Source : The Business Times, September 11, 2007
SINGAPORE - A proposed Singapore spaceport, announced last year, has yet to get off the ground because the company is still looking for local partners to finance it, a US space travel company said on Tuesday.
Eric Anderson, president and chief executive officer of Space Adventures, said his company has received interest from potential space travellers across the region - including Japan, China and Malaysia - but the Singapore project has yet to take flight because the company still needs local partners.
'There is not enough local support... we are still looking for local partners to help finance the Singapore project but it certainly remains a possibility and we are still working through it right now,' Mr Anderson said at the Forbes Global CEO Conference.
Space Adventures, which first made its name by sending US millionaire Dennis Tito into space in 2001, announced 18 months ago plans to develop the Singapore spaceport for suborbital space flights along with educational and tourist attractions.
It said the project, costing at least US$115-million, was being undertaken with a Singapore consortium.
The announcement last year came shortly after Space Adventures said it planned a commercial spaceport in the United Arab Emirates (UAE).
An official of the Singapore Tourism Board last year expressed optimism that the spaceport in the city-state would quickly become a reality.
But on Tuesday Mr Anderson said Singapore is one of several Asian countries being looked at by his company, which is also planning a facility in the United Arab Emirates.
'We are still looking at different locations but we've been working pretty heavily in the Emirates and also in Asia,' he said.
'It hasn't happened yet and we're obviously looking at a lot of other options but somewhere in Asia is a critical market for us and hopefully in the next few months we would find the right place to do it.'
The suborbital spaceflight offered by Space Adventures allows the traveller to fly 100km above earth and experience weightlessness for about five minutes just like an astronaut, its website said.
Mr Anderson declined to reveal the identities of the wealthy Asian individuals who have expressed interest in space travel but he said price is not an issue for the world's high-flyers.
The space ride can cost US$100,000-US$200,000, he said.
'I have had five clients who went to space... they all said it was worth every penny and more,' he said.
'We have a lot of people waiting to go.' -- AFP
Tuesday, September 11, 2007
HDB Offers AMK Site For Tender Under DBSS
Source : Channel NewsAsia, 11 September 2007
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SINGAPORE: The HDB has put up a new site for tender under the Design, Build and Sell Scheme (DBSS).
Located at Ang Mo Kio St 52, it has an area of 16,789.1 square metres and an allowable gross floor area of 58,761.85 square metres.
Building height is restricted to 110 metres or about 30 storeys.
This is the third site offered for tender under the DBSS and the smallest so far.
The first site in Tampines Ave 6 was 21,000 sqm in size and sold in January last year.
The second site at Boon Keng Road covered 18,394 sqm and was successfully sold in June this year.
The latest site is close to the Ang Mo Kio Town Centre and the MRT station, bus interchange and the new AMK Hub.
It is also near popular schools like Presbysterian High, CHIJ St Nicholas School, Nanyang Polytechnic and Anderson Junior College.
Tender packets are available at the Procurement Office at the HDB Hub from 12 September.
Tender will close on 27 November at 12 noon.
DBSS was launched in 2005 as part of the government's move to gradually open up the public housing building programme to the private sector.
The objective is to make the Singapore public housing programme more responsive to the needs and aspirations of Singaporeans.
HDB says market competition will also result in greater innovation in building and design, greater choice of flats, and better value for money for flat buyers.
Under DBSS, the private sector will undertake the entire public housing development process, from the tendering of the land to the designing, building and selling of the flats.
The successful tenderer who is awarded the site has 48 months from the date of award to complete the project.
The tenderer will also have the flexibility to design and price the DBSS flats as well as decide on the terms of payment for the flats.
But the project will still be subject to the relevant legislation and rules to preserve the character of public housing and ensure building quality and safety.
Like flats developed by HDB, flats sold under DBSS come with a 99-year lease and will be offered to buyers under the same HDB eligibility conditions.
Upon the completion of the building of the flats, the successful tenderer will hand over the entire development site to HDB for lease administration, and to the Town Council for maintenance of the common areas and car parks.
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SINGAPORE: The HDB has put up a new site for tender under the Design, Build and Sell Scheme (DBSS). Located at Ang Mo Kio St 52, it has an area of 16,789.1 square metres and an allowable gross floor area of 58,761.85 square metres.
Building height is restricted to 110 metres or about 30 storeys.
This is the third site offered for tender under the DBSS and the smallest so far.
The first site in Tampines Ave 6 was 21,000 sqm in size and sold in January last year.
The second site at Boon Keng Road covered 18,394 sqm and was successfully sold in June this year.
The latest site is close to the Ang Mo Kio Town Centre and the MRT station, bus interchange and the new AMK Hub.
It is also near popular schools like Presbysterian High, CHIJ St Nicholas School, Nanyang Polytechnic and Anderson Junior College.
Tender packets are available at the Procurement Office at the HDB Hub from 12 September.
Tender will close on 27 November at 12 noon.
DBSS was launched in 2005 as part of the government's move to gradually open up the public housing building programme to the private sector.
The objective is to make the Singapore public housing programme more responsive to the needs and aspirations of Singaporeans.
HDB says market competition will also result in greater innovation in building and design, greater choice of flats, and better value for money for flat buyers.
Under DBSS, the private sector will undertake the entire public housing development process, from the tendering of the land to the designing, building and selling of the flats.
The successful tenderer who is awarded the site has 48 months from the date of award to complete the project.
The tenderer will also have the flexibility to design and price the DBSS flats as well as decide on the terms of payment for the flats.
But the project will still be subject to the relevant legislation and rules to preserve the character of public housing and ensure building quality and safety.
Like flats developed by HDB, flats sold under DBSS come with a 99-year lease and will be offered to buyers under the same HDB eligibility conditions.
Upon the completion of the building of the flats, the successful tenderer will hand over the entire development site to HDB for lease administration, and to the Town Council for maintenance of the common areas and car parks.
World Growth Seen Slowing In Next 18 Months
Source : The Business Times, Tue, Sep 11, 2007
GLOBAL economic growth will probably slow over the next 18 months before picking up again, a top economist at Credit Suisse said last week.
Jonathan Wilmot, chief global strategist in the group's investment banking division, said: 'The world economy has been growing too fast for the past few years - it's hard to keep growing at the same pace.
'We do need a period of slower economic growth to relieve the strains on commodity prices and inflation pressures generally.'
The current financial market turmoil could trigger the slowdown, he said. Otherwise a 'policy-induced correction' by central bankers later will probably be necessary.
But Mr Wilmot is optimistic about equities in the longer term. 'I'm a bit cautious for September, not wildly optimistic over the next 18 months, but still bullish over three years or more,' he said.
Mr Wilmot, who is based in London, was in Singapore early last week as a guest speaker at a conference on the Asian fund management industry.
He said that if consumer spending in the US were to slow gradually, it would be good for growth in Asia. 'If the US grows more slowly, that leaves more room for Asia and Europe.'
But he warned that 'if US consumer spending goes into recession, Asia will feel it very acutely'.
John Lipsky, a senior official at the International Monetary Fund, has warned in recent weeks that the current financial market turmoil is likely to hit global economic growth.
Last week, Jean-Philippe Cotis, chief economist of the Organisation for Economic Cooperation and Development or OECD, also warned that economic prospects in the US, Europe and Japan have become 'less buoyant and more uncertain'.
'That's partly why markets are praying' for the US Federal Reserve to cut its main interest rate target to prevent a 'catastrophic decline' in US consumer spending, Mr Wilmot said.
The main worry now for the US economy is that 'if housing prices keep falling for long enough' the housing slump will lead to a sharp fall in broad consumer spending, he said. But he expects the US central bank 'would be able to react in time' to any signs of a potential recession.
Since the end of July, financial markets worldwide have been roiled by violent swings in share prices and a sudden reluctance by institutional investors and banking groups to lend money to one another.
Rising defaults and delays on mortgage payments by low-income home owners in the US earlier this year prompted a sharp fall in the value of financial securities backed by those payments. This in turn triggered a string of hedge fund collapses and losses by big banking groups that were forced to sell their investments in such securities at a hefty discount or to mark down their value.
The distrust and uncertainty in financial markets has led to a mutually-reinforcing cycle of falling prices across a range of risky assets, especially debt securities, and reluctance by private investors to inject new funds to help companies and banks raise capital.
As a result, central banks worldwide have had to pump money into the banking system to keep borrowing costs stable.
Some economists have warned of further trouble ahead in countries such as the UK which have also seen a sharp run-up in property prices in recent years. But Mr Wilmot said that although 'there is a squeeze developing in the property market in the UK', any difficulties UK home owners may face in meeting their mortgage payments would be 'much less important for the global economy'.
GLOBAL economic growth will probably slow over the next 18 months before picking up again, a top economist at Credit Suisse said last week.
Jonathan Wilmot, chief global strategist in the group's investment banking division, said: 'The world economy has been growing too fast for the past few years - it's hard to keep growing at the same pace.
'We do need a period of slower economic growth to relieve the strains on commodity prices and inflation pressures generally.'
The current financial market turmoil could trigger the slowdown, he said. Otherwise a 'policy-induced correction' by central bankers later will probably be necessary.
But Mr Wilmot is optimistic about equities in the longer term. 'I'm a bit cautious for September, not wildly optimistic over the next 18 months, but still bullish over three years or more,' he said.
Mr Wilmot, who is based in London, was in Singapore early last week as a guest speaker at a conference on the Asian fund management industry.
He said that if consumer spending in the US were to slow gradually, it would be good for growth in Asia. 'If the US grows more slowly, that leaves more room for Asia and Europe.'
But he warned that 'if US consumer spending goes into recession, Asia will feel it very acutely'.
John Lipsky, a senior official at the International Monetary Fund, has warned in recent weeks that the current financial market turmoil is likely to hit global economic growth.
Last week, Jean-Philippe Cotis, chief economist of the Organisation for Economic Cooperation and Development or OECD, also warned that economic prospects in the US, Europe and Japan have become 'less buoyant and more uncertain'.
'That's partly why markets are praying' for the US Federal Reserve to cut its main interest rate target to prevent a 'catastrophic decline' in US consumer spending, Mr Wilmot said.
The main worry now for the US economy is that 'if housing prices keep falling for long enough' the housing slump will lead to a sharp fall in broad consumer spending, he said. But he expects the US central bank 'would be able to react in time' to any signs of a potential recession.
Since the end of July, financial markets worldwide have been roiled by violent swings in share prices and a sudden reluctance by institutional investors and banking groups to lend money to one another.
Rising defaults and delays on mortgage payments by low-income home owners in the US earlier this year prompted a sharp fall in the value of financial securities backed by those payments. This in turn triggered a string of hedge fund collapses and losses by big banking groups that were forced to sell their investments in such securities at a hefty discount or to mark down their value.
The distrust and uncertainty in financial markets has led to a mutually-reinforcing cycle of falling prices across a range of risky assets, especially debt securities, and reluctance by private investors to inject new funds to help companies and banks raise capital.
As a result, central banks worldwide have had to pump money into the banking system to keep borrowing costs stable.
Some economists have warned of further trouble ahead in countries such as the UK which have also seen a sharp run-up in property prices in recent years. But Mr Wilmot said that although 'there is a squeeze developing in the property market in the UK', any difficulties UK home owners may face in meeting their mortgage payments would be 'much less important for the global economy'.
KepLand In Deal To Develop Luxury Homes In Jeddah
Source : The Business Times, Tue, Sep 11, 2007
KEPPEL Land and Saudi Arabian wealth management company Saudi Economic and Development Co (Sedco) will invest $760 million to jointly develop about 1,000 luxury apartments in Jeddah, Saudi Arabia, the two companies said yesterday.
Waterfront living: The development along the corniche in Jeddah will comprise three high-rise towers with sea-facing apartments.
KepLand will hold a 51 per cent stake in the project, with an investment cost of $387.6 million. Sedco will own the other 49 per cent.
The development, on a 3.6 ha site along the corniche waterfront in Jeddah, will comprise three high-rise towers with sea-facing apartments.
Development will be undertaken in phases according to demand. The project will target high-end buyers and is expected to be launched in 2008.
'We are excited that our first foray into Saudi Arabia is a landmark waterfront development in Jeddah,' said Kevin Wong, KepLand's managing director.
'This development will enable Keppel Land to quickly establish its track record and open other opportunities in Saudi Arabia and other fast-growing markets in the Middle East.'
Located on the west coast of Saudi Arabia by the Red Sea, Jeddah, with a population of 3.4 million, is the gateway to the two holy mosques of Makkah and Medinah.
The development site is a five-minute drive from Red Sea Mall - a 240,000 sq m shopping mall being developed by Sedco and other partners, which will be the largest retail hub in Saudi Arabia when completed at end-2007.
'With strong economic growth and accelerated economic reforms in Saudi Arabia, Jeddah has enjoyed high growth in the real estate sector in recent years,' said Ang Wee Gee, KepLand's director for regional investments.
KepLand's shares closed five cents lower at $7.70 yesterday. The company's stock has climbed 11.6 per cent so far this year.
KEPPEL Land and Saudi Arabian wealth management company Saudi Economic and Development Co (Sedco) will invest $760 million to jointly develop about 1,000 luxury apartments in Jeddah, Saudi Arabia, the two companies said yesterday.
Waterfront living: The development along the corniche in Jeddah will comprise three high-rise towers with sea-facing apartments. KepLand will hold a 51 per cent stake in the project, with an investment cost of $387.6 million. Sedco will own the other 49 per cent.
The development, on a 3.6 ha site along the corniche waterfront in Jeddah, will comprise three high-rise towers with sea-facing apartments.
Development will be undertaken in phases according to demand. The project will target high-end buyers and is expected to be launched in 2008.
'We are excited that our first foray into Saudi Arabia is a landmark waterfront development in Jeddah,' said Kevin Wong, KepLand's managing director.
'This development will enable Keppel Land to quickly establish its track record and open other opportunities in Saudi Arabia and other fast-growing markets in the Middle East.'
Located on the west coast of Saudi Arabia by the Red Sea, Jeddah, with a population of 3.4 million, is the gateway to the two holy mosques of Makkah and Medinah.
The development site is a five-minute drive from Red Sea Mall - a 240,000 sq m shopping mall being developed by Sedco and other partners, which will be the largest retail hub in Saudi Arabia when completed at end-2007.
'With strong economic growth and accelerated economic reforms in Saudi Arabia, Jeddah has enjoyed high growth in the real estate sector in recent years,' said Ang Wee Gee, KepLand's director for regional investments.
KepLand's shares closed five cents lower at $7.70 yesterday. The company's stock has climbed 11.6 per cent so far this year.
US Space Tourism Company Short Of Financing, Partners For Singapore Spaceport
Source : AsiaOne News, Sep 11, 2007
SINGAPORE (AP) -- More than a year after the project was first announced, U.S. company Space Adventures Ltd. said Tuesday it was still seeking local partners and financing for a Singapore-based spaceport to launch suborbital tourism flights.
The company said in February last year it was forming a venture with a Singapore-based consortium to build a US$115 million facility in the Southeast Asian city-state.
"It's not a done deal. We have a plan, we don't have financing, there's not enough local support," said Eric Anderson, president and chief executive of Virginia-based Space Adventures Ltd., on the sidelines of a business conference in Singapore.
Anderson said the company was also looking at a number of other Asian locations for its spaceport, including China, Japan and Korea, but remained confident of the Singapore project's success. He did not provide a timeframe for the project.
The flights to be offered at the spaceport would travel about 100 kilometers (60 miles) above ground, but would not reach speeds needed to sustain a continuous orbit around the Earth.
The flights would offer up to five minutes of continuous weightlessness, while "gazing at the blackness of space set against the horizon of Earth," the company said. The spaceport also will provide training for space tourists at an astronaut training center.
The project will be partially funded by the Crown Prince of Ras Al-Khaimah in the United Arab Emirates, Sheik Saud Bin Saqr Al Qasimi, the company said.
SINGAPORE (AP) -- More than a year after the project was first announced, U.S. company Space Adventures Ltd. said Tuesday it was still seeking local partners and financing for a Singapore-based spaceport to launch suborbital tourism flights.
The company said in February last year it was forming a venture with a Singapore-based consortium to build a US$115 million facility in the Southeast Asian city-state.
"It's not a done deal. We have a plan, we don't have financing, there's not enough local support," said Eric Anderson, president and chief executive of Virginia-based Space Adventures Ltd., on the sidelines of a business conference in Singapore.
Anderson said the company was also looking at a number of other Asian locations for its spaceport, including China, Japan and Korea, but remained confident of the Singapore project's success. He did not provide a timeframe for the project.
The flights to be offered at the spaceport would travel about 100 kilometers (60 miles) above ground, but would not reach speeds needed to sustain a continuous orbit around the Earth.
The flights would offer up to five minutes of continuous weightlessness, while "gazing at the blackness of space set against the horizon of Earth," the company said. The spaceport also will provide training for space tourists at an astronaut training center.
The project will be partially funded by the Crown Prince of Ras Al-Khaimah in the United Arab Emirates, Sheik Saud Bin Saqr Al Qasimi, the company said.
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