August 12, 2008
Changi campus for S'pore's 4th university
By LEE U-WEN
THE sprawling plot of land near the Singapore Expo - which was to
have housed the now-defunct University of New South Wales (UNSW) Asia
campus - has found a new occupant at last.
Singapore's new publicly funded university will make its home at the
vacant 22.6-hectare site along Upper Changi Road, with the first
buildings set to be ready by 2013, said the Ministry of Education
(MOE) yesterday.
Students, however, need not even wait that long. The inaugural intake
of 500 will begin classes much earlier at an interim campus in 2011,
just three years from now.
Overseeing the establishment of the new university - Singapore's
fourth publicly funded one - is Far East Organization's chief
executive officer Philip Ng Chee Tat.
The well-known businessman is no stranger to the education field as
he is currently a member of the Board of Trustees of the National
University of Singapore (NUS), and was involved in the setting up of
both the Singapore Management University (SMU) and Republic
Polytechnic.
Outlining his plans during a press conference yesterday, Mr Ng, 49,
said his main priorities are to develop a masterplan for the
university's campus development, come up with a suitable curriculum
model and, more immediately, to start a global hunt for its first
president.
Members of his committee, who will be named by the end of the year,
comprise leaders from academia, industry and the public sector, he
said.
On what sort of shape the university might take, Mr Ng said things
were still at the drawing board stage but he might consider a 'garden
university' concept, similar to what UNSW Asia was to look like.
UNSW announced in May last year that it would close its Asia campus
because of lower-than-expected enrolments and the financial risks
involved in continuing the venture.
Said Mr Ng: 'What we want to do is build an institution with its own
character and identity, with good quality accommodation, easy access
to public transport, and look at possible synergies with the
surrounding industries such as banking and IT.'
One key advantage of having a university just next to the Changi
Business Park is the opportunity to expose students to high
technology businesses and knowledge-intensive facilities of leading
companies, he said.
Education Minister Ng Eng Hen said that the budget for setting up
this university is likely to cost 'hundreds of millions of dollars',
although no firm figure has been derived as plans are still being
drawn up.
He added that the MOE and the steering committee would be closely
studying the SMU example, which also took about three years of
planning before opening its doors.
One of the chief reasons why the government is building this latest
varsity is to increase the number of university places to 30 per cent
of each year's cohort by 2015, up from 25 per cent currently.
That works out to about 2,400 more places, which will be equally
split between polytechnic graduates and junior college students.
The new university will be able to take in a steady stream of up to
2,500 students a year and offer three main disciplines - business,
design and engineering.
The public, meanwhile, can have their say in what they want the new
university to be called. A consultation exercise is currently on
until Nov 30, and those who want to submit their ideas can do so at
www.moe.gov.sg/name-the-uni/ for the steering committee's
consideration.
Tuesday, August 12, 2008
State property at Changi on offer
August 12, 2008
State property at Changi on offer
The parcel has a land area of 104,044 sq ft and GFA of 54,864 sq ft
By UMA SHANKARI
HOTEL operators can look forward to another state property to
develop - this time at Changi.
The Singapore Land Authority (SLA) yesterday launched the plot - part
of a former military camp - for public tender.
The tenancy, for an initial three years, is renewable up to 2018. The
guide rental is $28,500 a month.
The parcel has a land area of 104,044 sq ft and a gross floor area
(GFA) of 54,864 sq ft. It comprises two three-storey buildings and a
shed.
'SLA is offering a number of vacant state properties for adaptive re-
use, such as hotels and lifestyle attractions, in line with the
government's vision for Changi Point as a seaview hotel, resort and
recreational destination,' said Teo Cher Hian, SLA's director for
land operations (private).
Since last year, SLA has awarded four state properties in the Changi
area for adaptive commercial re- use. Two are now restaurants, while
the former Changi General Hospital is being turned into a spa resort.
Groundbreaking takes place next month and the resort is expected to
be ready by next year.
The Singapore Tourism Board (STB) says leading hoteliers have
expressed keen interest in the latest property.
According to STB, mid- tier and economy hotels enjoyed average room
occupancy rates of 85 and 87 per cent respectively in the first half
of 2008.
Nicholas Mak, director of research and consultancy at Knight Frank,
said the successful tenderer for the Changi plot will have to come up
with a unique concept.
He said the hotel needs to play on Changi's laid- back character and
is likely to be mid-tier.
The first state property to be converted for hotel use, at Chin Swee
Road, is a boutique establishment with 140 rooms. It officially
opened in mid-May, with an initial occupancy rate of about 50 per
cent.
State property at Changi on offer
The parcel has a land area of 104,044 sq ft and GFA of 54,864 sq ft
By UMA SHANKARI
HOTEL operators can look forward to another state property to
develop - this time at Changi.
The Singapore Land Authority (SLA) yesterday launched the plot - part
of a former military camp - for public tender.
The tenancy, for an initial three years, is renewable up to 2018. The
guide rental is $28,500 a month.
The parcel has a land area of 104,044 sq ft and a gross floor area
(GFA) of 54,864 sq ft. It comprises two three-storey buildings and a
shed.
'SLA is offering a number of vacant state properties for adaptive re-
use, such as hotels and lifestyle attractions, in line with the
government's vision for Changi Point as a seaview hotel, resort and
recreational destination,' said Teo Cher Hian, SLA's director for
land operations (private).
Since last year, SLA has awarded four state properties in the Changi
area for adaptive commercial re- use. Two are now restaurants, while
the former Changi General Hospital is being turned into a spa resort.
Groundbreaking takes place next month and the resort is expected to
be ready by next year.
The Singapore Tourism Board (STB) says leading hoteliers have
expressed keen interest in the latest property.
According to STB, mid- tier and economy hotels enjoyed average room
occupancy rates of 85 and 87 per cent respectively in the first half
of 2008.
Nicholas Mak, director of research and consultancy at Knight Frank,
said the successful tenderer for the Changi plot will have to come up
with a unique concept.
He said the hotel needs to play on Changi's laid- back character and
is likely to be mid-tier.
The first state property to be converted for hotel use, at Chin Swee
Road, is a boutique establishment with 140 rooms. It officially
opened in mid-May, with an initial occupancy rate of about 50 per
cent.
M'sian developer SDB launches first project here; more to come
August 12, 2008
M'sian developer SDB launches first project here; more to come
By UMA SHANKARI
MALAYSIAN property developer Selangor Dredging Berhad (SDB) is making
a foray into Singapore, and the company is not about to be put off by
the slowing economic environment.
SDB, which is listed on Bursa Malaysia, has started marketing one
high-end residential project on Wilkie Road here and hopes to launch
another project by the end of the year.
Managing director Teh Lip Kim admits that times are not good, but she
believes that the projects will do reasonably well.
'Singapore stands to benefit from what is currently viewed as
political instability in Malaysia, Vietnam and Thailand,' Ms Teh said.
SDB was incorporated in 1962 by Ms Teh's father, Teh Kien Toh.
Originally a tin mining company, it began diversifying its business
activities in the 1980s.
When the then 31-year- old Ms Teh took over the helm in 1998,
Malaysia was in the midst of the Asian financial crisis. She was
forced to re-evaluate and to restructure the company's business
activities and dispose of non-performing assets.
This revamp led to the company changing its core business and since
2002, SDB has focused entirely on property. It has launched five
residential projects in Malaysia so far, and also owns an office
building and a hotel.
The company started marketing its Wilkie Road development, called
Jia, about a month ago in both Singapore and Malaysia through private
previews. SDB bought the site for between $21 million and $22 million
in December 2006.
Some 30 per cent of the 22-unit development has been sold at prices
of around $1,600 per square foot (psf) - mostly in Malaysia - SDB
said. The project has two and three-bedroom apartments, as well as
three penthouses.
Next up is SDB's 66-unit development on Gilstead Road in Newton. The
company bought Gilstead View in a collective sale in May last year
for $96.5 million - or $1,070 psf of potential gross floor area - in
what was said to be a new benchmark in the Newton area.
The new development on the site will be launched in end-2008 or Q1
2009, Ms Teh said.
SDB also owns a commercial property in Balestier and is on the
lookout for more opportunities, she added.
Most Malaysian developers baulk at entering the Singapore property
market - mostly citing the off- putting high price of land here - but
Ms Teh says that the high land prices are something that anyone who
chooses to venture into a developed economy will have to live with in
exchange for stability.
'If you want to go to a place that is more progressive, one has to
accept the high prices,' she said. After all, margins for developers
in both Malaysia and Singapore are similar - around 18-20 per cent -
Ms Teh said.
Right now, SDB gets all of its revenue from Malaysia. But in five
years' time, Ms Teh hopes that as much as 40-50 per cent of turnover
will come from overseas, including Singapore.
Other markets SDB is looking at include Thailand, Vietnam and
Australia, but the developer wants to 'gets things right' in
Singapore first, Ms Teh said.
M'sian developer SDB launches first project here; more to come
By UMA SHANKARI
MALAYSIAN property developer Selangor Dredging Berhad (SDB) is making
a foray into Singapore, and the company is not about to be put off by
the slowing economic environment.
SDB, which is listed on Bursa Malaysia, has started marketing one
high-end residential project on Wilkie Road here and hopes to launch
another project by the end of the year.
Managing director Teh Lip Kim admits that times are not good, but she
believes that the projects will do reasonably well.
'Singapore stands to benefit from what is currently viewed as
political instability in Malaysia, Vietnam and Thailand,' Ms Teh said.
SDB was incorporated in 1962 by Ms Teh's father, Teh Kien Toh.
Originally a tin mining company, it began diversifying its business
activities in the 1980s.
When the then 31-year- old Ms Teh took over the helm in 1998,
Malaysia was in the midst of the Asian financial crisis. She was
forced to re-evaluate and to restructure the company's business
activities and dispose of non-performing assets.
This revamp led to the company changing its core business and since
2002, SDB has focused entirely on property. It has launched five
residential projects in Malaysia so far, and also owns an office
building and a hotel.
The company started marketing its Wilkie Road development, called
Jia, about a month ago in both Singapore and Malaysia through private
previews. SDB bought the site for between $21 million and $22 million
in December 2006.
Some 30 per cent of the 22-unit development has been sold at prices
of around $1,600 per square foot (psf) - mostly in Malaysia - SDB
said. The project has two and three-bedroom apartments, as well as
three penthouses.
Next up is SDB's 66-unit development on Gilstead Road in Newton. The
company bought Gilstead View in a collective sale in May last year
for $96.5 million - or $1,070 psf of potential gross floor area - in
what was said to be a new benchmark in the Newton area.
The new development on the site will be launched in end-2008 or Q1
2009, Ms Teh said.
SDB also owns a commercial property in Balestier and is on the
lookout for more opportunities, she added.
Most Malaysian developers baulk at entering the Singapore property
market - mostly citing the off- putting high price of land here - but
Ms Teh says that the high land prices are something that anyone who
chooses to venture into a developed economy will have to live with in
exchange for stability.
'If you want to go to a place that is more progressive, one has to
accept the high prices,' she said. After all, margins for developers
in both Malaysia and Singapore are similar - around 18-20 per cent -
Ms Teh said.
Right now, SDB gets all of its revenue from Malaysia. But in five
years' time, Ms Teh hopes that as much as 40-50 per cent of turnover
will come from overseas, including Singapore.
Other markets SDB is looking at include Thailand, Vietnam and
Australia, but the developer wants to 'gets things right' in
Singapore first, Ms Teh said.
Russell to double Asia property investments
August 12, 2008
Russell to double Asia property investments
(SINGAPORE) US-based Russell Investments, which manages over US$211
billion in assets, wants to boost its exposure to Asian real estate
as it sees growing markets in China and India withstanding a global
downturn.
The company, which raises money from institutions such as pension
funds and invests them with other fund managers, said it expects to
more than double its investments in Asia properties over the next
three years, from about US$300 million currently.
'Our clients tell us they want to be in Asia property, and we go
where our clients want to go,' said Martin Lamb, newly appointed Asia
Pacific head of property for Russell, the funds and indices unit of
Northwestern Mutual Life Insurance.
'Regardless of the downturn in the US and Europe, there is a strong
domestic need particularly in India and China that continues to fuel
demand for housing and retail,' said Mr Lamb, who is Russell's first
property chief to be based within the region.
An increasing number of financial and property firms have set up
funds to invest in Asia property in the past year, including the
property investment units of Jones Lang LaSalle and Prudential, and
Singapore developers such as CapitaLand and Keppel Land.
Russell to double Asia property investments
(SINGAPORE) US-based Russell Investments, which manages over US$211
billion in assets, wants to boost its exposure to Asian real estate
as it sees growing markets in China and India withstanding a global
downturn.
The company, which raises money from institutions such as pension
funds and invests them with other fund managers, said it expects to
more than double its investments in Asia properties over the next
three years, from about US$300 million currently.
'Our clients tell us they want to be in Asia property, and we go
where our clients want to go,' said Martin Lamb, newly appointed Asia
Pacific head of property for Russell, the funds and indices unit of
Northwestern Mutual Life Insurance.
'Regardless of the downturn in the US and Europe, there is a strong
domestic need particularly in India and China that continues to fuel
demand for housing and retail,' said Mr Lamb, who is Russell's first
property chief to be based within the region.
An increasing number of financial and property firms have set up
funds to invest in Asia property in the past year, including the
property investment units of Jones Lang LaSalle and Prudential, and
Singapore developers such as CapitaLand and Keppel Land.
Home sales to hit record this year, says Megaworld
August 12, 2008
Home sales to hit record this year, says Megaworld
Despite rising prices, Philippine builder says demand is not flagging
(MANILA) Megaworld Corp, the Philippine builder controlled by
billionaire Andrew Tan, says that apartment sales will reach a record
this year as the nation withstands a credit crisis that triggered a
property slump in the US and UK.
'The world may be ending in other parts but not in the Philippines,'
Kingson Sian, executive director of the country's second-biggest
builder by market value, said in an interview. 'This isn't 1997.'
Banks continue to lend and the eight million Filipinos abroad are
sending home cash in record amounts, softening the blows of
commodities prices at records and a weakening of global growth, he
said.
Megaworld shares, which has lost 57 per cent this year, dropped 89
per cent in 1997 when the Asian financial crisis eroded the peso and
raised borrowing costs, hurting property sales.
'It's been a tough environment but the market hasn't dried up,' says
Jonathan Ravelas, a strategist at Manila-based Banco de Oro Unibank
Inc, which manages about US$5.9 billion in trust assets. 'Some home
buyers are just delaying their purchases.'
Philippine consumer prices last month rose a faster-than-estimated
12.2 per cent and the central bank warned of more rate increases
after raising borrowing costs twice since June. Yet Mr Sian said that
demand isn't flagging and Megaworld will probably proceed with its
plan to start a record 17 projects this year.
The Manila-based company booked 11.3 billion pesos (S$358.9 million)
worth of orders from January to May, 71 per cent more than a year
ago.
Mr Sian forecast 24 billion pesos in record reservation sales this
year, 26 per cent more than in 2007.
The company's market value increased more than eightfold in the five
years through 2007 as falling interest rates and record remittances
from overseas Filipinos fuelled a building spree that included
Megaworld transforming a block of warehouses into Eastwood City, an
upscale residential and commercial development in the Manila suburb
of Quezon City.
Projects such as Eastwood and Forbes Town Center in one of the
Philippines' most expensive residential district have made Megaworld
the nation's biggest builder of residential towers.
Still, investors shouldn't be rushing into Megaworld and other
builders because of accelerating and rising interest rates, says Olan
Caperina, who helps manage about US$6.7 billion at BPI Asset
Management Inc in Manila. 'Property stocks are for those with strong
stomachs for high volatility.'
While builders have raised prices by 5 per cent to 15 per cent this
year and more increases may be forthcoming, Mr Sian says that the
orders haven't stopped.
That's partly because of overseas Filipinos, who account for about 15
per cent of Megaworld's home sales. Cash from Filipinos abroad hit a
record 14.4 billion pesos last year, helping boost economic growth to
7.3 per cent, the fastest in 31 years.
The central bank forecasts remittances, which make up a 10th of the
country's economy, will reach US$16.45 billion this year.
Philippine banks are also 'liquid', and some have approached
Megaworld about 'taking on our receivables,' Mr Sian said. 'So
they're still willing to fund home purchases.'
Bank loans will probably grow 10 per cent this year, according to the
central bank.
'There is pressure on banks to increase their loan portfolio if they
want to grow,' said Jody Santiago, strategist at the Manila unit of
UBS. 'The high-yielding government instruments where banks used to
place their funds aren't there anymore.'
Megaworld's apartments, priced from 500,000 pesos to 10 million
pesos, allows it to sell to a broad income group, Mr Sian said.
This 'diversity' allows Megaworld, which sells units in 40 projects,
to sell to buyers scaling back planned purchases, he added.
Ayala Land Inc, the nation's largest builder by market value, has a
portfolio of 21 residential projects.
Most of Megaworld's projects are 'strategically located' in Manila,
says Mr Santiago, who recommends buying the company's
shares. 'Megaworld bought these properties when the market was at a
bottom so it's not faced with inventory constraints in Manila as its
rivals,' he said.
Home sales to hit record this year, says Megaworld
Despite rising prices, Philippine builder says demand is not flagging
(MANILA) Megaworld Corp, the Philippine builder controlled by
billionaire Andrew Tan, says that apartment sales will reach a record
this year as the nation withstands a credit crisis that triggered a
property slump in the US and UK.
'The world may be ending in other parts but not in the Philippines,'
Kingson Sian, executive director of the country's second-biggest
builder by market value, said in an interview. 'This isn't 1997.'
Banks continue to lend and the eight million Filipinos abroad are
sending home cash in record amounts, softening the blows of
commodities prices at records and a weakening of global growth, he
said.
Megaworld shares, which has lost 57 per cent this year, dropped 89
per cent in 1997 when the Asian financial crisis eroded the peso and
raised borrowing costs, hurting property sales.
'It's been a tough environment but the market hasn't dried up,' says
Jonathan Ravelas, a strategist at Manila-based Banco de Oro Unibank
Inc, which manages about US$5.9 billion in trust assets. 'Some home
buyers are just delaying their purchases.'
Philippine consumer prices last month rose a faster-than-estimated
12.2 per cent and the central bank warned of more rate increases
after raising borrowing costs twice since June. Yet Mr Sian said that
demand isn't flagging and Megaworld will probably proceed with its
plan to start a record 17 projects this year.
The Manila-based company booked 11.3 billion pesos (S$358.9 million)
worth of orders from January to May, 71 per cent more than a year
ago.
Mr Sian forecast 24 billion pesos in record reservation sales this
year, 26 per cent more than in 2007.
The company's market value increased more than eightfold in the five
years through 2007 as falling interest rates and record remittances
from overseas Filipinos fuelled a building spree that included
Megaworld transforming a block of warehouses into Eastwood City, an
upscale residential and commercial development in the Manila suburb
of Quezon City.
Projects such as Eastwood and Forbes Town Center in one of the
Philippines' most expensive residential district have made Megaworld
the nation's biggest builder of residential towers.
Still, investors shouldn't be rushing into Megaworld and other
builders because of accelerating and rising interest rates, says Olan
Caperina, who helps manage about US$6.7 billion at BPI Asset
Management Inc in Manila. 'Property stocks are for those with strong
stomachs for high volatility.'
While builders have raised prices by 5 per cent to 15 per cent this
year and more increases may be forthcoming, Mr Sian says that the
orders haven't stopped.
That's partly because of overseas Filipinos, who account for about 15
per cent of Megaworld's home sales. Cash from Filipinos abroad hit a
record 14.4 billion pesos last year, helping boost economic growth to
7.3 per cent, the fastest in 31 years.
The central bank forecasts remittances, which make up a 10th of the
country's economy, will reach US$16.45 billion this year.
Philippine banks are also 'liquid', and some have approached
Megaworld about 'taking on our receivables,' Mr Sian said. 'So
they're still willing to fund home purchases.'
Bank loans will probably grow 10 per cent this year, according to the
central bank.
'There is pressure on banks to increase their loan portfolio if they
want to grow,' said Jody Santiago, strategist at the Manila unit of
UBS. 'The high-yielding government instruments where banks used to
place their funds aren't there anymore.'
Megaworld's apartments, priced from 500,000 pesos to 10 million
pesos, allows it to sell to a broad income group, Mr Sian said.
This 'diversity' allows Megaworld, which sells units in 40 projects,
to sell to buyers scaling back planned purchases, he added.
Ayala Land Inc, the nation's largest builder by market value, has a
portfolio of 21 residential projects.
Most of Megaworld's projects are 'strategically located' in Manila,
says Mr Santiago, who recommends buying the company's
shares. 'Megaworld bought these properties when the market was at a
bottom so it's not faced with inventory constraints in Manila as its
rivals,' he said.
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