More government funding to create barrier-free buildings

More government funding to create barrier-free buildings

SINGAPORE: The Building and Construction Authority, BCA, is doubling the funding that building owners can tap into to retrofit their buildings with barrier-free-accessibility (BFA) features.

This was announced at the start of the Friendly Built Environment Week and BCA’s Universal Design seminar.

Currently, the BCA’s S$40 million Accessibility Fund provides owners of buildings built before 1990 40 per cent of funding to upgrade and provide basic accessibility features for people with limited mobilty.

To date, 19 building owners have used the fund to offset the cost of constructing basic accessibility features such as building access entrances via ramps or other technology, and an accessible toilet at the first storey.

With the revision, instead of covering 40 per cent of basic costs, BCA will now co-pay up to 80 per cent of the basic accessibility package. It will also cover 40 per cent funding for additional barrier-free-accessibility features beyond the basic features.

This brings the maximum amount that building owners can receive to S$300,000 per building as compared to S$150,000 per building previously, for retrofitting works to make a building barrier-free.

“We hope that with the enhancements to the Accessibility Fund, more owners of buildings built before 1990 will come forward to provide greater barrier-free accessibility to the buildings,” said Dr John Keung, CEO of BCA.

The incentive is available with immediate effect, and is open to all private buildings, except for landed residential properties.

Speaking at the launch of BCA’s Universal Design seminar and the Friendly Built Environment Week, Dr Mohd Maliki Osman, Parliamentary Secretary for National Development, called on private building owners - especially those with buildings with high public access - to tap on the enhanced Accessibility Fund to make their buildings more friendly for all users.

“In our journey to make Singapore an inclusive society and endearing home for all, it is essential that our built environment be seamlessly connected, to allow our elderly, as well as people with different physical abilities, to stay integrated with the community,” he said.

He went on to say that because the ultimate beneficiaries of a barrier-free built environment are, in fact, members of the public such as families with young children in prams or elderly in wheelchairs, it is important for them to have information about accessible buildings.

To that end, the BCA has launched a new online portal which includes ratings of buildings according to their level of friendliness and lists the types of accessible features and their locations in a building.

An example of a friendly building would be Paragon Shopping Centre in Orchard Road which is fitted with several accessible and universal design features from spacious walkways to wheelchair-friendly payphones.

Another is Friven & Co at Tanglin which used BCA funding to revamp the old Tanglin Road post office. Apart from ramps, which were already in place for workers at the former post office to haul bags of mail, the building’s developers also put in place a carpark platform lift.

- CNA/sf

Source : Channel NewsAsia - 14 Oct 2008

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Singapore SLA to launch public tender for former school in Upper Bukit Timah

Singapore SLA to launch public tender for former school in Upper Bukit Timah

By Margaret Perry,

SINGAPORE: Another former school has been made available for use by a commercial or international school to help ease demand for places.

The Singapore Land Authority (SLA) will launch a public tender for the former Seh Chuan High School off Upper Bukit Timah Road on Wednesday.

The former Seh Chuan High School was last used by the Jurong Gardens School, run by the Movement for the Intellectually Disabled of Singapore (MINDS).

It occupied the premises from 1991 until it moved to a new S$6 million building in Woodlands in June 2008.

The tenancy for the building is for an initial period of three years with an option to renew for two more terms of three years each, subject to agreement.

Since April 2007, SLA has tendered out more than 40 state properties for use by international or commercial schools to ease demand for places.

Some expatriates have cited the long waiting lists at some international schools as reasons why they do not want to move to Singapore.

But the current global economic uncertainty has slowed down the expansion plans of some international schools.

Both the Singapore American School and Global Indian International School said they will wait and see how the economic climate affects demand for places before tendering for new sites. - CNA/vm

Source : Channel NewsAsia - 14 Oct 2008

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Investor says commodities offer opportunities in troubled times

Investor says commodities offer opportunities in troubled times

By Rachel Kelly,

SINGAPORE: The balance of economic power is shifting from the United States to Asia, according to investment guru Jim Rogers.

Asian financial firms have stepped in to make big investments in troubled Western lenders such as Merrill Lynch in the current financial crisis.

In a speech to students and investors at the National University of Singapore (NUS) on Monday, he said commodities, Asian tourism and water treatment sector offer opportunities in these troubled times.

Mr Rogers said: “The things that are going to come out of this unimpaired are where you should have your money. The main thing that I know of is commodities.

“Most companies and most financial companies have been damaged now and they are not going to be great stock, and what you want to own, coming out of it, is the fundamentals of not being impaired.”

He named agriculture as a sector to watch and said opportunities can be found in the water treatment sector and growing tourism in China. Southeast Asia, too, boasts a number of untapped markets.

“There is a new stock market in Cambodia which should start next year if it’s on schedule and it may do good things for Cambodia. I’m optimistic for Cambodia. Cambodia hasn’t been over-exploited like some countries. Myanmar is another place where there are excellent opportunities,” Mr Rogers added.

He also gave some tips for young investors looking to dip their toes into the markets – “go with your instinct and only invest in what you know”.

- CNA/so

Source : Channel NewsAsia - 14 Oct 2008

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Singapore needs to balance energy demands with economic growth

Singapore needs to balance energy demands with economic growth

By Desmond Wong, Channel NewsAsia

SINGAPORE: A long-term challenge to Singapore will be balancing energy demands with economic growth.

Trade and Industry Minister Lim Hng Kiang said in a speech on Monday that growth in Asia has raised energy consumption demands and carbon emissions.

He said the challenge for the government is to balance economic growth and competitiveness with managing the impact on environment.

Given that alternative energy options like wind and hydroelectric power are not available to Singapore, other solutions need to be explored. Solar energy, for the moment, is still considered to be too costly.

He also said that diversified energy sources are needed to protect the country from price and supply fluctuations, and to ensure continued economic growth.

“It is in such a context that we have to promote energy efficiency and conservation efforts, introduce competition and contestability in our energy and electricity markets, and build up our energy industry, especially in the areas of trading infrastructure and research and development,” said Mr Lim.

- CNA/so

Source : Channel NewsAsia - 14 Oct 2008

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Insurance agents recommending non-investment-linked policies

Insurance agents recommending non-investment-linked policies

SINGAPORE: Some insurance agents are now encouraging clients to take up policies which cater to personal insurance needs rather than investment-linked ones.

They are adopting this strategy amidst growing concerns about the global economic turmoil.

Aman Ibrahim, a financial services manager with Great Eastern, believes that the move will help boost public confidence in insurance companies.

He and his fellow insurance agents said the challenge they are facing now is to reconcile the needs of clients with their purchasing power in light of the economic downturn.

They are recommending policies which provide insurance coverage for healthcare, education, as well as retirement.

- CNA/so

Source : Channel NewsAsia - 14 Oct 2008

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Singapore needs to be positioned to rebound

Singapore needs to be positioned to rebound

Keep track of long-term issues which affect economy: Lim Hng Kiang

By Robin Chan

ECONOMIC conditions will be tough but Singapore must not lose track of the longer-term issues that affect the economy’s competitiveness.

Trade and Industry Minister Lim Hng Kiang said yesterday ‘the global economy will eventually recover and we have to be positioned to bounce back’.

He was speaking at the inaugural joint National University of Singapore and Ministry of Trade and Industry (MTI) economic dialogue held at NUS’ University Cultural Centre.

Mr Lim said the Government had been ’slightly more optimistic’ about the situation in the United States, Japan and Europe at the beginning of the year, but the ‘outlook has now become darker’.

The US sub-prime mortgage crisis has led to a deleveraging process that has resulted in the ‘complete restructuring of the US financial sector’, he said.

Independent investment banks, long a staple of Wall Street, have now either collapsed or become commercial banks. The US Federal Reserve is also mulling over plans to nationalise banks by injecting capital directly into them.

Mr Lim said that with unemployment in the US rising and consumers holding back on spending drastically, the slowdown has spread to Europe and Japan, which both recorded negative growth in the last quarter.

Despite inflation showing signs of easing, he warned that the global competition for resources, as well as geopolitical events, may cause prices to spike again.

He said that one crucial and emerging challenge is in the energy sector.

Thus, the Government would have to strike a balance between regulating energy production and boosting economic growth.

He said that the energy sector presents ’significant challenges’ and that Singapore is still in ‘uncharted territory’.

Mr Lim opened the dialogue before a panel of economists discussed questions put forward by the audience.

Echoing the sentiments of Dr Tony Tan, executive director of the Government of Singapore Investment Corporation, in Washington on Sunday, panellists warned against a movement towards over-regulation when the world emerges from this crisis.

Mr Ravi Menon, the Second Permanent Secretary in MTI who moderated the discussion, said that what is needed is ’smarter regulation’ that will neither constrain choice nor innovation but make transparent the consequences of different choices in the financial system.

He added that ‘as long as there are financial institutions, there will be crises, because it is the operation of greed, fear and misguided expectations that form the root of all of this’.

However, rather than break up the system, he believes that it should be allowed to evolve with more emphasis on better regulation, risk management and transparency.

‘What is needed is a system that is resilient, that can move from one shock to another, survive, pick up the pieces, regroup and continue to grow. That’s what modern capitalism is all about,’ he said.

Two NUS economics students were also awarded Economist Service Awards for the first time at the economic dialogue. Mr Koh Wei Ning received the prize for academic achievement and Ms Dorcas Low Shu Juan, for the best thesis.

Source : Straits Times - 14 Oct 2008

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Singapore Police warn against protest at DBS

Singapore Police warn against protest at DBS

By Francis Chan

THE police have advised a group of investors of DBS High Notes 5 to call off their planned protest outside the bank’s Shenton Way headquarters tomorrow.
In a statement last night, the police said: ‘Members of public who want to assemble in a public place to air their grievances are advised to do so in a lawful manner.

‘They can use the Speakers’ Corner… or make an application for an assembly permit in an indoor venue.’

They also said that any demonstration in a public place without approval ‘may be deemed to be an illegal assembly’.

Organisers of Wednesday’s demonstration told The Straits Times that they may now not continue with the protest in the light of the police advisory.

Investors of DBS High Notes 5, which have been virtually rendered worthless with the collapse of US investment bank Lehman Brothers four weeks ago, had planned to protest at DBS.

They claim they had been misled into buying the investment products.

The Straits Times understands the protest was initiated by investors who had used their retirement funds to buy into High Notes 5 which was sold by DBS, Singapore’s largest lender.

DBS issued a statement in response to a query from The Straits Times yesterday on whether the bank has concluded its valuation process for DBS High Notes 5.

It said it expects the final valuation to be completed ‘on or around’ Oct 31. It also reiterated that, ‘in the worst case scenario, customers could lose their entire investment’.

Mr Gerard Ee, the independent party appointed by DBS to oversee its complaints handling and resolution processes, also issued a statement through the Monetary Authority of Singapore last night.

Mr Ee assured investors that the bank has ‘a systematic process in place to handle customer complaints’ but asked for patience, adding ‘more time will be needed to gather information and retrieve documentation before assessing each case’.

In Hong Kong, banks that distributed similar products came under fire yesterday from politicians, who accused them of playing down the risks of structured products backed by Lehman.

As in Singapore, the products were sold to smaller, retail investors and many are poised to lose most, if not all of their investments. Many have already staged protests over the last few weeks.

DBS’s Hong Kong subsidiary pledged yesterday to compensate investors if they found that the products were sold to retail customers in a misleading way.

‘If we find there was any wrongdoing during the sales of structural products, we will be responsible and compensate the customers fully,’ said Ms Linda Wong, DBS Hong Kong’s head of consumer banking in Hong Kong.

Mr Rajan Raju, DBS’s head of consumer banking in Singapore, gave a similar assurance to investors.

He said: ‘In the event where evidence of mis-selling is established, DBS Bank will not hesitate to take responsibility.’

Source : Straits Times - 14 Oct 2008

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Europe acts; markets cheer

Europe acts; markets cheer

Bourses rally as govts pledge fresh capital and guarantee borrowing

By Lee Su Shyan , ASSISTANT MONEY EDITOR

WORLD markets roared back to life yesterday after a series of rescue plans announced by European governments gave fresh confidence to investors that the crisis may finally be turning around.
Markets flashed the thumbs-up to the measures which included offering banks more capital and guaranteeing borrowing so that choked-up credit markets could start flowing again.

Asian markets saw historic rises. Singapore’s Straits Times Index was up 6.57 per cent while Hong Kong surged 10.24 per cent.

European bourses soared, with Frankfurt and Paris both closing more than 11 per cent higher and London up 8.3 per cent. Wall Street was up more than 5 per cent in early trade.

The euphoria was strong enough for some commentators to proclaim that the worst might be over.

‘I think that thanks to the decisions that have just been taken, the peak of the crisis is perhaps behind us,’ said Mr Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF) on French radio.

‘The decisions that have been made over the past three days have the right elements to reassure,’ he added.

Billionaire investor George Soros also said on Sunday: ‘It is possible we have seen the greatest degree of panic on Friday.’

Yesterday’s rise was a world away from the dreadful sense of panic that took hold last week and sent global markets plunging.

An estimated US$6 trillion (S$8.8 trillion) in value was wiped off as the Dow suffered its worst weekly loss in history, down 18.2 per cent. Many European bourses lost more than 20 per cent and trading had to be halted in some countries in a bid to stem losses.

In contrast, trading screens everywhere were a sea of green as Asia opened strongly in response to news in the morning that euro zone countries had agreed to a universal formula for rescue packages. One by one, European governments announced measures that had broadly two elements: fresh capital for banks that need it, and bank guarantees for bank lending that will get credit flowing again to companies and other borrowers. Germany, France, Spain, Portugal and Italy unveiled their plans by the end of the day.

Britain, the original architect of the proposal, said it would pump in £37 billion (S$95 billion) into the Royal Bank of Scotland, HBOS and Lloyds TSB.

‘Only by global action can we fully restore the confidence that is needed and build the international financial order,’ said British Premier Gordon Brown.

Later in the day, markets were further cheered when the US Federal Reserve, the European Central Bank, the Swiss National Bank and the Bank of England all said they would lend unlimited dollar funds to financial institutions, to help unfreeze the credit markets.

The US is mimicking European moves. Treasury official Neel Kashkari unveiled details of the US$700 billion plan approved by Congress, which now follows the British model of buying direct stakes in banks. Treasury Secretary Henry Paulson is also said to be speeding up a proposal to guarantee debt issued by banks.

Markets immediately started to show the vital signs of recovery. The cost of borrowing in dollars for three months fell from the highest level this year. The London interbank offered rate, or Libor, that banks charge each other dropped 7 basis points to 4.75 per cent, said the British Bankers’ Association.

Singapore’s market saw its biggest percentage gain since 1999 and Hong Kong’s Hang Seng put in a record-busting 10 per cent surge. Japan was closed, but markets in Shanghai, South Korea and Australia all put in healthy gains.

‘I’m slightly less terrified today than I was on Friday,’ said economist Paul Krugman, who won the Nobel prize for economics yesterday. ‘We’re going to have a recession and perhaps a prolonged one. But perhaps not a collapse,’ he added.

In Singapore, Mr Charles Soh, associate director at UOB Kay Hian did not want to be drawn on whether the market has hit bottom, but he agreed that it was ‘oversold’.

‘Still, with Singapore in a technical recession, it will be difficult for the stock market to recover significantly by the end of the year,’ he warned.

Source : Straits Times - 14 Oct 2008

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Singapore Hotel 81 developer to start new brand at Kallang Road site

Singapore Hotel 81 developer to start new brand at Kallang Road site

By ARTHUR SIM

HOTEL 81-linked Citywide Land has been awarded a hotel site at Kallang/Jellicoe roads and has a new brand in the works.

Caroline Choo, a director at Citywide Land and Hotel 81 Management said: ‘We will be creating a new hotel brand for the site, to be completed in two-and-a-half to three years.’

While Ms Choo would not give details of the brand, she said that the new hotel at Kallang/Jellicoe roads is already in the ‘development stage’ and will be a three-and-a-half to four-star tourist class establishment.

The Urban Redevelopment Authority closed the tender for the site on Oct 9, with only one bid of $51 million from Citywide Land.

Based on the site of 45,415 sq ft and a maximum permissible gross floor area of 204,363 sq ft, the unit land price works out to $249.56 per sq ft per plot ratio (psf ppr).

Citywide Land’s bid was the same as the committed bid received by URA in August that led to the reserve list site being put up for public tender.

When the tender was closed last week, market watchers were uncertain if the site would be awarded as only one bid came in.

According to Cushman & Wakefield managing director Donald Han: ‘Technically speaking, the bid does reflect the market price.’

He noted that as the committed bid was made in August, several months before the recent meltdown in the global financial markets, it is not unreasonable to expect that the market price could be even lower today.

He also believes the site may have been awarded because of a shortage of hotel rooms here and to ‘jumpstart’ the rejuvenation of the Kallang area.

Based on the bid price of $51 million and a projected yield of 8 per cent, Mr Han reckons room rates could be in the vicinity of $100-$120 a night.

Knight Frank director (research and consultancy) Nicholas Mak said that it is rare for a development site to be awarded at the trigger price, but the business environment does look challenging.

Despite the credit crunch, he reckons Citywide should not find it too difficult to get funding for the project. Lenders are likely to see potential value in the site because Citywide Land’s winning bid is 60-80 per cent lower than some earlier estimated prices in August.

Also in August, a hotel site at Balestier was awarded even though the top bid was below market expectations at $172.09 psf ppr.

Source : Business Times - 14 Oct 2008

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From days of muddy trails to years of factory building

From days of muddy trails to years of factory building

JTC celebrates 40th year of housing manufacturing here

TREKKING along muddy trails, clearing land and even escaping from knife-wielding locals - these adventures sound like scenes from an Indiana Jones movie, but they were all part of a day’s work for JTC Corporation staff in the early days of developing Jurong.

Mr Ong: ‘The early generations of people at JTC had a can-do spirit and dared to take risks, similar to pioneers riding into the wild wild west. They helped seed the culture.’
Driving their endeavours was a bold attitude and a determination to succeed - characteristics that remain today.

‘The early generations of people at JTC had a can-do spirit and dared to take risks, similar to pioneers riding into the wild wild west,’ said JTC assistant CEO Ong Geok Soo. ‘They helped seed the culture which has permeated JTC over the years.’

Having been with JTC for 37 years, Mr Ong is well-placed to make this observation. The agency celebrates its 40th anniversary this year.

JTC was set up in 1968 to oversee Singapore’s industrialisation. Its key task then was to create a modern Jurong Industrial Estate (JIE) out of the marshy jungle.

‘There were a lot of parallel activities going on in the creation of JIE,’ Mr Ong said. ‘Besides preparing the land, factories and infrastructure for industries, the government was also developing a township for workers, with housing in Taman Jurong and the Chinese and Japanese Gardens.’

The venture, initiated by Goh Keng Swee, acquired the moniker ‘Goh’s folly’ at one point because of the high risks and costs involved. Difficulties lay not just in attracting investors but in convincing workers to move to relative wilderness.

Work on the ground presented its own challenges. Mr Ong recalled the sensitivities of clearing land for development.

‘When we encountered shrines, for instance, workers usually did not dare to clear them for fear of offending the gods,’ he said. ‘We had to get shrine-keepers to agree to a shift and conduct rituals before we could proceed.’

And when it came to re-settling farmers, even the safety of JTC’s employees was occasionally at risk. ‘Farmers or their children would sometimes come at us with parangs,’ Mr Ong shared with a smile.

Conditions were also tougher back when technology was less advanced. Financial officers had to trudge along muddy trails in Jurong to distribute cash wages because there were no automated banking services then, he said.

Despite the challenges, JIE took off in a big way and propelled Singapore’s industrialisation. But that was certainly not the end of the agency’s role. It has been undertaking projects of growing scale and complexity to maintain Singapore’s competitive edge in manufacturing.

‘In the early days, projects proceeded at almost breakneck speed because Singapore’s survival was on the line. Over the years, we have adopted a more systematic process,’ said Mr Ong.

‘But JTC is still able to respond quickly to industries’ needs, by working closely with other agencies in a whole-of-government approach,’ he pointed out.

Source : Business Times - 14 Oct 2008

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