Saturday, October 20, 2007

CapitaMall Trust Posts 29% Rise In Q3 Distributable Income

Source : Channel NewsAsia, 19 October 2007

CapitaMall Trust on Friday said its third-quarter distributable income rose 29 percent on-year.

Distributable income for the three months to September amounted to S$53.2 million.

CapitaMall Trust will distribute 3.4 cents for each unit.

The better showing was boosted by a payout by CapitaRetail China and improving rentals.

The property trust said higher rentals were driven by robust retail sales growth achieved by its tenants.

It also said it expects to continue its growth through asset enhancement initiatives and acquisitions. - CNA/ms

CapitaLand Bags Prime Commercial Site In Hangzhou For S$203m

Source : Channel NewsAsia, 19 October 2007

CapitaLand has bagged a prime commercial site in Hangzhou, China, for one billion renminbi or S$203 million.

This works out to about S$715 per square metre per plot ratio.

The 40-year leasehold site is located in an area set to become the new Central Business District of Hangzhou.

CapitaLand plans to build its fourth Raffles City in China on the 40,400 square metre site.

Raffles City Hangzhou will comprise a Grade-A office tower, a retail mall, a five-star hotel and residential units.

The site has a plot ratio of seven and will yield nearly 284,000 square metres.

It is expected to be completed by 2011. - CNA/ms

GuocoLand Reports 240% Jump In Q1 Profits To S$27.7m

Source : Channel NewsAsia, 19 October 2007

GuocoLand has reported a 240 percent jump in first quarter profits from a year ago.

The property developer booked earnings of S$27.7 million for the three months to September, fuelled mainly by property development projects in China.

The company also achieved a 117 percent improvement in revenue to S$191 million.

Other income increased from S$9 million to nearly S$16 million, as a result of foreign exchange gains from the revaluation of US dollar bank loans.

However, finance costs were also up - by 74 percent to S$13 million.

This was due to an increase in bank loans and convertible bonds. - CNA/ms

SLA Offers Former School At Upper Aljunied Road For Commercial Use

Source : Channel NewsAsia, 19 October 2007

The Singapore Land Authority (SLA) has offered a former school at Upper Aljunied Road for short-term office use.

The tender for the former Upper Aljunied Technical School, the size of over two football fields, opens on Friday and closes on November 9th.

The property consists of five buildings of between one and four storeys, with a guide rental of S$74,100 or S$9.60 per square metre.

Tenancy is renewable up to 2012.

Tender documents are available at www.gebiz.gov.sg and applications may be deposited at the SLA office. - CNA/ch

Major Survey Ranks Singapore's Education Among The World's Best: MM Lee

Source : Channel NewsAsia, 19 October 2007

Why do some countries succeed in the field of education and others do not?

Minister Mentor Lee Kuan Yew said on Friday an article in the latest issue of the Economist has rated Singapore as one of the top five countries that have succeeded in the field of education.

And it is based on a report prepared by McKinsey, a worldwide management consulting firm advising leading companies on issues of strategy, organisation, technology, and operations.

Related Video Link - http://tinyurl.com/ywjo37
Major survey ranks Singapore's education among the world's best: MM Lee


And he stressed that Singapore has crafted an education system that suits the country after studying several models worldwide, including those of the British, Americans and the Japanese.

Mr Lee shared this point with participants of a dialogue on Leadership in Asia organised by French post-graduate school, INSEAD.

It is a leadership forum attended not only by past and present students of INSEAD itself but also by captains of industry and CEOs from top international firms.

So if Singapore were a stereotypical city, would such talent or even INSEAD bother setting up in the city state?

John Burton, Singapore Bureau Chief, Financial Times, said: "Singapore does want to become a knowledge society and to do that you do need people who can think out of the box and to challenge the system. Do you think this is a serious issue for Singapore? And does it pose a threat or limit to Singapore's future growth? And what is the solution?"

MM Lee said: "This is a standard Western correspondent viewpoint. If we cannot think out of the box, you think we would be here sent by the Financial Times to throw darts at us from time to time - and we could change year by year the way we have?"

Mr Lee said the McKinsey report had studied the education system of many countries.

He said: "And the conclusion they came to is not whether your classes are big or small, whether you have tests or you don't have tests, but what is the quality of the teachers and how quickly you put things right when it goes wrong and how you get good quality teachers. "

To be able to do that you must be able to think for yourself because the British didn't leave us with the system and it's not me or the Minister for Education. We have people who have gone round the world studying the education systems. I think if the Financial Times does worry about us and sincerely takes an interest in our future, I suggest read that report, visit our universities and find out how it is."

For participants at INSEAD's leadership summit, it was an opportunity for them to get Mr Lee's views on the factors that have resulted in good governance in countries.

And one of them wanted to know what was his role now as Minister Mentor in the government.

MM Lee said: "When my son became the Prime Minister, I either had to leave the cabinet or he made quite sure that I am not deciding policy. I was moved from Senior Minister which I was for 14 years when Goh Chok Tong was Prime Minister and he kept me as supernumerary minister as Mentor. In other words, I cannot give any direction to any ministry or any minister, I can only mentor them. They are using me as a data bank."

But Mr Lee made it clear he would shudder to be a mentor to any other government elsewhere. - CNA/ch