Source : The Business Times, November 25, 2008
Group runs more than 45 schools in UK and Spain
education group Cognita has been awarded a state site at the former Upper Serangoon Secondary School, to set up an international school.
This is the first time that a Request-for-Interest (RFI) exercise has been conducted to award state land sites for foreign system schools (FSS).
Cognita plans to set up the Stamford American International School, offering a US-based curriculum. It expects its first intake next September, with an initial 600 students. This will eventually expand to 2,500 students, easing the tight supply of FSS places offering American-style education.
Based in the United Kingdom, Cognita owns and operates over 45 independent schools in the UK and Spain.
It acquired the Australian International School of Singapore last year, and recently set up its Asian Regional Headquarters in Singapore.
The RFI exercise, which started in mid-August, saw proposals being assessed based on a matrix of factors.
These include quality of project, ability to meet market demand and investment commitment such as the ability to begin classes in academic year 2009.
'Singapore Land Authority (SLA) will work closely with Cognita to assist them to ensure that they can kickstart their operations and redevelopment plans quickly,' said Teo Cher Hian, SLA's director of Land Operations (Private).
Mr Teo added that despite the current economic climate, SLA still sees sustained demand for state properties for international schools.
To date, 19 international schools are using state properties as campuses.
Tuesday, November 25, 2008
New Mall In Serangron Central
Source : The Straits Times, Nov 25, 2008
Serangoon Central will have a new mall come end-2010.
Designed as an eco-friendly mall, the yet-to-be-named mall will be set amidst lush garden enclaves and landscaped sky terraces. -- PHOTO: GOLD RIDGE
The six-storey mall will be the epicentre of the integrated transport hub comprising a new 16-bay Serangoon Bus Interchange and the Serangoon MRT station.
It will offer a range of shopping and entertainment features, such as a 24-hour retail and food and beverage zone, a 10-screen cineplex. games arcade, pet lovers' enclave and unique balcony dining establishments. There will also be a 500-seat food court, a 60,000 sq ft hypermarket and a 50,000 sq ft department store.
Designed as an eco-friendly mall, the yet-to-be-named mall will be set amidst lush garden enclaves and landscaped sky terraces.
Gold Ridge - which counts institutional investors from USA and Europe as shareholders - is the developer and Pramerica Real Estate Investors (Asia) is the investment manager for the mall investors.
Total investment in the project is estimated at $1.3 billion.
Serangoon Central will have a new mall come end-2010.
Designed as an eco-friendly mall, the yet-to-be-named mall will be set amidst lush garden enclaves and landscaped sky terraces. -- PHOTO: GOLD RIDGEThe six-storey mall will be the epicentre of the integrated transport hub comprising a new 16-bay Serangoon Bus Interchange and the Serangoon MRT station.
It will offer a range of shopping and entertainment features, such as a 24-hour retail and food and beverage zone, a 10-screen cineplex. games arcade, pet lovers' enclave and unique balcony dining establishments. There will also be a 500-seat food court, a 60,000 sq ft hypermarket and a 50,000 sq ft department store.
Designed as an eco-friendly mall, the yet-to-be-named mall will be set amidst lush garden enclaves and landscaped sky terraces.
Gold Ridge - which counts institutional investors from USA and Europe as shareholders - is the developer and Pramerica Real Estate Investors (Asia) is the investment manager for the mall investors.
Total investment in the project is estimated at $1.3 billion.
Germany Is In Recession
Source : The Straits Times, Nov 25, 2008
FRANKFURT - THE German economy is in recession with the world's leading exporter falling victim to the global financial crisis, final figures from national statistics service Destatis showed on Tuesday.
Corporate investment has suffered in turn from a sharp decline in business confidence. -- PHOTO: AFP
Europe's biggest economy contracted by 0.5 per cent in the third quarter, more than expected, following a contraction of a revised 0.4 per cent in the second quarter, meeting the technical definition for a recession of consecutive quarterly negative growth.
The figure released on Tuesday matched Destatis' preliminary number for gross domestic product (GDP) provided on Nov 13.
Although Destatis noted slight improvement in domestic demand, that 'was counteracted by a highly negative trend of net exports,' it said.
The world's leading exporter has been hit by weakening activity in its major markets while domestic consumption has remained at low levels.
Corporate investment has suffered in turn from a sharp decline in business confidence.
A panel of top economists that advised the government has warned that growth would come to a halt next year, and estimated that economic activity would expand this year by 1.7 per cent.
UniCredit Markets chief German economist Andreas Rees commented that 'the latest GDP components offered a bitter foretaste of what lies ahead for German companies and consumers alike in 2009.
He expected the German recession to last until mid 2009.
'Moreover, we do not want to put lipstick on a pig,' Mr Rees added.
'There is no upside, but a lot of downside risk to our forecast. Accordingly, we expect the German economy to shrink 0.9 per cent (or more) in 2009 which would be the worst performance since the 1950s.' -- AFP
FRANKFURT - THE German economy is in recession with the world's leading exporter falling victim to the global financial crisis, final figures from national statistics service Destatis showed on Tuesday.
Corporate investment has suffered in turn from a sharp decline in business confidence. -- PHOTO: AFPEurope's biggest economy contracted by 0.5 per cent in the third quarter, more than expected, following a contraction of a revised 0.4 per cent in the second quarter, meeting the technical definition for a recession of consecutive quarterly negative growth.
The figure released on Tuesday matched Destatis' preliminary number for gross domestic product (GDP) provided on Nov 13.
Although Destatis noted slight improvement in domestic demand, that 'was counteracted by a highly negative trend of net exports,' it said.
The world's leading exporter has been hit by weakening activity in its major markets while domestic consumption has remained at low levels.
Corporate investment has suffered in turn from a sharp decline in business confidence.
A panel of top economists that advised the government has warned that growth would come to a halt next year, and estimated that economic activity would expand this year by 1.7 per cent.
UniCredit Markets chief German economist Andreas Rees commented that 'the latest GDP components offered a bitter foretaste of what lies ahead for German companies and consumers alike in 2009.
He expected the German recession to last until mid 2009.
'Moreover, we do not want to put lipstick on a pig,' Mr Rees added.
'There is no upside, but a lot of downside risk to our forecast. Accordingly, we expect the German economy to shrink 0.9 per cent (or more) in 2009 which would be the worst performance since the 1950s.' -- AFP
China Growth To Slow
Source : The Straits Times, Nov 25, 2008
The World Bank predicts China's GDP to slow to around 7.5% in 2009.
BEIJING - CHINA'S growth will slow to 7.5 per cent next year - the lowest rate since 1990 - as the global financial crisis takes a greater toll on the world's fourth-largest economy, the World Bank said on Tuesday.
China's downturn - signs of which emerged in the third quarter - will worsen in the first half of 2009 as exports weaken, World Bank economist Louis Kuijs said as the bank issued a quarterly economic report. -- PHOTO: BLOOMBERG
The multilateral lender cut its forecast for 2009 growth from 9.2 per cent but said Beijing's multibillion-dollar stimulus plan will help smooth the sharp edges of steep declines in global and domestic demand. It expects 9.4 per cent growth this year.
China's downturn - signs of which emerged in the third quarter - will worsen in the first half of 2009 as exports weaken, World Bank economist Louis Kuijs said as the bank issued a quarterly economic report.
The country has been relatively unaffected by the global crisis so far because its banks are healthy and exports are strong but 'we will see that impact intensify in 2009,' Mr Kuijs said.
Conditions should improve later in 2009 but any firm forecast was difficult amid the global turmoil, he said.
Beijing's stimulus plan announced on Nov 9 should help to shield China from the global downturn by buoying growth and employment, said the World Bank's China representative, Mr David Dollar. The US$586 billion (S$888 billion) plan calls for injecting money into the economy through spending on construction, tax cuts and aid to the poor and farmers.
'We are confident that China has the tools to keep its growth rate at a healthy level and most importantly to create about the number of jobs it needs,' Mr Dollar said.
Beijing announced the stimulus after China's growth slowed to 9 per cent in the latest quarter from 11.9 per cent last year. The unexpectedly sharp downturn alarmed communist leaders, who worry about job losses - especially in export industries, which have been hit hard by weak global demand - and possible unrest.
If China's growth next year falls to the World Bank's projected 7.5 per cent, it would be the weakest since 1990's 3.8 per cent rate and just below the 7.6 per cent reported in 1999.
The World Bank forecast is in line with projections by investment banks, which have cut their China outlook several times as global conditions worsened.
Mr Kuijs said Beijing has room to cut interest rates further and needs to take additional steps to stimulate growth as spending by consumers and companies weakens.
'We feel that confidence and fundamentals for the private sector have weakened quite a bit over the past half-year. We are less optimistic about private sector consumption than we were a half-year ago,' he said.
Weaker export prospects and a sharp downturn in real estate sales have made private companies reluctant to expand and hire new workers, Mr Kuijs said.
Mr Dollar and Mr Kuijs said Beijing's promise of more spending on social programmes and aid to the poor countryside should help to boost growth. The stimulus is meant to boost consumer spending, but analysts say the key to doing that will be to ease the financial worries of Chinese families, which save heavily to pay for health, schooling and retirement.
'Our view is that additional money put into rural health and education and rural minimum income support program would be effective fiscal stimulus and would help to improve the quality of life in the countryside,' Mr Dollar said.
He also said Beijing is talking with the World Bank about providing financing for loans to other developing countries.
Mr Dollar said the talks were at an early stage and he could not give any other details.
'The World Bank group is talking to China about ways in which it could contribute some additional financing to the World Bank group that would help developing countries. But that's at an early stage,' he said.
'It would involve China directly or indirectly lending money to other developing countries.'
British Prime Minister Gordon Brown and other leaders have appealed to Beijing to use part of its US$1.9 trillion in reserves to help expand a loan fund for countries hurt by the financial crisis.
China has promised to cooperate with international efforts but has yet to say whether it will offer financial help. -- AP
The World Bank predicts China's GDP to slow to around 7.5% in 2009.
BEIJING - CHINA'S growth will slow to 7.5 per cent next year - the lowest rate since 1990 - as the global financial crisis takes a greater toll on the world's fourth-largest economy, the World Bank said on Tuesday.
China's downturn - signs of which emerged in the third quarter - will worsen in the first half of 2009 as exports weaken, World Bank economist Louis Kuijs said as the bank issued a quarterly economic report. -- PHOTO: BLOOMBERGThe multilateral lender cut its forecast for 2009 growth from 9.2 per cent but said Beijing's multibillion-dollar stimulus plan will help smooth the sharp edges of steep declines in global and domestic demand. It expects 9.4 per cent growth this year.
China's downturn - signs of which emerged in the third quarter - will worsen in the first half of 2009 as exports weaken, World Bank economist Louis Kuijs said as the bank issued a quarterly economic report.
The country has been relatively unaffected by the global crisis so far because its banks are healthy and exports are strong but 'we will see that impact intensify in 2009,' Mr Kuijs said.
Conditions should improve later in 2009 but any firm forecast was difficult amid the global turmoil, he said.
Beijing's stimulus plan announced on Nov 9 should help to shield China from the global downturn by buoying growth and employment, said the World Bank's China representative, Mr David Dollar. The US$586 billion (S$888 billion) plan calls for injecting money into the economy through spending on construction, tax cuts and aid to the poor and farmers.
'We are confident that China has the tools to keep its growth rate at a healthy level and most importantly to create about the number of jobs it needs,' Mr Dollar said.
Beijing announced the stimulus after China's growth slowed to 9 per cent in the latest quarter from 11.9 per cent last year. The unexpectedly sharp downturn alarmed communist leaders, who worry about job losses - especially in export industries, which have been hit hard by weak global demand - and possible unrest.
If China's growth next year falls to the World Bank's projected 7.5 per cent, it would be the weakest since 1990's 3.8 per cent rate and just below the 7.6 per cent reported in 1999.
The World Bank forecast is in line with projections by investment banks, which have cut their China outlook several times as global conditions worsened.
Mr Kuijs said Beijing has room to cut interest rates further and needs to take additional steps to stimulate growth as spending by consumers and companies weakens.
'We feel that confidence and fundamentals for the private sector have weakened quite a bit over the past half-year. We are less optimistic about private sector consumption than we were a half-year ago,' he said.
Weaker export prospects and a sharp downturn in real estate sales have made private companies reluctant to expand and hire new workers, Mr Kuijs said.
Mr Dollar and Mr Kuijs said Beijing's promise of more spending on social programmes and aid to the poor countryside should help to boost growth. The stimulus is meant to boost consumer spending, but analysts say the key to doing that will be to ease the financial worries of Chinese families, which save heavily to pay for health, schooling and retirement.
'Our view is that additional money put into rural health and education and rural minimum income support program would be effective fiscal stimulus and would help to improve the quality of life in the countryside,' Mr Dollar said.
He also said Beijing is talking with the World Bank about providing financing for loans to other developing countries.
Mr Dollar said the talks were at an early stage and he could not give any other details.
'The World Bank group is talking to China about ways in which it could contribute some additional financing to the World Bank group that would help developing countries. But that's at an early stage,' he said.
'It would involve China directly or indirectly lending money to other developing countries.'
British Prime Minister Gordon Brown and other leaders have appealed to Beijing to use part of its US$1.9 trillion in reserves to help expand a loan fund for countries hurt by the financial crisis.
China has promised to cooperate with international efforts but has yet to say whether it will offer financial help. -- AP
Crisis Hits Office Rents
Source : The Straits Times, Nov 25, 2008
OFFICE rents in London's West End, midtown Manhattan and Tokyo fell in the third quarter for the first time in almost seven years as the global financial crisis cut demand, CB Richard Ellis Group said.
'London's West End or places that are showing declines right now are the leading edge of what's going to happen the next six months, obviously,' Mr Torto said. -- PHOTO: BLOOMBERG
The total office occupancy cost in the West End was 139.50 pounds (S$319.50) per square foot a year in the 12 months ended Sept 30, down 5.1 per cent from a year earlier, Los Angeles-based CB Richard Ellis said on Tuesday in its semi-annual global-office survey.
Rents in London, midtown Manhattan and central Tokyo last fell from a year earlier in January 2002, during the last recession, Bloomberg news reported.
Rents fell in the three cities as the economic crisis dampened demand for space among banks and investment companies.
Rents worldwide are likely to fall for the rest of this year and the first quarter of 2009 as the financial crisis spreads throughout the world's economies, Mr Raymond Torto, CB Richard Ellis's global chief economist, said in an interview with Bloomberg.
'London's West End or places that are showing declines right now are the leading edge of what's going to happen the next six months, obviously,' Mr Torto said.
Even as financial centers showed declines, office costs in the 172 markets CB Richard Ellis tracks increased 8 per cent on average in the past year, almost double the global inflation rate. Three of the five fastest-growing cities were in the Middle East, with costs up the most in Abu Dhabi, with a 95 per cent rise.
'You've got a lot of places that are not feeling the effects of the financial crisis,' Mr Torto said. 'Not every place is a financial centre.'
Tokyo, Manhattan
Total office occupancy costs dropped 5.3 per cent to US$184.26 (S$279.30) per square foot annually in central Tokyo, and 9.9 per cent to US$151.69 in outlying wards of Tokyo, said CB Richard Ellis, the world's largest commercial real estate brokerage.
In midtown Manhattan, they dropped 2.7 per cent to US$98.08. Total office occupancy costs are rents plus other service charges by landlords.
Even with the rent decline, London's West End remained the world's most expensive office market in the third quarter, CB Richard Ellis said. It was followed by Moscow, where office costs rose 30 per cent to US$234.73 a square foot, and Hong Kong's central business district, where they rose 29 per cent to US$231.59.
Tokyo gains
Central Tokyo was the fourth most expensive office market in the third quarter, followed by Mumbai's central business district, with annual occupancy costs of US$170.85 a square foot; Dubai, at US$156.53; Tokyo's outer wards; London; Singapore, at US$135.13; Hong Kong's prime districts, at US$132.97; and Abu Dhabi.
Among the 50 office markets with the fastest-growing office costs, only nine were in North America in the third quarter, down from 15 when CB Richard Ellis last reported rankings six months ago. 'The slowing economic situation in North America has started to dampen occupancy cost growth rates,' CB Richard Ellis said in today's report.
The Asia Pacific region had the fastest growth in office costs in the third quarter, with an average increase of 26 per cent, CB Richard Ellis said.
Ho Chi Minh City, Vietnam, had the fastest growth in rents worldwide after Abu Dhabi, with total occupancy costs rising 51 per cent to US$92.83 in the third quarter, the brokerage said.
'Places like Abu Dhabi or Ho Chi Minh City, there is a theme to why they're at the top of the list,' Mr Torto said.
'The theme is that they're new places for financial markets. They don't have a lot of quality space, and the little bit that there is, is wildly bid up.'
OFFICE rents in London's West End, midtown Manhattan and Tokyo fell in the third quarter for the first time in almost seven years as the global financial crisis cut demand, CB Richard Ellis Group said.
'London's West End or places that are showing declines right now are the leading edge of what's going to happen the next six months, obviously,' Mr Torto said. -- PHOTO: BLOOMBERGThe total office occupancy cost in the West End was 139.50 pounds (S$319.50) per square foot a year in the 12 months ended Sept 30, down 5.1 per cent from a year earlier, Los Angeles-based CB Richard Ellis said on Tuesday in its semi-annual global-office survey.
Rents in London, midtown Manhattan and central Tokyo last fell from a year earlier in January 2002, during the last recession, Bloomberg news reported.
Rents fell in the three cities as the economic crisis dampened demand for space among banks and investment companies.
Rents worldwide are likely to fall for the rest of this year and the first quarter of 2009 as the financial crisis spreads throughout the world's economies, Mr Raymond Torto, CB Richard Ellis's global chief economist, said in an interview with Bloomberg.
'London's West End or places that are showing declines right now are the leading edge of what's going to happen the next six months, obviously,' Mr Torto said.
Even as financial centers showed declines, office costs in the 172 markets CB Richard Ellis tracks increased 8 per cent on average in the past year, almost double the global inflation rate. Three of the five fastest-growing cities were in the Middle East, with costs up the most in Abu Dhabi, with a 95 per cent rise.
'You've got a lot of places that are not feeling the effects of the financial crisis,' Mr Torto said. 'Not every place is a financial centre.'
Tokyo, Manhattan
Total office occupancy costs dropped 5.3 per cent to US$184.26 (S$279.30) per square foot annually in central Tokyo, and 9.9 per cent to US$151.69 in outlying wards of Tokyo, said CB Richard Ellis, the world's largest commercial real estate brokerage.
In midtown Manhattan, they dropped 2.7 per cent to US$98.08. Total office occupancy costs are rents plus other service charges by landlords.
Even with the rent decline, London's West End remained the world's most expensive office market in the third quarter, CB Richard Ellis said. It was followed by Moscow, where office costs rose 30 per cent to US$234.73 a square foot, and Hong Kong's central business district, where they rose 29 per cent to US$231.59.
Tokyo gains
Central Tokyo was the fourth most expensive office market in the third quarter, followed by Mumbai's central business district, with annual occupancy costs of US$170.85 a square foot; Dubai, at US$156.53; Tokyo's outer wards; London; Singapore, at US$135.13; Hong Kong's prime districts, at US$132.97; and Abu Dhabi.
Among the 50 office markets with the fastest-growing office costs, only nine were in North America in the third quarter, down from 15 when CB Richard Ellis last reported rankings six months ago. 'The slowing economic situation in North America has started to dampen occupancy cost growth rates,' CB Richard Ellis said in today's report.
The Asia Pacific region had the fastest growth in office costs in the third quarter, with an average increase of 26 per cent, CB Richard Ellis said.
Ho Chi Minh City, Vietnam, had the fastest growth in rents worldwide after Abu Dhabi, with total occupancy costs rising 51 per cent to US$92.83 in the third quarter, the brokerage said.
'Places like Abu Dhabi or Ho Chi Minh City, there is a theme to why they're at the top of the list,' Mr Torto said.
'The theme is that they're new places for financial markets. They don't have a lot of quality space, and the little bit that there is, is wildly bid up.'
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