Singapore to host Asian business events conference

Singapore to host Asian business events conference
SINGAPORE will host the first Asian Meetings and Events Conference in October alongside the inaugural ITB Asia show - a sister event of the world’s largest annual travel show held in Berlin.
Held under the auspices of US-based global trade association Meeting Professionals International (MPI), the event will be attended by 250 delegates from the region and overseas - mainly meeting planners with an interest in organising functions in the Asia-Pacific.

‘By committing to hold a yearly event in the Asia-Pacific, our goal is to create the premiere educational and networking platform for our industry in the region,’ said MPI chairman Larry Luteran

MPI set up its Asia-Pacific headquarters in Singapore last year to better serve the needs of its members.

‘We needed to have a better understanding of the economic landscape, maturity levels and industry needs, which you can hardly do from North America or Europe,’ said Mr Luteran.

‘Being based in Singapore has been a tremendous advantage for us. Its hub position, modern infrastructure, mature and performing convention bureau and industry eco-system have all made our job a lot easier by accelerating our access to information and people.’

The conference will be MPI’s first event in the Asia-Pacific.

 
 
And the tie-up with ITB Asia will mean co-marketing and economies of scale.
 
Source : Business Times  - 25 Jun 2008

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Property does it best for me

Property does it best for me

Manulife’s Philip Hampden-Smith tells SIOW LI SEN he’s very happy with his 10 properties in the UK and Singapore
Q: How was money when you were a child?

 
A: I was fortunate that I did not have to worry too much about money when I was a child. My father was a banker and we lived in various parts of Asia, including Japan, Indonesia and Pakistan. He was always careful with money and advised me to ’shop around’ before making a purchase. Unlike me, my father was not so fortunate when he was a child. My grandfather went to China in 1919 and had a shipping and ship building business in Tianjin. When World War II broke out in 1938, he lost everything overnight. My father went through a tough time when the whole family returned to England via Siberia with almost nothing.

Q: When did you begin investing? Was there a trigger factor that made you start?

A: I suppose that I began investing at age 18. I bought a tiny house in a rundown area near London. My father made the first downpayment with the intention of teaching me the discipline of saving and investment, as I had to service the mortgage every month.

Q: Do you have a target? And does this target move with changes in your circumstances?

 
‘I have another very expensive collection: my four lovely children. I splurge on interesting holidays with my family - we have travelled all over the world.’
 
- Philip Hampden-Smith 
 
 
 
 
A: I don’t have a specific target in mind. I am sensible with money. With a lot of luck, my investments have made decent returns over the years. This puts me in a position to retire comfortably if I want to. Money is not the reason I work, which in many ways makes working more enjoyable.

Q: Do you believe strongly in certain types of assets like property or stocks and so plan your investments accordingly?

A: By and large, my better investments have been in property. I still own 10 properties in Singapore and the UK. I have been very lucky to have invested in property some years ago when the prices were low. I was also very fortunate to have invested in Manulife Financial. The shares have appreciated about 600 per cent since 1999.

Q: Having been in Asia some 30 years, like most Asians, do you think property is a good investment? You have a farm in England - how is that managed while you are away?

A: Property is my favourite because I like tangible things. It can generate revenue with capital appreciation but not always, and it can be a double-edged sword. My family lives on a farm as my children are all at school in the UK. The farm brings in a reasonable income. We rent out land to local farmers who keep sheep and cattle. We also lease out stables to horse owners, while the cottages on the farm are popular during holiday season as the farm is located in a well-known national park with beautiful views.

Q: You have four young children. Do you have to set aside a portion of your savings/investments towards their education?

A: With rising costs and inflation, education is expensive nowadays. A good education is priceless and I believe it is the best gift parents can give to their children. My key investment for my children is to try to provide them with good guidance in their development and education.

Q: Do you, like the Chinese, believe in leaving money to your children? Do you treat boys and girls the same or differently?

A: I don’t believe that one should be given money without working for it. Parents should not spoil their children; it sets a bad precedent. However, parents should be around to help their children if the need arises. My children need to earn their pocket money through odd jobs. I treat my boys and girl identically; my daughter would kill me if I didn’t.

Q: Do you make your own investment decisions or consult your wife?

A: My wife leaves all the investment decisions to me so it is clear who to blame when things go wrong. I mainly make my own investment decisions, though I have a broker I consult occasionally.

Q: Do you see your wife taking a different approach when it comes to money?

A: Not really

Q: What kind of retirement do you envisage? Do you have a date for retiring?

A: I don’t believe in retirement per se. To me, retirement does not mean the end of working; rather, the beginning of doing something else. I want to keep busy. I have a few interests that could be developed into businesses - for example, property management. I am glad that I am in a position to continue living my preferred lifestyle. Many people in Asia are ill-prepared for retirement and have no clue as to how much they need for their golden years. No one should just leave their retirement needs to fate.

Q: What has been your best investment?

A: My best investment in percentage terms has been Manulife stock that has appreciated 600 per cent. My other good investment was a house in Sri Lanka that I sold four years ago. Its value grew 500 per cent in just three years. Unfortunately, it was a very cheap house so the profit was not much in property terms.

Q: And the worst?

A: I bought an MG sports car some 30 years ago for £pounds;1,000; I sold it for £pounds;250 four months later after the engine blew up.

Q: Has being a soldier made you more disciplined when it comes to investments?

A: Although my military background has not made any difference to my approach to investing, it trained me to live on very little. I remember during my army days that I hated long holidays because we received no food allowance.

Q: What would you say is a weakness when it comes to spending money? What do you splurge on?

A: I have various antique collections. Over the years I have spent too much on antique Chinese blue porcelain. I have another very expensive collection: my four lovely children. I splurge on interesting holidays with my family - we have travelled all over the world.

Q: Tell us more about your 10 properties

A: I have a penthouse apartment in Singapore, which is home. The rest of my properties, apart from my farm, are rental properties in the UK. They provide me with a net income of about 5 per cent annually, and have produced very steady capital appreciation over the years. I have no desire to become a developer. Simple property management is about as complicated as I want it to get.
 
Source : Business Times  - 25 Jun 2008

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Mindy Yong

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Savills fund mgt arm sets up Singapore office

Savills fund mgt arm sets up Singapore office

Outfit will focus on marketing US$200m Indian property fund
By CONRAD TAN
CORDEA Savills, the fund management arm of UK property group Savills, has set up an office here to attract investors from all over the Asia-Pacific.
The office will initially focus on marketing the firm’s first Asian property fund - a US$200 million Indian real estate fund - to institutional investors in the region.

Michael Flynn, a former investment banker, will head the Singapore office as managing director of institutional business in Asia.

The two-man office, based at One Raffles Quay, will grow to 10 people in a year, he said. ‘We intend Singapore to be our long-term base within the region.’

Cordea Savills, which caters solely to institutional investors, had US$6.8 billion of assets under management at the end of last year, including money from pension funds, family trusts and charities.

Most of the property fund manager’s investments are in European real estate. In November last year, the firm launched a joint venture with India’s family-owned Nichani business group. The JV’s first product, the US$200 million Cordea Nichani Indian Opportunities No 1 fund, is aiming for a return of 25 per cent a year after costs, by investing in land in India.

 
 
Its main investment themes are residential development, special economic zones (SEZs) created by the Indian government, hotel and leisure development and serviced land.

The fund’s first asset is a 10.10ha site 3km from the new international airport at Bangalore, which opened last month. The land was bought at a steep discount to market value, said Mr Flynn.

‘Frankly, we’ve been helped by the credit crunch, because banks in India are a lot less likely now to lend money to developers to buy land,’ he said.

He believes that there is potential for high returns on investment in Indian real estate, given the rapid growth of the country’s emerging economy, which is fuelling demand for urban housing and hotels - demand that is unlikely to be satisfied any time soon.

‘India has fewer hotels than Manhattan,’ he said. ‘The market can take a lot of supply’ before the investment returns on hotel development become unattractive, he reckons.

The fund is also looking at investment opportunities in India’s SEZs, many of which house research and development, IT support and other back-office functions of large multinational firms headquartered in the US and Europe, including computer maker Dell and mobile phone manufacturer Nokia.

‘We think the IT boom in India will continue. Even in times of recession, when Western economies slow down, firms seek to save money by outsourcing to India,’ said Mr Flynn.

 
 
Source : Business Times  - 25 Jun 2008

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Mindy Yong

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Singapore has an edge in competing for global talent

Singapore has an edge in competing for global talent

As a city state, it has capacity to make things happen, World Cities Summit told
By EMILYN YAP
AS cities re-invent themselves to compete for global talent, Singapore stands a good chance of staying ahead of the competition, the World Cities Summit on urban planning and conservation heard yesterday.
‘In today’s global economy, the competition is not between countries but between cities and regions,’ said Alfonso Vegara, president of Fundación Metrópoli, a Spanish organisation for urban innovations.

Mr Vegara shared examples of cities such as Philadelphia and Bilbao embarking on strategic projects to build competitive advantages.

And according to him, Singapore has an edge on the competition because it is a city state.

‘(Singapore) is really ahead because (it) has the capacity to make things happen,’ he said. ‘Most of the cities in the world of the size of Singapore are very fragmented - from the political point of view, from the administrative point of view.’

It is not just physical development that matters.

Mr Vegara identified Singapore’s location and high governance standards as its unique strengths.

Singapore’s urban landscape has been undergoing changes to support economic growth and a higher quality of life.

 
 
The recently unveiled Draft Master Plan, for instance, sets aside land for new commercial centres and more leisure destinations.

Singapore needs to take ‘an environmentally responsible and sustainable approach to development’, Urban Redevelopment Authority CEO Cheong Koon Hean said at the summit yesterday.

Mr Vegara said Philadelphia is a striking example of a city striving to attract talent.

According to him, it has around 80 universities - the highest concentration in the United States - yet was unable to retain talent.

This led Philadelphia to develop areas such as an avenue of technology and an avenue of the arts to enhance the city’s vibrancy.

Cities looking to match up to competition should not count on achieving the same success by replicating projects from other places, Mr Vegara said.

Each city has its own distinctive profile, and strategic projects have to fit that, he said.

 
Source : Business Times  - 25 Jun 2008

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M&C sells Seoul hotel with gain

M&C sells Seoul hotel with gain

It will book profit of £155m from sale of Millennium Seoul Hilton
By KALPANA RASHIWALA

KWEK Leng Beng’s London-listed hotel arm Millennium & Copthorne Hotels (M&C) is selling Millennium Seoul Hilton for about 580 billion Korean won (around S$767 million). This will bring a profitable end to a difficult relationship M&C has had with the asset. The chain has faced labour problems as well as escalating labour costs operating the hotel.
 
Irresistible: Kwek Leng Beng found the US$832,000 per room offer for the Millennium Seoul Hilton just too good to refuse 
Mr Kwek bought the freehold property in 1999 for US$228.5 million. M&C will book a pre-tax profit of £155 million (S$417.4 million) from the divestment, which is subject to M&C shareholders’ approval. The hotel chain will use cash from the sale to finance acquisition opportunities, among other things.

Workers in the hotel went on a strike in 2000 and even after that was resolved, M&C continued to battle rising labour costs in Seoul. But the unsolicited offer for the property from Korean real estate and architectural services group Kangho was just too good to refuse for Mr Kwek.

The sale price works out to US$832,000 per room, nearly matching the US$836,000 achieved for The Plaza in New York, which M&C sold in 2004.

That was the last major asset sale by M&C, which had owned the hotel - which enjoys a prime location at Central Park South/Fifth Avenue - jointly with Saudi billionaire Prince Alwaleed bin Talal.

Millennium Seoul Hilton’s sale price of about £287.9 million works out to 35 times the hotel’s £8.2 million profit before tax last year. ‘The price is very good. I could not refuse,’ Mr Kwek said in an interview with BT yesterday.

Mr Kwek had been criticised for overpaying for the Seoul hotel when he bought it nine years ago from Daewoo Group. He beat 11 other contenders that had been shortlisted out of an initial 20 bids.

M&C is keen on buying a replacement hotel in Seoul, preferably a ‘brand new hotel’, Mr Kwek said. M&C is also on the lookout for acquisitions in Japan, US and Europe to fill gaps in its hotel portfolio.

‘We’ve been trying in Japan for a long time, but no one was willing to sell hotels in the past. Now, we can see some hotel owners, including funds, selling because of the credit crunch and tighter bank lending. But it’s still early days,’ said Mr Kwek.

The group could also look at opportunities to buy hotel chains available for sale, though these tend to be more in the West currently rather than Asia, where the economies are stronger, he added.

The sale of Millennium Seoul Hilton ‘further strengthens the M&C group’s ability to take advantage of market and cyclical opportunities’, he said in M&C’s statement.

The completion of the sale is expected in September this year. M&C is about 53 per cent owned by Singapore-listed City Developments Ltd (CDL), which is controlled by Singapore’s Hong Leong Group, which in turn is owned by the Kwek family.

CDL last year inked a memorandum of understanding to develop a mixed development project that will include a hotel, in Incheon City near the International Airport.

M&C chief executive Richard Hartman said: ‘We will be maintaining a constant watch for suitable opportunities as they may arise in Korea. Seoul is a key gateway city and this will present a more difficult decision on divestment to us. While the city has a challenging hotel operating environment particularly in Millennium Seoul Hilton, we have managed to achieve a profitable exit from the investment,’ he added.

M&C has been managing the hotel since December 2003 after a management contract with Hilton expired, but under a franchise agreement, the group continues to use the Hilton name.

Millennium Seoul Hilton was in the news recently in Korea, where a court ruled in favour of CDL Hotels (Korea), an indirect subsidiary of M&C which owns the hotel, after the company filed a lawsuit to nullify a long-term lease for a penthouse on the hotel’s 23rd floor to former Daewoo Group chairman Kim Woo-choong. The hotel’s previous owner, Daewoo Development, signed the 25-year lease contract with Mr Kim in early 1999 for just 328 won or about 31 US cents per day.

 
Source : Business Times  - 25 Jun 2008

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Mindy Yong

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Can Facebook make money?

Can Facebook make money?

By JEFF SEGAL

IF companies can resemble people, Facebook looks like the awkward teen nearing the end of a growth spurt. Last month it blew by competitor MySpace in terms of unique visitors worldwide. But it still makes far less money than News Corp’s network. Why? Facebook is following the YouTube model for growth.
When Google bought YouTube for US$1.6 billion in October 2006, the video site had 34 million monthly users and was at the end of a growth binge that saw this number multiply tenfold in nine months. It now has some 59 million users and controls 73 per cent of the online video market in the US, according to Hitwise.

YouTube’s ability to produce revenue isn’t quite as impressive - it’s estimated to bring in only US$200 million in 2008. But online video is still a new medium and YouTube has become its de facto king. If Google can learn to monetise online video, its YouTube deal could look genius. If not, well, YouTube’s founders and early investors have still done nicely.

The same logic applies to Facebook. The site had 123 million unique visitors in May, some eight million more than MySpace and a 162 per cent increase over last year, according to Comscore. This is largely due to huge international growth driven by users translating the site for free. It just opened up in China and Russia and is available in 18 other languages.

 
 
But like YouTube, Facebook’s revenues don’t match this growth. While MySpace is expected to pull in US$755 million this year, Facebook is looking at about one-third of that, according to EMarketer. And a growth-first, profits later, strategy carries significant risk.

Profits-rich Google can afford to take such hazards with YouTube because it’s basically bought an option on the future of Internet video. And News Corp is already making far more than it spent on MySpace. Facebook is still trying to justify the US$15 billion valuation its last fund-raising put on the company. If it can’t translate its growth into dollars, it never will.

 
 
Source : straits Times  - 25 Jun 2008

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People in richer countries feel better

People in richer countries feel better 

By Lydia Lim 
 
FORGET the idea that people in poorer countries might enjoy a greater sense of well-being.
A recent global survey by Gallup has shown that development and prosperity pays, both economically and socially. People in richer countries generally felt better, it found.

Polling in more than 130 countries by Gallup, which specialises in research into human behaviour, found a strong correlation between a country’s per capita income and its citizens’ sense of well-being.

At a luncheon session yesterday, Gallup Organisation chairman and chief executive Jim Clifton and psychology professor and Gallup senior scientist Ed Diener presented findings from a survey built around a new Well-Being Index.

The findings were based on face-to-face and telephone interviews carried out with population samples around the world.

Those polled were asked to evaluate their overall lives based on a scale of zero for worst possible life, to 10 for best possible life.

They were also asked to comment on their experiences, including whether they were treated with respect, did something interesting or smiled and laughed a lot the day before the interview.

Mr Clifton said there is an important link between how well a country ranks on the Well-Being Index and migration flows - which in turn determines ‘brain gain’, possibly the single most important factor of wealth creation in the current age.

Ambassador-at-large Tommy Koh later asked the two presenters about the correlation between wealth and well-being as he had read other surveys in which people in poor countries were ranked higher on a happiness index than people here in Singapore.

Prof Diener replied that the correlation between wealth and well-being is a strong one.

The Gallup survey, he said, showed that with good samples and good data, cases of higher well-being in poorer countries did not show up.

In his presentation, Prof Diener described happy nations as those that are prosperous, have low levels of corruption, experience relatively low conflict and where people enjoy good health.

According to the Gallup website, the survey found that people in Denmark, New Zealand and Canada report the highest well-being in the world.

The countries with the highest scores were almost exclusively high per-capita-income countries in Europe, North and South America and Oceania. No country in Asia or Africa made it to the top-10 list.

 
 
Source : straits Times  - 25 Jun 2008

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Creating liveable cities: One-stop centre set up - Singapore

Creating liveable cities: One-stop centre set up - Singapore 
AT THE HELM: Mr Andrew Tan will head the new Centre For Liveable Cities. — PHOTO: MINISTRY OF FOREIGN AFFAIRS
 
A NEW policy institute aims to study all aspects of urban development - from ‘hard’ aspects like security and land use to ’soft’ aspects like creating buzz.
The Centre For Liveable Cities has been established by the National Development and the Environment and Water Resources ministries.

It will be headed by Mr Andrew Tan, who is a deputy secretary at the Ministry of Foreign Affairs. He will hold both positions concurrently.

Prime Minister Lee Hsien Loong announced the centre’s formation yesterday at the opening of the inaugural World Cities Summit and International Water Week.

Mr Tan, 40, said the centre will receive initial funding of $5 million from its two parent ministries. The amount will go mainly towards hiring staff.

The centre will be housed at the URA Centre in Maxwell Road, and will be fully staffed by the year’s end.

It aims to be a one-stop source of urban and environmental management expertise and will forge links with other cities and international organisations.

A ‘timely initiative’, the centre is a ‘confluence of two factors’, one of which is Singapore’s experiences of urban planning over the last few decades, explained Mr Tan.

‘This is one area we want to develop further and tap on best practices elsewhere, seeing how in the coming years we’ll see the entire skyline of Singapore change with the Marina Sands resort, Gardens by the Bay and the new downtown (in the Marina area),’ he added.

The gardens are a series of three waterfront parks currently being constructed in Marina Bay.

The other push for setting up the Centre For Liveable Cities is the need among Asian cities for ideas on how to manage growing pollution and congestion.

‘I have to add a caveat: There’s no one single formula for cities and the problems they face.’

Nevertheless, Mr Tan believes it is worth sharing experiences, especially with the surge in issues like climate change and transboundary pollution which require regional and even international cooperation.

CLARISSA OON

 
Source : straits Times  - 25 Jun 2008

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Urban planners look to Singapore Lion City for inspiration

Urban planners look to Singapore Lion City for inspiration 

By Liaw Wy-Cin & Shobana Kesava 
 
SINGAPORE was very much under the microscope yesterday from city planners keen to strike a balance between developing the urban landscape and not undermining nature.
This included its ability to manage congestion, preserve biodiversity in the midst of urbanisation and manage waste.

Its success in developing a vibrant city and green environment within an area of 700 sq km was cited by delegates at various sessions of the World Cities Summit.

One reason for successful urban planning here is the willingness of those involved to seek constructive criticism, said planning expert Marilyn Taylor, former head of the United States’ Urban Land Institute.

‘Singapore has a willingness to offer itself up to go under the microscope for others to scrutinise, and that has helped it to develop successfully,’ she said after a session on planning for a distinctive and vibrant city.

It also has an ability to invest ahead of demand, she said, noting that this boiled down to having a responsible government.

Others also underlined this point, noting that an attractive city needed a public sector that took responsibility for using resources effectively, and building infrastructure that was sustainable.

Dr Ahmed Djoghlaf, executive secretary of the United Nations’ Convention on Biological Diversity, said at a separate discussion on biodiversity that cities like Singapore and Busan in South Korea showed it was possible ‘to grow at breakneck speed without undermining nature’.

This was due in large part to a partnership between government and ‘green’ groups who are on the same wavelength and develop workable solutions.

Cities such as Philadelphia, Dublin, Bilbao and Barcelona were also cited for their model urban planning.

Underlining why this was important, Dr Alfonso Vegara, president of Fundacion Metropolis, a Spanish foundation, said competition today ‘is not between countries but cities, and they are competing for talent’.

At a session where speakers shared ideas on road congestion, Singapore was again cited for its good public transport system.

This was being emulated, for example, in fast-growing Indian cities that are working with Singapore’s Land Transport Authority.

‘Cities have to be returned to the people,’ said Mr Sanjeev Kumar Lohia of India’s Urban Development Ministry, which has implemented some of Singapore’s best practices in bus and rail systems.

Dr Vukan Vuchic, Professor of Transportation Engineering at the University of Pennsylvania, said many of the world’s best practices have been pioneered here.

‘Electronic Road Pricing preceded such measures in other countries by at least 20 years,’ he said.

Singapore’s approach has been to encourage people to use public transport. Shops, for instance, are sited close to MRT stations. Work is also being done to double the rail network by 2020.

International Association of Public Transport secretary-general Hans Rat said the efficient transport system can now be enhanced so it appeals to those who rarely use it. Design and other changes to France’s light rail system, for instance, have seen more of its wealthier citizens now using it.

Other cities also cited for their outstanding public transport systems were Munich, Portland, Vancouver and Perth.

On waste management, participants at one session heard of Singapore’s aim to become a ‘zero landfill’ nation - where nearly all waste will be recycled.

While no timeframe has been set, National Environment Agency director-general Joseph Hui believed if landfill here could be brought down to a ‘very low level’, it would be a significant achievement.

And the future looks promising.

Total domestic waste disposed per capita has dropped from 0.89kg to 0.88kg a day per person. The recycling rate has gone up from 49 per cent in 2005 to 54 per cent last year. The goal is to hit 60 per cent by 2012.

ADDITIONAL REPORTING BY JESSICA CHEAM AND SHEFALI REKHI

 
Source : straits Times  - 25 Jun 2008

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Applicants stand better chance in latest Singapore HDB sale

Applicants stand better chance in latest Singapore HDB sale 
 
THE latest Housing Board sale of new flats in Woodlands attracted three applicants for every flat on offer.
This shows that recent new rules designed to deter frivolous applications appear to be working, said the executive director of HSR property group, Mr Eric Cheng.

He said demand for the latest flats was still strong, but genuine buyers have a good chance of getting a unit.

In the past, some HDB sales attracted more than 10 applicants for every flat on offer. But the actual take-up rate was often quite low, prompting concerns about frivolous applications.

The HDB said it had received 1,197 applications for the 382 build-to-order (BTO) flats on offer. The Marsiling units comprise of 50 three- room flats and 332 four- room flats.

The three-room flats, with an indicative price range of $116,000 to $164,000, attracted 153 applications.

There were 1,044 applications for four-room units. Their indicative price is between $184,000 and $257,000, according to the HDB. If the actual take-up rate is strong, the board will proceed to build the flats.

The demand is close to that for an earlier batch of 1,485 premium flats in Punggol and Sengkang, which attracted 4,050 applications.

These exercises follow the Government’s move late last month to change application rules. A first-time buyer who rejects an offer to buy a flat twice at HDB’s BTO or balloting sale exercises will now lose his first-timer priorities for a year.

This means he will be put at the back of the queue with the second-timers.

 
Source : straits Times  - 25 Jun 2008

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Mindy Yong

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