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YOG village will be completed by Feb 2010 - Singapore
2008-05-10 00:33:00
YOG village will be completed by Feb 2010 - Singapore It will be 4-5 months ahead of schedule because of ‘green lane’ status By LEE U-WEN THE Youth Olympics Games (YOG) village will be ready by February 2010 - four to five months ahead of schedule, thanks to the government giving the project ‘green lane’ status.   Game plan: An artist’s impression of the new University Town campus at NUS, which will be used as the YOG village  This means that there will be plenty of time for fitting out and testing, well ahead of the Games opening ceremony on Aug 14, 2010. Various government agencies have agreed to work together and give greater priority and resources to the project at the new 19 ha University Town campus of the National University of Singapore (NUS). The agencies will speed up approval processes, anticipate problems, resolve issues with consultants and contractors, among other things. The Building and Construction Authority (BCA), Urban Redevelopment...
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Almost 80,000 Singapore Grand Prix seats sold
2008-05-10 00:31:00
Almost 80,000 Singapore Grand Prix seats sold CLOSE to 80,000 seats have been sold for the Singapore Grand Prix since tickets were released in mid-February. A total of 96,000 tickets have been put up for sale. Of these, 83,000 are three-day walkabout and grandstand passes. The remaining 13,000 are for corporate hospitality and Paddock Club seats. In recent months, race promoter Singapore GP (SGP) has added to the seat count by roping in areas around the track, such as the Singapore Flyer. SGP has also said it is working with other parties to establish similar partnerships. BT understands that one of these parties is Suntec Singapore International Convention & Exhibition Centre. SGP released 9,000 single-day walkabout tickets late last month, demand for which has been brisk. ‘Sales are strong and the most popular single-day pass is for Saturday,’ said SGP spokesman Jonathan Hallett. There is no plan to release single-day grandstand tickets. But this could happen if ti...
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A-Reit buyer of Creative’s HQ building in Singapore Jurong East
2008-05-10 00:30:00
A-Reit buyer of Creative ’s HQ building in Singapore Jurong East By KALPANA RASHIWALA ASCENDAS Real Estate Investment Trust (A-Reit) has emerged as the buyer of Creative Technology’s headquarters building at 31 International Business Park in Jurong East. The price will be $246.8 million.   On completion of the sale, a subsidiary of Creative Technology will lease the property for five years           Creative said in March that it had agreed to sell and lease back the property but did not disclose the buyer’s identity. The deal is subject to approval by Creative shareholders and JTC Corp. On completion of the sale, a Creative subsidiary will lease the property for five years, with options to renew for a further three plus two years. A-Reit’s manager said the average yield for the initial five-year lease will be 6.24 per cent. Additional rent is payable in the third and fifth years of the lease if the cumulative increase in Singapore’s Consumer Price...
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Singapore Temasek to appeal Jakarta court ruling
2008-05-10 00:28:00
Singapore Temasek to appeal Jakarta court ruling Singapore entities, told to divest telco stakes, may go to Supreme Court now (JAKARTA) An Indonesian court yesterday rejected an appeal by Temasek Holdings, Singapore’s state- owned investment company, and its affiliates against a ruling that it had breached the country’s anti-monopoly laws. The Central Jakarta District Court upheld a ruling last November by state competition watchdog KPPU ordering Temasek and its affiliates to divest their stake in one of the two largest Indonesian telecom operators. It also shortened the deadline for divestment to 12 months, from the two-year deadline set by KPPU. Temasek has an indirect stake in PT Telkomsel through SingTel, which owns 35 per cent of the telco. Separately, Temasek’s wholly-owned subsidiary ST Telemedia holds a 40 per cent stake in Indosat, the second-largest telco, through its subsidiary Asia Mobile Holdings. Temasek said it was ‘deeply disappointed’ w...
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Stanchart goes on hiring spree - Singapore
2008-05-10 00:27:00
Stanchart goes on hiring spree - Singapore Bank swims against the tide; plans to recruit another 500 in S’pore and 10,000 worldwide By CHOW PENN NEE (SINGAPORE) While banks in the US and Europe are making announcements - almost on a daily basis - about job cuts and writedowns, Standard Chartered stands quietly poised to grab any talent that may come its way.   ‘We are well-positioned for growth and are investing in people to leverage on the opportunities in the market.’   - a Stanchart spokeswoman          As its peers downsize, Stanchart will hire aggressively, especially in Asia. The bank has decided to swim against the general tide of gloom and feels this is the time to grow. The bank derives most of its profits from Asia, Africa and the Middle East and has escaped relatively unscathed from the sub-prime fallout. It is well-positioned to expand, it said. A Stanchart spokeswoman told BT yesterday that its Singapore operations will be expanding by nearly 11...
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Managing foreign reserves gets tougher: Singapore GIC
2008-05-10 00:24:00
Managing foreign reserves gets tougher: Singapore GIC   By Grace Ng    THE current ‘difficult environment’ poses challenges for managers of foreign exchange reserves across the world, said Dr Tony Tan, the deputy chairman of the Government of Singapore Investment Corp (GIC), yesterday. Given greater uncertainty and volatility in the financial markets, ‘managing foreign exchange reserves to secure a satisfactory return within acceptable risk limits is likely to become more challenging in the coming years as compared with the past decade’, said Dr Tan. He was speaking during a panel discussion yesterday afternoon at the first annual Lujiazui Forum in Shanghai. The international finance forum brought together financial leaders, scholars and government officials including Chinese Vice-Premier Wang Qishan to discuss financial reform in China. In his speech, Dr Tan warned that ‘economic risks could rise further in the next 12 months because of sharper-than...
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OUE earmarks $530m to build 38-storey tower - Singapore
2008-05-10 00:22:00
OUE earmarks $530m to build 38-storey tower - Singapore   Tenants of existing block given till end of this month to vacate premises By Joyce Teo, Property Correspondent  RISING SOON: The OUB Centre Tower 2, seen here in an artist’s impression, is expected to fetch rental rates of $15 psf to $16 psf. — OUE   THE fitness chain True Yoga will have to find a new position to assume in the business district after one of its outlets got its marching orders, but it might be a bit of a stretch given the shortage of office space. True Yoga and other tenants, including chemist Watsons and the Denise wine shop, must leave the retail block at the OUB Centre at Raffles Place to make way for a $530 million office tower. The yoga and fitness centre, which takes up more than 30,000 sq ft across four floors of the low-rise retail podium, will close at midnight next Thursday. The other tenants must leave by the end of this month. True Yoga has not yet secured another site, but its clien...
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Jakarta court rejects Temasek’s appeal
2008-05-10 00:20:00
Jakarta court rejects Temasek’s appeal  It upholds anti-trust ruling, orders firm to sell stakes in a telco By Salim Osman, Indonesia Correspondent  ST FILE PHOTO   JAKARTA - A JAKARTA court yesterday turned down an appeal by Singapore’s Temasek Holdings against a ruling by Indonesia’s business competition watchdog that it had violated the country’s anti-trust law. The three-member Central Jakarta District Court ordered Temasek and its affiliates to sell their stakes in one of their two Indonesian telecoms units. The panel also upheld a ruling that one of the mobile phone operators, Telkomsel, had charged ‘excessive’ tariffs. Temasek Holdings said it was ‘deeply disappointed’ by the verdict. Managing director of strategic relations Goh Yong Siang said in a statement: ‘The facts are Temasek has no shares in Indosat and Telkomsel, and plays no role in their business decisions and operations. ‘Telkomsel, in particular, is m...
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Courts to safeguard children in divorce - Singapore
2008-05-10 00:17:00
Courts to safeguard children in divorce  - Singapore New court to focus on child welfare in divorce proceedings; another to handle troubled teens By Chong Chee Kin   THE father produced a picture drawn by his child, depicting the mother as a monster. The mother produced her own. The same child drew the father as a monster. Such ugly scenes in divorce cases - where the child is used as a ‘bargaining chip’ to settle other matters - are played out too often for the Chief Justice’s liking. Said CJ Chan Sek Keong: ‘Parents who take an unnecessarily adversarial stand can worsen a dispute and obscure the real needs of the child. They often exacerbate their mutual hostility instead of focusing on the key issue of parental responsibilities.’ To ensure that children are not embroiled in their parents’ conflicts, a new Family Child Court, which will put the children’s interests before the adults’, will be set up later this year. The need for su...
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More Singapore land leased out to hostel tenants to meet demand from int&rs
2008-05-09 02:31:00
More Singapore land leased out to hostel tenants to meet demand from int’l students By Lee Khai Yan, SINGAPORE : International students in Singapore will soon have more housing options. With more students from overseas studying here, demand for hostels has increased. So the Singapore Land Authority (SLA) doubled the tenders awarded to hostel tenants between 2006 and 2007. The camp site at Jalan Bahar in Jurong used to belong to the Singapore Civil Defence Force. It now has a new lease of life - as apartments for students, particularly those from the nearby Nanyang Technological University (NTU). Those unable to get a room on campus can rent one for between S$250 and S$400 a month. This is slightly more than the cost of a room at NTU, which ranges from S$160 to S$280. The apartments come with attached toilets and kitchens. The SLA awarded the site to a local company last year for a monthly fee of S$77,000. The lease is for three years. The latest land leased out for hostel use ...
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Developers test waters with Singapore condo launches
2008-05-09 02:28:00
Developers test waters with Singapore condo launches Sale of Floridian, Quartet on Vanda and Parc Seabreeze have begun By KALPANA RASHIWALA DEVELOPERS are gingerly testing the water for residential launches this week. Far East Organization’s listed unit Orchard Parade Holdings and Wing Tai have begun the official launch of their Floridian condo in Bukit Timah, marked by the start of an advertising campaign.   Resort living: The Floridian is inspired by the Miami coast and will be surrounded by water features  Prices start at $1,615 psf. BT understands the average net price is in the range of $1,600 to $1,700 psf after discounts. The freehold project has 336 units in 11 towers on a site of 230,000 sq ft. The preview for the development began a few months ago, with six units sold at $1,640 to $1,770 psf. This week’s official launch sees the release of 75 units in Towers 2 and 9. Units range from two-bedders of 840 sq ft to apartments with four bedrooms (plus study) of 2,...
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Ho Bee Q1 net earnings dive 62% to $26.1m - Singapore
2008-05-09 02:25:00
Ho Bee Q1 net earnings dive 62% to $26.1m - Singapore Sharp drop in property development revenue By EMILYN YAP   HO BEE Investment yesterday reported a 62 per cent plunge in net earnings for the first quarter ended March 31, 2008, to $26.1 million, from $69.1 million in Q1 2007. Earnings per share were 3.54 cents, down from 9.37 cents the year before. Revenue was $94.2 million, a 62 per cent fall from $245.8 million a year earlier.   The Coast at Sentosa Cove: The project recognised revenue of $26.5m in the first quarter of 2008, down from $209m in Q1 2007  The drop in group turnover was largely due to lower recognition of revenue from property development project The Coast at Sentosa Cove. The Coast project recognised revenue of $26.5 million in Q1 2008, down from $209 million in Q1 2007. This was the main reason for property development revenue falling 64 per cent to $88 million. Turnover on property investment fared better, driven by higher rental income from office units at S...
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Oil industry trips on spiralling power rates
2008-05-09 02:23:00
Oil industry trips on spiralling power rates With tariffs likely to rise further, cogeneration plants could be the answer By RONNIE LIM (SINGAPORE) What goes around, comes around. On the back of the hike in oil prices which almost touched US$124 yesterday, electricity tariffs in Singapore have climbed to uncomfortable heights. And ironically, the oil industry here - which uses a lot of electricity - is feeling the most pain.     BT has learnt that the worst may not be over as electricity rates are likely to face more upward pressure in the coming months. This was disclosed by Energy Market Company (EMC) CEO Dave Carlson yesterday in response to queries from BT. He said that the rising crude prices had pushed up the price of high-sulphur fuel oil, which is used by some power stations here. But the bigger impact came through the hike in the price of natural gas - the main feedstock - which is pegged to the price of high-sulphur fuel oil. The impact has been obvious. The average mont...
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Royal Peacock Hotel in Singapore Chinatown could fetch around $38m
2008-05-09 02:17:00
Royal Peacock Hotel in Singapore Chinatown could fetch around $38m  GOOD LOCATION: The hotel, which opened in 1995, occupies 10 restored shophouses in Keong Saik Road. Room rates are from $105 to $185 a night. — ST PHOTO: EDWIN KOO   THE Royal Peacock Hotel in Chinatown’s Keong Saik Road is likely to be sold soon - with a potential price tag of about $38 million. The owners of the boutique hotel called for expressions of interest, which closed on Wednesday, after attracting at least five bidders. The keen interest underlined rising interest in the hotel sector in Singapore, analysts said. The 74-room hotel’s marketing agent, Cushman & Wakefield, said the property’s guide price is $38 million, or more than $500,000 a room. While the wider property market is quiet, as many buyers and sellers are remaining on the sidelines, the hotel sector offers a different picture. With rising tourist arrivals and room rates, investors are more than happy to pay ‘...
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Yahoo open to new bids - if price is right
2008-05-07 00:18:00
Yahoo open to new bids - if price is right    NEW YORK - YAHOO chief executive officer (CEO) Jerry Yang said he would be open to another bid from Microsoft or other companies at a price he considers appropriate. Yahoo continues to speak with other companies about ways to increase its value, he said on Monday in a phone interview with Bloomberg News. While the California-based company is not for sale, it would listen ’should somebody else come back some day and want to buy the company’, he said. Yahoo, the most-visited United States website, turned down a US$33 a share offer from Microsoft, which withdrew its bid last Saturday. Yahoo’s rating was cut to ’sell’ by Citigroup and ThinkPanmure analysts on Monday, and its stock dropped 15 per cent. ‘The most important way to move the stock is to execute better,’ said Mr Yang, 39. ‘What I am going to do is be very proactive and discuss with as many shareholders as possible in the upcoming w...
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$20m carrot for building owners to go solar - Singapore
2008-05-07 00:16:00
$20m carrot for building owners to go solar  - Singapore Govt scheme trims cost of tapping the sun for energy by 30% to 40% By Jessica Cheam    TAPPING the sun’s energy has just been made easier for building owners. The Government yesterday announced details of a $20 million scheme that could see as many as 100 solar projects sprout around Singapore in the next two years. The carrot being dangled in front of private developers and building owners is a subsidy that trims the cost of a solar project by 30 per cent to 40 per cent. The grant is capped at $1 million for each project. Solar projects usually cost from $100,000 to a few million dollars, depending on the scale and technology used. ‘This is a very attractive offer… We expect keen interest from the industry,’ said Economic Development Board (EDB) managing director Ko Kheng Hwa, who unveiled the initiative yesterday at the annual Semicon Singapore conference at Suntec City. The top priority of the So...
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Insurers reap one-off gains from changes in Singapore CPF rules
2008-05-07 00:14:00
Insurers reap one-off gains from changes in Singapore CPF rules  Members rushed to invest their savings before new rules kicked in on April 1 By Michelle Tay  NOT UNUSUAL: ‘This is not an unexpected result, given the CPF rule change.’ — MR MARK O’DELL, president of the LIA, on the rush by CPF members to invest their savings before new CPF rules kicked in on April 1   THE new Central Provident Fund (CPF) rules that kicked in on April 1 sparked an extraordinary rush by members to withdraw cash from their Ordinary Accounts, so they could place their savings in other higher-earning investments. About $1.72 billion was pulled out of CPF accounts in the first three months of the year, and re-invested in insurance and investment-related products, giving insurers one of their best quarters on record. The Life Insurance Association (LIA) yesterday said the $1.72 billion of new CPF business premiums was 17 per cent higher than the last quarter of last year. ‘T...
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Finding next Singapore PM and team ‘overdue’
2008-05-07 00:11:00
Finding next Singapore PM and team ‘overdue’  By Zakir Hussain    THERE is no time to waste in the search for Singapore’s next prime minister and team of political leaders, Prime Minister Lee Hsien Loong made it clear yesterday. Both events are ‘overdue’, he said, adding that at age 56, he needed to prepare for a handover that would take place ‘not so very long in the future’. ‘We are doing this now because it is not early, it is time,’ he said. He also explained that those with the potential to become Singapore’s future leaders need time to learn the ropes and win the trust of their peers. He was replying to a question on leadership renewal that was posed to him at a dialogue with 120 business leaders at the Thomson Reuters dialogue yesterday. ‘We would like to have a deep bench and we need to deepen our bench,’ he said. ‘The way we have worked it is not to have no change, but to have change which is w...
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Yahoo chief signals open stance to Microsoft - NEW YORK
2008-05-07 00:09:00
Yahoo chief signals open stance to Microsoft - NEW YORK Jerry Yang says he has mixed feelings about breakdown of talks (NEW YORK) Yahoo Inc chief Jerry Yang signalled a more open stance towards Microsoft Corp on Monday, saying that he had been seeking common ground when the software maker abruptly ended deal talks. Mr Yang told Reuters that he had ‘mixed feelings’ about the weekend outcome, after investors showed their disappointment over the breakdown of negotiations by sending Yahoo shares down 15 per cent. ‘We were negotiating a way to find common ground and then on Saturday they chose to walk away,’ said the 39-year-old co-founder of the pioneering Internet company. ‘They started it and they walked away.’ Asked if Yahoo would still leave a door open for Microsoft to return, Mr Yang said: ‘If they have anything new to say, we would be open … I am more than willing to listen.’ After three months of negotiations, Microsoft chie...
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Singapore Beach Rd building sold for $70m
2008-05-07 00:07:00
Singapore Beach Rd building sold for $70m Hirsch Bedner and Irish private equity firm turning asset into boutique offices By KALPANA RASHIWALA AN Irish private equity firm and renowned international interior design firm Hirsch Bedner Associates have bought 700 Beach Road, currently a small office, home office development named In-City Lofts, for a total $70 million.   700 Beach: The total investment of $73.5m works out to $1,097 psf of the enlarged total net lettable area  The duo will pump in a further $3.5 million to upgrade the eight-storey building and reposition it as a boutique office block. The building has 8,500 to 12,000 sq ft floor plates, 4.5-metre ceiling heights and a roof terrace with a full-sized lap pool and gym facilities. When the refurbishment is completed in August this year, the property - located between Golden Mile Tower and Golden Mile Complex - will be renamed 700 Beach. The spruce-up will increase the building’s existing net lettable area by about 5...
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Singapore ousting HK as top millionaire hub
2008-05-07 00:05:00
Singapore ousting HK as top millionaire hub China seen to be 3rd richest country by 2017: study By NISHA RAMCHANDANI (SINGAPORE) Singapore is expected to pull ahead of Hong Kong as home to the highest concentration of millionaires over the next decade, sealing its reputation as a wealth centre not just in Asia but worldwide.     And while the US and Japan should remain the top two largest global economies, emerging markets such as China, India, Russia and Brazil will make their presence felt more strongly. Now ranked seventh in terms of total net worth, China will grab third place by 2017, bypassing several G7 countries to become the third-richest country, while India is expected to make its debut in the top 10 list at No 8. Russia and Brazil will also display significant growth, moving up from 19th to 11th place and 15th to 12th place respectively. With the Economist Intelligence Unit, Barclays Wealth released a report yesterday that forecasts the evolution of the level and distr...
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Govt has arsenal to counter US-driven slowdown: Singapore PM Lee
2008-05-07 00:03:00
Govt has arsenal to counter US-driven slowdown: Singapore PM Lee In a crunch, it can pump-prime the economy and give targeted assistance By CONRAD TAN (SINGAPORE) Singapore is prepared to face any economic scenario that emerges from the current uncertain climate, including a prolonged downturn in the United States, said Prime Minister Lee Hsien Loong yesterday.   PM Lee: Singapore is prepared to face any economic scenario that emerges from today’s uncertain climate  One option to fall back on would be to boost economic growth through government spending, including resuming construction projects that were earlier put on hold, he said. ‘If things do get bad, which cannot be ruled out - although it does not appear to be on the cards - we are not without recourse,’ he told a group of some 100 guests including chief executives, senior bankers and economists at a discussion hosted by Thomson Reuters. ‘If we need to move on fiscal policy to stimulate the economy, ...
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Singapore Real broadband fight yet to come in new landscape
2008-05-07 00:02:00
Singapore Real broadband fight yet to come in new landscape Deal to lay infrastructure is just the first step; services on new highway will be the clincher By WINSTON CHAI (SINGAPORE) All three local telcos are vying for the right to build and own Singapore’s upcoming broadband network but industry experts believe the prize fight is not in the control of this infrastructure but the services that operators can provide using the high- speed links of the future.   Mr Price: Axia’s approach is usually strongly opposed by market incumbents since it produces new competition and results in a new way of doing business in the sector  This is because, unlike the current competitive landscape, Singapore Telecommunications (SingTel) and StarHub will not gain a competitive advantage if the consortium they are backing clinches the government’s Network Company (NetCo) contract. Under the tender, which closed on Monday, the Infocomm Development Authority of Singapore (IDA) has m...
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Singapore PM Lee says Singapore will continue to develop financial sector
2008-05-06 23:59:00
Singapore PM Lee says Singapore will continue to develop financial sector By Wong Siew Ying SINGAPORE: Prime Minister Lee Hsien Loong said Singapore will continue to develop the financial sector as more activities are being moved to the city-state. Mr Lee, who was speaking to 120 bankers at the hour-long Thomson Reuters Dialogue on Tuesday, added that more would be done to ease capacity constraints, such as the crunch in office space and accommodation. The financial sector in Singapore grew by some 17.5 percent last year. But the prime minister said Singapore needs to level up to cope with this upsurge in activities. He said: “We are running up against constraints because we don’t have enough office space, we don’t have enough accommodation and rentals have gone up. “We don’t have enough schools for the expatriates’ children. (But) we are addressing this – we are helping the United World College to build a new school in Tampines, and they told m...
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Singapore SM Goh urges private sector to take lead in S’pore-Libya in
2008-05-06 23:57:00
Singapore SM Goh urges private sector to take lead in S’pore-Libya investments By Channel NewsAsia’s Asha Popatlal in Tripoli TRIPOLI: The leaders of Singapore and Libya have called on the private sector to take the lead when it comes to investments between Singapore and Libya. However, both governments have agreed to facilitate this and look at co-investments in a third country. The agreement was reached at a meeting between Senior Minister Goh Chok Tong and former Libyan prime minister Shukri Ghanem. Mr Shukri is also the National Oil Corporation chairman and a well-known reformist. One of the first stops for Senior Minister Goh when he arrived in Libya was to visit the Old City. With a street plan laid down as far back as Roman times, it remains a bustling area for small Libyan businesses. However, the country has more ambitious plans after years of isolation due to UN sanctions. Mr Goh was briefed on the plans at a welcome dinner hosted by Deputy Secretary-General of...
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Private sector to get S$20m for solar capability development - Singapore
2008-05-06 23:56:00
Private sector to get S$20m for solar capability development - Singapore    SINGAPORE: The private sector can tap on S$20 million to offset part of the capital costs of installing solar technologies in new building projects, the Economic Development Board (EDB) announced on Tuesday. The Solar Capability Scheme (SCS), launched at SEMICON Singapore 2008, is the latest programme by the Clean Energy Programme Office (CEPO). It seeks to build up the capabilities of companies through increased adoption of solar energy technologies. The scheme also encourages innovative design and integration of solar technologies into energy efficient buildings. It applies to new building developments in the private sector which meet the required standard. The amount of financial support for each qualifying project will be assessed on factors such as innovation, design, effectiveness and skills development in the proposed solutions. Financial support will range from 30 to 40 per cent of the capital cost...
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Singapore High Court to decide in tussle over Katong houses
2008-05-06 23:54:00
Singapore High Court to decide in tussle over Katong houses By Ansley Ng, TODAY SINGAPORE: Almost 30 years ago, when Mr Loo Chay Sit was going through a divorce after just a few years of marriage, he transferred a piece of newly-bought property at Margate Road near Katong to the name of his younger brother Chay Loo. Years later, in 1986, his mother, Mdm Tan Chan Tee, registered another property in Seraya Lane, also in Katong in the name of Chay Loo’s wife, Madam Chen Tsui Yu. Now, Mdm Tan, 80, and her elder son, who is 57, is suing Mdm Chen, 53, to recover the two homes, following Chay Loo’s death in San Francisco in May 2005 at the age of 51. Earlier, he had tried to commit suicide while in police custody, following an apparent murder-and-suicide bid. Following his death, both Mdm Tan and Mr Loo secured default judgments which transferred both properties back to them. Mr Loo then sold the Margate Road house for S$4.8 million. However, a year later, both judgments were s...
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Developers may get grants of up to S$1m when installing solar panels - Sing
2008-05-06 23:52:00
Developers may get grants of up to S$1m when installing solar panels - Sing apore By Ng Baoying,   SINGAPORE: The Economic Development Board (EDB) has unveiled more details of the Solar Capability Scheme, aimed at spurring demand for clean technology and building up expertise in the new industry. The S$20 million scheme was first announced in Parliament in April by Senior Minister of State for Trade and Industry, S Iswaran. The EDB said it expects to fund up to 100 projects. Under the scheme, new buildings need a minimum Green Mark Gold standard to qualify for a 30 to 40 per cent grant, while existing buildings will be assessed on a case by case basis. Ko Kheng Hwa, Managing Director, Economic Development Board, said: “We expect interest, and this interest should grow as greater awareness seeps into the industry. Today, the very early adopters are already implementing some form of solar energy systems. “So with this scheme, we are partially offsetting their initial capit...
More About: Grants , Developers , Solar Panels

Singapore New Master Plan expected to see selective changes
2008-05-06 09:14:00
Singapore New Master Plan expected to see selective changes Key sectors seen benefiting include hotels, aerospace, healthcare, transport By KALPANA RASHIWALA URBAN Redevelopment Authority’s Master Plan 2008 - which will be exhibited soon - will see changes in land use and increases in plot ratios, but these will be selective and focused on growth areas, rather than a widespread upgrade in densities, DBS Vickers Securities said in a report dated yesterday. The strategic initiatives from the Master Plan will filter down to improved growth fundamentals for various economic sectors. While the property sector will be a key and obvious beneficiary, also standing to benefit from the strategic outline are the hotels, aerospace, healthcare, transport and construction sectors, the report said. More land will be provided for development of the aerospace industry and the establishment of a designated hub near Seletar Airport will continue to provide strong fundamentals for the sector&rsqu...
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JLL re-entering housing project sales business - Singapore
2008-05-06 09:13:00
JLL re-entering housing project sales business - Singapore By KALPANA RASHIWALA JONES Lang LaSalle (JLL) is poised to re-enter the Singapore residential project sales business after a hiatus of about seven years. It has clinched appointments to market Floridian, a 336-unit freehold condo development in Bukit Timah by Far East Organization and Wing Tai Holdings, as well as Lippo’s Centennia Suites at Kim Seng Road. It is also marketing 34 units at the completed 99-year leasehold Amaryllis Ville condo in the Newton area on behalf of Goodearth Hotel group of Australia. Goodearth - controlled by the family of the late Teo Lay Swee, who used to own the Cockpit Hotel site - bought the 34 units from the project’s developer, Wing Tai, about two years ago and is expected to sell the units for about $1,500 per square foot (psf). JLL will focus on the upper end of the Singapore residential market, rather than the mass market. ‘As well as marketing Singapore residential projec...
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