the majority owners to complete the agreement.
The court also ruled that the Strata Titles Board’s decision in January to reject the deal was irrelevant and ordered the majority owners to pay costs to Allgreen, the developer.

The agreement with Allgreen, originally signed in April last year, was first delayed when six owners out of the 31 held out.

When the dissenting six finally agreed to sell out by November, the majority owners, who together own 25 units and over 80 per cent of the share value in Regent Garden, did an about turn and tried to abort the deal, arguing that the $34 million sale price was too low partly because of a wrongly estimated $7.2 million development charge.

They wanted the High Court to void the agreement, or alternatively, to award damages or an addition to the sale price.

Allgreen, represented by Davinder Singh of Drew & Napier LLC, itself went to the High Court in mid-January to ask for an order requiring the majority owners to complete the sale deal. The six minority owners joined in the proceedings as well.

But on Jan 30, the Strata Titles Board ruled the sale had not been done in good faith because Regent Garden’s valuation was wrong and well below the market price.

Yesterday, Allgreen said in a statement that ‘the decision by the High Court is a victory for the sanctity of contract and is a strong message that owners will be held to their bargain’.

‘The court’s decision is very good news for the entire industry,’ said Allgreen.

The majority owners were represented by Molly Lim of Wong Tan & Molly Lim LLC.

Source : Business Times   - 17 April 2008

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Penalty on the Singapore house as banks woo customers

Penalty on the Singapore house as banks woo customers

Some are repricing home loans lower, others offer to subsidise penalties
By SIOW LI SEN

(SINGAPORE) As home sales continue to slide, banks are going all out to hang on to their existing home loan borrowers and even poach from their rivals. Some are even offering to pay off the penalties that customers may incur making the switch.
 
 
Flexibility has become a byword and new packages are getting more imaginative.

In anticipation of interest rates falling even further, one new DBS home loan package offers two free repricings within 24 months.

At United Overseas Bank (UOB), customers can fix the monthly payments for 36 months regardless of interest rate changes.

At Standard Chartered Bank, borrowers don’t even have to call. The UK-based bank has begun repricing home loans downwards for existing customers on variable rate packages.

It is understood to be the first bank to do so given the steep falls in interest rates since last December.

The last time banks were proactive in repricing home loans was in 2005 after interest rates rose sharply in the third quarter of 2004.

This, in turn, led to several rounds of hikes as the period followed two years of record lows when interest rates went below one per cent.

Stanchart’s automatic repricing is for customers who are out of their lock-in periods, that is those who do not have to pay a penalty if they repay the loan in full.

‘Our customers were notified late last month,’ said Dennis Khoo, Stanchart general manager, lending.

‘We proactively look at the customer base and take the necessary steps to ensure the pricing is competitive; if not, the competition will take them,’ said Mr Khoo.

The repricing can take the form of a new package or a lower rate within the existing contract, he said.

For banks looking to grow their mortgage business in a sluggish property market, refinancing or winning over customers from rivals is critical.

In the first quarter, only 795 new private homes were sold, about half the 1,469 units in the preceding quarter.

‘Refinancing business is something all the banks do and in a market situation like this, they have to work harder,’ said Kevin Lam, UOB head of loans.

At the same time, efforts to retain customers have gone into overdrive.

‘All banks have a dedicated team to retain customers,’ said Mr Lam.

Repricing though can be a tricky business for borrowers still within their penalty periods because their banks have yet to recover their original costs of selling those loans.

So banks know that one way to poach customers from rivals is by offering to pay the penalty rate which can be hefty - typically 1-1.5 per cent of the outstanding loan.

‘It’s difficult because they were heavily subsidised in the first year. It’s on a case-by-case basis, it depends on the total relationship as the bank may have to stomach the loss,’ said Mr Khoo.

Koh Kar Siong, DBS managing director and head of secured loans, said customers who are considering refinancing need to assess the interest savings and the costs incurred such as legal fees and any penalties or subsidies payable to the financier.

‘To help customers with the upfront costs, we do have customised packages that offer penalty subsidies,’ said Mr Koh.

One Stanchart customer said she decided to refinance with DBS Bank after the latter offered to subsidise the penalty fee running into $20,000 plus.

‘DBS calls it 1.00 per cent penalty subsidy and there is a 36 months pro-rated clawback,’ said the customer.

But another DBS borrower, dissatisfied with the repricing terms, said she is switching to Stanchart after the latter countered with even lower rates and threw in a legal subsidy as sweetener.

Gregory Chan, OCBC Bank head of consumer secured lending, said refinancing customers should remember that cheaper offers elsewhere still come with some cost.

‘Home-owners looking for refinancing should approach their existing banks first as the total cost of refinancing with another bank is usually relatively higher and has to be offset by lower interest rates,’ he said.
Source : Business Times   - 17 April 2008

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Regent Garden owners ordered to complete Singapore en bloc sale to Allgreen

Regent Garden owners ordered to complete Singapore en bloc sale to Allgreen 

By Joyce Teo, Property Correspondent 
 
OWNERS at Regent Garden must complete the collective sale of their condominium after the High Court handed down a landmark decision in favour of developer Allgreen Properties yesterday.
The $34 million sale, which the Strata Titles Board (STB) threw out in late January, must be finalised by May 16.

The decision ends one of the more unusual collective sale disputes.

Initially, 25 owners signed off on the sale in April last year, but they later tried to overturn the deal, claiming, among other things, that the condo was undervalued.

Although the owners had opted for a fixed $34 million price, they were unhappy that a development charge payable by Allgreen turned out to be much lower than expected.

There were six dissenting owners in April, however. They later withdrew their objections, but the case still went to the STB.

The STB usually assesses a sale if there are objections. In this case, however, the sale was now unanimous. Yet, it said it was still required to examine the case, whether objections were filed or not, to satisfy itself that the sale was made in good faith. It axed the deal in January, ruling that it had not been done in good faith.

Allgreen had already asked the High Court for an order to get the majority owners to complete the sale. It argued that the STB had no need to even examine the sale, as all owners had agreed to sell.

The court agreed, ruling that allegations of mistake and breach of contract were without merit and that the STB’s decision to halt the sale of the West Coast Road estate was irrelevant. It also ordered the 25 owners to pay Allgreen’s costs.

The developer said in a statement last night that the 25 owners who signed the deal had subsequently asked Allgreen to raise its sale price. It refused.

‘Allgreen had entered into a solemn contract. It was not prepared on account of the baseless allegations to renegotiate the price,’ it said.

The developer also described the decision as a ‘victory for the sanctity of contract’ and sent a ’strong message’ that owners would be held to their bargain.

Allgreen was represented by senior counsel Davinder Singh, while the 25 majority owners were represented by senior counsel Molly Lim.
Source : Straits Times   - 17 April 2008

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New media masterplan will focus on talent - Singapore

New media masterplan will focus on talent  - Singapore

Skilled individuals needed to make Singapore a vibrant hub for the industry

By Chua Hian Hou 
MADE IN SINGAPORE, BIG IN JAPAN: Koei’s made-in-Singapore game, Romance Of The Three Kingdoms Online, was launched in Japan in February. Koei is preparing to launch the popular game in Singapore. — PHOTO: KOEI
 
THE Government will put in ’significant’ resources into developing home-grown talent and attracting skilled foreigners, as part of a new masterplan to transform Singapore into a vibrant media hub.
Its aim is to make the country the best place to develop, host and distribute media content, said Dr Christopher Chia, chief executive of the Media Development Authority (MDA).

He offered a sneak peek of the Singapore Media Fusion 2015 masterplan at a briefing yesterday, and it was clear that talent was a key focus.

The media industry lives and dies by the talent it is able to attract, Dr Chia stressed.

The plan: Beef up the pool of people who can conceptualise and manage large creative projects like movies, as well as specialist professionals in ancillary fields such as intellectual property, media financing and media distribution.

All are necessary to support a growing media industry.

The budget for the plan, which replaced the Media 21 blueprint released five years ago, had yet to be finalised, but Dr Chia said it was clear it would be a ’significant investment’ on the Government’s part.

The Government will ‘leave no stone unturned’ to make it a reality because Singaporeans can look forward to many good-paying jobs in this fast-growing industry if it succeeds, he added.

Singapore’s media sector includes traditional mainstream media houses like Singapore Press Holdings, which publishes The Straits Times, among other papers, broadcasters such as MediaCorp, and publishers like Wiley.

In recent years, Singapore has also attracted many international and new media players.

These include production houses like Mark Burnett Productions of TV Survivor fame and Japan’s renowned Koei video game studio, which recently launched its made-in-Singapore online game in Japan. The game, known as Romance Of The Three Kingdoms Online, will be launched in Singapore soon.

Together, these companies generated $18.2 billion in revenues and employed 53,000 people in 2005.

Yesterday’s briefing was organised by the MDA, the Economic Development Board and the Infocomm Development Authority of Singapore.
Source : Straits Times   - 17 April 2008

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Singapore apartment rents are 9th highest

Singapore apartment rents are 9th highest 
 
SINGAPORE is the ninth most expensive place to rent a three-bedroom apartment, according to a survey.
Rents surged by 33 per cent last year, boosted by companies expanding operations at a time of limited supply of property, said the survey report, which was released yesterday.

A three-bedroom unit in popular expatriate areas such as Orchard Road costs about US$4,460 (S$6,046) a month on average to rent, compared with about US$3,364 in 2006.

But Singapore’s rents are far below those of Hong Kong, which is the world’s most expensive place to rent a three-bedroom apartment.

The annual survey by human resources firm ECA International collected rental costs in 92 locations last September and converted them to US dollars.

A three-bedder in Hong Kong rents for about US$9,700 a month, compared with Asia’s average of US$3,820 and a global average of US$2,950.

Moscow was second on the global list, followed by New York, Tokyo, London and Mumbai, with Seoul in seventh place. Caracas in Venezuela took eighth spot, with Singapore one notch ahead of Ho Chi Minh City.

ECA International Hong Kong general manager Lee Quane said demand for high-end apartments in the territory had driven up rents.

If it is a bargain you want, try Karachi in Pakistan, the world’s cheapest place to rent an apartment.

Source : Straits Times   - 17 April 2008

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Sngapore HDB-style living in Tianjin eco-city

Sngapore HDB-style living in Tianjin eco-city 

The $5.8b project is the biggest S’pore-China venture in 15 years

By Jessica Cheam 

A LANDMARK project to build an ecologically sustainable city from scratch in Tianjin will see a touch of HDB living in northern China.
It will feature an LRT station within walking distance of flats, which will also be close to amenities such as eateries and schools - all familiar sights in HDB estates here - to cut down on the need for transportation.

Many other Singapore touches are likely as the flagship Tianjin eco-city is being modelled on some of Singapore’s HDB new towns.

A bold masterplan for the eco-city is being made public today by the National Development Ministry.

China news reports say investments of at least 30 billion yuan (S$5.8 billion) will be pumped into the project.

It is the most significant cooperative project between the two nations in about 15 years. And leaders in both Singapore and China believe that it could serve as an important blueprint for similar future eco-friendly projects.
Speaking to reporters earlier this week, National Development Minister Mah Bow Tan said the eco-city would have a ‘clear Singapore imprint’ and would reflect ‘a lot of the experience that we have gathered for many years’.

It would pave the way for the further adoption of green features and technologies here, he added. It would also allow government leaders and businessmen from both nations ‘to interact…broaden and deepen the engagement and relationship’.

The eco-city, 40km from the port city of Tianjin and 150km south-east of Beijing, will tackle the growing problems of pollution by providing a ‘green lung’ and eco-corridors with extensive greenery for 110,000 energy-efficient homes.

Singapore’s Green Mark scheme - which sets environmental standards for buildings - will also be used.

Green technologies such as water recycling and harnessing waste heat from power stations will be adopted. The LRT will link four major districts, cutting the need for cars. The city will derive 15 per cent of its energy from renewable sources as an initial target.

The masterplan will see 30 sq km of marshland transformed into a mini-metropolis. Construction of an initial 3 sq km will begin after a ground-breaking ceremony in Tianjin in July.

The eco-city, first mooted by Senior Minister Goh Chok Tong during a meeting with Chinese Premier Wen Jiabao in Beijing last April, is the most significant cooperation between the two countries since the Suzhou Industrial Park in the early 1990s.

A boon to Singapore firms, the project will provide opportunities for those with products and services, such as waste and water treatment, to expand into China, said Mr Mah.

About 20 per cent of the eco-city’s homes will be public, subsidised housing - an idea put forward by Singapore to ensure the city is made up of residents ‘from all walks of life’, he said.

He said the project resonates now as ‘countries all over the world are facing serious challenges in trying to grow but to do so without damaging the environment’.

The eco-city will be set apart because ‘economic development will be balanced with sustainable development that is holistic and pragmatic…and it has to be practical, scaleable, replicable’ .

It will be built by a joint venture - a Singapore consortium led by Keppel Corp and a Chinese consortium led by Tianjin TEDA Investment Holdings, with equal stakes.

Mr Mah acknowledged the project as a major challenge:

‘We’re under no illusions that this is…easy to achieve. but looking at the goodwill, amount of effort and commitment that’s going in, I think there is every chance that we will achieve what we set out to do within the timeframe.’

Source : Straits Times   - 17 April 2008

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S’pore education draws global interest

S’pore education draws global interest
 
By Jane Ng 
VALUABLE BRIDGE TO ASIA: Overseas interest in local education is high, with Britain’s minister of higher education saying selected British universities will get government funding allowing them to send students to Singapore and for collaboration in research.
 
SINGAPORE’s brand of education is already attracting interest worldwide, even from traditional education strongholds like the United States, Britain and Australia.
In recent weeks, representatives from education institutions in the three countries have come here to forge closer ties with Singapore institutions.

They are looking at sending their students here on exchange programmes, collaborating on scientific research or establishing a stronger presence here.

Not all are part of Singapore’s global schoolhouse plan of having 150,000 international students in seven years, but their presence adds to the buzz.

Last month, Australia’s Curtin University said it would set up a campus here by year’s end to offer business degrees. It will be funded by global education services company Navitas and function like a private school.

Then, at the end of last month, Mr Bill Rammell, Britain’s minister in charge of life-long learning, further and higher education, announced during his visit here that his government would give selected British universities up to $800,000 to send students here and for research tie-ups with Singapore institutions.

It is an endorsement of Singapore as a place Britain wants to build ties with, he said, citing the ‘high quality of higher-education institutions and the willingness of the Singapore Government and universities to enter into international collaborations’.

He told The Straits Times: ‘The proactive way Singapore is going about trying to establish itself as a regional hub for education will benefit the universities and the country as a whole.’

Also here last month were the Americans. The presidents from a consortium of seven top liberal arts colleges - collectively, the Claremont College Consortium - travelling together for the first time, stopped here while on a tour to Hong Kong, Shanghai and Beijing.

They spent three days visiting Singapore universities and meeting senior Education Ministry (MOE) officials.

They had three aims:
To increase student or faculty exchange;

To have more collaborations on research;

To attract top Singaporean students to Claremont.
Professor David Oxtoby, the president of Pomona College, one of the seven in the group, described the visit as a big success in terms of possible future collaborations mooted.

Singapore’s plan to have a liberal arts college came up in discussions between the ministry and the visitors. Ministry officials had visited one of the Claremont Colleges last year on a study tour of liberal arts colleges in the United States.

The Claremont group said it has no plans to set up a Singapore campus, but it is keen to work with the upcoming college on exchange programmes.

Said Prof Oxtoby: ‘A liberal arts college would be an excellent development for Singapore…We have a great deal of experience in Claremont in starting colleges of the highest quality, and feel that we could be helpful in this regard.

‘It is possible that we will become closer partners.’

Pomona has six students from Singapore. Another five are headed there.

The other colleges at Claremont are Harvey Mudd, Claremont McKenna, Pitzer, Scripps and two graduate colleges, the Claremont Graduate University and the Keck Graduate Institute.

Pitzer’s president, Professor Laura Trombley, said Singapore is of particular interest to her college as it is looking to attract more students. Her college specialises in the social sciences, international programmes and documentary filmmaking.

Pitzer also has students in research centres or campuses in places like Botswana, Ecuador, Costa Rica, Italy and Nepal, which students from its partner countries can visit and conduct research.

Prof Trombley said the trip to Singapore was the start of more future tie-ups: ‘We will plan regular admissions visits to top schools in Singapore, as well as use our network of students, parents and alumni to let school students know about the opportunities for them in Claremont.’

The seven colleges in the Claremont group are independently run, but students are free to take courses on any campus.

Pomona has the broadest coverage in fields, while the other four undergraduate colleges have a more specific focus. Harvey Mudd, for instance, focuses on science and engineering, while Claremont McKenna on economics and political science.

Educators say such tie-ups are beneficial for both parties.

Said Professor Oxtoby: ‘Our students will receive a broader, deeper, and more global education.

‘Singapore is a very valuable bridge to Asia. As a country with close current and historic ties to China, South-east Asia and India, it is well positioned to help the Claremont Colleges make connections.’
 
Source : Straits Times   - 17 April 2008

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New round of competition as mobile numbers go portable -Singapore

New round of competition as mobile numbers go portable  -Singapore

From June, a big hurdle to switching operators will be removed, prompting more intense fight to retain customers

By Alfred Siew, Technology Correspondent 

CELLPHONE users can expect some intensive courting from their telecom operators, now that a date has been fixed allowing users to retain their cellphone numbers when they switch operators.
What is known as full mobile number portability starts from June 13, the Infocomm Development Authority (IDA) announced yesterday.

The 130,000 cellphone users who now have more than one number will be allowed to pick which one to hold on to. Your telco will start contacting you from April 22.

This is the biggest shakeup in the mobile industry in recent years, removing the last remaining inconvenience of switching operators. This is likely to set off the latest round of competition among telcos here, with customers likely to benefit.

The move, however, has been slow in coming. It began with an earlier number portability service in 1997, which let users forward their calls to a new number when they switched telcos.

But it still meant that users had to inform contacts of their new numbers. They also could not forward multimedia messages.
IDA deputy chief executive Leong Keng Thai said the number of people switching operators may not be big, but the threat of them doing so will keep telcos on their toes.

‘Existing customers will also benefit because now they (telcos) will want to try harder to retain you,’ he said.

In fact, company director Annie Chua, 34, aims to use the ease of switching as a bargaining chip when her contract with StarHub is up.

‘If all three telcos offer the same price, then I’ll stay. But I plan to ask StarHub to give me more discount vouchers before I decide,’ she added.

Telcos have long resisted full portability as it would mean investing in back-end systems to support the change.

But with the Government throwing in $5 million of the $33 million needed for portability, they fell in line, and are now gearing up for a fight.

Mr Foong King Yew of research consultancy Gartner expects SingTel with 2.3 million of the 5.8 million cellphone lines here to feel the impact of the change first, as the two smaller telcos, StarHub and MobileOne, would be gunning for its customers.

The flurry is expected to be temporary. Once users have decided on their telco when their current contract ends, they are likely to stay put for the length of their new contract.

Experts also predict that telcos will tie users to contracts that are longer than the current two years or so.

Telcos here have already started wooing users.

SingTel and StarHub offer a ‘triple play’ bundle of cellphone, pay-TV and broadband services, with discounts to those who sign up for more than one service.

All three have also tried locking in users by customising services. For example, family members and groups of workers can now share unused airtime, cutting costs.

How low can prices go?

Because of competition, deals have become more attractive over the years. A basic cellphone plan which cost $47 a month in 1997 now costs just $20.

Experts say further price cuts are quite probable, because telcos still have good margins.

Senior analyst Marc Einstein from research firm Frost & Sullivan said M1 is likely to be the most aggressive because it does not have pay-TV to bundle with its services.

‘I won’t say a price war will break out but the market will surely become more competitive,’ he added.

Source : Straits Times   - 17 April 2008

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Mindy Yong

(+65)91002985

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