Live It Up At Sentosa

Source : The Business Times, October 20, 2007

SOUTHERN DELIGHTS: A SPECIAL FEATURE ON SENTOSA

This is the first of a four-part series brought to you by Sentosa Sentosa, the rejuvenated one-stop recreational precinct, offers a unique blend of leisure and lifestyle experiences

THE difference between breaking point and a break is in the mind. And it then shapes reality.























Revitalised: The 500-hectare Sentosa Island has diverse facilities, including family attractions, beaches, golf courses, a world-class yachting marina, exclusive residence, spa and resort accommodation.

Most of us yearn for the idyllic getaway, especially in the stone-cold concrete jungle of Singapore. But we don't always get what we want. Fly to an exotic far-away destination? Too much hassle. Don't fret. Sun-kissed beaches, pristine waters, spas and resorts are actually just 10 minutes' drive from the city.

In about three decades, Sentosa has undergone a series of makeovers which has progressively taken it from humble beginnings to the swanky southern delight it is today. With the highlights at Sentosa Island, Mount Faber, VivoCity, St James Power Station, Singapore Cruise Centre, HarbourFront Centre and Sentosa Cove, the rejuvenated one-stop leisure destination, with its myriad offerings and refreshing transformation lends Sentosa to its integral role in reinforcing Singapore's position as a global city. Forming the core of the precinct is Sentosa Island, which offers a unique blend of leisure and lifestyle experiences.

Getting to the 500ha island is not a hassle, especially with the completion of the $140 million Sentosa Express in January this year. Journey time is whittled down to a mere three minutes from VivoCity, but if you're the sort looking for a novelty high, then brace yourself for a cable car ride 70 metres above the sea.

Eat, drink and be merry

With diverse dining options including local fares, fast food, cafes and even chic restaurants, the island resort can perhaps be called a culinary goldmine too.

For instance, sitting on the peak of Mount Faber and tucked away from the bustling city life is The Jewel Box, where - true to its name - it houses a treasure trove of wine and dine venues such as The Altivo Bar, Faber Hill Bistro and Faber Rock.

Elsewhere in Sentosa, award-winning restaurants such as The Cliff at Sentosa, il Lido Italian Dining and Lounge Bar and Nogawa Japanese Restaurant whip up dishes from various cultures.

Singapore's largest and most diverse retail and lifestyle mall VivoCity is also nearby, housing a vibrant mix of over 300 retail, food and beverage and entertainment outlets. Plus there's also HarbourFront Centre to enhance your shopping pleasure.

The art of living well

Other recent developments include six completed hotels, one of which is the Amara Sanctuary Resort, a plush five-star boutique getaway. The luxurious Capella Singapore, a six-star, super luxury resort worth $250 million, is expected to be completed mid-next year.

Those pining for their dream home may just get their wishes granted at Sentosa Cove, a prestigious waterfront residential development. The exclusive residential district is the only one in Singapore with an adjoining boating marina with berths for mega yachts, an intimate marina village with amenities, bungalows, terrace houses, and condominium apartments. Also at Sentosa Cove is the One°15 Marina Club, a $80 million world-class marina club featuring 260 berths, a business centre, gym and meeting facilities.

Bigger and better

Sentosa's packed calendar sees a score of international and local events sitting on its turf every year. Expect a swinging good time when the Barclays Singapore Open 2007 - primed as Asia's richest national golf open with a whopping US$4 million prize up for grabs - tees off on the island's greens in the first week of November.

Not a golf fan but still looking for a ball of a time? Look out for the annual Siloso Beach Party where you can do the mambo on the sandy dancefloor from dusk till dawn to celebrate the New Year.Of course, you don't have to wait for the year-end for a reason to party. Just barge into beach bars such as the iconic Cafe Del Mar on Sentosa Island to groove after experiencing the sun, sand and the sea.

Or if pulsating beats are more your kind of tune, then the St James Power Station may just be the place to fuel you up. With nine thematic rooms, the entertainment hub certainly adds jazz to the nightlife scene in Asia.

Varied attractions

Other attractions down south include Sentosa Island's Songs of the Sea, a nightly show that strikes the right notes with the audiences with its spectacular water, fire and state-of-the-art laser effects. Designed by internationally-acclaimed director Yves Pepin, the $30 million high-tech extravaganza deserves a standing ovation - it has enjoyed sell-out shows since its opening day.

Still, many will be looking out for the highly-anticipated integrated family resort on Sentosa Island. The $5.2 billion Resorts World at Sentosa will feature a Universal Studios theme park, oceanarium and marine park, water park and MICE facilities amid other features in retail, dining, gaming and entertainment.

There's just so much to see and do at Sentosa that one is easily spoilt for choice. So come and discover the good life at Sentosa.

This is the first of a four-part series brought to you by Sentosa

Equation Corp Wins Bukit Ho Swee Bid

Source : The Business Times, October 20, 2007

EQUATION Corp has clinched a state property at Bukit Ho Swee for the stately rent of $90,000 a month. The Singapore Land Authority (SLA), which manages the property, said that this is twice the guide rent when the former community centre was put up for tender in June.

The building is on 40,892 sq ft of land and has a gross floor area of 27,361 sq ft. At $90,000 a month, the rent works out to $3.30 per sq ft (psf) per month. Deloitte & Touche Management Services put in the second highest bid of $54,700 a month.

Equation Corp - formerly Heshe Holdings - could not be reached for comment. But another company that clinched two other state buildings - a former childcare centre in Balestier and a former school at Toa Payoh - said that it is likely to offer these as office space.

Vita Holdings chief financial officer Kwek Siew Hwee said that her company has leased about a dozen state buildings and rented out 80 per cent of the space to tenants. Vita, through its subsidiary Whitehouse Holdings, bid $101,788 a month for the former school at Toa Payoh. After refurbishing the building, it hopes to achieve rent of $5-6 psf per month. 'We expect to recover our cost in about six years,' Ms Kwek said.

Whether Equation Corp plans to rent out the former community centre at Bukit Ho Swee is not known, but Savills Singapore director (commercial) June Chua reckoned that the space could fetch $8-9 psf a month after it is refurbished. Proximity to Tiong Bahru MRT station is its main attribute, she said, adding: 'This site could fetch a premium because it's an established office location.'

The rent may seem high considering that average prime office rent is $12-13 psf a month. But the supply crunch is exerting increasing upward pressure on rents, Ms Chua said.

Rents for some prime buildings in Raffles Place have now hit a record $18 psf per month. 'It would not be impossible for some of these prime properties in Raffles Place to cross the $20 psf a month barrier next year,' she said.

Other bids received by SLA include $288,999 a month or $1.30 psf per month from RichZone Properties for a former school in Alexandra Road, and $200,000 a month or $1.25 psf per month from Hean Nerng Investments for the former Gan Eng Seng School at Raeburn Park.

5.5m Population More Achievable For Singapore

Source : The Business Times, October 20, 2007

THE 6.5 million population used as a guide for planning purposes in Singapore is not within reach in the next 50 years, an academic said yesterday. Saw Swee Hock of the Institute of Southeast Asian Studies said 5.5 million is a more achievable target.

Prof Saw - the second Singaporean after former deputy prime minister Goh Keng Swee to be elected an honorary fellow of the London School of Economics - was speaking at the soft launch of the second edition of his book The Population of Singapore.

His comments are consistent with those of Minister Mentor Lee Kuan Yew, who indicated in August that Singapore's population is unlikely to touch 6.5 million.

Prof Saw said yesterday that for the population to hit 6.5 million by 2050, Singapore needs an influx of 1.85 million newcomers after 2015, assuming the non-resident population rises from 0.8 million in 2005 to 1.01 million in 2015.

The proportion of newcomers arriving after 2015 would constitute 40.5 per cent of the total population in 2050 - the highest ever.

But for the population to hit 5.5 million in 2050, the number of newcomers entering Singapore after 2015 would be 1.63 million and they would make up a smaller 29.6 per cent of the population.

'The 5.5 million target is not only more achievable viewed in terms of the type of newcomers we want, but also more conducive to the maintenance of a harmonious multiracial society,' Prof Saw says in his book.

The figures were generated assuming the total fertility rate stays constant at 1.31, which will result in the resident population growing from 3.55 million in 2005 to a peak of 3.64 million in 2015, before shrinking steadily.

The challenge, said Prof Saw, is to get newcomers to stay to make up for the declining resident population.

Alongside a contracting resident population, the resident labour force is estimated to decline from 1.74 million in 2005 to 1.15 million in 2050.

Workers aged 60 and over are projected to make up 13.6 per cent of the workforce in 2050, up from 4.4 per cent in 2005. And workers aged 30-39 are expected to account only for 19.3 per cent of the work force in 2050, down from 28.7 per cent in 2005.

GuocoLand Earnings Surge To $27.7m In Q1

Source : The Business Times, October 20, 2007

QUEK Leng Chan's Singapore-listed property arm GuocoLand has posted a group net profit of $27.7 million for the first quarter ended Sept 30, 2007, up from $8.1 million for the corresponding year-ago period, as revenue more than doubled from $88.2 million to $191 million.

The improved showing was due mainly to higher contribution from the group's property development projects in China, especially from West End Point condo in Beijing.

GuocoLand's bottom line also received a fillip from other income, which jumped from $9.2 million to $15.8 million, mainly due to higher net foreign exchange gains arising from the revaluation of US dollar bank loans.

However, finance costs rose by 74 per cent to $12.6 million due to an increase in bank loans and the convertible bonds.

Cash and cash equivalents increased from $1.09 billion as at June 30 to $1.53 billion as at Sept 30, largely because of net proceeds of about $555 million received from a renounceable 1-for-3 rights issue at $2.50 per share in July this year.

GuocoLand also gave an update of its various projects. In Singapore, it achieved sales of 86 per cent for Le Crescendo in Paya Lebar and 91 per cent for The View @ Meyer as at Oct 18. The group has also sold 97 per cent of the 337 units launched in The Quartz condo in Buangkok.

In Beijing, the 810-unit West End Point is 96 per cent sold.

Piling for the group's development sites situated in Nanjing's Qixia District (Ascot Park Phase 1) and Shanghai's Putuo District (Changfeng Phase 1) has been completed. Construction has started for Changfeng Phase 1. Resettlement for the development site in Nanjing's Xuanwu District (Hillview Regency) is largely completed.

The group's 65 per cent-owned subsidiary GuocoLand (Malaysia) Berhad has eight ongoing mixed residential development projects in the Klang Valley. Earthwork and piling for an integrated commercial development project in Damansara Heights is in progress.

In Vietnam, the master plan for the group's integrated development project next to Vietnam Singapore Industrial Park near Ho Chi Minh City has been submitted to the authorities.

'Given the robust economies in the countries in which the group operates, namely, Singapore, China, Malaysia and Vietnam, the group believes that demand for quality residential properties and well-located commercial properties in these countries will remain sustainable,' GuocoLand said.

In Singapore, GuocoLand is expected to launch the 210-unit Goodwood Residence in the prime Bukit Timah area in the next few months.

GuocoLand's earnings per share rose to 3.62 cents for Q1 ended September 2007, from 1.32 cents for the year-ago period. Net asset value per share stood at $2.37 as at Sept 30, seven cents higher than in June 30.

On the stock market yesterday, GuocoLand closed unchanged at $5.55.

Ascendas REIT Reports 14% Rise In H1 Distribution Income

Source : Channel NewsAsia, 19 October 2007

Ascendas Real Estate Investment Trust (A-REIT) has reported a 14 percent increase in first half distributable income to S$91 million.

It booked a 15 percent gain to S$46 million for the second quarter alone.

A-REIT cited the positive economic performance and the increasing demand for quality business space for the better performance.

Rentals have also increased by 32 percent for business and science parks, while those for hi-tech industrial properties have gone up by 15 percent.

A-REIT said this was due to the spillover effect from the tight CBD office market and its active asset management initiatives.

Distribution per unit for the three months to September is 3.51 cents. - CNA/ch