KSH Holdings Wins Contract To Build Luxury Clifford Pier Hotel

Source : Channel NewsAsia, 10 September 2007

SINGAPORE : Construction firm KSH Holdings has won a contract to build the luxury Clifford Pier hotel.

The contract, worth S$126 million, was awarded by Hong Kong firm Precious Quay, a unit of Sino Land.

Late last year, Sino Land put in the top bid of S$166 million for a hotly-contested site at Collyer Quay, which will house the hotel.

Under the deal, KSH will build a six-storey hotel, comprising some 120 rooms with sea views.

KSH will also conserve the single-storey Clifford Pier and the two-storey former Customs Harbour Front building.

The project is expected to be completed in under two years.

The new contract will take KSH's existing order book to S$405 million.

Industry watchers see the possibility of Sino Land building an integrated development at the waterfront, which will be linked to its neighbouring properties, One Fullerton and the Fullerton Hotel. - CNA/ms

IRs Will Not Dominate Singapore's Diversified Economy: PM Lee

Source : Channel NewsAsia, 10 September 2007

SINGAPORE : Prime Minister Lee Hsien Loong has said the two integrated resorts (IRs) will not dominate Singapore's diversified economy.

But they will help shed, what he called, the country's "museum" image.

He told Bloomberg in an interview that "The IRs are not going to be Singapore. This is not going to be like Macau, where the casinos are the economy. We are not a museum, we are a living city, we have to evolve.

"This is not 1950s Singapore, this is Singapore in the 21st century. Our policies have to change."

The government expects to double the number of overseas visitors to 17 million annually.

Tourism receipts are expected to triple to S$30 billion (US$20 billion) by 2015. - CNA/ch

Recent Market Turbulence Unlikely To Hurt Growth Prospects: Tharman

Source : Channel NewsAsia, 10 September 2007

Education Minister & Second Minister for Finance, Mr Tharman Shanmugaratnam said the recent market turbulence is not expected to hurt the medium-term growth prospects of the region.

He gave the comment during a speech at the opening of a new office for Societe Generale's private banking unit.

The minister noted that Asian markets have been showing some resilience amid the recent market turmoil.

The MSCI Asia ex-Japan is only down 1.6 per cent since mid-July and is up 24 per cent on year.

Excluding China, Asian markets are also up 22 per cent since the start of 2007.

But he warned that a sharp slowdown in the US economy would impact on Asia. - CNA/ch

Law Society's Pro Bono Services Office Opens

Source : Channel NewsAsia, 10 September 2007

SINGAPORE : Singapore's legal profession has not forgotten its social responsibility to the man-in-the street, especially the less fortunate.

This is demonstrated by the opening of the Law Society's Pro Bono Services Office at the Subordinate Courts.

Senior Minister of State for Law Associate Professor Ho Peng Kee said it is one of the concrete steps the Law Society has taken to encourage lawyers to each contribute 25 hours of pro bono work a year. Pro bono means doing work without asking for payment.

The office will administer the Law Society's voluntary programmes - Project Law Help and the Criminal Legal Aid Scheme.

It will also work closely with the Legal Aid Bureau on its civil legal aid scheme and with other partners to develop new pro bono schemes.

Professor Ho said this would provide more avenues for lawyers to volunteer their time to help needy Singaporeans.

Two pilot community legal clinics with the North-West and South-East Community Development Councils (CDCs) were also launched on Monday.

They will provide basic legal advice and information to needy Singaporeans and permanent residents, and complement existing avenues available to those in need of legal advice.

Professor Ho noted that some law firms have already committed to providing lawyers to man the clinics, a clear demonstration of the legal fraternity's support for the pro bono cause.

Professor Ho said, "Over many years now, many lawyers from both large and small firms have been rendering voluntary service quietly behind the scenes in various ways. Many are already volunteers at legal clinics run by groups such as the Singapore Association of Women Lawyers, Jamiyah, the Catholic Lawyers Guild and those offered by Family Service Centres.

"Some lawyers are involved in grassroots work; others as members in important committees and councils set up by the ministries; and yet others pursue their passions for sports by serving in National Sports Associations. In these and other ways, lawyers do their part in making Singapore a 'happening' place.

"The inculcating of a spirit of voluntarism as lawyers chip in to serve on the many platforms created by the Law Society will help foster a stronger esprit-de-corp in the profession.

"As an honourable profession, we should continue to strive to instil a sense of pride and purpose in our lawyers, especially the younger ones. Helping them channel their expressions of responsibility through platforms like these Community Legal Clinics will go some way to bolster this sense of pride and purpose." - CNA/ms

Severely Disabled Want To Be Included In Annuity Scheme

Source : Channel NewsAsia, 10 September 2007

SINGAPORE : The severely disabled do not want to be totally excluded from buying compulsory annuities when they turn 55.

Even as they welcome the possible exemption, they hope the government will give them an opt-in option, and allow them to tap into the monthly payouts at an earlier age, since most do not expect to live till 85.

Muscular dystrophy has weakened John Lee's body, but the 50-year-old is determined to stay productive.

John earns S$500 a month as a data entry clerk at Bizlink. But he knows this will not last forever.

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Severely disabled want to be included in annuity scheme

He has already developed complications such as diabetes and breathing problems. And doctors say it is unlikely he will live till 85.

John said, "They told me 'I don't think you can live that long'. Especially those handicapped people... because of the sickness and medical causes... from my own observation... I think I won't live till 85."

John said he has about S$20,000 in his Central Provident Fund savings, and he has plans to write to CPF to draw down the funds at an earlier age if he cannot work anymore.

Doctors say there are currently no exact figures on how many Singaporeans are down with severe disabilities such as muscular dystrophy.

But they say these medical conditions are extremely rare in Singapore.

The lifespan of these patients are significantly reduced by complications such cardiac arrest, diabetes and breathing difficulties.

Still, people like John welcome the annuity scheme, which can come in handy when they are no longer able to work.

But he hopes the payouts can be brought forward to when he turns 70 or even earlier.

Leo Chen Ian, President, Disabled People's Association, said, "People who are severely disabled, people with muscular dystrophy cases, seriously disabled people in terms of paraplegics... their lifespan is not as long as your average lifespan.

"It's important for people with disabilities, with limited lifespan, be exempted from this scheme because they will definitely not be able to benefit from drawing out this annuity. It's very obvious that they can't live beyond the age of 85."

Their suggestion to the government is to exempt the severely disabled, but allow them to opt into the scheme.

The Disabled People's Association also hopes the government will put in place a sliding rule system based on the various disabilities and lifespans, and allow these people to draw down from the annuity payouts at an earlier stage.

BizLink said it would include these and other suggestions in its report to the Manpower Ministry. - CNA/ms