Source : The Business Times, August 14, 2007
FRANKFURT - European Central Bank president Jean-Claude Trichet said on Tuesday that money market conditions were returning to normal and called on investors to keep their 'composure' in the face of volatility.
'We are now seeing money market conditions that have gone progressively back to normal,' he said in a statement.
'As I did after our last meeting, I call on all parties concerned to continue to keep their composure. This attitude has been welcome and effective in recent days.'
Mr Trichet said that cooler heads would 'help to consolidate a smooth return to a normal assessment of risks' in the market.
He said that the central bank, which sets monetary policy in France, Germany, Italy and the 10 other countries that use the euro, had kept a close eye on developments prompted by the crisis in the US home loan sector.
'We have provided in particular the liquidity which was needed to permit an orderly functioning of the money market,' he said.
He acknowledged that the market was gripped by 'nervousness', caught in 'a period in which we see increased volatility in many markets and a significant re-appreciation of risks'. But he urged investors to take the long view.
'In some respects, what has been observed can be interpreted as a normalisation of the pricing of risk,' Mr Trichet said.
He pledged that the ECB would continue to monitor the situation 'whilst euro-area financial markets in general are going back to normal functioning'. The Frankfurt-based ECB injected another 7.7 billion euros (US10.5 billion) into the market on Tuesday after pouring more than 200 billion euros into the market since Thursday to head off a credit crunch sparked by the US mortgage crisis. -- AFP
Tuesday, August 14, 2007
Up To $9,000 A Night For A Hotel Room During F1 Race?
Source : The Straits Times, Aug 14, 2007
WITH just over a year to go before Formula One motor racing roars into Singapore, local hotels have already started making plans to welcome the influx of fans, officials and other visitors.
F1 host cities, as experience has shown, are expected to have full or nearly full occupancy rates in all major hotels during the lead-up to the race and the race days themselves, as pre- and post-celebratory festivities are held.
On Monday, the Ministry of Trade and Industry also announced that 11 so-called trackside hotels that will directly overlook the race route in the Marina Bay area will have to pay a 30 per cent levy on their room revenues from Sept 24 to Sept 28 next year.
This added tax, coupled with the high demand for rooms, may well see hotels doubling or tripling their room rates during those five days.
Mr Tony Cousens, the general manager of Marina Mandarin Singapore, for example, says guests can expect to pay up to a staggering $9,000 per night for choice rooms - more so since the Singapore race will be held in the evening.
He also told straitstimes.com that the hotel has even received an enquiry from a participating F1 team looking to make the Marina Mandarin its 'home away from home' during the race.
As for the Pan Pacific Hotel, public relations manager Cheryl Ng says it already has to cope with a growing waiting list of race enthusiasts keen on securing a room even though official bookings are not open yet.
Both hotels say they are looking to other countries which have hosted F1 races before deciding exactly how much to charge for their rooms, how to set competitive prices and how to create attractive packages for visitors.
Related Video Link : http://tinyurl.com/2jx89g
How much are you willing to pay for a 'trackside' hotel room during the F1 race on September 28 next year?
Brace yourself - it could come out to a hefty $9,000 a night!
In fact, the 11 trackside hotels are already receiving a flood of queries from F1 enthusiasts looking to secure a room for D-day. They are now looking at their counterparts in other F1 host cities before deciding how much to charge for rooms.
Choo Ren Min spoke to Marina Mandarin and Pan Pacific hotels to find out more.
WITH just over a year to go before Formula One motor racing roars into Singapore, local hotels have already started making plans to welcome the influx of fans, officials and other visitors.F1 host cities, as experience has shown, are expected to have full or nearly full occupancy rates in all major hotels during the lead-up to the race and the race days themselves, as pre- and post-celebratory festivities are held.
On Monday, the Ministry of Trade and Industry also announced that 11 so-called trackside hotels that will directly overlook the race route in the Marina Bay area will have to pay a 30 per cent levy on their room revenues from Sept 24 to Sept 28 next year.
This added tax, coupled with the high demand for rooms, may well see hotels doubling or tripling their room rates during those five days.
Mr Tony Cousens, the general manager of Marina Mandarin Singapore, for example, says guests can expect to pay up to a staggering $9,000 per night for choice rooms - more so since the Singapore race will be held in the evening.
He also told straitstimes.com that the hotel has even received an enquiry from a participating F1 team looking to make the Marina Mandarin its 'home away from home' during the race.
As for the Pan Pacific Hotel, public relations manager Cheryl Ng says it already has to cope with a growing waiting list of race enthusiasts keen on securing a room even though official bookings are not open yet.
Both hotels say they are looking to other countries which have hosted F1 races before deciding exactly how much to charge for their rooms, how to set competitive prices and how to create attractive packages for visitors.
Related Video Link : http://tinyurl.com/2jx89g
How much are you willing to pay for a 'trackside' hotel room during the F1 race on September 28 next year?
Brace yourself - it could come out to a hefty $9,000 a night!
In fact, the 11 trackside hotels are already receiving a flood of queries from F1 enthusiasts looking to secure a room for D-day. They are now looking at their counterparts in other F1 host cities before deciding how much to charge for rooms.
Choo Ren Min spoke to Marina Mandarin and Pan Pacific hotels to find out more.
List Of Foreign System Schools In Singapore
1. American College
Address: c/o 21 Preston Road , Singapore 109355
Tel: 64700115 Fax: 62737065 Email: amercoll@iss.edu.sg
Supervisor: Chan Chee Seng
2. Australian International School
Address: 1 Lorong Chuan , Singapore 556818
Tel: 68835155 Fax: 62855255 Email: enquiries@ais.com.sg, enrolments@ais.com.sg
Supervisor: Ng Chon Choo
3. Bhavan's Indian International School [fka Indian Central School]
Address: c/o 1 Mei Chin Road , Singapore 149253
Tel: 64791511 Fax: 64791248 Email: admissions@biissingapore.org
Supervisor: Atul Arvind Temurnikar
4. Canadian International School (Singapore)
Address: 5 Toh Tuck Road , Singapore 596679
Tel: 64671732 Fax: 64671729 Email:
Supervisor: Koh Gim Chee
5. Chatsworth International School
Address: c/o 37 Emerald Hill Road , Singapore 229313
Tel: 67375955 Fax: 67375655 Email: jgchswth@singnet.com.sg, jleah@chatsworth-international.com
Supervisor: Jennifer Claire Gay (Mrs)
6. Chineseunite International School
Address: 60 & 62 Dunearn Road , Singapore 309434
Tel: 62528502 Fax: 62525120 Email: zhangdi@hj2000.net.cn
Supervisor: Zhang Di (Ms)
7. Dover Court Preparatory School
Address: 301 Dover Road , Singapore 139644
Tel: 67757664 Fax: 67774165 Email: ipsadmin@singnet.com.sg
Supervisor: Maureen Roach (Dr)
8. DPS International School
Address: 36 Aroozoo Avenue , Singapore 539842
Tel: 62856300 Fax: 62948195 Email: recruit@dps.com.sg
Supervisor: Chandra Prakash Kabra
9. EIS International Pre-school
Address: 7 Seraya Lane , Singapore 437275
Tel: 63484780 Fax: 63484781 Email: toshihiro@pacific.net.sg
Supervisor: Oh Chin Hai
10. EtonHouse International School
Address: 51 Broadrick Road , Singapore 439501
Tel: 63466922 Fax: 63466522 Email: etonhouse@pacific.net.sg
Supervisor: Oh Choo Ai @ Oh Gim Choo (Mdm)
11. Finnish Supplementary School
Address: Overseas Family School, 25F Paterson Road , Singapore 238515
Tel: 63222451 Fax: 62255469 Email:
Supervisor: Helena Ranta-Saarela (Mrs)
12. German European School Singapore [fka German School]
Address: 72 Bukit Tinggi Road , Singapore 289760
Tel: 64691131 Fax: 64690308 Email: dss@pacific.net.sg
Supervisor: Thomas Frischmuth
13. Hollandse School
Address: 65 Bukit Tinggi Road , Singapore 289757
Tel: 64660662 Fax: 64677582 Email: hsltd@singnet.com.sg
Supervisor: E. Barsingerhorn
14. International Community School
Address: 27A Jubilee Road , Singapore 128575
Tel: 63244287 Fax: 63244050 Email: business@ics.edu.sg
Supervisor:
15. ISS International School
Address: 21 Preston Road , Singapore 109355
Tel: 64754188 Fax: 67325701/ 62737065 Email: admissions@iss.edu.sg
Supervisor: Chan Ching Oi (Mdm)
16. Italian Supplementary School
Address: Embassy of Italy, 101 Thomson Road #27-02/03 United Square, Singapore 307591
Tel: 64664849 Fax: 62533301 Email:
Supervisor: Giuseppina Pravato (Mrs)
17. Japanese Kindergarten
Address: 251 West Coast Road , Singapore 127390
Tel: 67793434 Fax: 67771830 Email:
Supervisor: Tan Buck Lee (Mdm)
18. Konohana Gakuin Kindergarten [fka KGS International Pre-School]
Address: 16 Ramsgate Road , Singapore 437462
Tel: 63420100 Fax: 63420200 Email: kgs preschool@pacific.net.sg
Supervisor: Yasutaka Mori
19. Korean Church Kindergarten
Address: 16 Barker Road , Singapore 309891
Tel: 62547943 Fax: 62545512 Email: kokid@hanmail.net
Supervisor: Hwang Chang Sun
20. Lock Road Kindergarten
Address: 10 Lock Road , Singapore 108938
Tel: 64746181 Fax: 64741689 Email: lockroad@singnet.com.sg
Supervisor: Lim Seok Tin, Priscilla June Tina (Miss)
21. Lycee Francais De Singapour
Address: 3000 Ang Mo Kio Ave 3 , Singapore 569928
Tel: 64881160 Fax: 64872821 Email: administration@lyceefrancais.edu.sg
Supervisor: Gerard Laigroz
22. Norwegian Supplementary School
Address: Overseas Family School, 25F Paterson Road , Singapore 238515
Tel: 67385661 Fax: 67385662 Email:
Supervisor: Marianne Stubo Thorstensen (Mrs)
23. Overseas Family School
Address: 25F Paterson Road , Singapore 238515
Tel: 67380211 Fax: 67338825 Email: soma_mathews@ofs.edu.sg, executive director@ofs.edu.sg
Supervisor: David Alan Perry
24. Praise International School [fka Praise-Kids Pre-School]
Address: Blk 2 Turf Club Road , Singapore 287988
Tel: 64630689 Fax: 64630698 Email: praisekids@singnet.com.sg
Supervisor: Park Hae Sook (Ms)
25. Rosemount Kindergarten
Address: 25 Ettrick Terrace , Singapore 458588
Tel: 64464636 Fax: 64444075 Email: rosemount@pacific.net.sg
Supervisor: Cheryl Ena Young (Ms)
26. Sekolah Indonesia
Address: 20A Siglap Road , Singapore 455859
Tel: 64480722 Fax: 64444831 Email:
Supervisor: Chalief Akbar
27. Singapore American School
Address: 40 Woodlands Street 41 , Singapore 738547
Tel: 63633403 Fax: 63633408 Email: sasinfo@sas.edu.sg, ghan@sas.edu.sg
Supervisor: Robert L Gross
28. Singapore Korean School
Address: 74 Lim Ah Woo Road , Singapore 438134
Tel: 67410778 Fax: 67411321 Email:
Supervisor: Chong Chun Taick
29. Swedish Supplementary Education School
Address: c/o Swedish Embassy, 111 Somerset Road #05-01 Singapore Power Building, Singapore 238164
Tel: 67327740 Fax: Email:
Supervisor: Ingrid Sjodoff (Mrs)
30. Swiss School
Address: 38 Swiss Club Road , Singapore 288140
Tel: 64682117 Fax: 64665342 Email: info@swiss-school.edu.sg
Supervisor: Olivier Grawehr
31. Tanglin Trust School
Address: 95 Portsdown Road , Singapore 139299
Tel: 67780771 Fax: 67775862 Email: info@tts.edu.sg
Supervisor: Dominic Andrew Nixon
32. The Japanese School
Address: 95 Clementi Road , Singapore 129782
Tel: 67753366/ 65429600 Fax: 67780801 Email:
Supervisor: Eisuke Saotome
33. The Japanese School (Secondary)
Address: 201 West Coast Road , Singapore 127383
Tel: 67797355 Fax: 67780801 Email:
Supervisor: Eisuke Saotome
34. The Japanese Supplementary School, Singapore
Address: 95 Clementi Road , Singapore 129782
Tel: 67775560 Fax: 67753032 Email:
Supervisor: Hiroshi Nakajima
35. United World College of South East Asia
Address: 1207 Dover Road , Singapore 139654
Tel: 67755344 Fax: 67785846/ 67753424 Email: uwcsea@singnet.com.sg
Supervisor: Kishore Mahbubani
36. Waseda Shibuya Senior High School [fka Shibuya Makuhari Senior High School]
Address: 57 West Coast Road , Singapore 127366
Tel: 67732950 Fax: 67732951 Email:
Supervisor: Hiromichi Nagatsuka
37. Willow Nursery
Address: 26A Toh Tuck Road , Singapore 596697
Tel: 64622956 Fax: 64633224 Email: info@willownursery.edu.sg
Supervisor: Deirdre Jeyasundaram (Mrs)
Address: c/o 21 Preston Road , Singapore 109355
Tel: 64700115 Fax: 62737065 Email: amercoll@iss.edu.sg
Supervisor: Chan Chee Seng
2. Australian International School
Address: 1 Lorong Chuan , Singapore 556818
Tel: 68835155 Fax: 62855255 Email: enquiries@ais.com.sg, enrolments@ais.com.sg
Supervisor: Ng Chon Choo
3. Bhavan's Indian International School [fka Indian Central School]
Address: c/o 1 Mei Chin Road , Singapore 149253
Tel: 64791511 Fax: 64791248 Email: admissions@biissingapore.org
Supervisor: Atul Arvind Temurnikar
4. Canadian International School (Singapore)
Address: 5 Toh Tuck Road , Singapore 596679
Tel: 64671732 Fax: 64671729 Email:
Supervisor: Koh Gim Chee
5. Chatsworth International School
Address: c/o 37 Emerald Hill Road , Singapore 229313
Tel: 67375955 Fax: 67375655 Email: jgchswth@singnet.com.sg, jleah@chatsworth-international.com
Supervisor: Jennifer Claire Gay (Mrs)
6. Chineseunite International School
Address: 60 & 62 Dunearn Road , Singapore 309434
Tel: 62528502 Fax: 62525120 Email: zhangdi@hj2000.net.cn
Supervisor: Zhang Di (Ms)
7. Dover Court Preparatory School
Address: 301 Dover Road , Singapore 139644
Tel: 67757664 Fax: 67774165 Email: ipsadmin@singnet.com.sg
Supervisor: Maureen Roach (Dr)
8. DPS International School
Address: 36 Aroozoo Avenue , Singapore 539842
Tel: 62856300 Fax: 62948195 Email: recruit@dps.com.sg
Supervisor: Chandra Prakash Kabra
9. EIS International Pre-school
Address: 7 Seraya Lane , Singapore 437275
Tel: 63484780 Fax: 63484781 Email: toshihiro@pacific.net.sg
Supervisor: Oh Chin Hai
10. EtonHouse International School
Address: 51 Broadrick Road , Singapore 439501
Tel: 63466922 Fax: 63466522 Email: etonhouse@pacific.net.sg
Supervisor: Oh Choo Ai @ Oh Gim Choo (Mdm)
11. Finnish Supplementary School
Address: Overseas Family School, 25F Paterson Road , Singapore 238515
Tel: 63222451 Fax: 62255469 Email:
Supervisor: Helena Ranta-Saarela (Mrs)
12. German European School Singapore [fka German School]
Address: 72 Bukit Tinggi Road , Singapore 289760
Tel: 64691131 Fax: 64690308 Email: dss@pacific.net.sg
Supervisor: Thomas Frischmuth
13. Hollandse School
Address: 65 Bukit Tinggi Road , Singapore 289757
Tel: 64660662 Fax: 64677582 Email: hsltd@singnet.com.sg
Supervisor: E. Barsingerhorn
14. International Community School
Address: 27A Jubilee Road , Singapore 128575
Tel: 63244287 Fax: 63244050 Email: business@ics.edu.sg
Supervisor:
15. ISS International School
Address: 21 Preston Road , Singapore 109355
Tel: 64754188 Fax: 67325701/ 62737065 Email: admissions@iss.edu.sg
Supervisor: Chan Ching Oi (Mdm)
16. Italian Supplementary School
Address: Embassy of Italy, 101 Thomson Road #27-02/03 United Square, Singapore 307591
Tel: 64664849 Fax: 62533301 Email:
Supervisor: Giuseppina Pravato (Mrs)
17. Japanese Kindergarten
Address: 251 West Coast Road , Singapore 127390
Tel: 67793434 Fax: 67771830 Email:
Supervisor: Tan Buck Lee (Mdm)
18. Konohana Gakuin Kindergarten [fka KGS International Pre-School]
Address: 16 Ramsgate Road , Singapore 437462
Tel: 63420100 Fax: 63420200 Email: kgs preschool@pacific.net.sg
Supervisor: Yasutaka Mori
19. Korean Church Kindergarten
Address: 16 Barker Road , Singapore 309891
Tel: 62547943 Fax: 62545512 Email: kokid@hanmail.net
Supervisor: Hwang Chang Sun
20. Lock Road Kindergarten
Address: 10 Lock Road , Singapore 108938
Tel: 64746181 Fax: 64741689 Email: lockroad@singnet.com.sg
Supervisor: Lim Seok Tin, Priscilla June Tina (Miss)
21. Lycee Francais De Singapour
Address: 3000 Ang Mo Kio Ave 3 , Singapore 569928
Tel: 64881160 Fax: 64872821 Email: administration@lyceefrancais.edu.sg
Supervisor: Gerard Laigroz
22. Norwegian Supplementary School
Address: Overseas Family School, 25F Paterson Road , Singapore 238515
Tel: 67385661 Fax: 67385662 Email:
Supervisor: Marianne Stubo Thorstensen (Mrs)
23. Overseas Family School
Address: 25F Paterson Road , Singapore 238515
Tel: 67380211 Fax: 67338825 Email: soma_mathews@ofs.edu.sg, executive director@ofs.edu.sg
Supervisor: David Alan Perry
24. Praise International School [fka Praise-Kids Pre-School]
Address: Blk 2 Turf Club Road , Singapore 287988
Tel: 64630689 Fax: 64630698 Email: praisekids@singnet.com.sg
Supervisor: Park Hae Sook (Ms)
25. Rosemount Kindergarten
Address: 25 Ettrick Terrace , Singapore 458588
Tel: 64464636 Fax: 64444075 Email: rosemount@pacific.net.sg
Supervisor: Cheryl Ena Young (Ms)
26. Sekolah Indonesia
Address: 20A Siglap Road , Singapore 455859
Tel: 64480722 Fax: 64444831 Email:
Supervisor: Chalief Akbar
27. Singapore American School
Address: 40 Woodlands Street 41 , Singapore 738547
Tel: 63633403 Fax: 63633408 Email: sasinfo@sas.edu.sg, ghan@sas.edu.sg
Supervisor: Robert L Gross
28. Singapore Korean School
Address: 74 Lim Ah Woo Road , Singapore 438134
Tel: 67410778 Fax: 67411321 Email:
Supervisor: Chong Chun Taick
29. Swedish Supplementary Education School
Address: c/o Swedish Embassy, 111 Somerset Road #05-01 Singapore Power Building, Singapore 238164
Tel: 67327740 Fax: Email:
Supervisor: Ingrid Sjodoff (Mrs)
30. Swiss School
Address: 38 Swiss Club Road , Singapore 288140
Tel: 64682117 Fax: 64665342 Email: info@swiss-school.edu.sg
Supervisor: Olivier Grawehr
31. Tanglin Trust School
Address: 95 Portsdown Road , Singapore 139299
Tel: 67780771 Fax: 67775862 Email: info@tts.edu.sg
Supervisor: Dominic Andrew Nixon
32. The Japanese School
Address: 95 Clementi Road , Singapore 129782
Tel: 67753366/ 65429600 Fax: 67780801 Email:
Supervisor: Eisuke Saotome
33. The Japanese School (Secondary)
Address: 201 West Coast Road , Singapore 127383
Tel: 67797355 Fax: 67780801 Email:
Supervisor: Eisuke Saotome
34. The Japanese Supplementary School, Singapore
Address: 95 Clementi Road , Singapore 129782
Tel: 67775560 Fax: 67753032 Email:
Supervisor: Hiroshi Nakajima
35. United World College of South East Asia
Address: 1207 Dover Road , Singapore 139654
Tel: 67755344 Fax: 67785846/ 67753424 Email: uwcsea@singnet.com.sg
Supervisor: Kishore Mahbubani
36. Waseda Shibuya Senior High School [fka Shibuya Makuhari Senior High School]
Address: 57 West Coast Road , Singapore 127366
Tel: 67732950 Fax: 67732951 Email:
Supervisor: Hiromichi Nagatsuka
37. Willow Nursery
Address: 26A Toh Tuck Road , Singapore 596697
Tel: 64622956 Fax: 64633224 Email: info@willownursery.edu.sg
Supervisor: Deirdre Jeyasundaram (Mrs)
Who’s Who On The Homefront
Source: The Straits Times, June 17, 2007
Sell! Sell! say some. No! No! scream others. Hmmm, if the price is right… In every en bloc soap opera, weird and wonderful characters emerge. Here are seven.
1. The Stayers
They’ve lived for decades in the same home. It’s where they’ve brought up their families or shared memories with deceased spouses. Money is not an issue - they simply refuse to move out. One widow was afraid her husband’s spirit would not be able to find her if she moved; others say they had no idea their home was being sold. One thing they have in common: really annoyed neighbours who want a quick sale.
2. The Sharks
They sniff out estates with ‘en bloc potential’, hoping to make a quick killing. Passive investors tend to ‘flip’ a unit even before the sale, but more active ones may insinuate themselves onto the sales committees to push through a deal. They’ve been called troublemakers and agitators by those resisting a sale, but other residents welcome their experience in en bloc sales.
3. The Bochap Investors
They are landlords, not residents. They’re bochap (couldn’t care less) for good reason. When their unit goes en bloc, they’re more than happy to cash out. If it doesn’t, they can still collect rent. The real losers: their tenants, who have to find a new place to stay in a quickly rising market.
4. The Activists
They are articulate, passionate, and well-informed. They distribute fliers, write letters to their MPs, and read up on property laws. They are the en bloc rebels of today with only one cause: to stop a sale from going through.
5. The Fence Sitters
They are the ones who sit on the fence, not knowing which side to gun for. Some are not keen to sell but they don’t want to hold up the sale either. Some just aren’t sure if selling is a good idea while others want to be the last one to sign.
6. The Troublemakers
They are hoping to get more than the rest either because they think their units are superior or because their circumstances are more pathetic. Their actions vary from dragging their feet on the signing of the agreement to bringing their cases to the Strata Titles Board. But do not be fooled: they are definitely pro-sale.
7. The Happy Sellers
Some have toiled their whole life to buy that one apartment which will net them an en bloc sale. Some are investors. An en bloc sale would bring them more quick money than they could have dreamed of. Needless to say, they are the first to say yes.
Sell! Sell! say some. No! No! scream others. Hmmm, if the price is right… In every en bloc soap opera, weird and wonderful characters emerge. Here are seven.
1. The Stayers
They’ve lived for decades in the same home. It’s where they’ve brought up their families or shared memories with deceased spouses. Money is not an issue - they simply refuse to move out. One widow was afraid her husband’s spirit would not be able to find her if she moved; others say they had no idea their home was being sold. One thing they have in common: really annoyed neighbours who want a quick sale.2. The Sharks
They sniff out estates with ‘en bloc potential’, hoping to make a quick killing. Passive investors tend to ‘flip’ a unit even before the sale, but more active ones may insinuate themselves onto the sales committees to push through a deal. They’ve been called troublemakers and agitators by those resisting a sale, but other residents welcome their experience in en bloc sales.3. The Bochap Investors
They are landlords, not residents. They’re bochap (couldn’t care less) for good reason. When their unit goes en bloc, they’re more than happy to cash out. If it doesn’t, they can still collect rent. The real losers: their tenants, who have to find a new place to stay in a quickly rising market.4. The Activists
They are articulate, passionate, and well-informed. They distribute fliers, write letters to their MPs, and read up on property laws. They are the en bloc rebels of today with only one cause: to stop a sale from going through.5. The Fence Sitters
They are the ones who sit on the fence, not knowing which side to gun for. Some are not keen to sell but they don’t want to hold up the sale either. Some just aren’t sure if selling is a good idea while others want to be the last one to sign.6. The Troublemakers
They are hoping to get more than the rest either because they think their units are superior or because their circumstances are more pathetic. Their actions vary from dragging their feet on the signing of the agreement to bringing their cases to the Strata Titles Board. But do not be fooled: they are definitely pro-sale.7. The Happy Sellers
Some have toiled their whole life to buy that one apartment which will net them an en bloc sale. Some are investors. An en bloc sale would bring them more quick money than they could have dreamed of. Needless to say, they are the first to say yes.
Your Porsche In Your Living Room
Source : The New Paper, May 31, 2007
Units in upcoming 30-storey luxury condo on Scotts Road to come with car porches.
IF you had a Porsche, wouldn’t you like to spend every single waking moment polishing and admiring it?
And if possible, park it right in your living room, instead of some basement carpark?
Well, wish granted.
Soon, you can drive into your estate, then get whisked from the ground level to your apartment by a car lift and reverse right into your unit.
You step out and you’ll be right inside your living room.
And if you do own a Porsche, what a great conversation piece it will be compared with, say, a boring antique table.
This private carpark in each unit is likely to be the most talked-about feature in a proposed 30-storey condominium on Scotts Road.
The yet-to-be-named project will be built on the former Hotel Asia site and will be the tallest development encompassing ‘car porches’ in the world, said developer Hayden Properties.
The loading limit for the car lift will be about two tonnes, and it will be big enough to accommodate a Rolls-Royce.
A normal four-door sedan weighs just over a tonne.
Hayden Properties director Leny Suparman said they first heard about the concept in New York and Dubai.
She added: ‘It’s high time that Singapore enters into a bold, new dimension of world class affluence living like… in New York and Dubai.
‘This is something ultra luxurious for home-owners and something they can relate to. It’s like living in a bungalow and it’s great for car lovers who want to be close to their prized possession.’
There will be 54 units and two penthouses in this development, which will be launched later this year.
Each three-bedroom unit will be about 3,000 sq ft, including the car-porch space of 400 to 450 sqft - big enough for two cars, said the developer.
Each 5,700 sq ft penthouse will have two car-porches.
The price will be about $4,000 psf, said the developer, so expect to pay about $12 million for the three-bedroom units.
The car porch and the living area will be separated, possibly with glass.
That is because not many will appreciate choking on exhaust fumes in the living room.
There will be two car lifts and two passenger lifts.
And for those who prefer their cars on solid ground, every unit will also be allocated parking space in the basement carpark, said the developer.
There will be a valet service for those who prefer the passenger lift and want someone to park their car for them.
What happens if the car lift breaks down?
Then the home-owner may not be able to move his car till the lift is fixed.
But the developer said the condo would have a lift maintenance system with 24-hour service.
The company said it has received a provisional planning permit from the Urban Redevelopment Authority and construction is expected to start at the end of this year.
The developer has not worked out the maintenance costs per unit yet.
Though the project has not been launched, prospective buyers, attracted to the concept, have begun calling.
Chesterton International research director Colin Tan said it’s the first time he has heard of such a concept for a residential property here.
There are mechanised carparks in commercial properties such as Peninsula Shopping Centre and Thomson Medical Centre.
LIKE LANDED PROPERTY
Said Mr Tan: ‘One of the best things about living in a private condo is parking right next to the lift lobby and taking the lift right to your doorstep. This takes it one step further.
‘This is a premium, a plus point for the development. It’s like living in a landed property.’
But Knight Frank research director Nicholas Mak wondered if such extravagance was necessary.
He said: ‘Do you really need to bring your car into your living room? If you argue that it’s for the purpose of security, you can always have garages with locks. I wonder if buyers will accept it.’
Businessman Leonard Wee, 49, liked the idea though.
He said: ‘It’s every car enthusiast’s dream to have your car parked right inside the living room. And what better way to show off your Ferrari? It’s like having your own car showroom.’
Units in upcoming 30-storey luxury condo on Scotts Road to come with car porches.
IF you had a Porsche, wouldn’t you like to spend every single waking moment polishing and admiring it?And if possible, park it right in your living room, instead of some basement carpark?
Well, wish granted.
Soon, you can drive into your estate, then get whisked from the ground level to your apartment by a car lift and reverse right into your unit.
You step out and you’ll be right inside your living room.
And if you do own a Porsche, what a great conversation piece it will be compared with, say, a boring antique table.
This private carpark in each unit is likely to be the most talked-about feature in a proposed 30-storey condominium on Scotts Road.
The yet-to-be-named project will be built on the former Hotel Asia site and will be the tallest development encompassing ‘car porches’ in the world, said developer Hayden Properties.The loading limit for the car lift will be about two tonnes, and it will be big enough to accommodate a Rolls-Royce.
A normal four-door sedan weighs just over a tonne.
Hayden Properties director Leny Suparman said they first heard about the concept in New York and Dubai.
She added: ‘It’s high time that Singapore enters into a bold, new dimension of world class affluence living like… in New York and Dubai.
‘This is something ultra luxurious for home-owners and something they can relate to. It’s like living in a bungalow and it’s great for car lovers who want to be close to their prized possession.’
There will be 54 units and two penthouses in this development, which will be launched later this year.
Each three-bedroom unit will be about 3,000 sq ft, including the car-porch space of 400 to 450 sqft - big enough for two cars, said the developer.
Each 5,700 sq ft penthouse will have two car-porches.
The price will be about $4,000 psf, said the developer, so expect to pay about $12 million for the three-bedroom units.
The car porch and the living area will be separated, possibly with glass.
That is because not many will appreciate choking on exhaust fumes in the living room.
There will be two car lifts and two passenger lifts.
And for those who prefer their cars on solid ground, every unit will also be allocated parking space in the basement carpark, said the developer.
There will be a valet service for those who prefer the passenger lift and want someone to park their car for them.
What happens if the car lift breaks down?
Then the home-owner may not be able to move his car till the lift is fixed.
But the developer said the condo would have a lift maintenance system with 24-hour service.
The company said it has received a provisional planning permit from the Urban Redevelopment Authority and construction is expected to start at the end of this year.
The developer has not worked out the maintenance costs per unit yet.
Though the project has not been launched, prospective buyers, attracted to the concept, have begun calling.
Chesterton International research director Colin Tan said it’s the first time he has heard of such a concept for a residential property here.
There are mechanised carparks in commercial properties such as Peninsula Shopping Centre and Thomson Medical Centre.
LIKE LANDED PROPERTY
Said Mr Tan: ‘One of the best things about living in a private condo is parking right next to the lift lobby and taking the lift right to your doorstep. This takes it one step further.
‘This is a premium, a plus point for the development. It’s like living in a landed property.’
But Knight Frank research director Nicholas Mak wondered if such extravagance was necessary.
He said: ‘Do you really need to bring your car into your living room? If you argue that it’s for the purpose of security, you can always have garages with locks. I wonder if buyers will accept it.’
Businessman Leonard Wee, 49, liked the idea though.
He said: ‘It’s every car enthusiast’s dream to have your car parked right inside the living room. And what better way to show off your Ferrari? It’s like having your own car showroom.’
Ardmore Park Condo Sold En Bloc Fetches Record Price
Source: The Straits Times, June 18, 2007
AN ARDMORE Park condominium has just smashed the record for the most expensive collective sale in Singapore - less than a week since the last record was set.
The Ardmore, a 24-unit freehold property off Orchard Road, was bought by high-end developer SC Global for $262 million, some $40 million above the initial asking price.
This works out to an eyebrow-raising $2,338 per sq ft per plot ratio (psf ppr), including a $16.6 million development charge. It far surpasses the last record of $1,788 psf ppr set by Char Yong Gardens in Cairnhill last Tuesday.
The Ardmore has also become the first condo here to cross the $2,000 psf ppr mark in a collective sale. Other nearby estates making similar attempts include Grangeford Apartments at Leonie Hill and Elizabeth Heights and Trendale Tower in the Cairnhill area.
With this sale, each owner of The Ardmore - which has mainly three-bedroom units of 1,991 sq ft in size - stands to get about $11 million on average. No units have been transacted in the past two years, and the single unit that changed hands in 2005 went for $904 psf.
The coveted condo was said to have attracted five other bids from big-name property developers in a public tender that closed last Tuesday. All the bids were close, a sign that developers remain bullish on the highest end of the property market despite the recent sharp run up in prices.
Home prices rose 4.8 per cent in the first quarter, after rising 10.2 per cent last year. In the same periods, prices in prime districts shot up 7.3 per cent and 25.4 per cent, respectively.
The Ardmore sits on the last site with redevelopment potential in Ardmore Park, one of Singapore’s choicest residential districts. Most of the nearby condos are either fairly new or already sold for redevelopment.
SC Global’s winning offer for The Ardmore means it will have to sell units in the new project at more than $3,300 psf, and likely closer to $4,000 psf, said property experts.
Mr Lui Seng Fatt, regional and head of investments at Jones Lang LaSalle, believes these prices are ‘doable’.
‘Ardmore is among the best addresses in Singapore,’ he said. ‘The price that SC Global is paying for this site is certainly no surprise.’
Mr Nicholas Mak, director of research and consultancy at Knight Frank, estimated that the breakeven price for the project could go up to $3,200 psf ppr. He said 45 to 50 new units of about 2,000 sq ft each could be built.
The 42,565 sq ft plot can host a new 36-storey development with a total floor area of 119,181 sq ft, SC Global said yesterday. Chairman and chief executive officer Simon Cheong said the group intends to build a high-end luxury condo.
‘The Ardmore Park address is well-established in the international community as an upmarket residential enclave,’ he said in a statement.
This purchase brings SC Global’s total bill for collective sales since last year to about $1 billion. Last year, it spent $648 million on Paterson Tower, Hilltops Apartments and some terrace houses in Cairnhill.
The Ardmore sale is the latest in a string of record-breaking collective sales and comes a day after the Government said it is keeping an eye on fast-rising home prices.
Although Minister of National Development Mah Bow Tan said buyers of ‘multimillion- dollar’ homes in the central regions ‘can take care of themselves’, he added that it was important to ensure that ‘prices do not overshoot’.
Last week, the Government released a slew of new residential sites, mainly in suburban areas, in what is being seen as a move to steady the market.
AN ARDMORE Park condominium has just smashed the record for the most expensive collective sale in Singapore - less than a week since the last record was set.
The Ardmore, a 24-unit freehold property off Orchard Road, was bought by high-end developer SC Global for $262 million, some $40 million above the initial asking price.
This works out to an eyebrow-raising $2,338 per sq ft per plot ratio (psf ppr), including a $16.6 million development charge. It far surpasses the last record of $1,788 psf ppr set by Char Yong Gardens in Cairnhill last Tuesday.
The Ardmore has also become the first condo here to cross the $2,000 psf ppr mark in a collective sale. Other nearby estates making similar attempts include Grangeford Apartments at Leonie Hill and Elizabeth Heights and Trendale Tower in the Cairnhill area.
With this sale, each owner of The Ardmore - which has mainly three-bedroom units of 1,991 sq ft in size - stands to get about $11 million on average. No units have been transacted in the past two years, and the single unit that changed hands in 2005 went for $904 psf.
The coveted condo was said to have attracted five other bids from big-name property developers in a public tender that closed last Tuesday. All the bids were close, a sign that developers remain bullish on the highest end of the property market despite the recent sharp run up in prices.
Home prices rose 4.8 per cent in the first quarter, after rising 10.2 per cent last year. In the same periods, prices in prime districts shot up 7.3 per cent and 25.4 per cent, respectively.
The Ardmore sits on the last site with redevelopment potential in Ardmore Park, one of Singapore’s choicest residential districts. Most of the nearby condos are either fairly new or already sold for redevelopment.
SC Global’s winning offer for The Ardmore means it will have to sell units in the new project at more than $3,300 psf, and likely closer to $4,000 psf, said property experts.
Mr Lui Seng Fatt, regional and head of investments at Jones Lang LaSalle, believes these prices are ‘doable’.
‘Ardmore is among the best addresses in Singapore,’ he said. ‘The price that SC Global is paying for this site is certainly no surprise.’
Mr Nicholas Mak, director of research and consultancy at Knight Frank, estimated that the breakeven price for the project could go up to $3,200 psf ppr. He said 45 to 50 new units of about 2,000 sq ft each could be built.
The 42,565 sq ft plot can host a new 36-storey development with a total floor area of 119,181 sq ft, SC Global said yesterday. Chairman and chief executive officer Simon Cheong said the group intends to build a high-end luxury condo.
‘The Ardmore Park address is well-established in the international community as an upmarket residential enclave,’ he said in a statement.
This purchase brings SC Global’s total bill for collective sales since last year to about $1 billion. Last year, it spent $648 million on Paterson Tower, Hilltops Apartments and some terrace houses in Cairnhill.
The Ardmore sale is the latest in a string of record-breaking collective sales and comes a day after the Government said it is keeping an eye on fast-rising home prices.
Although Minister of National Development Mah Bow Tan said buyers of ‘multimillion- dollar’ homes in the central regions ‘can take care of themselves’, he added that it was important to ensure that ‘prices do not overshoot’.
Last week, the Government released a slew of new residential sites, mainly in suburban areas, in what is being seen as a move to steady the market.
90% Of Balloted HDB Flats Now Reserved For First-Timers
Source : The Straits Times, Aug 14, 2007
First-time applicants of new Housing Development Board flats have just been given a step-up in priority, with 90 per cent of balloted flats now reserved for them.
FIRST-TIMERS applying for Housing Board flats can rejoice - their chances of getting that new apartment they want have now increased further.
This step up in priority extends also to applicants under the Married Child Priority Scheme (MCPS), in view of the more 'pressing need' among newlyweds to buy a flat near their parents, said HDB in a statement.
This would make it easier for newlyweds to settle down and start a family, said HDB.
Following a recent report by The Forum on HDB Heartware, led by Minister of State for National Development Ms Grace Fu, HDB has implemented a new quota system for Build-To-Order (BTO) and balloting exercises to this effect.
90 per cent of the flat supply for the public will be reserved for first-timers. HDB says this would make it easier for newlyweds to settle down and start a family. -- ST PHOTO: NG SOR LUAN
The flat supply for public applicants will now be allocated to first- and second-timer applicants in the ratio 90:10.
This means that 90 per cent of the flat supply for the public will be reserved for first-timers.
Under the existing system, first-timers are shortlisted for about 80 per cent of flat supply; together with MCPS applicants, first-timers also enjoy twice the success rate over other applicants under BTO and balloting.
But now under the new system, first-timers and MCPS applicants will have double the chances over public applicants. This improves their chances of being shortlisted.
Applicants who qualify as first-timers and are eligible under the MCPS will be given four chances under the ballot as compared to regular applicants.
On top of this, first-timers who have failed to be shortlisted for four or more times under BTO or balloting exercises will be given an extra chance for each unsuccessful try.
'For fairness, public applicants will still be subject to a ballot to determine that the order that applicants will be shortlisted to select a flat,' said HDB.
The new system started on Tuesday with the launch of the BTO exercise for Punggol Vista.
First-time applicants of new Housing Development Board flats have just been given a step-up in priority, with 90 per cent of balloted flats now reserved for them.FIRST-TIMERS applying for Housing Board flats can rejoice - their chances of getting that new apartment they want have now increased further.
This step up in priority extends also to applicants under the Married Child Priority Scheme (MCPS), in view of the more 'pressing need' among newlyweds to buy a flat near their parents, said HDB in a statement.
This would make it easier for newlyweds to settle down and start a family, said HDB.
Following a recent report by The Forum on HDB Heartware, led by Minister of State for National Development Ms Grace Fu, HDB has implemented a new quota system for Build-To-Order (BTO) and balloting exercises to this effect.
90 per cent of the flat supply for the public will be reserved for first-timers. HDB says this would make it easier for newlyweds to settle down and start a family. -- ST PHOTO: NG SOR LUANThe flat supply for public applicants will now be allocated to first- and second-timer applicants in the ratio 90:10.
This means that 90 per cent of the flat supply for the public will be reserved for first-timers.
Under the existing system, first-timers are shortlisted for about 80 per cent of flat supply; together with MCPS applicants, first-timers also enjoy twice the success rate over other applicants under BTO and balloting.
But now under the new system, first-timers and MCPS applicants will have double the chances over public applicants. This improves their chances of being shortlisted.
Applicants who qualify as first-timers and are eligible under the MCPS will be given four chances under the ballot as compared to regular applicants.
Type of Applicant | No. of chances assignedunder ballot for shortlisting |
Second-timer | 1 |
First-timer | 2 |
Second-timer qualified for MCPS | 3 |
First-timer qualified for MCPS | 4 |
On top of this, first-timers who have failed to be shortlisted for four or more times under BTO or balloting exercises will be given an extra chance for each unsuccessful try.
'For fairness, public applicants will still be subject to a ballot to determine that the order that applicants will be shortlisted to select a flat,' said HDB.
The new system started on Tuesday with the launch of the BTO exercise for Punggol Vista.
Asian Bourses Recover As Calm Returns To Financial Markets
Source : The Straits Times, Aug 14, 2007
Central banks in region refrain from cash injections, unlike in US, Europe and Japan
A MEASURE of calm and confidence returned to financial markets yesterday.
Asian stock markets made a tentative recovery from last week's rout, while central banks in the region outside Japan refrained from joining their United States and European counterparts in pumping additional cash into the system.
They maintained there was enough liquidity in their markets to avoid a credit crunch.
In Singapore, the Straits Times Index climbed 0.6 per cent to 3,380.61. Other key Asian bourses chalked up modest gains, with Tokyo's Nikkei 225 and Hong Kong's Hang Seng Index inching up 0.2 and 0.4 per cent, respectively.
In London, the FTSE 100 index also bounced back, closing almost 3 per cent higher at 6,219 points.
The European Central Bank (ECB) yesterday added emergency funds to the banking system for a third trading day, but said money markets were returning to normal.
Yesterday's injection of 47.7 billion euros (S$99 billion) followed a 95 billion euro infusion last Thursday and a further 61 billion euros on Friday.
The ECB noted that 'money market conditions are normalising and the supply of aggregate liquidity is ample'.
Across the Atlantic, the United States Federal Reserve yesterday pumped US$2 billion into the US financial system just after the stock market opened.
This followed the injection of some US$62 billion last Thursday and Friday to ease tightening credit linked to the crisis in the US subprime mortgage sector.
In a statement before the US markets opened yesterday, the Federal Reserve Bank of New York said that it 'stands ready to conduct additional operations later in the day as needed'.
Earlier in the day, Japan's central bank said it injected ¥600 billion (S$7.7 billion) into money markets, down from the ¥1 trillion it pumped in on Friday.
Central banks in South Korea, the Philippines, Singapore, Indonesia, India and Malaysia have said they are prepared to add cash into their systems if required.
But Malaysia's central bank chief, Ms Zeti Akhtar, said yesterday that while markets would remain fickle, Asia was stable amid high liquidity.
Elsewhere in Asia, policy makers insisted there was enough money in the banking system to warrant them staying out.
Yesterday's reassuring statements came after a week of panic in global markets over complex credit derivatives linked to defaulting US mortgages in its sub-prime - or high risk - sector.
The key fear among investors is there are still undisclosed losses resulting from bad debts that could trigger the collapse of some banks and funds. It is this concern that has led banks to hoard cash rather than lend it to each other in short-term trades as usual, making interbank lending expensive.
Money market traders also noted the close cooperation between the Bank of Japan, the US Fed and the ECB in pumping billions of dollars into a global financial market worried about a possible credit crunch.
Their actions have had an effect. The overnight rate at which banks lend euros to each other fell to 4.03 per cent yesterday from the six-year high of 4.62 per cent it hit on Thursday. There was also a sharp drop in the US Fed funds rate late on Friday.
While moves by central banks have raised concerns that the liquidity problem was more serious than previously anticipated, yesterday they helped ease tension and shift investor focus back to strong corporate and economic fundamentals.
Central banks in region refrain from cash injections, unlike in US, Europe and Japan
A MEASURE of calm and confidence returned to financial markets yesterday.
Asian stock markets made a tentative recovery from last week's rout, while central banks in the region outside Japan refrained from joining their United States and European counterparts in pumping additional cash into the system.
They maintained there was enough liquidity in their markets to avoid a credit crunch.
In Singapore, the Straits Times Index climbed 0.6 per cent to 3,380.61. Other key Asian bourses chalked up modest gains, with Tokyo's Nikkei 225 and Hong Kong's Hang Seng Index inching up 0.2 and 0.4 per cent, respectively.
In London, the FTSE 100 index also bounced back, closing almost 3 per cent higher at 6,219 points.
The European Central Bank (ECB) yesterday added emergency funds to the banking system for a third trading day, but said money markets were returning to normal.
Yesterday's injection of 47.7 billion euros (S$99 billion) followed a 95 billion euro infusion last Thursday and a further 61 billion euros on Friday.
The ECB noted that 'money market conditions are normalising and the supply of aggregate liquidity is ample'.
Across the Atlantic, the United States Federal Reserve yesterday pumped US$2 billion into the US financial system just after the stock market opened.
This followed the injection of some US$62 billion last Thursday and Friday to ease tightening credit linked to the crisis in the US subprime mortgage sector.
In a statement before the US markets opened yesterday, the Federal Reserve Bank of New York said that it 'stands ready to conduct additional operations later in the day as needed'.
Earlier in the day, Japan's central bank said it injected ¥600 billion (S$7.7 billion) into money markets, down from the ¥1 trillion it pumped in on Friday.
Central banks in South Korea, the Philippines, Singapore, Indonesia, India and Malaysia have said they are prepared to add cash into their systems if required.
But Malaysia's central bank chief, Ms Zeti Akhtar, said yesterday that while markets would remain fickle, Asia was stable amid high liquidity.
Elsewhere in Asia, policy makers insisted there was enough money in the banking system to warrant them staying out.
Yesterday's reassuring statements came after a week of panic in global markets over complex credit derivatives linked to defaulting US mortgages in its sub-prime - or high risk - sector.
The key fear among investors is there are still undisclosed losses resulting from bad debts that could trigger the collapse of some banks and funds. It is this concern that has led banks to hoard cash rather than lend it to each other in short-term trades as usual, making interbank lending expensive.
Money market traders also noted the close cooperation between the Bank of Japan, the US Fed and the ECB in pumping billions of dollars into a global financial market worried about a possible credit crunch.
Their actions have had an effect. The overnight rate at which banks lend euros to each other fell to 4.03 per cent yesterday from the six-year high of 4.62 per cent it hit on Thursday. There was also a sharp drop in the US Fed funds rate late on Friday.
While moves by central banks have raised concerns that the liquidity problem was more serious than previously anticipated, yesterday they helped ease tension and shift investor focus back to strong corporate and economic fundamentals.
Former S’pore ‘Twiggy’ Battles Lawyer Brother
Source : The New Paper, 14 Aug 2007
SIBLINGS SUE
.Former model sets up firm with brother to buy London properties
.Later, she accuses him of keeping poor records and misusing money
.She sues, but judge dismisses case
The spate of family fights over properties continues. This time it is between siblings - former top Singapore model Rabiah Weiss, 60, who was known as Asia’s answer to Twiggy in the ’70s, and her lawyer brother Salem Ibrahim.
Ms Rabiah Weiss in her heyday as a top model in the '70s. The enterprsing Singaporean was also a fashion designer, boutique owner and interior decorator. -- File Pictures:
All the properties are in London.
The high-profile family includes Singapore’s first attorney-general, a movie director in the US and several models.
The two siblings brought their fight over eight London properties to Singapore recently.
They had been involved in a joint venture to invest in the properties.
It was agreed that they would register offshore companies in Seychelles and the British Virgin Islands to buy the properties.
Mr Salem was the companies’ sole director and Ms Rabiah was a shareholder.
Ms Rabiah accused Mr Salem of not keeping proper accounts and of using the venture’s funds for his own purposes.
In 2003, she sued him, and asked the High Court to order that he account for his dealings in the venture.
She also wanted him to compensate her.
The lawsuit took four years to go to trial as Ms Rabiah amended the claims three times. Mr Salem then had to amend his defence.
Mr Salem, represented by Senior Counsel Jimmy Yim and Mr Kelvin Tan of Drew & Napier, denied pocketing the funds.
He claimed the siblings had agreed that for tax efficiency, his personal UK bank account would be used to receive money related to the venture.
He denied that he was a partner in the venture and owed his sister any duties as a director of their companies.
Mr Salem also countersued his sister for his share in the properties, after accounting for rent received, renovation and other work done on the properties.
In February, Justice Judith Prakash dismissed Ms Rabiah’s claim.
Mr Salem appealed against some aspects of the judgment, but dropped his application in June, when the deadline for his sister to appeal lapsed.
According to court papers, the dispute began in mid-1996, when Ms Rabiah and her second husband, Frenchman Pierre-Alain Weiss, stayed in Mr Salem’s house while on holiday here.
At the time, Ms Rabiah already owned six houses in London, and supported her family with the rent earned from properties.
CHAIN OF BOUTIQUES
She went into the fashion business in 1968, founding a successful chain of Trend boutiques.
The first boutique, started on North Bridge Road in 1968, sold flower power clothes she designed herself, including bell-bottom trousers and mini skirts. Her elder sister, Fatimah, was her business partner.
She used to put on her boots and dance like she was in a disco at the windows of her shop to attract the crowds.
That was her idea of promoting sales then. Eventually, in 1988, she sold her successful chain of 23 Trend boutiques to fellow Singaporean urbanista and entrepreneur Farah Khan.
She then switched to interior design, restoring period houses in Britain and France.
During her stay at Mr Salem’s house, the siblings had discussed entering the London property market.
Their talks resulted in an verbal agreement to buy and refurbish residential properties, intending to rent or sell them for profit.
Between October 1996 and February 1998, the siblings bought eight houses in London, in districts like Southwark, Dulwich and Peckham Rye.
The purchase price of one of the properties was not stated. The other seven were bought for a total of £556,000 ($1.7m at today’s rates).
Each sibling contributed £100,000 to the venture, while banks such as Hill Samuel Merchant Bank and Lloyds Bank extended loans.
Since then, the properties have been sold, with a profit of about £1million.
Despite the success of the venture, the siblings’ relationship soured.
She now owns an art gallery in Holland Village. -- File Pictures
TRUCE BUT NOT FOR LONG
In mid-2001, another sibling, Mr Victor Adam Ibrahim, brokered a truce between the two.
The estranged siblings signed a settlement agreement, agreeing to dissolve the venture, keep what each had put in and split the remaining equally.
But the settlement did not work, and the siblings ended up in court.
Dismissing Ms Rabiah’ case, Justice Prakash said Mr Salem did not owe his sister any duties as a trustee.
However, Justice Prakash found that contrary to Mr Salem’s claim, he was indeed his sister’s business partner, even in the absence of a partnership agreement.
This was so as the siblings had agreed to go into business for an indefinite period - there was no time limit for the properties to be sold.
While Mr Salem admitted to using the venture’s funds for personal purposes, he pointed out that his sister had done the same.
Justice Prakash noted that the siblings were used to mixing venture funds with their own money and were both content for this practice to continue while the venture continued.
In her judgment, Justice Prakash wrote: ‘It was only after the venture broke down that Ms Rabiah complained about the failure to segregate venture monies from personal monies.
‘In my view, that complaint was made far too late to found the ground of an allegation of breach of duty against Mr Salem.’
The year Ms Rabiah sued her brother was also the year she returned to Singapore with her second husband.
In 2004, she made another career switch, picking up the paintbrush.
Last year, she launched her first exhibition at the Fleming Gallery on the second floor of the Holland V Shopping Mall. The gallery is owned by her husband, Mr Weiss, 38.
It is named after her first husband British banker Ian Hues Fleming, who died in 2002.
The reason for that, Mr Weiss said in an earlier press interview, is that he is too shy to use his own name.
He also wanted to encourage her sons David, 34, and Angus, 31, both artists.
Ms Rabiah has another son Adam, 33, with Mr Fleming, whom she married in 1967. They divorced in 1987.
FAMILY OF 11 CHILDREN
Ms Rabiah and Mr Salem belong to a family of 11 siblings, children of a doctor and a midwife.
Their elder brother was Singapore’s first Attorney-General, Dr Ahmad Ibrahim. He was also a co-drafter of Singapore’s Constitution.
Their fourth sister, Ms Hawa Ibrahim, was a model for Pierre Cardin who went on to marry Lord Francis Russell, the youngest son of Britain’s Duke of Bedford.
Their third brother Cal Bellini (birth name: Khalid Ibrahim) is a movie director in the US, who also acted alongside Oscar-winner Dustin Hoffman in the 1970 Western Little Big Man.
Both Ms Rabiah and Mr Salem declined comment when approached by The New Paper.
FEUDING FAMILIES
April 2006: Madam Hwang Chow, 80, sued her daughter and son-in-law for more than $520,000 from the sale of a house.
Her daughter died of hypertension three days after court papers were served on her.
The suit was settled with Madam Hwang getting an undisclosed amount.
July 2006: Mr Chew Tong Seng, 72, and Madam Ng Mui Yan, 68, took their eldest son Chew Cheng Quee to court for more than $1million. The bulk of the money was from the $890,000 sale of a shophouse on Cactus Road.
The judge ruled in favour of the parents.
October 2006: The widow and two children of shipping magnate Ng Teow Yhee took third son Sebastian to court.
They want him to redistribute his late father’s estate, which was willed to him, MrNg’s seven other children and several grandchildren.
The outcome of the case is not known.
April 2007: Mr Chiam Heng Hsien, 61, was taken to court by his relatives for blocking the sale of the Mitre Hotel.
Mr Chiam owns 10 per cent of the family-owned hotel, which could fetch up to $200 million. The court ruled that Mr Chiam has to move out when the hotel is sold.
May 2007: Tan Jong Kui, 68, took his father Tan Poh Hiang, 98, and two siblings to court. He wanted from them the $500,000 the government had paid as compensation for a unit in Hock Kee House that he had co-owned.
The defendants counter-sued.
Both parties agreed to drop the case two days later.
July 2007: Businessman Chang Ham Chwee, 68, is suing his daughter, who has a low IQ, and three siblings for three properties worth $9 million.
His late mother left a bungalow to him and two other houses to his daughter, Ms Chang Lee Siang, 48, and three siblings.
But he claims all three belong to him as they were bought with profits from the family business which he ran. The case is still being heard.
July 2007: Mrs Ishwaribai Ramchand Daswani, 86, sued her son, Mr Mohanlal, 51, for using her money to buy and register a $700,000 Savannah Park condo unit under his name. He claimed he had merely followed her instructions.
Mr Mohanlal conceded the case a day after trial began as he did not want his mother to go through ’such a difficult time’.
SIBLINGS SUE
.Former model sets up firm with brother to buy London properties
.Later, she accuses him of keeping poor records and misusing money
.She sues, but judge dismisses case
The spate of family fights over properties continues. This time it is between siblings - former top Singapore model Rabiah Weiss, 60, who was known as Asia’s answer to Twiggy in the ’70s, and her lawyer brother Salem Ibrahim.
Ms Rabiah Weiss in her heyday as a top model in the '70s. The enterprsing Singaporean was also a fashion designer, boutique owner and interior decorator. -- File Pictures: All the properties are in London.
The high-profile family includes Singapore’s first attorney-general, a movie director in the US and several models.
The two siblings brought their fight over eight London properties to Singapore recently.
They had been involved in a joint venture to invest in the properties.
It was agreed that they would register offshore companies in Seychelles and the British Virgin Islands to buy the properties.
Mr Salem was the companies’ sole director and Ms Rabiah was a shareholder.
Ms Rabiah accused Mr Salem of not keeping proper accounts and of using the venture’s funds for his own purposes.
In 2003, she sued him, and asked the High Court to order that he account for his dealings in the venture.
She also wanted him to compensate her.
The lawsuit took four years to go to trial as Ms Rabiah amended the claims three times. Mr Salem then had to amend his defence.
Mr Salem, represented by Senior Counsel Jimmy Yim and Mr Kelvin Tan of Drew & Napier, denied pocketing the funds. He claimed the siblings had agreed that for tax efficiency, his personal UK bank account would be used to receive money related to the venture.
He denied that he was a partner in the venture and owed his sister any duties as a director of their companies.
Mr Salem also countersued his sister for his share in the properties, after accounting for rent received, renovation and other work done on the properties.
In February, Justice Judith Prakash dismissed Ms Rabiah’s claim.
Mr Salem appealed against some aspects of the judgment, but dropped his application in June, when the deadline for his sister to appeal lapsed.
According to court papers, the dispute began in mid-1996, when Ms Rabiah and her second husband, Frenchman Pierre-Alain Weiss, stayed in Mr Salem’s house while on holiday here.
At the time, Ms Rabiah already owned six houses in London, and supported her family with the rent earned from properties.
CHAIN OF BOUTIQUES
She went into the fashion business in 1968, founding a successful chain of Trend boutiques.
The first boutique, started on North Bridge Road in 1968, sold flower power clothes she designed herself, including bell-bottom trousers and mini skirts. Her elder sister, Fatimah, was her business partner.
She used to put on her boots and dance like she was in a disco at the windows of her shop to attract the crowds.
That was her idea of promoting sales then. Eventually, in 1988, she sold her successful chain of 23 Trend boutiques to fellow Singaporean urbanista and entrepreneur Farah Khan.
She then switched to interior design, restoring period houses in Britain and France.
During her stay at Mr Salem’s house, the siblings had discussed entering the London property market.
Their talks resulted in an verbal agreement to buy and refurbish residential properties, intending to rent or sell them for profit.
Between October 1996 and February 1998, the siblings bought eight houses in London, in districts like Southwark, Dulwich and Peckham Rye.
The purchase price of one of the properties was not stated. The other seven were bought for a total of £556,000 ($1.7m at today’s rates).
Each sibling contributed £100,000 to the venture, while banks such as Hill Samuel Merchant Bank and Lloyds Bank extended loans.
Since then, the properties have been sold, with a profit of about £1million.
Despite the success of the venture, the siblings’ relationship soured.
She now owns an art gallery in Holland Village. -- File Pictures TRUCE BUT NOT FOR LONG
In mid-2001, another sibling, Mr Victor Adam Ibrahim, brokered a truce between the two.
The estranged siblings signed a settlement agreement, agreeing to dissolve the venture, keep what each had put in and split the remaining equally.
But the settlement did not work, and the siblings ended up in court.
Dismissing Ms Rabiah’ case, Justice Prakash said Mr Salem did not owe his sister any duties as a trustee.
However, Justice Prakash found that contrary to Mr Salem’s claim, he was indeed his sister’s business partner, even in the absence of a partnership agreement.
This was so as the siblings had agreed to go into business for an indefinite period - there was no time limit for the properties to be sold.
While Mr Salem admitted to using the venture’s funds for personal purposes, he pointed out that his sister had done the same.
Justice Prakash noted that the siblings were used to mixing venture funds with their own money and were both content for this practice to continue while the venture continued.
In her judgment, Justice Prakash wrote: ‘It was only after the venture broke down that Ms Rabiah complained about the failure to segregate venture monies from personal monies.
‘In my view, that complaint was made far too late to found the ground of an allegation of breach of duty against Mr Salem.’
The year Ms Rabiah sued her brother was also the year she returned to Singapore with her second husband.
In 2004, she made another career switch, picking up the paintbrush.
Last year, she launched her first exhibition at the Fleming Gallery on the second floor of the Holland V Shopping Mall. The gallery is owned by her husband, Mr Weiss, 38.
It is named after her first husband British banker Ian Hues Fleming, who died in 2002.
The reason for that, Mr Weiss said in an earlier press interview, is that he is too shy to use his own name.
He also wanted to encourage her sons David, 34, and Angus, 31, both artists.
Ms Rabiah has another son Adam, 33, with Mr Fleming, whom she married in 1967. They divorced in 1987.
FAMILY OF 11 CHILDREN
Ms Rabiah and Mr Salem belong to a family of 11 siblings, children of a doctor and a midwife.
Their elder brother was Singapore’s first Attorney-General, Dr Ahmad Ibrahim. He was also a co-drafter of Singapore’s Constitution.
Their fourth sister, Ms Hawa Ibrahim, was a model for Pierre Cardin who went on to marry Lord Francis Russell, the youngest son of Britain’s Duke of Bedford.
Their third brother Cal Bellini (birth name: Khalid Ibrahim) is a movie director in the US, who also acted alongside Oscar-winner Dustin Hoffman in the 1970 Western Little Big Man.
Both Ms Rabiah and Mr Salem declined comment when approached by The New Paper.
FEUDING FAMILIES
April 2006: Madam Hwang Chow, 80, sued her daughter and son-in-law for more than $520,000 from the sale of a house.
Her daughter died of hypertension three days after court papers were served on her.
The suit was settled with Madam Hwang getting an undisclosed amount.
July 2006: Mr Chew Tong Seng, 72, and Madam Ng Mui Yan, 68, took their eldest son Chew Cheng Quee to court for more than $1million. The bulk of the money was from the $890,000 sale of a shophouse on Cactus Road.
The judge ruled in favour of the parents.
October 2006: The widow and two children of shipping magnate Ng Teow Yhee took third son Sebastian to court.
They want him to redistribute his late father’s estate, which was willed to him, MrNg’s seven other children and several grandchildren.
The outcome of the case is not known.
April 2007: Mr Chiam Heng Hsien, 61, was taken to court by his relatives for blocking the sale of the Mitre Hotel.
Mr Chiam owns 10 per cent of the family-owned hotel, which could fetch up to $200 million. The court ruled that Mr Chiam has to move out when the hotel is sold.
May 2007: Tan Jong Kui, 68, took his father Tan Poh Hiang, 98, and two siblings to court. He wanted from them the $500,000 the government had paid as compensation for a unit in Hock Kee House that he had co-owned.
The defendants counter-sued.
Both parties agreed to drop the case two days later.
July 2007: Businessman Chang Ham Chwee, 68, is suing his daughter, who has a low IQ, and three siblings for three properties worth $9 million.
His late mother left a bungalow to him and two other houses to his daughter, Ms Chang Lee Siang, 48, and three siblings.
But he claims all three belong to him as they were bought with profits from the family business which he ran. The case is still being heard.
July 2007: Mrs Ishwaribai Ramchand Daswani, 86, sued her son, Mr Mohanlal, 51, for using her money to buy and register a $700,000 Savannah Park condo unit under his name. He claimed he had merely followed her instructions.
Mr Mohanlal conceded the case a day after trial began as he did not want his mother to go through ’such a difficult time’.
Are We Headed For A CRISIS?
Source : The New Paper, 14 Aug 2007
Easy credit in the US led to rapid expansion. Now some banks are worried about unpaid loans
Are we approaching ‘the great unwind’?
The economy, stock and property markets are all doing fine. But something feels wrong.
For one thing, stock market volatility has increased. Last week, the Straits Times Index rose and fell more than 100 points.
It was the same for the US Dow index with swings of 200 points.
In the past 30 years, the world’s economy has taken three big hits. We will check them out and then ask: ‘Are we headed for hit number four?’
3 + 1 ECONOMIC DOWNTURNS
Crisis #1: The US Savings and Loan (S&L) crisis of the 1980s.
S&Ls are like banks but specialise in US home loans. Many took in deposits costing 3 per cent and used the money to make risky real estate investments earning more than 15 per cent.
Investors didn’t care about the risks since their deposits were guaranteed by the US government. They were certain to get their money back.
The government eventually cracked down and regulated S&Ls more closely but it was an expensive lesson.
The US paid over $100 billion to bail out depositors of the more than 1,000 S&Ls which failed.
The crisis contributed to a worldwide recession in 1982.
Crisis #2: The Asian currency crisis began on 1 Jul, 1997 when Thailand announced its US dollar reserves had fallen to zero. That shocking news led to a sell-off of the Thai baht.
It drew in currency speculators which triggered a sell-off of all Asian currencies. Hardest hit was the Indonesian rupiah. The crisis was largely confined to Asia. Singapore managed to sidestep the most devastating effects.
Still, the Straits Times Index dropped to a low of 805 on 4 Sep, 1998. The index now trades at around 3,400, a rise of 300 per cent in nine years.
Crisis #3: On 10 Mar, 2000 the US Nasdaq stock index hit a high of 5,048.
From there, high-tech counters began their long slide downhill. This became known as ‘the burst of the Internet bubble’.
It took 2 1/2 years for the Nasdaq to finally hit bottom at 1,114 on 9 Oct, 2002, a drop of 80 per cent.
Since then, the Nasdaq has risen to 2,600 for a gain of more than 100 per cent. It is now half-way back to its former high of 5,048.
The sell-off contributed to the worldwide recession in 2002.
Crisis #4?: Are we headed towards a fourth economic crisis?
If so, June 2000 will mark its beginning. That was when the US Central Bank cut its key short-term lending rate to 1 per cent and kept it there for one year.
Only Japan had such low rates and easy credit terms. It was unprecedented in the US, and it has led to an expansion that some say is another bubble ready to burst.
The low rates gave rise to hedge funds, private equity and a slew of creative financial products that seem to make risks disappear.
It all works as long as credit is easy and asset prices rise.
The first prick at the bubble came two months ago when US finance companies stopped making home loans requiring:
(i) no down payment and,
(ii) no proof of income.
Now, US borrowers must have a job before they can get a home loan. Gee, what will they think of next?
Are S’pore banks safe?
LAST week, we saw our three local banks explain their exposure to the risky sub-prime US housing market.
Banks own debt that is based on these loans. One local bank said it expects to lose about $50 million.
That is a lot of money and it shouldn’t have happened. But the amount is manageable.
DBS, UOB and OCBC have just reported earnings for the last three months.
Each earned over $500m. It means a $50m loss is only 10 per cent of one quarter’s earnings.
Singapore dollar deposits are guaranteed by the Singapore Deposit Insurance Corporation (SDIC) for up to $20,000 minus your outstanding loans from the bank.
The amount covers more than 80 per cent of depositors at full banks and finance companies.
Bigger deposits are not guaranteed. But in the remote chance of a bank crisis, I doubt that the Singapore Government would let a local bank fail.
The damage to the economy would be too great.
As for foreign banks, most are larger than our three local banks which would seem to make them even safer. Not true. While the SDIC guarantee applies, the parent bank does not guarantee local deposits.
We saw this in Argentina’s banking crisis in December 2000. At the height of the crisis, depositors tried withdrawing their US dollars all at once. The banks ran out of money and closed their doors.
The big foreign banks were not obligated to make good on deposits at their affiliates and, of course, they didn’t. Billions of dollars were lost in this country of 36 million people.
The conclusion is deposits at foreign banks may face a slightly higher risk than at the three local banks.
By Larry Haverkamp (Doc Money)
Easy credit in the US led to rapid expansion. Now some banks are worried about unpaid loans
Are we approaching ‘the great unwind’?
The economy, stock and property markets are all doing fine. But something feels wrong.
For one thing, stock market volatility has increased. Last week, the Straits Times Index rose and fell more than 100 points.
It was the same for the US Dow index with swings of 200 points.
In the past 30 years, the world’s economy has taken three big hits. We will check them out and then ask: ‘Are we headed for hit number four?’
3 + 1 ECONOMIC DOWNTURNS
Crisis #1: The US Savings and Loan (S&L) crisis of the 1980s.
S&Ls are like banks but specialise in US home loans. Many took in deposits costing 3 per cent and used the money to make risky real estate investments earning more than 15 per cent.
Investors didn’t care about the risks since their deposits were guaranteed by the US government. They were certain to get their money back.
The government eventually cracked down and regulated S&Ls more closely but it was an expensive lesson.
The US paid over $100 billion to bail out depositors of the more than 1,000 S&Ls which failed.
The crisis contributed to a worldwide recession in 1982.
Crisis #2: The Asian currency crisis began on 1 Jul, 1997 when Thailand announced its US dollar reserves had fallen to zero. That shocking news led to a sell-off of the Thai baht.
It drew in currency speculators which triggered a sell-off of all Asian currencies. Hardest hit was the Indonesian rupiah. The crisis was largely confined to Asia. Singapore managed to sidestep the most devastating effects.
Still, the Straits Times Index dropped to a low of 805 on 4 Sep, 1998. The index now trades at around 3,400, a rise of 300 per cent in nine years.
Crisis #3: On 10 Mar, 2000 the US Nasdaq stock index hit a high of 5,048.
From there, high-tech counters began their long slide downhill. This became known as ‘the burst of the Internet bubble’.
It took 2 1/2 years for the Nasdaq to finally hit bottom at 1,114 on 9 Oct, 2002, a drop of 80 per cent.
Since then, the Nasdaq has risen to 2,600 for a gain of more than 100 per cent. It is now half-way back to its former high of 5,048.
The sell-off contributed to the worldwide recession in 2002.
Crisis #4?: Are we headed towards a fourth economic crisis?
If so, June 2000 will mark its beginning. That was when the US Central Bank cut its key short-term lending rate to 1 per cent and kept it there for one year.
Only Japan had such low rates and easy credit terms. It was unprecedented in the US, and it has led to an expansion that some say is another bubble ready to burst.
The low rates gave rise to hedge funds, private equity and a slew of creative financial products that seem to make risks disappear.
It all works as long as credit is easy and asset prices rise.
The first prick at the bubble came two months ago when US finance companies stopped making home loans requiring:
(i) no down payment and,
(ii) no proof of income.
Now, US borrowers must have a job before they can get a home loan. Gee, what will they think of next?
Are S’pore banks safe?
LAST week, we saw our three local banks explain their exposure to the risky sub-prime US housing market.
Banks own debt that is based on these loans. One local bank said it expects to lose about $50 million.
That is a lot of money and it shouldn’t have happened. But the amount is manageable.
DBS, UOB and OCBC have just reported earnings for the last three months.
Each earned over $500m. It means a $50m loss is only 10 per cent of one quarter’s earnings.
Singapore dollar deposits are guaranteed by the Singapore Deposit Insurance Corporation (SDIC) for up to $20,000 minus your outstanding loans from the bank.
The amount covers more than 80 per cent of depositors at full banks and finance companies.
Bigger deposits are not guaranteed. But in the remote chance of a bank crisis, I doubt that the Singapore Government would let a local bank fail.
The damage to the economy would be too great.
As for foreign banks, most are larger than our three local banks which would seem to make them even safer. Not true. While the SDIC guarantee applies, the parent bank does not guarantee local deposits.
We saw this in Argentina’s banking crisis in December 2000. At the height of the crisis, depositors tried withdrawing their US dollars all at once. The banks ran out of money and closed their doors.
The big foreign banks were not obligated to make good on deposits at their affiliates and, of course, they didn’t. Billions of dollars were lost in this country of 36 million people.
The conclusion is deposits at foreign banks may face a slightly higher risk than at the three local banks.
By Larry Haverkamp (Doc Money)
Time To Review $8,000 HDB Income Ceiling?
Source : The Straits Times, 14 Aug 2007
The Housing Board wisely advises that ‘Buying a new home is a long-term financial commitment that could stretch up to 20 years or more. If you don’t want to overstrain your financial resources, it is prudent to do your sums first before you commit to any flat purchase’.
A new five-room flat in Toa Payoh is now valued at $456,000 by HDB. Based on HDB’s monthly instalment calculation, after paying a 10 per cent deposit a couple (both aged 30) would need to fork out $1,642 every month for the next 30 years.
For a total household monthly income of $8,000 (the income cap to be eligible for an HDB loan), the monthly CPF contribution by the couple, assuming each earns $4,000, would be $920 x 2 = $1,840, leaving a net CPF savings per person of $99 a month.
For the next 30 years, contributions to each person’s Ordinary Account would add up to $35,640, and, by then, the couple would be 60 years old.
If the retirement age remains at 62, the couple would each have only $57,720 ($920 x 12 months x two years + $35,640) in his/her account, which is short of the CPF Minimum Sum of $120,000. (Income, CPF contribution, inflation, medical cost, etc, are assumed constant so as not to complicate the calculations.)
Is it time to review the income ceiling of $8,000 for HDB flats?
Lai Ga Wai (Ms)
The Housing Board wisely advises that ‘Buying a new home is a long-term financial commitment that could stretch up to 20 years or more. If you don’t want to overstrain your financial resources, it is prudent to do your sums first before you commit to any flat purchase’.
A new five-room flat in Toa Payoh is now valued at $456,000 by HDB. Based on HDB’s monthly instalment calculation, after paying a 10 per cent deposit a couple (both aged 30) would need to fork out $1,642 every month for the next 30 years.
For a total household monthly income of $8,000 (the income cap to be eligible for an HDB loan), the monthly CPF contribution by the couple, assuming each earns $4,000, would be $920 x 2 = $1,840, leaving a net CPF savings per person of $99 a month.
For the next 30 years, contributions to each person’s Ordinary Account would add up to $35,640, and, by then, the couple would be 60 years old.
If the retirement age remains at 62, the couple would each have only $57,720 ($920 x 12 months x two years + $35,640) in his/her account, which is short of the CPF Minimum Sum of $120,000. (Income, CPF contribution, inflation, medical cost, etc, are assumed constant so as not to complicate the calculations.)
Is it time to review the income ceiling of $8,000 for HDB flats?
Lai Ga Wai (Ms)
HK’s Hillcrest Capital Makes Foray into S’pore
Source : The Business Times, 14 Aug 2007
It is expected to launch luxury project on Anderson Road next month
HONG KONG-BASED property developer Hillcrest Capital will make its maiden move into Singapore with 21 Anderson, a luxury residential development on Anderson Road.
21 Anderson (Picture): The 34 units in the residential development could go for about $3,000 psf
The project, which is expected to be launched early next month, will have 34 units spread over 10 floors.
‘We are very bullish on the property market in Singapore,’ Hillcrest’s managing director Lyon Lau told BT.
The company bought the Anderson Road site in February this year from Habitat Properties for about $112 million. This is thought to have worked out to $1,519 per square foot (psf) based on a total strata area of about 73,710 square feet.
In an unusual move, Hillcrest decided not to tear down the old apartment block on the site.
Instead, it is keeping the main structure but changing the building’s facade, layout and interior design and increasing the floor area. This means it can have 21 Anderson ready for occupation as soon as mid-2008.
Usually, developers take two or three years to demolish and rebuild a project.
‘We will have a time-to-market advantage,’ Mr Lau said.
He expects the project to attract interest from people who have sold their homes in collective sales and need replacement properties quickly.
Prices at 21 Anderson will be ‘competitive’, Mr Lau said. Units could go for about $3,000 psf, BT understands.
Hillcrest is looking for other projects in Singapore - residential developments in the prime districts and commercial buildings.
At 21 Anderson - designed by local firm Eco.id Architects and Design Consultancy - each unit will have its own balcony and lift and will be equipped with designer furnishing and appliances.
It is expected to launch luxury project on Anderson Road next month
HONG KONG-BASED property developer Hillcrest Capital will make its maiden move into Singapore with 21 Anderson, a luxury residential development on Anderson Road.
21 Anderson (Picture): The 34 units in the residential development could go for about $3,000 psf The project, which is expected to be launched early next month, will have 34 units spread over 10 floors.
‘We are very bullish on the property market in Singapore,’ Hillcrest’s managing director Lyon Lau told BT.
The company bought the Anderson Road site in February this year from Habitat Properties for about $112 million. This is thought to have worked out to $1,519 per square foot (psf) based on a total strata area of about 73,710 square feet.
In an unusual move, Hillcrest decided not to tear down the old apartment block on the site.
Instead, it is keeping the main structure but changing the building’s facade, layout and interior design and increasing the floor area. This means it can have 21 Anderson ready for occupation as soon as mid-2008.
Usually, developers take two or three years to demolish and rebuild a project.
‘We will have a time-to-market advantage,’ Mr Lau said.
He expects the project to attract interest from people who have sold their homes in collective sales and need replacement properties quickly.
Prices at 21 Anderson will be ‘competitive’, Mr Lau said. Units could go for about $3,000 psf, BT understands.
Hillcrest is looking for other projects in Singapore - residential developments in the prime districts and commercial buildings.
At 21 Anderson - designed by local firm Eco.id Architects and Design Consultancy - each unit will have its own balcony and lift and will be equipped with designer furnishing and appliances.
Prime Office Rents In Singapore Still Competitive
Source : The Business Times, 14 Aug 2007
Corporates still see value in operating out of Singapore, says DTZ
Occupancy cost in prime Singapore office locations has risen 54 per cent in the first six months of the year. Though the cost is still lower than in Hong Kong, the increase here is still the fastest in the Asia-Pacific region.
DTZ Debenham Tie Leung defines occupancy cost as the average total cost of leasing prime net usable space of 10,000 sq ft within a prime CBD location. It includes rent and outgoings, such as maintenance costs and property tax, if these are normally payable by the occupier.
And according to DTZ, average occupancy cost has more than doubled from a year ago in the Raffles Place and Marina Centre zones where average rents are now S$13.10 psf per month and S$11.80 psf per month respectively.
However, DTZ’s report does show that Grade A office rents in general are still competitive compared to other regional cities at S$10.89 psf per month.
And although DTZ believes that ‘unrelenting office demand’, will see occupancy cost keep rising, its executive director Ong Choon Fah said: ‘A lot of corporates still see value in operating out of Singapore.’
Demand for office space has been ‘extremely strong’ from the financial sector but Mrs Ong notes that this has also begun to ‘trickle down’ to other support sectors, boosting demand further.
Supporting this is DTZ’s data which shows that Grade A vacancy rates in Singapore is the lowest at 2.6 per cent after Delhi at 0 per cent, followed by Shanghai (2.8 per cent), Tokyo (2.96 per cent) and Hong Kong (3 per cent).
Asked to comment on the figures for occupancy cost in Singapore, a URA spokesman said that the statistics were computed based on DTZ’s knowledge of rental transactions for a selected basket of prime office buildings as well as their estimates of ‘achievable rentals’ where there were no actual transactions done in certain buildings.
URA, which had also consulted DTZ on its figures, added: ‘The inclusion of pre-committed space may result in instances of double-counting of occupied office space, as the tenants may be vacating other office buildings when they shift to their new premises.’
Noting that different methodologies may result in different statistics, URA also noted that DTZ estimates that office occupancy rates for prime office buildings in Raffles Place, Marina Centre and Orchard Road for Q2 2007 were 97.4 per cent, 98.9 per cent and 96.9 per cent respectively.
By comparison, URA’s office occupancy rate figure for Category 1 office buildings in the Downtown Core - which includes Raffles Place and Marina Centre and Orchard Planning Area - was 95 per cent for the same period, and computed based on the physical occupancy of space.
URA also said that based on Iras’ records of rental contracts signed in Q2 2007, the median rental for Category 1 office buildings was S$10.33 psf per month.
DTZ said that although the increase in occupancy cost was the greatest in Singapore, occupancy cost is still the highest in Hong Kong at US$180.27 psf per year where base Grade A rents in the Central and Admiralty areas is S$20.09 psf per month.
This is followed by Tokyo at US$119.30 psf per year with base rent at S$150.55 psf per month, and Singapore at US$102.61 psf per year with a base rent of S$10.89 psf per month.
Corporates still see value in operating out of Singapore, says DTZ
Occupancy cost in prime Singapore office locations has risen 54 per cent in the first six months of the year. Though the cost is still lower than in Hong Kong, the increase here is still the fastest in the Asia-Pacific region.
DTZ Debenham Tie Leung defines occupancy cost as the average total cost of leasing prime net usable space of 10,000 sq ft within a prime CBD location. It includes rent and outgoings, such as maintenance costs and property tax, if these are normally payable by the occupier.
And according to DTZ, average occupancy cost has more than doubled from a year ago in the Raffles Place and Marina Centre zones where average rents are now S$13.10 psf per month and S$11.80 psf per month respectively.
However, DTZ’s report does show that Grade A office rents in general are still competitive compared to other regional cities at S$10.89 psf per month.
And although DTZ believes that ‘unrelenting office demand’, will see occupancy cost keep rising, its executive director Ong Choon Fah said: ‘A lot of corporates still see value in operating out of Singapore.’
Demand for office space has been ‘extremely strong’ from the financial sector but Mrs Ong notes that this has also begun to ‘trickle down’ to other support sectors, boosting demand further.
Supporting this is DTZ’s data which shows that Grade A vacancy rates in Singapore is the lowest at 2.6 per cent after Delhi at 0 per cent, followed by Shanghai (2.8 per cent), Tokyo (2.96 per cent) and Hong Kong (3 per cent).
Asked to comment on the figures for occupancy cost in Singapore, a URA spokesman said that the statistics were computed based on DTZ’s knowledge of rental transactions for a selected basket of prime office buildings as well as their estimates of ‘achievable rentals’ where there were no actual transactions done in certain buildings.
URA, which had also consulted DTZ on its figures, added: ‘The inclusion of pre-committed space may result in instances of double-counting of occupied office space, as the tenants may be vacating other office buildings when they shift to their new premises.’
Noting that different methodologies may result in different statistics, URA also noted that DTZ estimates that office occupancy rates for prime office buildings in Raffles Place, Marina Centre and Orchard Road for Q2 2007 were 97.4 per cent, 98.9 per cent and 96.9 per cent respectively.
By comparison, URA’s office occupancy rate figure for Category 1 office buildings in the Downtown Core - which includes Raffles Place and Marina Centre and Orchard Planning Area - was 95 per cent for the same period, and computed based on the physical occupancy of space.
URA also said that based on Iras’ records of rental contracts signed in Q2 2007, the median rental for Category 1 office buildings was S$10.33 psf per month.
DTZ said that although the increase in occupancy cost was the greatest in Singapore, occupancy cost is still the highest in Hong Kong at US$180.27 psf per year where base Grade A rents in the Central and Admiralty areas is S$20.09 psf per month.
This is followed by Tokyo at US$119.30 psf per year with base rent at S$150.55 psf per month, and Singapore at US$102.61 psf per year with a base rent of S$10.89 psf per month.
Orchard Scotts- Living In A 6 Star Hotel Resort.
Award Winning Masterpiece
Luxurious homes that lead the industry in quality designs, top class fittings and impeccable workmanship by a team of international consultants namely Arquitectonica, Belt Collins, DLQ, Super Potato and Hirsch Bedner. Orchard Scotts is a residential development of sculptural abstracts that resemble three basic elements: an artist's palette, three artistic objects and the splashing of paint. It comes with four swimming pools, two tennis courts, one tennis-cum-recreational basketball court, steam, sauna and furo bath facilities and one of Singapore's largest residential gyms.
Architectural Gem
The undulating grounds, boulders, broken walls and the shapes of the pools resemble splashes of paint. Fully wrapped around by glass, the pure, geometrical forms of Orchard Scotts stand out significantly like contemporary masterpieces of art, ready to enrich your life.
To complete your designer lifestyle, Orchard Scotts offers 4 types of lifestyle privileges for your exclusive patronage. Engage a chef to cook in the hotel-style kitchen for your private parties. Use the wine cellar to store your vintage collection. Or indulge your senses in the spa facilities.
Designer Lifestyle In The City
Bounded by Anthony Road, Peck Hay Road and Clemenceau Avenue North, Orchard Scotts stands at the doorstep of Newton MRT station. With the world-class shopping and entertainment attractions of Orchard Road just a stone's throw away, you can walk to your favourite designer stores at Paragon and Ngee Ann City. In addition, the exclusive American and Tanglin Clubs, five star hotels and some of Singapore's top schools are within walking distance. Even the ever popular Newton Circus Food Centre is also a mere 5 minute stroll away.
Fine Art. Fine Living. Enriched By Greenery
Set against a lush verdant backdrop of soothing water features, mist jets and zen koi ponds, Orchard Scotts is awash with facilities only a luxury hotel can boast of. All in all, there are four swimming pools, two tennis courts, one tennis-cum-recreational basketball court, steam, sauna and furo bath facilities and one of Singapore's largest residential gyms. What's more, with site coverage of only 25%, residents also get to enjoy 260,000 square feet of sprawling grounds.
Developer : Far East Organisation
Tenure : 99 years from 8 Nov 2001
Location : 27 Anthony Road/Peck Hay Road (next to ACS Junior and Newton MRT)
Map Source : http://www.streetdirectory.com
Expected Completion Date: September 2007
Designer : World renowned Arquitectonica of Miami, USA (www.arquitectonica.com)
Total Units : 387 in Two 20-Storeys Towers & One 18-Storey Tower
Unit Types:
Studio ~ 753 to 764sqft
2-Bedroom ~ 936 to 1,087 sqft
3-Bedroom (Study, Guest, Loft) ~ 1,109 to 2,713sqft
4-Bedroom (Study, Guest, Loft) ~ 2,228 to 3,369sqft
5-Bedroom + Study + Family room ~ 3,627sqft
Penthouse ~ 2,207 to 2,680sqft
Orchard Scotts is equipped with facilities only a luxury hotel can boast of. There are 4 swimming pools, 2 tennis courts, 1 tennis cum recreational basketball court, steam, sauna and furo bath facilities and one of Singapore's largest residential gyms. In addition, all residents also get to enjoy 260,000 square feet of sprawling grounds.
Facilities:
-Water Features
-Feature Portal
-Entrance Water Cascade
-Entrance Lobby Water Feature
-Koi Pond
-Reflective Pool
-Outdoor Spa
-Recreation Pool
-Main Swimming Pool
-Kid's Pool
-Fun Pool / Lounge Pool
-Jacuzzi
-Outdoor Activities Area
-1 Spa Promenade with Reflective Pool
-4 Spa Pavilions
-2 Outdoor Dining Pavilions
-3 BBQ Pavilions
-3 Tennis Courts (with 1 Hardcourt cum Recreational Basketball Court)
-Tennis Pavilions
-Children's Play Club
-Fitness Corner
-Outdoor Giant Chess Set
-Indoor Recreation Facilities (Clubhouse)
-Wine and Cigar Room
-Function/Dinning Rooms with Western & Chinese Kitchen Facilities
-Lounges
-Reading Corner
-Gymnasium
-Male and Female Changing Rooms with Sauna, Steam Room and Lockers
-Furo Bath
-Launderette
Singapore Mass Rapid Transit (MRT)
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The Mass Rapid Transit (MRT) in Singapore is a modern, air-conditioned passenger train service with stations all over the island. There are three main lines – the North-South line from Marina Bay to Jurong East, the East-West line from Changi Airport/Pasir Ris to Boon Lay, and the North-East line from Harbour Front to Punggol.
You can obtain a copy of A Quick Guide to MRT Travel from the Station Control Rooms in all MRT stations. For more information on both the MRT and bus services, you can refer to the TransitLink Guide which is available at SGD 1.50 in most MRT stations and bus interchanges as well as at major bookstores.
From the city centre, the MRT ride to the Changi Airport station is only 27 minutes. The train service from the Changi Airport station operates at an average frequency of 12 minutes and its service hours are as follows:
Changi Airport station to City Hall station
First train: 0531 hrs (Mon to Sat), 0559 hrs (Sun and public holidays)
Last train: 2318 hrs (daily)
City Hall station to Changi Airport station
First train: 0609 hrs (Mon to Sat), 0645 hrs (Sun and public holidays)
Last train: 0003 hrs (daily)
The fare for a single trip from the Changi Airport station to City Hall station is SGD 1.40. For the convenience of travellers, trains serving the Changi Airport station provide luggage racks and free space in every carriage.
The Rail Travel Information System (RATIS) disseminates real-time information on train arrival times and destinations. The information is displayed on plasma screens in the platform area and on LED panels found on the concourse. Do read the train destinations from the RATIS or listen to in-train announcements to ensure that you are travelling on the right train to your destination.
If you are on board a train going towards Pasir Ris station, you will need to alight at Tanah Merah interchange station and board the train going towards Changi Airport station.
Frequency
Trains operate at intervals of between two and a half minutes and eight minutes from 0530 hrs until 0030 hrs daily. Check at respective MRT stations for precise train arrival/departure timings.
Fares
Travelling on the MRT is cheap, with rides ranging from SGD 0.80 to a maximum of SGD 1.70.
Instead of using cash, you may choose to pay your MRT and bus fares with a stored value ez-link card.
The card may be bought or revalued at any TransitLink Ticket Sales Office located in most MRT stations and bus interchanges. Each adult card is sold with a minimum value of SGD 10 plus a deposit fee of SGD 5.For more information, call the TransitLink Hotline: 1800-767 4333 (toll free in Singapore only) or visit the SMRT website http://www.smrt.com.sg/
Parkview Éclat @ Grange Road
Parkview Éclat is destined to be an iconic architectural landmark in Singapore. Designed with art deco sensibility, the building steps out from a broadbase and tapers gradually to an elaborated crown. Only 35 limited edition freehold apartments are available for those who demand the very best.Nestled within Singapore's Disrtict 10 "Good Class Bungalow" enclave, Parkview Eclat is poised to become on of the most sought after address. A short and easy stroll from the famous Orchard Road shopping belt and the tranquility of the Singapore Botanic Gardens, this is a prestigious address that a privileged few will be proud to call home.
To pamper, indulge and cater to your every need is what Parkview Eclat is designed for. Every details for the interior are manificently being looked into. With timeless style and the latest technology, together they combine to create interiors for urban sophisticates.
Apart from the super penthouse, Parkview Eclat also houses various sizes, ranging from 3+1 bedroom to 5+1 bedroom duplex. Each of them offers spacious and luxurious living for those who desires the very best.
Location : 138 Grange Road (District 10)
Map Source : http://www.streetdirectory.com
Developer : Chyau Fwu Group
Tenure : Freehold
Total Units : 35 in a 21 Storeys Tower
Unit Types:
3+1 bedroom ~ 2,895sqft (16 units)
4+1 bedroom ~ 3,250sqft (16 units)
5+1 bedroom Duplex ~ 5,877sqft (1 unit)
5+1 bedroom Duplex ~ 5,898sqft (1 unit)
Penthouse ~ 10,096sqft (1 unit)
Facilities:
-Porte Cochere
-Sculpture by Salvador Dali
-Swimming Pool
-Outdoor Alfresco
-Trellis
-Fountain
-Spa Pool Pavilion
-Children’s Pool and Playground
-BBQ Area
Magnificent In Every Detail
Timeless, style and the latest technology combine to create interiors for urban sophisticates. From Zucchetti fittings, Gaggenau and De Dietrich appliances and a Mirror TV seamlessly integrated into a Bulthaup custom kitchen system, to web-enabled Legrand intelligent lighting system, these are interiors to impress the most discerning
Designed For An Exclusive Living Experience
Parkview is designed to pamper, indulge and cater to your every need. Captured in this carefully thought out site plan is a bird's eye view that shows the generous proportions of landscaping, recreational and other facilities to make living in Parkview Eclat a sumptuous experience.
11 'Trackside' Hotels Will Pay F1 Levy For 5 Nights
Source : The Straits Times, Aug 13, 2007
THE Ministry of Trade and Industry (MTI) has decided on the the rates for the Formula One (F1) levy on hotel room revenues, after consulting the Singapore Hotel Association.
For trackside hotels, levy rates would be 30 per cent of the total revenues from rooms and room packages.
For all other tourist hotels, the levy would be 20 per cent of the total revenues from rooms and room packages.
The F1 levy stretches over five nights. For the first F1 race to be held in Singapore on Sept 28 next year, the five-night period will be from Wednesday (Sept 24) to Sunday (Sept 28).
Based on the current circuit design, the trackside hotels for 2008 are:
a. Swissotel The Stamford, Singapore
b. Raffles The Plaza, Singapore
c. The Pan Pacific Hotel Singapore
d. The Fullerton Hotel
e. The Ritz-Carlton, Millennia Singapore
f. The Oriental Singapore
g. Marina Mandarin
h. Raffles Hotel
i. Conrad Centennial Singapore
j. Carlton Hotel
k. Peninsula-Excelsior Hotel
MTI said the list of trackside hotels will be revised, if necessary, when the circuit design is finalised with FIA approval.
'In setting the F1 levy rates, MTI is mindful that hotels should still be able to keep a significant share of the upside,' it said.
'However, as the F1 race in Singapore will be held on a street circuit, some hotels are likely to benefit more from the event than others due to their proximity to the circuit or because their rooms have a good view of the track.
MTI said these trackside hotels 'should contribute more towards the organisation of the race'.
In May, Minister of State for Trade and Industry, Mr S. Iswaran, had announced that hotels would be making such a contribution through a levy to defray some of the cost of staging the F1 race in Singapore.
It is common for hotels in F1 host cities to be near full occupancy and to raise their room prices by up to two to three times during the race period because of the high demand, said MTI.
THE Ministry of Trade and Industry (MTI) has decided on the the rates for the Formula One (F1) levy on hotel room revenues, after consulting the Singapore Hotel Association.
For trackside hotels, levy rates would be 30 per cent of the total revenues from rooms and room packages.For all other tourist hotels, the levy would be 20 per cent of the total revenues from rooms and room packages.
The F1 levy stretches over five nights. For the first F1 race to be held in Singapore on Sept 28 next year, the five-night period will be from Wednesday (Sept 24) to Sunday (Sept 28).
Based on the current circuit design, the trackside hotels for 2008 are:
a. Swissotel The Stamford, Singapore
b. Raffles The Plaza, Singapore
c. The Pan Pacific Hotel Singapore
d. The Fullerton Hotel
e. The Ritz-Carlton, Millennia Singapore
f. The Oriental Singapore
g. Marina Mandarin
h. Raffles Hotel
i. Conrad Centennial Singapore
j. Carlton Hotel
k. Peninsula-Excelsior Hotel
MTI said the list of trackside hotels will be revised, if necessary, when the circuit design is finalised with FIA approval.
'In setting the F1 levy rates, MTI is mindful that hotels should still be able to keep a significant share of the upside,' it said.
'However, as the F1 race in Singapore will be held on a street circuit, some hotels are likely to benefit more from the event than others due to their proximity to the circuit or because their rooms have a good view of the track.
MTI said these trackside hotels 'should contribute more towards the organisation of the race'.
In May, Minister of State for Trade and Industry, Mr S. Iswaran, had announced that hotels would be making such a contribution through a levy to defray some of the cost of staging the F1 race in Singapore.
It is common for hotels in F1 host cities to be near full occupancy and to raise their room prices by up to two to three times during the race period because of the high demand, said MTI.