Source : TODAY, Thursday, September 13, 2007
Sickly, aged parents unable to rent HDB flat directly
Letter from FARISHA M SIKANDAR
I BELIEVE that Housing Development Board (HDB) rules and regulations are set for a reason. However, I also think there could be some flexibility in applying them.
A few years ago, when my parents bought a flat directly from the HDB, I had to be the third owner as my parents’ Central Provident Fund account was insufficient to pay for the house.
Last year, before I got married, I was told that HDB rules do not allow a married couple to own a separate HDB flat under their individual names.
My husband also had another flat under his name and we were told we had to sell one of the flats.
Because of this, my parents had to sell their flat. Being old and earning low incomes — my father is 63 and my mother 58 — they thought they could rent a small flat from HDB.
That was not to be. They found out they were not eligible to do this for the next two years or so.
Caught in this situation, we had to rent a flat at $1,070 a month, excluding utility charges.
With the recent hikes in property prices, the landlord decided to raise the monthly rent after the one-year lease ran out.
My parents could not afford the higher rent and gave up the flat early this month.
In July, my parents, my husband and I sought assistance from our Pasir Ris-Punggol Member of Parliament to appeal to HDB for a direct rental flat for my parents.
After a few weeks, we received a mailed response rejecting the appeal.
The reason given was that my parents had previously applied twice for flats directly from the HDB and were, hence, not eligible for the direct rental of a flat at the time.
The letter said the rule was to ensure fairness to other applicants.
This was the same response to my earlier query to the HDB on behalf of my parents before we sought the MP’s assistance.
My parents cannot afford today’s high rents.
Although both are heart patients and in poor health, they have to hop from one relative’s place to another.
My husband and I are struggling financially and are unable to accommodate them.
He is supporting his parents and two younger siblings, who live in his four-room flat.
With the recent talk about supporting the elderly in their retirement, giving them adequate and affordable medical attention and so on, I hope the HDB could be more flexible.
It should judge cases with more compassion and consideration on a case-bycase basis. It will be especially helpful for those who really need it.
Thursday, September 13, 2007
‘Las Vegases’ Across Asia?
Source : TODAY, Thursday, September 13, 2007
That’s the vision of Sands chairman Sheldon Adelson
AMERICANbillionaire and gaming tycoon Sheldon Adelson wants to set up variations of Las Vegas-style strips around the world, with Asia a possible location for several more casinos.
“What I’d like to do now is different ‘mini-Las Vegases’, I call them, in different parts of the world,” Mr Adelson said after receiving a lifetime achievement award for enterprise at the Forbes Global CEO conference.
“There are other parts of the world where we can convert gambling dens into cities of entertainment,” said the Las Vegas Sands chairman.
“I’ve been quoted as saying Asia can handle 10 Las Vegases. Maybe I’m off a little bit — maybe it’s eight, maybe it’s 12.”
Mr Adelson said gaming is increasingly accepted as another form of entertainment, partly because of the success of the Las Vegas model he helped develop, of integrating casinos with other offerings to maximise profit.
“What I did in the hotel and casino business is to fill the void of providing entertainment,” he said. “Gaming has evolved from gambling dens into ‘Disneylands’ for adults.”
He cited the example of Singapore, where Las Vegas Sands is now building a casino resort for a 2009 opening at a cost of about US$4 billion ($6.1 billion). A second casino licence was awarded to Genting International, whose resort is expected to be ready in 2010.
The nation’s founding father, Minister Mentor Lee Kuan Yew, has said he dislikes gambling but that he recognises Singapore’s image and economy will benefit from having casino gambling on its shores.
The Marina Bay Sands in Singapore will also offer 2,500 hotel rooms, high-end shopping and dining establishments, meeting and convention facilities including a 8,000-capacity ballroom, among other attractions.
“Singapore obviously recognised this basket of amenities that makes up an integrated resort,” Mr Adelson said.
Late last month, he opened what he has claimed is the world’s largest casino floor, housed in Asia’s largest building — the US$2.4-billion Venetian Macao Hotel Resort. - AP
Sands’ Chairman Honoured At Forbes Conference
Mr Sheldon Adelson (left), chairman and chief executive officer of Las Vegas Sands, receives the Forbes Lifetime Achievement Award from Mr Steve Forbes at the Forbes Global CEO Conference at the Ritz Carlton in Singapore.
The award was presented to Mr Adelson in recognition of his efforts to revive Las Vegas in the 1990s. Mr Adelson broke into the business world when he borrowed $200 from his uncle to sell newspapers when he was 12 years old. He launched one of the computer industry’s leading trade shows, Comdex, in the mid 1980s, before buying the old Sands Casino in Las Vegas.
That’s the vision of Sands chairman Sheldon Adelson
AMERICANbillionaire and gaming tycoon Sheldon Adelson wants to set up variations of Las Vegas-style strips around the world, with Asia a possible location for several more casinos.
“What I’d like to do now is different ‘mini-Las Vegases’, I call them, in different parts of the world,” Mr Adelson said after receiving a lifetime achievement award for enterprise at the Forbes Global CEO conference.
“There are other parts of the world where we can convert gambling dens into cities of entertainment,” said the Las Vegas Sands chairman.
“I’ve been quoted as saying Asia can handle 10 Las Vegases. Maybe I’m off a little bit — maybe it’s eight, maybe it’s 12.”
Mr Adelson said gaming is increasingly accepted as another form of entertainment, partly because of the success of the Las Vegas model he helped develop, of integrating casinos with other offerings to maximise profit.
“What I did in the hotel and casino business is to fill the void of providing entertainment,” he said. “Gaming has evolved from gambling dens into ‘Disneylands’ for adults.”
He cited the example of Singapore, where Las Vegas Sands is now building a casino resort for a 2009 opening at a cost of about US$4 billion ($6.1 billion). A second casino licence was awarded to Genting International, whose resort is expected to be ready in 2010.
The nation’s founding father, Minister Mentor Lee Kuan Yew, has said he dislikes gambling but that he recognises Singapore’s image and economy will benefit from having casino gambling on its shores.
The Marina Bay Sands in Singapore will also offer 2,500 hotel rooms, high-end shopping and dining establishments, meeting and convention facilities including a 8,000-capacity ballroom, among other attractions.
“Singapore obviously recognised this basket of amenities that makes up an integrated resort,” Mr Adelson said.
Late last month, he opened what he has claimed is the world’s largest casino floor, housed in Asia’s largest building — the US$2.4-billion Venetian Macao Hotel Resort. - AP
Sands’ Chairman Honoured At Forbes Conference
Mr Sheldon Adelson (left), chairman and chief executive officer of Las Vegas Sands, receives the Forbes Lifetime Achievement Award from Mr Steve Forbes at the Forbes Global CEO Conference at the Ritz Carlton in Singapore.
The award was presented to Mr Adelson in recognition of his efforts to revive Las Vegas in the 1990s. Mr Adelson broke into the business world when he borrowed $200 from his uncle to sell newspapers when he was 12 years old. He launched one of the computer industry’s leading trade shows, Comdex, in the mid 1980s, before buying the old Sands Casino in Las Vegas.
Waterfront-Garden Living Planned At Marina South
Source : The Straits Times, Sep 13, 2007
THE Urban Redevelopment Authority has set aside 60 hectares of land at Marina South, strategically located between the Garden and the Straits of Singapore, for a landmark residential district.
It said in a joint release with the Singapore Institute of Architects that it has 'planned 11,000 housing units and a mix of commercial, hotel and community facilities for all to enjoy'.
'It is envisioned as a landmark residential district that offers residents the best of both worlds - a rare opportunity to experience waterfront living within a lush garden setting by the Garden at Marina South,' plus 'panoramic views of Singapore's signature skyline'.
City living with magnificent views of the waterfront or greenery is the lifestyle choice of many Singaporeans. It is in line with the Concept Plan 2001- URA's long term plan that guides Singapore's development over the next 40 to 50 years - which called for more city living options for Singaporeans.
Competition
To garner refreshing and innovative ideas that can distinguish the next-generation living environment, they are inviting the public to submit design ideas to showcase Singapore's Garden City image.
'The urban design and architectural ideas sought will serve as an inspiration and catalyst for the master plan to guide the development of the Marina South Residential District.'
The 10 best ideas submitted will be rewarded with $50,000.
The competition opens on Thursday and closes on Nov 12. All submissions will be exhibited in November as part of the Singapore Design Festival 2007, during which the winning designs will be announced.
Marina Bay is the centrepiece of Singapore's urban transformation into a vibrant, global city. Several prime sites have already been earmarked for exciting new developments, including the Marina Bay Sands Integrated Resort and the 100-ha Gardens By the Bay.
----------------------------------------------------------------------------------
Press Release : Jointly issued by Urban Redevelopment Authority and Singapore Institute of Architects 13 September 2007
Waterfront-Garden living in the heart of the city – this is the plan the Urban Redevelopment Authority (URA) has in store for Marina South. The URA is setting aside 60 ha of land at Marina South for a landmark residential district, strategically located between the Garden at Marina South and the Straits of Singapore. Some 11,000 housing units have been planned, with a mix of commercial, hotel and community facilities for all to enjoy.
To garner refreshing and innovative ideas that can distinguish this next-generation living environment, the URA and Singapore Institute of Architects (SIA) are jointly organising a Design Ideas Competition for the Marina South Residential District. The urban design and architectural ideas sought will serve as an inspiration and catalyst for the master plan to guide the development of the Marina South Residential District.
Waterfront-Garden Living by the Bay
Marina Bay is the centrepiece of Singapore’s urban transformation into a vibrant, global city. Several prime sites have already been earmarked for exciting new developments, including the Marina Bay Sands Integrated Resort (a destination attraction offering world–class hotel, convention, entertainment facilities and a casino), and the 100-ha Gardens By the Bay. The Marina South Residential District, located within Marina Bay, is being master planned by URA as the next stage of development. It is envisioned as a landmark residential district that offers residents the best of both worlds – a rare opportunity to experience waterfront living within a lush garden setting by the Garden at Marina South.
Today, city living with magnificent views of the waterfront or greenery is the lifestyle choice of many Singaporeans. This is in line with the Concept Plan 2001- URA's long term plan that guides Singapore's development over the next 40 to 50 years - which called for more city living options for Singaporeans. The Marina South Residential District will provide the opportunity for attractive city living amid lush greenery next to the water, with panoramic views across Singapore’s signature skyline.
The site plan is attached at Appendix A.
Design Ideas Competition
The Competition is open to all students and professionals in planning, architecture and landscape fields, both locally and internationally.
The submissions are to:
a Illustrate how high-density city living can be achieved in an attractive environment that offers the experience of being in a waterfront garden;
b Emphasise on environmental sustainability & a sense of community;
c Set a new benchmark in residential development in anticipation of future lifestyle trends and aspirations; and
d Make Marina South a landmark district that will showcase Singapore’s Garden City image.
A sum of $50,000 has been set aside to be awarded for up to 10 best ideas, to be distributed equally among the winning teams. In the spirit of unbiased assessment, the design submissions will be judged in anonymity.
The Jury for the competition will include:
a Mr Tai Lee Siang
President (Chairperson), Singapore Institute of Architects
b Ms Fun Siew Leng
Director (Urban Planning & Design), Urban Redevelopment Authority
c Dr Belinda Yuen,
President, Singapore Institute of Planners
d Mr Liam Wee Sin
Chief Operating Officer, UOL Group Limited
e Professor Heng Chye Kiang
Dean, School of Design and Environment, National University of Singapore
The Competition is launched on 13 September 2007 and closed on 12 November 2007. All design submissions will be publicly exhibited in November as part of the Singapore Design Festival 2007, during which the winning designs will be announced. The winning ideas may also be incorporated in URA’s master plan for Marina South, which will be exhibited as part of the Master Plan 2008 next year.
Interested participants can download the brief, submission requirements and terms and conditions of the competition from www.ura.gov.sg or www.sia.org.sg/marina.
------------------------------------------------------------------------------------
Appendix A
THE Urban Redevelopment Authority has set aside 60 hectares of land at Marina South, strategically located between the Garden and the Straits of Singapore, for a landmark residential district.
It said in a joint release with the Singapore Institute of Architects that it has 'planned 11,000 housing units and a mix of commercial, hotel and community facilities for all to enjoy'.
'It is envisioned as a landmark residential district that offers residents the best of both worlds - a rare opportunity to experience waterfront living within a lush garden setting by the Garden at Marina South,' plus 'panoramic views of Singapore's signature skyline'.
City living with magnificent views of the waterfront or greenery is the lifestyle choice of many Singaporeans. It is in line with the Concept Plan 2001- URA's long term plan that guides Singapore's development over the next 40 to 50 years - which called for more city living options for Singaporeans.
Competition
To garner refreshing and innovative ideas that can distinguish the next-generation living environment, they are inviting the public to submit design ideas to showcase Singapore's Garden City image.
'The urban design and architectural ideas sought will serve as an inspiration and catalyst for the master plan to guide the development of the Marina South Residential District.'
The 10 best ideas submitted will be rewarded with $50,000.
The competition opens on Thursday and closes on Nov 12. All submissions will be exhibited in November as part of the Singapore Design Festival 2007, during which the winning designs will be announced.
Marina Bay is the centrepiece of Singapore's urban transformation into a vibrant, global city. Several prime sites have already been earmarked for exciting new developments, including the Marina Bay Sands Integrated Resort and the 100-ha Gardens By the Bay.
----------------------------------------------------------------------------------
Press Release : Jointly issued by Urban Redevelopment Authority and Singapore Institute of Architects 13 September 2007
Waterfront-Garden living in the heart of the city – this is the plan the Urban Redevelopment Authority (URA) has in store for Marina South. The URA is setting aside 60 ha of land at Marina South for a landmark residential district, strategically located between the Garden at Marina South and the Straits of Singapore. Some 11,000 housing units have been planned, with a mix of commercial, hotel and community facilities for all to enjoy.
To garner refreshing and innovative ideas that can distinguish this next-generation living environment, the URA and Singapore Institute of Architects (SIA) are jointly organising a Design Ideas Competition for the Marina South Residential District. The urban design and architectural ideas sought will serve as an inspiration and catalyst for the master plan to guide the development of the Marina South Residential District.
Waterfront-Garden Living by the Bay
Marina Bay is the centrepiece of Singapore’s urban transformation into a vibrant, global city. Several prime sites have already been earmarked for exciting new developments, including the Marina Bay Sands Integrated Resort (a destination attraction offering world–class hotel, convention, entertainment facilities and a casino), and the 100-ha Gardens By the Bay. The Marina South Residential District, located within Marina Bay, is being master planned by URA as the next stage of development. It is envisioned as a landmark residential district that offers residents the best of both worlds – a rare opportunity to experience waterfront living within a lush garden setting by the Garden at Marina South.
Today, city living with magnificent views of the waterfront or greenery is the lifestyle choice of many Singaporeans. This is in line with the Concept Plan 2001- URA's long term plan that guides Singapore's development over the next 40 to 50 years - which called for more city living options for Singaporeans. The Marina South Residential District will provide the opportunity for attractive city living amid lush greenery next to the water, with panoramic views across Singapore’s signature skyline.
The site plan is attached at Appendix A.
Design Ideas Competition
The Competition is open to all students and professionals in planning, architecture and landscape fields, both locally and internationally.
The submissions are to:
a Illustrate how high-density city living can be achieved in an attractive environment that offers the experience of being in a waterfront garden;
b Emphasise on environmental sustainability & a sense of community;
c Set a new benchmark in residential development in anticipation of future lifestyle trends and aspirations; and
d Make Marina South a landmark district that will showcase Singapore’s Garden City image.
A sum of $50,000 has been set aside to be awarded for up to 10 best ideas, to be distributed equally among the winning teams. In the spirit of unbiased assessment, the design submissions will be judged in anonymity.
The Jury for the competition will include:
a Mr Tai Lee Siang
President (Chairperson), Singapore Institute of Architects
b Ms Fun Siew Leng
Director (Urban Planning & Design), Urban Redevelopment Authority
c Dr Belinda Yuen,
President, Singapore Institute of Planners
d Mr Liam Wee Sin
Chief Operating Officer, UOL Group Limited
e Professor Heng Chye Kiang
Dean, School of Design and Environment, National University of Singapore
The Competition is launched on 13 September 2007 and closed on 12 November 2007. All design submissions will be publicly exhibited in November as part of the Singapore Design Festival 2007, during which the winning designs will be announced. The winning ideas may also be incorporated in URA’s master plan for Marina South, which will be exhibited as part of the Master Plan 2008 next year.
Interested participants can download the brief, submission requirements and terms and conditions of the competition from www.ura.gov.sg or www.sia.org.sg/marina.
------------------------------------------------------------------------------------
Appendix A
North, East Fuel Property Boom
Source : TODAY, Thursday, September 13, 2007
More buyers in these areas taking multiple loans: CBS
AS the property market fever spread throughout the island, it seemed people living in the northern and eastern parts of Singapore were largely responsible for fuelling the boom.
Ang Mo Kio, Bishan, Tampines, Katong and even Punggol were among the districts with the most number of residents who took out two or more property loans, according to Credit Bureau Singapore (CBS).
Taking pole position were Serangoon Gardens, Hougang and Punggol, with 3,263 consumers in the entire district juggling multiple loans as of June — a repeat of the situation last year. In second spot was the district of Hillview, Dairy Farm, Bukit Panjang and Choa Chu Kang.
What is notable is that numbers in all top five districts grew by more than 50 per cent from last year, with the Hillview cluster experiencing the biggest spike (78.8 per cent).
The number of borrowers islandwide with multiple property loans climbed 64 per cent — from 23,541 consumers last June to 38,520 this year.
The Serangoon Gardens cluster and the Katong-Joo Chiat-Amber Road district, which came in third, were also home to about 1,800 consumers who owed more than $1 million in property loans.
The district with the most number of such credit borrowers — 2,033 of them — was the upmarket Ardmore, Bukit Timah, Holland Road and Tanglin.
Growing in tandem were new property loans approved, which went up by 12 per cent to 50,514 approvals.
These statistics on the latest property market credit trends — derived from data uploaded by 10 banks and financing firms, such as Hong Leong and Citibank — were released yesterday by the CBS, which also unveiled its new property loan index.
The index, which is slated to be published on the CBS’ website every month, tracks three indicators: Credit hunger in the form of new loan applications; the number of new loans granted; and delinquency, or loans that are overdue for more than 30 days.
These indicators are measured against the market’s average for the entire period between January 2005 and June this year.
As of June, the credit hunger reading stood at 59 per cent higher than the average for the past 30 months.
Credit approval, too, was some 22 per cent above the baseline. What went south and registered a negative figure was the delinquency reading, which — at 13 per cent — indicated that homebuyers in Singapore are “managing their property loans well”, CBS said.
Its general manager Mark Rowley said that given the current property boom that fuelled a hunger for credit to finance their properties, such an index would “provide homebuyers, regulators and industry players with an early insight into the developing trends in the property loan sector”.
Plans are in the pipeline to roll out more indices on the consumer credit market, such as motoring, credit card and personal loans, over the next few months. An overall Singapore Credit Index will also be developed, Mr Rowley added.
More buyers in these areas taking multiple loans: CBS
AS the property market fever spread throughout the island, it seemed people living in the northern and eastern parts of Singapore were largely responsible for fuelling the boom.
Ang Mo Kio, Bishan, Tampines, Katong and even Punggol were among the districts with the most number of residents who took out two or more property loans, according to Credit Bureau Singapore (CBS).
Taking pole position were Serangoon Gardens, Hougang and Punggol, with 3,263 consumers in the entire district juggling multiple loans as of June — a repeat of the situation last year. In second spot was the district of Hillview, Dairy Farm, Bukit Panjang and Choa Chu Kang.
What is notable is that numbers in all top five districts grew by more than 50 per cent from last year, with the Hillview cluster experiencing the biggest spike (78.8 per cent).
The number of borrowers islandwide with multiple property loans climbed 64 per cent — from 23,541 consumers last June to 38,520 this year.
The Serangoon Gardens cluster and the Katong-Joo Chiat-Amber Road district, which came in third, were also home to about 1,800 consumers who owed more than $1 million in property loans.
The district with the most number of such credit borrowers — 2,033 of them — was the upmarket Ardmore, Bukit Timah, Holland Road and Tanglin.
Growing in tandem were new property loans approved, which went up by 12 per cent to 50,514 approvals.
These statistics on the latest property market credit trends — derived from data uploaded by 10 banks and financing firms, such as Hong Leong and Citibank — were released yesterday by the CBS, which also unveiled its new property loan index.
The index, which is slated to be published on the CBS’ website every month, tracks three indicators: Credit hunger in the form of new loan applications; the number of new loans granted; and delinquency, or loans that are overdue for more than 30 days.
These indicators are measured against the market’s average for the entire period between January 2005 and June this year.
As of June, the credit hunger reading stood at 59 per cent higher than the average for the past 30 months.
Credit approval, too, was some 22 per cent above the baseline. What went south and registered a negative figure was the delinquency reading, which — at 13 per cent — indicated that homebuyers in Singapore are “managing their property loans well”, CBS said.
Its general manager Mark Rowley said that given the current property boom that fuelled a hunger for credit to finance their properties, such an index would “provide homebuyers, regulators and industry players with an early insight into the developing trends in the property loan sector”.
Plans are in the pipeline to roll out more indices on the consumer credit market, such as motoring, credit card and personal loans, over the next few months. An overall Singapore Credit Index will also be developed, Mr Rowley added.
Billionaire Expects To Do Well In Marina Bay Sands Gambit
Source : The Strait Times, 13 September 2007
MR ADELSON, receiving the Malcolm S. Forbes Lifetime Achievement Award from Mr Forbes(right). He is counting on the two-horse race between his firm and Malaysia's Genting - and a big bet on conventions - to result in big bucks. -- ST PHOTO: MUGILAN RAJASEGERAN
WITH just one competitor in town, Las Vegas Sands chairman Sheldon Adelson believes his company has a winning hand in its upcoming Singapore venture.
Even as costs of building the Marina Bay Sands integrated resort look set to swell, the American billionaire is counting on the two- horse race - and a big bet on the convention business - to translate into big bucks.
'This will be a duopoly and, of course, any place that has a duopoly will be very profitable,' said Mr Adelson yesterday at the Forbes Global CEO Conference.
Speaking in a public interview after receiving a lifetime achievement award from Forbes magazine president Steve Forbes, Mr Sheldon added that his mega project will have enough space to host the world's biggest conventions.
Las Vegas Sands pipped three other rivals last year with a $3.85billion bid for a government tender to build Singapore's first integrated resort.
But rising construction costs amid a building boom and refinements to the project's design may bump up the amount, which excluded a fixed land price of $1.2 billion, by as much as 40 per cent, The Business Times quoted chief operating officer William Weidner as saying last month.
Malaysia's Genting International is building Singapore's second gaming development on Sentosa island.
Las Vegas Sands' Singapore resort will be the company's second foray into Asia, after it opened a US$2.4 billion (S$3.6 billion) casino resort in Macau last month.
Mr Adelson said the region has room for 10 more of these mega developments, as gaming becomes increasingly accepted as just another form of entertainment.
'I see the gaming industry as being in its infancy.
'Gaming has evolved from gambling dens into Disneylands for adults,' said Mr Adelson, who reckons that other parts of the world, such as Europe and India, could do with more mini Las Vegas-styled casino resorts.
These developments, he said, are really 'cities of entertainment' where gambling is just one of the elements.
Gaming takes up just 1 per cent of the space of the company's flagship Venetian resort in Las Vegas, and just 5 per cent in its Macau outfit, he added.
--------------------------------------------------------------------------------
'This will be a duopoly and, of course, any place that has a duopoly will be very profitable.'
MR ADELSON, receiving the Malcolm S. Forbes Lifetime Achievement Award from Mr Forbes(right). He is counting on the two-horse race between his firm and Malaysia's Genting - and a big bet on conventions - to result in big bucks. -- ST PHOTO: MUGILAN RAJASEGERAN
WITH just one competitor in town, Las Vegas Sands chairman Sheldon Adelson believes his company has a winning hand in its upcoming Singapore venture.
Even as costs of building the Marina Bay Sands integrated resort look set to swell, the American billionaire is counting on the two- horse race - and a big bet on the convention business - to translate into big bucks.
'This will be a duopoly and, of course, any place that has a duopoly will be very profitable,' said Mr Adelson yesterday at the Forbes Global CEO Conference.
Speaking in a public interview after receiving a lifetime achievement award from Forbes magazine president Steve Forbes, Mr Sheldon added that his mega project will have enough space to host the world's biggest conventions.
Las Vegas Sands pipped three other rivals last year with a $3.85billion bid for a government tender to build Singapore's first integrated resort.
But rising construction costs amid a building boom and refinements to the project's design may bump up the amount, which excluded a fixed land price of $1.2 billion, by as much as 40 per cent, The Business Times quoted chief operating officer William Weidner as saying last month.
Malaysia's Genting International is building Singapore's second gaming development on Sentosa island.
Las Vegas Sands' Singapore resort will be the company's second foray into Asia, after it opened a US$2.4 billion (S$3.6 billion) casino resort in Macau last month.
Mr Adelson said the region has room for 10 more of these mega developments, as gaming becomes increasingly accepted as just another form of entertainment.
'I see the gaming industry as being in its infancy.
'Gaming has evolved from gambling dens into Disneylands for adults,' said Mr Adelson, who reckons that other parts of the world, such as Europe and India, could do with more mini Las Vegas-styled casino resorts.
These developments, he said, are really 'cities of entertainment' where gambling is just one of the elements.
Gaming takes up just 1 per cent of the space of the company's flagship Venetian resort in Las Vegas, and just 5 per cent in its Macau outfit, he added.
--------------------------------------------------------------------------------
'This will be a duopoly and, of course, any place that has a duopoly will be very profitable.'
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