Friday, August 10, 2007
Singapore Q2 GDP Grows Annualised 14%
Source : The Business Times, August 10, 2007
Singapore's economy grew at a faster-than-expected annualised rate of 14.0 per cent in the second quarter, thanks to a boom in the construction and financial industries, data showed on Friday.
The seasonally adjusted rise from the previous quarter compared with 12.4 per cent growth forecast by analysts in a poll and the government's advance estimate of 12.8 per cent which was largely based on data from April and May.
Compared with a year earlier, gross domestic product (GDP) expanded 8.6 per cent in the second quarter, the Ministry of Trade and Industry said in a statement, faster than the median 8.0 per cent forecast by economists.
The government on Wednesday raised its full-year economic growth forecast to 7-8 per cent, from 5-7 per cent previously, putting it on a level with last year's strong expansion of 7.9 per cent.
'The improved outlook reflects higher growth in financial and business services, manufacturing and construction,' the Ministry of Trade and Industry said in a press statement on Friday.
'The driving factors underpinning the higher growth forecast are broad-based: strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market.'
RELATED LINKS http://tinyurl.com/2tkgmd
MTI press release: Improved Outlook for 2007 As Growth Broadens and Economy Diversifies
The upgrade was widely predicted by economists, although some said that the government's forecast of 8 per cent was conservative given the economy's strong growth in the first six months. -- REUTERS
MAS ready to inject liquidity if needed
SINGAPORE - Singapore's Monetary Authority of Singapore is prepared to inject cash into the market to stabilise any fallout arising from problems in US sub-prime mortgages, an official said on Friday.
But Ong Chong Tee, MAS deputy managing director, said there was no need to do so at the moment and the central bank was sticking to existing monetary policy.
'In terms of domestic market liquidity, if there are liquidity bottlenecks, certainly we will come in to inject more liquidity,' he told a media briefing.
'But at this stage, the liquidity management is unchanged in the sense that we do not see any undue problems.'
Mr Ong said MAS 'will be watching the situation closely'.
In a separate statement issued after the stock market closed, MAS noted that the 'domestic markets have generally functioned smoothly' on Friday.
'The MAS does not comment on the specifics of our market operations which continue to be directed at ensuring sufficient liquidity conditions in the money markets and banking system, taking into account the various exogenous factors that impact on liquidity,' it said.
'However, given current global market conditions, we would like to reiterate that the Authority stands ready to inject additional market liquidity if the situation so warrants.' Singapore's trade ministry, which announced better-than-expected second quarter economic growth on Friday, separately said an escalation of the troubles in US sub-prime credits is a potential risk. -- AFP
Singapore's economy grew at a faster-than-expected annualised rate of 14.0 per cent in the second quarter, thanks to a boom in the construction and financial industries, data showed on Friday.
The seasonally adjusted rise from the previous quarter compared with 12.4 per cent growth forecast by analysts in a poll and the government's advance estimate of 12.8 per cent which was largely based on data from April and May.
Compared with a year earlier, gross domestic product (GDP) expanded 8.6 per cent in the second quarter, the Ministry of Trade and Industry said in a statement, faster than the median 8.0 per cent forecast by economists.
The government on Wednesday raised its full-year economic growth forecast to 7-8 per cent, from 5-7 per cent previously, putting it on a level with last year's strong expansion of 7.9 per cent.
'The improved outlook reflects higher growth in financial and business services, manufacturing and construction,' the Ministry of Trade and Industry said in a press statement on Friday.
'The driving factors underpinning the higher growth forecast are broad-based: strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market.'
RELATED LINKS http://tinyurl.com/2tkgmd
MTI press release: Improved Outlook for 2007 As Growth Broadens and Economy Diversifies
The upgrade was widely predicted by economists, although some said that the government's forecast of 8 per cent was conservative given the economy's strong growth in the first six months. -- REUTERS
MAS ready to inject liquidity if needed
SINGAPORE - Singapore's Monetary Authority of Singapore is prepared to inject cash into the market to stabilise any fallout arising from problems in US sub-prime mortgages, an official said on Friday.
But Ong Chong Tee, MAS deputy managing director, said there was no need to do so at the moment and the central bank was sticking to existing monetary policy.
'In terms of domestic market liquidity, if there are liquidity bottlenecks, certainly we will come in to inject more liquidity,' he told a media briefing.
'But at this stage, the liquidity management is unchanged in the sense that we do not see any undue problems.'
Mr Ong said MAS 'will be watching the situation closely'.
In a separate statement issued after the stock market closed, MAS noted that the 'domestic markets have generally functioned smoothly' on Friday.
'The MAS does not comment on the specifics of our market operations which continue to be directed at ensuring sufficient liquidity conditions in the money markets and banking system, taking into account the various exogenous factors that impact on liquidity,' it said.
'However, given current global market conditions, we would like to reiterate that the Authority stands ready to inject additional market liquidity if the situation so warrants.' Singapore's trade ministry, which announced better-than-expected second quarter economic growth on Friday, separately said an escalation of the troubles in US sub-prime credits is a potential risk. -- AFP
HDB Offers 354 More Flats For Sale
Source : The Straits Times, Aug 10, 2007
THE HDB has launched the sale of 354 flats in established towns and estates such as Ang Mo Kio, Clementi, Marine Parade and Toa Payoh.
There are 188 four-room flats, 132 five-room flats and 34 executive flats on offer.
The HDB said that the flats are in mature estates where there is a smaller supply of unsold flats available.
The availability of some of the flats in this latest batch are affected by ethnic quota restrictions.
Interested buyers can submit their applications online.
Once the application period closes on Thursday, HDB will conduct a computer ballot to determine the queue positions of applicants.
Those who miss the application period can submit their application online next Friday.
They will then be given appointments to book a flat after those who had applied on time.
Unfurnished sample units will be open for viewing.
The sale, announced on Friday, is part of the August Bi-Monthly Sale of four-room and bigger flats exercise.
This sale is the third such exercise under the combined balloting/walk-in system, which replaced the previous Walk-in-Selection system.
HDB also said that buyers in urgent need of housing can consider other locations and resale flats.
As of end July, there were 278 flats available for immediate booking on a walk-in basis from the first Bi-Monthly Sale.
Those interested can approach the HDB sales office at the HDB Hub in Toa Payoh.
These will be withdrawn at the end of the month.
HDB had said earlier it will be providing more data on rents in HDB flats to add greater transparency to the market.
THE HDB has launched the sale of 354 flats in established towns and estates such as Ang Mo Kio, Clementi, Marine Parade and Toa Payoh.
There are 188 four-room flats, 132 five-room flats and 34 executive flats on offer.
The HDB said that the flats are in mature estates where there is a smaller supply of unsold flats available.
The availability of some of the flats in this latest batch are affected by ethnic quota restrictions.
Interested buyers can submit their applications online.
Once the application period closes on Thursday, HDB will conduct a computer ballot to determine the queue positions of applicants.
Those who miss the application period can submit their application online next Friday.
They will then be given appointments to book a flat after those who had applied on time.
Unfurnished sample units will be open for viewing.
The sale, announced on Friday, is part of the August Bi-Monthly Sale of four-room and bigger flats exercise.
This sale is the third such exercise under the combined balloting/walk-in system, which replaced the previous Walk-in-Selection system.
HDB also said that buyers in urgent need of housing can consider other locations and resale flats.
As of end July, there were 278 flats available for immediate booking on a walk-in basis from the first Bi-Monthly Sale.
Those interested can approach the HDB sales office at the HDB Hub in Toa Payoh.
These will be withdrawn at the end of the month.
HDB had said earlier it will be providing more data on rents in HDB flats to add greater transparency to the market.
Improved Economic Outlook For This Year, Says MTI
Source : Today, Friday, August 10, 2007
THE Ministry of Trade and Industry announced today that the economy is expected to grow by 7.0-8.0 per cent this year, riding on the momentum of the second quarter and supported by a favourable external environment and broad-based growth across the major sectors.
Growth picked up pace in the second quarter, with GDP expanding by 8.6 per cent year-on-year following 6.4 per cent in the previous quarter. Growth on a seasonally-adjusted quarter-on-quarter annualised basis increased to 14 per cent from 8.8 per cent in the first quarter.
Overall, the Singapore economy grew by 7.6 per cent in the first half of the year.
Growth has become more broad-based in the second quarter, with the financial services and construction sectors registering double-digit growth, and the manufacturing sector remaining healthy despite a slowdown in electronics.
Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter.
The banking cluster was supported by strong growth in both the domestic segment and offshore Asian Dollar Market, with loans to non-bank customers rising by 10 per cent.
The wealth advisory cluster remained buoyant, riding on growing affluence in the region and continued demand domestically for professional fund management services.
The construction sector grew by 18 per cent, the strongest growth in almost 10 years.
Growth in the manufacturing sector picked up pace to 8.3 per cent, with strong growth in biomedical manufacturing and transport engineering more than making up for the slack in electronics.
The ministry says continued strong economic growth has supported job creation. Employment grew strongly by 61,900, higher than 49,400 in the first quarter.
The seasonally adjusted unemployment rate fell to 2.4 per cent in June from 2.9 per cent in March. The number of workers retrenched declined to 1,600, from 2,000 in the previous quarter.
MTI has raised the full-year GDP growth forecast for this year from 5.0-7.0 per cent to 7.0-8.0 per cent, taking into account a healthy external environment, the broad-based growth momentum across major sectors, continued growth in the composite leading index and strong business expectations.
The ministry says that the global economic environment continues to be healthy. Growth in the US has moderated but remains intact in the face of problems in the sub-prime credit markets. The Japanese and EU economies continue to recover on the back of strong domestic demand and firm business sentiment.
The ministry says prospects in Asia remain robust, with the Chinese economy growing at a rapid pace. The chief downside risk to this favourable external outlook is the potential for current problems in US credit markets spreading to other financial markets and possibly dragging down consumption and investment.
From a sectoral perspective, growth in financial and business services, manufacturing, and construction is expected to be higher than earlier envisaged. The driving factors underpinning this higher growth are broad-based: Strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market and construction industry with a steady pipeline of contracts awarded.
The latest surveys of business expectations show that both manufacturing and services firms expect better business conditions in the coming half of the year.
THE Ministry of Trade and Industry announced today that the economy is expected to grow by 7.0-8.0 per cent this year, riding on the momentum of the second quarter and supported by a favourable external environment and broad-based growth across the major sectors.
Growth picked up pace in the second quarter, with GDP expanding by 8.6 per cent year-on-year following 6.4 per cent in the previous quarter. Growth on a seasonally-adjusted quarter-on-quarter annualised basis increased to 14 per cent from 8.8 per cent in the first quarter.
Overall, the Singapore economy grew by 7.6 per cent in the first half of the year.
Growth has become more broad-based in the second quarter, with the financial services and construction sectors registering double-digit growth, and the manufacturing sector remaining healthy despite a slowdown in electronics.
Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter.
The banking cluster was supported by strong growth in both the domestic segment and offshore Asian Dollar Market, with loans to non-bank customers rising by 10 per cent.
The wealth advisory cluster remained buoyant, riding on growing affluence in the region and continued demand domestically for professional fund management services.
The construction sector grew by 18 per cent, the strongest growth in almost 10 years.
Growth in the manufacturing sector picked up pace to 8.3 per cent, with strong growth in biomedical manufacturing and transport engineering more than making up for the slack in electronics.
The ministry says continued strong economic growth has supported job creation. Employment grew strongly by 61,900, higher than 49,400 in the first quarter.
The seasonally adjusted unemployment rate fell to 2.4 per cent in June from 2.9 per cent in March. The number of workers retrenched declined to 1,600, from 2,000 in the previous quarter.
MTI has raised the full-year GDP growth forecast for this year from 5.0-7.0 per cent to 7.0-8.0 per cent, taking into account a healthy external environment, the broad-based growth momentum across major sectors, continued growth in the composite leading index and strong business expectations.
The ministry says that the global economic environment continues to be healthy. Growth in the US has moderated but remains intact in the face of problems in the sub-prime credit markets. The Japanese and EU economies continue to recover on the back of strong domestic demand and firm business sentiment.
The ministry says prospects in Asia remain robust, with the Chinese economy growing at a rapid pace. The chief downside risk to this favourable external outlook is the potential for current problems in US credit markets spreading to other financial markets and possibly dragging down consumption and investment.
From a sectoral perspective, growth in financial and business services, manufacturing, and construction is expected to be higher than earlier envisaged. The driving factors underpinning this higher growth are broad-based: Strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market and construction industry with a steady pipeline of contracts awarded.
The latest surveys of business expectations show that both manufacturing and services firms expect better business conditions in the coming half of the year.
Authorities Plan One-Stop Helpline For Social Assistance
Source : TODAY, 10 August 2007
South West District Mayor & Senior Parliamentary Secretary of Ministry of Enivironment and Water Resources - Dr Amy Khor (Picture)
SINGAPORE: In the event of an accident or crime, the instinct for many people is to pick up the phone and dial "999" for the police. Authorities are now planning to extend a similar service for those in need of social assistance with a one-stop helpline.
The new line, called ComCare, is set to replace six existing hotlines. Currently, the Ministry of Community Development, Youth and Sports (MCYS) and the five Community Development Councils (CDCs) each run one hotline.
This move to consolidate social services comes at a time when the Government is extending more help to the poor and needy, in light of the widening income gap and the recent hike to the Goods and Services Tax.
A tender was called by MCYS recently to set up, operate and run this proposed ComCare helpline. It will be a toll-free line with two numbers: 1800-222 0000 and 1800-COMCARE.
This outsourced helpline can either operate 24 hours daily or for 12 hours on weekdays and five hours on Saturdays, according to tender documents on the Government's online procurement portal, GeBIZ.
A baseline of about 6,300 calls per month is expected. All messages left on the voice recording system should be responded to within one working day.
Agents who man the service must cater to callers who speak in English, Malay, Tamil and Mandarin.
The helpline must field requests for social assistance and reply to general queries, as well as to make preliminary assessments and track cases to ensure that calls are properly received by the "appropriate" agency that was referred to, among other things.
Help agencies to be hooked up in this initiative include the CDCs, the National Council of Social Service, family service centres, town councils, Government ministries, statutory boards and religious organisations.
Setting aside doubts that outsourcing such a service will add another layer of bureaucracy and undermine the quality of aid rendered, South West District Mayor Amy Khor said that the training of the agents will be "crucial".
"You have to give them proper training, send them down to (help agencies such as) the CDCs to observe and learn. But it is the CDC staff — the ones who are currently taking such calls — who will still be the ones to evaluate and provide the necessary help at the back end."
Dr Khor, who is also the Senior Parliamentary Secretary at the Ministry of Environment and Water Resources, felt that aid could be reached more efficiently with this new helpline.
"If done properly, it can make us more efficient because when the calls come in, we know that they are cases that we can work on immediately, instead of having to sift through them and do the referrals," she said.
Mr Lee Kim Siang, who is chairman for the charity Thye Hua Kwan Moral Society, applauded the move to have a single helpline. He said that it would "reduce confusion" on who and where to get help. He also felt that the one-stop hotline will also prevent people from turning "to the wrong people and get bad advice". - TODAY/fa
South West District Mayor & Senior Parliamentary Secretary of Ministry of Enivironment and Water Resources - Dr Amy Khor (Picture)SINGAPORE: In the event of an accident or crime, the instinct for many people is to pick up the phone and dial "999" for the police. Authorities are now planning to extend a similar service for those in need of social assistance with a one-stop helpline.
The new line, called ComCare, is set to replace six existing hotlines. Currently, the Ministry of Community Development, Youth and Sports (MCYS) and the five Community Development Councils (CDCs) each run one hotline.
This move to consolidate social services comes at a time when the Government is extending more help to the poor and needy, in light of the widening income gap and the recent hike to the Goods and Services Tax.
A tender was called by MCYS recently to set up, operate and run this proposed ComCare helpline. It will be a toll-free line with two numbers: 1800-222 0000 and 1800-COMCARE.
This outsourced helpline can either operate 24 hours daily or for 12 hours on weekdays and five hours on Saturdays, according to tender documents on the Government's online procurement portal, GeBIZ.
A baseline of about 6,300 calls per month is expected. All messages left on the voice recording system should be responded to within one working day.
Agents who man the service must cater to callers who speak in English, Malay, Tamil and Mandarin.
The helpline must field requests for social assistance and reply to general queries, as well as to make preliminary assessments and track cases to ensure that calls are properly received by the "appropriate" agency that was referred to, among other things.
Help agencies to be hooked up in this initiative include the CDCs, the National Council of Social Service, family service centres, town councils, Government ministries, statutory boards and religious organisations.
Setting aside doubts that outsourcing such a service will add another layer of bureaucracy and undermine the quality of aid rendered, South West District Mayor Amy Khor said that the training of the agents will be "crucial".
"You have to give them proper training, send them down to (help agencies such as) the CDCs to observe and learn. But it is the CDC staff — the ones who are currently taking such calls — who will still be the ones to evaluate and provide the necessary help at the back end."
Dr Khor, who is also the Senior Parliamentary Secretary at the Ministry of Environment and Water Resources, felt that aid could be reached more efficiently with this new helpline.
"If done properly, it can make us more efficient because when the calls come in, we know that they are cases that we can work on immediately, instead of having to sift through them and do the referrals," she said.
Mr Lee Kim Siang, who is chairman for the charity Thye Hua Kwan Moral Society, applauded the move to have a single helpline. He said that it would "reduce confusion" on who and where to get help. He also felt that the one-stop hotline will also prevent people from turning "to the wrong people and get bad advice". - TODAY/fa
HDB Puts Up 354 Four-Room, Bigger Flats For Sale
Source : Channel NewsAsia, 10 August 2007
.jpg)
SINGAPORE : The Housing and Development Board (HDB) is putting up 354 four-room and bigger flats for sale.
This is the third sales exercise under the combined balloting and walk-in system.
The flats are located in 14 mature estates such as Bedok, Bukit Merah, Geylang and Pasir Ris.
They include 188 four-room flats, 132 five-room flats and 34 executive flats.
Those interested can submit their applications online from Friday till next Thursday.
HDB has urged those who are in urgent need of housing to widen their choices by considering flats in other locations or resale flats.
It said there are still some 270 bigger flats in towns in the north and west of Singapore that are available for immediate booking on a walk-in basis. - CNA/ms
.jpg)
SINGAPORE : The Housing and Development Board (HDB) is putting up 354 four-room and bigger flats for sale. This is the third sales exercise under the combined balloting and walk-in system.
The flats are located in 14 mature estates such as Bedok, Bukit Merah, Geylang and Pasir Ris.
They include 188 four-room flats, 132 five-room flats and 34 executive flats.
Those interested can submit their applications online from Friday till next Thursday.
HDB has urged those who are in urgent need of housing to widen their choices by considering flats in other locations or resale flats.
It said there are still some 270 bigger flats in towns in the north and west of Singapore that are available for immediate booking on a walk-in basis. - CNA/ms
MAS Ready To Inject Cash Into Market If Needed
Source : Channel NewsAsia, 10 August 2007
.jpg)
SINGAPORE - Singapore's central bank is prepared to inject cash into the market to stabilise any fallout arising from problems in US sub-prime mortgages, an official said Friday.
But Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore (MAS), said there was no need to do so at the moment and the central bank was sticking to existing monetary policy.
"In terms of domestic market liquidity, if there are liquidity bottlenecks, certainly we will come in to inject more liquidity," he told a media briefing.
"But at this stage, the liquidity management is unchanged in the sense that we do not see any undue problems."
Ong said the MAS, the city-state's central bank, "will be watching the situation closely."
In a separate statement issued after the stock market closed, the MAS noted that the "domestic markets have generally functioned smoothly" on Friday.
"The MAS does not comment on the specifics of our market operations which continue to be directed at ensuring sufficient liquidity conditions in the money markets and banking system, taking into account the various exogenous factors that impact on liquidity," it said.
"However, given current global market conditions, we would like to reiterate that the Authority stands ready to inject additional market liquidity if the situation so warrants."
Singapore's Ministry of Trade and Industry, which announced better-than-expected second quarter economic growth on Friday, said separately that an escalation of the troubles in US sub-prime credits is a potential risk.
The ministry raised its economic growth forecast this year to between 7.0 and 8.0 percent from 5.0 and 7.0 percent, saying the trade-dependent economy should benefit from the stronger economies of its major trading partners.
But it said "the chief downside risk to this favourable external outlook is the potential for current problems in the US credit markets spreading to other financial markets and possibly dragging down consumption and investment." - AFP/ir
.jpg)
SINGAPORE - Singapore's central bank is prepared to inject cash into the market to stabilise any fallout arising from problems in US sub-prime mortgages, an official said Friday. But Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore (MAS), said there was no need to do so at the moment and the central bank was sticking to existing monetary policy.
"In terms of domestic market liquidity, if there are liquidity bottlenecks, certainly we will come in to inject more liquidity," he told a media briefing.
"But at this stage, the liquidity management is unchanged in the sense that we do not see any undue problems."
Ong said the MAS, the city-state's central bank, "will be watching the situation closely."
In a separate statement issued after the stock market closed, the MAS noted that the "domestic markets have generally functioned smoothly" on Friday.
"The MAS does not comment on the specifics of our market operations which continue to be directed at ensuring sufficient liquidity conditions in the money markets and banking system, taking into account the various exogenous factors that impact on liquidity," it said.
"However, given current global market conditions, we would like to reiterate that the Authority stands ready to inject additional market liquidity if the situation so warrants."
Singapore's Ministry of Trade and Industry, which announced better-than-expected second quarter economic growth on Friday, said separately that an escalation of the troubles in US sub-prime credits is a potential risk.
The ministry raised its economic growth forecast this year to between 7.0 and 8.0 percent from 5.0 and 7.0 percent, saying the trade-dependent economy should benefit from the stronger economies of its major trading partners.
But it said "the chief downside risk to this favourable external outlook is the potential for current problems in the US credit markets spreading to other financial markets and possibly dragging down consumption and investment." - AFP/ir
Singapore's Q2 GDP Growth At 8.6% Year-On-Year, 14% Quarter-On-Quarter
Source : Channel NewsAsia, 10 August 2007
SINGAPORE: The economy has picked up pace in the second quarter, with GDP expanding by 8.6 per cent year-on-year following 6.4 per cent in the previous quarter, according to data released by the Ministry of Trade and Industry on Friday.
Growth on a seasonally-adjusted quarter-on-quarter annualised basis increased to 14 per cent from 8.8 per cent in the first quarter.
Overall, the Singapore economy grew by 7.6 per cent in the first half of 2007.
Riding on the momentum of the second quarter and supported by a favourable external environment and broad-based growth across the major sectors, the economy is expected to grow by 7.0-8.0 per cent in 2007.
The previous full-year growth target was 5.0-7.0 per cent.
The improved outlook for 2007 reflects higher growth in financial and business services, manufacturing, and construction.
The driving factors underpinning the higher growth forecast are broad-based: strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market.
Data for the second quarter showed growth being more broad-based, with the financial services and construction sectors registering double-digit growth, and the manufacturing sector remaining healthy despite a slowdown in electronics.
Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter, while the construction sector grew by 18 per cent, the strongest growth in almost 10 years.
Growth in the manufacturing sector picked up pace to 8.3 per cent, with strong growth in biomedical manufacturing and transport engineering more than making up for the slack in electronics.
The Ministry of Trade and Industry also raised the full-year GDP growth forecast for 2007 from 5.0-7.0 per cent to 7.0-8.0 per cent, due to a healthy external environment, and continued growth in the composite leading index and strong business expectations. Both manufacturing and services firms expect better business conditions in the coming half of the year. – CNA/ac
SINGAPORE: The economy has picked up pace in the second quarter, with GDP expanding by 8.6 per cent year-on-year following 6.4 per cent in the previous quarter, according to data released by the Ministry of Trade and Industry on Friday. Growth on a seasonally-adjusted quarter-on-quarter annualised basis increased to 14 per cent from 8.8 per cent in the first quarter.
Overall, the Singapore economy grew by 7.6 per cent in the first half of 2007.
Riding on the momentum of the second quarter and supported by a favourable external environment and broad-based growth across the major sectors, the economy is expected to grow by 7.0-8.0 per cent in 2007. The previous full-year growth target was 5.0-7.0 per cent.
The improved outlook for 2007 reflects higher growth in financial and business services, manufacturing, and construction.
The driving factors underpinning the higher growth forecast are broad-based: strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market. Data for the second quarter showed growth being more broad-based, with the financial services and construction sectors registering double-digit growth, and the manufacturing sector remaining healthy despite a slowdown in electronics.
Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter, while the construction sector grew by 18 per cent, the strongest growth in almost 10 years.
Growth in the manufacturing sector picked up pace to 8.3 per cent, with strong growth in biomedical manufacturing and transport engineering more than making up for the slack in electronics.
The Ministry of Trade and Industry also raised the full-year GDP growth forecast for 2007 from 5.0-7.0 per cent to 7.0-8.0 per cent, due to a healthy external environment, and continued growth in the composite leading index and strong business expectations. Both manufacturing and services firms expect better business conditions in the coming half of the year. – CNA/ac
Government Raises Full-Year Growth Forecast For Singapore's Economy
Source : Channel NewsAsia, 08 August 2007
SINGAPORE : The Singapore economy grew by a better-than-expected 7.6 percent in the first half of the year.
This was announced by Prime Minister Lee Hsien Loong in his National Day Message on Wednesday.
And based on the strong numbers, the government has raised its full-year growth forecast to between 7.0 and 8.0 percent.
The previous target was 5.0 to 7.0 percent.
Analysts say they believe the new growth target is achievable.
According to them, a half-year growth of 7.6 percent meant that the GDP expanded by 8.7 percent in the second quarter.
This was higher than the government's flash estimate for an 8.2 percent expansion, catching economists by surprise.
Alvin Liew, Economist, UOB Group, said: "We thought that there would be a downward revision because manufacturing came in weaker than expected.
"But given the numbers that we see today, the 7.6 percent first-half growth, this means most likely that construction as well as services... growth rates will be significantly revised up. In particularly, construction would have done particularly well."
A growth of 7 to 8 percent would mean the economy growing at about the same pace as the 7.9 percent clip last year.
Given the weaker-than-expected manufacturing data in June, economists say they expect the services sector to continue to serve as growth anchors.
Mr Liew said: "In particular, financial services, tourism-related services are likely to remain strong. But we're factoring a rather moderate improvement in electronics manufacturing. And given the rather volatile but still expanding pharmaceutical segment, we think that manufacturing will still contribute to growth, but not in a big way.
"For the second half, we do feel that this strong momentum of growth we see in the second quarter cannot be sustained. And we are factoring some slowdown in the third quarter. But nonetheless, the revised forecast for the government of 7 to 8 percent is still very much achievable."
The Ministry of Trade and Industry is expected to provide more details about the second quarter economic performance on Friday. - CNA/ch
SINGAPORE : The Singapore economy grew by a better-than-expected 7.6 percent in the first half of the year. This was announced by Prime Minister Lee Hsien Loong in his National Day Message on Wednesday.
And based on the strong numbers, the government has raised its full-year growth forecast to between 7.0 and 8.0 percent.
The previous target was 5.0 to 7.0 percent.
Analysts say they believe the new growth target is achievable.
According to them, a half-year growth of 7.6 percent meant that the GDP expanded by 8.7 percent in the second quarter.
This was higher than the government's flash estimate for an 8.2 percent expansion, catching economists by surprise.
Alvin Liew, Economist, UOB Group, said: "We thought that there would be a downward revision because manufacturing came in weaker than expected.
"But given the numbers that we see today, the 7.6 percent first-half growth, this means most likely that construction as well as services... growth rates will be significantly revised up. In particularly, construction would have done particularly well."
A growth of 7 to 8 percent would mean the economy growing at about the same pace as the 7.9 percent clip last year.
Given the weaker-than-expected manufacturing data in June, economists say they expect the services sector to continue to serve as growth anchors.
Mr Liew said: "In particular, financial services, tourism-related services are likely to remain strong. But we're factoring a rather moderate improvement in electronics manufacturing. And given the rather volatile but still expanding pharmaceutical segment, we think that manufacturing will still contribute to growth, but not in a big way.
"For the second half, we do feel that this strong momentum of growth we see in the second quarter cannot be sustained. And we are factoring some slowdown in the third quarter. But nonetheless, the revised forecast for the government of 7 to 8 percent is still very much achievable."
The Ministry of Trade and Industry is expected to provide more details about the second quarter economic performance on Friday. - CNA/ch
Q2 GDP Growth For S'pore May Come In Weaker Than 8.2%: Economists
Source : Channel NewsAsia, 06 August 2007
SINGAPORE: Private-sector economists are expecting second-quarter growth figures to come in weaker than the 8.2% estimated by the government.
According to a Bloomberg poll with a dozen economists, the estimated expansion rate is 8%.
Still, there are some who think that the Q2 figures could surprise on the upside, with a stronger-than-expected showing from the services and construction sectors.
Official advance estimates place second-quarter GDP growth at 8.2%. But following the surprise drop of 7.4% in June’s industrial output, some economists say the final number could come in just a tad lower.
DBS Research is among the more bullish ones, projecting a growth rate of around 8.3%, on strength in the services and construction sectors.
“We have all underestimated the growth engines of the financial services and construction sectors,” said Irvin Seah, economist at DBS Group Research.
“For construction sector, I expect the sector to see some acceleration in growth momentum. I'm actually looking at growth of about 18.5%, up from the previously released estimate of 17.9%. Construction activities are likely to pick up from the construction of the two IRs, and the private residential projects arising from the en-bloc sales and current property market boom,” he continued.
For full-year figures, most private-sector economists forecast growth to come in at the top end, if not better than the official forecast of 5-7%.
“For full year, I expect growth to register at around 7.3%. Robust growth of about 15.8% for construction and 7% for services are more or less in the bag. The key lies in manufacturing, where I expect growth to register 8.1%. Still relatively higher, because of the support coming in from biomedical and transport engineering,” said Mr Seah.
However, there are still concerns over the outlook for the electronics sector.
At the beginning of the year, most economists had projected an electronics recovery in the third quarter, but most indicators now suggest that recovery will be slower than expected, likely to come in only at the end of the year. - CNA/ac
SINGAPORE: Private-sector economists are expecting second-quarter growth figures to come in weaker than the 8.2% estimated by the government. According to a Bloomberg poll with a dozen economists, the estimated expansion rate is 8%.
Still, there are some who think that the Q2 figures could surprise on the upside, with a stronger-than-expected showing from the services and construction sectors.
Official advance estimates place second-quarter GDP growth at 8.2%. But following the surprise drop of 7.4% in June’s industrial output, some economists say the final number could come in just a tad lower.
DBS Research is among the more bullish ones, projecting a growth rate of around 8.3%, on strength in the services and construction sectors.
“We have all underestimated the growth engines of the financial services and construction sectors,” said Irvin Seah, economist at DBS Group Research.
“For construction sector, I expect the sector to see some acceleration in growth momentum. I'm actually looking at growth of about 18.5%, up from the previously released estimate of 17.9%. Construction activities are likely to pick up from the construction of the two IRs, and the private residential projects arising from the en-bloc sales and current property market boom,” he continued.
For full-year figures, most private-sector economists forecast growth to come in at the top end, if not better than the official forecast of 5-7%.
“For full year, I expect growth to register at around 7.3%. Robust growth of about 15.8% for construction and 7% for services are more or less in the bag. The key lies in manufacturing, where I expect growth to register 8.1%. Still relatively higher, because of the support coming in from biomedical and transport engineering,” said Mr Seah.
However, there are still concerns over the outlook for the electronics sector.
At the beginning of the year, most economists had projected an electronics recovery in the third quarter, but most indicators now suggest that recovery will be slower than expected, likely to come in only at the end of the year. - CNA/ac
HDB Launches 3rd Bi-Monthly Sale Of Flats
Source : AsiaOne News, Fri, Aug 10, 2007
Looking for a flat, especially one near your parents in a matured housing estate like Bukit Merah or Geylang?
Check out the Housing & Development Board's Aug 2007 bi-monthly sale of 4-room and bigger Flats, which starts today.
This is HDB's third sales exercise under the combined balloting/walk-in system, which has replaced the previous Walk-in-Selection system.
On offer are 188 4-room flats, 132 5-room flats and 34 executive flats located in 14 established estates, including Bedok, Bukit Merah, Geylang, Pasir Ris and Tampines.
Prospective buyers have until Aug 16 to submit their application online. HDB will then conduct a computer ballot to determine applicant's queue position.
When it is their turn, HDB will inform applicants of their appointment to book their flat, subject to availability and ethnic quota.
If you miss the application period, you can still submit your application online from 8am on Aug 17. However, those who have applied during the application period will have their appointments first.
Are you eligible?
You qualify to buy a 4-room and bigger HDB flat if your household's gross monthly income is $8,000 or less. Other conditions that may affect your eligibility include citizenship, family nucleus and ownership of private property.
First-timers can also apply for the Additional CPF Housing Grant (AHG) of up to $20,000. To qualify, you must be working continuously for the past 24 months and have an average monthly income of $3,000 or less over the same period.
For more details, please visit HDB's e-Sales website. Alternatively, you can get a copy of the sales brochures at the Sales Office at HDB Hub, Toa Payoh, where you can also see 3D models of flats.
In addition, unfurnished sample units will be open for viewing. These units are also for sale.
Looking for a flat, especially one near your parents in a matured housing estate like Bukit Merah or Geylang?
Check out the Housing & Development Board's Aug 2007 bi-monthly sale of 4-room and bigger Flats, which starts today.
This is HDB's third sales exercise under the combined balloting/walk-in system, which has replaced the previous Walk-in-Selection system.
On offer are 188 4-room flats, 132 5-room flats and 34 executive flats located in 14 established estates, including Bedok, Bukit Merah, Geylang, Pasir Ris and Tampines.
Prospective buyers have until Aug 16 to submit their application online. HDB will then conduct a computer ballot to determine applicant's queue position.
When it is their turn, HDB will inform applicants of their appointment to book their flat, subject to availability and ethnic quota.
If you miss the application period, you can still submit your application online from 8am on Aug 17. However, those who have applied during the application period will have their appointments first.
Are you eligible?
You qualify to buy a 4-room and bigger HDB flat if your household's gross monthly income is $8,000 or less. Other conditions that may affect your eligibility include citizenship, family nucleus and ownership of private property.
First-timers can also apply for the Additional CPF Housing Grant (AHG) of up to $20,000. To qualify, you must be working continuously for the past 24 months and have an average monthly income of $3,000 or less over the same period.
For more details, please visit HDB's e-Sales website. Alternatively, you can get a copy of the sales brochures at the Sales Office at HDB Hub, Toa Payoh, where you can also see 3D models of flats.
In addition, unfurnished sample units will be open for viewing. These units are also for sale.
S'pore Economy Grows At Fastest Pace In 2 years
Source : AsiaOne News, Fri, Aug 10, 2007
14.4 percent in the second quarter, its fastest pace in two years, but the government warned that the turmoil in international credit markets could hurt growth.
The quarterly figures, released on Friday, reflect a boom in construction and banking -- on Wednesday the government raised its 2007 economic growth target to 7-8 percent from 5-7 percent and some independent economists said even that was conservative.
The government press statement contained discrepancies due to rounding, highlighting an annualised, seasonally adjusted growth rate of 14 percent that the more detailed tables showed to be 14.4 percent.
That compared with the 12.4 percent growth in gross domestic product forecast in a Reuters poll of economists and an official advance estimate of 12.8 percent, which was largely based on data from April and May.
Compared with a year earlier, GDP expanded 8.6 percent in the second quarter, faster than the median 8.0 percent forecast by economists and the highest since the first quarter of 2006.
"The services sector did a lot better than expected. Not only the financial sector was strong, but the wealth effect from higher property prices and a strong stock market contributed to the growth in the services sector," said Song Seng Wun, an economist at CIMB.
"But given the uncertainty in the financial markets, we expect the impact of the fallout from the credit crunch in the U.S. might be felt in the fourth quarter."
The Monetary Authority of Singapore and officials joined other central banks in trying to instil a sense of calm in financial markets and said it was ready to pump funds into the money market should liquidity dry up.
"The situation in the U.S. credit markets remains currently the most significant risk on the horizon," Ravi Menon, second permanent secretary at the Ministry of Trade and Industry, told a news conference on Friday.
"Today, it is largely within the credit markets. The concern is that general risk aversion will then spread to other financial markets and, if that translates into increased volatility, then it could be transmitted into a slowdown in consumption and investment growth globally."
CONFIDENCE
Rohit Chatterji, who runs the investment banking business for U.S. bank JPMorgan in Southeast Asia, said market uncertainty could mean that companies take a more cautious stance on mergers and acquisitions.
"The first half has been very good for Southeast Asia because there was a lot of capital-raising for both debt and equity which drove the financial sector," he said.
That underpinned the strong performance of Singapore's financial services sector, which recorded annualised growth of 39.7 percent in the quarter thanks to strong business at banks, wealth managers and funds in the city-state's financial district.
Manufacturing, up 17.2 percent on an annualised and seasonally adjusted basis, managed a rebound after a drop of 6.2 percent in the first quarter, due to demand for offshore oil rigs and drugs. Electronics production remained lacklustre.
Construction was up 15.0 percent amid a property market boom.
Although Singapore is increasing its focus on services and tourism, its volatile economy is still highly dependent on growth and consumer confidence in the main markets for its manufactured exports in Europe and the United States.
Its neighbour Malaysia, equally dependent on external demand, confirmed its 6 percent growth forecast for this year on Thursday despite an unexpected drop in June exports.
14.4 percent in the second quarter, its fastest pace in two years, but the government warned that the turmoil in international credit markets could hurt growth.
The quarterly figures, released on Friday, reflect a boom in construction and banking -- on Wednesday the government raised its 2007 economic growth target to 7-8 percent from 5-7 percent and some independent economists said even that was conservative.
The government press statement contained discrepancies due to rounding, highlighting an annualised, seasonally adjusted growth rate of 14 percent that the more detailed tables showed to be 14.4 percent.
That compared with the 12.4 percent growth in gross domestic product forecast in a Reuters poll of economists and an official advance estimate of 12.8 percent, which was largely based on data from April and May.
Compared with a year earlier, GDP expanded 8.6 percent in the second quarter, faster than the median 8.0 percent forecast by economists and the highest since the first quarter of 2006.
"The services sector did a lot better than expected. Not only the financial sector was strong, but the wealth effect from higher property prices and a strong stock market contributed to the growth in the services sector," said Song Seng Wun, an economist at CIMB.
"But given the uncertainty in the financial markets, we expect the impact of the fallout from the credit crunch in the U.S. might be felt in the fourth quarter."
The Monetary Authority of Singapore and officials joined other central banks in trying to instil a sense of calm in financial markets and said it was ready to pump funds into the money market should liquidity dry up.
"The situation in the U.S. credit markets remains currently the most significant risk on the horizon," Ravi Menon, second permanent secretary at the Ministry of Trade and Industry, told a news conference on Friday.
"Today, it is largely within the credit markets. The concern is that general risk aversion will then spread to other financial markets and, if that translates into increased volatility, then it could be transmitted into a slowdown in consumption and investment growth globally."
CONFIDENCE
Rohit Chatterji, who runs the investment banking business for U.S. bank JPMorgan in Southeast Asia, said market uncertainty could mean that companies take a more cautious stance on mergers and acquisitions.
"The first half has been very good for Southeast Asia because there was a lot of capital-raising for both debt and equity which drove the financial sector," he said.
That underpinned the strong performance of Singapore's financial services sector, which recorded annualised growth of 39.7 percent in the quarter thanks to strong business at banks, wealth managers and funds in the city-state's financial district.
Manufacturing, up 17.2 percent on an annualised and seasonally adjusted basis, managed a rebound after a drop of 6.2 percent in the first quarter, due to demand for offshore oil rigs and drugs. Electronics production remained lacklustre.
Construction was up 15.0 percent amid a property market boom.
Although Singapore is increasing its focus on services and tourism, its volatile economy is still highly dependent on growth and consumer confidence in the main markets for its manufactured exports in Europe and the United States.
Its neighbour Malaysia, equally dependent on external demand, confirmed its 6 percent growth forecast for this year on Thursday despite an unexpected drop in June exports.
Singapore's Economy Grows 8.6 Percent On Year In Second Quarter
Source : AsiaOne News, Aug 10 2007
A parachutist freefalls with a major construction site beneath him in Singapore Thursday, Aug. 9, 200. Singapore's economy grew 8.6 percent in the second quarter, driven by strength across most industries, according to government figures released Friday. Growth became more broad-based in the second quarter, with the financial services and construction sectors registering double-digit growth. (AP Photo/Wong Maye-E)
SINGAPORE (AP) -- Singapore's economy grew 8.6 percent in the second quarter from the same period in 2006, and the government said Friday it expects expansion to continue even as global credit risks come to the fore.
Gross domestic product grew 14.4 percent from the first quarter in seasonally-adjusted annualized terms, faster than the advance estimate of 12.8 percent, the Ministry of Trade and Industry said in a statement.
A Dow Jones Newswires poll of economists had forecast a 12.3 percent expansion.
The second quarter figures came after Prime Minister Lee Hsien Loong Wednesday said the city-state's 2007 growth forecast had been upgraded to a range of 7-8 percent from a previous 5-7 percent target.
The government expects broad-based expansion to continue through the second half, but acknowledges as key risks the danger of a spillover from the U.S. subprime mortgage market or a spike in oil prices.
To keep the financial system on track, the central bank said it is willing to add cash to the market if global credit concerns prompt a liquidity squeeze in the city-state.
The Bank of Japan followed Thursday's moves by the European Central Bank and Federal Reserve with an injection of cash into its market to prevent a credit crunch, and the Australian central bank also followed suit.
"We will stand ready to inject liquidity," Ong Chong Tee, Deputy Managing Director at the Monetary Authority of Singapore told reporters at a press conference. "If there are liquidity bottlenecks certainly we could be willing."
Singapore's central bank regularly acts in the money market to ensure sufficient liquidity.
A parachutist freefalls with a major construction site beneath him in Singapore Thursday, Aug. 9, 200. Singapore's economy grew 8.6 percent in the second quarter, driven by strength across most industries, according to government figures released Friday. Growth became more broad-based in the second quarter, with the financial services and construction sectors registering double-digit growth. (AP Photo/Wong Maye-E)
SINGAPORE (AP) -- Singapore's economy grew 8.6 percent in the second quarter from the same period in 2006, and the government said Friday it expects expansion to continue even as global credit risks come to the fore.
Gross domestic product grew 14.4 percent from the first quarter in seasonally-adjusted annualized terms, faster than the advance estimate of 12.8 percent, the Ministry of Trade and Industry said in a statement.
A Dow Jones Newswires poll of economists had forecast a 12.3 percent expansion.
The second quarter figures came after Prime Minister Lee Hsien Loong Wednesday said the city-state's 2007 growth forecast had been upgraded to a range of 7-8 percent from a previous 5-7 percent target.
The government expects broad-based expansion to continue through the second half, but acknowledges as key risks the danger of a spillover from the U.S. subprime mortgage market or a spike in oil prices.
To keep the financial system on track, the central bank said it is willing to add cash to the market if global credit concerns prompt a liquidity squeeze in the city-state.
The Bank of Japan followed Thursday's moves by the European Central Bank and Federal Reserve with an injection of cash into its market to prevent a credit crunch, and the Australian central bank also followed suit.
"We will stand ready to inject liquidity," Ong Chong Tee, Deputy Managing Director at the Monetary Authority of Singapore told reporters at a press conference. "If there are liquidity bottlenecks certainly we could be willing."
Singapore's central bank regularly acts in the money market to ensure sufficient liquidity.
S'pore Q2 GDP Grows 8.6%
Source : The Straits Times, Aug 10, 2007
The economy has picked up pace due to strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market, the MTI said on Friday. -- PHOTO: BT
SINGAPORE - THE economy picked up pace in the second quarter, with the gross domestic growth (GDP) expanding by 8.6 per cent year-on-year following 6.4 per cent in the previous quarter, thanks to a boom in the construction and financial industries, data showed on Friday.
Growth on a seasonally adjusted quarter-to-quarter annualised basis grew at a faster-than-expected rate of 14.0 per cent in the second quarter.
The seasonally adjusted rise from the previous quarter compared with 12.4 per cent growth forecast by analysts in a Reuters poll and the government's advance estimate of 12.8 per cent which was largely based on data from April and May.
The Ministry of Trade and Industry said in a statement the Singapore growth grew 7.6 per cent in the first half of 2007.
It said growth has become more broad-based in the second quarter, with financial services and construction sectors registering double-digit growth. The manufacturing sector remained healthy despite a slowdown in electronics.
'The driving factors underpinning the higher growth forecast are broad-based: strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market.'
RELATED LINKS http://tinyurl.com/2tkgmd
Improved Outlook for 2007 As Growth Broadens and Economy Diversifies
'The services sector did a lot better than expected. Not only the financial sector was strong, but the wealth effect from higher property prices and a strong stock market contributed to the growth in the services sector,' said Song Seng Wun, an economist at CIMB.
'But given the uncertainty in the financial markets, we expect the impact of the fallout from the credit crunch in the US might be felt in the fourth quarter.'
'The first half has been very good for Southeast Asia because there was a lot of capital-raising for both debt and equity which drove the financial sector,' said Rohit Chatterji, who runs the investment banking business for US bank JPMorgan in Southeast Asia.
That underpinned the strong performance of Singapore's financial services sector, which recorded annualised growth of 39.7 per cent in the quarter thanks to strong business at banks, wealth managers and funds in the city-state's financial district.
Manufacturing, up 17.2 per cent on an annualised and seasonally adjusted basis, managed a rebound after a drop of 6.2 per cent in the first quarter, due to demand for offshore oil rigs and drugs. Electronics production remained lacklustre.
Construction was up 15.0 per cent amid a property market boom.
The Ministry raised the full-year GDP growth forecast for 2007 to 7.0-8.0 per cent from 5.0-7.0 per cent, taking into account, 'a healthy external environment, the broad-based growth momentum across mjaor sectors, continued growth in the composite leading index and strong business expectations. -- ST, REUTERS, AFP
The economy has picked up pace due to strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market, the MTI said on Friday. -- PHOTO: BT
SINGAPORE - THE economy picked up pace in the second quarter, with the gross domestic growth (GDP) expanding by 8.6 per cent year-on-year following 6.4 per cent in the previous quarter, thanks to a boom in the construction and financial industries, data showed on Friday.
Growth on a seasonally adjusted quarter-to-quarter annualised basis grew at a faster-than-expected rate of 14.0 per cent in the second quarter.
The seasonally adjusted rise from the previous quarter compared with 12.4 per cent growth forecast by analysts in a Reuters poll and the government's advance estimate of 12.8 per cent which was largely based on data from April and May.
The Ministry of Trade and Industry said in a statement the Singapore growth grew 7.6 per cent in the first half of 2007.
It said growth has become more broad-based in the second quarter, with financial services and construction sectors registering double-digit growth. The manufacturing sector remained healthy despite a slowdown in electronics.
'The driving factors underpinning the higher growth forecast are broad-based: strong global demand in the biomedical, aerospace and marine industries, robust regional demand for financial services, and a buoyant domestic property market.'
RELATED LINKS http://tinyurl.com/2tkgmd
Improved Outlook for 2007 As Growth Broadens and Economy Diversifies
'The services sector did a lot better than expected. Not only the financial sector was strong, but the wealth effect from higher property prices and a strong stock market contributed to the growth in the services sector,' said Song Seng Wun, an economist at CIMB.
'But given the uncertainty in the financial markets, we expect the impact of the fallout from the credit crunch in the US might be felt in the fourth quarter.'
'The first half has been very good for Southeast Asia because there was a lot of capital-raising for both debt and equity which drove the financial sector,' said Rohit Chatterji, who runs the investment banking business for US bank JPMorgan in Southeast Asia.
That underpinned the strong performance of Singapore's financial services sector, which recorded annualised growth of 39.7 per cent in the quarter thanks to strong business at banks, wealth managers and funds in the city-state's financial district.
Manufacturing, up 17.2 per cent on an annualised and seasonally adjusted basis, managed a rebound after a drop of 6.2 per cent in the first quarter, due to demand for offshore oil rigs and drugs. Electronics production remained lacklustre.
Construction was up 15.0 per cent amid a property market boom.
The Ministry raised the full-year GDP growth forecast for 2007 to 7.0-8.0 per cent from 5.0-7.0 per cent, taking into account, 'a healthy external environment, the broad-based growth momentum across mjaor sectors, continued growth in the composite leading index and strong business expectations. -- ST, REUTERS, AFP
UOB To Focus On Organic Growth In Next Stage Of Regional Push
Source : The Straits Times, Aug 10, 2007
CEO says that while takeovers and tie-ups remain a key plank, acquisitions are becoming more pricey
THE next stage of transformation of United Overseas Bank (UOB) will be driven by organic growth, as acquisitions get more pricey, says chief executive Wee Ee Cheong.
Acquisitions are 'opportunistic', especially since prices of regional assets have 'gone up multiple times' in recent years, he noted.
'So it makes sense to grow organically as it is cheaper.'
In his first interview with The Straits Times three months after taking over the top post in UOB from his father Wee Cho Yaw, Mr Wee laid out the bank's plans to diversify its earnings abroad by building up its talent and franchise in regional markets.
It has acquired bank stakes in Indonesia, Thailand and Vietnam, as well as built up a strong Malaysian franchise, so the bank is now focusing on consolidating its regional operations.
Mr Wee expects these markets with 'strong long-term potential' to be key drivers of the overseas earnings contribution to the group, which is targeted to reach 40 per cent of total income by 2010.
Three months into the job, he noted that 'nothing major has changed so far'.
But change in the economic landscape is inevitable - UOB faces stiff competition from both domestic and foreign players at home, and is girding itself to 'weather short-term volatilities and ride through the ups and downs in business cycles'.
Meanwhile, shareholders and investors are demanding efficient use of capital these days, observed Mr Wee.
'Where can we get the best returns on the same capital? If the business model is not right, then there is a need to relook and reallocate resources.
This is why UOB needs to 'get the strategy right' as it grows organically.
This entails gradual development from within, as opposed to growth through acquisitions.
'What we need to do now is to invest in infrastructure, talent and knowledge, so that we can easily scale up when the volume surges in the future,' said Mr Wee.
The bank emphasises that organic growth, mergers and alliances are all part of its expansion plans and it does not have any preferences for a particular method, since the choice depends on market conditions and regulatory constraints.
But still, even in the red-hot China market, where foreign players have been snapping up stakes in domestic banks, UOB is 'not in a great hurry' to nail down an acquisition deal, as the bank 'already has its organic growth plans in place'.
The bank expects to receive its licence for local incorporation by the fourth quarter of this year.
Mr Wee, whose first day on the job as CEO was marked by the signing of a letter of intent to buy a strategic stake in Evergrowing Bank, said UOB is pursuing a 'romance' with Chinese lender Evergrowing.
Asked why it was taking this long to seal the deal, he responded: 'It is not how you start, but how you finish that counts.
'When you are a minority shareholder with a stake of less than 20 per cent, you are not in control of the situation. So if you select the wrong partner, the cost can be high,' he explained.
He disclosed that UOB had spoken to 'quite a number of banks over the past five years', but it had not found the right fit for reasons such as pricing and strategic direction.
He noted that Evergrowing Bank not only fits the bank's criteria, but also enables UOB to tap its branch network.
UOB may also be able 'to replicate its own products for the mass-affluent segment and corporate customers' in partnership with Evergrowing, he added.
At the same time, the bank is wooing Vietnam's Southern Commercial Bank, with an eye to raising its stake from 10 per cent to 20 per cent.
'UOB opened its first branch in Ho Chi Minh City in the early 90s, way before any other Singapore bank decided to make inroads into the Vietnamese market.' noted Mr Wee.
'I was personally involved in getting things going. When I was in university, I mingled with a lot of Vietnamese friends, who were all very hardworking, very smart. So I planted the seed for UOB in Vietnam very early on,' he recalled.
Indeed, he has been at the forefront of the bank's regional expansion and acquisition activity over the past few decades.
'The bank itself was created through five acquisitions since the 1970s, the most recent being Overseas Union Bank in 2001,' said Mr Wee.
'At that time, during the Asian financial crisis, we realised that our risk was too concentrated in Singapore, so we started to diversify abroad,' he said.
So UOB acquired Thailand's Bank of Asia and a stake in Bank Buana Indonesia, now renamed UOB Buana. This has given it access to a combined population more than 70 times that of Singapore.
Mr Wee is optimistic that the earnings contribution of UOB's Indonesian subsidiary and UOB Buana to group profits may rise from about 5 per cent currently to 'perhaps 10 to 12 per cent' in the coming years.
While he acknowledged that the current 'situation in Thailand is challenging' as the outlook remains uncertain and UOB had to swallow impairment charges on its Thai unit recently, he also sees 'good opportunities to initiate a lot of activity' there.
To attract the right talent to build UOB into a regional bank, he plays a hands-on role as 'chief headhunter' to make UOB 'exciting and attractive to the younger generation across the region'.
'We are in the people business. The banking business is strictly regulated and can be quite boring, but my task is to challenge young people from Singapore, Indonesia, Malaysia and across the world to join a Singapore bank like UOB,' he said.
CEO says that while takeovers and tie-ups remain a key plank, acquisitions are becoming more pricey
THE next stage of transformation of United Overseas Bank (UOB) will be driven by organic growth, as acquisitions get more pricey, says chief executive Wee Ee Cheong.
Acquisitions are 'opportunistic', especially since prices of regional assets have 'gone up multiple times' in recent years, he noted.
'So it makes sense to grow organically as it is cheaper.'
In his first interview with The Straits Times three months after taking over the top post in UOB from his father Wee Cho Yaw, Mr Wee laid out the bank's plans to diversify its earnings abroad by building up its talent and franchise in regional markets.
It has acquired bank stakes in Indonesia, Thailand and Vietnam, as well as built up a strong Malaysian franchise, so the bank is now focusing on consolidating its regional operations.
Mr Wee expects these markets with 'strong long-term potential' to be key drivers of the overseas earnings contribution to the group, which is targeted to reach 40 per cent of total income by 2010.
Three months into the job, he noted that 'nothing major has changed so far'.
But change in the economic landscape is inevitable - UOB faces stiff competition from both domestic and foreign players at home, and is girding itself to 'weather short-term volatilities and ride through the ups and downs in business cycles'.
Meanwhile, shareholders and investors are demanding efficient use of capital these days, observed Mr Wee.
'Where can we get the best returns on the same capital? If the business model is not right, then there is a need to relook and reallocate resources.
This is why UOB needs to 'get the strategy right' as it grows organically.
This entails gradual development from within, as opposed to growth through acquisitions.
'What we need to do now is to invest in infrastructure, talent and knowledge, so that we can easily scale up when the volume surges in the future,' said Mr Wee.
The bank emphasises that organic growth, mergers and alliances are all part of its expansion plans and it does not have any preferences for a particular method, since the choice depends on market conditions and regulatory constraints.
But still, even in the red-hot China market, where foreign players have been snapping up stakes in domestic banks, UOB is 'not in a great hurry' to nail down an acquisition deal, as the bank 'already has its organic growth plans in place'.
The bank expects to receive its licence for local incorporation by the fourth quarter of this year.
Mr Wee, whose first day on the job as CEO was marked by the signing of a letter of intent to buy a strategic stake in Evergrowing Bank, said UOB is pursuing a 'romance' with Chinese lender Evergrowing.
Asked why it was taking this long to seal the deal, he responded: 'It is not how you start, but how you finish that counts.
'When you are a minority shareholder with a stake of less than 20 per cent, you are not in control of the situation. So if you select the wrong partner, the cost can be high,' he explained.
He disclosed that UOB had spoken to 'quite a number of banks over the past five years', but it had not found the right fit for reasons such as pricing and strategic direction.
He noted that Evergrowing Bank not only fits the bank's criteria, but also enables UOB to tap its branch network.
UOB may also be able 'to replicate its own products for the mass-affluent segment and corporate customers' in partnership with Evergrowing, he added.
At the same time, the bank is wooing Vietnam's Southern Commercial Bank, with an eye to raising its stake from 10 per cent to 20 per cent.
'UOB opened its first branch in Ho Chi Minh City in the early 90s, way before any other Singapore bank decided to make inroads into the Vietnamese market.' noted Mr Wee.
'I was personally involved in getting things going. When I was in university, I mingled with a lot of Vietnamese friends, who were all very hardworking, very smart. So I planted the seed for UOB in Vietnam very early on,' he recalled.
Indeed, he has been at the forefront of the bank's regional expansion and acquisition activity over the past few decades.
'The bank itself was created through five acquisitions since the 1970s, the most recent being Overseas Union Bank in 2001,' said Mr Wee.
'At that time, during the Asian financial crisis, we realised that our risk was too concentrated in Singapore, so we started to diversify abroad,' he said.
So UOB acquired Thailand's Bank of Asia and a stake in Bank Buana Indonesia, now renamed UOB Buana. This has given it access to a combined population more than 70 times that of Singapore.
Mr Wee is optimistic that the earnings contribution of UOB's Indonesian subsidiary and UOB Buana to group profits may rise from about 5 per cent currently to 'perhaps 10 to 12 per cent' in the coming years.
While he acknowledged that the current 'situation in Thailand is challenging' as the outlook remains uncertain and UOB had to swallow impairment charges on its Thai unit recently, he also sees 'good opportunities to initiate a lot of activity' there.
To attract the right talent to build UOB into a regional bank, he plays a hands-on role as 'chief headhunter' to make UOB 'exciting and attractive to the younger generation across the region'.
'We are in the people business. The banking business is strictly regulated and can be quite boring, but my task is to challenge young people from Singapore, Indonesia, Malaysia and across the world to join a Singapore bank like UOB,' he said.
Marina Bay Office Tower Fully Leased 3 Years Ahead Of Completion
Source : The Straits Times, Aug 10, 2007
Developer also gets first tenant for Tower Two of financial centre
RISING RATES: Both phases of Marina Bay Financial Centre will be completed in 2011. Prices are expected to be in line with - and even exceed - current market rates, says BFC Development. -- PHOTO: BUSINESS FINANCIAL CENTRE
AN ENTIRE tower of the Marina Bay Financial Centre has been fully leased about three years ahead of its completion.
Developer BFC Development said it recently secured two new tenants for the remaining space in the 33-storey Tower One and its first tenant for the 50-storey Tower Two.
This follows the developer's success in pre-leasing 24 floors in Tower One to its first tenant, Standard Chartered Bank, in April.
French corporate and investment bank Natixis, a Paris-listed company, will occupy three floors with a total area of 65,000 sq ft at Tower One.
Wellington International Management Company will take up one floor with an area of 21,000 sq ft.
Both contracts are for nine-year leases.
BFC Development's general manager, Mr David Martin, added that BFC Development has secured a major Swiss private bank as the first tenant for Tower Two, which has 50 storeys and one million sq ft of space.
The bank will occupy 25,000 sq ft.
Mr Martin said BFC Development's marketing team is in advanced discussions with a number of other potential tenants.
'There is a very healthy level of interest in the building,' said CB Richard Ellis' executive director for office services, Mr Moray Armstrong.
'Theoretically, there are enough tenants to complete the leasing of the buildings based on inquiries.'
Strong demand for prime office space is evident as phase one of Marina Bay Financial Centre is more than 40 per cent pre-leased, he said.
Rental rates, even at the pre-lease stage, are expected to be competitive.
Given the location and luxurious quality of the financial centre, prices are expected to be in line with - and even exceed - current market rates, said BFC Development.
Government data shows that median rents of new leases in prime office buildings have risen 13.9 per cent to $10.33 per sq ft per month in the second quarter.
The supply crunch looks set to ease only in 2010, when phase one of the 3.55ha Marina Bay Financial Centre is completed. The residential block was sold out in December.
The second phase will be completed in 2011. Its residential block will have about 250 luxurious and large three- and four-bedroom units, all with private lift lobbies.
'Potential buyers and existing home owners in Marina Bay Residences have already expressed strong interest in the new tower, which we are targeting to launch at the end of the year,' said Mr Martin.
Easing a supply crunch
TWO TOWERS
BFC Development has signed up two new tenants - France's Natixis and Wellington International Management Company - that will occupy the remaining space at Tower One of Marina Bay Financial Centre.
The developer has also secured a Swiss private bank as the first tenant of the 50-storey Tower Two. The private bank will occupy a 25,000 sq ft space.
STRONG DEMAND
Marina Bay Financial Centre's phase one is more than 40 per cent pre-leased, reflecting strong demand for prime office space, says Mr Moray Armstrong of CB Richard Ellis.
Government data shows that median rents of new leases in prime office buildings have risen 13.9 per cent to $10.33 per sq ft per month in the second quarter. The supply crunch looks set to ease only in 2010.
Developer also gets first tenant for Tower Two of financial centre
RISING RATES: Both phases of Marina Bay Financial Centre will be completed in 2011. Prices are expected to be in line with - and even exceed - current market rates, says BFC Development. -- PHOTO: BUSINESS FINANCIAL CENTRE
AN ENTIRE tower of the Marina Bay Financial Centre has been fully leased about three years ahead of its completion.
Developer BFC Development said it recently secured two new tenants for the remaining space in the 33-storey Tower One and its first tenant for the 50-storey Tower Two.
This follows the developer's success in pre-leasing 24 floors in Tower One to its first tenant, Standard Chartered Bank, in April.
French corporate and investment bank Natixis, a Paris-listed company, will occupy three floors with a total area of 65,000 sq ft at Tower One.
Wellington International Management Company will take up one floor with an area of 21,000 sq ft.
Both contracts are for nine-year leases.
BFC Development's general manager, Mr David Martin, added that BFC Development has secured a major Swiss private bank as the first tenant for Tower Two, which has 50 storeys and one million sq ft of space.
The bank will occupy 25,000 sq ft.
Mr Martin said BFC Development's marketing team is in advanced discussions with a number of other potential tenants.
'There is a very healthy level of interest in the building,' said CB Richard Ellis' executive director for office services, Mr Moray Armstrong.
'Theoretically, there are enough tenants to complete the leasing of the buildings based on inquiries.'
Strong demand for prime office space is evident as phase one of Marina Bay Financial Centre is more than 40 per cent pre-leased, he said.
Rental rates, even at the pre-lease stage, are expected to be competitive.
Given the location and luxurious quality of the financial centre, prices are expected to be in line with - and even exceed - current market rates, said BFC Development.
Government data shows that median rents of new leases in prime office buildings have risen 13.9 per cent to $10.33 per sq ft per month in the second quarter.
The supply crunch looks set to ease only in 2010, when phase one of the 3.55ha Marina Bay Financial Centre is completed. The residential block was sold out in December.
The second phase will be completed in 2011. Its residential block will have about 250 luxurious and large three- and four-bedroom units, all with private lift lobbies.
'Potential buyers and existing home owners in Marina Bay Residences have already expressed strong interest in the new tower, which we are targeting to launch at the end of the year,' said Mr Martin.
Easing a supply crunch
TWO TOWERS
BFC Development has signed up two new tenants - France's Natixis and Wellington International Management Company - that will occupy the remaining space at Tower One of Marina Bay Financial Centre.
The developer has also secured a Swiss private bank as the first tenant of the 50-storey Tower Two. The private bank will occupy a 25,000 sq ft space.
STRONG DEMAND
Marina Bay Financial Centre's phase one is more than 40 per cent pre-leased, reflecting strong demand for prime office space, says Mr Moray Armstrong of CB Richard Ellis.
Government data shows that median rents of new leases in prime office buildings have risen 13.9 per cent to $10.33 per sq ft per month in the second quarter. The supply crunch looks set to ease only in 2010.
S'pore Ranked No. 2 In Global E-Govt Study
Source : The Straits Times, Aug 10, 2007
US varsity scores Govt's online services highly for security, comprehensiveness
THE Government's push to offer more of its services online has won it international kudos.
In a study by Brown University's Taubman Centre for Public Policy, Singapore ranked second among the 198 countries the university looked at.
The Brown University survey looks very specifically at e-government. It ranks the websites of countries as well as states within the United States and is often cited when agencies need to know how they are faring.
Asian governments dominated the rankings: South Korea came first, Singapore second and Taiwan third. The US and Britain were ranked fourth and fifth respectively.
Others in the top 10 included Australia, Turkey and Germany.
The study was the seventh update on e-government from the American university in Providence, Rhode Island, which looked at 1,687 government websites.
Singapore earned second spot largely because of the availability of online services, the comprehensive range of information offered, and privacy and security policies on government websites, the study said.
The researchers singled out the Singov website at www.gov.sg in particular for being well organised.
The site gives access to information via tabs such as 'Citizens and Residents' and 'Businesses', provides useful links, and includes an advanced site search engine. 'They aim for citizen-centric services that target what people need and how to provide these easily online. The portal lives true to this service goal,' said the report.
Brown's researchers looked at 32 websites from Singapore for the study, which was conducted in June and July this year.
According to Professor Darrell West, author of the study and professor of public policy and political science at the university, Singapore scored because its online services were easily accessible.
More than seven in 10 government websites allowed people to transact with them - and that helped Singapore clinch the second-place ranking. South Korea won top spot as all its government websites provide online services.
However, Singapore, along with countries around the world, could do more to help the disabled - especially the visually handicapped - access government services, said Prof West in an e-mail interview.
The Government offers more than 1,600 services online.
Among the most heavily used e-government services are the Central Provident Fund's online services, the Inland Revenue Authority of Singapore's tax filing service, and the Accounting and Corporate Regulatory Authority's website for businesses.
The Infocomm Development Authority (IDA) found in a survey that almost nine out of 10 people who carried out transactions with the Government in the past 12 months had done so online at least once.
The Government plans to add more interactive features to its websites. These include video and sound clips, to make information easier to understand and access, said IDA's senior director (Government Chief Information Officer), Ms Pauline Tan.
US varsity scores Govt's online services highly for security, comprehensiveness
THE Government's push to offer more of its services online has won it international kudos.
In a study by Brown University's Taubman Centre for Public Policy, Singapore ranked second among the 198 countries the university looked at.
The Brown University survey looks very specifically at e-government. It ranks the websites of countries as well as states within the United States and is often cited when agencies need to know how they are faring.
Asian governments dominated the rankings: South Korea came first, Singapore second and Taiwan third. The US and Britain were ranked fourth and fifth respectively.
Others in the top 10 included Australia, Turkey and Germany.
The study was the seventh update on e-government from the American university in Providence, Rhode Island, which looked at 1,687 government websites.
Singapore earned second spot largely because of the availability of online services, the comprehensive range of information offered, and privacy and security policies on government websites, the study said.
The researchers singled out the Singov website at www.gov.sg in particular for being well organised.
The site gives access to information via tabs such as 'Citizens and Residents' and 'Businesses', provides useful links, and includes an advanced site search engine. 'They aim for citizen-centric services that target what people need and how to provide these easily online. The portal lives true to this service goal,' said the report.
Brown's researchers looked at 32 websites from Singapore for the study, which was conducted in June and July this year.
According to Professor Darrell West, author of the study and professor of public policy and political science at the university, Singapore scored because its online services were easily accessible.
More than seven in 10 government websites allowed people to transact with them - and that helped Singapore clinch the second-place ranking. South Korea won top spot as all its government websites provide online services.
However, Singapore, along with countries around the world, could do more to help the disabled - especially the visually handicapped - access government services, said Prof West in an e-mail interview.
The Government offers more than 1,600 services online.
Among the most heavily used e-government services are the Central Provident Fund's online services, the Inland Revenue Authority of Singapore's tax filing service, and the Accounting and Corporate Regulatory Authority's website for businesses.
The Infocomm Development Authority (IDA) found in a survey that almost nine out of 10 people who carried out transactions with the Government in the past 12 months had done so online at least once.
The Government plans to add more interactive features to its websites. These include video and sound clips, to make information easier to understand and access, said IDA's senior director (Government Chief Information Officer), Ms Pauline Tan.
Scotts Square @ Scotts Road
Scotts Square is the art of fine living.Tenure : Freehold
Description : Two super-luxury residential towers of 35 & 43 storeys connected by a sky bridge. An upmarket retail podium about 80,000 sq ft will occupy Basement 1 to Level 3.
Total Units : 338
Unit Types:
1BR ~ 624-635sqft
2BR ~ 893-947sqft
3BR ~ 1227-1249sqft
Subsale : Price from $4000-4800/psf
Soaring 43 storeys, its contemporary architecture adorned with world renowned art pieces makes it one of the most prominent and distinguished homes in downtown Orchard Road.
Every apartment at Scotts Square exudes elegance from the finest fittings to a fully equipped kitchen. The interiors are stylishly appointed to reflect a balance of function and aesthetics.
Picture windows and glass-paneled balconies are designed to optimize nature lighting and the expansive views. To ensure absolute exclusivity, each apartment at Scotts Square is served by a private lift and lobby.
Architecture
Envisioned by Wheelock Properties, the design of Scotts Square is integrated with artworks by world renowned artists.
Four sculptures worth approximately S$6.39 million will grace Scotts Square once the development is completed. They are “Victoria & Albert Museum Chandelier” by Dale Chihuly; “Working Model for Sheep Piece” by Henry Moore; “Three Indeterminate Lines” by Bernar Venet; and “Alice in Wonderland” by Salvador Dali.
In August 2006, Scotts Square became the first development awarded the Urban Redevelopment Authority Arts Incentive Scheme.
Map Source : http://www.streetdirectory.com
Location: Scotts Road (District 9)
Located between the Grand Hyatt and Marriott hotels, Scotts Square comprises two residential towers with 338 international quality 1, 2, 3 bedroom apartments, and a stylish retail podium.
Facilities @ Scott Square
St Regis Residences
Singapore’s Most Desired Address
Located in a premium residential oasis, bound by Tanglin Road, Tomlinson Road and Cuscaden Road in the prime District 10 area, St. Regis Residences, Singapore, is just steps away from the world-famous shopping haven along Orchard Road and the city. Here, residents and guests can soak in the tree-lined boulevards with its spectacular landscape, shop at world-class malls, chic designer boutiques and enjoy unparalleled gourmet cuisines - from the finest restaurants to casual local fare al fresco style.
Inspired Design
Conceptualised by US firm Wimberly Allison Tong & Goo, Inc., they strived to create a tropical paradise that not only accentuates the signature grandeur of the St. Regis tradition but incorporates all the finest modern luxuries and elements of the Asian tropics in Singapore.
The three main towers embrace a serene inner sculpture and pool garden amidst the rich foliage illuminated by soft lighting, accented by cascading water, and complemented by tropical fish and birds.
Each tower features a panoramic crescent-shaped façade. By day, the gently–toned, white glass walls diffuse the bright, natural sunlight. At night, dramatic exterior and interior lighting radiates and washes the delicately curving panels in a unique, soft-golden moon glow. The day-time brilliance, night-time glow and spectacular shapes make an unmistakable profile.
Enjoy complete privacy and exclusivity with your own private lifts, generously sized suites and even an air-conditioned imported gourmet kitchen. Sky villas (penthouses) will also include roof decks with lap pools. Step out to immerse in the quiet sanctuary with lush landscaping, sculptured gardens and harmonic water features.
Luxuriating Indulgence
Apartments are based on an open plan concept. Luxuriate in a spacious living and dining area with full height window panels. To tailor to everyone’s needs, owners can customise their apartments with a choice of slab cut marble or natural timber flooring. Bay windows and planters have been incorporated to flow with the open concept theme.
Bedrooms are also given the same royal. The master suites and junior suites will come complete with walk-in wardrobes and en-suite bathrooms. Designed for the privileged, each apartment will come with a powder room with designer fittings and accessories.
Besides the gourmet kitchens, some apartments come complete with an East-meets-West kitchen as it includes an adjacent wet kitchen suited for Asian cooking.
The highly sought after Sky Villas (penthouses) will each have an upper roof deck consisting of an entertainment area or bedrooms, a pool with timber pool deck and roof terrace.
Location: Tanglin Road / Tomlinson Road / Cuscaden Road (District 9)
Map Source : http://www.streetdirectory.com
Description : Mixed development with one 20-storey hotel tower, two 23-storey residential towers and three basement floors of parking lots
Tenure : 999-year leasehold
Land Area : 179,692sqft (16,692 sqm)
Expected Completion: 2008 (Residences) 2007 (Hotel)
Total units : 173
Unit Types:
3BR: 1,500sqft (19 units)
4BR: 2,000 - 4,000sqft (140 units)
Sky Suite: 4,300-6,000sqft (7 units)
Sky Villa: 5,000-7,200sqft (7 units)
Facilities:-25m Lap Pool & Pool Deck
-Children’s Pool & Playground
-Landscape Garden
-Entrance Water Feature
-Reflective Pool
-Relaxation Terrace
-Seating Alcove
-BBQ Area
-Outdoor Tennis Court
-Clubhouse Amenities
- Multi-function room
- Gymnasium
- Lounge/Sitting Area
- Cigar Lounge
- Private Exercise and Massage Rooms
Additional fee-based ala-carte services available for Residents from the adjoining St. Regis Hotel:
-Butler Services
-Housekeeping
-Laundry, Dry Cleaning
-In-residence Dining, Catering, Chief-on-demand
-In-residence Botanicals
-Limousine Transfer
-Babysitting Services
-Spa & Massage Service
-Personal Fitness Trainer
-Pre-arrival / Departure preparation of residences
-Wine Aficionado
The Tate Residences @ Claymore Road
There are those who think little of details. And those who know that they are the very essence of life. For the latter, The Tate Residences awaits.
More than a mere residence, The Tate Residences is a vivid celebration of the finer things in life. A veritable study in the impeccable juxtaposition between form and function, every conceivable detail has been addressed, and re-addressed, leaving you the enviable task of savoring an abode that is clearly a cut above all others.
And with just 85 exclusive apartments, its freehold status and prestigious location at Claymore Road, The Tate Residences is one exceptional condominium - and one exceptional investment.
Developer: Hong Leong Holdings
Location: Claymore Road (District 9)
Map Source : http://www.streetdirectory.com
Tenure: Freehold
Total Units: 85 in two 36-storey towers
Unit Types:
3 bedrooms ~ 176 sqm
3+1 bedrooms ~ 203-206 sqm
4+1 bedrooms ~ 298-300 sqm
2-storey penthouse ~ 558 sqm
3-storey penthouse ~ 610 sqm
Facilities:
-Swimming Pool
-Children's Pool
-Reflective Pool
-Tennis Court
-Children's Playground
-Gymnasium
-BBQ
-Foot Reflexology Path
-Function Room
-Steam Room
-Pavilion
A Location that is The Toast of Town
Around-the-clock entertainment, dining, shopping, world-class health and beauty care, and more… myriad choices abound in the premier shopping district of Orchard Road and surrounding exclusive neighborhoods. All well within walking distance and easy reach from your home at The Tate Reisdences.
A Singular Vision of Luxury Living
Seldom has pure aesthetics been more successfully integrated with the functional. Drawing inspiration from the organic and the futuristic, the unique architecture of The Tate Residences intrigues with its duality.
While the organic refers to a design language that is experiential, non-linear and embracing, the futuristic is conversely efficient, linear and infinite. The Tate Residences, these two aspects intertwine and synergize seamlessly to create a benchmark residen
Ardmore II
Ardmore II, two distinctive towers in perfect union on prime freehold land, creating a desirable development in Ardmore Park - located in Singapore’s prestigious residential district.This freehold development is a stone's throw away from the bustling Orchard Rd, bringing convenience to a much higher league altogether. Serenity is rediscovered amidst the greenery portrait in the Orange Grove area. Right across the street is Shangri-la Hotel, the 5-star choice for the Rich and Famous where privacy is top priority.
Location: Ardmore Park Drive (District 10)
Map Source : http://www.streetdirectory.com
Tenure: Freehold
Land size: 90,000sqft
Total Units: 118 in two 36-storey towers
Unit Type: 4BR ~ 2,023 sqft
Expected TOP Date: 2009
Within it, you'll find 118 exquisite homes that celebrate the splendour of space, elegantly juxtaposed with the subtleties of stylish living. Its distinctive footprint ensures that a remarkable array of facilities await, including a 50-metre lap pool flanked by a vast open pool deck, a 25-metre resort pool, a junior pool and a one-of-a-kind event lawn.
From the finest European finishes to exquisite masonry of the highest quality, each home at Ardmore II exudes sophisticated simplicity, with an enduring elegance. Entering the apartment from your private lobby, you'll find the same meticulous attention in its layout - one that optimises daylight, natural ventilation and the stunning views.
With its outstanding location, Ardmore II is more than an extraordinary address synonymous with distinction. It is an exceptional residence equalled only by your discerning tastes.
Angry Over Mall’s Status, Tenants At The Concourse Seek Legal Advice For Compensation
Source : Today, 10 Aug 2007
Concourse clearout: Several tenants seek compensation, others unfazed by notice
The notice to vacate is legitimate, but several tenants at The Concourse Shopping Mall are up in arms over the notice that was served on them ordering them to move out of their shops within six months to make way apartments.
Several of the shop owners are seeking legal advice to support their demands for compensation from mall operator, Hong Fok Land, over what they claim was a misrepresentation of the mall’s status.
Some, such as bar owner Ana Ng, recently spent thousands of dollars on renovation works after signing a new two-year lease agreement — only to be told she would have to vacate her premises by next February.
Ms Ng, who owns the Gd. Daay bar on the first floor of the mall, said: “If I knew, I would not have spent so much on the renovation.”
After signing the lease agreement last December, she spent about $50,000 to do up her shop.
Diving shop owner John Lee spent about $10,000 in April to do up his premises.
A frustrated Mr Lee said: “I signed a lease and three months later, they gave us a letter to say they are redeveloping the place.”
“The tenancy agreement is lopsided. I hope the authorities can look into such matter in the interests of promoting entrepreneurship.”
+and+Ms+Kim+(Right).jpg)
FUTILE EFFORTS: Concourse tenants, Ms Ng (left) and Ms Kim (right), recently spent between $50,000 to $600,000 on renovation works.
But their expenses pale in comparison to the $600,000 that Ms Kim Hyo Kyeong spent to renovate O Dae Yang Korean Seafood Restaurant and Family KTV Lounge.
After a futile meeting with a Hong Fok Land representative on Wednesday, Ms Kim decided to join Ms Ng and Mr Lee to explore legal means to secure compensation.
The three intend to get more tenants to join them.
The retailers’ woes started last month when they received a letter from their landlord, informing them of the need to move out.
In its reply to Today, the company said it had gotten provisional permission in June from the Urban Redevelopment Authority to develop 369 units of residential flats with communal facilities at the area.
It added that the project is in its planning stage, with sales and construction dates to be decided when other approvals are given.
On the notice to vacate, the company said: “Our tenancy agreement for the retail tenants has a six-months’-notice clause to terminate leases in the event of development, alteration and additional works to the building without compensation.”
It also stressed that it has given tenants more than six months to look for alternative premises.
Located at Beach Road, The Concourse Shopping Mall is home to some 70 shops, including restaurants, florists, pharmacists, as well as hair and beauty salons.
But not all shop owners think the move is unreasonable.
At least one tenant pointed out that the six-month notice to vacate was fair, while another revealed that he had secured a site at The Plaza Shopping Centre next door.
Property analyst Nicholas Mak, director of research and consultancy at Knight Frank, added: “When a landlord and a tenant enter into a rental agreement, they should do so with their eyes open.
“When the terms of the agreement become unfavourable later, they should not run to the Government and request for help.” Says Mr Nicholas Mak
A market observer said the redevelopment project at The Concourse would change Beach Road’s landscape over the next five years.
Concourse clearout: Several tenants seek compensation, others unfazed by notice
The notice to vacate is legitimate, but several tenants at The Concourse Shopping Mall are up in arms over the notice that was served on them ordering them to move out of their shops within six months to make way apartments.
Several of the shop owners are seeking legal advice to support their demands for compensation from mall operator, Hong Fok Land, over what they claim was a misrepresentation of the mall’s status.
Some, such as bar owner Ana Ng, recently spent thousands of dollars on renovation works after signing a new two-year lease agreement — only to be told she would have to vacate her premises by next February.
Ms Ng, who owns the Gd. Daay bar on the first floor of the mall, said: “If I knew, I would not have spent so much on the renovation.”
After signing the lease agreement last December, she spent about $50,000 to do up her shop.
Diving shop owner John Lee spent about $10,000 in April to do up his premises.
A frustrated Mr Lee said: “I signed a lease and three months later, they gave us a letter to say they are redeveloping the place.”
“The tenancy agreement is lopsided. I hope the authorities can look into such matter in the interests of promoting entrepreneurship.”
+and+Ms+Kim+(Right).jpg)
FUTILE EFFORTS: Concourse tenants, Ms Ng (left) and Ms Kim (right), recently spent between $50,000 to $600,000 on renovation works.But their expenses pale in comparison to the $600,000 that Ms Kim Hyo Kyeong spent to renovate O Dae Yang Korean Seafood Restaurant and Family KTV Lounge.
After a futile meeting with a Hong Fok Land representative on Wednesday, Ms Kim decided to join Ms Ng and Mr Lee to explore legal means to secure compensation.
The three intend to get more tenants to join them.
The retailers’ woes started last month when they received a letter from their landlord, informing them of the need to move out.
In its reply to Today, the company said it had gotten provisional permission in June from the Urban Redevelopment Authority to develop 369 units of residential flats with communal facilities at the area.
It added that the project is in its planning stage, with sales and construction dates to be decided when other approvals are given.
On the notice to vacate, the company said: “Our tenancy agreement for the retail tenants has a six-months’-notice clause to terminate leases in the event of development, alteration and additional works to the building without compensation.”
It also stressed that it has given tenants more than six months to look for alternative premises.
Located at Beach Road, The Concourse Shopping Mall is home to some 70 shops, including restaurants, florists, pharmacists, as well as hair and beauty salons.
But not all shop owners think the move is unreasonable.
At least one tenant pointed out that the six-month notice to vacate was fair, while another revealed that he had secured a site at The Plaza Shopping Centre next door.
Property analyst Nicholas Mak, director of research and consultancy at Knight Frank, added: “When a landlord and a tenant enter into a rental agreement, they should do so with their eyes open.
“When the terms of the agreement become unfavourable later, they should not run to the Government and request for help.” Says Mr Nicholas Mak
A market observer said the redevelopment project at The Concourse would change Beach Road’s landscape over the next five years.
Good To Consult Residents On Upgrading
Source : The Straits Times, 10 Aug 2007
I REFER to the article, ‘Residents want greater say in estate matters’ (ST, Aug 4).
I fully support the proposal for greater consultation in precinct and flat upgrading.
I am a resident of Block 301 in Ang Mo Kio. My block was among the second batch to undergo precinct and flat upgrading. At that time, upgrading items and enhancements were decided by HDB. Residents could only vote for or against the upgrading.
There was never a forum of any kind to address residents’ needs or for them to voice ideas to make the programme a more successful and popular one.
In fact, residents of one block in our area voted against the upgrading of their flats, resulting in only the void deck and other facilities being upgraded. We never knew what these residents might have wanted.
The upgrading items have improved over the years. For example, some older flats have lifts serving every floor. If only HDB had consulted residents when the initial batches underwent upgrading.
In older and established towns, there is a large population of older folk who have been living there since they got their first HDB flat.
As a result of the lack of consultation on upgrading, I see old folk lugging bags of grocery up staircases to get to the lift landings.
The process is repeated when they get to the lift landing nearest to the floor they live on.
This can be a very daunting task for those who have difficulty walking.
Children or young people like us wish we can be there to help out but this is not always possible.
Therefore, consultations with residents will prove very useful, allowing practical ideas to be reviewed and residents’ needs, met.
On a separate note, I hope that the authorities can look into the possibility of having lift landings on every floor for those flats in Ang Mo Kio Avenue 3 (Blocks 301, 302 and 322) that had undergone early upgrading.
Chee Kit Fai
I REFER to the article, ‘Residents want greater say in estate matters’ (ST, Aug 4).
I fully support the proposal for greater consultation in precinct and flat upgrading.
I am a resident of Block 301 in Ang Mo Kio. My block was among the second batch to undergo precinct and flat upgrading. At that time, upgrading items and enhancements were decided by HDB. Residents could only vote for or against the upgrading.
There was never a forum of any kind to address residents’ needs or for them to voice ideas to make the programme a more successful and popular one.
In fact, residents of one block in our area voted against the upgrading of their flats, resulting in only the void deck and other facilities being upgraded. We never knew what these residents might have wanted.
The upgrading items have improved over the years. For example, some older flats have lifts serving every floor. If only HDB had consulted residents when the initial batches underwent upgrading.
In older and established towns, there is a large population of older folk who have been living there since they got their first HDB flat.
As a result of the lack of consultation on upgrading, I see old folk lugging bags of grocery up staircases to get to the lift landings.
The process is repeated when they get to the lift landing nearest to the floor they live on.
This can be a very daunting task for those who have difficulty walking.
Children or young people like us wish we can be there to help out but this is not always possible.
Therefore, consultations with residents will prove very useful, allowing practical ideas to be reviewed and residents’ needs, met.
On a separate note, I hope that the authorities can look into the possibility of having lift landings on every floor for those flats in Ang Mo Kio Avenue 3 (Blocks 301, 302 and 322) that had undergone early upgrading.
Chee Kit Fai
Three Ways To Boost Bonding In HDB Estates
Source : The Straits Times, 10 Aug 2007
I SUPPORT the efforts to improve bonding in housing estates as described in the article, ‘Boost for couples who want to live near parents’ (ST, Aug 4).
In addition to making it easier for newlyweds to get Housing Board flats near their parents’, the authorities can consider making it easier for parents to get flats near their children’s. There are elderly parents who are thinking of selling their old HDB flats to move closer to their children who have moved to the newer estates in Sengkang. It would be good if these parents can have better chances in their application for the new flats, compared to other second-time buyers. This arrangement can also be extended to include new flats in established towns.
It is encouraging that a number of schools are sharing their facilities, such as the school field, with the people in the neighbourhood. Schools can also invite experienced retirees to voluntarily share their expertise and experience with the teachers and students for various functions.
As Singapore becomes a greying society, we should better utilise our silver talents. Our young can benefit from the knowledge and skills of our elderly in the neighbourhood.
Some schools can also become community colleges in the after-school hours so that the people in the community can continue to develop themselves and upgrade their abilities. This will optimise the resources in the neighbourhood.
These efforts can also contribute to closer bonding among families and people in our local communities.
Edmund Lim Wee Kiat
I SUPPORT the efforts to improve bonding in housing estates as described in the article, ‘Boost for couples who want to live near parents’ (ST, Aug 4).
In addition to making it easier for newlyweds to get Housing Board flats near their parents’, the authorities can consider making it easier for parents to get flats near their children’s. There are elderly parents who are thinking of selling their old HDB flats to move closer to their children who have moved to the newer estates in Sengkang. It would be good if these parents can have better chances in their application for the new flats, compared to other second-time buyers. This arrangement can also be extended to include new flats in established towns.
It is encouraging that a number of schools are sharing their facilities, such as the school field, with the people in the neighbourhood. Schools can also invite experienced retirees to voluntarily share their expertise and experience with the teachers and students for various functions.
As Singapore becomes a greying society, we should better utilise our silver talents. Our young can benefit from the knowledge and skills of our elderly in the neighbourhood.
Some schools can also become community colleges in the after-school hours so that the people in the community can continue to develop themselves and upgrade their abilities. This will optimise the resources in the neighbourhood.
These efforts can also contribute to closer bonding among families and people in our local communities.
Edmund Lim Wee Kiat
Bigger Say For Heartland Folk
Source : The Straits Times, 10 Aug 2007
Minister of State for National Development Grace Fu wants to give power to the people - at least in matters such as the running and appearance of their HDB estates. But will residents rise above personal preferences to make decisions for the common good?
That’s the key challenge of fostering a sense of community, she tells LYNN LEE
A RESIDENT recently wrote to Ms Grace Fu with a novel excuse for why he had not paid his service and conservancy charges.
The air-conditioning in his flat was not cold. And this was because HDB flats were not well-built, he argued.
So he saw no reason to pay fees for upkeeping the estate. He owed two years’ worth of fees.
It was a nice try, but the resident had to pay, of course.
For Ms Fu, the exchange seems emblematic of the challenge she faces when trying to encourage people to have a better sense of home.
She chaired the HDB Heartware Forum - a series of ‘town hall’ discussions with residents launched 10 months ago to find ways to develop a stronger sense of community in estates.
Most recognise how vital community bonding is in creating a sense of home.
Yet there are those for whom the idea of home is limited to their four walls and being able to do as they please.
‘People who bother to attend the consultation process are already a converted lot who want to contribute,’ Ms Fu says of those at the sessions.
‘But I believe that there are a majority who prefer to remain silent and let others do the work.’
As she holds the National Development portfolio, the MP for Jurong GRC is also often petitioned on housing-related matters.
The air-conditioning case stuck out from among the ‘genuine cases’ of residents seeking fee waivers or subsidies, she says.
More than a year since her election, the 43-year- old says she now knows what older colleagues mean when they recount how some residents can be overly demanding about what their flat or estate ought to be like.
Creating heartware, it seems, can cause some heartache.
‘If I hear some of them telling me to clean up this place and that place and fill up the ‘ponding’ on the floor, sometimes I do feel frustrated,’ she says.
But she adds that what such cases indicate is that residents are not bogged down by more pressing problems, such as the lack of jobs.
While Ms Fu avoids labelling difficult residents, it is clear that the attitude among some of them could prove to be the biggest hurdle in building closer-knit communities.
Some initiatives to build a greater sense of community and ownership in estates were announced last week.
These include giving residents more say in how their HDB estate should look and be run.
A pilot project for about 20 blocks will be carried out in Sembawang GRC led by MP Lim Wee Kiak.
Residents will be asked to vote on three projects: the installation of CCTVcameras; getting residents to keep their estate clean; and determining the kind of cyclical repair and redecoration work to be done.
Other plans include more choice in upgrading schemes, greater priority for married couples to live near their parents, and an estate website for residents.
Having more say was on the wish list of those who attended the dialogues.
But will the larger HDB community rise to the task of collective decision-making?
Ms Fu says she doesn’t want to predict any outcomes:
‘We have to really feel our way as we go, to see which are the issues where people can live with a decision taken by the majority, and which ones…would be potentially divisive.’
This means that not every issue will be put to a vote, especially if it involves sensitive matters like race or if it leads to increased cost, she says.
One sticking point, she acknowledges , is whether residents can accept majority decisions that they disagree with.
She cites the example of a resident who blasted the HDB about the way numbers were painted on his block, despite the scheme having been put to a vote and approved by the bulk of residents.
Beyond housing issues and community ties, Ms Fu says her first year on the job has thrown up varied challenges.
One example she cites during a wide-ranging 90-minute interview is the sand export ban that Indonesia imposed early this year, followed by the disruption in granite supply in February.
Prices for both raw materials, used to make concrete, skyrocketed.
The Government stepped in to pay 75 per cent of the increase in construction costs of affected public sector projects; key industry players rallied together to share the price increase; and suppliers looked for new sources.
Singapore’s construction industry was not paralysed as a result, says Ms Fu.
‘To me, I think that’s a great satisfaction, to be able to…manage a potential crisis situation and to manage it well.’
She is coy when asked if she would like to move to another ministry, prefacing her reply by drawing on a lesson she has learnt: that the decision-making process in Government is complex.
‘When I was in the private sector, I used to think that ‘Oh, why can’t they make a decision quicker’. When you are in here, you realise the implications of policies and the different stakeholders that you need to manage and balance. That’s really quite different,’ she says.
The former chief executive of PSA International (South-east Asia and Japan) is ‘quite open’ about a next posting, although it is not something she is looking at now.
‘There’s still a lot to be done here,’ she says.
As for talk about her making the grade as a full minister, she will say only that she takes things one step at a time:
‘I’d like to build up a solid foundation and be comfortable with my ability, and for the PM or the other Cabinet ministers to be comfortable with what I can deliver.’
Turn the topic to family and the mother of three boys aged 15, 13 and 10 warms up.
Going from private citizen to politician has taken some significant adjustment, she says candidly.
Time with her family is limited so she has started taking her sons to grassroots functions with her.
During the school break, oldest son Brian, who is in Secondary 3, helped out at her Meet-the-People sessions.
At home, her husband, technopreneur Ivan Lee, now shoulders more of the duties, whether taking the children to school or attending parent-teacher meetings.
She quips that her image has also undergone tweaking.
She no longer goes out shopping in flip-flops and has traded in her shorts for ‘longer bermudas’.
A tad wistful, she says she misses her privacy. But that doesn’t mean she will trade in her current role:
‘This job has been tremendously rewarding…I’m very glad that I’m in it because I think that in this one year, I have really grown a lot.’
HIGHER-VALUE ECONOMY
‘As Singapore gets revalued by investors it is only reasonable that our prices go up. We’re worth more now because…people see that Singapore is in a different phase of growth…We will short- change our public housing owners if we say that everything else can appreciate except public housing…What we have to be mindful of is that it doesn’t run away relative to our salary.’ MS GRACE FU
SEEING THE BENEFITS
‘I suppose there’s always a group of voters who do not agree with the decisions we make. But it is then our job to try to explain the rationale as much as we can… My answer has always been that you can’t tell the implications of policies (right away)… But when you see how it has panned out over time, then you realise that there’s a certain wisdom; that there are reasons for the policies.’ MS GRACE FU
Minister of State for National Development Grace Fu wants to give power to the people - at least in matters such as the running and appearance of their HDB estates. But will residents rise above personal preferences to make decisions for the common good?
That’s the key challenge of fostering a sense of community, she tells LYNN LEE
A RESIDENT recently wrote to Ms Grace Fu with a novel excuse for why he had not paid his service and conservancy charges.
The air-conditioning in his flat was not cold. And this was because HDB flats were not well-built, he argued.
So he saw no reason to pay fees for upkeeping the estate. He owed two years’ worth of fees.
It was a nice try, but the resident had to pay, of course.
For Ms Fu, the exchange seems emblematic of the challenge she faces when trying to encourage people to have a better sense of home.
She chaired the HDB Heartware Forum - a series of ‘town hall’ discussions with residents launched 10 months ago to find ways to develop a stronger sense of community in estates.
Most recognise how vital community bonding is in creating a sense of home.
Yet there are those for whom the idea of home is limited to their four walls and being able to do as they please.
‘People who bother to attend the consultation process are already a converted lot who want to contribute,’ Ms Fu says of those at the sessions.
‘But I believe that there are a majority who prefer to remain silent and let others do the work.’
As she holds the National Development portfolio, the MP for Jurong GRC is also often petitioned on housing-related matters.
The air-conditioning case stuck out from among the ‘genuine cases’ of residents seeking fee waivers or subsidies, she says.
More than a year since her election, the 43-year- old says she now knows what older colleagues mean when they recount how some residents can be overly demanding about what their flat or estate ought to be like.
Creating heartware, it seems, can cause some heartache.
‘If I hear some of them telling me to clean up this place and that place and fill up the ‘ponding’ on the floor, sometimes I do feel frustrated,’ she says.
But she adds that what such cases indicate is that residents are not bogged down by more pressing problems, such as the lack of jobs.
While Ms Fu avoids labelling difficult residents, it is clear that the attitude among some of them could prove to be the biggest hurdle in building closer-knit communities.
Some initiatives to build a greater sense of community and ownership in estates were announced last week.
These include giving residents more say in how their HDB estate should look and be run.
A pilot project for about 20 blocks will be carried out in Sembawang GRC led by MP Lim Wee Kiak.
Residents will be asked to vote on three projects: the installation of CCTVcameras; getting residents to keep their estate clean; and determining the kind of cyclical repair and redecoration work to be done.
Other plans include more choice in upgrading schemes, greater priority for married couples to live near their parents, and an estate website for residents.
Having more say was on the wish list of those who attended the dialogues.
But will the larger HDB community rise to the task of collective decision-making?
Ms Fu says she doesn’t want to predict any outcomes:
‘We have to really feel our way as we go, to see which are the issues where people can live with a decision taken by the majority, and which ones…would be potentially divisive.’
This means that not every issue will be put to a vote, especially if it involves sensitive matters like race or if it leads to increased cost, she says.
One sticking point, she acknowledges , is whether residents can accept majority decisions that they disagree with.
She cites the example of a resident who blasted the HDB about the way numbers were painted on his block, despite the scheme having been put to a vote and approved by the bulk of residents.
Beyond housing issues and community ties, Ms Fu says her first year on the job has thrown up varied challenges.
One example she cites during a wide-ranging 90-minute interview is the sand export ban that Indonesia imposed early this year, followed by the disruption in granite supply in February.
Prices for both raw materials, used to make concrete, skyrocketed.
The Government stepped in to pay 75 per cent of the increase in construction costs of affected public sector projects; key industry players rallied together to share the price increase; and suppliers looked for new sources.
Singapore’s construction industry was not paralysed as a result, says Ms Fu.
‘To me, I think that’s a great satisfaction, to be able to…manage a potential crisis situation and to manage it well.’
She is coy when asked if she would like to move to another ministry, prefacing her reply by drawing on a lesson she has learnt: that the decision-making process in Government is complex.
‘When I was in the private sector, I used to think that ‘Oh, why can’t they make a decision quicker’. When you are in here, you realise the implications of policies and the different stakeholders that you need to manage and balance. That’s really quite different,’ she says.
The former chief executive of PSA International (South-east Asia and Japan) is ‘quite open’ about a next posting, although it is not something she is looking at now.
‘There’s still a lot to be done here,’ she says.
As for talk about her making the grade as a full minister, she will say only that she takes things one step at a time:
‘I’d like to build up a solid foundation and be comfortable with my ability, and for the PM or the other Cabinet ministers to be comfortable with what I can deliver.’
Turn the topic to family and the mother of three boys aged 15, 13 and 10 warms up.
Going from private citizen to politician has taken some significant adjustment, she says candidly.
Time with her family is limited so she has started taking her sons to grassroots functions with her.
During the school break, oldest son Brian, who is in Secondary 3, helped out at her Meet-the-People sessions.
At home, her husband, technopreneur Ivan Lee, now shoulders more of the duties, whether taking the children to school or attending parent-teacher meetings.
She quips that her image has also undergone tweaking.
She no longer goes out shopping in flip-flops and has traded in her shorts for ‘longer bermudas’.
A tad wistful, she says she misses her privacy. But that doesn’t mean she will trade in her current role:
‘This job has been tremendously rewarding…I’m very glad that I’m in it because I think that in this one year, I have really grown a lot.’
HIGHER-VALUE ECONOMY
‘As Singapore gets revalued by investors it is only reasonable that our prices go up. We’re worth more now because…people see that Singapore is in a different phase of growth…We will short- change our public housing owners if we say that everything else can appreciate except public housing…What we have to be mindful of is that it doesn’t run away relative to our salary.’ MS GRACE FU
SEEING THE BENEFITS
‘I suppose there’s always a group of voters who do not agree with the decisions we make. But it is then our job to try to explain the rationale as much as we can… My answer has always been that you can’t tell the implications of policies (right away)… But when you see how it has panned out over time, then you realise that there’s a certain wisdom; that there are reasons for the policies.’ MS GRACE FU
En-Bloc Sales: What Happened To Fair Treatment And Rights Of Minorities?
Source : The Straits Times, 10 Aug 2007
I READ the letter, ‘Govt should intervene in property market’ (ST, 8 Aug), and it strikes a chord.
I am also one of the thousands who are being turned out of our homes because of the en-bloc frenzy.
Being forced to seek legal advice, we were told that the only protection that we have by law is that we will minimally get what we paid for our home 10 years ago without bank interest.
We have spent weeks searching for a new home in frustration and realised that we too can only downgrade or move to the very borders of Singapore.
Many of us own a home. If someone walks in through your door today and demands that you exchange your home in Central location with his in Choa Chu Kang, how would you feel?
If someone demands that you sell your house at the price you paid for 10 years ago without bank interest for the mortgage that you have arduously serviced over the years, what would you do?
You can throw the person out the door. Yet, this is exactly what some minority owners in en-bloc sales are forced to accept, without choice.
It is ironical that, as a Singaporean who has worked hard to own our home in this land, I am made to ponder the prospect of losing our home and wonder, in the name of facilitating en-bloc sales and supposed progress of the nation, what has happened to fair treatment and the rights of individual Singaporeans?
Jane Ee (Ms)
I READ the letter, ‘Govt should intervene in property market’ (ST, 8 Aug), and it strikes a chord.
I am also one of the thousands who are being turned out of our homes because of the en-bloc frenzy.
Being forced to seek legal advice, we were told that the only protection that we have by law is that we will minimally get what we paid for our home 10 years ago without bank interest.
We have spent weeks searching for a new home in frustration and realised that we too can only downgrade or move to the very borders of Singapore.
Many of us own a home. If someone walks in through your door today and demands that you exchange your home in Central location with his in Choa Chu Kang, how would you feel?
If someone demands that you sell your house at the price you paid for 10 years ago without bank interest for the mortgage that you have arduously serviced over the years, what would you do?
You can throw the person out the door. Yet, this is exactly what some minority owners in en-bloc sales are forced to accept, without choice.
It is ironical that, as a Singaporean who has worked hard to own our home in this land, I am made to ponder the prospect of losing our home and wonder, in the name of facilitating en-bloc sales and supposed progress of the nation, what has happened to fair treatment and the rights of individual Singaporeans?
Jane Ee (Ms)
S’pore’s Tallest Sculpture To Be Ready By Year-End
Source : The Straits Times, 10 Aug 2007
New icons are popping up in Singapore’s skyline.
Condominium projects with iconic designs like Reflections At Keppel Bay by renowned American architect Daniel Libeskind are taking shape, and the observation wheel Singapore Flyer is now standing tall in the Marina Bay area.
Also reaching for the skies is Singapore’s tallest public sculpture, now being built at Finlayson Green, across the One Raffles Quay office complex.
Finlayson Green is one of five sites designated by the Urban Redevelopment Authority as landmark locations for prominent sculptures under the Public Sculptures Masterplan 2002.
The work at Finlayson Green is the first sculpture to be installed in the five locations.
When it is completed at the end of the year, it will join the more than 350 public sculptures scattered across Singapore.
The $2-million work, which weighs 44 tonnes, will stand at 18.35m. It will be taller than the 13m-high Snowman at VivoCity mall, which stands the tallest currently.
It is funded by the group of companies which developed One Raffles Quay, namely Cheung Kong (Holdings), Hongkong Land and Keppel Land.
The designer is Israeli sculptor David Gerstein, whose public sculptures can be found in countries like Russia and the United States.
The steel structure will ‘depict an upward spiral of progress and capture the energy and momentum’ of the Central Business District, he says.
The Jerusalem-based artist, 62, tells Life! in a telephone interview: ‘Like every big monument in the world, it needs to be visually impressive and size counts as well. My ambition was to do something that would last for years and have it become an icon.’
He is known for his painted metal sculptures, which fuse bold colours with finely wrought dashes and fluid curved lines resembling human figures.
He started out as a painter but switched to sculpture in 1980 to ‘make my life more difficult but also more interesting’.
He says: ‘Most sculptures want to reveal the properties of their materials. But I wanted to find a way to bridge painting with sculpture.
‘I wanted to take painting out of the frame and try to give sculpture the intimacy of paintings.’
Mr David Martin, general manager of One Raffles Quay, says: ‘We believe the striking design will contribute to the 24/7 work, life and play buzz of the area. We hope that David’s sculpture will become synonymous with Singapore’s status as Asia’s financial hub, just like how the Charging Bull sculpture is to New York’s Wall Street.’
Gerstein says he wants to manipulate the viewer’s sense of time and experience of space with his work.
‘When I design an outdoors sculpture, I think of the space around it,’ he says.
‘There’re many high-rise buildings around the sculpture in Singapore and I wanted it to be seen from a distance so I made it even bigger than the first idea.’
He turned to books on Singapore and the Internet for inspiration and made a trip here.
He adds that most Israelis already know about Singapore, mostly about its efficient business side.
‘We take Singapore as an example of an orderly state. We’re researching how to organise transportation in Israel according to Singapore’s.’
New icons are popping up in Singapore’s skyline.
Condominium projects with iconic designs like Reflections At Keppel Bay by renowned American architect Daniel Libeskind are taking shape, and the observation wheel Singapore Flyer is now standing tall in the Marina Bay area.
Also reaching for the skies is Singapore’s tallest public sculpture, now being built at Finlayson Green, across the One Raffles Quay office complex.
Finlayson Green is one of five sites designated by the Urban Redevelopment Authority as landmark locations for prominent sculptures under the Public Sculptures Masterplan 2002.
The work at Finlayson Green is the first sculpture to be installed in the five locations.
When it is completed at the end of the year, it will join the more than 350 public sculptures scattered across Singapore.
The $2-million work, which weighs 44 tonnes, will stand at 18.35m. It will be taller than the 13m-high Snowman at VivoCity mall, which stands the tallest currently.
It is funded by the group of companies which developed One Raffles Quay, namely Cheung Kong (Holdings), Hongkong Land and Keppel Land.
The designer is Israeli sculptor David Gerstein, whose public sculptures can be found in countries like Russia and the United States.
The steel structure will ‘depict an upward spiral of progress and capture the energy and momentum’ of the Central Business District, he says.
The Jerusalem-based artist, 62, tells Life! in a telephone interview: ‘Like every big monument in the world, it needs to be visually impressive and size counts as well. My ambition was to do something that would last for years and have it become an icon.’
He is known for his painted metal sculptures, which fuse bold colours with finely wrought dashes and fluid curved lines resembling human figures.
He started out as a painter but switched to sculpture in 1980 to ‘make my life more difficult but also more interesting’.
He says: ‘Most sculptures want to reveal the properties of their materials. But I wanted to find a way to bridge painting with sculpture.
‘I wanted to take painting out of the frame and try to give sculpture the intimacy of paintings.’
Mr David Martin, general manager of One Raffles Quay, says: ‘We believe the striking design will contribute to the 24/7 work, life and play buzz of the area. We hope that David’s sculpture will become synonymous with Singapore’s status as Asia’s financial hub, just like how the Charging Bull sculpture is to New York’s Wall Street.’
Gerstein says he wants to manipulate the viewer’s sense of time and experience of space with his work.
‘When I design an outdoors sculpture, I think of the space around it,’ he says.
‘There’re many high-rise buildings around the sculpture in Singapore and I wanted it to be seen from a distance so I made it even bigger than the first idea.’
He turned to books on Singapore and the Internet for inspiration and made a trip here.
He adds that most Israelis already know about Singapore, mostly about its efficient business side.
‘We take Singapore as an example of an orderly state. We’re researching how to organise transportation in Israel according to Singapore’s.’
Subscribe to:
Posts (Atom)
.jpg)
