Bungalow For Sale In Singapore,Landed House 01-05-2008

Bungalow For Sale In Singapore,Landed House 01-05-2008

Bungalow (B), Semi Detached (SD), Inter Terrace (IT) , Corner Terrace (CT) Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update

Type — B
District — 5
Street — FABER PK, NO.
Tenure — FH
Age — 20+
Area — 4000
Land — 8200
stroey — 2
Room — 5
Psf — 793
PRICE $ — 6500000
Type — B
District — 10
Street — BELMONT RD, NO.
Tenure — FH
Age — 03+
Area — 12000
Land — 22000
stroey — 2
Room — 8
Psf — 1273
PRICE $ — 28000000
Type — B
District — 10
Street — BISHOPGATE
Tenure — FH
Age –
Area — 9000
Land — 16556
stroey — 2
Room — 5
Psf — 1208
PRICE $ — 20000000
Type — B
District — 10
Street — CLUNY HILL, NO.
Tenure — FH
Age — 20
Area — 6000
Land — 19565
stroey — 2
Room — 5
Psf — 1268
PRICE $ — 24800000
Type — B
District — 10
Street — CORNWALL GDNS, NO.
Tenure — FH
Age –
Area — 10000
Land — 24387
stroey — 2
Room — 6
Psf — 1148
PRICE $ — 28000000
Type — B
District — 10
Street — CORONATION RD
Tenure — FH
Age — 11
Area — 3800
Land — 7000
stroey — 3
Room — 4
Psf — 1143
PRICE $ — 8000000
Type — B
District — 10
Street — CORONATION RD WEST, NO.
Tenure — FH
Age –
Area — 6000
Land — 6100
stroey — 3
Room — 6
Psf — 1393
PRICE $ — 8500000
Type — B
District — 10
Street — DUCHESS RD, NO.
Tenure — FH
Age — BN
Area — 6200
Land — 4300
stroey — 3
Room — 6
Psf — 1674
PRICE $ — 7200000
Type — B
District — 10
Street — FIFTH AVE, NO.
Tenure — FH
Age — 20+
Area — 0
Land — 26552
stroey — 2
Room — 4
Psf — 753
PRICE $ — 20000000
Type — B
District — 10
Street — FIRST AVE, NO.
Tenure — FH
Age — BN
Area — 7000
Land — 10700
stroey — 2.5
Room — 7
Psf — 1121
PRICE $ — 12000000
Type — B
District — 10
Street — JLN JELITA
Tenure — FH
Age –
Area — 0
Land — 6000
stroey — 1
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 10
Street — NAMLY AVE, NO.
Tenure — FH
Age — 41
Area — 0
Land — 7500
stroey — 2
Room — 7
Psf — 0
PRICE $ — 0
Type — B
District — 10
Street — OLD HOLLAND RD, NO.
Tenure — FH
Age –
Area — 14000
Land — 20000
stroey — 2
Room — 5
Psf — 1500
PRICE $ — 30000000
Type — B
District — 10
Street — SWETTENHAM RD, NO.
Tenure — FH
Age — BN
Area — 10000
Land — 15500
stroey — 2
Room — 7
Psf — 1605
PRICE $ — 24880000
Type — B
District — 10
Street — WILBY RD, NO.
Tenure — FH
Age — 6
Area — 10500
Land — 21000
stroey — 2
Room — 7
Psf — 850
PRICE $ — 17850000
Type — B
District — 11
Street — DUNEARN CL, NO.
Tenure — FH
Age –
Area — 9000
Land — 14093
stroey — 2.5
Room — 8
Psf — 709
PRICE $ — 9990000
Type — B
District — 11
Street — JLN BAHASA, NO.
Tenure — FH
Age — BN
Area — 6000
Land — 5000
stroey — 2
Room — 5
Psf — 2176
PRICE $ — 10880000
Type — B
District — 11
Street — LORNIE RD, NO.
Tenure — FH
Age –
Area — 4500
Land — 9800
stroey — 2
Room — 5
Psf — 1224
PRICE $ — 12000000
Type — B
District — 11
Street — TUDOR CL, NO.
Tenure — FH
Age — 05+
Area — 4700
Land — 5500
stroey — 2.5
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 11
Street — WATTEN RISE, NO.
Tenure — FH
Age –
Area — 6000
Land — 4000
stroey — 3.5
Room — 6
Psf — 1425
PRICE $ — 5700000
Type — B
District — 14
Street — JLN SENANG, NO.
Tenure — FH
Age –
Area — 2500
Land — 5000
stroey — 2
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 14
Street — JLN SENTOSA, NO.
Tenure — FH
Age –
Area — 3500
Land — 5000
stroey — 2
Room — 3
Psf — 656
PRICE $ — 3280000
Type — B
District — 15
Street — EAST COAST RD, NO.
Tenure — FH
Age — 06+
Area — 6200
Land — 8200
stroey — 2.5
Room — 6
Psf — 829
PRICE $ — 6800000
Type — B
District — 15
Street — ETTRICK TER, NO.
Tenure — FH
Age — 15
Area — 3000
Land — 4333
stroey — 1
Room — 3
Psf — 808
PRICE $ — 3500000
Type — B
District — 15
Street — HARTLEY GR, NO.
Tenure — FH
Age — 30
Area — 0
Land — 10500
stroey — 1
Room — 3
Psf — 752
PRICE $ — 7900000
Type — B
District — 15
Street — MOUNTBATTEN RD, NO.
Tenure — FH
Age — 20
Area — 6000
Land — 8550
stroey — 3
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 15
Street — TELOK KURAU LOR G, NO.
Tenure — FH
Age — 15
Area — 4048
Land — 6074
stroey — 2
Room — 8
Psf — 642
PRICE $ — 3900000
Type — B
District — 15
Street — TELOK KURAU LOR M, NO.
Tenure — FH
Age –
Area — 3000
Land — 9400
stroey — 1
Room — 4
Psf — 723
PRICE $ — 6800000
Type — B
District — 19
Street — JLN CHERMAT, NO.
Tenure — FH
Age –
Area — 2800
Land — 5000
stroey — 2
Room — 3
Psf — 0
PRICE $ — 0
Type — B
District — 19
Street — LUDLOW PL, NO.
Tenure — 999
Age –
Area — 4755
Land — 4800
stroey — 1
Room — 3
Psf — 583
PRICE $ — 2800000
Type — B
District — 19
Street — ST HELIER’S AVE, NO.
Tenure — FH
Age –
Area — 8000
Land — 11000
stroey — 2
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 20
Street — SHANGRI-LA WLK, NO.
Tenure — FH
Age — 10
Area — 6000
Land — 6400
stroey — 2
Room — 5
Psf — 731
PRICE $ — 4680000
Type — B
District — 21
Street — BINJAI PK, NO.
Tenure — FH
Age — 10+
Area — 5000
Land — 15500
stroey — 1
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 26
Street — SPRINGLEAF AVE, NO.
Tenure — FH
Age –
Area — 4600
Land — 4400
stroey — 3
Room — 6
Psf — 882
PRICE $ — 3880000
Type — B
District — 27
Street — JLN GAPIS, NO.
Tenure — FH
Age — 04+
Area — 1500
Land — 2500
stroey — 2
Room — 2
Psf — 800
PRICE $ — 2000000
Type — B
District — 27
Street — JLN SENDUDOK, NO.
Tenure — FH
Age — BN
Area — 3500
Land — 4320
stroey — 3
Room — 6
Psf — 567
PRICE $ — 2450000
Type — B
District — 27
Street — SEMBAWANG PL, NO.
Tenure — FH
Age –
Area — 0
Land — 8500
stroey — 2
Room — 4
Psf — 412
PRICE $ — 3500000
Type — B
District — 28
Street — TAMARIND RD, NO.
Tenure — FH
Age — 06+
Area — 0
Land — 5000
stroey — 4
Room — 4
Psf — 0
PRICE $ — 0
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MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

Singapore Transitional office site gets top bid of $226 psf ppr

Singapore Transitional office site gets top bid of $226 psf ppr

Offer is 7% below last week’s top bid for nearby plot
By ARTHUR SIM
THE Urban Redevelopment Authority (URA) has closed the tender for a transitional office site at Scotts Road/ Anthony Road - receiving a top bid of $32.99 million.
This works out to be $226 per square foot per plot ratio (psf ppr) for the 97,284.1 sq ft site which has maximum permissible gross floor area of 145,926.2 sq ft.

Four bids were received with the highest bid coming from Sun Venture Investments, a subsidiary of interior design and build firm DB&B Developments Pte Ltd. Its bid was 3 per cent higher than the next highest bid of $32 million from Scotts Development Pte Ltd.

DB&B chief executive Billy Siew Kim Leng said that if it is awarded the site, it intends to lease the building fully. Already, Mr Siew said that it is talking to two potential tenants who may lease the entire building.

While Mr Siew did not say who these might be, a check with the DB&B website reveals that its current clients include ABN Amro Bank and Korea Development Bank.

If awarded, this will be the first development project for DB&B. Still, Mr Siew said this is the normal progression in terms of ‘vertical integration’ for its business.

He also said he was bullish on the office sector and is setting its sights on a monthly rental of $9.50 psf.
 
Cushman and Wakefield managing director Donald Han agreed that the site could eventually attract big companies. ‘I think corporations would be favourable to an address like this.’

He also said that as long as the locations were good, there would still be developers interested in such sites. ‘The entry level is low so it would be good for new developers,’ he added.

The potential over-supply of new office space after 2010 is not likely to affect demand for this site either. Savills Singapore director (marketing and business development) Ku Swee Yong said: ‘The future supply is likely to be more spaced out than originally expected due to construction delays.’

Even so, Mr Ku estimates that rentals for transitional office space in the Scotts Road area is more likely to be around $7 psf a month.

While the DB&B’s bid is about 7 per cent lower than the top bid for the neighbouring transitional office site last week, Knight Frank director (research and consultancy) Nicholas Mak believes it is very likely that the government will award this site to DB&B, ‘taking into consideration that this average price of $226 psf ppr is slightly higher than the price paid for the first transition office site at Scotts Road last August’.

He added: ‘In an effort to ease the office space crunch, up to now, the government has awarded four transition office sites, which could yield about 650,000 sq ft of office space.’

Source : Business Times  - 01 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore JTC offers 1.9ha one-north site for sale

Singapore JTC offers 1.9ha one-north site for sale

By KALPANA RASHIWALA

A COMMERCIAL site slated for mostly office use near the existing Buona Vista MRT Station has been made available for application under the reserve list.
The 1.9-hectare site can yield close to 1.3 million square feet of gross floor area, of which 21,528 sq ft are for ground-floor retail use.

The 99-year site is in the biomedical hub of one-north and is being offered for sale under the Government Land Sale Programme for first-half 2008 by JTC Corporation.

The plot could be worth about $500 million assuming it fetches $400 per square foot of potential gross floor area.

JTC Corp said the plot will be developed into a high-rise commercial building that will provide office space for the business support companies of the research institutes at one-north. The plot is next to a new MRT station that will open under the Circle Line in 2010.

Cushman & Wakefield managing director Donald Han said the development, which will have about one million sq ft net lettable area, will benefit from spillover office demand from the surrounding biomedical facilities, as well as commercial office tenants and government departments relocating out of the Central Business District.
 
‘This is a sizeable investment, so bidders will be the big boys potentially looking at developing a project on a built-to-suit basis for anchor tenants. The end-product will be very suitable for sale to a Reit. It’s pretty untested ground, but the plot could fetch about $350-$420 psf per plot ratio (psf ppr). The breakeven cost will be about $1,000 to $1,100 psf of net lettable area,’ Mr Han added.

Colliers International managing director Dennis Yeo estimates the site to be worth a slightly higher $400-$500 psf ppr, reflecting a breakeven cost of around $1,200 psf of net lettable area. ‘Assuming an average rent of about $7 psf, the net yield will be about 5 to 6 per cent,’ he added.

Source : Business Times  - 01 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Developers vie for top ‘green’ honours- Singapore

Developers vie for top ‘green’ honours- Singapore

Keppel Land wins its first platinum for Ocean Financial Centre, slated for completion in 2011
By CHEW XIANG

THE battle for the Green Mark platinum award is heating up.
 
First salvo: The platinum bagged by Keppel Land for its massive Ocean Financial Centre office block is the first given for an office tower. The 43-storey building will be constructed on the site of the present Ocean Building and Ocean Towers 
Last year, City Developments fired the first salvo, claiming two of the seven platinums, the highest rating given out by the Building and Construction Authority for environmental friendliness.

But this year, rival developer Keppel Land has bagged its first platinum for Ocean Financial Centre, a massive 43-storey office block to be built on the site of the present Ocean Building and Ocean Towers. This is also the first given for an office tower, said Tan Swee Yiow, chief executive officer of Singapore Commercial at Keppel Land.

City Developments had won two platinums last year and three more this year - two condominium projects, Cliveden and Solitaire, and the Tampines Grande office building.

But because of its more complex energy needs, getting the Ocean Financial Centre certified platinum was more difficult than for a similar residential tower or commercial building, Mr Tan said in an interview.

‘If you want to talk about energy savings, probably the easiest way is to build a lot of concrete walls up. But the challenge is how to make an iconic architectural statement and at the same time achieve energy savings,’ he said.

The green features that helped Keppel Land clinch the platinum award could add ‘5 to 10 per cent’ to development cost, said Mr Tan, declining to be more specific because tenders have yet to be called. While the features will not come cheap, Mr Tan said that ‘at this moment we can’t say that we can charge a premium for its greener features’.

‘To us it’s a necessity. This is a historical site, so it’s very visible and the extra cost is justifiable. Our client mix will also appreciate the features,’ he added.

The Ocean Financial Centre is slated for completion in 2011 and will offer 850,000 sq ft of prime office space. It will be a redevelopment of Ocean Building and Ocean Towers, now on the same site.

Ocean Building has already been torn down; some of the debris will be recycled for use in the new building. Ocean Towers will be demolished later to make way for a five-storey car park and grand plaza integrated into the entire Ocean Financial Centre complex.

Mr Tan said that among its extensive energy-saving features was a 400-sq-m roof-mounted solar panel array. Along with efficient lighting panels and air conditioning, this would save nine megawatt hours a year, enough to power a 50,000-sq-m office space.

The complex will also have a roof-top garden and rainwater-harvesting features which could save 42 million litres of water a year, Mr Tan said, enough to fill 21 Olympic-sized swimming pools.

As well, a small chute running down the middle of the tower can be used for waste paper disposal, he said, adding this was an ‘in-house’ innovation probably not replicated elsewhere as yet, adding there would be sprinklers and safeguards so that a carelessly discarded cigarette butt would not cause an inferno.

The company is aiming to achieve at least Green Mark gold or gold plus ratings for all future projects, he said.

Source : Business Times  - 01 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Suppliers required to submit invoices to govt electronically - Singapore

Suppliers required to submit invoices to govt electronically - Singapore
AS the next phase of the Integrated Government 2010 (iGov2010) Masterplan kicks in from today, suppliers billing the government are now required to submit their invoices electronically.
The expanded e-invoice system allows suppliers to submit e-invoices to government ministries and statutory boards via a common online portal (www.vendors. com.sg).

The hope is that e-invoicing will enhance the efficiency of government transactions by automating business processes from tender and contracting to goods receipt and payment.

E-invoicing is expected to reduce the risk of misplaced hardcopy invoices, ensuring prompt payment to the suppliers. Suppliers will be able to track the status of their invoices online for greater assurance.

Part of the iGov2010 scheme to improve the reach and quality of government e-services, the e-invoicing system was rolled out in phases starting in early 2006.

Since e-invoicing for government ministries started on Feb 1 this year, over 75 per cent of government invoices have already been received electronically.

The e-invoicing scheme has now been extended to all government statutory boards from today.
 
‘The implementation of e-invoicing is being done in phases to better prepare suppliers in adopting the system,’ said Ivy Lim, director of financial administration and control at the Accountant-General’s Department.

‘A six-month transition period is given for suppliers to come on board, while small groups facing practical constraints in adopting e-invoicing are excluded at this stage,’ said Ms Lim.

Suppliers among those identified as having difficulties adopting e-invoicing include overseas vendors and small proprietorships without quick access to the Internet at the point of sales, like newspaper delivery agents, bus operators and canteen operators.

The government has promised to work with such suppliers and hopes to extend e-invoicing to them after October this year.
Source : Business Times  - 01 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Record jobs created but jobless rate inches up - Singapore

Record jobs created but jobless rate inches up - Singapore

Q1 saw an unprecedented 68,400 jobs created
By LEE U-WEN

(SINGAPORE) The Singapore economy picked up more steam in the first quarter of 2008, with a record of 68,400 jobs created - easily beating the previous highest quarterly rise of 64,400 in the second quarter of last year.
 
Giving a lift: Driven by the recent growth in building activity, construction added 13,400 workers - a fifth straight quarterly increase for the booming sector 
The latest figure is also significantly higher than the 62,500 jobs produced in Q4 2007, and 49,400 a year earlier.

But it was not all good news coming out of the preliminary estimates in the Ministry of Manpower’s latest employment situation report, released yesterday.

The jobless rate in Singapore rose to 2 per cent in March this year, up from a seasonally adjusted near-decade low of 1.7 per cent in December 2007. This latest rate, however, is still lower than a year ago, MOM said in its report.

On a non-seasonally adjusted basis, the overall unemployment rate rose to 1.8 per cent in March, from 1.6 per cent in December 2007. Among the resident labour force, the non-adjusted rate was 2.6 per cent in March, also higher than 2.3 per cent in December.

‘An estimated 49,500 residents were unemployed in March 2008. The seasonally adjusted figure was 54,400,’ MOM said.

Describing the job growth numbers as ‘extraordinary’, HSBC Group economist Robert Prior-Wandesforde said: ‘The labour force is expanding hugely, partly as a result of higher immigration but no doubt also reflecting greater participation in the labour force. In other words, a lot more people are looking for work in the context of a booming labour market.’

MOM’s preliminary findings also show that 2,000 workers were laid off in the first quarter, up slightly from 1,966 in the previous three months.

Exactly three-quarters of the lost jobs were in the manufacturing sector, with the bulk coming from the electronics industry, MOM said. The rest of the retrenchments were from services.

But services also contributed the largest share of the employment gain, with 42,900 workers at 63 per cent of all jobs added in the first quarter.

And driven by the recent growth in building activity, construction added 13,400 workers - a fifth straight quarterly increase for the booming sector.

The MOM report comes three weeks after the Trade and Industry Ministry announced that Singapore’s gross domestic product grew an annualised 16.9 per cent in the three months ended March, after shrinking 4.8 per cent in the previous quarter.

Official government forecasts have the economy growing 4-6 per cent this year, barring a sharp downturn in the US.

Looking ahead, the Monetary Authority of Singapore said recently it expects unemployment to remain below 2 per cent this year, compared with an average of 2.1 per cent in 2007.

Source : Business Times  - 01 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Variable bonus hikes a realistic way to go, suggests Singapore PM Lee

Variable bonus hikes a realistic way to go, suggests Singapore PM Lee

This will keep wage structure flexible for companies while providing help to workers, he says
By CHUANG PECK MING

(SINGAPORE) With the National Wages Council (NWC) now in session, Prime Minister Lee Hsien Loong has called on workers and employers to shoot for ’sustainable’ wage adjustments and reach ‘realistic’ settlements this year.
While food prices have surged and hit workers hard, Mr Lee assured them there are adequate supplies - and reminded them that the government has provided relief, especially to low-wage workers.

The Monetary Authority of Singapore’s (MAS) policy of keeping the Singapore dollar strong has also eased the impact of imported inflation and helped maintain the buying power of workers’ wages, according to him.

‘I hope that workers and employers will take into account these important factors in their wage settlements this year,’ Mr Lee said in his May Day message yesterday. ‘They should aim for sustainable wage adjustments and put increases into variable bonuses as far as possible to make our wage structure more flexible.’

He said ‘realistic’ settlements will address the concerns of workers, yet allow companies to respond quickly to sudden changes in the economic environment.

With the US probably already in recession and the possibility that the financial problems sparked by the sub-prime mortgage loans crisis will worsen, Mr Lee said the economic outlook is highly uncertain.
 
But Singapore - thanks largely to strong tripartite cooperation - is in a strong position to deal with the challenges, he said.

‘We still expect to grow by 4-6 per cent this year. But we must watch closely how the situation in the US unfolds, and be ready to respond if things take a turn for the worse. We have the resources and ability to do so.’

Jobs remain plentiful and as major projects like the two integrated resorts come up, many more jobs will be created, he said.

‘In this environment, the vast majority of workers with useful skills and qualifications will have no difficulty getting a job. But they should take advantage of the many opportunities for continuous education and training to refresh their skills and knowledge.’

More vulnerable will be older, low-wage workers, but Mr Lee said the government is doing all it can to help them.

‘We are working with the NTUC, helping them to upgrade their skills, become more employable and do better for themselves.’

The external turbulence will put the solidarity of workers, employers and government under stress, Mr Lee said.

‘But we must not end up arguing among ourselves - or, worse, quarrelling over how to divide what we have - or else we will be worse off. Overall, however, the US financial problems will play out, and I am confident of our ability to cope. The global environment is in flux and we are sailing into choppier waters. But our economic fundamentals are sound and we are in a strong position.’
Source : Business Times  - 01 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore GIC ready to add more quality banks to portfolio

Singapore GIC ready to add more quality banks to portfolio

MM Lee says Citi, UBS presented rare opportunity; explains transparency conundrum
By WONG WEI KONG
(SINGAPORE) The Government of Singapore Investment Corp (GIC) may add more banks to its portfolio which already includes UBS AG and Citigroup Inc, but it still cannot be overly transparent with its investments even with the scrutiny now faced by sovereign wealth funds, Minister Mentor and GIC chairman Lee Kuan Yew says.
 
MM Lee: We will build up this fund for the future for all kinds of contingencies, like a recession or depression 
GIC took a long-term view when it pumped 11 billion Swiss francs (S$14.7 billion) into UBS last December and invested US$6.88 billion in Citigroup in January this year, and it remains open to more investments in banks of similar quality, said Mr Lee.

‘If there are other banks of the quality of the two that we bought into, with the promise and the capabilities and inherent capabilities to recover, we have got the liquidity to meet it, to make such an investment. We will not rule it out,’ the senior statesman told Bloomberg Television in an interview on Tuesday.

The full interview will be telecast next Monday.

GIC’s very long investment horizon is one key reason why it is investing in currently troubled banks like UBS and Citigroup when other investors - like Warren Buffett - have turned away, Mr Lee said.
‘Maybe we’re wrong, and we’ll pay for it. But so far, we’ve grown this fund. So, on the whole, we’ve been right eight cases out of 10. So we’re not so bad… these may be the two cases out of the 10 that we’re wrong. But that would be very sad.’
 
- MM Lee 
 
 
 
 
‘He has a different view. He has to give returns to his investors year by year. We don’t have to. We have to think in terms of the next 10, 20, 30 years. We are buying into something which we intend to keep for the next two, three decades and grow with them.’

While both UBS and Citigroup have been hit by more losses and bad news since GIC invested in them, the two banks presented investment opportunities which may not come around again.

‘Will there be another Swiss bank like UBS for wealth management? I doubt it. We doubt it. That’s why we invested in it. Will it get back to its pre-crisis prices? Maybe not immediately. Five years, seven years, 10 years, with good management, good conditions? We will know in 5-10 years. And GIC is a long-term investor,’ he said.

‘Similarly for Citigroup. It has got an enormous spread worldwide as a retail bank. It has gone into other kinds of banking services.

‘Maybe we’re wrong, and we’ll pay for it. But so far, we’ve grown this fund. So, on the whole, we’ve been right eight cases out of 10. So we’re not so bad. We may be wrong - these may be the two cases out of the 10 that we’re wrong. But that would be very sad for us.’

The rise of sovereign wealth funds (SWF) around the world, and the reaction to them, need not necessarily put pressure on Singapore funds like GIC, Mr Lee said.

‘The markets and the governments know the difference between a Chinese fund and a Russian fund, and a Singapore fund, or an Abu Dhabi fund . . . We are not in there to manipulate or take charge of the economy. We’re there to have a good return.

‘We’re not Russia wanting to corner the gas market, or the gas pipeline or the sale of gas of European countries. These are our hard-earned savings, which we must invest prudently, carefully, taking the kind of risk which we think is justified for the kind of returns we expect.

‘I don’t expect much trouble from the governments. Some of the governments have made it quite clear that they welcome us. And I would be surprised if the US government or the US Senate says, ‘no, Singapore is a dangerous investor’.’

Mr Lee said GIC has to be ‘careful’ about calls for more transparency. ‘There are reasons why we do not think we should be too transparent. One, people will anticipate our moves. No company likes to have its moves anticipated. If you make your moves very clear, people can predict what you will do next, and forestall you or pre-empt you.

‘Second, you raise expectations of your own people,’ said Mr Lee, explaining why GIC discloses its profits and losses over a five-year or 10-year period, and not year by year.

‘If we do it year by year, we will have our ups and downs. If you have good profits, people will say, ‘let’s spend’. If you have bad profits, ‘we can’t spend this year’, they will say. ‘Oh, it will hurt’.

‘These are populist pressures which we have to buffer,’ Mr Lee said.

GIC is the world’s third- largest sovereign wealth fund, with US$330 billion in assets under management, according to Morgan Stanley in February. It ranks behind the Abu Dhabi Investment Authority with US$875 billion and Norway’s Government Pension Fund with US$380 billion.

‘A government has to take the risk and say this is as far as we can go. We will build up this fund for the future for all kinds of contingencies, like a major worldwide recession or depression,’ Mr Lee said.
 
Source : Business Times  - 01 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore GIC open to buying more quality bank assets: MM Lee

Singapore GIC open to buying more quality bank assets: MM Lee 

S’pore fund, being a long-term investor, may hold stakes in UBS and Citigroup for two to three decades

By Grace Ng, Finance Correspondent 
THE Government of Singapore Investment Corp (GIC) is open to buying more bank assets on top of the stakes that it purchased in UBS and Citigroup recently, Minister Mentor Lee Kuan Yew has said.
GIC, which is a long-term investor, may hold the stakes in the Swiss bank and United States financial giant for two to three decades, said Mr Lee, GIC’s chairman, in a Bloomberg Television interview on Tuesday evening.

The Singapore fund, which manages more than US$100 billion (S$136.2 billion), bought stakes in the two banks when they were raising capital to shore up their crumbling balance sheets, following write-downs linked to the US sub-prime mortgage crisis.

Mr Lee added that GIC may buy stakes in other good-quality banks.

‘If there are other banks of the quality of the two that we bought into, with the promise and the capabilities and inherent capabilities to recover, we have got the liquidity to meet it, to make such an investment,’ said Mr Lee, adding: ‘We will not rule it out.’

But GIC has a different view from another long-term investor Warren Buffett, who is said to be keeping away from investing in banks, asserted Mr Lee. While Mr Buffett has to ‘give returns to his investors every year’, GIC has to ‘think in terms of the next 10, 20, 30 years’.

‘We are buying into something which we intend to keep for the next two, three decades and grow with them.’

So, Singapore will gauge the success of its investments in Citi and UBS in five to 10 years, said Mr Lee.

UBS’ share price has fallen 35 per cent since GIC announced that it would invest 11 billion Swiss francs (S$14.4 billion) in the world’s largest wealth manager in December last year. Meanwhile, Citi’s stock price has fallen 2 per cent since mid-January, when it announced that it would raise US$14.5 billion from investors, including GIC.

But these two banks have ‘very good franchises, brand names, good managements’, Mr Lee pointed out.

UBS and Citi were ‘led astray over these sub-prime mortgages’, but with ‘the franchise of the banks, the expertise that they have, under proper leadership, they will be able to recover and rise again’, he said.

‘Will there be another Swiss bank like UBS for wealth management? We doubt it. That’s why we invested in it,’ he added.
Source : Straits Times  - 01 May 2008

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Expat’s safety letter leads to child-seat drive for parents - Singapore

Expat’s safety letter leads to child-seat drive for parents  - Singapore

She wrote to hospital, which approached police, who in turn roped in Volvo

By Carolyn Quek 
SAFETY FIRST: Mrs Susie Lawson, seen here with her son Harry, said it was second nature for parents in Australia to put children in car seats. — ST PHOTO: LAU FOOK KONG
 
AUSTRALIAN expatriate Susie Lawson was so troubled when she saw parents holding their newborns in their laps as they drove out of Thomson Medical Centre that she decided to write to the hospital.
The 36-year-old housewife’s letter last August has sparked off a five-month-long blitz, beginning today, to educate parents here on the importance of child seats.

Moved by her letter, Thomson Medical approached the Traffic Police for help to produce a brochure for the hospital. The police suggested turning it into a national campaign and roped in Swedish carmaker Volvo as well.

Banners will go up on some lamp posts, pamphlets will be distributed at several hospitals and bus advertisements will hit the road as part of the campaign.

Said Mrs Lawson: ‘It’s inspiring to see how a simple letter can make a difference.’

By law, children up to eight years old have to be strapped into a child seat while in a car. Failing to do so may lead to a $120 fine and three demerit points.

Taxis were exempted from this ruling, introduced in 1992, as it was thought to be impractical for them to carry harnesses of different sizes.

School buses and minivans were also excluded.

Last year, 30 motorists were caught flouting the child-seat rule, out of 4,000 summonses for seat-belt-related offences.

Traffic Police Commander Christopher Ng told reporters yesterday that there are still many children who are not strapped in when on the roads.

Mrs Lawson - who has three young children - was also surprised by what she saw here, because it was ’second nature’ in Australia for parents to place their children in car seats.

In May 2006, there was a fatality here involving a child who was not strapped in. The six-year-old boy, who was in the back seat, between an aunt and his grandmother, was killed in a car crash in Woodlands Road. His grandmother also died.

Another recent fatality - this time a seven-year-old boy in a school minibus - has also given momentum to a separate move to have school buses fitted with seat belts.

Road safety statistics from Volvo show that a child who is strapped in a rearward-facing child seat is 90 per cent less likely to suffer injury in an accident, compared to an unrestrained child.

‘It may take a while to change the (seat-belt-averse) mindset here of the road users,’ said Commander Ng.

‘Hopefully we can educate them from young and imbue in them the habit of wearing a seat belt when they grow up,’ he added.

Some parents do not strap their children in as they believe the kids are too big for the child seat.

When the rule was introduced in 1992, it was explained that, based on Health Ministry data, local children aged eight and below would not be tall enough to use an adult seat belt safely.

At Mothercare, which sells children’s products, sales of child seats start tapering off when children hit the age of four.

Its executive director, Ms Pang Shu Ming, said: ‘At this age, children generally hate to sit still, let alone be strapped into a child restraint.

‘Children at this age are also able to express verbally how they may find the seat belt uncomfortable.’

Parents, she added, may often be tempted to relent.

But this is precisely what they should not do.

Said Mrs Lawson: ‘Children don’t like to wear seat belts, but they don’t like brushing their teeth, too. So parents have a responsibility to teach their children good habits and why they have to belt up.’
Source : Straits Times  - 01 May 2008

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Singapore MM: Good reasons for GIC not to be ‘too transparent’

Singapore MM: Good reasons for GIC not to be ‘too transparent’
 
It has to avoid populist pressures as well as prevent others from anticipating its moves

By Grace Ng 
IF YOU are looking for Government of Singapore Investment Corp (GIC) to publish its returns annually and give details of its every move, think again.
That is because there are good reasons that the fund should not be too transparent, said Minister Mentor Lee Kuan Yew, who is also GIC’s chairman, in a Bloomberg TV interview on Tuesday.

‘There have always been these calls for transparency and we have been careful about it. There are reasons why we do not think we should be too transparent,’ said Mr Lee.

Firstly, GIC has to guard its portfolio and strategy - otherwise others will anticipate its moves.

‘No company likes to have its moves anticipated. If you make your moves very clear, people can predict what you will do next, and forestall you or pre-empt you,’ he said.

Secondly, being too transparent may raise people’s expectations for the Government to spend GIC’s returns.

‘You raise expectations of your own people, and they say: ‘Let’s spend it. We’ve made 8 per cent last year - why are we keeping 4 per cent? Let’s spend 6 per cent instead of 4 per cent.’ And so on,’ said Mr Lee.

‘These are populist pressures which we have to buffer.’

In order to avoid such pressures, GIC also chose to disclose its profits and losses over a five-year or 10-year period, rather than year by year as publicly listed companies are required to do.

Mr Lee said: ‘If we do it year by year, we will have our ups and downs. Well, if you have good profits, people will say: ‘Let’s spend.’ If you have bad profits, we can’t spend this year, they will say: ‘Oh, it will hurt.”

‘A government has to take the risk and say: ‘This is as far as we can go.”

Mr Lee said GIC is being built up ‘for the future for all kinds of contingencies, like a major worldwide recession or depression’.

The Government has also laid out guidelines on the spending decisions of GIC.

‘We will not spend the capital. We will spend half of our earnings, taken on a five-year basis, not year by year,’ Mr Lee said.

His comments come amid calls for more transparency by sovereign wealth funds (SWFs) globally. The SWFs have mushroomed in their scale to hold a total of US$3.5trillion (S$4.8 trillion) last year, according to US research firm Global Insight.

The massive size of SWFs and their investments that include stakes in national icons such as US banking giant Citi have sparked fear among governments across the world that the SWFs’ motives may not be entirely commercial.

In Singapore, there have also been calls for GIC to disclose more information about its investment activities, like Temasek Holdings, the other Singapore investment fund, has already done.

Temasek has been releasing an annual report with its total shareholder returns as well as details of its portfolio and some major investments over the past few years.

Still, the GIC may take some steps to lift the veil on its investment activities.

Prime Minister Lee Hsien Loong told the media in January on the sidelines of the World Economic Forum in Davos that GIC had previously been ‘much more circumspect about disclosure’.

‘But going forward we’ve decided to (do) more,’ he said.

Source : Straits Times  - 01 May 2008

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Singapore PM upbeat about S’pore economy

Singapore PM upbeat about S’pore economy 

He is confident Singapore will be able to weather uncertain global outlook
By Sue-Ann Chia 

SINGAPORE is sailing into choppier waters amid uncertainty in the global economy, but Prime Minister Lee Hsien Loong is confident of Singapore’s economic prospects.
In his annual May Day message, Mr Lee sketched out the uncertain outlook due to the financial crisis in the United States.

But he maintained: ‘However the US financial problems play out, I am confident of our ability to cope…our economic fundamentals are sound and we are in a strong position.’

Buoyant industries such as tourism, construction and marine engineering will buffer Singapore from the effects of a US recession, he said.

The economy is still on track to grow by 4 per cent to 6 per cent this year. The job market is also expected to be full of jobs chasing workers.

‘In both manufacturing and services, many vacancies are waiting to be filled,’ the Prime Minister said.

Latest job figures released yesterday buttress this point.

They show that a record 68,400 jobs were added to the economy in the first three months of the year, exceeding the 62,500 jobs created in the previous quarter and 49,400 in the same quarter last year.

Still, despite the job boom, the unemployment rate climbed from 1.7 per cent in December to 2 per cent in March.

HSBC Bank economist Robert Prior-Wandesforde attributed this phenomenon to an expanding pool of job seekers, possibly a result of more foreigners seeking jobs here.

In his speech, Mr Lee also urged workers and employers to aim for ’sustainable’ wage changes this year, in anticipation of a year ahead that will be ‘much more challenging’ than 2007 had been.

‘Realistic settlements will address the concerns of workers, and yet allow companies to respond quickly to sudden changes in the economic environment,’ he said.

For now, the economy is still doing well although ‘dark storm clouds have gathered’.

Pointing to the sub-prime mortgage loan crisis in the United States, Mr Lee said: ‘We must watch closely how the situation in the US unfolds, and be ready to respond if things take a turn for the worse.’

Addressing the hot issue of rising inflation, Mr Lee said Singapore cannot shield itself completely from this worldwide phenomenon.

But the strong Singapore dollar has helped to maintain the purchasing power of workers’ salaries, he noted.

The Prime Minister also assured the people about the food situation here.

Singapore has enough supplies of food, notably rice, and ‘we can buy what we need from many sources’, he said.

Also, help will be given to those struggling to cope with the higher cost of living.

Relief measures from the Government total $3 billion, ranging in form from tax rebates and Medisave top-ups to the GST offset package and Growth Dividends given to every Singaporean from the last Budget surplus.

The first payout of the Growth Dividends was yesterday, with a second due on Oct 1.

Noting that Singapore’s strength is the strong cooperation among unions, employers and the Government, Mr Lee said this enabled them to take a ‘rational approach’ and act in Singapore’s collective best interest.

PM Lee added: ‘The external turbulence will put our solidarity under stress.

‘But we must not end up arguing among ourselves, or, worse, quarrelling over how to divide what we have, or else we will all be worse off.’
 
Source : Straits Times  - 01 May 2008

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