Floating Condo Takes Opulence To High Seas

Source : The Straits Times, August 27, 2007

S'pore buyers can preview luxury liner as marketing drive makes stop here














GLAMOROUS LIFE: The 219m luxury vessel will offer lots of entertainment, including four restaurants and a casino. Each suite of The Four Seasons Ocean Residences will come with floor- to-ceiling windows, living room areas and master bedrooms with walk-in dressing rooms and bathrooms. -- PHOTOS: FOUR SEASONS OCEAN RESIDENCES

DO YOU feel like you have been living too long in one place and are now longing and pining for life on the high seas? Then try splurging some of that hard-earned money on a plush home onboard a luxury liner.

It is a simple - albeit opulence-laden - concept. Your multimillion-dollar home is part of a lavish vessel that plies the world's oceans, calling at exotic ports along the way.

As the shipboard homes are mega-pricey, there is no chance of being stuck at sea with any of the great unwashed with their sub-prime mortgages - and you can always count on a great ocean view.

Singaporeans can check out the concept next month, when Savills International unveils The Four Seasons Ocean Residences - 112 private residences on a 219m luxury vessel with staff and high-end services - at the Four Seasons Hotel here.

The homes range in size from 797 sq ft to nearly 8,000 sq ft. Most are two- and three-bedders, with features that include floor-to-ceiling windows, living room areas, master bedroom suites with walk-in dressing rooms and bathrooms en suite, kitchens, and staff entrances.

Prices range from 2.885 million euros (S$5.97 million), or about 3,500 euros per sq ft, for a 797 sq ft one- bedder to 30 million euros for a 7,860 sq ft four-bedroom, three-storey penthouse.
















The liner - due for completion in 2010 - will offer plenty of entertainment, including four restaurants, an 11,000 sq ft spa, a style casino, a supermarket, a wine cellar and a driving range.

There will also be concierge service and an excursion coordinator to arrange for those exotic and expensive tours. Yearly service charges start from 72,000 euros.

The liner will average about 250 days in port a year and sail to places like Antarctica and events such as the 2012 Olympics in London and the F1 Grand Prix in Monaco.










Developer BV International Ocean Holdings, a joint venture between Bayview Financial and Ocean Development Group, picked Singapore as one of the centres to promote the floating condo.

'We are focusing on a very select group of people at the highest socio-economic level,' said Mr Danny Warman, vice-president of Bayview Financial, a privately held United States-based real estate investment and mortgage finance company.

'Singapore definitely has a significant amount of wealth. It's one of the most important financial centres in the world,' he said.

The marketing campaign started in London in May and then moved to New York and South Africa. Singapore will be the first Asian stop.

However, keen buyers can select units only at four global sales events, starting in Hong Kong on Sept 11 to 12. The other ones will be in a city in Europe, the Bahamas and the US.

'The beauty of it is that owners of the residences would be able to travel and explore the world without having ever to leave their home,' said Mr Warman.

Because the developer wants to have 'global diversity' on board, it will also be marketed in places such as Tokyo, Moscow and Mumbai.

There is only one other floating condo liner - The World of ResidenSea, which set sail from Oslo in 2002 with about 70 residents on board. There were reports at the time that it had trouble selling its residences.

More than a decade later, the market has changed, and more of these floating residences are likely to come. Mr Warman said they are selling a new product with strong branding. 'As soon as we sell out this one, we will do another one,' he said.

Japanese Building Firm Bags Award For Worksite Safety

Source : The Strait Times, 27 August 07

NOT a single major accident, sinkhole or stop-work order over four years. That is the safety record of Japanese construction firm Taisei.

Last week, the company was awarded the Land Transport Authority (LTA) Contractor Challenge Shield for safe worksite practices.

The award was for its Circle Line contract 853, to build the Marymount station and tunnel.

Taisei also won the authority's inaugural Construction Environmental Excellence Award for achievements such as keeping the construction area totally free of dengue breeding sites during the recent dengue outbreak.

The awards, given out at LTA's annual safety award convention, were based on site visits by a panel of judges as well as an oral presentation.

Taisei encourages all workers to report unsafe work practices and conditions by setting up a 24-hour hotline.

The company also regularly conducts emergency exercises and drills.

Taisei's head of safety, health and environment, Mr T. Suresh Kumar, said: 'The company's top management sets a high bar for safe work practices, and that percolates down to all the staff.'

The convention's safety theme this year - 'heavy lifting operations' - focused on areas such as preventing cranes from toppling.

Over the past decade, there have been 28 cases of cranes toppling in LTA worksites, due to mechanical failure and human error.

Speaking at the event, Minister of State for Transport Lim Hwee Hua also announced a new biennial award to recognise individuals and organisations that contribute to the land transport industry.

The Land Transport Excellence Awards will recognise areas such as provision of land transport services and best use of technology in land transport systems.

Individuals can be nominated too. Nominations open next month until Oct 12. The awards will be given out next February.

LTA May Replace Circle Line Contractor

Source : The Strait Times, 27 August 07

New contractors called to finish 2 stations, a project secured initially by Swedish firm NCC

SWEDEN'S NCC International may become the first Circle Line MRT contractor to be replaced midway through a project, following disputes with the Land Transport Authority (LTA) and a concrete supplier.

The LTA has called for new contractors to finish the MacPherson and Tai Seng stations - two of five in Stage 2 of the 33km Circle Line.

In a tender which closed earlier this month, the LTA described the job as 'major outstanding works' at the two stations.

The project was initially secured by NCC and Singapore's Econ Corp in 2002 for more than $300 million. Econ dropped out in 2005 because of financial troubles.

The fresh tender for 'major outstanding works' attracted bids from three local companies: Chye Soon Construction, which made a bid of $17.48 million; Hock Lian Seng Infrastructure ($17.91 million); and KTC Civil Engineering and Construction ($20.97 million).

An LTA spokesman said the winner will be appointed next month.

She said NCC was informed late last year that it was 'not fulfilling'' its contractual obligations. LTA followed up with a formal letter early this year.

She did not elaborate on what NCC failed to do.

'LTA has a right to appoint another contractor to carry out part or whole of the work specified in the contract if the contractor fails to carry out the work within the terms of contract,'' she said.

But she added that NCC 'is expected to work with the new contractor to complete the remaining works for the two stations''.

NCC, a Swedish construction giant with sales of 56 billion Swedish kronor (S$12.4 billion), would not comment beyond saying it would see to the completion of the stations.

Asked why NCC would stay to work with the new party if it was found to be wanting, and how much NCC would be paid, the LTA spokesman would only say 'we are unable to disclose the details as the contract terms are privy to parties bound by the contract''.

Industry players said NCC, a relative newcomer to LTA work, may be the first casualty of cost overruns which have besieged Circle Line projects since the Nicoll Highway collapse in 2004.

The problem worsened when concrete prices nearly trebled to $200 per cubic metre after Indonesia imposed a ban on land sand exports and detained barges shipping granite to Singapore early this year.

Two months ago, NCC's lawsuit against concrete supplier Alliance Concrete Singapore came before the court. The judge asked the two parties to submit the case for arbitration instead.

NCC is not the only builder having difficulties with the Circle Line. Since the Nicoll Highway tragedy in 2004, construction and safety standards have become far more stringent, resulting in delays and higher costs.

Unexpected soil conditions in the western half of the line - which Japanese contractor Taisei noted had made work 'profoundly challenging'' - have aggravated the situation.

The Straits Times understands that Circle Line contractors are submitting several hundred million dollars worth of claims to the LTA.

One industry source said: 'Almost every contractor on the Circle Line is having a cash-flow problem. Cash flow is a contractor's lifeline.''

The LTA spokesman said all claims 'are being evaluated and considered under the provisions of the contract''.

She added that 'issues related to the cost of sand are being handled in accordance with the Government Compensation Framework''. The Government had said it would bear up to 75 per cent of construction cost increases arising from Indonesia's ban.

'The total impact of the cost increase is still being assessed,'' she said.

Despite all the problems, the LTA said 'our plans to open the Circle Line from 2010 have not changed''.

Underpass job also affected

THE Land Transport Authority will next look for contractors to build an underpass on Upper Paya Lebar Road - a project that was part of NCC International's Circle Line MRT contract.

The underpass will allow motorists in the Paya Lebar and Upper Paya Lebar areas to bypass traffic lights at the Bartley Road junction.

It is one of two traffic improvement schemes to alleviate jams in the area.

The other is a viaduct linking Bartley Road to Tampines Avenue 10, which was due for completion last year.

It was delayed when the previous contractor L&M Prestressing ran into financial difficulties.

A new contractor, Hock Lian Seng, is scheduled to complete the viaduct in 2009.

'We are making arrangements to appoint a contractor for the underpass,' an LTA spokesman said.

What's In A Condo Name? More Than You Can Imagine

Source : The Strait Times, 27 August 07

IF PROPERTY developer Lippo Group had its way, the condominium it is building in Kim Seng Road would be called Trinity rather than Trillium.

But the group's original application for 'Trinity Towers' was deemed too 'religious' by the authorities, revealed Lippo's executive director Thio Gim Hock.

'It was rejected because it had religious connotations. They even said not to bother to appeal,' he said. The three-tower project was renamed Trillium, after the name of a three-petal flower.

Now, as Lippo and other developers gear up to launch a slew of new condos, they are cracking their heads over what to name them. It may seem like a small problem, but unexpected rejections such as the one Lippo received can make the task surprisingly knotty.

Indeed, the name game is so important that Mr Simon Cheong, head of luxury developer SC Global, personally names each of his projects - from the iconic The Boulevard Residence to the latest Marq on Paterson Hill.

Larger developers, such as Frasers Centrepoint and City Developments (CDL), pick names from proposals that sometimes number in the hundreds.

At CDL, the final say for condo names lies with executive chairman Kwek Leng Beng. But suggestions are pooled from all sources, including an occasional staff competition. Even Mrs Kwek reportedly put in her two cents' worth for CDL's latest project, Cliveden at Grange.

The main reason naming a condo is not as easy as just calling it The ABC lies in a surprisingly strict set of rules for building and estate names, outlined by the Street and Building Names Board (SBNB).

For instance, condo names, according to a fairly recent rule change by SBNB, must not end with 'park' - in case the project is mistaken for an actual park.

But more than 100 condos already have that word in their names, including older estates Bedok Park and Clementi Park. To get around the rule, developers have recently taken to using the French word 'parc' instead and putting it in front of the name, such as in Parc Emily.

SBNB also advises against using 'place' and 'link' because the terms are also used for road names. 'Tower' can be used only for buildings of at least 30 storeys, and 'villa' only for landed houses. And 'city' - such as in the 910-unit City Square Residences or the 600-unit Citylights - is applicable only for developments 'on a grand scale', says SBNB.

With more and more words struck out over the years, it is no wonder many developers now find it easier to come up with a whole new one.

This has led to the latest rage in condo-naming: coined words, such as in The Lumos in Leonie Hill and The Marq.

'It's partly because developers are running out of names, and partly because of the new guidelines on naming projects,' said Ms Diana Kuik, executive director of Sim Lian Land. 'It is now a very 'in' thing to do as it gives the project a modern feel.'

Sim Lian's Viz at Holland is a good example. 'The condo is near Holland Village, and there's a lot of buzz and activity in the area,' said Ms Kuik.

'So we combined 'village' and 'buzz' to get 'Viz'. It's short, easy to remember, and hip-sounding.'

But newly coined names are only one of the current trends in a market where condo names appear to come and go in waves of fashion.

In fact, Ms Kuik said it is often possible to distinguish a condo's age from its name.

'If you look at a name, you can tell which era the development was built in,' she noted. 'Anything with 'garden' or 'view' is likely to be in the 1980s. If it's 'vale', probably the 1990s, and if it starts with 'The', it's after 2000.'

Other current naming fads include the almost ubiquitous '@' sign - officially known as the 'commercial at' and unofficially used in every attempt to be trendy. At least 30 condos in Singapore boast this symbol. Almost all are new projects that surfaced after the dot.com boom.

Property watchers have also observed that the recent boom in high-end condos has led to aproliferation of names using 'residences'. Indeed, about half the 50-odd condos in this category - including Marina Bay Residences and The Orchard Residences - are located downtown or in the prime districts of 9 to 11.

A more longstanding trend is foreign words. These have long been de rigueur among developers, who seem to think they add a certain je ne sais quoi (meaning 'an indescribable attribute') to a moniker.

For instance, there are 34 condos here with names that start with 'Casa', the Spanish word for 'house'. Another 21 begin with 'Le' or 'La', the French words for 'the'.

Some projects are named after actual foreign locations, such as Cote d'Azur in Marine Parade, which sits uncomfortably on the tongues of most Singaporeans.

But while foreign names might sound more chi-chi, they are also more chancy.

One developer related the story of how SBNB once rejected a French name for a condo because the word sounded like 'danger' in English.

'We wanted to name the condo 'Perle', which means 'Pearl' in French,' the developer said. 'But the board said it sounded too much like 'peril', so we had to change it.'

Interestingly, while SBNB is sticky on grammatical accuracy in the use of 'Le' and 'La' - they refer to male and female nouns respectively in French - it appears unconcerned about condo names that begin with 'De' or 'D'.

'De' is a French proposition that usually means 'of' or 'for'. It is used as 'D' only if followed by a word starting with a vowel.

But Singapore's condos include such grammatical eyesores as D'Dalvey and D'Hillside Loft. The Straits Times understands that these are considered to be coined words, rather than foreign derivatives, and thus allowable.

As developers try to stay on SBNB's good side, straightforward combinations of road names and numbers are also getting popular. The latest trend is names beginning with 'One', such as One Shenton, which 14 condos have adopted.

But this does not mean developers have no room for creativity, as shown by the unusual 2 rvg and 66 OGR, which stand for River Valley Grove and Orange Grove Road, respectively.

Even if a name does not meet with contention by SBNB, other unexpected circumstances may force it to be changed at the last minute.

Industry insiders, for instance, know that Pharos on the Waterfront was the original name for the CDL condo near the Singapore River that is now called Tribeca. But what they might not know is that the name was changed mere weeks before the condo's launch because CDL discovered that Pharos referred to a lighthouse that had been destroyed by an earthquake.

'We didn't want anyone to make the association,' said CDL general manager Chia Ngiang Hong with a laugh.

At the end of the day, however, a project's name is probably one of the lowest factors on a buyer's list of priorities, said Mr Ku Swee Yong, director of marketing and business development at Savills Singapore. 'The product quality and returns potential are the top things people look at. In the final evaluation, buyers almost never consider names.'

CDL May Seek Partners To Expand Overseas

Source : The Business Times, 27 August 07

But it remains steadfast in being the proxy to S'pore property market


Active in Korea: Besides the 5-star Millennium Seoul Hilton Hotel, CDL developed and sold 3 commercial projects. It's set to embark on a commercial project in Incheon

CITY Developments Ltd (CDL) is looking for opportunities to expand to regional markets like Korea, and could be seeking new partners in the process.

CDL announced earlier this month that it had signed a memorandum of understanding with Korea's DC Chemical Company Limited (DCC) to develop a large scale integrated commercial centre in Incheon, Korea.

CDL also said that it was looking to invest between US$150 million and US$300 million in equity in the development together with 'affiliates'.

CDL declined to name its affiliates, but a possible partner could be the Dubai investment company, Istithmar.

In June, CDL and Isthimar each took 40 per cent stakes in Tune Hospitality Investments to develop 30 budget hotels across South-east Asia.

It was also reported earlier that Istithmar is planning to buy Asian property assets worth at least US$250 million and expects its real estate portfolio in the region to double in size by year end.

A spokesman for CDL said that the group already has overseas investments either directly or through joint ventures, foreign real estate funds and its hotel investment, and will continue to explore property investments overseas.

It added that it has 'mobilised its resources to focus on those markets that it knows best'.

CDL is already active in Korea. Besides the five-star Millennium Seoul Hilton Hotel, it developed and sold three commercial projects there. Other non-hospitality projects in Asia include the Umeda Pacific Building in Osaka and The Exchange Tower in Bangkok.

The Incheon site that it is eyeing measures 1.55 million sq m and is mostly owned by DCC and its affiliates.

DCC is a producer of carbon black, soda ash and pitch.

The anchor facility on the 1.55 million sq m site is an integrated commercial centre on a 281,850 sq m parcel of land which will comprise a five-star hotel, a Grade-A office tower, a serviced residence, a retail podium and other mixed-use facilities.

CDL said that another 380,000 sq m parcel of land north of the integrated commercial centre has been slated for residential development.

Development work is scheduled to begin in 2009.

Although the property developer is looking overseas, CDL's spokesman said: 'Given the strong rising domestic market, the group remains steadfast to its strategy of being the proxy to the Singapore property market.'