Market recovery boosts 2 property developers

Market recovery boosts 2 property developers

By Jessica Cheam

Healthy sales for Guocoland’s developments, including Elliot on the east coast (above), contributed to increased revenue for the property developer.

A BOOMING property market on the back of a broad if tentative economic recovery last year has boosted the results of two mainboard-listed developers.

Guocoland posted a net profit yesterday of $60.4 million in its second quarter ended Dec 31 last year - a dramatic jump from just $861,000 earned in the same quarter a year earlier.

Boosted by positive sentiment and strong property sales, Guocoland’s revenue leapt 284 per cent to hit $363.7 million from the same period a year earlier.

Wing Tai Holdings posted a more modest 7 per cent rise in net profit to $22.3 million in its second quarter in the same three-month period. Revenue shot up 93 per cent to $177 million.

Guocoland said yesterday that its strong performance was mainly due to the strong sales of projects in China, especially Nanjing’s Ascot Park.

China’s property market has rallied in the recent year, in tandem with its growing economy. Asian markets have been leading a broad global recovery following the 2008 financial crisis.

For the half year ended Dec 31, Guocoland had a net profit of $72.8 million, reversing a net loss of $2 million in the same period a year ago. Revenue was also up 85 per cent to $459.4 million.

Closer to home, the group launched Sophia Residence in the Dhoby Ghaut area and Elliot on the east coast, which chalked up more than 90 per cent and 70 per cent sales respectively.

Earnings per share for the group were 7.27 cents for the second quarter, up from 0.1 cent previously. The group’s net asset value was $2.32 as of Dec 31, compared to $2.37 as of June 30.

Brisk sales in Singapore’s private residential market also gave Wing Tai’s financial performance a lift.

The group said it sold more homes at its Belle Vue Residences at Oxley Walk and The Riverine by the Park at Kallang.

For the half year, its net profit rose 28 per cent to $68.7 million, while revenue rose 101 per cent to $454.3 million.

Earnings per share for the group for the second quarter were 2.87 cents, up from 2.67 cents in the same quarter a year earlier. Its net asset value per share was $2.06 as of Dec 31, up from $2.03 as of June 30 last year.

Guocoland’s share price closed 12 cents down at $2 yesterday, while Wing Tai Holdings closed four cents lower at $1.76.

Source : Straits Times - 06 February 2010

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Condos hit the sweet spot, even without a tennis court

Condos hit the sweet spot, even without a tennis court

By EMILYN YAP

PAYING big money does not necessarily get you everything these days, at least when it comes to buying a private apartment.

New homes going for as much as $2,600 per square foot can offer designer furnishings and place you in a coveted district, but they may no longer come with large common spaces or even tennis courts traditionally associated with a private address.

In the core central region (CCR), home seekers would not find tennis courts in projects such as Marina Bay Suites, Sophia Residence and Illuminaire on Devonshire.

Further from town, buyers have paid as much as $1,345 psf at Alexis or $1,514 psf at Suites@Guillemard, where there is just a margin of space around the buildings, and swimming pools and gyms congregate on the rooftop. Tennis courts are also missing from the picture.

Nowadays, ‘you don’t really get developments with sprawling grounds, where there’s openness’, observes DTZ executive director Ong Choon Fah. ‘Those are actually more difficult to come by.’

Many projects cannot offer large landscaped grounds or a full range of facilities simply because their sites are not big enough. A tennis court alone measures 78 ft by 36 ft, taking up 2,808 sq ft. According to EL Development managing director Lim Yew Soon, a developer could try to tuck a court just nicely into a smallish site, but it could become a ‘disamenity’ to residents living too close to the noise.

In fact, there are buyers who do not expect to see tennis courts for smaller projects within or near town, he adds. ‘Even if they really see, they’ll be asking if it will be too near their units.’

EL Development has three projects in CCR which do not have tennis courts - Illuminaire on Devonshire, Parc Centennial and Rhapsody on Mount Elizabeth - but they are sold out.

Many projects are still able to command high prices because of their location. This is especially so if owners intend to rent the apartments out.

The absence of a tennis court, for instance, may mean a longer search for a tenant but consultants say rents are unlikely to be dented much. ‘That’s about property investment. Location is everything,’ says Savills residential director Phylicia Ang.

GuocoLand is banking on Sophia Residence’s location near Dhoby Ghaut MRT station to attract buyers. The project does not have a tennis court, but home seekers’ ‘main buying criterion was to be in the city, to have easy MRT access to all parts of Singapore and also a property which offered attractive rental yield’, it told BT. The development will be where Sophia Court used to be and the latter also did not have a tennis court.

Beyond site constraints, high land prices may be prompting developers to cut back on common spaces and certain facilities.

‘With land costs so high, most developers want to maximise the saleable area,’ says ERA Asia Pacific associate director Eugene Lim.

But that’s not to say that all developers have free rein on the site design. The Urban Redevelopment Authority (URA) has rules on site coverage, which indicate how much space buildings can occupy.

For developments classified as flats/apartments and condominiums, site coverage cannot exceed 40 per cent. Mixed-use developments are the ones which are not subject to this rule.

Still, developers are careful to keep features which most residents cannot seem to do without, namely swimming pools and gyms. Faced with a smaller site, ‘the priority is given to swimming pools’, says DP Architects director Tai Lee Siang. But ‘where possible, it is likely that developers will still want to incorporate tennis courts’.

As it becomes harder to find prime projects offering large ground spaces and complete facilities, existing developments with these features are likely to stand out. ‘One of the reasons why Ardmore Park is so popular is because it has a beautiful landscaped garden, and the grounds are sprawling. You don’t get many of these, these days,’ says DTZ’s Mrs Ong.

Source : Business Times - 06 February 2010

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CDL unit puts in highest bid for Sengkang site

CDL unit puts in highest bid for Sengkang site

By Harsha Jethnani

A UNIT of City Developments (CDL) lodged the highest bid for a Sengkang site in a hotly contested tender that attracted some of the biggest names in property development.

Sunmaster Holdings trumped its nine rival bidders with an offer of $200.5 million, or $365.26 per square foot (psf) of potential gross floor area, for the 182,986 sq ft plot.

This was 185 per cent above the reserve price of $70 million or $128 psf, said Mr Li Hiaw Ho, executive director at CB Richard Ellis Research.

The Sunmaster Holdings bid for the 99-year leasehold residential site at the corner of Sengkang West Avenue and Fernvale Link was followed by Tuas Hi-Tech Park’s offer of $177 million.

Frasers Centrepoint was just $92,000 behind at $176,908,000.

Other bidders included a joint venture between Hoi Hup Realty and Sunway Developments, First Changi Development, Allgreen Properties, CEL Development and Lippo Estates, with the lowest bid at $115.6 million.

‘The healthy number of bids received shows that developers remain confident of the market for mass-market homes,’ said the director of research and advisory at Colliers International, Ms Tay Huey Ying.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak pointed out that although developers ‘are still somewhat hungry for good development sites’, most bids were reasonable.

This is possibly because of the ample supply of government land sales projects coming up in the first half of the year, he said.

The site is estimated to be able to accommodate up to 465 condominium units and has a maximum allowable gross floor area of 50,996 sq m or 548,916 sq ft. It is near the Layar LRT station on Sengkang West Avenue.

Based on breakeven estimates of $650-$700 psf, Mr Li expects selling prices at the new development to range from $750 to $800 psf.

Units at another condominium in the vicinity, the Quartz, had been transacting at prices averaging $745 psf since last October, Ms Tay said.

With five-room and executive resale HDB flats in Sengkang selling for $400,000 to $500,000, Mr Li believes that there should be demand from HDB upgraders whose flats have or will soon turn five years old.

Demand could also come from the nearby Seletar private estate, he said.

The Housing Board will award the tender within the next two weeks.

Source : Business Times - 05 February 2010

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CDL unit puts in highest bid for Sengkang site

CDL unit puts in highest bid for Sengkang site

By Harsha Jethnani

A UNIT of City Developments (CDL) lodged the highest bid for a Sengkang site in a hotly contested tender that attracted some of the biggest names in property development.

Sunmaster Holdings trumped its nine rival bidders with an offer of $200.5 million, or $365.26 per square foot (psf) of potential gross floor area, for the 182,986 sq ft plot.

This was 185 per cent above the reserve price of $70 million or $128 psf, said Mr Li Hiaw Ho, executive director at CB Richard Ellis Research.

The Sunmaster Holdings bid for the 99-year leasehold residential site at the corner of Sengkang West Avenue and Fernvale Link was followed by Tuas Hi-Tech Park’s offer of $177 million.

Frasers Centrepoint was just $92,000 behind at $176,908,000.

Other bidders included a joint venture between Hoi Hup Realty and Sunway Developments, First Changi Development, Allgreen Properties, CEL Development and Lippo Estates, with the lowest bid at $115.6 million.

‘The healthy number of bids received shows that developers remain confident of the market for mass-market homes,’ said the director of research and advisory at Colliers International, Ms Tay Huey Ying.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak pointed out that although developers ‘are still somewhat hungry for good development sites’, most bids were reasonable.

This is possibly because of the ample supply of government land sales projects coming up in the first half of the year, he said.

The site is estimated to be able to accommodate up to 465 condominium units and has a maximum allowable gross floor area of 50,996 sq m or 548,916 sq ft. It is near the Layar LRT station on Sengkang West Avenue.

Based on breakeven estimates of $650-$700 psf, Mr Li expects selling prices at the new development to range from $750 to $800 psf.

Units at another condominium in the vicinity, the Quartz, had been transacting at prices averaging $745 psf since last October, Ms Tay said.

With five-room and executive resale HDB flats in Sengkang selling for $400,000 to $500,000, Mr Li believes that there should be demand from HDB upgraders whose flats have or will soon turn five years old.

Demand could also come from the nearby Seletar private estate, he said.

The Housing Board will award the tender within the next two weeks.

Source : Straits Times - 05 February 2010

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JTC to build 7 factories at Seletar

JTC to build 7 factories at Seletar

$30m project will boost aerospace sector and back Rolls-Royce unit

By Karamjit Kaur, Aviation Correspondent

SEVEN new factories, each up to 3,000 sq m in size, will come up at Seletar Aerospace Park next year, near the future Rolls-Royce facility.

The $30 million project by JTC Corp is partly to support the British power systems and engines giant, which will assemble and test engines, as well as make fan blades for large aircraft, at the site.

Getting big boys like Rolls-Royce in is a good way to grow the local aerospace sector as they can play ‘queen bee’, attracting other supporting suppliers and firms to set up shop here, said JTC and the Economic Development Board (EDB) at a joint industry briefing yesterday.

EDB director of transport engineering Sia Kheng Yok said: ‘There are many discussions now on with local and overseas companies about supply opportunities.’

Growing the manufacturing arm of the aerospace industry is a key priority for Singapore, which currently does more work in aircraft maintenance, repair and overhaul (MRO). This segment accounted for about 90 per cent of the industry’s total output last year, which hit just over $7 billion - about the level seen in 2008.

Despite the business downturn, which took its toll on airlines and other aviation firms last year, Singapore’s aerospace industry has demonstrated its resilience in the face of hardship, said Mr Sia at the briefing, held at the Singapore Airshow.

The future looks good, he said, noting that signs suggest business is picking up.

As an example, he named Singapore Airlines. The carrier announced earlier this week that it had made a profit of $404 million over the three months ended December last year, reversing two previous quarters of losses.

As Singapore continues to work towards expanding its aerospace sector, manpower development and training will be another key focus, Mr Sia said.

The Republic’s various universities, polytechnics and other institutes now churn out about 1,400 aerospace-qualified people a year. In 2003, there were just 200 graduates.

Industry players welcomed plans to boost the sector further.

Mr Nick Sng, the business development manager at JEP Precision Engineering, which does engine-related work, said bringing in more firms would raise competitiveness and lower costs.

Business growth and strong Government support for the sector have already encouraged new players to come in.

Executive director Sam Tan of Soon Lian Holdings, which supplies aluminium alloy products, said: ‘Our main business had always been the marine industry and precision engineering. More recently, however, we moved into the aerospace industry because we saw the potential for growth in this area, especially with the Government pushing for it. We have reaped the rewards from this move.’

Source : Straits Times - 05 February 2010

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HDB to install lift floor displays at 370 blocks

HDB to install lift floor displays at 370 blocks

The electronic panels will tell users which floor a lift is at

By Ang Yiying

THE Housing Board (HDB) will be going back to 200 blocks islandwide which underwent the Lift Upgrading Programme (LUP) and re-doing work on the lifts.

Some of the lifts at these blocks started operating months ago, but after residents complained, lifts in the affected blocks will be ‘re-upgraded’.

At issue: Electronic panels that tell residents which floor a lift is at.

The board had initially decided to do away with the panels at lift landings - except for the lobby - to save costs.

The lift landings were fitted only with displays that showed arrows pointing upwards or downwards that would light up just before a lift arrives.

Another 170 blocks that have not been upgraded yet were to have received similar up/down indicators.

But when residents in the upgraded blocks complained that their new lifts were worse than the old ones because they could not tell how long they would have to wait for them, the HDB changed its mind.

It will now retrofit the lift landings in the affected blocks. The plans for the 170 blocks that have not been upgraded yet have also been changed.

In notices that went up on noticeboards of the affected blocks this week, the HDB said: ‘In response to feedback from residents, HDB will be gradually replacing the up/down indicators with simplified position display panels.’

The electronic panels will display a floor number and an arrow to indicate the lift direction, but will not display other electronic text, like the block number.

The notices did not give a timeline for the replacement works, but said they would be done ‘progressively’ when the new panels become available.

HDB said it initially chose simple up/down indicators because they were cost-effective: They were 65 per cent cheaper to install, 80 per cent cheaper to maintain and have a longer lifespan - seven years compared with four years - than position display panels. This, it said, would help town councils reduce capital and maintenance costs.

Asked about whether retrofitting upgraded lifts with position indicators would be more expensive than fitting them to begin with, HDB would only say that the cost would vary from site to site. It added: ‘However, as the number of blocks affected is not large, and the replacement works straightforward, the cost is estimated to be very much less than 1 per cent of the overall LUP cost for each precinct.’

It said the change would not affect residents’ share of the lift upgrading cost indicated during the polling phase - which varies from block to block, but is capped at $3,000 for Singaporeans.

When asked how much more a retrofitting exercise would cost, lift company Fujitec Singapore’s director of operations Phuah Cheng Kok estimated it would be between $5,000 and $10,000 per lift, but added that this could vary depending on the product.

Fujitec was not involved in putting up lifts at the affected blocks.

Residents of 11 blocks at Bedok North Street 4 and Avenue 4 who had called for better lift indicators welcomed the news, though they added that it was overdue.

The Straits Times reported last October that they had called the block’s LUP hotline and their town council about the issue; the HDB said then that it was looking into enhancement works.

Block 94B resident Florence Yong said she hopes the HDB will now tell them when the work will be done.

The 55-year-old, who is now between jobs, said: ‘Of course, we hope they will give us a timeline when they are going to start, when they are going to finish…otherwise they can take their time to do it.’

Fujitec estimated that it would take a week for a lift to be retrofitted in a 25-storey block if no hacking or other building work is needed.

It added that sourcing the new panels and manpower to carry out the upgrades was the more time-consuming task.

Source : Straits Times - 05 February 2010

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Sengkang condo land parcel sees top bid of S$200.5m

Sengkang condo land parcel sees top bid of S$200.5m

By Millet Enriquez

SINGAPORE: Developers still appear hungry for land that can be used for condominium development.

A tender for a land parcel in Sengkang saw robust bidding, with the top offer coming in at over S$200 million.

Industry experts said it is a sign that appetite among developers to snap good sites is currently on a high.

The site at Sengkang West Avenue and Fernvale Link received bids from 10 developers.

Sunmaster Holdings submitted an offer of S$200.5 million, more than 2.5 times the minimum bid of S$70 million, for the 16,998.8 square metre site.

The price translates to S$365 per square foot (psf) for the land parcel launched by the Housing and Development Board (HDB) on a 99-year lease.

The next highest bid came from Tuas Hi-Tech Park, with a bid of S$177 million. The lowest bid of S$115.6 million was by Lippo Estates.

The HDB said it will evaluate the provisional results and the tender will be awarded in the next two weeks.

Industry observers said the top bid was very bullish. Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the breakeven cost would be about S$730 to S$760 psf.

Colliers said the top bid reflected the optimistic sentiment of developers. In 2009, three other residential sites received bids that were higher than S$200 million. - CNA/vm

Source : Channel NewsAsia - 05 February 2010

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Industrial building at Jalan Ampas sold for S$27.5m in first enbloc sale this year

Industrial building at Jalan Ampas sold for S$27.5m in first enbloc sale this year

By Millet Enriquez

SINGAPORE : The property collective sale market got an early boost following the sale of the freehold three-storey industrial terrace factory building at No 6 Jalan Ampas, off Balestier Road.

The property was sold for S$27.5 million to a private developer, said to be an experienced player in the industrial property sector. This will be its first foray in residential development.

This transaction is also the first enbloc sale completed this year.

Based on the selling price and an estimated development charge of $18.7 million for the re-zoning of the site to residential use and a gross plot ratio of 2.8, it works out to be about $593 per square foot per plot ratio.

The three-storey strata-titled industrial factory building sits on a land measuring 27,838 square feet.

Upon re-zoning, the site may be redeveloped into a freehold high-rise residential development with a gross floor area of approximately 77,948 square foot.

Analysts said that the completed development on the site could be sold at a price range of about $1,100 psf to $1,200 psf, after factoring in profits as well as marketing and financing costs.

The owners of the four factory units launched the collective sale after the Urban Redevelopment Authority announced in 2008 that it was prepared to consider re-zoning for residential use.

Tender for the property closed December 10 last year and it had attracted five offers and five other interests from developers, said Tan Hong Boon, deputy managing director of Credo Real Estate.

Credo is also the marketing agent for the enbloc sale.

“Balestier has over the years emerged as a popular residential district that enjoys the convenience of being geographically central and having a whole host of commercial amenities along the main road,” said Tan.

The site is near Shaw Plaza that houses a major supermarket, multiplex cinemas, banks and a host of other commercial establishments. - CNA /ls

Source : Channel NewsAsia - 04 February 2010

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Upcoming mall at Serangoon Central 90% leased out ahead of Nov opening

Upcoming mall at Serangoon Central 90% leased out ahead of Nov opening

SINGAPORE : An upcoming mall in Serangoon Central, called nex, has leased out about 90 per cent of its space some nine months ahead of its official opening in November.

The mall’s developer, Gold Ridge, said it has signed on the Serangoon Public Library as the newest anchor tenant at the complex.

The new public library will occupy about 17,000 square feet of space and is scheduled to open to the public in March 2011.

Other anchor tenants include Challenger, Cold Storage, Courts, and FairPrice Xtra.

With over 600,000 square feet of net lettable area over six storeys, nex will be the largest mall in northeast Singapore.

The mall is integrated with a new bus interchange and the Serangoon Interchange Station where the North East Line and the Circle Line converge.

The retail mix will extend to over 350 specialty shops offering international and local fashion brands, various apparel wear and home products. - CNA /ls

Source : Channel NewsAsia - 04 February 2010

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S’pore luxury home prices won’t rival HK’s

S’pore luxury home prices won’t rival HK’s
This is due to more supply here as building increased ahead of the IRs

(SINGAPORE) A bungalow on Singapore’s Ocean Drive, a stretch of luxury homes lined with Bentleys and Ferraris, sold for a record S$30 million in October. In Hong Kong, a duplex one-third the size went for almost three times as much the same month.

Luxury living: Wealthy Malaysians and Indonesians have been the main buyers of luxury properties in Singapore. Sentosa Cove (above) is the only place where foreigners are allowed to own landed homes
Singapore’s luxury-home prices won’t match Hong Kong’s because an increase in building ahead of two casino projects in the city-state will see nine times the number of new apartments going up over the next three years than in Hong Kong, according to real estate broker Savills Plc.

Singapore’s high-end home prices rose 4 per cent in 2009, while Chinese buyers fuelled a 45 per cent jump in Hong Kong, Savills said.

‘Hong Kong has some unique factors which drive the super luxury market, particularly mainland buyers who have been very aggressive,’ said Simon Smith, Savills’ Hong Kong-based head of research and consulting. ‘We will always see some dramatic prices in Hong Kong that you wouldn’t necessarily see in Singapore.’

Luxury property prices in Singapore are about 19 per cent below their 2007 peak, according to a Goldman Sachs Group Inc report published Jan 13.

They may rise about 15 per cent this year, though still remain 7 per cent below their highs by the end of 2010, Goldman said. Hong Kong luxury prices, which have surpassed their mid-2008 peak, will rise 15 per cent in the next six months, Colliers International Ltd forecast in January.

Two integrated resorts (IRs) are being built in Singapore with casinos, hotels, restaurants and attractions that the government hopes will help lure 17 million visitors and triple annual tourism revenue to S$30 billion by 2015.

Genting Singapore Plc unit Resorts World Sentosa opened part of its $4.5 billion project at Sentosa last month, while Las Vegas Sands Corp said it may open the Marina Bay Sands at downtown in April after construction delays.

To make the economy less dependent on electronics manufacturing, the Singapore government in April 2005 overturned a ban on casinos that had been in place since independence in 1965. Resorts World and Marina Bay are the only two casino developments approved and the government has said there will be only two gaming operators for 10 years.

‘The integrated resort is a stale story by now,’ Tay Huey Ying, a Singapore-based director of research and consulting at Colliers, said at a property seminar on Jan 13. ‘I do not foresee a great impact. We will need another growth story to bring the foreigners back to Singapore.’

In contrast, the number of casinos in Macau, the world’s biggest casino hub and the only Chinese city where gambling is legal, more than doubled to 33 in 2009 from 2002, when tycoon Stanley Ho’s casino monopoly ended. Residential prices will increase as much as 15 per cent in the city this year, according to a Savills report on Macau published on Jan 27.

Sands China Ltd, the Macau unit of Las Vegas Sands, will open most of its stalled resort in Macau by December 2011, adding 300,000 square feet (27,871 sqm) of gaming space to the 849,000 square feet it already has, the company said.

More than 130 apartments around Singapore’s Marina Bay and 900 apartments at Sentosa Cove have yet to be put on sale. City Developments Ltd, Singapore’s second-biggest property developer, and YTL Corp, Malaysia’s biggest builder, are among those preparing to put more homes on the market this year.

About 11,000 condominiums and apartments in the prime districts, or two-fifths of the total supply in Singapore, will come onto the market over the next three years, according to Savills. This compares with 1,260 luxury homes in Hong Kong over the same period.

‘In Singapore, we’re going to see slightly elevated levels of supply in 2011 and 2012, which would moderate price growth,’ said Savills’s Mr Smith.

Henderson Land Development Co, the Hong Kong-based builder controlled by billionaire Lee Shau-kee, in October sold a 6,158 sq ft duplex apartment in the city for a world record price of HK$88,000 (S$15,960) per square foot (psf) in a transaction worth HK$439 million. Luxury homes in Hong Kong are defined as those costing at least HK$10 million or bigger than 1,000 square feet.

The 17,115 square-foot bungalow sold on Sentosa island fetched S$1,753 psf. Prices reached as high as S$5,262 psf in 2007, a peak in Singapore’s property market. Singapore luxury homes are defined by Savills as those with an average price of between S$1,900 and S$2,000 psf in the city-state’s prime districts.

Surging prices have raised concerns of a property market bubble in Hong Kong. The government tightened down-payment requirements for luxury homes for the first time since 1991 and suspended mortgage insurance for rental properties in October.

Singapore’s government said in September it will push for more sites to be sold and will bar interest-only mortgages for uncompleted housing projects. Still, authorities aren’t likely to clamp down too much on the luxury end of the market, said Donald Han, the Singapore-based managing director of Cushman & Wakefield, a real-estate advisory company.

‘The high-end market is less of a concern, it’s more of a private playground for the rich,’ Mr Han said.

Foreigners can buy condominiums and apartments in Singapore, though Sentosa Cove is the only place where they are allowed to own landed homes.

Wealthy Malaysians and Indonesians have been the main buyers of luxury properties in the city-state. Now rich buyers from Russia, Norway, Sweden and Austria are showing interest in the high-end of the market, as well as Asian celebrities and professional golfers, said Kemmy Tan, director of international real estate at YTL Singapore Pte, which is developing 13 villas at Sentosa Cove. Mr Tan wouldn’t give any names.

To help sell the villas, Mr Tan has made sure the elevator to the basement car park of each villa is big enough to fit a Rolls Royce Phantom, which measures 5.6 metres (18.4 feet) long.

‘Most of the cars here are Bentleys, Lamborghinis and Ferraris,’ said Jason Yeo, general manager at site operator Sentosa Cove Resort Management. ‘Of course, you have the normal cars like Mercedes and BMWs too.’ - Bloomberg

Source : Straits Times - 04 February 2010

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