Marina Bay Sands to hire more staff to support its VIP Services

Marina Bay Sands to hire more staff to support its VIP Services

By Cheryl Lim

SINGAPORE: A personalised butler service, access to exclusive areas and a private check-in lobby – are just some of the perks that VIP guests at Marina Bay Sands can expect when the integrated resort opens next year.

The company is looking to hire more staff to provide more support to these services.

When Marina Bay Sands opens its doors in 2010, VIP guests will include celebrities, heads of state, and royalty.

Christine Kaelbel-Sheares, grand-daughter to former president Benjamin Sheares, is no stranger to hosting the likes of the rich and famous.

“My family did a lot of entertaining. And I used to watch all these events that they did. They were so seamlessly executed. I thought every event would be like this. So I would tell my family, I told my parents, I said ‘I can do this’,” said Christine Kaelbel-Sheares, director of Paiza, VIP Food & Beverage, Marina Bay Sands Singapore.

Under her watch, guests will enjoy privileged access to exclusive areas, special transport arrangements and passes to concerts, musicals and special events.

Marina Bay Sands said hundreds of staff will be employed to support this VIP service, and it is hoping to fill some of those positions at an upcoming job fair on November 19 and 20.

Hotel operations jobs will form the bulk of the vacancies at this job fair. Some 3,000 jobs will be available - consisting of 82 different job types, including security officers, waitresses and front desk officers.

The company said it has already filled thousands of roles in the dealing department and is ramping up recruitment of rank and file staff.

- CNA/sc

Source : Channel NewsAsia - 19 November 2009

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EMA to call for proposals to develop Pulau Ubin micro-grid

EMA to call for proposals to develop Pulau Ubin micro-grid

By Rachel Kelly

SINGAPORE: The Energy Market Authority of Singapore (EMA) is seeking proposals to design, build, and operate an intelligent micro-grid, with clean and renewable energy technologies on Pulau Ubin.

The expression of interest (EOI) is expected to be launched on Friday.

The announcement was made at the opening of this year’s Clean Energy Expo, as part of the International Energy Week.

Rustic Pulau Ubin now counts on diesel to power its lights and electrical needs, but things will soon change. The micro-grid will leverage on renewable energy solutions to provide power to Pulau Ubin’s population.

Earlier this year, the EMA engaged consultants to study the feasibility of introducing clean and renewable energy sources on Pulau Ubin to replace diesel generators.

The plan is to have the EMA and the interested party develop five inter-connected grids serving Pulau Ubin’s north, south, east, west and jetty regions.

The first phase covering the jetty area is expected to start in 2010. Each grid is estimated to take about two years to complete.

David Tan, deputy chief executive, Energy Planning & Development, EMA said: “The whole purpose of the project is to supply electricity to the community on the island itself, as well as to testbed clean technology.

“The expression of interest will actually close within a month. Thereafter, we will work with the potential candidates who will develop the micro-grid.”

The micro-grids will rely on renewable energy such as solar, biofuel, and micro wind turbines. Experts said the technology for such micro-grid projects could be exported and implemented in other parts of the region.

Woochong Um, director, Regional & Sustainable Development, Asian Development Bank said: “When we talk about energy in the Asia Pacific, we talk about countries like India and China which is producing a lot of energy for mass use all over the place, especially for an urban setting.

“But we also have to be conscious of the over 1 billion people who do not have access to the modern form of energy.

“They are resorting to biomass, cutting trees, which has a massive impact on the environment as well as the health, and livelihood of these people. Such projects are part of that access to people, for people who do not have access.”

Meanwhile, a Memorandum of Understanding (MOU) has been signed between the sustainable energy associations of Singapore and Indonesia. The MOU will pave the way for joint ventures in carbon and solar projects between members of both associations.

- CNA/sc

Source : Channel NewsAsia - 19 November 2009

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Laguna Park not for sale - at least for now

Laguna Park not for sale - at least for now

By Robin Chan & Jessica Cheam

THE Laguna Park sales committee has voted to call off the faltering collective sale of their Marine Parade condo, after an initial bid failed.

The on-off sale would have been one of the largest here, with an asking price of around $1 billion. But lukewarm response from developers and a fast-approaching deadline for a sale to be completed sealed its fate - for now.

Mr Karamjit Singh, managing director of Credo Real Estate, told The Straits Times that the Laguna Park sales committee decided to let the collective sales agreement (CSA) expire next month: ‘To get the 80 per cent takes time, and because it’s a very big development, there was not the luxury of time.’

Last month, owners in the East Coast estate failed to sell the property en bloc for $1.2 billion through a tender process. They were considering a lower price of between $950 million and $1 billion, below the $1.2 billion reserve price which would require them to get an 80 per cent vote of approval from owners.

The impending expiry of the CSA left them with little time to get the required signatures. The committee thus decided that instead of pursuing the more than 400 signatures needed, it would be better to start afresh with a new CSA next year, giving them a full 12 months to pursue another sale, Mr Singh said.

Though there had been talks with a potential buyer, nothing came of them, given the sales committee’s decision not to pursue the signatures.

It is still too early to say when a new sales committee will be nominated, but Mr Singh says it will be next year.

Owners had not been officially informed of the development when The Straits Times called yesterday, but one who was against the sale and declined to be named was relieved: ‘It’s a wise move because of the present market situation. One year later, the property market might be picking up again and we would be more justified to sell.’

The Laguna Park sale has been surrounded by drama from the word go. The development obtained the 80 per cent approval from the 500 or so owners late last year, but the $1.2 billion price was decided late 2007.

There was still a vocal minority strongly opposed to a sale, and incidents of vandalism occurred at the condo protesting the deal.

Laguna is a former HUDC estate with a land area of about 677,493 sq ft and a gross plot ratio of 2.8.

If the sale of the 528-unit leasehold project had come off, it would have only been the second en bloc deal this year. The first was the smaller Dragon Mansion in Spottiswoode Park Road, which eventually sold for $100.8 million last month despite asking for $120 million.

Source : Straits Times - 19 November 2009

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Industrial site in Balestier up for sale

Industrial site in Balestier up for sale

A PIECE of industrial land in Balestier, which can be converted into a residential project, has been put up for sale.

The freehold 27,838 sq ft plot can be turned into a development comprising some 100 apartments with an average size of 780 sq ft each, said marketing agent Credo Real Estate.

The four owners of the four three-storey terrace factory units at 6 Jalan Ampas are hoping for $27 million to $30 million.

But the buyer of the land will also have to pay a development charge of about $18.7 million for the rezoning of the site.

The indicative price range after factoring in the development charge works out to $586 to $625 per sq ft per plot ratio. At this price, the developer’s breakeven point is $950 to $1,000 psf, said Credo’s deputy managing director, Mr Tan Hong Boon.

The site is near the Shaw Plaza mall and recently-launched Prestige Heights, where some units were sold in October at a median price of $1,322 psf.

Mr Tan said the four owners could be the first industrial owners in the area to initiate a sale, after the Urban Redevelopment Authority’s review of the area’s 15 industrial buildings in July last year.

The URA said it was prepared to consider proposals to change the use of the site from industrial to residential purposes at a gross plot ratio of 2.8.

But Mr Tan said the hefty development charge may mean it will be a while before the owners of the area’s 14 other industrial buildings find a collective sale worthwhile.

Meanwhile, the collective sale of The Meyer Place condo off Meyer Road has yet to be wrapped up. The tender closed on Oct 28 with no firm bids. There is apparently an offer that is $6 million below the owners’ reserve price of $65 million.

JOYCE TEO

Source : Straits Times - 19 November 2009

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Property tax on HDB flats going up

Property tax on HDB flats going up

One-off rebate to cushion rise; one- and two-room owners will pay nothing

By Jessica Cheam

HOMEOWNERS: be prepared to pay higher property taxes next year.

In line with the rally in home prices, the taxman is revising upwards the value of Housing Board (HDB) homes.

The Inland Revenue Authority of Singapore (Iras) announced yesterday that the annual values (AV) of all types of HDB flats will be raised with effect from Jan 1.

This will mean a hike in property taxes for 2010.

The property tax rate in Singapore is currently set at 10 per cent of a property’s AV, although owner- occupied residential properties enjoy a concessionary 4 per cent tax rate.

To soften the impact, a one-off rebate is being introduced to help HDB homeowners adjust to the increase.

With this new rebate and ongoing GST rebates, low-income households who live in one-room or two- room flats will not have to pay any tax for 2010, Iras said.

Industry analysts yesterday said that Iras’s latest move was ‘not totally unexpected’. HDB resale prices have risen a hefty 31.2 per cent in the past two years, and a further 3.8 per cent in the first nine months of the year.

‘As HDB resale flat prices have exceeded the property peak of 2007, this was inevitable,’ said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.

What was more surprising, however, was the timing of the announcement.

‘There are households who are still reeling from the recession, and unemployment is still high. It could have come a bit later when the job market has recovered,’ said Mr Mak.

Iras last revised AVs on Jan 1, 2008.

It said yesterday that it reviews all property AVs annually, including HDB flats, to ‘ensure that they reflect prevailing market rental values for the purpose of determining property tax’.

AVs of HDB flats were not revised last year, despite HDB rentals increasing by between 31 per cent and 37 per cent in 2008 relative to 2007, it said.

This adjustment was deferred in view of the uncertainty in market rental trends caused by the economic recession. Iras added that there was evidence of rental value declines due to the negative economic outlook at the time.

However, market sentiment has since changed dramatically. Iras noted that HDB rentals stabilised after a moderate decline from late 2008 to the middle of this year, and have since begun to rise.

As a result, current values of HDB rentals, as well as resale prices, are still significantly higher than levels seen in 2007.

‘The AVs of HDB flats will, therefore, have to be adjusted beyond the last revision in January 2008,’ said Iras.

But to help HDB homeowners adjust to the rise, the Government is granting a new property tax rebate to all HDB owner-occupiers for property tax payable in 2010 - set at 50 per cent of the property tax payable and capped at $120. Low-income households will be assisted because flats with a property tax of $50 and below will not need to pay property tax next year.

The average three- room HDB owner-occupier will face an increase, after rebates, of $72 for the year.

The rise will be about $97 for four-roomers, $107 for five-roomers and $103 for executive HDB flat owners.

PropNex chief executive Mohamed Ismail said the rebates will help cushion the blow. He pointed out that HDB owners have enjoyed higher rentals and resale values over the past two years, so the increase in taxes was ‘to be expected’.

HDB homeowner Lim Chye Boon, 48, said he had expected the tax increase to come ‘at some point’ so was not too bothered.

But for Mr Kenny Koh, 27, who has just bought his five-room flat in Sengkang, it was not welcome news.

‘I just spent so much money buying my new home and now have to pay more again,’ he said. ‘But at least, the rebate helps a bit.’

Source : Straits Times - 19 November 2009

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Balestier factory en bloc after rezoning

Balestier factory en bloc after rezoning

(SINGAPORE) The owners of a terrace factory building off Balestier Road have put up their property for an en bloc sale following the Urban Redevelopment Authority’s (URA) decision in 2008 to consider rezoning the site for residential use upon redevelopment.

The freehold property is being marketed by Credo Real Estate with a price tag in the region of $27 million to $30 million.

About $18.7 million is payable as development charge (DC) for the rezoning of the site. After factoring the DC payable, the estimated price tag reflects a per square foot per plot ratio (psf ppr) price of $586 psf ppr to $625 psf ppr. Breakeven for the project is at about $950 psf to $1,000 psf.

The three-storey strata-titled development at 6 Jalan Ampas comprises four terrace factory units built in the 1980s. They belong to four unrelated owners. The building sits on a corner rectangular-shaped land measuring just over 2,586 square metres. Tan Hong Boon, Credo’s deputy managing director, said that the URA issued a circular in July 2008 to say that it had completed a review on a cluster of 15 industrial buildings at Jalan Ampas/Lorong Ampas, and was prepared to consider rezoning the properties to residential use at a gross plot ratio of 2.8 upon redevelopment. Based on this rezoning, the site may be redeveloped into a high-rise residential development comprising some 100 apartments with an average size of 780 square feet.

The tender for the launch closes at 3pm on Dec 10. Credo said that the site is about 50m from Shaw Plaza, a shopping mall that houses a major supermarket, a multiplex cinema, banks and fast food eateries such as McDonald’s.

A new development in the same vicinity, Prestige Heights, was recently launched at a median sale price of $1,322 psf.

Source : Business Times - 19 November 2009

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Holiday Inn Park View completes overhaul

Holiday Inn Park View completes overhaul

By NISHA RAMCHANDANI

(SINGAPORE) The Holiday Inn Park View, which opened here in 1985, has been renamed Holiday Inn Singapore Orchard City Centre as part of a $25 million refurbishment exercise.

Its signage, reception area, guest rooms and food and beverage outlets have been overhauled. Despite the downturn, the decision was made to go ahead with renovating the 319-room hotel over a 15 month period. This was done in conjunction with InterContinental Hotels Group’s Holiday Inn global relaunch programme.

‘We’re long term players. For us to refurbish in slightly more difficult economic times actually makes greater sense. If you do it in good times, you essentially take rooms out of the inventory,’ said Aron Harilela, director of Hong-Kong based property developer The Harilela Group, which owns the Holiday Inn in Singapore as well as other properties in Asia, Europe and the Americas.

The group also owns three transit hotels here at Changi Airport, as well as a 20 per cent stake in Thomson Medical Centre.

Looking ahead, The Harilela Group is expanding its portfolio with the launch of two hotels in Tier 2 and 3 cities in China - the first of which will open in the second quarter of 2010 and the second in Q3 2011.

The two hotels, each costing US$15 million, will be funded by a mix of debt and equity. ‘We’re looking to do five hotels in China. There’s a big market for internationally branded, standardised products,’ said Dr Harilela, adding that land in Tier 1 cities tends to be priced exorbitantly.

Meanwhile, the Holiday Inn has out-performed the industry this year, according to general manager Shantha de Silva, with occupancy rates in the mid-80s, down from the low 90s in 2007-08.

Room rates this year have come down about 20 per cent compared to last year but remain in the low $200s.

‘We’ve been trading fairly robustly even, this year,’ said Mr de Silva. Business travellers make up 60-70 per cent of the clientele.

And Mr de Silva is confident that the hotel industry is likely to pick up soon.

Source : Business Times - 19 November 2009

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Laguna Park en bloc sale called off

Laguna Park en bloc sale called off

Over at Meyer Place, owners to start inking deal soon to lower reserve price

By KALPANA RASHIWALA

(SINGAPORE) The en bloc sale of Laguna Park has been called off for now as the sales committee found it a race against time to get the minimum consent level from owners at a proposed lower price - said to be $967 million or $704 psf per plot ratio, down from the original $1.2 billion or $844 psf ppr reserve price - before the Collective Sale Agreement (CSA) expires next month.

But over at Meyer Place, owners will soon begin signing a supplemental agreement to their original CSA at a lower price of $59 million, down from the original $65 million. BT understands the sales committee is expected to sign an agreement soon for the freehold property’s sale to a joint venture involving property and construction companies - subject to securing at least 80 per cent consent from owners at the lower price.

Meyer Place’s CSA expires around mid-March 2010.

‘The tender for Meyer Place closed on Oct 28 with four expressions of interest received and we are now negotiating with one of these parties,’ says Christina Sim, director, investment, capital markets at Cushman and Wakefield, the marketing agent for the property.

The lower proposed reserve price of $59 million works out to $1,048 psf ppr including an estimated $3 million development charge (DC), down about 9 per cent from the $1,150 psf ppr based on the original $65 million reserve price.

Based on the revised price, the breakeven cost for a new development on the site could be $1,550 to $1,600 psf.

Laguna Park’s sales committee decided to call off the estate’s en bloc sale last week. ‘While it did begin the process of getting owners to sign a supplemental agreement to lower the reserve price, the committee felt it was a race against time as the existing CSA expires next month,’ said Karamjit Singh, managing director of Credo Real Estate, the marketing agent for the property.

Laguna Park comprises 528 units.

‘It would probably be better if owners begin a fresh en bloc initiative next year and sign a fresh CSA which will give them a new 12-month period to find buyers,’ Mr Singh said.

Laguna Park, which has a land area of 677,463 sq ft, failed to find a buyer after its tender closed last month. Although two bids were submitted, no buyer made the downpayment to seal the $1.2 billion deal at the time. Mr Singh said yesterday that although signing of a supplemental agreement at the lower price had started last month, so far no conditional agreement had been inked with any potential buyer for a sale at the lower price.

The unit land price of $704 psf ppr based on the revised $967 million price tag includes payment to the state to intensify the site’s use and top up its lease to a fresh 99-year term.

Meyer Place has a freehold land area of 28,167 sq ft and was completed in the early 1990s, comprising 28 apartments - 24 units in a 13-storey block and four in a conservation house.

The property is zoned for residential use with a 2.1 plot ratio - the ratio of maximum potential gross floor area to land area.

Although Meyer Place is a relatively new development, it has redevelopment potential as its plot ratio in the 2008 Master Plan has not been fully utilised. ‘The apartment block could be torn down and rebuilt into smaller units,’ said Cushman’s Ms Sim.

Market watchers point out that the buyer of Meyer Place could also seek to enlarge the plot by purchasing surrounding properties. Just in front of Meyer Place, at No. 40 Meyer Road, is a small apartment block with a site area of about 6,000 sq ft. There is also another plot behind Meyer Place housing two old bungalows at 18D and 18E Fort Road - adding up to more than 20,000 sq ft of land - that could potentially be purchased and amalgamated.

Last month, Roxy-Pacific signed an agreement to buy Dragon Mansion for $100.8 million or $863 psf ppr including DC - lower than the owners’ previous asking price of $120 million or $1,020 psf ppr. Signing by owners of a supplemental agreement to the original CSA at the revised price is still in progress. The majority owners have up to January next year to make an application for a collective sale to the Strata Titles Board.

Source : Business Times - 19 November 2009

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Frasers launches 2nd property in Scotland

Frasers launches 2nd property in Scotland

Fraser Suites Edinburgh is its 12th project in Europe

(SINGAPORE) Frasers Hospitality said yesterday it has launched Fraser Suites Edinburgh, its second property in Scotland and 12th in Europe.

The inner-city property, which has 75 suites, is in St Giles Street, just off Edinburgh’s famous Royal Mile.

The project features a restored 130-year-old facade plus contemporary interiors and services. Some original features retained in the Grade B-listed building include high ceilings and ornate cornices.

Frasers Hospitality’s chief executive Choe Peng Sum said: ‘The experience of developing Fraser Suites Edinburgh has given us valuable insights into the potential of bringing historic buildings back to life for a whole new generation of business and leisure travellers.’

A Frasers statement yesterday said the opening of its latest project caps a record growth year. So far this year, the group has opened 740 individual serviced residences in six countries.

Frasers’ first project in Europe was Fraser Suites Kensington which opened in 2007. Today, it owns and manages eight properties in key locations in London, two in Paris, including one on the Champs Elysees, as well as Fraser Suites Glasgow.

For 2010, Frasers said it expects to achieve another record year, including debuts in new markets such as India and Budapest and the opening of new properties in the existing markets of Japan and China.

Frasers’ global footprint currently extends across North Asia, Southeast Asia, Europe, the Middle East and Australia. Another 5,655 residences are on the drawing board and the company expects to have more than 10,600 residences in its portfolio by end-2012.

Source : Business Times - 19 November 2009

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Blueprint to boost interior design sector

Blueprint to boost interior design sector

Trade group lays out plans to raise standards in the industry

By EMILYN YAP

(SINGAPORE) Interior design is not just about running after contractors or drawing layouts - and an association believes it is time to hammer out higher standards for the industry here.

Mr Merrow-Smith: The initiatives include an accreditation scheme for interior designers, a professional development programme and more collaborations with foreign design firms or other design disciplines
‘I probably didn’t draw a living room for 20 years,’ says Nicholas Merrow-Smith, client manager at Davenport Campbell (Singapore) who became president of the Interior Design Confederation Singapore (IDCS) in April.

And he wants to show that interior designers can do more. IDCS hopes to raise the level of innovation in the industry and has several suggestions on how this can be done.

Among its initiatives are an accreditation scheme for interior designers, a professional development programme and more collaborations with foreign design firms or other design disciplines.

The proposals have won the support of some practitioners in the wider design industry. Singapore Institute of Architects president Ashvinkumar Kantilal is one who thinks that IDCS is heading in the right direction.

‘The (interior design) industry needs to self-regulate and widen the members’ knowledge base,’ he says, suggesting skills upgrading programmes in the form of courses and seminars.

Financially, the interior design industry is in fine shape, with plenty of work. But according to Mr Merrow-Smith, it lacks creativity and diversity, and this is especially clear when it is seen against its foreign counterparts.

He cites an example - interior design firms here tend to focus on traditional real estate, while those overseas can be multi-disciplinary, even taking on projects such as theatre design.

And interior designers abroad are going into research, he adds. For example, there are studies on how the design of office space can get employees to buy into their companies’ values.

‘What we’re trying to do is to show people that the design portfolio is much wider,’ says Mr Merrow-Smith. And if design firms raise their standards, there is also a chance for them to secure better work, he adds.

IDCS is kicking off its efforts with a conference this month, called Design Value: Beyond the Tangible, to highlight how design can be a strategic tool.

It will be attended by players from global firms such as Gensler and Hassell, who will share their experience of how workplace and leisure space designs can influence people’s performance and behaviour.

In the longer term, IDCS will try to facilitate partnerships between interior design outfits and other design industries such as architecture.

DP Architects director Tai Lee Siang trusts that greater collaboration among the various design sectors will help strengthen the Singapore brand of design.

IDCS also hopes to set up a professional development programme by the middle of next year. With the course, interior designers can undergo continual training and conduct industry-related research.

The next - and tougher - step would be to establish an accreditation programme for interior design firms. There is no such assessment system in place now. ‘Some firms do very good work, but it’s certainly not across the board,’ Mr Merrow-Smith says.

Some interior design firms see benefits from accreditation. The group managing director of Nota Group, Ong Sheng Keat, reckons: ‘In Singapore, a large proportion of the market is dominated by business-minded contractors or decorators who see the profession as another form of trade mainly due to the lack of enforced certification’.

Altered Interior director Thierryson Chua also supports accreditation for firms in the industry, but believes a scheme could be more effective if the government was involved. If IDCS oversees the scheme, it will have to be ’super active’ in organising events and attracting members, he says.

IDCS could not disclose its membership size because an auditing session is under way. But Nota Group’s Mr Ong says IDCS has been seen as exclusive and inclusive - ‘exclusive in the sense that it only admits genuine practising interior design professionals as members, yet inclusive because it will attempt to convert the non-professionals’.

IDCS is aware of the hurdles to implementing its plans and it is getting help from the government. For instance, it has secured funding capped at $435,000 over three years.

The association also spoke to representatives from about 50 interior design firms and related companies. According to Mr Merrow-Smith, they are supportive of its initiatives.

‘We don’t expect the whole industry to step up,’ he says. But ‘we’d like to see a core body of people who are serious about pushing the envelope, innovating, and doing things differently’.

Source : Business Times - 19 November 2009

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