Create, view and buy art

Source : Straits Times – 7 Nov 2009

Shopping and art come together at church-turned-gallery Sculpture Square in a $60,000 facelift that is giving the 139-year-old dame a new lease of life.

The building in Middle Road underwent the revamp to mark its 10th anniversary last month as a gallery. Sculpture Square is a non-profit independent arts organisation.

In addition to the existing gallery in what was the original chapel, a building next to it formerly used as office space now houses a small upper gallery, an art and design shop, a reference library and an artist studio.

The shop features a range of art and design pieces ranging from postcards costing as little as $1 each to paintings going for $8,000 each.

Visitors can also buy quirky pop-art items such as local artist Casey Chen’s Taxi Lamp or his cushions shaped like instant noodle packets.

Chen is also gallery director. He runs Sculpture Square with centre director Tenny Kwan, 45, who also manages the gallery space ARTrium at the Ministry of Information, Communications and the Arts.

Their appointments, and the subsequent renovations, come after arts company The Old Parliament House Ltd, which runs arts venue The Arts House, took over the management of the space in March last year.

Chen and Kwan hope to turn the conveniently located gallery into a destination where artists and the public can meet to create and collect art.

Chen says: ‘There is often such a stigma to local art. We often get comments like ‘Singapore art got standard, meh?’ But then, we find that people rarely get the chance to see local artworks. We aim to change that.’

The 38-year-old, who used to work for a design company, adds: ‘To understand the balance between art and business is key. We hope that the gallery will be a space where the public can come to learn more about making art and collecting art.’

In its last exhibition, which ended last Saturday, about 50 emerging and established artists showcased their works for Sculpture Square’s 10th anniversary show. It attracted about 1,400 visitors and 11 artworks were sold.

The next show will be a glass art group exhibition titled Palimpsest. The month-long event will start next Wednesday and will feature works from artists such as Chris Yap, Ng Siok Hoon and Richard Lim.

The idea for Sculpture Square’s new look began when its chairman, Dr Richard Helfer, approached The Old Parliament House Ltd two years ago to take over the management of the space.

Dr Helfer, a hospitality veteran who founded hotel group Raffles International, was one of the founding board members of Sculpture Square when National Arts Council chairman Edmund Cheng set up the gallery in the former Baba church 10 years ago.

He says: ‘We felt that there could be economies of scale in resources such as marketing and administration if small arts centres were centralised. Such savings could then be used for better or more interesting programming.’

So far, the team has managed to reduce its overall administrative costs by more than half.

But some things will remain the same. The gallery will continue to run six core exhibitions a year on about $100,000 from the National Arts Council.

Centre director Kwan says: ‘The focus will still be on 3-D artworks, with an emphasis on local artists.’

Artist Jeremy Hiah, 37, is all for the change.

He says: ‘There is now more space for the artworks. Also, the shop is a great idea as a platform to sell local artworks and help build rapport between local artists and the public.’

Malls get bigger

Source : Straits Times – 7 Nov 2009

Snazzy new city malls such as Ion Orchard and Orchard Central may be in the limelight, but a quiet shopping revolution is taking place among the older malls, too.

From Yishun in the north to Jurong in the west, older local malls are creating new space to ‘floor’ spoilt-for-choice shoppers with fresh retail experiences in their own neighbourhood.

These malls together have spent hundreds of millions of dollars by either adding new extensions, reconfiguring their interiors or carving out new retail space from carparks and empty land.

The result is happy shoppers.

Take long-time Yishun resident Tan Bee Leng. Her shopping and dining in her neighbourhood has just got a little more exciting.

Over the last 10 years, the 36-year-old housewife had to make do with the 91 shops at Yishun’s sole mall, Northpoint. But since late last year, her shopping options expanded with the opening of the mall’s new wing, bringing the total number to more than 160 shops.

The new wing offers another 85,000 sq ft of retail space over six storeys. It was built for $38.6 million by mall developer Frasers Centrepoint on what was previously vacant land.

Mrs Wendy Low, general manager of Frasers Centrepoint Malls, says the enhancement works give the mall a ‘refreshed look, to infuse new life and vibrancy’.

For Mrs Tan, it means she no longer needs to head to town to shop: ‘I can find everything I need here.’

Over at Parkway Parade in Singapore’s east, a new two-storey annex opened last month. Part of a $15-million revamp, the 22,000 sq ft annex connects to the mall on levels one and two. It has 16 new and returning outlets, half of which are food and beverage (F&B) ones, including Chinese restaurant Putien, dessert cafe Toby’s Dessert Asylum and fast food restaurant Carl’s Junior.

The space was constructed by converting some of the former outdoor eating areas.

Parkway Parade centre manager Jenny Khoo says the new annex is part of a ‘continual renewal process to refresh and reinvigorate the mall to cater to shoppers’ ever-changing tastes’.

She adds, somewhat unsurprisingly: ‘The introduction of a larger variety of restaurants and cafes aims to cater to Singaporeans’ love for food.’

Over in the west, Jurong Point is now Singapore’s largest suburban mall, thanks to a new 303,000 sq ft extension that was opened earlier this year.

Built on formerly empty land, it is part of a $720-million integrated project, which includes an air-conditioned bus interchange and a 610-unit condominium above the new wing.

There is a big reason driving the trend for suburban malls to get bigger or pack in more retail space – competition downtown.

Along the prime shopping belt of Orchard Road, the shopping experience has got a lot more shiny.

Paragon mall, owned by Singapore Press Holdings, recently completed a $45-million makeover, for example. It updated its building facade and increased retail space.

Construction works are still ongoing at the Gucci flagship store, which will have a duplex retail space but with a five-storey facade.

Down the road, The Centrepoint added a 58,000 sq ft wing in 2006, with more than 20 new stores.

Raffles City has also been increasing its retail space over the years. Its developer CapitaLand is spending $116 million to enhance the mall over three phases which will add over 60,000 sq ft of extra space for rent.

But is bigger also better?

Work began in 2007, with the addition of an ‘island podium’ block of shops in the atrium and the extension of its basement through the conversion of carpark lots.

In the second phase, the mall enlarged its outdoor refreshment area and added another outdoor restaurant.

With the completion of the two phases, its total retail space now stands at 402,000 sq ft.

The third phase includes creating retail space along the underground link of Basement Two to connect the upcoming Esplanade MRT station to City Hall MRT station. It is expected to be completed by late next year.

Over at other malls such as Liang Court, there has been no increase in retail space but it has spent $40million on revamping the interiors, such as adding escalators and improving the access to shops.

Ms Stephanie Ho, general manager of AsiaMalls Management, which manages Liang Court, says the move was ‘to increase the overall efficiency of layout, the number of shops and to improve shopper flow and visibility’.

And it has paid off. She says traffic has ‘more than doubled’ since its revamp last year. It also attracted tenants new to Singapore, such as Taiwanese restaurant Shin Yeh, steamboat restaurant Tanyoto and Saizeriya, a Japanese-Italian eatery.

Retail experts say making changes to a mall, whether internally or adding a new extension, is important for business.

Retail consultant Lynda Wee, who runs business consultancy Bootstrap, says ‘refurbishment allows a developer to ‘unlock’ non-selling space, convert to leasing space for tenants and add value to shoppers’.

Senior director of retail and lifestyle at property consultancy Savills Singapore, Ms Sulian TanWijaya, notes that the opening of Orchard Central and Ion Orchard this year ‘could put pressure on some older malls, which may have to work harder to retain existing tenants or find new ones’.

Still, she adds: ‘There can never be too much retail for avid shoppers.’

Ms Geraldine Cheong, corporate communications manager at property consultancy firm CB Richard Ellis, says: ‘It is important, especially for older malls, to refurbish to stay relevant to the ever-changing needs’ of retailers and consumers.

This was the case for Far East Organization’s West Coast Plaza, which underwent a $26-million refurbishment in 2007. Its 160,000 sq ft retail space did not change but it has new tenants such as Cold Storage and Popular bookstore.

The mall, previously known as Ginza Plaza, also underwent a name change.

Its chief operating officer for retail business, MrKelvin Ling, says the mall was built 18 years ago, and since then, the demographics of people living and working around it have changed.

There are now more schools and professionals working in the Science Parks and one-north area, as well as more private homes popping up.

The addition of new retail space excites shoppers such as secretary Mary Lee, 25, who lives in Bishan. ‘More retail space usually means more shops, which gives me more options,’ she says.

But for others, it is the details that matter more.

Tutor May Phan, 38, from Pasir Ris, says: ‘Rather than put in more shops, malls should put more cubicles in the restrooms. That would make my shopping experience better.’

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NORTHPOINT

Where: 930 Yishun Avenue 2

What: This suburban mall may be 17 but looks better than ever.

Its new wing, which cost $38.6 million, adds another 85,000 sq ft of retail space spread over six storeys.

It gives shoppers more than 70 new shops and F&B outlets, including Japanese restaurant Ishi Mura.

Yishun Public Library, previously at Yishun Street 22, has also moved in.

RAFFLES CITY

Where: 252 North Bridge Road

What: The 22-year-old mall has undergone several revamps over the years. Its most recent was in 2007, when it spent $62 million on renovations, including a new ‘island podium’ of shops in the centre of the mall.

Before that, it had converted carpark space, a staff cafeteria and locker rooms into retail space in the basement.

By doing so, it now has 402,000 sq ft of retail space.

JURONG POINT

Where: 1 Jurong West Central 2

What: This neighbourhood mall added a 303,000 sq ft wing this year, which is part of an integrated project including a transport hub, at a cost of $720 million.

Now with about 750,000 sq ft of retail space, it is Singapore’s largest suburban mall.

It now has 450 tenants, twice its previous number. Those in the new wing include a 68,000 sq ft NTUC FairPrice megastore.

PARKWAY PARADE

Where: 80 Marine Parade Road

What: The 25-year-old mall’s latest look is a new two-storey annex built as part of its $15-million revamp. The 22,000 sq ft annex connects to the mall on levels one and two.

It has 16 new and returning retail and F&B outlets. New additions to the second storey include dessert cafe Toby’s Dessert Asylum and Chinese restaurant Putien.

LIANG COURT

Where: 177 River Valley Road

What: Completed last year, this 266,434 sq ft mall’s $40-million revamp reconfigured its interiors to provide easier access to shops.

Its old anchor tenant, Daimaru, closed in 2003. Its existing anchors are now supermarket Meidi-Ya and Books Kinokuniya.

There are also more food choices, such as Taiwanese eatery chain Shin Yeh, Streets Hong Kong Cafe and Japanese noodle bar Marutama Ra-men.

PARAGON

Where: 290 Orchard Road

What: The mall, which is owned by Singapore Press Holdings, recently completed a $45-million facelift, with a new contemporary facade and addition of three more floors of office and medical space, as well as new stores.

It now sports a three-dimensional facade with multiple pop-out glass panels and multi-faceted aluminium panels.

Five designer stores – Salvatore Ferragamo, Prada, Tod’s, Miu Miu and Gucci – will have double-storey duplexes.

The Gucci flagship store is now undergoing construction.

When completed next year, it will be a double-storey retail store but with a five-storey facade.

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More revamps

THE HEEREN

This mall is undergoing a $20-million revamp in five phases. Work expected to be completed by year-end include three two-storey, column-like glass structures on the facade which will offer at least 3,500 sq ft of space for F&B outlets.

Also in the works is a three-storey, egg-shaped construction for a flagship retailer in the next few years, which will mark the final phase.

MANDARIN GALLERY

The Mandarin Gallery at the Meritus Mandarin Singapore is expected to reopen by year-end after a $200-million facelift. The revamp will increase its total gross floor area by 40 per cent. Retail space now occupies 190,000 sq ft.

The premier shopping mall will have a new 152m-long frontage featuring six flagship duplexes with floor-to-ceiling glass windows and housing five upscale international fashion brands such as Emporio Armani.

New brands include Milan-based apparel brand Henry Cotton’s, British eco shoe label Terra Plana, high-end Swiss watchmaker FP Journe and Y3, a street-chic collection by Japanese designer Yohji Yamamoto.

KNIGHTSBRIDGE

Named after London’s most fashionable address, Knightsbridge is a new four-storey retail podium that will be connected to the Park Hotel Orchard, previously known as the Crown Prince Hotel.

The hotel is undergoing an $80-million renovation and will be rebranded as Park Hotel group’s flagship property, Grand Park Orchard, when it reopens next year.

Knightsbridge will have double-storey facade frontages with about eight to 10 luxury-goods tenants in them. At 83,000 sq ft, it is nearly double the 44,325sq ft area available at the former hotel.

PALAIS RENAISSANCE

Last year, it added 3,500 sq ft on the secondstorey rooftop to house PS Cafe. Encouraged by that success, it is now in the midst of creating another 800 sq ft of space from an infrequently used entrance to the office lobby for a new shop that overlooks Orchard Road.

Set quota to help citizens

Source : Straits Times – 7 Nov 2009

YESTERDAY’S report (‘Developer makes surprise $251m offer’) shocked me too, as the bid was three times the trigger price of $82 million. Would it be wrong to say that the Urban Redevelopment Authority (URA) is also adding to the trend of ever spiralling property prices? In the open tender system, the highest bidder usually lands the deal.

The URA, which controls land parcels, should also consider the benefit to, and affordability of, property buyers at large.

Such a massive bid for land will surely ramp up the price of the development. The foreign element – foreigners with big bucks and deep pockets – will force Singaporeans to fork out even more to buy a home.

I suggest two measures to protect Singaporeans and offer citizens a fair chance to own private property:

~ Let URA control the land cost as per a median reasonable price. Replace bidding for land parcels with a balloting process for qualified developers to participate at the URA’s called price. Balloting will introduce a level playing field and keep land prices sane.

~ Each development should set aside a minimum quota for Singaporean buyers to forestall a situation in which Singaporeans may be unable to afford private property and end up being tenants rather than home owners.

If there can be balloting for scarce resources like school admission and public housing, why not apply it to land sales as well?

If a quota system is effective in ensuring a multiracial mix in public housing, why not have the same to ensure a healthy mix of citizens and foreigners in private developments too?

Joshua Selvakumar

S’pore’s country brand jumps 11 spots to 13th

Source : Business Times – 7 Nov 2009

It is ranked best among 102 countries for shopping and easiest to do business in

SINGAPORE has moved up the rankings for the world’s top country brand, jumping from 24th place to 13th in this year’s Country Brand Index (CBI).

The United States was rated top out of 102 countries, followed by Canada, then Australia.

The CBI was conducted by consultancy FutureBrand in conjunction with public relations firm Weber Shandwick.

True to its reputation, Singapore was ranked best country brand for shopping, beating the US and Japan.

It was also ranked No. 1 as the easiest destination to do business in.

However, it slipped to No. 5 as the place where people would most like to start doing business.

Other categories where Singapore made the top five included preferred off-site convention destination (third) and ease of travel (fourth).

Singapore was also ranked fourth for prevalence of the latest technologies, fifth for standard of living and eighth for most oriented towards environmental protection.

‘The next step for Singapore is embracing more authentic characteristics and feeling a bit more confident about that,’ said Tim Riches, chief executive officer of FutureBrand (Singapore).

‘Singapore has been quite hesitant to allow authentic Singaporean culture into the spotlight.’

It is important to establish a more distinctive style, he said.

In terms of authenticity, Singapore was ranked 40th.

According to Mr Riches, the volatile economy this year generally resulted in less optimistic perceptions of other countries. ‘There’s more of a negative outlook compared to previous years,’ he told BT.

There was also a greater focus on value.

‘Asia as a region is considered to be good value,’ he said, pointing out that six of the top 10 countries that offered value-for-money were from the Asia-Pacific.

Interestingly, the perception of a country’s safety – or lack thereof – did not necessarily have a dampening impact on its popularity.

Vietnam, which was ranked 85th in terms of safety, was still rated the 25th country that people wished to visit or re-visit.

The FutureBrand CBI, now in its fifth year, polls approximately 3,000 business and leisure travellers from nine countries.

Brothers tussle over mum’s $25m estate

Source : Straits Times – 7 Nov 2009

TWO brothers are set to battle it out in court over whether a 2004 or 2009 will should be recognised following their mother’s death in August.

At stake is Madam Lim Lie Hoa’s substantial estate, worth more than $25 million, including property and assets in Singapore and Indonesia.

The matriarch’s second son, Mr Ong Siauw Ping, 50, through Senior Counsel Philip Jeyaretnam, filed court papers last week seeking to affirm he is the sole executor of a will Madam Lim signed on July 9. The will, witnessed by lawyers Chan Wai Mun and Glenn Knight, is understood to have bequeathed varying portions of her estate to all three sons.

But youngest son Elton, 34, gave court notice through Senior Counsel Michael Khoo on Monday to contest this.

Madam Lim, 74, is said to have made a will in 2004 that provides for the two younger brothers and excludes eldest sibling Siauw Tjoan, 52, who is estranged from her and based in Kuala Lumpur.

Siauw Tjoan is also estranged from wife Jane Rebecca Ong, who was earlier embroiled in an 18-year-suit with Madam Lim over her share of the estate.

Elton wants the court to recognise the 2004 will as the valid one and he takes issue with the circumstances in which the 2009 will was signed. He had tried unsuccessfully to get joint management of his mother’s estate earlier this year by having the High Court declare her of unsound mind.

He was concerned about her mental condition following surgery and two hospital stays, and had a psychiatrist’s report about her being incapacitated.

Madam Lim had been ill with a brain tumour since July last year.

The showdown in court is the latest episode in the increasingly strained relationship of the two brothers.

Last month, Elton accused Siauw Ping of keeping their mother’s death under wraps. He was not informed of her death and missed the funeral. But Siauw Ping said on Thursday that there was a three- day wake and church service before their mother was cremated. It was no hushed- up event, he said.

He added that the entire proceedings were organised by Madam Lim’s younger surviving sister and Indonesian relatives when news of her death was conveyed by the family’s maid here. He said: ‘I was away in Australia at the time and returned here on being told by the maid that my mother had passed away.’

Explaining why a death notice was not placed, he added: ‘I was in a state of shock and not familiar with funeral arrangements and took the advice of my aunt in most matters concerning the funeral of my mother.’

The case is due to be brought up in the High Court next month.

Govt to offer slew of sites for homes

Source : Straits Times – 7 Nov 2009

THE Government acted ahead of schedule yesterday in following through on its pledge to release plenty of land sites to meet strong demand for mass market homes outside the city centre.

In the first half of next year, at least eight residential sites – and as many as 26 sites – will be offered to developers.

The move is being seen as a bid to allay fears of a shortage of these homes – often bought by HDB upgraders – which may have sent prices surging.

The 26 sites could produce 10,550 private homes – the highest number from any half-yearly government land sales since the second half of 2001, said the Urban Redevelopment Authority (URA).

In an announcement that came a few weeks earlier than usual, the Government said it would put eight residential sites, including two executive condominium (EC) sites, on the confirmed list. This is where sites are put up for sale regardless of developers’ prior expressions of interest.

These sites could boast about 2,925 new homes, close to the boom time 3,000 in the second half of 2007.

‘There’s some anxiety about housing supply, so its better to tell people that there will be adequate supply,’ said URA senior group director of land sales and administration Choy Chan Pong.

‘The private residential market has seen very strong demand in the past eight months, so we want to ensure there is enough supply to meet demand, so that prices can move more in sync with economic fundamentals,’ he said.

To calm the market, National Development Minister Mah Bow Tan, in mid-September, flagged the move to reinstate the confirmed list after it was suspended for about a year.

Sales of new private homes this year are now above 12,828 units and could hit 2007’s record of 14,811 units. Developers have thus been bidding for land at much higher than expected prices.

The high-end homes market has not fully recovered, but mass market prices are now similar to levels seen in the previous boom, sparking fears of runaway mass market prices, experts said.

‘The programme will ensure the property market stays stable and price increases are kept to moderate levels,’ said Knight Frank’s executive director of residential, Mr Peter Ow.

Aggressive bids by developers could also become a thing of the past.

The Government is trying to calm panicky buyers as well as developers who have been tendering for sites at record prices, said Cushman & Wakefield managing director Donald Han.

Of the 26 sites for residential use on the land sales programme, 10 are new sites, not rolled out previously.

In January, the Government will push out three confirmed sites, including a new EC site in Buangkok Drive.

The five EC sites, one new, will mean the largest EC supply since 2000.

‘Putting two ECs on the confirmed list reflects the Government’s concern about the widening gap between HDB resale prices and private housing prices,’ said DTZ head of South-east Asia research Chua Chor Hoon.

Two of the 26 residential sites are mixed-use, whereby private homes can be built. Another 16 are on the reserve list, whereby sites are offered for sale after a developer commits to a minimum bid.

Two confirmed list sites near MRT stations – in Pheng Geck Avenue and Simei Street 3 – are very attractive, and could fetch $400 to $500 per sq ft of gross floor area, Mr Ow estimated.

Units on the sites may then sell for close to $1,000 psf, he added.

On the reserve list, the sites likely to be triggered for tender are in Bishan Street14, Bartley Road and Stirling Road, said CBRE Research.

In all, 42 sites are available for sale in the first half of next year, comprising 24 purely residential sites, two mixed use sites that must include residential use, five commercial sites, 10 hotel sites and one site permitting a range of uses.

Create, view and buy art

Source : Straits Times – 7 Nov 2009

Shopping and art come together at church-turned-gallery Sculpture Square in a $60,000 facelift that is giving the 139-year-old dame a new lease of life.

The building in Middle Road underwent the revamp to mark its 10th anniversary last month as a gallery. Sculpture Square is a non-profit independent arts organisation.

In addition to the existing gallery in what was the original chapel, a building next to it formerly used as office space now houses a small upper gallery, an art and design shop, a reference library and an artist studio.

The shop features a range of art and design pieces ranging from postcards costing as little as $1 each to paintings going for $8,000 each.

Visitors can also buy quirky pop-art items such as local artist Casey Chen’s Taxi Lamp or his cushions shaped like instant noodle packets.

Chen is also gallery director. He runs Sculpture Square with centre director Tenny Kwan, 45, who also manages the gallery space ARTrium at the Ministry of Information, Communications and the Arts.

Their appointments, and the subsequent renovations, come after arts company The Old Parliament House Ltd, which runs arts venue The Arts House, took over the management of the space in March last year.

Chen and Kwan hope to turn the conveniently located gallery into a destination where artists and the public can meet to create and collect art.

Chen says: ‘There is often such a stigma to local art. We often get comments like ‘Singapore art got standard, meh?’ But then, we find that people rarely get the chance to see local artworks. We aim to change that.’

The 38-year-old, who used to work for a design company, adds: ‘To understand the balance between art and business is key. We hope that the gallery will be a space where the public can come to learn more about making art and collecting art.’

In its last exhibition, which ended last Saturday, about 50 emerging and established artists showcased their works for Sculpture Square’s 10th anniversary show. It attracted about 1,400 visitors and 11 artworks were sold.

The next show will be a glass art group exhibition titled Palimpsest. The month-long event will start next Wednesday and will feature works from artists such as Chris Yap, Ng Siok Hoon and Richard Lim.

The idea for Sculpture Square’s new look began when its chairman, Dr Richard Helfer, approached The Old Parliament House Ltd two years ago to take over the management of the space.

Dr Helfer, a hospitality veteran who founded hotel group Raffles International, was one of the founding board members of Sculpture Square when National Arts Council chairman Edmund Cheng set up the gallery in the former Baba church 10 years ago.

He says: ‘We felt that there could be economies of scale in resources such as marketing and administration if small arts centres were centralised. Such savings could then be used for better or more interesting programming.’

So far, the team has managed to reduce its overall administrative costs by more than half.

But some things will remain the same. The gallery will continue to run six core exhibitions a year on about $100,000 from the National Arts Council.

Centre director Kwan says: ‘The focus will still be on 3-D artworks, with an emphasis on local artists.’

Artist Jeremy Hiah, 37, is all for the change.

He says: ‘There is now more space for the artworks. Also, the shop is a great idea as a platform to sell local artworks and help build rapport between local artists and the public.’

Malls get bigger

Source : Straits Times – 7 Nov 2009

Snazzy new city malls such as Ion Orchard and Orchard Central may be in the limelight, but a quiet shopping revolution is taking place among the older malls, too.

From Yishun in the north to Jurong in the west, older local malls are creating new space to ‘floor’ spoilt-for-choice shoppers with fresh retail experiences in their own neighbourhood.

These malls together have spent hundreds of millions of dollars by either adding new extensions, reconfiguring their interiors or carving out new retail space from carparks and empty land.

The result is happy shoppers.

Take long-time Yishun resident Tan Bee Leng. Her shopping and dining in her neighbourhood has just got a little more exciting.

Over the last 10 years, the 36-year-old housewife had to make do with the 91 shops at Yishun’s sole mall, Northpoint. But since late last year, her shopping options expanded with the opening of the mall’s new wing, bringing the total number to more than 160 shops.

The new wing offers another 85,000 sq ft of retail space over six storeys. It was built for $38.6 million by mall developer Frasers Centrepoint on what was previously vacant land.

Mrs Wendy Low, general manager of Frasers Centrepoint Malls, says the enhancement works give the mall a ‘refreshed look, to infuse new life and vibrancy’.

For Mrs Tan, it means she no longer needs to head to town to shop: ‘I can find everything I need here.’

Over at Parkway Parade in Singapore’s east, a new two-storey annex opened last month. Part of a $15-million revamp, the 22,000 sq ft annex connects to the mall on levels one and two. It has 16 new and returning outlets, half of which are food and beverage (F&B) ones, including Chinese restaurant Putien, dessert cafe Toby’s Dessert Asylum and fast food restaurant Carl’s Junior.

The space was constructed by converting some of the former outdoor eating areas.

Parkway Parade centre manager Jenny Khoo says the new annex is part of a ‘continual renewal process to refresh and reinvigorate the mall to cater to shoppers’ ever-changing tastes’.

She adds, somewhat unsurprisingly: ‘The introduction of a larger variety of restaurants and cafes aims to cater to Singaporeans’ love for food.’

Over in the west, Jurong Point is now Singapore’s largest suburban mall, thanks to a new 303,000 sq ft extension that was opened earlier this year.

Built on formerly empty land, it is part of a $720-million integrated project, which includes an air-conditioned bus interchange and a 610-unit condominium above the new wing.

There is a big reason driving the trend for suburban malls to get bigger or pack in more retail space – competition downtown.

Along the prime shopping belt of Orchard Road, the shopping experience has got a lot more shiny.

Paragon mall, owned by Singapore Press Holdings, recently completed a $45-million makeover, for example. It updated its building facade and increased retail space.

Construction works are still ongoing at the Gucci flagship store, which will have a duplex retail space but with a five-storey facade.

Down the road, The Centrepoint added a 58,000 sq ft wing in 2006, with more than 20 new stores.

Raffles City has also been increasing its retail space over the years. Its developer CapitaLand is spending $116 million to enhance the mall over three phases which will add over 60,000 sq ft of extra space for rent.

But is bigger also better?

Work began in 2007, with the addition of an ‘island podium’ block of shops in the atrium and the extension of its basement through the conversion of carpark lots.

In the second phase, the mall enlarged its outdoor refreshment area and added another outdoor restaurant.

With the completion of the two phases, its total retail space now stands at 402,000 sq ft.

The third phase includes creating retail space along the underground link of Basement Two to connect the upcoming Esplanade MRT station to City Hall MRT station. It is expected to be completed by late next year.

Over at other malls such as Liang Court, there has been no increase in retail space but it has spent $40million on revamping the interiors, such as adding escalators and improving the access to shops.

Ms Stephanie Ho, general manager of AsiaMalls Management, which manages Liang Court, says the move was ‘to increase the overall efficiency of layout, the number of shops and to improve shopper flow and visibility’.

And it has paid off. She says traffic has ‘more than doubled’ since its revamp last year. It also attracted tenants new to Singapore, such as Taiwanese restaurant Shin Yeh, steamboat restaurant Tanyoto and Saizeriya, a Japanese-Italian eatery.

Retail experts say making changes to a mall, whether internally or adding a new extension, is important for business.

Retail consultant Lynda Wee, who runs business consultancy Bootstrap, says ‘refurbishment allows a developer to ‘unlock’ non-selling space, convert to leasing space for tenants and add value to shoppers’.

Senior director of retail and lifestyle at property consultancy Savills Singapore, Ms Sulian TanWijaya, notes that the opening of Orchard Central and Ion Orchard this year ‘could put pressure on some older malls, which may have to work harder to retain existing tenants or find new ones’.

Still, she adds: ‘There can never be too much retail for avid shoppers.’

Ms Geraldine Cheong, corporate communications manager at property consultancy firm CB Richard Ellis, says: ‘It is important, especially for older malls, to refurbish to stay relevant to the ever-changing needs’ of retailers and consumers.

This was the case for Far East Organization’s West Coast Plaza, which underwent a $26-million refurbishment in 2007. Its 160,000 sq ft retail space did not change but it has new tenants such as Cold Storage and Popular bookstore.

The mall, previously known as Ginza Plaza, also underwent a name change.

Its chief operating officer for retail business, MrKelvin Ling, says the mall was built 18 years ago, and since then, the demographics of people living and working around it have changed.

There are now more schools and professionals working in the Science Parks and one-north area, as well as more private homes popping up.

The addition of new retail space excites shoppers such as secretary Mary Lee, 25, who lives in Bishan. ‘More retail space usually means more shops, which gives me more options,’ she says.

But for others, it is the details that matter more.

Tutor May Phan, 38, from Pasir Ris, says: ‘Rather than put in more shops, malls should put more cubicles in the restrooms. That would make my shopping experience better.’

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NORTHPOINT

Where: 930 Yishun Avenue 2

What: This suburban mall may be 17 but looks better than ever.

Its new wing, which cost $38.6 million, adds another 85,000 sq ft of retail space spread over six storeys.

It gives shoppers more than 70 new shops and F&B outlets, including Japanese restaurant Ishi Mura.

Yishun Public Library, previously at Yishun Street 22, has also moved in.

RAFFLES CITY

Where: 252 North Bridge Road

What: The 22-year-old mall has undergone several revamps over the years. Its most recent was in 2007, when it spent $62 million on renovations, including a new ‘island podium’ of shops in the centre of the mall.

Before that, it had converted carpark space, a staff cafeteria and locker rooms into retail space in the basement.

By doing so, it now has 402,000 sq ft of retail space.

JURONG POINT

Where: 1 Jurong West Central 2

What: This neighbourhood mall added a 303,000 sq ft wing this year, which is part of an integrated project including a transport hub, at a cost of $720 million.

Now with about 750,000 sq ft of retail space, it is Singapore’s largest suburban mall.

It now has 450 tenants, twice its previous number. Those in the new wing include a 68,000 sq ft NTUC FairPrice megastore.

PARKWAY PARADE

Where: 80 Marine Parade Road

What: The 25-year-old mall’s latest look is a new two-storey annex built as part of its $15-million revamp. The 22,000 sq ft annex connects to the mall on levels one and two.

It has 16 new and returning retail and F&B outlets. New additions to the second storey include dessert cafe Toby’s Dessert Asylum and Chinese restaurant Putien.

LIANG COURT

Where: 177 River Valley Road

What: Completed last year, this 266,434 sq ft mall’s $40-million revamp reconfigured its interiors to provide easier access to shops.

Its old anchor tenant, Daimaru, closed in 2003. Its existing anchors are now supermarket Meidi-Ya and Books Kinokuniya.

There are also more food choices, such as Taiwanese eatery chain Shin Yeh, Streets Hong Kong Cafe and Japanese noodle bar Marutama Ra-men.

PARAGON

Where: 290 Orchard Road

What: The mall, which is owned by Singapore Press Holdings, recently completed a $45-million facelift, with a new contemporary facade and addition of three more floors of office and medical space, as well as new stores.

It now sports a three-dimensional facade with multiple pop-out glass panels and multi-faceted aluminium panels.

Five designer stores – Salvatore Ferragamo, Prada, Tod’s, Miu Miu and Gucci – will have double-storey duplexes.

The Gucci flagship store is now undergoing construction.

When completed next year, it will be a double-storey retail store but with a five-storey facade.

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More revamps

THE HEEREN

This mall is undergoing a $20-million revamp in five phases. Work expected to be completed by year-end include three two-storey, column-like glass structures on the facade which will offer at least 3,500 sq ft of space for F&B outlets.

Also in the works is a three-storey, egg-shaped construction for a flagship retailer in the next few years, which will mark the final phase.

MANDARIN GALLERY

The Mandarin Gallery at the Meritus Mandarin Singapore is expected to reopen by year-end after a $200-million facelift. The revamp will increase its total gross floor area by 40 per cent. Retail space now occupies 190,000 sq ft.

The premier shopping mall will have a new 152m-long frontage featuring six flagship duplexes with floor-to-ceiling glass windows and housing five upscale international fashion brands such as Emporio Armani.

New brands include Milan-based apparel brand Henry Cotton’s, British eco shoe label Terra Plana, high-end Swiss watchmaker FP Journe and Y3, a street-chic collection by Japanese designer Yohji Yamamoto.

KNIGHTSBRIDGE

Named after London’s most fashionable address, Knightsbridge is a new four-storey retail podium that will be connected to the Park Hotel Orchard, previously known as the Crown Prince Hotel.

The hotel is undergoing an $80-million renovation and will be rebranded as Park Hotel group’s flagship property, Grand Park Orchard, when it reopens next year.

Knightsbridge will have double-storey facade frontages with about eight to 10 luxury-goods tenants in them. At 83,000 sq ft, it is nearly double the 44,325sq ft area available at the former hotel.

PALAIS RENAISSANCE

Last year, it added 3,500 sq ft on the secondstorey rooftop to house PS Cafe. Encouraged by that success, it is now in the midst of creating another 800 sq ft of space from an infrequently used entrance to the office lobby for a new shop that overlooks Orchard Road.

Set quota to help citizens

Source : Straits Times – 7 Nov 2009

YESTERDAY’S report (‘Developer makes surprise $251m offer’) shocked me too, as the bid was three times the trigger price of $82 million. Would it be wrong to say that the Urban Redevelopment Authority (URA) is also adding to the trend of ever spiralling property prices? In the open tender system, the highest bidder usually lands the deal.

The URA, which controls land parcels, should also consider the benefit to, and affordability of, property buyers at large.

Such a massive bid for land will surely ramp up the price of the development. The foreign element – foreigners with big bucks and deep pockets – will force Singaporeans to fork out even more to buy a home.

I suggest two measures to protect Singaporeans and offer citizens a fair chance to own private property:

~ Let URA control the land cost as per a median reasonable price. Replace bidding for land parcels with a balloting process for qualified developers to participate at the URA’s called price. Balloting will introduce a level playing field and keep land prices sane.

~ Each development should set aside a minimum quota for Singaporean buyers to forestall a situation in which Singaporeans may be unable to afford private property and end up being tenants rather than home owners.

If there can be balloting for scarce resources like school admission and public housing, why not apply it to land sales as well?

If a quota system is effective in ensuring a multiracial mix in public housing, why not have the same to ensure a healthy mix of citizens and foreigners in private developments too?

Joshua Selvakumar

S’pore’s country brand jumps 11 spots to 13th

Source : Business Times – 7 Nov 2009

It is ranked best among 102 countries for shopping and easiest to do business in

SINGAPORE has moved up the rankings for the world’s top country brand, jumping from 24th place to 13th in this year’s Country Brand Index (CBI).

The United States was rated top out of 102 countries, followed by Canada, then Australia.

The CBI was conducted by consultancy FutureBrand in conjunction with public relations firm Weber Shandwick.

True to its reputation, Singapore was ranked best country brand for shopping, beating the US and Japan.

It was also ranked No. 1 as the easiest destination to do business in.

However, it slipped to No. 5 as the place where people would most like to start doing business.

Other categories where Singapore made the top five included preferred off-site convention destination (third) and ease of travel (fourth).

Singapore was also ranked fourth for prevalence of the latest technologies, fifth for standard of living and eighth for most oriented towards environmental protection.

‘The next step for Singapore is embracing more authentic characteristics and feeling a bit more confident about that,’ said Tim Riches, chief executive officer of FutureBrand (Singapore).

‘Singapore has been quite hesitant to allow authentic Singaporean culture into the spotlight.’

It is important to establish a more distinctive style, he said.

In terms of authenticity, Singapore was ranked 40th.

According to Mr Riches, the volatile economy this year generally resulted in less optimistic perceptions of other countries. ‘There’s more of a negative outlook compared to previous years,’ he told BT.

There was also a greater focus on value.

‘Asia as a region is considered to be good value,’ he said, pointing out that six of the top 10 countries that offered value-for-money were from the Asia-Pacific.

Interestingly, the perception of a country’s safety – or lack thereof – did not necessarily have a dampening impact on its popularity.

Vietnam, which was ranked 85th in terms of safety, was still rated the 25th country that people wished to visit or re-visit.

The FutureBrand CBI, now in its fifth year, polls approximately 3,000 business and leisure travellers from nine countries.

Brothers tussle over mum’s $25m estate

Source : Straits Times – 7 Nov 2009

TWO brothers are set to battle it out in court over whether a 2004 or 2009 will should be recognised following their mother’s death in August.

At stake is Madam Lim Lie Hoa’s substantial estate, worth more than $25 million, including property and assets in Singapore and Indonesia.

The matriarch’s second son, Mr Ong Siauw Ping, 50, through Senior Counsel Philip Jeyaretnam, filed court papers last week seeking to affirm he is the sole executor of a will Madam Lim signed on July 9. The will, witnessed by lawyers Chan Wai Mun and Glenn Knight, is understood to have bequeathed varying portions of her estate to all three sons.

But youngest son Elton, 34, gave court notice through Senior Counsel Michael Khoo on Monday to contest this.

Madam Lim, 74, is said to have made a will in 2004 that provides for the two younger brothers and excludes eldest sibling Siauw Tjoan, 52, who is estranged from her and based in Kuala Lumpur.

Siauw Tjoan is also estranged from wife Jane Rebecca Ong, who was earlier embroiled in an 18-year-suit with Madam Lim over her share of the estate.

Elton wants the court to recognise the 2004 will as the valid one and he takes issue with the circumstances in which the 2009 will was signed. He had tried unsuccessfully to get joint management of his mother’s estate earlier this year by having the High Court declare her of unsound mind.

He was concerned about her mental condition following surgery and two hospital stays, and had a psychiatrist’s report about her being incapacitated.

Madam Lim had been ill with a brain tumour since July last year.

The showdown in court is the latest episode in the increasingly strained relationship of the two brothers.

Last month, Elton accused Siauw Ping of keeping their mother’s death under wraps. He was not informed of her death and missed the funeral. But Siauw Ping said on Thursday that there was a three- day wake and church service before their mother was cremated. It was no hushed- up event, he said.

He added that the entire proceedings were organised by Madam Lim’s younger surviving sister and Indonesian relatives when news of her death was conveyed by the family’s maid here. He said: ‘I was away in Australia at the time and returned here on being told by the maid that my mother had passed away.’

Explaining why a death notice was not placed, he added: ‘I was in a state of shock and not familiar with funeral arrangements and took the advice of my aunt in most matters concerning the funeral of my mother.’

The case is due to be brought up in the High Court next month.

Ogilvy Centre to become a hotel

Source : Straits Times – 7 Nov 2009

AN 82-YEAR-OLD colonial office building next to the famous Lau Pa Sat hawker centre has been earmarked as a hotel site and will be sold next year.

The curved four-storey Ogilvy Centre at the junction of Robinson Road and Boon Tat Street has been added to the Urban Redevelopment Authority’s (URA) list of government land sites for sale.

The building was given conservation status in 2000, so the developer who buys the site must retain its facade and part of the interior.

Its neo-classical style, with large decorative ionic columns and recessed balconies with cast-iron balustrades, was the design of F.G. Lundon of Swan and Maclaren, the oldest architectural firm in Singapore.

As a hotel, it will be able to host 70 guest rooms, said the URA yesterday.

Property consultants said the hotel could prove to be popular among business travellers, like the luxury 17-room Klapsons, The Boutique Hotel that opened on Hoe Chiang Road this year.

‘There are not many boutique business hotels in the Central Business District area,’ said Mr Leonard Tay, director of CB Richard Ellis Research.

Built in 1927 as the Eastern Extension Telegraph Company, the Ogilvy Centre has also been known as the Cable and Wireless Building and the Telecommunications Authority of Singapore Building.

The current lease expires in February. Advertising and public relations firm Ogilvy Group occupies three floors while sandwich joint Subway, coffee chain Starbucks and fast-food outlet Old Chang Kee have outlets on the first floor.

The Ogilvy Centre sits on a 0.18ha site and is expected to be available for sale next June. It is on the URA’s reserve list, which means an interested developer must submit an acceptable bid, which will then trigger a public tender.

The URA said it is still trying to decide what kind of sale conditions will be put on the building, but it could possibly be sold with a lease of 30 years or 60 years.

The building is one of two new hotel sites being added to the reserve list for the first half of next year. The other is a 0.45ha plot at Robertson Quay that can accommodate 350 hotel rooms.

The eight other hotel sites already on the reserve list will be carried over to next year, including plots at Kallang Riverside, Tanjong Pagar and Alexandra Road. In total, the 10 sites can host 3,435 new hotel rooms.

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FULFILLING A NEED

‘There are not many boutique business hotels in the Central Business District area.’ – Mr Leonard Tay, director of CB Richard Ellis Research. Property consultants believe the hotel at Ogilvy Centre could be popular among business travellers.

Two new hotel sites on H1 2010 reserve list

Source : Business Times – 7 Nov 2009

TWO new hotel sites – one of which is Ogilvy Centre, a conservation building opposite Lau Pa Sat – have made it to the government’s H1 2010 reserve list. But there are no new commercial sites on the list. And there are neither hotel nor commercial sites on the confirmed list for H1 2010.

Still, according to the Urban Redevelopment Authority, there’s ample supply of sites for commercial and hotel developments in the reserve list.

Choy Chan Pong, URA senior group director for land sales and administration, pointed out that about 4.5 million square feet of commercial space will continue to be made available through the reserve list of H1 2010, including about 1.5 million sq ft that can potentially be generated from a white site at Ophir Road in the Bugis area and nearly 690,000 sq ft from a white site in the Jurong Gateway area.

CB Richard Ellis director (research) Leonard Tay said that recovery in the office market is at the incipient stage. ‘If the pace of recovery quickens, the authorities have the option of adding some confirmed list sites for second half 2010 to ensure timely supply of office buildings from 2013 onwards.’

CBRE’s figures show that between now and end-2014, about 7.72 million sq ft of net lettable area of offices are slated for completion.

‘One should not underestimate the pace at which the current supply will be absorbed when the market recovers in the medium term,’ said Mr Tay. ‘For instance, the annual takeup for 2000 was a very significant 4.22 million sq ft on the back of recovery after the Asian crisis.’

Cushman & Wakefield’s Singapore managing director, Donald Han, said: ‘It takes about 2 1/2-3 years from the time a developer bids for an office site to finishing the project, and probably a good time to buy sites would be in H2 2010 to get projects ready for the post-2013 period.’

Property market players were excited about Ogilvy Centre, at the corner of Robinson Road and Boon Tat Street, being added as a hotel site with about 70 rooms to the reserve list. The property was built in 1927 and accorded conservation status in February 2000. The building’s facade as well as part of its interior have to be conserved. The government is reviewing whether to sell the site on a 30 or 60-year lease.

‘This is not your typical hotel site. It’s in the financial district and can be positioned as a luxury property like an Armani Hotel,’ Mr Han said.

The other new hotel plot on the reserve list, at Robertson Quay, can generate some 350 rooms. The Ministry of National Development’s H1 2010 reserve list can potentially generate 4,515 hotel rooms.

Buffet-table spread of sites for developers

Source : Business Times – 7 Nov 2009

But the jury is out on whether the govt’s release of plots will tame land bids, which have soared wildly at state tenders

THE government is offering developers a platter of residential sites through the confirmed and reserve lists for the next half – including several plots in the vicinities of hot-selling condo launches this year, such as Caspian near Jurong Lake and Alexis near Queenstown MRT Station.

However, the jury is out on how much this will tame land bids, which have soared wildly at recent state tenders.

Four of the eight sites on the confirmed list and at least four reserve list sites are near MRT stations – but there are also many sites not in the vicinity of train stations where more affordable private housing could be built.

A few plots are close to the city while the majority are in typical suburban locations where private condos catering to HDB upgraders are located.

Peter Ow, Knight Frank executive director (residential), said: ‘The government’s main message is that it is taking care of the upgraders’ market. The current release is to tackle and try to moderate prices in the upgraders market which concerns most Singaporeans.’

For new private homes, prices in the mass-market segment have surpassed their 2007 peak levels; whereas for high-end homes, prices have yet to recover to their 2007-highs, he added.

‘Thus, there are no sites in the Core Central Region, which includes the prime districts. The government recognises the fact that not all sectors of the residential market are doing well, especially high-end homes.’

Chua Chor Hoon, DTZ’s South-east Asia research head, said that with so many choices, developers are unlikely to put in aggressive land bids in future tenders.

Leonard Tay, CB Richard Ellis director (research), said that the latest supply may moderate slightly some of the exuberance at recent state tenders but prime sites near MRT stations would still be well contested and developers may put in a premium.

Putting the latest supply numbers in perspective, Knight Frank chairman Tan Tiong Cheng suggested that the 2,925 private homes that can be developed on the eight confirmed list plots for H1 2010 would not significantly bring down land bids as the reintroduction of supply on this list is long overdue after an absence of one year.

‘So it’s more like catching up. Plus, there’s no alternative supply of mass market sites from the private sector through collective sales, for instance,’ he added.

Of the 10 new housing sites on the latest confirmed and reserve lists, Knight Frank’s Mr Ow picks out the confirmed list plot next to Potong Pasir MRT Station, which can yield about 150 private homes, and the reserve list site at Stirling Road near Queenstown MRT Station as the ones likely to fetch the highest bids – about $500 per square foot per plot ratio (psf ppr) and above $500 psf ppr respectively, because of their proximity to the city.

DTZ’s Ms Chua pointed out that the Stirling Road site, which can be be turned into a condo with about 405 units, is quite near the CBD and very close to HDB flats. A new condo on the site would generate demand from both owner occupiers and investors. ‘There’s good rental demand for Queens and Anchorage condos nearby,’ she said.

Agreeing, Mr Ow said that the Stirling plot, with a 4.2 plot ratio (ratio of maximum potential gross floor area to land area) could probably be built up to 40 storeys, in line with Queens condo just in front of it as well as HDB blocks in the Dawson estate nearby.

Property consultants said that other new sites that are likely to be popular include plots near Simei and Lakeside MRT stations as well as a plot in Pasir Ris near Downtown East and Pasir Ris Park.

The land parcel near Lakeside MRT Station, which is under the confirmed list, can produce some 525 private homes. It is next to Caspian, which sold like hot cakes in February and helped revive private homes sales after last year’s global financial crash. Another plot on the confirmed list, diagonally opposite Simei MRT, can produce 250 units. It is also near UOL Group’s Double Bay Residences which was released this year. The confirmed list site at Pheng Geck Avenue near Potong Pasir MRT is close to another 2009 hot seller, 8@Woodleigh.

Among the new reserve list sites, the Stirling Road plot is in the vicinity of Alexis condo, which was also among the earlier hot projects this year.

The Ministry of National Development has also injected two plots in Hougang into the latest reserve list – one at Hougang Avenue 2 designated for a low-rise development near Rosyth School, and the other, at Hougang Avenue 7.

Another new reserve list plot is at Miltonia Close in Yishun, next to The Shaughnessy, a completed condo. It may be far from town and not next to an MRT station but a new low-rise development on the site will be attractively located, next to Orchid Golf Course and near Lower Seletar Reservoir.

Developers more familiar with the Eunos area may consider a plot at Foo Kim Lin Road which can generate about 535 units. It is a new plot on the reserve list.

‘Developers now have a whole buffet-table spread of sites to choose from,’ summed up CBRE’s Mr Tay.

Singapore’s eighth wonder

Source : Business Times – 7 Nov 2009

Faced with competition from regional countries also eyeing the benefits of the casino gaming industry, the two IRs cannot afford to be complacent

A FEW weeks ago, Singaporeans watched in awe the hoisting of a seven hundred tonne beam linking the towers of Marina Bay Sands (MBS) to form the Skypark – a vast rooftop garden, while at Sentosa, Resorts World Sentosa (RWS) was working on the finishing touches to the rides for its Universal Studios Theme Park.

Just how awesome these two integrated resorts (IRs) are is becoming more visible by the day. Together, they will cost in excess of $13 billion when they are complete. Not only will they be iconic attractions, but within five years they could bring in 17 million top quality tourists who will spend in excess of $30 billion and help create over 100,000 jobs, directly and indirectly.

Some sceptics wonder how Singapore’s IRs will be impacted by Macau. But there is unlikely to be much overlap; moreover, the market is big enough for both.

For the last 65 years, Macau has been basically a gambling colossus and will always be, even with top attractions such as The City of Dreams, Venetian and the MGM Grand. It is amazing that with a mere three licences issued to Stanley Ho’s Sociedade de Jogos de Macau Holdings, Sheldon Adelson’s Venetian and Steve Wynn’s Wynn resorts, Macau’s gambling scene has evolved into 32 casinos. Most visitors cannot tell which are the ones with the original licences and which are sub-licencees or concessions.

Even within new casinos, you will find junket rooms of up to 12 tables operating on a joint venture basis, such as Star Cruise’s Crockford Room and Putra Sampoerna’s Mansion House – both located at the MGM Grand. The Macanese, in conjunction with their Hong Kong associates, have reinvented the game of baccarat, which represents close to 70 per cent of each casino’s wagering.

Singapore’s IRs are setting their sights on total entertainment with great experiences in gaming, gourmet dining, shopping, meetings and exhibition activities, great accommodation and dazzling shows.

Junket operators who bring high-rollers into Macau have introduced ‘parallel betting’, under which the operators use the outcome of bets at the casino table, but accept side bets from their clients that are a multiple of the actual table bet.

This effectively reduces the 39 per cent gaming tax rate which the casino pays, while the bettor will be able to settle either way with the junket operator when they return to the mainland. Junket operators have also introduced insurance such as the blackjack game to baccarat, which ensures the bettor a guaranteed win if he has a high-point card before the house draws the third card.

Junket operators are critical to the survival of the gambling industry in Macau. They enable casino operators to pay less punitive taxes, assist the bulk of mainland Chinese to make settlements back home, thus overcoming currency restrictions and provide credit to players.

Notable junket operators such as Amax and Neptune, both listed Hong Kong entities, are supported by many casinos. They raked in close to $10 billion in gaming revenue in 2008. However, they are also facing strains – many are saddled with uncollectable debts, the Chinese government has been coming down hard on embezzlement and abuse by both Chinese officials and people in the private sector.

The practices that are rampant in Macau will not be found in Singapore’s two IRs. The Singapore authorities have carefully planned the entire operation and have anticipated many of the possible abuses. Most important of all, there will be no sub-licencees, which effectively reduces the policing area.

Singapore’s IRs are setting their sights on total entertainment with great experiences in gaming, gourmet dining, shopping, meetings and exhibition activities, great accommodation and dazzling shows. However, gaming will still be an important revenue source – up to 60 per cent. Singapore authorities must be careful not to derail this. Already, there are concerns about the admission levy for locals, the restrictions on ATMs and exclusion orders. People come into the gaming rooms of the IRs to have a great time. So our regulators must be practical in their enforcement.

Singapore’s superb infrastructure and security has already attracted many high net worth families to make this country their second home. MICE operators are also already taking bookings to hold meetings and exhibitions in Singapore.

London is a good example of how casinos helped attract many Arab families to relocate there when their second homes in Beirut were overrun by the civil war in the 1970s. Of course, casinos were not the only attraction: London, like Singapore, has some of the best private schools, medical facilities and shopping. But for high net worth individuals, its casinos were an important part of its entertainment value. More than 5,000 high net worth families from Beirut and elsewhere in the Middle East moved to London during the late 1970s, causing a mini boom in the markets for housing and top-end services.

Today, many wealthy foreigners are choosing to spend time in Singapore – as evidenced by the notable levels of purchases of property by foreigners in recent years. With the opening of the IRs, it is likely that demand for high-end accommodation will increase further.

While the initial novelty and stunning attractions of Singapore’s IRs could bring in considerable tax revenues as well as tourist dollars, Singapore cannot afford to be complacent. Other governments in the region are also eyeing the benefits of the casino gaming industry. Taiwan will soon approve casinos in Penghu Island. Tokyo is about to announce an IR at Odaiba in Tokyo Bay.

The Philippines is in the midst of building a massive IR in Manila Bay and soon, we may witness the legalising of illegal casinos in Vietnam, Cambodia and Laos. It may not be long before Thailand and Indonesia (Bintan) too approve licences for gaming operations within their jurisdictions. There are already no less than five casino ships trawling international waters around Singapore, drawing large numbers of patrons.

In the face of such competition, it will be a constant challenge for Singapore’s IRs to keep reinventing themselves to draw in high-rollers from around the world and keep their attractions compelling to tourists.

By Ronald Tan, a casino gaming consultant who has been associated with the industry since the 1970s

Govt turns up supply tap to cool property fever

Source : Business Times – 7 Nov 2009

10 new sites signal intent to keep home prices affordable

THE government yesterday fired a clear signal that it intends to keep private homes affordable by announcing its land sales programme for the first half of 2010 earlier than expected.

The 10 new residential sites introduced through the confirmed and reserve lists will allow developers to build many more homes – some of these in executive condominiums (ECs). There will also be more plots in less pricey regions.

‘The large number of sites in the confirmed and reserve lists shows how keen the government is to cool the residential property market,’ observed DTZ South-east Asia research head Chua Chor Hoon.

The Ministry of National Development (MND) reinstated the confirmed list with eight residential sites – four are new while the other four are from the H2 2009 government land sales (GLS) programme. Of these eight parcels, three could be launched in January alone.

The government puts up sites on the confirmed list for tender according to scheduled dates. It suspended this list last October as the property market weakened, but recently decided to reinstate it as private home demand and prices surged in the last few months.

The eight parcels on the confirmed list can hold an estimated 2,925 units. This is close to the largest potential supply of 3,014 units from the confirmed list in H2 2007, since the confirmed list and reserve list system began in H2 2001.

The upcoming confirmed list is striking not just for the number of sites on it. Two of the eight parcels are designated for ECs – a hybrid of public and private housing with resale and other restrictions.

These developments cater particularly to those who can afford more than an HDB flat but are still priced out of private property.

MND also boosted the reserve list for H1 2010 with six new residential sites which can generate another 2,455 units. Sites on this list are launched only when developers successfully apply for them.

With 16 residential sites and two mixed-used sites in all, the reserve list will be able to supply 7,625 units.

Together, the confirmed and reserve lists can potentially bring 10,550 housing units into the market. This is the highest number from any half-yearly government land sales (GLS) programme since the reserve list system began in H2 2001.

Another notable point: the 26 residential and mixed-use sites on the confirmed and reserve lists are all in the outside central region (OCR) and rest of central region (RCR), where cheaper homes can be built. Of the potential supply of 10,550 units, 9,220 will be in OCR while the remaining 1,330 will be in CCR.

‘There is a balanced spread of residential sites on the confirmed and reserve lists under the GLS programme for H1 2010, offering a variety of choices for the development of affordable homes,’ the Real Estate Developers’ Association of Singapore (Redas) said. ‘We believe that there is adequate supply of housing in the pipeline to meet future demand.’

As at Q3 this year, some 59,700 private homes were already in the pipeline. Of these, 34,120 units had not been sold.

MND typically releases details on the GLS programme in December. Yesterday’s announcement came weeks earlier than expected.

According to Urban Redevelopment Authority (URA) land sales and administration senior group director Choy Chan Pong, the market has been waiting for updates since National Development Minister Mah Bow Tan said in September that the confirmed list would be reinstated.

‘Since people say there is some anxiety about housing supply, it’s better to tell people now,’ he explained.

Cushman & Wakefield Singapore managing director Donald Han reckoned that the announcement also sends a ‘don’t panic’ signal to developers seeking to replenish their land banks. The likely launch of three sites from the confirmed list in January next year could help, because ‘the longer the wait, the higher is the pent-up demand and the potential premium pricing,’, he said.

MND did not introduce any commercial, hotel or white sites to the confirmed list for H1 2010. But it did add two new hotel plots to the reserve list. The reserve list will have five commercial sites, two white sites, 10 hotel sites and one commercial-and- residential site.

The ministry also underlined that more land could come from other government agencies. Planned supply from these agencies in H1 2010 can yield commercial space with a gross floor area of around 43,000 square metres.

‘The government will continue to monitor the demand-and-supply conditions not only for the residential sector, but also for various property sectors. We will monitor it closely and review the GLS programme accordingly to ensure that supply is more than sufficient to meet demand,’ URA’s Mr Choy said.

The market had been prepared for new land supply to be introduced and major property counters managed to post gains on the stock market yesterday. City Developments shares, for instance, rose 17 cents to close at $10.02.

Bubble brewing?

Source : Today – 7 Nov 2009

WITH the recent release of third-quarter real estate data, it may be timely to ask: Is there a real estate bubble, and if so, how bad is it? When the figures were unveiled in the last week of October, private-housing prices were out-of-sync with the rest of the market. Prices and rents were down for the other major sectors – office, retail and industrial. These trends were in line with current economic conditions.

Private-housing prices rebounded sharply by 15.8 per cent, easily the highest quarterly rise in more than 25 years. This is aggravated by the decline of housing rentals. Prices dropped by 2.2 per cent despite the third quarter traditionally being the best in terms of number of leases closed, as this is when many expatriates return from their holidays and sign new rental contracts.

Although the overall housing rental trend is down, rentals in some areas have improved and recorded increases in August and September. These increases could partly be due to the large number of expatriates signing new leases in the third quarter. Overseas managerial staff from the integrated resorts would also have signed on during this period.

Rents will go up for some developments due to competition. There are also signs that some tenants are moving to smaller units. This may also lead to rises in some unit types but declines for others.

In the third quarter, 921 units were added to the total number of vacant housing units or a growth of 6.6 per cent, as 3,666 units were completed during the quarter – the highest quarterly figure in more than a decade. The last time the market saw any significant growth was in the first quarter of last year, when the number of vacant units grew by 1,728 units or 13.2 per cent.

The number of units completing in the final quarter and next year may not be big – 1,805 for the fourth quarter and 5,737 for the whole of 2010. But the pressure resumes, with 11,667 in 2011 and 12,991 in 2012.

Owner occupiers or investors?

The Singapore private-housing market has traditionally been anchored by owner-occupier purchases, giving stability to prices.

But in 2007 and 2009, the proportion of investors rose significantly. There is no formal information on the actual percentage of investors but a small sample of about 33 cases show investor-purchases at 87.8 per cent of the total, showing an increased downward pressure on housing rentals in the future.

Judging from land prices, which have increased by more than 30 per cent based on the winning bids from five triggered Government sites, housing prices can be expected to rise.

The latest announcement that the Government intends to launch eight housing sites from the confirmed list in the first four months of next year is timely as it helps to increase supply. With ample liquidity and the low cost of funds in the market, it will be awhile before prices begin to drop.

For those still contemplating investing in the property market, recognise the activity for what it is – a high risk, high gain play. It is never a low-risk, high-gain activity.

The writer is the head of research and consultancy at Chesterton Suntec International. The opinions expressed here are his own.

Govt announces biggest half-yearly land sale programme since H2 2001

Source : Business Times – 6 Nov 2009

Singapore’s Ministry of National Development on Friday announced its biggest half-yearly land sales programme for the first half of 2010 since the reserve list system was started in H2 2001.

This follows very strong demand for private homes seen in the past eight months. This will ensure there will be enough supply to meet demand, Urban Redevelopment Authority’s senior group director, land sales and administration group, Choy Chan Pong said.

MND will be releasing eight private residential sites under the confirmed list in H1 2010, inclusive of two for executive condos, a hybrid between public and private housing. The eight sites will generate a total of 2,925 homes.

In addition, for the H1 2010 reserve list – where sites are launched for tender only upon successful application by developers – there will be 16 residential sites including three exec condo sites – and two mixed use sites where private homes can potentially be built. Of the 18 sites, six are new and 12 will be carried over from the current half’s reserve list. In total these 18 sites can be built into 7,625 homes.

Hence, the total housing supply from the H1 2010 programme is 10,550 units.

The Government has also added two new hotel sites through the reserve list – at Robinson Road and Robertson Quay. The Robinson Road property is currently Ogilvy Centre, which will be sold on either 30- or 60-year leasehold tenure. Its facade has to be conserved as well as part of its interior.

Genting to open Sentosa Resort by early January 2010

Source : Channel NewsAsia – 6 Nov 2009

Genting Berhad is on track to open the ‘Resorts World at Sentosa’ in Singapore by early January 2010, said its chairman and chief executive Lim Kok Thay.

Bernama news agency quoted Mr Lim as saying the project, which cost S$6.6 billion, would attract 12 to 13 million visitors in the first full year of operation.

“Construction is going on smoothly. We are targeting to open it by early January 2010,” he told reporters after the signing ceremony of its RM1.6 billion medium-term notes programme (MTN) with CIMB Investment Bank Bhd and HSBC Bank Malaysia Bhd on Thursday.

Genting’s subsidiary, GB Services Bhd, has priced its inaugural issuance of RM1.45 billion nominal amount of 10-year MTN pursuant to its RM1.6 billion MTN programme.

The MTN programme is guaranteed by Genting and has been assigned ‘AAA’ rating by RAM Ratings Services Bhd.

Lim said the proceeds from the MTN issuance would be used by Genting and subsidiaries for investment, refinancing, working capital requirements and other general corporate purposes.

“We will continue to grow our existing businesses and explore opportunities to expand globally,” he said.

On the disposal of its non-core asset like power as well as oil and gas divisions, he said: “We are speaking to interested parties but we are not close to any deal.”

Keen competition expected for 8 residential sites on confirmed list

Source : Channel NewsAsia – 6 Nov 2009

Market-watchers expect keen competition for the eight residential sites on the confirmed list under the Government Land Sales (GLS) Programme for the first half of next year. But land prices may not necessarily come down.

Analysts also expect more foreign developers to bid for sites over the next three to six months, keeping prices competitive especially for popular locations.

Donald Han, managing director, Cushman & Wakefield, said: “You will potentially see a more aggressive bidding which will lead to a higher price being achieved. However, I think the prices have moved quite a fair bit… We will probably have a closer bid gap in between the various bids by developers.”

Many of the residential sites on the confirmed list are located near train stations. But observers said on Friday the proximity to public transport may not necessarily drive up bid prices and therefore, the cost of homes.

Besides transport, properties that are near parks and reservoirs may also command a premium.

Market-watchers said the sites on offer will yield 2,925 new units, but are unlikely to create a supply glut.

Cynthia Ng, deputy managing director, Investment Advisory and Valuation, Colliers International, said: “There is liquidity in the market and the population has also increased. More people are also looking to buy a second property as well, so the demand is there.”

“We would probably see prices increase for the residential market overall, about 8 to 12 per cent. That being said, we think we won’t see the repeat of the last six months in terms of price increases,” said Mr Han.

Private home prices rose about 16 per cent in the third quarter, snapping four quarters of decline.

Analysts said the two executive condominium sites offered under the confirmed list could plug the widening price gap between private suburban homes and public resale flats.

On average, private homes outside of the central region cost about 50 per cent more than HDB resale flats.

Two new hotel sites in the city – Robertson Quay and Robinson Road – have also been introduced on the reserve list, yielding some 420 rooms.

There could be strong demand for the Robinson Road site which now houses The Ogilvy Centre. The Urban Redevelopment Authority (URA) has yet to decide if the site will be sold on a 30-year or 60-year lease.

The lease at The Ogilvy Centre ends next February and the URA hopes to launch the new hotel site in June 2010. It is also studying the possibility of adding more levels to the existing conserved building.

No new office sites were offered under the latest exercise. Some 7.7 million square feet of confirmed supply is already expected from now till 2014, according to CB Richard Ellis’ estimates.

The GLS Programme for the first half of 2010 will have 42 sites in all.

Keen competition expected for 8 residential sites on confirmed list

Source : Channel NewsAsia – 6 Nov 2009

Market-watchers expect keen competition for the eight residential sites on the confirmed list under the Government Land Sales (GLS) Programme for the first half of next year. But land prices may not necessarily come down.

Analysts also expect more foreign developers to bid for sites over the next three to six months, keeping prices competitive especially for popular locations.

Donald Han, managing director, Cushman & Wakefield, said: “You will potentially see a more aggressive bidding which will lead to a higher price being achieved. However, I think the prices have moved quite a fair bit… We will probably have a closer bid gap in between the various bids by developers.”

Many of the residential sites on the confirmed list are located near train stations. But observers said on Friday the proximity to public transport may not necessarily drive up bid prices and therefore, the cost of homes.

Besides transport, properties that are near parks and reservoirs may also command a premium.

Market-watchers said the sites on offer will yield 2,925 new units, but are unlikely to create a supply glut.

Cynthia Ng, deputy managing director, Investment Advisory and Valuation, Colliers International, said: “There is liquidity in the market and the population has also increased. More people are also looking to buy a second property as well, so the demand is there.”

“We would probably see prices increase for the residential market overall, about 8 to 12 per cent. That being said, we think we won’t see the repeat of the last six months in terms of price increases,” said Mr Han.

Private home prices rose about 16 per cent in the third quarter, snapping four quarters of decline.

Analysts said the two executive condominium sites offered under the confirmed list could plug the widening price gap between private suburban homes and public resale flats.

On average, private homes outside of the central region cost about 50 per cent more than HDB resale flats.

Two new hotel sites in the city – Robertson Quay and Robinson Road – have also been introduced on the reserve list, yielding some 420 rooms.

There could be strong demand for the Robinson Road site which now houses The Ogilvy Centre. The Urban Redevelopment Authority (URA) has yet to decide if the site will be sold on a 30-year or 60-year lease.

The lease at The Ogilvy Centre ends next February and the URA hopes to launch the new hotel site in June 2010. It is also studying the possibility of adding more levels to the existing conserved building.

No new office sites were offered under the latest exercise. Some 7.7 million square feet of confirmed supply is already expected from now till 2014, according to CB Richard Ellis’ estimates.

The GLS Programme for the first half of 2010 will have 42 sites in all.

Supply of private home sites in Singapore to go up

Source : Channel NewsAsia – 6 Nov 2009

The Singapore government is boosting the supply of private residential sites in the first half of next year.

It has announced new sites for sale, which could yield over 10,500 homes – the highest number of units since the Government Land Sales (GLS) Programme started in the second half of 2001.

The Urban Redevelopment Authority (URA) said on Friday that in deciding supply, it looks at market conditions and medium-term demand.

Demand has been buoyant, with over 5,700 units sold in the third quarter of this year alone – more than the total number in 2008.

While demand has cooled off slightly, following high prices and moves by the government to curb a speculative bubble, observers believe the property market is on the mend.

For the whole of 2009, regular land sales through the confirmed list were suspended due to poor market conditions. But scheduled sales will resume next year, with a site in Buangkok being one of the largest on offer.

The land parcel, located along Buangkok Drive, can be turned into a 520-unit executive condominium.

In total, eight residential sites are on the confirmed list of the GLS Programme for the first half of next year.

Located at Buangkok, Yishun, Choa Chu Kang, Tampines, Boon Lay, Simei, Sembawang and Upper Serangoon, these sites could see nearly 3,000 new homes built, all aimed at the mass market.

Choy Chan Pong, senior group director, Land Sales & Administration, URA, said: “They are all in suburban areas, so there’s a limit to what prices can be. Some may be near MRT station, some may be further from MRT station, so we’re really giving a very broad spread of choice for development.”

Donald Han, managing director of Cushman & Wakefield, said: “A lot of these are mainly to tackle the concern if prices get out of synch in terms of market fundamentals, and if they get out of reach of the common people.

“In terms of the buyers, you won’t have to panic… If you find that today’s prices are not affordable, you can afford to wait. There are always alternatives.

“If you are getting married, if you need a place, you could rent first because rentals are still affordable. It has been softening over the last 12 months and it will continue to soften in the next six months.”

The remaining 16 residential sites will be sold through the reserve list, which is triggered only when a developer makes a bid that the government considers acceptable.

The list includes a site at Ten Mile Junction at Bukit Panjang, which could see a 200-unit condominium built on top of existing developments. The site will be open for tender in January 2010.

More sites will also be released for hotel use under the GLS Programme, which will have 42 sites in all.

Supply of private home sites in Singapore to go up

Source : Channel NewsAsia – 6 Nov 2009

The Singapore government is boosting the supply of private residential sites in the first half of next year.

It has announced new sites for sale, which could yield over 10,500 homes – the highest number of units since the Government Land Sales (GLS) Programme started in the second half of 2001.

The Urban Redevelopment Authority (URA) said on Friday that in deciding supply, it looks at market conditions and medium-term demand.

Demand has been buoyant, with over 5,700 units sold in the third quarter of this year alone – more than the total number in 2008.

While demand has cooled off slightly, following high prices and moves by the government to curb a speculative bubble, observers believe the property market is on the mend.

For the whole of 2009, regular land sales through the confirmed list were suspended due to poor market conditions. But scheduled sales will resume next year, with a site in Buangkok being one of the largest on offer.

The land parcel, located along Buangkok Drive, can be turned into a 520-unit executive condominium.

In total, eight residential sites are on the confirmed list of the GLS Programme for the first half of next year.

Located at Buangkok, Yishun, Choa Chu Kang, Tampines, Boon Lay, Simei, Sembawang and Upper Serangoon, these sites could see nearly 3,000 new homes built, all aimed at the mass market.

Choy Chan Pong, senior group director, Land Sales & Administration, URA, said: “They are all in suburban areas, so there’s a limit to what prices can be. Some may be near MRT station, some may be further from MRT station, so we’re really giving a very broad spread of choice for development.”

Donald Han, managing director of Cushman & Wakefield, said: “A lot of these are mainly to tackle the concern if prices get out of synch in terms of market fundamentals, and if they get out of reach of the common people.

“In terms of the buyers, you won’t have to panic… If you find that today’s prices are not affordable, you can afford to wait. There are always alternatives.

“If you are getting married, if you need a place, you could rent first because rentals are still affordable. It has been softening over the last 12 months and it will continue to soften in the next six months.”

The remaining 16 residential sites will be sold through the reserve list, which is triggered only when a developer makes a bid that the government considers acceptable.

The list includes a site at Ten Mile Junction at Bukit Panjang, which could see a 200-unit condominium built on top of existing developments. The site will be open for tender in January 2010.

More sites will also be released for hotel use under the GLS Programme, which will have 42 sites in all.

SM wants distinctive S’pore with affordable property

Source : Business Times – 6 Nov 2009

Even as it competes with the best, it must not price itself out of the market

Senior Minister Goh Chok Tong yesterday painted his vision of Singapore as a vibrant, green and harmonious city for the next 25 years. He also underlined the importance of keeping property prices reasonable to achieve this dream.

Rents for businesses have to be competitive with those in other financial hubs such as Hong Kong and London, he said. And to offer companies more flexibility, Singapore must also have not just Grade A offices in the central business district but also cheaper space at the fringe of the city centre.

‘My vision for Singapore is for it to be ‘a distinctive city, a harmonious home’,’ Mr Goh said at a gala dinner commemorating the 50th anniversary of the Real Estate Developers’ Association of Singapore (Redas).

Singapore has progressed rapidly, transforming from a poor country with crumbling houses to a vibrant city with iconic buildings, he said.

But he emphasised that with globalisation, Singapore needs to benchmark itself against the best in the world and become one of the most liveable cities. Its competitive advantages in drawing talent and investments – such as its pro-business policies and clean environment – are quickly being eroded as other cities adopt similar strategies.

Mr Goh said Singapore can be distinctive by offering ‘the liveability of a garden city and the conveniences of a compact city’.

At the same time, Singapore can be economically vibrant yet environmentally sustainable, he said. It can build a resource-efficient economy, rely more on public transport and have more Green Mark-certified buildings.

Locals and foreigners living and working here must also get along, Mr Goh said. Locals must accommodate the different habits and beliefs of foreigners, while foreigners must respect local ways and try to integrate. This way, Singapore will be ‘an oasis of harmony with a rich diversity of people, culture and ideas’.

But the country must manage the inflow of talent and immigrants to ensure Singaporeans do not lose out and that they benefit from the presence of newcomers, he said.

‘Even as we aspire to benchmark ourselves against the best, we must not price ourselves out. Therefore, we must ensure that we remain a competitive location for businesses, and that Singaporeans can own their own homes,’ he added.

Mr Goh reassured Singaporeans that the government will keep public housing affordable for the vast majority.

‘We will also continue to factor in increasing demand from permanent residents in the resale market,’ he said.

‘For those who are worried over recent price increases, MND (Ministry of National Development) tells me there is an adequate supply of homes in the pipeline both in the central region as well as outside it.’

Mr Goh said the authorities are committed to releasing more land through the Government Land Sales Programme, so that property prices stay in line with economic fundamentals.

At the dinner, Redas president Simon Cheong spoke about the importance of building ‘design-led cities’. ‘Individual buildings can economically uplift an entire city,’ he said.

‘Buildings are not just profit opportunities…Developers, as patrons of design, together with the Urban Redevelopment Authority and Building & Construction Authority, wield tremendous power in influencing how Singapore will strive on the world stage.’