Aug 19, 2008
Chinatown ERP to be reviewed earlier
LTA to assess rates and timings a month sooner in response to
feedback
By Maria Almenoar
CHINATOWN businesses hit by falling customer traffic will know by
October if adjustments can be made to the timings or charges for the
new road tolls in the area.
The Land Transport Authority (LTA) will bring its quarterly review
forward by a month in response to feedback that takings by businesses
in the area have dived by up to half since five gantries went live
last month.
Under review will be the timings for Electronic Road Pricing (ERP) -
now levied between 6pm and 8pm - and the charges of up to $2.
Motorists' driving patterns would have stabilised within three
months, during which the LTA would have gathered enough data on the
volume and speed of traffic, occupancy levels of carparks in the area
and retail sales figures.
Where traffic speed is concerned, the LTA has noted 'significant
improvements' since the new gantries went up. Average speeds are up
by between 5 and 30 per cent along areas affected by the Singapore
River Line cordon, it said yesterday.
The Senior Minister of State for Transport, Mrs Lim Hwee Hua, said
after meeting Chinatown businessmen yesterday: 'If traffic conditions
warrant it, LTA will announce the review results in the later part of
September and adjust the ERP rates from early October.'
She had just spent about an hour with representatives of Chinatown
business associations at the Kreta Ayer Community Club yesterday.
Mrs Lim told reporters after the closed- door meeting that the
businesses accepted that the gantries, set up to reduce traffic
cutting through the city, would help ease congestion in the area.
The ERP scheme does this by discouraging through traffic and ensuring
vehicles which enter the area do so because they have destinations
there. Mrs Lim said: 'I think the challenge is to try and find the
right balance and the right trade-offs.'
She added, however, that the new gantries, collectively called the
Singapore River Line, could not be solely blamed for a slowdown in
business. A slowdown in the economy and higher fuel prices were among
the other reasons for fewer customers and lower spending.
Mr Wong Chi Keong, the chairman of the Chinatown Business Association
(CBA), agreed that the new gantries could take only so much of the
blame, but said that the ERP was an added reason people were giving
the area a miss.
CBA did a survey recently among more than 200 businesses and found
that sales had fallen between 15 and 50 per cent.
He said: 'The main problem is because Chinatown is like a heartland
town rather than a big retail area like Orchard Road.
'So every little cost for a customer will affect his decision to come
here.'
CBA has called for a shortening of ERP hours in the area, so charging
ends at 7pm instead of 8pm. It also suggested that the gantries be
moved closer to the entries of the Central Expressway and the Ayer
Rajah Expressway near Chinatown. These are the highways that traffic
going through Chinatown is actually headed to, said Mr Wong.
Mrs Lim noted that the meeting also showed up some areas for better
public education.
'A lot of people, including the operators themselves, thought that
the ERP hours were operational on Saturdays as well, which is not the
case,' she said.
She also noted that, though the Government had reduced road taxes to
help offset the ERP increases, people did not link the two policy
moves and often overlooked the objective of the tax cuts.
Tuesday, August 19, 2008
Towering icons lend a new identity
Aug 19, 2008
Towering icons lend a new identity
Daring designs such as The Sail add glamour to Singapore's skyline
By Kimberly Spykerman
SKYSCRAPERS here don't have it easy.
They have been panned for spoiling the city skyline or for towering
over older buildings which have more 'character'.
They have also been seen as potential death traps when people recall
how New York's World Trade Center became a target of terrorists.
But here, where land is scarce, the only way to build is up.
Mounting a defence of skyscrapers, Mr Ashvinkumar Kantilal, the first
vice-president of the Singapore Institute of Architects, said
towering concrete structures will enable Singapore to accommodate its
growing population.
'Because of future plans to house a population averaging six million,
special considerations must be given to land use to achieve our
national objectives. In Singapore, land is so expensive, so the game
plan is to maximise its economic potential,' he said.
The URA's draft Masterplan 2008, a document stating the guidelines
for buildings based on the intensity of Singapore's projected
physical development, is shooting for exactly that.
But critics charge that talk about 'development' covers up the dent
in conservation efforts.
They say that with nondescript modern skyscrapers jostling for space
in the air, Singapore becomes just another modern-looking metropolis
lacking in character; quaint but smaller buildings are being
bulldozed into history in the name of creating space for their
taller, shinier cousins.
But architects who spoke to The Straits Times said skyscrapers can be
glamorous icons.
Mr Tai Lee Siang, 45, president of the Singapore Institute of
Architects, believes that if these buildings are planned and designed
with a gung-ho attitude, they can have an edge over their regional
counterparts.
He said: 'They could lend new identities to cities. With the
completion of the new skyscrapers that are more daring and dramatic
in design, such as The Sail and Sands integrated resort, Singapore
can definitely stand out.'
The professionals, when asked to name some of their personal
favourite buildings, obliged.
Mr Ashvinkumar singled out The Concourse in Beach Road, known for its
iconic haphazard structure, saying that he was involved in its
design 'in my formative years as an architect some 19 years ago'.
Mr Tai was torn between naming the Asia Insurance Building and the
OCBC building, both of which he termed 'classic beauties'.
He said the 87m-tall Asia Insurance Building's marble-clad facade and
tropical fins make it a one-of-a-kind structure in this region.
Singapore's tallest skyscrapers are Republic Plaza, OUB Centre and
UOB Plaza One, which stand at 280m.
They are midgets compared to regional giants like Kuala Lumpur's
Petronas Towers, and Taiwan's Taipei 101.
Should Singapore try to measure up?
Mr Ashvinkumar said he did not think so: 'Such massive structures
lack a 'human connectivity' factor. Buildings and people have to
interact together and not have one dominate over the other.'
Mr Tai shares this sentiment.
Citing the HDB's plans for 50-storey flats at Duxton Plain, he said
that while going that high fulfilled a function, the challenge for
architects lay in ensuring that these homes did not function the way
offices did.
He said: 'Unlike offices, public housing has the additional
responsibility of providing a socially harmonious environment. People
just cannot be boxed in. They must have the necessary infrastructure
in place to interact.'
Towering icons lend a new identity
Daring designs such as The Sail add glamour to Singapore's skyline
By Kimberly Spykerman
SKYSCRAPERS here don't have it easy.
They have been panned for spoiling the city skyline or for towering
over older buildings which have more 'character'.
They have also been seen as potential death traps when people recall
how New York's World Trade Center became a target of terrorists.
But here, where land is scarce, the only way to build is up.
Mounting a defence of skyscrapers, Mr Ashvinkumar Kantilal, the first
vice-president of the Singapore Institute of Architects, said
towering concrete structures will enable Singapore to accommodate its
growing population.
'Because of future plans to house a population averaging six million,
special considerations must be given to land use to achieve our
national objectives. In Singapore, land is so expensive, so the game
plan is to maximise its economic potential,' he said.
The URA's draft Masterplan 2008, a document stating the guidelines
for buildings based on the intensity of Singapore's projected
physical development, is shooting for exactly that.
But critics charge that talk about 'development' covers up the dent
in conservation efforts.
They say that with nondescript modern skyscrapers jostling for space
in the air, Singapore becomes just another modern-looking metropolis
lacking in character; quaint but smaller buildings are being
bulldozed into history in the name of creating space for their
taller, shinier cousins.
But architects who spoke to The Straits Times said skyscrapers can be
glamorous icons.
Mr Tai Lee Siang, 45, president of the Singapore Institute of
Architects, believes that if these buildings are planned and designed
with a gung-ho attitude, they can have an edge over their regional
counterparts.
He said: 'They could lend new identities to cities. With the
completion of the new skyscrapers that are more daring and dramatic
in design, such as The Sail and Sands integrated resort, Singapore
can definitely stand out.'
The professionals, when asked to name some of their personal
favourite buildings, obliged.
Mr Ashvinkumar singled out The Concourse in Beach Road, known for its
iconic haphazard structure, saying that he was involved in its
design 'in my formative years as an architect some 19 years ago'.
Mr Tai was torn between naming the Asia Insurance Building and the
OCBC building, both of which he termed 'classic beauties'.
He said the 87m-tall Asia Insurance Building's marble-clad facade and
tropical fins make it a one-of-a-kind structure in this region.
Singapore's tallest skyscrapers are Republic Plaza, OUB Centre and
UOB Plaza One, which stand at 280m.
They are midgets compared to regional giants like Kuala Lumpur's
Petronas Towers, and Taiwan's Taipei 101.
Should Singapore try to measure up?
Mr Ashvinkumar said he did not think so: 'Such massive structures
lack a 'human connectivity' factor. Buildings and people have to
interact together and not have one dominate over the other.'
Mr Tai shares this sentiment.
Citing the HDB's plans for 50-storey flats at Duxton Plain, he said
that while going that high fulfilled a function, the challenge for
architects lay in ensuring that these homes did not function the way
offices did.
He said: 'Unlike offices, public housing has the additional
responsibility of providing a socially harmonious environment. People
just cannot be boxed in. They must have the necessary infrastructure
in place to interact.'
US govt likely to bail out Fannie, Freddie
Aug 19, 2008
US govt likely to bail out Fannie, Freddie
NEW YORK: It's growing more likely that the United States government
will have to use taxpayer money to rescue mortgage finance giants,
Fannie Mae and Freddie Mac as their biggest backers, foreign
governments, have begun to shun their debt.
Foreign demand for debt issued by Fannie and Freddie has faltered.
The companies rely heavily on overseas investment, often up to two-
thirds of each new multibillion-dollar note offering, to help pare
funding costs and keep mortgage rates low.
But foreign central banks have dumped nearly US$11 billion (S$15.6
billion) from their record holdings of this debt in four weeks, to
US$975 billion, and won't return in force before it's clear if - and
how - the government will back Fannie and Freddie, some analysts say.
The US has become dependent on foreign investors buying dollar-
denominated securities en masse, lowering borrowing costs for
consumer loans and stimulating the economy.
But with housing in its biggest slump since the Great Depression, and
banks burned by record foreclosures making it harder to get loans,
more extreme steps are needed to assure investors.
'It would take something dramatic for there to be a material
improvement in the confidence necessary to bring foreign investment
back to these agencies at the levels we've become used to,' said Mr
Michael Woolfolk, senior currency strategist at Bank of New York
Mellon.
Fannie and Freddie are considered 'too big to fail' as, together,
they own or guarantee one of every five outstanding mortgages in the
US.
Weekly financial newspaper Barron's reported yesterday that the US
Treasury was likely to mount a bailout in the months ahead.
Such a move could wipe out existing holders of the firms' common
stock, with preferred shareholders and even holders of the two
entities' US$19 billion of subordinated debt also suffering losses.
An insider in the Bush administration told Barron's that Fannie and
Freddie 'are being jawboned' by the Treasury Department and their new
regulator, the Federal Housing Finance Agency (FHFA), to raise more
capital. But government officials don't expect the agencies to
succeed, Barron's reported.
In July, the FHFA and Treasury agreed to backstop the companies if
needed, and President George W. Bush approved the measures as part of
a new housing act on July 31.
However, initial optimism about the plan has been doused by concern
about the government's follow-through. After accounting for deferred
tax assets and generous asset marks, Fannie and Freddie may each have
a negative US$50 billion in asset value, and little prospect of
rescuing themselves, Barron's reported.
US govt likely to bail out Fannie, Freddie
NEW YORK: It's growing more likely that the United States government
will have to use taxpayer money to rescue mortgage finance giants,
Fannie Mae and Freddie Mac as their biggest backers, foreign
governments, have begun to shun their debt.
Foreign demand for debt issued by Fannie and Freddie has faltered.
The companies rely heavily on overseas investment, often up to two-
thirds of each new multibillion-dollar note offering, to help pare
funding costs and keep mortgage rates low.
But foreign central banks have dumped nearly US$11 billion (S$15.6
billion) from their record holdings of this debt in four weeks, to
US$975 billion, and won't return in force before it's clear if - and
how - the government will back Fannie and Freddie, some analysts say.
The US has become dependent on foreign investors buying dollar-
denominated securities en masse, lowering borrowing costs for
consumer loans and stimulating the economy.
But with housing in its biggest slump since the Great Depression, and
banks burned by record foreclosures making it harder to get loans,
more extreme steps are needed to assure investors.
'It would take something dramatic for there to be a material
improvement in the confidence necessary to bring foreign investment
back to these agencies at the levels we've become used to,' said Mr
Michael Woolfolk, senior currency strategist at Bank of New York
Mellon.
Fannie and Freddie are considered 'too big to fail' as, together,
they own or guarantee one of every five outstanding mortgages in the
US.
Weekly financial newspaper Barron's reported yesterday that the US
Treasury was likely to mount a bailout in the months ahead.
Such a move could wipe out existing holders of the firms' common
stock, with preferred shareholders and even holders of the two
entities' US$19 billion of subordinated debt also suffering losses.
An insider in the Bush administration told Barron's that Fannie and
Freddie 'are being jawboned' by the Treasury Department and their new
regulator, the Federal Housing Finance Agency (FHFA), to raise more
capital. But government officials don't expect the agencies to
succeed, Barron's reported.
In July, the FHFA and Treasury agreed to backstop the companies if
needed, and President George W. Bush approved the measures as part of
a new housing act on July 31.
However, initial optimism about the plan has been doused by concern
about the government's follow-through. After accounting for deferred
tax assets and generous asset marks, Fannie and Freddie may each have
a negative US$50 billion in asset value, and little prospect of
rescuing themselves, Barron's reported.
Frasers targets 'road warriors'
Aug 19, 2008
Frasers targets 'road warriors'
By Joyce Teo, Property Correspondent
FRASERS Hospitality is cashing in on a newly emerging class of
business traveller, known as 'road warriors', with the launch of a
new, lower-tiered brand of serviced apartments early next year.
The new apartments, to be branded Modena, will cater to business
travellers who are on the road so often that high-end accommodation
is unrealistic.
Frasers Hospitality currently operates only the Frasers brand, which
is a high-end or five-star brand. The first Modena apartments will be
in China.
'There's a market for road warriors. It's not necessarily budget,'
said Frasers Hospitality chief executive officer Choe Peng Sum of its
Modena brand. Frasers Hospitality is the serviced apartment arm of
conglomerate Fraser & Neave.
'It's for the people who are travelling so much...If they start
staying in Four Seasons or Ritz Carlton, they would bust their
budget.'
It's a huge and growing market. Mr Choe said the firm sees a market
in China, India, Europe and South-east Asia.
'I would even say it's for the Generation Y road warriors,' he said.
The Modena brand will be easier to expand because the market is not
as well covered and there is a huge market especially in emerging
markets, he said.
Modena can also be sited in areas just outside the central business
district and rooms will be smaller than the Fraser brand properties.
In a separate development, the company also told The Straits Times
that it will launch its third serviced apartment property in
Singapore later this year at Fusionopolis in one-north. Called Fraser
Place Fusionopolis, it will be launched in October and opened in
November.
It will be a fairly small property with 50 loft units based on
the 'work, live and play' concept promoted at one-north. Frasers
Hospitality will manage the property - owned by JTC Corp - under a 10-
year contract. The other two properties are Fraser Suites in River
Valley and Fraser Place in Robertson Quay.
The firm remains optimistic on the business outlook, though the
global financial turmoil triggered by the sub-prime problems in the
United States has hit the hospitality industry in the region to some
extent.
Mr Choe said the banking and financial industries have been affected
somewhat but they are prepared for it. 'We have seen this coming and,
therefore, we have shifted very heavily into the shipping,
petrochemical industries.'
At present, bookings for Frasers apartments boast a three-month
waiting list in Singapore, he said.
The Ascott group is adding two more properties in Singapore under its
Ascott and Citadines brands. But the serviced apartment market in
Singapore still has a limited supply of branded serviced apartments,
said Mr Choe.
Frasers targets 'road warriors'
By Joyce Teo, Property Correspondent
FRASERS Hospitality is cashing in on a newly emerging class of
business traveller, known as 'road warriors', with the launch of a
new, lower-tiered brand of serviced apartments early next year.
The new apartments, to be branded Modena, will cater to business
travellers who are on the road so often that high-end accommodation
is unrealistic.
Frasers Hospitality currently operates only the Frasers brand, which
is a high-end or five-star brand. The first Modena apartments will be
in China.
'There's a market for road warriors. It's not necessarily budget,'
said Frasers Hospitality chief executive officer Choe Peng Sum of its
Modena brand. Frasers Hospitality is the serviced apartment arm of
conglomerate Fraser & Neave.
'It's for the people who are travelling so much...If they start
staying in Four Seasons or Ritz Carlton, they would bust their
budget.'
It's a huge and growing market. Mr Choe said the firm sees a market
in China, India, Europe and South-east Asia.
'I would even say it's for the Generation Y road warriors,' he said.
The Modena brand will be easier to expand because the market is not
as well covered and there is a huge market especially in emerging
markets, he said.
Modena can also be sited in areas just outside the central business
district and rooms will be smaller than the Fraser brand properties.
In a separate development, the company also told The Straits Times
that it will launch its third serviced apartment property in
Singapore later this year at Fusionopolis in one-north. Called Fraser
Place Fusionopolis, it will be launched in October and opened in
November.
It will be a fairly small property with 50 loft units based on
the 'work, live and play' concept promoted at one-north. Frasers
Hospitality will manage the property - owned by JTC Corp - under a 10-
year contract. The other two properties are Fraser Suites in River
Valley and Fraser Place in Robertson Quay.
The firm remains optimistic on the business outlook, though the
global financial turmoil triggered by the sub-prime problems in the
United States has hit the hospitality industry in the region to some
extent.
Mr Choe said the banking and financial industries have been affected
somewhat but they are prepared for it. 'We have seen this coming and,
therefore, we have shifted very heavily into the shipping,
petrochemical industries.'
At present, bookings for Frasers apartments boast a three-month
waiting list in Singapore, he said.
The Ascott group is adding two more properties in Singapore under its
Ascott and Citadines brands. But the serviced apartment market in
Singapore still has a limited supply of branded serviced apartments,
said Mr Choe.
Monday, August 18, 2008
Concerns over health of Japan's property, banking sectors
August 18, 2008
Concerns over health of Japan's property, banking sectors
Urban's collapse exposes links to US sub-prime crisis
By ANTHONY ROWLEY IN TOKYO
THE failure last week of mid-size Japanese property developer Urban
Corporation - the latest in a series of such collapses - was more
than just another in a growing list of corporate bankruptcies in
Japan.
It has stirred fears among investors and regulators that serious
problems could be brewing again in Japan's property and banking
sectors which were at the heart of the bubble economy collapse in the
early 1990s.
Urban Corp's collapse has also revealed unexpected links between the
US sub-prime mortgage crisis and asset classes in other countries
that have so far escaped relatively unscathed from the financial
turmoil in the world's major markets, analysts say.
Urban was the fifth publicly traded Japanese property company to file
for court protection in the past month.
The Hiroshima-based developer collapsed suddenly, after Japanese
banks withdrew support in what marked an accelerating retreat by
financial institutions from financing property development in Japan
as the nation's economy falters and sales of many properties slump.
Urban's bond ratings were also downgraded sharply recently, leaving
it at the mercy of bank financing.
But a little-publicised aspect of Urban's failure - which marked the
biggest bankruptcy in six years by a listed Japanese company - was
that it was also a victim of the drying up of foreign investment
funds in the wake of the sub-prime crisis. The company had renovated
commercial properties for sale to international funds that were
hungry for real-estate investments until recently.
Other property firms in Japan and in other Asian countries could find
themselves in similar difficulties as international real estate funds
draw in their horns, analysts say.
The Tokyo Stock Exchange's property sector index has been the worst-
performing of all sectors in the past year and the exchange's Reit
(real estate investment trust) index has halved from its 2007 peak,
they point out.
Around one-third of all Japanese corporate bankruptcies in July
occurred in the property sector, according to Tokyo Shoko Research.
The number of such failures more than doubled from their level a year
previously to reach 60, the company said.
Several Japanese regional banks have announced that they expect to be
unable to recover loans to Urban Corp, which filed last Thursday for
protection from creditors with debts totalling 256 billion yen
(S$3.28 billion) in Japan's biggest corporate bankruptcy so far this
year.
Two other mid-size Japanese property development firms - Suruga
Corporation and Zephyr Company - also failed recently.
These failures have stirred concerns not only over the health of the
property sector, which had shown a sharp recovery in major Japanese
cities in recent years after more than a decade of slumping values,
but also about the soundness of Japanese regional banks. Urban's main
lender, Hiroshima Bank, has suffered heavy loan writedowns in the
wake of the collapse.
This may be only the tip of an iceberg, according to banking
analysts. Losses related to bad loans jumped by nearly two-thirds at
large Japanese banks during the second quarter of this year, Japan's
Minister for Financial Services Toshimitsu Motegi revealed last week.
Non-performing loans at the top 11 banks jumped by 62 per cent to 234
billion yen in the second quarter of this year compared to the
corresponding period of 2007.
Meanwhile losses among 110 regional banks leapt by nearly 80 per cent
to 149 billion yen.
'We will closely follow the impact of the economic environment on
financial firms,' Mr Motegi said.
Japanese banks are expected to increase loan-loss reserves, in
anticipation of more corporate bankruptcies amid the economic
slowdown.
But if they restrict lending, a number of companies in the real
estate and other sectors could face funding difficulties, and this
may worsen the overall economic situation, analysts say.
Because of the deteriorating economic and credit situation, Japan's
Financial Services Agency is considering holding talks with regional
banks to ask them to ensure stable supply of funds to smaller local
companies.
Concerns over health of Japan's property, banking sectors
Urban's collapse exposes links to US sub-prime crisis
By ANTHONY ROWLEY IN TOKYO
THE failure last week of mid-size Japanese property developer Urban
Corporation - the latest in a series of such collapses - was more
than just another in a growing list of corporate bankruptcies in
Japan.
It has stirred fears among investors and regulators that serious
problems could be brewing again in Japan's property and banking
sectors which were at the heart of the bubble economy collapse in the
early 1990s.
Urban Corp's collapse has also revealed unexpected links between the
US sub-prime mortgage crisis and asset classes in other countries
that have so far escaped relatively unscathed from the financial
turmoil in the world's major markets, analysts say.
Urban was the fifth publicly traded Japanese property company to file
for court protection in the past month.
The Hiroshima-based developer collapsed suddenly, after Japanese
banks withdrew support in what marked an accelerating retreat by
financial institutions from financing property development in Japan
as the nation's economy falters and sales of many properties slump.
Urban's bond ratings were also downgraded sharply recently, leaving
it at the mercy of bank financing.
But a little-publicised aspect of Urban's failure - which marked the
biggest bankruptcy in six years by a listed Japanese company - was
that it was also a victim of the drying up of foreign investment
funds in the wake of the sub-prime crisis. The company had renovated
commercial properties for sale to international funds that were
hungry for real-estate investments until recently.
Other property firms in Japan and in other Asian countries could find
themselves in similar difficulties as international real estate funds
draw in their horns, analysts say.
The Tokyo Stock Exchange's property sector index has been the worst-
performing of all sectors in the past year and the exchange's Reit
(real estate investment trust) index has halved from its 2007 peak,
they point out.
Around one-third of all Japanese corporate bankruptcies in July
occurred in the property sector, according to Tokyo Shoko Research.
The number of such failures more than doubled from their level a year
previously to reach 60, the company said.
Several Japanese regional banks have announced that they expect to be
unable to recover loans to Urban Corp, which filed last Thursday for
protection from creditors with debts totalling 256 billion yen
(S$3.28 billion) in Japan's biggest corporate bankruptcy so far this
year.
Two other mid-size Japanese property development firms - Suruga
Corporation and Zephyr Company - also failed recently.
These failures have stirred concerns not only over the health of the
property sector, which had shown a sharp recovery in major Japanese
cities in recent years after more than a decade of slumping values,
but also about the soundness of Japanese regional banks. Urban's main
lender, Hiroshima Bank, has suffered heavy loan writedowns in the
wake of the collapse.
This may be only the tip of an iceberg, according to banking
analysts. Losses related to bad loans jumped by nearly two-thirds at
large Japanese banks during the second quarter of this year, Japan's
Minister for Financial Services Toshimitsu Motegi revealed last week.
Non-performing loans at the top 11 banks jumped by 62 per cent to 234
billion yen in the second quarter of this year compared to the
corresponding period of 2007.
Meanwhile losses among 110 regional banks leapt by nearly 80 per cent
to 149 billion yen.
'We will closely follow the impact of the economic environment on
financial firms,' Mr Motegi said.
Japanese banks are expected to increase loan-loss reserves, in
anticipation of more corporate bankruptcies amid the economic
slowdown.
But if they restrict lending, a number of companies in the real
estate and other sectors could face funding difficulties, and this
may worsen the overall economic situation, analysts say.
Because of the deteriorating economic and credit situation, Japan's
Financial Services Agency is considering holding talks with regional
banks to ask them to ensure stable supply of funds to smaller local
companies.
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