2nd Most Expensive City

Source : The Straits Times, Aug 21, 2009

Hong Kong No. 3 as rent was excluded; S'pore moves up to 24th globally

SINGAPORE is the No.2 most expensive Asian city to live in, with only famously pricey Tokyo ahead in the rankings, according to a study by Swiss bank UBS.

In another survey released last month, Singapore jumped three spots to become the 10th most expensive city in the world for expatriates. -- ST PHOTO: ALPHONSUS CHERN

UBS assessed the purchasing power of residents in 73 cities and compared prices of a standardised basket of 122 goods and services, excluding rents.

The Asian top three were no surprise although Hong Kong usually emerges as more expensive in such surveys; but not this time as UBS discounted rent. Rent is traditionally higher in Hong Kong and would have been enough to send the city into second spot in Asia.

On the global league table, Tokyo was the fifth most expensive city while Singapore was 24th - up from the 32nd spot in 2006, the last time UBS conducted a similar study. Kuala Lumpur, Manila, New Delhi and Mumbai propped up the table as cities with the lowest prices.

Cities like Oslo, Zurich, Copenhagen, Geneva and traditional wallet-buster New York came in tops as the world's most expensive cities.

Employees in Tokyo earn the highest wages in Asia, making almost double the amount their counterparts earn here. Workers in Manila, Jakarta and Mumbai earn the lowest wages.

However, Asia remains home to some of the world's priciest cities and nowhere is the spread between most expensive and cheapest more pronounced, said UBS.

The study also found that people worked an average of 1,902 hours a year in the cities surveyed. Workers in Asian and Middle Eastern cities slogged for the longest hours, averaging 2,119 and 2,063 hours each year respectively.

The lucky people in the French cities of Lyon and Paris spend the least amount of time at work a year: just 1,582 and 1,594 hours respectively.

In another survey released last month, Singapore jumped three spots to become the 10th most expensive city in the world for expatriates. However, that survey - conducted by Mercer, which also studied items such as food, housing, transport and entertainment costs - suggested that Singapore had not become more expensive; instead, other cities had become cheaper places to live in.

Read the full story in Friday's edition of The Straits Times

Law Firms To Lose Right To Hold Property Deal Money

Source : The Straits Times, August 12, 2009

Ministry seeks feedback on proposals to protect buyers and sellers

ALL payments for property deals will in future be held by the Singapore Academy of Law (SAL) or commercial banks, and not law firms.

General details of how this will work were released by the Law Ministry yesterday as it sought public feedback on a final solution to the longstanding problem of lawyers running off with their clients' money.

In the last five years, rogue lawyers have absconded with almost $20 million in funds meant for property transactions, and held in client accounts in law firms.

The Law Ministry's proposals were sparked by the need to protect monies entrusted to lawyers by buyers and sellers of properties.

For instance in 2007, a 47-year-old woman who sold her property for $740,000 and hoped to use the gains of $200,000 to get out of bankruptcy, came to grief when the lawyer she hired, Zulkifli Amin, skipped town with her money.

It was part of a $6 million loot he had stolen from conveyancing transactions entrusted to him to handle.

The case showed that earlier moves to safeguard such deposit monies were inadequate.

After rogue lawyer David Rasif fled with $11 million in 2006, the rules were changed so that at least two lawyers had to sign off on cheques withdrawing more than $5,000 from clients' accounts.

Despite this, Zulkifli still managed to disappear with $6 million in November 2007.

The Law Ministry's recommendations will stop lawyers from handling monies meant for property deals altogether and provide for punishments if the rules are breached.

Property buyers and sellers will not be inconvenienced.

The SAL takes over the role of the law firm in holding the deposit, which it pays out in due course.

Clients do not have to deal with the academy directly.

The moves follow the recommendations of a review committee appointed by Chief Justice Chan Sek Keong and chaired by Justice V.K. Rajah last year. A team headed by Senior Counsel Wong Meng Meng then worked out the implementation.

Under the current system, a prospective buyer gives a cheque for the deposit on the transaction price to the seller's law firm once he has exercised his option to buy. The money is kept in the client's account for 12 to 14 weeks while lawyers work to complete the sale, and then it is released to the seller.

In future, the cheque will be replaced by a cashier's order payable to the SAL which the buyer's lawyer can forward directly to the academy.

The balance of the sale price will also be paid by cashier's order - to the seller, the lawyer for his legal fees, and the property agent for his commission.

While the SAL will be the main body to hold the conveyancing deposits, the ministry is in talks with local banks such as UOB, OCBC and DBS to provide the service.

A spokesman for heavyweight firm WongPartnership said the proposed changes would have minimal impact on the conveyancing transactions of large law firms, which already have 'stringent measures' in place.

It should even reduce administrative work, said Ms Edna Lim, a lawyer from a small firm, Jing Quee & Chin Joo.

'While the details have yet to be established, there would be no inconvenience if the firm's role is to forward the cashier's order to SAL on the client's behalf,' she said.

Lawyer Amolat Singh noted that the changes would be an enlargement of the SAL's role, which now holds deposits paid by owners of new homes, worth about 5 per cent, to guarantee against defects in construction.

The funds are released to the developer only a year after owners have taken occupancy.

A Law Society spokesman said the society would be responding to the recommendations.

The public may view further details at the Law Ministry's website at www.minlaw.gov.sg .

Feedback may be faxed to 6332-8842 or e-mailed to MLAW_Consultation

@mlaw.gov.sg by Aug 26.

Expats Here Live The High Life: HSBC Survey

Source : The Business Times, July 28, 2009

DESPITE the high cost of living for expatriates in Singapore, and cutbacks in luxury spending due to the recession, most expats here want to stay put, an HSBC survey has found.

Mr Arcuri: Reduction in rents have increased expats'
disposable income

HSBC's Expat Economics survey, carried out from February to April this year, polled over 3,100 expats across 50 countries on their financial situation and lifestyle.

'Expats in Singapore live the high life,' says the survey report, released yesterday.

More than three-quarters of the 192 expats polled here said they have more disposable income than they had back home.

Three-quarters also said they save more here than they did back home. Among various wealth accumulation tools, the three most popular were savings accounts, managed funds and shares.

Sebastian Arcuri, head of personal financial services at HSBC Singapore, said: 'Our expat clients have told us that reductions in rent over the past nine months have increased their disposable income. However, due to the uncertain economic times, most of them are opting not to spend this increase in their income.'

Two-thirds of the expats polled here said they have cut back on spending on luxury items.

The cost of living for expatriates in Singapore remains high. Forty-four per cent of those polled here spend more on accommodation than expats in other countries, and entertainment and healthcare costs are also above the global average, the HSBC survey found.

However, 91 per cent of those polled here said they have not considered returning home amid the economic crisis - higher than the 85 per cent global average.

Of those who have considered moving home, 28 per cent cited shorter work contracts as a key factor, compared with the global average of 15 per cent.

Overall, Singapore ranked sixth worldwide on the report's league table of quality of life, as measured by expats' annual income, disposable income, ability to save and possession of luxury items.

Hong Kong, another popular expat location in this region, ranked fourth. The Russian Federation, Qatar and Saudi Arabia took the top three spots.

For Them, A 25-Year Love Affair

Source : TODAY, Jul 16, 2009

And more than $1 million later, they wouldn't have it any other way

MR MASAMITSU Okada has been living in Singapore for the last 25 years. But instead of renting or buying a home, the Japanese expatriate has chosen to live in the same Ascott Somerset Liang Court serviced apartment for a quarter of a century.

Mr Masamitsu Okada and Mrs Okada, long-time residents of Somerset Liang Court.

Not that housing is paid for by his company, as this benefit ceased 12 years ago when he retired from auditing firm Deloitte. Since then, he has been running his own business consultancy here - and footing the bill for 13 years' worth of serviced apartment rates on his own. Seems like an eye-popping splurge? Mr Okada, 77, concedes just as much.

"I could've bought a house and be a millionaire now!" he told Today, laughing.

The fact is, he hadn't expected to remain in Singapore for so long when he first arrived in 1985. "I would've bought a home here if I had a long-term plan from the beginning - but I didn't."

For contractual reasons, his room rates cannot be disclosed. But according to the Singaporean company's website, a 30-day stay at Ascott Somerset Liang Court starts at well over $7,700 currently. At face value, this would amount to a total of over $1.1 million over the course of 12 years.

However, since it is not unusual for serviced apartments to give a discounted lease rate to long-staying guests, we can safely assume that Mr Okada paid less than $1.1 million - especially since current room rates are higher than they were years ago including during the property bull run of 2006 and 2007.

Even so, all that money could have helped Mr Okada own a piece of private property, and possibly in a prime location, here.

Any regrets? They didn't show. The Japanese professional is so taken with his Ascott lifestyle that he has no plans to move out of the comfortable two-bedroom apartment.

Equipped just like a regular apartment, with a kitchen and separate living and dining areas, serviced apartments aim to evoke a sense of home but without the hassle of cleaning, as housekeeping services are provided. It may even be better than home for the long-staying traveller, with its condominium-like facilities, such as swimming pools and playgrounds, and hotel-like services such as laundry and even babysitting.

"It's very secure and I feel very comfortable here, the people are friendly," said Mr Okada.

His wife also appreciates being able to go grocery shopping at a Japanese supermarket next door.

Watching their lifestyle, a few of their Japanese expatriate friends living in regular housing here have actually become converts to Ascott's serviced apartments over the years.

It is due to residents like the Okadas that the serviced apartment industry has been showing resilience amid uncertain economic times.

Ascott, which owns nine serviced apartments or 980 units in Singapore, reports an occupancy rate of about 90 per cent. "Travellers and companies increasingly prefer serviced residences," said Ascott Hospitality's chief executive Gerald Lee.

Similarly, competitor Frasers Hospitality has reported healthy occupancy despite the downturn and has its fair share of guests who stay for years on end.

Companies have taken a liking to the concept with the flexible leases and better value for money. "Instead of putting up their employees in a room at a hotel, more companies are choosing two- to three-bedroom serviced apartments," Mr Lee said. "In this way, their employees will still have the privacy of their own room within an apartment, at a fraction of the cost compared to staying at separate hotel rooms."

Then, there is the human touch. The Okadas are familiar to the Ascott employees. Likewise, Mr Okada tends to recognise staff who have relocated from Ascott Somerset Liang Court to other Ascott developments in other cities around the world.

He said: "I miss this place when I'm back in Japan."

S'pore Tops List For Trade Openness

Source : The Business Times, July 9, 2009

HK, last year's No1, lost ground for very congested roads

Singapore is ranked top this year in the World Economic Forum's Enabling Trade Index, which measures openness to trade. Last year's No 1, Hong Kong, dropped to second place this year.

The report, written by Robert Lawrence of Harvard University, and Margareta Drzeniek Hanouz and John Moavenzadeh of the World Economic Forum, aims to assess policies and institutions that affect trade flows.

Singapore's 'very open market, as well as a highly efficient and transparent border administration, a well-developed transport and communications infrastructure, and an open business environment all contribute to this result', the report noted. 'Customs procedures are assessed as the least burdensome in the world, and time and cost for both import and export are among the lowest for all countries covered.'

Hong Kong's open domestic market won praise, as did its efficient customs, developed transport and communications infrastructure, and conducive regulatory environment.

However, it lost ground for its very congested roads and could benefit from more commitments to open up its transport sector, the report said. Switzerland, Denmark, Sweden, Canada, Norway, Finland, Austria and the Netherlands round out the top 10.

The report said that Singapore could also benefit from less congested roads and improvements to its info-comms infrastructure. The country was ranked 86th out of 121 countries for road congestion.

Singapore also improved this year on non-tariff barriers to trade - such as health and safety standards and certification, that are seen as instruments of protection, rather than applied for legitimate reasons.

In 2008, access to Singapore's market was perceived as 'fairly difficult' because of non-trade barriers, the report for that year noted, but said the area was highly subjective.

'There is no international consensus on what can be considered legitimate . . . (non-tariff measures) and what measures are illegitimate barriers to trade - making it difficult to provide a clear picture.' This year, Singapore moved from 84th to 38th on that measure.

The report said there was a general correlation between prosperity and openness to trade and said this should not be forgotten especially in poor economic times.

'Protectionism is not the cause of the crisis, but it could be one of its most important consequences,' the report said, noting that some countries are overtly favouring domestic industries or imposing further barriers to trade.

'Limiting global trade would not only amplify the current downturn, in the longer term it would also reduce growth - in particular in developing countries - plunging millions of people back into poverty.'

S'pore, HK Most Trade Friendly

Source : The Straits Times, July 8, 2009

GENEVA - SINGAPORE and Hong Kong are the two most trade-conducive economies, the World Economic Forum said on Tuesday in a study that placed the United States in 16th place, its performance affected by fears of crime and terrorism.

The WEF said in its Global Enabling Trade Report that Singapore and Hong Kong, in addition to offering a trade-friendly business environment, 'are endowed with well-developed transport and telecommunications infrastructures ensuring rapid transit to final destinations.'

The report, published for the second time and covering 121 economies, assesses institutions, policies and services that facilitate the flow of goods across national borders.

The top 10 economies on the WEF's Enabling Trade Index after Singapore and Hong Kong are Switzerland, Denmark, Sweden, Canada, Norway, Finland, Austria and the Netherlands.

The report described the US performance as 'uneven,' with the country getting high marks for its transportation infrastructure and the efficiency of its customs administration and export and import procedures.

'On a less positive note,' the report said, 'the business environment is less attractive than it could be.' 'Among other issues businesses voice their concern about the level of security and indicate that the threat of terrorism and crime and violence impose significant costs.' The report also cited 'restricted access to markets' in the United States.

Japan, in 23rd place, also scores well for its transportation services but suffers from 'high barriers to market access in domestic and foreign markets, as reflected in the high tariffs on agricultural products and the complexity of tariffs, as well as barriers faced when exporting to foreign markets.' In China, ranked 49th, 'imports are still significantly inhibited by tariff barriers,' the report found.

China could also do with improvements in its air transport network and regulatory environment.

The Geneva-based World Economic Forum is an independent international organisation to promote research and dialogue among business and government leaders.

It organises an annual meeting in the Swiss ski resort of Davos which draws business and political leaders. -- AFP

S'pore Most Trade-Friendly

Source : The Straits Times, July 8, 2009

SINGAPORE is the most trade-conducive economy in the world, according to an influential report which put great rival Hong Kong at second.

The World Economic Forum (WEF) pointed to Singapore's many advantages, including policy approaches, that have made it No.1. -- ST PHOTO: ALPHONSUS CHERN

The World Economic Forum (WEF) pointed to Singapore's many advantages, including policy approaches, that have made it No.1.

Its Global Enabling Trade Report cited the open market, highly efficient and transparent border administration, well-developed transport and communications infrastructure, and an open business environment.

'Customs procedures are assessed as the least burdensome in the world, and time and cost for both import and export are among the lowest for all countries covered,' the report said.

The WEF highlighted that the Singapore Government is highly transparent and efficient, while exporters face relatively low tariffs in target markets.

But it suggested one area in which action is needed: traffic and communications. It said less congested roads and improvements to the information and communication technologies infrastructure could help exporters.

The WEF said Hong Kong's open domestic market mirrored Singapore's high dependence on exports and imports, but also noted that Hong Kong's exported products faced more barriers than Singapore's, as reflected in the tariffs it faced.

Minister Mentor Lee Kuan Yew recently told Malaysian leaders that Singapore businessmen have thousands of projects in China, Vietnam, India and the Middle East, and that they are benefiting from the web of FTAs the country has signed.

Still, the reality for Singapore is that being very open to trade with precious little domestic demand to speak of also means it cannot escape the global business cycle.

'Singapore is a very export dependent economy that feels the pain once global growth collapses,' said Mr Thomas Kaegi, senior economist at UBS Wealth Management Research.

Read the full report in Thursday's edition of The Straits Times.

10th Most Expensive City

Source : The Straits Times, July 7, 2009

SINGAPORE is now the 10th most expensive city in the world for expatriates, having climbed up three places from last year, according to a survey conducted by human resource and financial consultant Mercer.

The Republic knocked Milan out of 10th place in this year's Worldwide Cost of Living survey, securing a spot in the top 10 largely dominated by European and Asian cities. -- PHOTO: STB

The Republic knocked Milan out of 10th place in this year's Worldwide Cost of Living survey, securing a spot in the top 10 largely dominated by European and Asian cities.

Tokyo overtook Moscow as the most expensive city for expatriates, with the Russian capital city slipping to third spot but still maintaining its lead as the most expensive European city. Johannesburg is the world's cheapest city.

The significant reshuffle of cities in this year's ranking is mainly due to considerable currency fluctuations worldwide.









A table of countries surveyed by Mercer.

All the US cities have become more expensive, with New York City jumping to 8th place because of the stronger US dollar.

London, on the other hand, fell to 16th spot from third last year due to the decline of rental prices and the weaker British pound.

European cities are cheaper to live in, with Warsaw, for example plummeting from the 35th to 113th spot.

In Asia, Chinese cities are on the rise as the Chinese renminbi gained strength over others. Beijing, for instance, is in ninth place.

In Mercer's survey, New York is used as the base city for the index and scores 100 points so all cities are compared against New York and currency movements are measured against the US dollar.

The survey covers 143 cities across six continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment.

S'pore's Web Access Ranks 2nd

Source : The Straits Times, June 19, 2009

WASHINGTON - SINGAPORE, where 88 per cent of homes have broadband, South Korea and Taiwan are among the top five countries in terms of access to the high-speed Internet, according to a survey released on Thursday.

Singapore ranked second on the list with household broadband penetration of 88 per cent. -- ST PHOTO: ALPHONSUS CHERN

The United States, where just 60 per cent of households had broadband as of last year, ranked 20th in the survey of 58 countries by Boston-based Strategy Analytics.

Five of the top 10 countries or territories in the survey were in Asia and the firm predicted the broadband subscriber base in the Asia-Pacific region will grow on average by a further 15 percent a year between 2009 and 2013.

Strategy Analytics said South Korea's highly urbanised population and its government-backed broadband policy accounted for its 95 per cent rate of broadband penetration.

Singapore ranked second on the list with household broadband penetration of 88 per cent, followed by the Netherlands (85 per cent), Denmark (82 per cent), Taiwan (81 per cent), Hong Kong (81 per cent), Israel (77 per cent), Switzerland (76 per cent), Canada (76 per cent) and Norway (75 per cent).

Among other Asia-Pacific nations, Australia ranked 11th with 72 per cent, Japan ranked 16th with 64 per cent, New Zealand ranked 25th with 57 per cent, China ranked 43rd with 21 per cent and Malysia ranked 44th, also with 21 per cent. Thailand ranked 51st with seven per cent, Vietnam ranked 52nd, also with seven per cent, the Philippines ranked 53rd with five per cent, India ranked 57th with two per cent and Indonesia ranked 58th with one per cent.

Strategy Analytics acknowledged that measuring broadband penetration has been a subject of controversy with arguments being made over whether it should be measured by household or per capita.

'Broadband rankings are often the subject of great debate and hand-wringing,' said David Mercer, vice president of Strategy Analytics.

'Though our rankings may differ from those of other organisations, it is because we are looking at the appropriate metrics,' he said. 'In far too many cases, people are looking at the wrong things,' said Ben Piper, a Strategy Analytics analyst.

'Residential broadband is overwhelmingly consumed on a household basis - not individually,' he said. Reporting broadband penetration on a per capita basis misses the mark, and can provide grossly misleading results.' -- AFP

Little Japan In Singapore

Source : The Straits Times, June 19, 2009

JAPAN is not all about sushi, sake, and sakura and a new cultural centre set up here hopes to get more Singaporeans aware about the intricacies of the culture.

'Innovation and tradition' is the main theme of the Japan Creative Centre (JCC) and it will showcase Japan's 'soft power', such as pop culture and traditional arts, besides creating a space for people to experience the charms of Japan.

The Centre will be located at the start of Orchard Road and is estimated to open on November this year.

This initiative is a result of Japan-Singapore summit meetings held in March and November 2007. An agreement was reached to set up the centre in Singapore as a base for disseminating information on Japan and its culture.

On Thursday night actress and singer Dawn Yeoh was officially appointed as the Goodwill Ambassador of the Japan Creative Centre.

As a Goodwill Ambassador, she will support the JCC and its activities, as well as share her personal thoughts and experiences after every JCC event in a blog on the centre's website.

The centre is expected to open in November 2009.

S'pore Becoming More Expensive For Expatriates

Source : The Business Times, June 11, 2009

SINGAPORE is now the 10th most expensive city in Asia for expatriates, despite its weakened currency, a survey shows.

Having moved up three notches from its previous ranking of 13th place in ECA International's survey on cost of living a year ago, Singapore is however still ranked below Japanese and Chinese cities, which dominate the top ten.

'Price rises have not slowed down as much in Singapore as in other parts of Asia,' said ECA's regional director for Asia, Lee Quane.

Prices of goods and services in China and Malaysia have increased at half of last year's pace, while in Singapore, they have increased by three-quarters, Mr Quane added.

Also, currencies of locations previously more expensive than Singapore (such as London, Stockholm and Istanbul) have depreciated at an even faster rate than the Sing dollar.

Meanwhile, the survey showed that due to the strong yen, Tokyo maintained its position as the most expensive city for expats. Its lead was followed by three other Japanese cities: Nagoya, Yokohama and Kobe.

Chinese cities and territories - Beijing, Shanghai, Hong Kong, Shenzhen and Guangzhou - stayed ahead of Singapore, due to the strengthening yuan.

'The yuan has continued to strengthen while the yen has appreciated by almost 8 per cent against the US dollar,' Mr Quane said.

'Many Western currencies, including sterling, the euro and the Swiss franc, have weakened. As a result, people coming from these economies into Asia will notice a considerable difference in costs compared with 12 months ago.'

Globally, Singapore jumped to the 72nd most expensive city worldwide from 114th year-on-year.

However, not all Asian cities remained expensive for expats. Due to the weakened won, Seoul has fallen to the 17th most expensive city in Asia, from its top position as the most expensive Asian city two years ago.

Similarly, the depreciating currencies of Malaysia, Thailand, Indonesia and Taiwan have lowered expatriate living costs in those countries.

Among the top 10 cheapest places for expats are Indian cities, as the weakened rupee coupled with lower inflation has made the cost of living for those locations fall.

The biannual survey by ECA compares a basket of 125 consumer goods and services commonly purchased by international assignees in over 370 locations worldwide.

S'pore Is An Expensive City

Source : The Straits Times, June 10, 2009

SINGAPORE has become one of the 10 most expensive cities in Asia for expatriates to live, according to a new cost-of-living survey.

Singapore has become one of the 10 most expensive cities in Asia for expatriates to live, according to a new cost-of-living survey. --ST PHOTO: ALPHONSUS CHERN

That's because although the pace of price rises of many goods and services slowed in Asia this year, this did not happen as much in Singapore, said human resources firm ECA International which conducted the survey.

This is despite a weakening Singapore dollar which makes goods and services here cheaper to foreigners.

The Republic jumped three places from the 13th spot last year to the 10th spot, while the strengthening of the yen saw the region's top four spots being taken up by Japanese cities.

Tokyo reclaimed its position as Asia's most expensive city, followed by Nagoya, Yokohama and Kobe.

Explaining Singapore's move up the ranks, Mr Lee Quane, regional director of ECA Asia said: 'Prices have not slowed down as much in Singapore as in other parts of Asia.'

The pace of increase in prices of goods and services in countries such as China and Malaysia, for instance, has slowed down by half. Comparatively this rate is down by just one quarter for Singapore, said Mr Quane.

Still, Singapore remains a more affordable place than long-time rival Hong Kong, where the cost of living is being driven up by the strength of the Hong Kong dollar, which is in turn pegged to the US dollar.

Hong Kong jumped from 98th spot to 29th in the global ranking, and is the seventh most costly city in Asia.

Globally, Singapore came in 72nd, up from being 114th in 2008.

Seoul, Kuala Lumpur, Jakarta, Manila and New Delhi are among the Asian cities which have become relatively cheaper for expats to live in.

Singapore Is 11th Most Liveable City In Asia

Source : AsiaOne, Jun 08, 2009

Singapore is the 54th most liveable city in the world, below San Francisco (US), and a notch above Budapest (Hungrary). Its placing also puts it above cities like Seoul (58th) and Taipei (62nd), but below Hong Kong (39th), Osaka (13th) and Tokyo (19th).

Singapore's placing also makes it the 11th most liveable city in Asia, including cities in Australia and New Zealand.

Vancouver remains top of the league table, benefiting from strong Canadian infrastructure and Harare sits at the bottom thanks to the unfolding crisis in Zimbabwe.


The results are according to the latest Economist Intelligence Unit global liveability survey, which has put cities in Australia, New Zealand and Japan close to the top of the ranking of 140 cities.

At the other end of the ranking, most of the poorest-performing locations are in Africa or Asia. Dhaka in Bangladesh is the lowest-scoring city in the region in joint 138th, just one place above last-place Harare.

Asia accounts for eight cities out of the top 20 (although these are found in just three countries: Australia, New Zealand and Japan) and ten cities out of the bottom 20.

Jon Copestake, editor of the report, said: "The performance of Asian cities reflects the diverse levels of development throughout the region. Australian cities represent many of the best aspects of liveability while instability in countries like Pakistan and Bangladesh means that cities in South Asia fare much worse."

Canadian School's Campus Rumpus

Source : The Business Times, May 30, 2009

With work on Jurong West Campus stalling, some parents threaten to stop paying building fee

FOR an institution that is in the business of providing answers, the privately-owned Canadian International School (CIS) has left a group of irate parents with a $7.7 million question, now that the school's new campus development has failed to materialise.

AT A STANDSTILL - Since late 2007, $7.7 million has been raised from about 1,600 parents of students in three of CIS's campuses for the construction of the school's new Jurong West campus. However, construction on the campus - slated to open in February this year - has stopped since last October.

Since late 2007, $7.7 million has been raised from about 1,600 parents of students in three of CIS's campuses who have been paying $1,100 per semester for what they believed had been contributions to a Building and Development fund set up for the construction of the school's new Jurong West campus.

The new five-storey campus will consolidate three out of four of CIS's campuses on the island. Construction on the campus - slated to open in February this year - has stopped since last October.

'There has been no explanation for why the work has stopped and they have been less than precise about what will happen,' said Anthony Phillips, who has paid $8,800 in building fees to date for his two children over four semesters. 'The site appears to have come to a standstill, but we've been getting an invoice every six months for building and development fees.'

When contacted by BT yesterday, CIS's head of school, Glenn Odland, said that the halt in construction was 'a function of the change in global economic circumstances'.

'We have reassured the parents that construction will resume by the end of this school term, which is June 12.

'By then, we will also explain to our parents in detail the reasons behind the delay and how we've resolved them,' said Mr Odland.

He was unable to provide BT with an estimated date of completion.

There are also conflicting views on what the fund was originally intended for.

'We were told that the money went for maintenance purposes, but that was not what the Building and Development fee was for, and that is unacceptable,' said Martine Guerin, who has contributed $4,400 for her son who is now in Grade 3 at CIS.

Mr Odland maintains, however, that this was never the case. 'We have made it clear from the start that the building fee would go towards maintenance of existing structures as well as new developments; it is mentioned in our admissions policy online,' he said.

In a letter - issued by the previous principal - dated October 2006, the new campus is mentioned as the reason for the Building and Development fee, but not the existing facilities.

The school will continue to include the fee on invoices. 'The building fee is a common part of the fee structure in many international schools, and it will continue as a permanent element in the fee structure,' said Mr Odland.

Fanning the furore, news of a Korean school's impending takeover of CIS's Bukit Tinggi campus in August 2010 has surfaced, leaving parents to wonder whether their children will still have a middle school campus if the Jurong West site is not ready by then. Mr Odland refused to elaborate on current negotiations with the Korean school. 'While it is ongoing, it would be grossly unfair to the process for it to be published to the public,' he said.

Despite a CIS email to parents on Tuesday that reassured them about ongoing negotiations with the Korean school and the resumption of work on the site before June 12, some of the parents remain unplacated.

'With the new West Jurong campus running almost two years behind schedule, many parents are extremely disappointed at there being almost nothing to show for the multi-million dollar investment in the project,' said Mr Phillips.

Mr Phillips and John Cappetta will be among the many parents who will not be paying future Building and Development fees. 'I was initially happy to pay, because my son, who is in Grade 1, would get to use the new facilities. But there has been absolutely no transparency over what's been happening to these funds,' said Mr Cappetta.

Parents like them might find themselves in a standoff with the school as a result. 'We will treat it as we would a delinquent account; we are pursuing and trying to facilitate payment. No family will be allowed to not pay,' Mr Odland told BT.

Enrolment Boom For School

Source : The Straits Times, May 15, 2009

THE newest 'local international' school here has seen enrolment boom since it first began accepting students two years ago.

St Joseph's Institution (International) has about 40 expatriate children on the waiting list for its primary section, which has filled all its 320 places for the new academic year beginning in August.-- PHOTO: SJI

In fact, St Joseph's Institution (International) now has about 40 expatriate children on the waiting list for its primary section, which has filled all its 320 places for the new academic year beginning in August, said principal Andrew Bennett at the school's official opening on Friday.

The success of SJI (International) mirrors that of the two other similar schools here - ACS International and Hwa Chong International, both of which opened in 2005 and have seen enrolment grow five or six times since then.

On Friday, the chairman of the SJI (International) board, Mr Lawrence Da Silva, retraced the school's successful arc since it first began accepting students in 2007.

Its pioneer batch had just 112 students, and this has grown to 725, all of whom are enrolled in the school's 12-year programme, which leads up to the International Baccalaureate.

Demand is so strong that the school, in Thomson Road, expects enrolment to grow to 1,000 by next January.

In his speech at the event on Friday, guest-of-honour Dr Tony Tan, a patron of the SJI International Leadership Council, a group of old boys who raised funds and helped set up the school, pointed to one factor in its success.

Dr Tan, an old boy of SJI himself, said the school's Lasallian mission provides for a unique learning environment.

This mission aims to provide students with the skills and knowledge to lead productive lives, while inculcating sound moral values wthin the context of Singapore's multi-racial, multi-religious, multi-cultural society.

Read the full story in Saturday's edition of The Straits Times.

Singapore Is Asia's Most Liveable City

Source : The Straits Times, April 29, 2009

It also boasts best infrastructure in the world: Survey

SINGAPORE has risen six places in a global ranking of cities with the highest quality of living, overtaking cities such as Paris in France and Honolulu and San Francisco in the United States.

The other factor that contributed to Singapore's higher ranking is the presence of 'many good schools' in the city.

At 26th place, the Republic also surpassed all its Asian neighbours to be the region's best performer in the latest Worldwide Quality of Living Survey by human resource consultancy Mercer.

As the icing on the cake, Singapore also topped Mercer's list of cities with the best infrastructure in the world. It proved superior in various areas, including electricity and water supply, telephone and mail services, public transport, traffic congestion and range of international flights from local airports.

Although it is often taken for granted, infrastructure 'has a significant effect on the quality of living experienced by expatriates', said Ms Cathy Loose, Mercer's Asia Pacific global mobility leader.

The development of Marina Bay and Sentosa Cove as new waterfront living areas appear to have boosted Singapore's position in the rankings.

'Singapore already has excellent housing, but now its new ocean-front and seafront living options have allowed the ranking to move even higher,' said Mr Derrick Kon, Mercer's Singapore global mobility leader.

He added that the 'high-quality houses and apartments' that are available for rent and the 'excellent selection of appliances and furniture' for residents definitely helped elevate Singapore's quality of life.

The other factor that contributed to Singapore's higher ranking is the presence of 'many good schools' in the city, said Mr Kon.

'Singapore has always had a lot of good schools and international schools, but now there are also more private schools offering university degrees,' he said.

'If expatriates come here with their children, this is one area they would be looking at, and in Singapore they would have a lot of options, with international programmes and university programmes.'

Singapore's strong position in quality of life rankings such as these could stand the nation in good stead in the current financial crisis, said Mr Mark Ellwood, managing director of Robert Walters, another human resource consultancy.

With companies looking to cut costs, many are reducing the number of international assignments and localising their expat compensation packages where possible, which means not giving out the 'hardship' allowances or benefits that are offered to expats who have to live in cities with a lower quality of life.

'There is perhaps less of an argument these days that Singapore is a hardship posting, so you don't have to give many expat benefits in terms of additional bells and whistles,' said Mr Ellwood.

Singapore is the only Asian city on the top 100 list that managed to increase its ranking this year, with the rest largely maintaining their previous positions.

China's capital, Beijing, moved up three places from 116 to 113 due to public transport improvements stemming from the Olympic Games last year, but Bangkok in Thailand and Mumbai in India both dropped in the rankings amid worsened stability and security.

Globally, the Austrian city of Vienna overtook Switzerland's Zurich to boast the best quality of life this year. European cities continued to dominate the top positions in the ranking, amid a sprinkling of Canadian and American cities.

Mercer publishes this list annually to help multinational companies determine an appropriate amount of compensation for expatriates sent to work in difficult locations.

Vienna Tops In Living Quality, S'pore Improves Ranking

Source : The Business Times, April 29, 2009

Mercer has released the findings of its annual quality-of-living survey, showing Vienna, Zurich and Geneva to be the top three cities to live in.

Vienna managed to oust Zurich from the top spot in this year's survey, due in part to improvements in Austria's political and social environment.

The city also led Europe in a strong showing - the top 10 list was largely dominated by German and Swiss cities, with most of them retaining their rankings from the previous year.

The Asia-Pacific region also had its bright sparks.

Ranked at 26, Singapore led all Asian cities by a comfortable margin, with Tokyo being the next highest- ranked city at 35.

Up six places from the previous survey, Singapore was also Asia-Pacific's biggest mover.

This was attributed to the development of Singapore as a key financial centre as well as the many international and private schools available to the expatriate community.

Singapore's infrastructure was also deemed a cut above the rest. Factoring in essentials like electricity supply, water availability and traffic congestion, Singapore emerged at the top of this index, beating out Munich and Copenhagen.

Aimed at helping governments and major companies decide deployment destinations for employees, the survey could also help companies streamline costs, said Cathy Loose, Asia-Pacific global mobility leader with Mercer's information product solutions.

'As a result of the current financial crisis, multinational companies are looking to review their international assignment policies with a view to cutting costs,' said Ms Loose.

'Many companies plan to reduce the number of medium to long-term international assignments and localise their expatriate compensation packages where possible, although the hardship allowance, based on quality-of-living criteria, will remain an essential component of the package.'

Two hundred and fifteen cities were considered for this survey, with New York City being used as the base with an index score of 100.

Fitch Affirms S'pore's 'AAA' Ratings

Source : The Business Times, April 18, 2009

External finances remain strong and the government has neither foreign-currency nor external debt, the agency says

CITING Singapore's strong finances, flexible government policies and stable political scene, Fitch Ratings yesterday affirmed the country's 'AAA' sovereign ratings.

The rating agency said that it affirmed Singapore's long-term foreign and local currency issuer default ratings (IDRs) at 'AAA'. It also affirmed the country's short-term foreign currency IDR at 'F1+' and its country ceiling at 'AAA'. Fitch's outlook on the ratings remains stable.

'Singapore's external finances remain strong and the government has neither foreign-currency nor external debt,' Fitch said in its release.

In fact, the country's international reserves (including gold) continued to grow and reached a record US$174 billion as at end-2008 - equivalent to five months of current external payments, it noted.

Singapore's net external credit position also remains solid, Fitch added. While 'the high short-term external debt (80 per cent of gross external debt), especially those of non-bank private-sector entities, could pose a risk amid the tight liquidity conditions', recent government policies to support domestic credit growth could improve the situation, it said.

Fitch noted that furthermore, Singapore's public finances are prudently managed. The general government fiscal surplus (including revenue and payment streams of the Central Provident Fund) was equivalent to 13.6 per cent of gross domestic product (GDP) in FY08/09, which is 'far better than the 'AAA' median'. However, Fitch expects this ratio to drop to 3.9 per cent in FY09/10 due to a sizable fiscal stimulus package.

'The country's public finances are structurally strong despite the current cyclical weakening amid the adverse effects of the global economic recession,' said associate director of Asia sovereign ratings Vincent Ho.

The government on Tuesday cut its 2009 economic forecast to a contraction of 6-9 per cent. Fitch projects that Singapore's economy would contract by 12.6 per cent this year before recovering to grow by 2.2 per cent in 2010.

Despite the positive views on Singapore's public finances, Fitch expressed concerns about the 'transparency of past reserves and balance sheet details of the government and its sovereign wealth fund'- issues which are 'uncommon among 'AAA' sovereigns', it said.

4th Best Place For Business

Source : The Straits Times, April 16, 2009

SINGAPORE has been named the fourth best country in the world in which to do business, an achievement that could help pull the country out of its worst recession in history.

Singapore also maintained its regional top-dog position as the economy with the best business conditions in the Asia-Pacific. -- PHOTO: BRYAN VAN DER BEEK

The annual ranking of business-friendly countries, compiled by financial magazine Forbes Asia, saw Singapore jump four spots from last year, leapfrogging Britain, Sweden, Ireland and Finland.

Singapore also maintained its regional top-dog position as the economy with the best business conditions in the Asia-Pacific. New Zealand was fifth in the ranking, Australia eighth and Hong Kong ninth.

Business-friendly economies like Singapore, which are able to attract entrepreneurs, investors and workers, are 'in a much better position than others to rebound' from the economic downturn that has gripped the world, Forbes said.

Its survey ranked 127 countries according to criteria such as taxes, red tape, investor protection, stock market performance, promotion of free trade and freedom of expression and organisation.

The only three countries ahead of Singapore in the ranking were Denmark, the United States and Canada.

To top it off, 17 Singapore-listed firms also made it to this year's Forbes Global 2000 list of the world's 2,000 biggest public companies, ranked by profits, assets, sales and market value. Last year only 14 firms from Singapore were featured.

In fact, with the financial meltdown centred around the United States and Europe, Asian companies featured more prominently on the list this year. A total of 681 firms from the region made the list, 61 more than last year.

But the US is still the single dominant country with 551 firms represented - including the list-topper, General Electric - although this number is down by 47 from last year.

Japan, the clear leader in Asia, fielded 288 firms to the Global 2000 list, 29 more than last year. China, at number two, had 91 companies on the list, an increase of 21 from last year.

Read the full report in Friday's edition of The Straits Times.

More Expats Fall Prey To Rogue Property Agents

Source : The Sunday Times, April 5, 2009

Many caught in rental scams unable to get back their deposits

More expatriates have become victims of tricky landlords, dodgy tenancy agreements, disappearing deposits and other rental snares.

According to the Consumers Association of Singapore (Case), foreigners lodged 32, out of a total of 365, complaints against real estate agents from last October to March this year.

This was a 23 per cent increase from the 26, out of 516, complaints within the same period a year earlier .

The Institute of Estate Agents itself has received five complaints from foreigners since last October. None of the agents mentioned was registered with it.

Case executive director Seah Seng Choon said that most of the complaints it received concerned rental agreements.

Commonly cited were overcharging and failure to honour agreements, especially with regard to refunds.

The onset of the economic crisis, with many retrenched foreigners terminating their leases early, may be a push factor for rogue agents.

Mr Chris Koh, a director at realty company Dennis Wee Group, said: 'There are probably dishonest agents acting alone, desperate to collect their full commission, who resorted to underhand tactics to withhold deposits.'

American technician Robert Jones, 36, and Mauritian IT professional Ashwin Ramdeehul, 29, spoke to The Sunday Times. They claimed they were cheated out of their deposits by the same person they had separately contacted.

Both had sought an HDB flat to rent, and had contacted an 'agent' through his advertisement.

When taken to view their prospective units, they were introduced to the 'landlord', a 40-year-old woman.

In Mr Jones' case, he signed a tenancy agreement with her on Feb 20 to rent a four-room HDB flat in Woodlands for $1,050 a month. He wanted to move in without delay as his wife was due to give birth to their first child soon.

He said that in his haste to rent, he did not pursue the fact that the owner was listed as someone else, but the 'landlord' on the documents was listed as the woman.

After paying her $5,250 (the deposit plus four months' rent), he then found he was unable to contact her. Anxious, he approached the owner's family at the Woodlands flat on Feb 23 and was told that the unit was being rented to the woman from March 7.

The owner assured him that he could move in as agreed on March 20.

He later went to the flat again, just to be sure, but was told that the woman had found another tenant. 'I was offered another flat in Ang Mo Kio, which I rejected,' said Mr Jones, who then asked for a full refund from the woman.

However, he was told he would get only $4,200, or four months' rent, as $1,050 was being forfeited because he 'backed out' of the agreement, a contention he disputed.

When contacted by The Sunday Times, the woman said: 'The owner did not want to rent to him because he was a nuisance who harassed them even before he was allowed to move in.'

She said she was acting on behalf of the owner, and produced a written agreement that was signed by the owner.

To date, she said, she has refunded Mr Jones $1,889 and added she would repay him $4,200 eventually.

However, Mr Jones wants all his money back. 'I paid $5,250, never got the house, and now she wants to return me $1,050 less?' he said.

He made a police report on March 5 and furthered his case at the Small Claims Tribunal on March 25, where he was granted a money order to collect the full amount from her. However, he has yet to get the money as she has remained uncontactable.

Like Mr Jones, Mr Ramdeehul paid a deposit in December last year to the same woman after signing a tenancy agreement for a two-room flat in Ang Mo Kio. He said she even provided a set of keys.

But he claimed she later told him the owner no longer wanted to rent out the flat and offered to find him a similar unit. When he refused, she returned only $550 of his $3,200 deposit, he said.

He made two police reports after he used the keys she had given him. 'When I opened the door, I saw a family who told me that she never gave them my deposit like she had promised,' he said.

He, too, filed a complaint at the Small Claims Tribunal and was issued a money order to collect the full amount but, like Mr Jones, has been unable to contact her since.

A check by The Sunday Times found an advisory on the Chinese Embassy's website which said that since many cases of rental disputes involve the sublease of property estates handled by that woman, 'the embassy would like tenants to stay alert when working with her'.

The Sunday Times spoke to other foreigners here who found themselves involved in complicated rental disputes or were allegedly cheated of money.

Mrs Nadya Begum, 37, and her engineer husband from Manchester, England, said they have been cheated not once but thrice in their seven years here.

'The first time, we were ignorant and did not ask for the agent's personal details. We ended up paying a deposit for a flat which had already been 'rented' out to four other couples, also foreigners.

'The second time, the agent cut off his phone line after he collected our deposit. The last time, in November 2008, we were smart enough to get the details of the agent and all the paperwork, but the landlord absconded with the money and is still uncontactable.'

ERA Reality associate director Eugene Lim said: 'Some unethical agents prey on the ignorance of foreigners, especially those who cannot speak English or Chinese and face a language barrier.'

South Korean housewife and study mama Kim Ae Ran, 46, said she was cheated of a $6,000 housing deposit by a real estate agent who claimed to be working for PropNex agency.

When she decided on Dec 9 last year to terminate her lease early and return to South Korea because her husband's business in Seoul was ailing, she gave two months' notice via e-mail to her landlord through her agent.

The landlord replied, also via e-mail, that he would refund her the full deposit of $6,000 with the 'expiry or lawful termination' of her lease.

But it has been 11/2 months since she and her two children moved out. They are now staying with a friend and she has not received any of the promised money.

When contacted by The Sunday Times, the agent said that Mrs Kim had 'unlawfully terminated' her lease and was not entitled to her deposit. He added that he was 'only an agent, not responsible for the sum', and that the landlord was away in China and uncontactable.

When PropNex was contacted, it investigated and found that the agent had already left the company when he signed the tenancy agreement with Mrs Kim.

It also found that the tenancy agreement he drew up stated that commission would be paid to an agent of 'PropNex Reality', rather than 'PropNex Realty'.

PropNex has since lodged a police report against the man.

Meanwhile, industry players say the recent announcement in Parliament to review and regulate agents could not have come sooner.

Mr Koh of Dennis Wee Group said: 'At the moment, only about one-third of real estate agents here are CEHA-certified.'

CEHA is the Common Examination for House Agents started in 1996 to raise the standards of real estate agents here.

He added: 'The industry badly needs both regulation and proper training, as well as penalties for rogue or scamming agents - it should be a two-pronged approach.'