$1.28m Temasek aid to NTU for trade-talks research hub - Singapore

$1.28m Temasek aid to NTU for trade-talks research hub - Singapore

By SARA LIM

TEMASEK Foundation, the philanthropic arm of Temasek Holdings, has provided the Nanyang Technological University (NTU) with $1.28 million worth of seed funding to launch a research centre for trade negotiation and economic development.
The grant will fund a series of ‘capacity-building programmes’ aimed at training government officials to negotiate trade terms more effectively.

The first of its kind in Asia, the centre will focus on helping developing countries enter World Trade Organization (WTO) negotiations on an equal footing with better-staffed and more experienced teams from the developed nations.

Temasek Foundation hopes that the training programmes will help Asia’s developing nations improve their trade links and economic fundamentals.

According to the foundation’s chief executive, Benedict Cheong, Singapore is well-placed to become a strategic centre for training in trade negotiations.

‘One of the fundamental pillars of Singapore’s development and success has been trade - international trade. This is where we have a competitive advantage, terms of knowledge and issues,’ said Mr Cheong.

‘What’s interesting is that the centre teaches officials not only how to deal with the WTO but also how to negotiate free trade agreements (FTAs).
 
‘If some of these countries get into FTA negotiations with Singapore, the whole negotiation process may be done in a more positive spirit because there is a common understanding of some of the issues and the rules,’ said Mr Cheong.

While Mr Cheong admitted that the training centre may not bring immediate benefits to Singapore, he is unfazed as ‘the ultimate goal of the Temasek Foundation is not to further Singapore’s interests but to help Asia, including the low end, where it needs help.’

The centre hopes to enhance Asia’s capacity in trade negotiations as a whole, rather than focusing on the South-east Asian region.

It hopes to train officials from developing countries such as Mongolia, Nepal, Bhutan and Sri Lanka.

The centre will be officially launched in October this year, with a possible visit by WTO director-general Pascal Lamy.

Source : Business Times   - 18 April 2008

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Investment property sales in Q1 remain steady - Singapore

Investment property sales in Q1 remain steady - Singapore

By JOANNE CHIEW

INVESTMENT property sales level in first quarter 2008 was unchanged from a year ago despite deepening concerns regarding the US economy.
A total of $8.4 billion worth of transactions was concluded, up one per cent quarter-on-quarter (QOQ), according to the Q1, 2008 Singapore Property Market Report by Debenham Tie Leung (DTZ).

The office sector was the best performer with $3.4 billion in sales, reflecting a significant 134 per cent increase QOQ.

Government state land saw strong response from developers to several sites released for tenders. The transactions showed that developers were willing to pay for sites in good locations, despite the cautious market, DTZ said.

Investments in industrial properties rose 31 per cent QOQ to $690.5 million, mainly in en-bloc deals purchased by real estate investment trusts.

However, residential sales fell 45 per cent QOQ to $2.2 billion. DTZ attributed the slowdown in sales activity to weak market sentiments, adding that developers and buyers are adopting a wait-and-see attitude.

Preliminary figures showed that only about 2,000 private residential transactions were recorded through caveats in the first two months of 2008, down from 5,200 a year ago.
 
Developer sales in Q1 reflected a 46 per cent QOQ decline, falling to 795. This was the second lowest quarter of developer sales since the Sars-stricken quarter of Q1, 2003.

Said DTZ’s senior director for investment advisory services and auction, Shaun Poh, ‘With current record high prices, investments by opportunistic investors with short-term approaches are likely to decline. More long-term investors have entered the market and are looking at core assets in good locations.’

The rental market remained stable, with consumer spending remaining stable amid a high employment rate. Retail sales for January 2008 rose 15.5 per cent year-on-year (YOY).

Removing the price effect, retail sales rose 1.5 per cent YOY. DTZ said occupancy of retail space is expected to remain high, at above 90 per cent.

‘The outlook for retail rents remains positive on a selective basis. Rents in well-positioned malls are expected to continue to increase, particularly for prime units in Orchard Road,’ said Anna Lee, DTZ’s retail associate director.
Source : Business Times   - 18 April 2008

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Singapore Govt unveils new masterplan to fight cyber threats

Singapore Govt unveils new masterplan to fight cyber threats

$70m push includes accreditation and certification of info-security pros
By LEE U-WEN

THE government is spending $70 million on a new masterplan to strengthen the local infocomm security industry’s resilience against cyber threats.
 

High on its list of priorities is to raise the standards of infocomm security professionals here, and that will be the role of a new one-stop centre set up to govern the industry - the first organisation of its kind in Asia.
 
Called the Association of Information Security Professionals (AISP), it will provide accreditation and certification, standardised programmes and career development courses to its members, among other functions. So far, 120 people have signed up, with about 900 expected to join over the next three years.

This would represent almost half of the estimated 2,000 infocomm security professionals in Singapore, according to AISP chairman Gerard Tan.

Unveiling the masterplan yesterday was Community Development, Youth and Sports Minister Vivian Balakrishnan, who said that the association would ‘elevate the standing, professionalism and trust’ of infocomm security practitioners here.

‘(AISP) will sharpen their expertise and help raise the overall competency of these professionals in dealing with cyber threats,’ he told some 500 industry professionals at an annual government infocomm security seminar organised by the Infocomm Development Authority and the Ministry of Finance.

This is the second such masterplan for Singapore. The first, launched in February 2005, was aimed primarily at providing the public sector with measures to counter infocomm security threats. The latest one will expand on those efforts and engage both the public and private sectors more, so as to effectively secure Singapore’s cyber space.

AISP’s Mr Tan, who is a partner at PricewaterhouseCoopers, said: ‘The critical issue facing us is the overall awareness of infocomm security. There is a high level of that in Singapore but we need to share that information and allow the professionals from different fields to collaborate and set standards of competency.’

Educating young people is another focus of the masterplan, with IDA partnering several infocomm firms to offer up to 20 scholarships over five years for students to learn the craft of infocomm security at local and overseas universities.

Dr Balakrishnan also said that a new cyber-security awareness alliance would be formed to reach out to the community at large, and not just infocomm specialists.

Looking ahead, the government plans to continue to share information and explore tie-ups with other countries to counter cyber threats and grow these working relationships.

In October, Singapore will become the first Asian country to host Meridian 2008, a high-level IT security conference that would bring together many governments to exchange ideas and share best practices on protecting critical IT infrastructure.

Source : Business Times   - 18 April 2008

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Many in Singapore expect pain if recession comes

Many in Singapore expect pain if recession comes

Banking sector most downbeat, IT appears resilient: Hudson report
By CHUANG PECK MING

(SINGAPORE) If there is a recession, business here is more likely to be hit than that elsewhere in Asia. And workers here may feel the pain, too.
 
 
Not everyone in Singapore is anticipating a downturn. Only about a quarter (26 per cent) of 733 executives in key business sectors polled recently see a recession coming in the next six months, with those in the healthcare and life sciences business the most downbeat.

But overall, hiring expectations for the second quarter have dipped, with 49 per cent of the executives polled intending to increase headcount, down from 51 per cent in Q1 and 56 per cent a year ago.

Among executives expecting a recession, almost four out of five (79 per cent) expect business to be affected. This is more than in any other Asian country covered in the latest poll by Hudson, a leading recruiting executive recruitment firm in the region.

Analysts are not surprised at this, pointing to the fact that the Singapore economy is more open - and thus more vulnerable than others to a global recession.

In the banking and financial services sector, more than 9 out of 10 of the pessimists share the belief that business would be hit because, Hudson says, banks are likely to be the first to feel the pain of a downturn in the global financial industry.

Executives in the information-technology and telecommunications sector are the most resilient, with just under two-thirds (64 per cent) indicating they think a recession would hit business - the lowest figure among all sectors.

‘Companies expect that major IT projects in the financial and public sectors will provide continuing growth opportunities,’ Hudson says in its report on hiring and human resource trends.

Across all sectors, 58 per cent of the executives polled here said a recession would affect their hiring plans - a figure higher than for in any other Asian country surveyed by Hudson.

‘There is a high degree of consistency between the sectors,’ Hudson says. ‘The banking and financial services sector has the highest number of respondents saying their hiring plans would be affected, at 65 per cent, and the IT&T sector the lowest, at 53 per cent.’

A freeze in headcount is most likely in the event of a recession, with 9 out of 10 of the executives polled saying they would take this measure. Only a low 19 per cent of those polled would reach for the axe to chop workers.

A third of the executives indicated they would resort to a pay freeze if there is a downturn, making this the second most popular measure. Companies in the media, public relations advertising (50 per cent) and IT&T (44 per cent) are the most likely to make this move.

‘These sectors are also the least likely to cut staff,’ Hudson notes. ‘Both industries are still busy and would rather freeze salaries than cut staff, to ensure they have adequate resources for ongoing projects.’

Hudson’s latest poll shows hiring expectations have fallen in every sector except the media, public relations and advertisement.

‘Among the media/ PR/advertising firms, hiring expectations have grown over the past year,’ Hudson says. ‘In Q2 2007, 48 per cent of respondents expected to expand recruitment, compared with 52 per cent this quarter. Much of this demand is driven by the growth of online advertising and digital media.’

Which is perhaps why the media/PR/advertising sector is the least pessimistic about a recession, with only 11 per cent of its executives polled predicting a recession in the next six months.

Source : Business Times   - 18 April 2008

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Different strokes for different segments if developers cut prices - Singapore

Different strokes for different segments if developers cut prices - Singapore

By KALPANA RASHIWALA

(SINGAPORE) In cutting prices by 3-5 per cent at three existing projects and achieving encouraging sales, property giant Far East Organization may have set the cat among the pigeons.
Other developers must now ask themselves whether to embrace this strategy. Of course, the bigger ones have the financial muscle to hold back launches and sales for months and don’t need to chop prices to entice buyers in the face of weaker market sentiment.

But there are opportunity costs involved in letting projects linger on the market and in holding on to sites - especially ones with a 99-year leasehold - instead of launching the project.

Of course, cutting prices is never easy from a developer’s standpoint. To what extent can developers cut prices without further eroding confidence in the market? And how much of a price cut is necessary to lure buyers?

The margins also dictate the extent to which developers can afford to cut prices on a particular project - and factors to consider include the price at which they bought the land and whether they have locked in construction costs.

But apart from the broad parameters, there are more specific considerations that can sway a developer’s decision.
 
In the current market, for example, it makes more sense to trim prices of mass market projects (anything priced at $1,000 psf and below) as buyers are more likely to be owner-occupiers than speculators and investors. And because these buyers are more price sensitive, even a modest price-cut of up to 5 per cent - like what Far East did - can help speed up the buying decision.

For mid-tier projects (priced at $1,000 to $2,000 psf), the speculators and investors feature more prominently in the pool of buyers. Any price cut in this segment would have to be more significant - say about 10 per cent - to draw buyers.

For high-end developments ($2,000 psf and above), buyers tend to be foreigners, investors and speculators. ‘I don’t think it’s so much a case of price sensitivity in this sector,’ says Knight Frank executive director (residential) Peter Ow. ‘Even if you cut prices, buyers may not come in. These are people whose decisions will be affected by the volatility in global financial markets.’

Another point to note is that because high-end prices have gone up so much in the past couple of years, the level of perceived risk for someone buying an investment property in this market segment is much higher today.

DTZ executive director (research and consultancy) Ong Choon Fah makes another point: ‘These investors are mobile with their funds - and may be looking at other global cities like London and New York, where opportunities have emerged as prices have fallen.’

A seasoned investor told BT that prices in the high-end segment may have to be cut at least 20 per cent before risks drop sufficiently to attract potential investors. For that reason, developers of upmarket properties will also resist making price cuts of this quantum. But then, another group of people may hold the key to price chops in this segment: specuvestors.

Those who bought multiple units in high-end projects a few years earlier on deferred payment schemes may be willing to let go of their units at below current market prices before the projects receive Temporary Occupation Permit, which is when they’ll have to pay the bulk of their purchase price to the developer.

If sufficient numbers of these units are transacted in the secondary market at prices below current values, it would set lower price benchmarks for the surrounding areas. And that would increase pressure on developers to lower their prices.

A major consideration for lowering prices is appeasing those who bought earlier at higher prices. In the past, developers have done this by offering furnishing vouchers to their early buyers. Another tactic has been to cut prices discreetly. ‘Within any project, there may be price variations of up to 20 per cent depending on height and facing of units. Developers may be able to trim prices by up to 10 per cent without making it so obvious,’ says Mr Ow.

Against this, the high construction costs may reduce a developer’s ability to manoeuvre and cut prices - especially if the site was bought at a steep price.

Still, the months ahead may prove fruitful for bargain hunters.
Source : Straits Times   - 18 April 2008

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Singapore GIC targets emerging markets via private equity

Singapore GIC targets emerging markets via private equity 

Analysts say it can rely on funds’ expertise in less familiar areas and avoid national sensitivity issues

By Alvin Foo 
 
THE Government of Singapore Investment Corporation plans to invest a larger share of its resources in emerging markets, a senior GIC executive has reportedly said.
It may do this by funnelling its investments through private equity funds.

This would avoid the growing criticism levelled at sovereign wealth funds (SWFs) such as GIC that they may be investing for political motives rather than financial returns.

Market observers note that GIC could avoid issues of national sensitivity by using private equity funds and adopting a more passive role.

Analysts say using such funds would also enable GIC to reach into less familiar investment areas as it could rely on the funds’ expertise.

However, the limited number of these funds operating in high-growth markets could be a constraint.

MAJOR CONSTRAINT
‘Private equity in the emerging markets is still a nascent development… We’ve invested in what we tried to pick out as the best ones.’ - MR TEH KOK PENG, president of GIC Special Investments, on the limited number of private equity funds operating in high-growth markets
 
‘Private equity in the emerging markets is still a nascent development,’ said Mr Teh Kok Peng, a GIC board member and the president of GIC Special Investments, in a Wall Street Journal report yesterday. ‘There are only so many funds in emerging markets. We’ve invested in what we tried to pick out as the best ones.’

He added that GIC does make direct investments as well, but the amount is ‘very small’.

China, India and developing countries in South America may look to private funds for infrastructure projects that were formerly publicly financed.

Mr Teh said: ‘My guess is at some point, the Chinese would need to tap other sources of financing because over time, there would be other needs that the government has to put money into, like education and health care.’

He also noted that, in recent years, India has been trying to encourage more foreign funding for infrastructure.

SWFs have been making headlines in recent months for their investments in key Wall Street institutions such as Merrill Lynch and Citigroup, which have been plagued by United States sub-prime woes.

According to research house Dealogic, SWFs hold about US$3 trillion (S$4 trillion) globally, and have invested US$24.4 billion in the first two months of this year alone.

However, some view their involvement as possible conduits through which they could exert foreign political influence over Western companies and markets.

Another Journal report earlier this week said GIC is considering taking part in Swiss bank UBS’ 15 billion Swiss franc (S$20.3 billion) rights issue, citing two unnamed sources close to the situation.

Recently, UBS wrote down a further US$19 billion and said it would seek emergency cash via a rights issue.

A GIC spokesman told The Straits Times yesterday that it will make a decision once the terms of the rights issue are known.

In December last year, GIC bought 9 per cent of UBS for 11 billion Swiss francs.
Source : Straits Times   - 18 April 2008

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Singdollar hits new high against greenback

Singdollar hits new high against greenback 
 
THE Singapore dollar rose to a record high, as Asian currencies advanced, spurring speculation that the Republic’s central bank can allow gains to slow inflation without losing export competitiveness.
Singapore’s currency, managed against an undisclosed basket of currencies of its major trading partners, was the second-best performer among the 10 most active Asian currencies outside Japan as the greenback fell.

Stocks in the region, including Singapore’s, rose for a third day, as better-than-forecast profits at United States banks eased concerns that slowing global growth would dent earnings.

‘The dollar’s weakening against the majors forms a very supportive factor for Singapore’s currency to strengthen against the US dollar,’ said Bank of America currency strategist Yeo Han Sia.

‘Risk appetite is gradually coming back, too, and with Asian currencies appreciating, it forces some gains in the Singapore dollar,’ he added.

Singapore’s currency rose to an all-time high of $1.3495 against the US dollar before slipping back to $1.3504 at 8pm. China’s yuan rose to its highest against the US dollar since its July 2005 revaluation.

The Monetary Authority of Singapore last week moved to allow a one-off jump in the Singdollar’s value to curb inflation. The currency has gained 2.2 per cent since April 9, the day before the move.

BLOOMBERG NEWS

Source : Straits Times   - 18 April 2008

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New $50m fund to help SMEs take tech ideas to Singapore market

New $50m fund to help SMEs take tech ideas to Singapore market 

Two types of grants for start-ups with most creative and viable ideas

By Ong Bi Hui 
RISKY, BUT HUGE BENEFITS: ‘New product development is highly risky… When successful, such innovations can enable our companies to leapfrog their competitors. We need more of such breakthrough innovations.’ - SPRING SINGAPORE CHAIRMAN PHILIP YEO, calling on SMEs to innovate — PHOTO: SPRING SINGAPORE
 
SMALL and medium-sized enterprises (SMEs) in the technology field have a new ‘Father Christmas’ fund to help them meet research and development (R&D) costs.
The fund - known as the Technology Enterprise Commercialisation Scheme (TECS) - will provide $50 million for firms specifically in areas like electronics, chemicals, optics and biomedical sciences.

TECS, which is being run by Spring Singapore, hopes to support more than 100 ideas over the next five years and is the latest in a series of government initiatives aimed at bolstering the SME sector.

It also helps address one of the key complaints from business owners - accessing funds.

The new scheme was launched yesterday and will award two types of grants for start-ups with the most creative and commercially viable ideas over the next five years.

One is proof of concept. This will be for applicants who need funding to take a promising idea and gear it up to commercial standing.

The costs of developing the technology will be covered by the grant up to $250,000.

The other grant is called proof of value and applies to firms that want to do more research on projects and develop prototypes.

Applicants who can provide evidence of interest from third-party investors or customers can tap up to $500,000 from the scheme.

TECS is music to the ears of Sonoport, a firm that sells sound effects - thunderclaps or a crying baby, for example - to the media industry.

Sonoport is researching an online interactive player that will allow users to mix and match sound files online. The files will also occupy less memory than traditional files.

‘The generous grant money will help us jump-start research on the player and market our idea globally,’ said managing director Frederik Brostrom.

TECS is part of Spring’s Technology Innovation Programme, which was started in 2006.

This programme funds SMEs that want to hire technical experts from recognised research and educational institutes. It also allows them to use research facilities, such as the precision engineering facility at SIMTech, a research centre run by A*Star.

Spring Singapore chairman Philip Yeo described TECS as being ‘very Father Christmas’ at its launch at Biopolis yesterday.

‘The SMEs just need to talk to us, and we will provide them with everything if their idea is good,’ he said.

Mr Yeo ntoed at the ceremony that constant creativity was crucial to boosting competitiveness, saying that many companies today, especially SMEs, will perish if they do not innovate.

He added: ‘New product development is highly risky, especially for those based on new technologies and aimed at creating a new market.

‘When successful, such innovations can enable our companies to leapfrog their competitors. We need more of such breakthrough innovations.’
Source : Straits Times   - 18 April 2008

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Singapore HDB supply of completed new flats hits all-time low

Singapore HDB supply of completed new flats hits all-time low 
 
THE Housing Board yesterday alerted couples looking to buy completed new flats that its supply had now dipped to an all-time low of 1,300.
With the ‘progressive clearance’ of its unsold stock, there will be fewer completed units offered for sale in future, it said.

The HDB is now urging buyers to consider its build-to-order (BTO) flats where there will be ‘ample supply and regular project launches’.

BTO flats will be the main source of new flats in future, the board has said. These flats are built only when there is sufficient demand, and usually take about three years to build.

The next two BTO sales will be launched at the end of the month, for flats in Punggol and Sengkang.

These new flats and others in towns such as Woodlands and Bukit Panjang will make up the 5,000 new flats the HDB plans to offer in the period until September.

The HDB’s latest sale of completed flats, launched on April 10 - of 490 four-room or bigger flats in various towns such as Bukit Batok, Bukit Panjang, Choa Chu Kang and Jurong East - had received 5,700 applications by the time it closed on Wednesday.

The ratio of about 10 applicants for every flat offered under its bi-monthly sales programme is ’similar to other sale exercises conducted over the past year’, said the board.

The take-up rate is high because flats offered have been completed or are nearing completion.

The HDB advised buyers to ‘plan ahead for their housing needs’ to minimise waiting.

It also acknowledged recent public feedback that applicants who are not serious buyers ’should be discouraged from participating in sales exercises, to avoid crowding out those with more pressing housing needs’.

In recent BTO launches, for example, Punggol Vista, Fernvale Vista (Phase Two) and Coral Spring in Sengkang had take-up rates of 72, 65 and 70 per cent respectively.

Many initial applicants did not go ahead and make a purchase despite the chance to do, perhaps because their desired units had been sold, or they had decided on other housing options.

The HDB said that it is reviewing the flat application system to address this concern.

Only flats at Telok Blangah Towers and Treelodge @ Punggol, HDB’s environmentally friendly project, had high take-up rates of 100 and 94 per cent respectively, it told The Straits Times.

Recently, the board also revised its launches and will sell three-room and smaller unsold flats once every three months, instead of once a month. And the bigger flats - three-room premium and above - will be sold half-yearly starting Oct 10, instead of every two months.

JESSICA CHEAM

Source : Straits Times   - 18 April 2008

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100 identified so far as potential Singapore PAP candidates

100 identified so far as potential Singapore PAP candidates 

By Li Xueying 

THE ruling People’s Action Party (PAP) has identified more than 100 people as possible candidates for the next general election, although it is due only by 2011.
The list includes ‘quite a few’ with the potential to be ministers, said Dr Ng Eng Hen, the party’s special organising secretary who is coordinating its recruitment efforts for the polls.

But whether Singapore’s fourth prime minister is among them is, as yet, a question mark, he told The Straits Times.

‘If you bring in a group of people who have ministerial calibre, they will have to choose among themselves who to lead.

‘That person must be able to win the confidence of his team,’ he said.

The PAP’s search for new people to don party whites began in October 2006, less than six months after the polls in May that year.

Today, 18 months later, the list includes ‘quite a few who can be potential leaders with the right values’, said Dr Ng, who is Education Minister.

Overall, they tend to share several qualities, he added.

They have passion. They are brimming with ideas, and do not necessarily agree with everything the party is doing, believing there are other better ways.

They are also very capable, showing a high aptitude for their field of work, and are successful in their careers.

The group is diverse, representing a cross-section of Singapore society, he stressed.

They are ‘quite mixed’ - females, males, of different races and backgrounds. This is a result of the PAP casting its net ‘very wide’, he said.

‘We looked at professional bodies, voluntary welfare organisations, not necessarily just economic groups or so-called social political groups,’ said Dr Ng.

The need for diverse talents is important, he added.

‘Going forward, Singapore has increased wealth, increased reach, increased challenges.Governing will become more complex.’

The search party includes ministers, MPs and PAP offshoots - the Young PAP and the Women’s Wing. Prime Minister Lee Hsien Loong himself also ‘talented-spotted from time to time’, said Dr Ng.

‘Some of them, we’d known them and they had proven themselves on the ground doing this and that. But some are just brief encounters - their talent sparkles and we pull them in.’

However, he was quick to emphasise that nothing is cast in stone - not until the final hours of Nomination Day. At every general election, the PAP inducts about 25 new faces.

Jurong GRC MP Halimah Yacob said that this time round, she had put up five names. Some are women and most are Malays. Their backgrounds are varied - ranging from grassroots leaders to high-profile corporate executives.

Said Madam Halimah: ‘We, as MPs, do a first-cut assessment. Some I know. But those that I do not know, I ask around - is he or she capable? What do people say about him or her?’

She then meets them over lunch to know them better. Sometimes, she hands in her choices with a note detailing their areas of competency and their pet issues.

‘It is not a scientific process, but we all do our best,’ she said.
Source : Straits Times   - 18 April 2008

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