SINGAPORE – The Urban Redevelopment Authority (URA) will be introducing guided tours in which guides and participants move around on personal mobile transporters along a 3.5km stretch of the promenade that covers areas such as Marina Bay Sands, Gardens by the Bay and the Marina Barrage.
Get the full story from The Straits Times.
SINGAPORE: Economists believe the Singapore economy did well in 2013, growing by 3.7 per cent amid economic restructuring efforts and labour constraints.
But some feel the growth is slightly below expectations. Many economists had expected Singapore’s GDP to grow by 3.8 per cent in 2013.
Observers said 2013 started on a cautious note for Singapore, after the economy posted a trim 1.3 per cent growth the previous year.
But a stronger performance in the services industries and a recovery in the manufacturing sector in the second and third quarters boosted growth.
Economists expect the growth momentum in the services and trade-related sectors to continue in 2014.
The manufacturing sector is also expected to benefit from improvements in the economies of the US, European Union and Japan.
To that end, some economists are projecting growth of between 3 and slightly above 4 per cent for the Singapore economy next year.
But there are potential challenges too, including rising costs, a tight labour market, and external risks related to the tapering of stimulus measures in the US.
Francis Tan, economist at United Overseas Bank, said: “We know that the US will be going ahead to taper the rate of quantitative easing in January of 2014. What that means is that we are thinking that the US dollar against the Sing dollar will be going on a positive trajectory.
“We are thinking by the end of 2014, the US dollar to Sing dollar may reach S$1.33, higher than what we’ve seen today, which is S$1.26 to S$1.27. That would be a risk for importers in Singapore — that will mean the cost of goods may be more expensive, and that may compress your margins quite a bit, unless you are able to pass on these costs to your end-consumer. If you are able to pass on the cost to consumers, it would mean more inflationary pressures for Singaporeans in terms of importer inflation in the daily items.”
Mr Tan added rising wage cost and industrial rentals will also be among the key challenges for businesses in 2014.
He said wage growth could come in at 5 to 6 per cent in 2014, higher than the 3.9 per cent this year due to the tight labour market situation.
Singapore’s BreadTalk raisin muffins are safe for consumption, the local bakery chain said yesterday, after Hong Kong paper Apple Daily reported that elevated levels of aluminum were found in the muffins there. …
Prime Minister Lee Hsien Loong said, “The European and American economies are… Read More
Prime Minister Lee Hsien Loong said, “The European and American economies are stabilizing. Asian prospects are still positive, but there are problems and tensions.” Close
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Photographer: Kiyoshi Ota/Bloomberg
Prime Minister Lee Hsien Loong said, “The European and American economies are stabilizing. Asian prospects are still positive, but there are problems and tensions.”
Singapore’s growth quickened in 2013
and the country is making progress in economic restructuring
while strengthening social safety nets, Prime Minister Lee Hsien Loong said.
Gross domestic product rose 3.7 percent last year, Lee, 61,
said in his New Year message released yesterday. That’s in line
with the government forecast of 3.5 percent to 4 percent growth
and compares with the median in a Bloomberg News survey of
economists for a 3.55 percent expansion. The economy grew 1.3
percent in 2012.
“The European and American economies are stabilizing,”
Lee said. “Asian prospects are still positive, but there are
problems and tensions,” he said, citing regional geopolitical
disputes.
Singapore’s economic acceleration last year had been aided
by recoveries in the U.S. and Europe, while companies in the
city-state adjusted to rising business costs and curbs on cheap
foreign labor. The island’s trade promotion agency said in
November exports will rebound this year after contracting in
2013, easing pressure on the central bank to allow the currency
to weaken to support overseas shipments.
Lee reiterated a forecast for the economy to grow 2 percent
to 4 percent in 2014. U.S. consumer confidence is at a four-month high and euro-area factory output grew at a faster pace
than economists forecast in December.
“This is consistent and fits into a story of a gradual
recovery,” said Vishnu Varathan, a Singapore-based economist at
Mizuho Bank Ltd. The central bank “needs to maintain the
current policy with much lesser scope for easing, especially if
the global recovery continues,” he said.
The 2013 growth rate given by Lee implies Singapore’s
economy grew between 4.1 percent and 4.5 percent in the fourth
quarter from a year earlier, Varathan said. The median estimate
in a Bloomberg survey is 4.8 percent.
Singapore’s trade ministry will release preliminary fourth-quarter GDP (SGDPQOQ) figures at 8 a.m. local time tomorrow. The economy
probably shrank an annualized 1.3 percent from the previous
three-month period, according to the median of 11 economists
surveyed by Bloomberg.
The Singapore dollar dropped more than 3 percent against
its U.S. counterpart last year, the biggest annual decline since
2001. The benchmark Straits Times Index of stocks was little
changed in 2013, making it the worst-performer among developed
markets.
Lee said the government is “working steadily” toward new
directions for the country, including strengthening social
safety nets and sharing “fruits of progress more widely”
through support for low-wage earners and homeownership programs.
The island’s population has jumped by more than 1.1 million
since mid-2004 to around 5.4 million, leading to voter
discontent over congestion and competition for housing. The
government has tightened restrictions on foreign workers for
four straight years, a move that has led to a labor crunch and
hurt businesses.
A riot last month involving about 400 people in an area
popular with South Asian foreign workers was “inexcusable,”
Lee said yesterday. The incident occurred after a fatal traffic
accident and was the nation’s first riot in more than four
decades, reigniting the debate about Singapore’s dependence on
overseas laborers.
“Whether we bring in more immigrants and foreign workers
or fewer, whether we aim for higher growth or lower, there are
no easy choices for Singapore,” Lee said. “We are taking a
balanced approach, reducing but not cutting off the inflow of
foreign workers.”
To contact the reporter on this story:
Sharon Chen in Singapore at
schen462@bloomberg.net
To contact the editor responsible for this story:
Stephanie Phang at
sphang@bloomberg.net
SingTel will be deploying its mobile base station on wheels to boost its mobile network capacity for the countdown to the New Year at Promontory@Marina Bay and the Marina Bay Sands walkway. (Photo: SingTel)
SINGAPORE: SingTel said it is boosting its mobile network capacity for the countdown to the New Year at Promontory@Marina Bay and the Marina Bay Sands walkway on Tuesday night.
In a statement on Tuesday afternoon, the telco said it will be deploying its mobile base station on wheels.
It said the base station in a van can offer capacity for around 500 additional 3G and 4G subscribers within a 200-metre radius.
SingTel said it intends to deploy the vans, dubbed Cellular On Wheels, at other crowded events throughout the year, including the Formula 1 Grand Prix and Lunar New Year celebrations.
- CNA/gn
Worried about not being able to upload to Facebook or Twitter your photos of the New Year’s fireworks when the clock strikes 12 in the Marina Bay area?
The three telcos have assured that they are boosting their mobile networks in the area for today’s New Year’s Eve countdown celebrations.
SingTel said it is boosting capacity to allow more people to connect to its 3G and 4G mobile networks at the Promontory@Marina Bay and the Marina Bay Sands Mist Walk walkway for the New Year’s Eve countdown celebrations today.
The telco has deployed a mobile base station located near Marina Bay City Gallery, since Monday for this. Called Cellular On Wheels, the van has a base station that can allow 500 more 3G and 4G SingTel subscribers to connect to the telco’s network within a 200m radius.
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Worried about not being able to upload to Facebook or Twitter your New Year’s fireworks photos when the clock strikes 12 in the Marina Bay area?
SingTel has assured that it is boosting capacity to allow more people to connect to its 3G and 4G mobile networks at the Promontory@Marina Bay and the Marina Bay Sands Mist Walk walkway for the New Year’s Eve countdown celebrations today.
The telco has deployed a mobile base station located near Marina Bay City Gallery, since yesterday for this. Called Cellular On Wheels, the van has a base station that can allow 500 more 3G and 4G SingTel subscribers to connect to the telco’s network within a 200m radius.
The location was chosen as SingTel expects many people to be in the vicinity to catch the fireworks. Cellular On Wheels will leave Marina Bay on Thursday.
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FORMER England football star David Beckham literally stopped the clock from ticking when he walked into a hall full of international media in Macau.
It was his first visit to the world’s largest gambling hub. Dressed in a fitting suit and tie, Beckham, who was on an off-field assignment, announced his partnership with global resort developer, Las Vegas Sands, where he will be teaming up with the brand’s integrated resort properties in both Macau and Singapore.
Although most of the details are still under wraps, the partnership, according to Las Vegas Sands, will be based around “dining, leisure, and entertainment and leisure concepts” in Sands property in Macau and the Marina Bay Sands in Singapore.
Beckham may have hung up his boots for some time, but the former star player of Manchester United and Real Madrid admits to missing playing on the field.
“At times, I do miss everything about football. It was the hardest decision ever to make. At one point, I felt it was the right time to move on and do something else. At the end of the day, I want to work hard for my family and be able to give back to society,” he says, flashing his megawatt smile.
Using Beckham’s celebrity status to boost Sands in Asia, resort operator Sands Cotai Central hopes to draw tourists, both local and international.
Tucked away from Central Macau in the former Portuguese concession, Sands Cotai Central began operating in April last year. The company is looking at investing in another resort, also in Macau, called the Parisian and a replica of the Eiffel Tower is being planned for the new resort.
Earlier this year, Beckham, 38, was named global ambassador for Chinese football and was invited by the China Football Association to promote the sport among youths.
His other role includes helping to bring the Chinese Super League to the world stage. “I was lucky to be able to play in all the major football clubs in the world. With that came a little bit of travelling for me as well. I love Asia — it’s always so welcoming,” he says.
Speaking about his new exciting relationship with Las Vegas Sands, Beckham says they both share the same beliefs — business and charity.
“Charity has been a huge part of my life and career. Sands is a huge organisation and we believe in the same vision. Previously, my main focus was my football career. I’ve worked with children all over the world supporting charities including Unicef, Comic Relief and Red Cross. They’re a priority and I make sure my children learn about charity and the importance of reaching out to others in their time of need,” says Beckham, who is father to Brooklyn, Romeo, Harper and Cruz with wife Victoria.
“I’ve had the experience working in and outside of the game (football matches). I’ve worked with some of the best football players and also businessmen. The strength of football is that it is a sport that requires teamwork and leadership. Both qualities are important in businesses as well. I believe in working hard and succeeding. I want to be No. 1,” he says.
Beckham, who names Muhammad Ali as his hero and inspiration while growing up, is also on Forbes’ list as one of the highest-paid athletes (golfer Tiger Woods topped the list). He says it is important that kids have someone to look up to while growing up.
“You have to have a role model. As a kid, I’d always wanted to emulate Muhammad Ali. He was loved by millions and he was an inspiring figure to me.”
For someone who played 115 times for England and won 19 major trophies in his football career, Beckham recalls what former Manchester United manager, Sir Alex Ferguson once said: “He told me ‘son, you need to come back to Manchester United and be surrounded by the good people’.”
The former player wore jersey number 23 to show his respect and admiration for famed basketball star, Michael Jordan.
During the 1998 World Cup football match in France, Beckham was issued a red card. That triggered England’s loss to Argentina. Beckham received death threats and even witnessed effigies of himself being burnt by angry fans after the loss. He became the most hated man in Britain at that time.
“It was a tough time for me and my family. It helped me realise that bad things happened for a reason. But it has made me a better person, and I feel blessed to be surrounded by so many good people even in my darkest hour,” he says.
Beckham, who is focusing on business now, says that American basketball star Lebron James has stated his interest in teaming up with him to bring the new Major League Soccer franchise to Miami.
Having expressed publicly the possibility of becoming the club owner, he adds that nothing has been confirmed yet.
“I am going in as an ambassador. At some point we will have some news,” he says.
Leaving the past behind, Beckham recounted his successes these days and his proudest moment was being handed the armband of the captain of England football team.
“I’d always wanted to give something back after my football career. I consider myself a very lucky sportsman for having many great moments in my career. I want to continue to be successful,” he says.
Macau has 33 casinos run by six casino operators — SJM Holdings, Wynn Macau, Sands China, Galaxy Entertainment Group, MGM China Holdings and Melco Crown Entertainment. Tycoon Stanley Ho owns SJM Holdings and his 40-year reign as the city’s casino kingpin was toppled in 2002 when the Macau government ended the monopoly system. According to a Bloomberg report, Macau raked in six times more in gambling revenue compared to Las Vegas Strip. Leading the way is Sands’ Venetian property.
Beckham (centre) shows off his hand imprint with executives from Sands China and Marina Bay Sands.
Palm trees stand illuminated at night in front of commercial buildings in the central… Read More
Palm trees stand illuminated at night in front of commercial buildings in the central business district of Singapore. Close
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Photographer: Brent Lewin/Bloomberg
Palm trees stand illuminated at night in front of commercial buildings in the central business district of Singapore.
Singapore’s developers posted the worst performance on the benchmark Straits Times Index (FSSTI) this year after recording the biggest gains in 2012 as property curbs drove home sales lower and slowed price gains.
Property stocks in Singapore, ranked the most-expensive city to buy a luxury home in Asia after Hong Kong, may further languish next year after the government took measures to cool prices. Home sales may decline 10 percent in 2014 while prices are expected to drop for the first time in two years, according to broker Chesterton Singapore Pte.
The property curbs, which included stamp duties and other taxes on home purchases, led Citigroup Inc. and UBS AG to rate the city’s residential developers underweight in the past two months. CapitaLand Ltd. (CAPL) and City Developments Ltd., the nation’s two biggest listed developers, were among the three worst performers on the index after being in the top 10 last year.
“Singapore property developers have been out of fashion for some time,” said Tim Gibson, head of Asian property equities at Henderson Global Investors Ltd., which manages about $117 billion globally. “We would remain cautious of developers with exposure to the residential sector, given that demand for primary units have cooled post the numerous rounds of government measures.”
Commercial buildings in the central business district are reflected on a building facade in Singapore.
Commercial buildings in the central business district are reflected on a building facade in Singapore. Close
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Photographer: Brent Lewin/Bloomberg
Commercial buildings in the central business district are reflected on a building facade in Singapore.
The city-state, an island off the southern tip of the Malay Peninsula, began introducing residential curbs four years ago. The government of Prime Minister Lee Hsien Loong intensified efforts this year as prices jumped to a record, driven by low interest rates, demand from Singaporeans to upgrade from public housing, as well as purchases by overseas buyers.
The measures included a cap on debt at 60 percent of a borrower’s income. That policy and other curbs have moderated property transactions and housing loan growth, the Monetary Authority of Singapore said in its annual review of financial stability earlier this month, adding that the government will monitor the market and take further steps if needed.
Prices and transaction volumes of Singapore residential properties are expected to decline for the rest of the year due to the cumulative impact of government measures, CapitaLand, Southeast Asia’s biggest developer, said on Oct. 31. Developers are beginning to cut prices in existing and new projects and take lower profit margins, City Developments, Singapore’s second-largest developer, said on Nov. 12.
The Marina Bay Residences, second left, stands next to office buildings in the central… Read More
The Marina Bay Residences, second left, stands next to office buildings in the central business district of Singapore,. Close
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Photographer: Nicky Loh/Bloomberg
The Marina Bay Residences, second left, stands next to office buildings in the central business district of Singapore,.
Sales of new private homes could drop to 15,000 units this year from 22,197 in 2012, according to Desmond Sim, associate director at CBRE Research.
Higher borrowing costs, falling public housing resale prices, slower population growth and a record number of apartment completions suggest that residential demand will wane, Wilson Liew, an analyst at Maybank Kim Eng Securities, wrote in a Dec. 17 note.
“Physical prices look set to correct and we expect continued share price weakness unless the government removes some of the cooling measures,” Liew said.
Fund managers expect developers to lead declines in Singapore amid a real estate slump and the prospect of higher interest rates. The decline in property stocks pushed the Straits Times Index 0.4 percent lower this year, the only drop among developed markets in 2013.
City Developments (CIT) fell 25 percent this year, making it the second-worst performer on the Straits Times Index and reversing a 45 percent gain in 2012.
CapitaLand declined 18 percent, the third-worst on the measure this year after a 67 percent advance in 2012. Four of the 10 poorest performers on the benchmark were property companies. The property index, which tracks 50 developers in the city, slid 10 percent this year, after surging 48 percent in 2012. It closed down 0.1 percent in Singapore trading today.
Developers may get a reprieve as the government cut the number of sites it plans to sell in the first half of 2014, according to SLP International Property Consultants, citing its analysis of the data from the Urban Redevelopment Authority.
The decrease “could bring some relief to developers who have unlaunched residential projects or projects with substantial number of unsold units,” said Nicholas Mak, executive director of research consultancy at SLP in Singapore. “The reduction in land supply could be to prevent an oversupply in the private housing market.”
The developers aren’t just reliant on Singapore. CapitaLand’s holdings in the city-state make up 36 percent of its assets, lower than 39 percent for properties in China, it said Nov. 12. For Keppel Land, Singapore contributed to 41 percent of sales in the third quarter. City Developments, which has a controlling stake in Millennium Copthorne Hotels Plc, relied on the global hospitality chain for almost half of its sales in the three months through September, outpacing contributions from property development, according to its latest earnings statement.
Developers, including CapitaLand and City Developments, are expected to report profit increases this year, according to estimates from Maybank. CapitaLand may report a four percent rise in net profit for the year ending Dec. 31, 2013 while City Developments profit may increase 7.8 percent, it said.
Those two companies, along with Keppel Land, are still selling homes in Singapore. City Developments said in its earnings statement its Echelon project that’s a 10-minute drive to the financial district was almost sold out. A 1,572-square-foot apartment at the development was last sold for S$2.5 million in August, according to government data.
The decline in stock prices also made some developers attractive relative with the Singapore market. CapitaLand and Keppel Land Ltd. trade at 0.8 times their book value, compared with a multiple of 1.4 for the benchmark stock index. City Developments trade at 1.2 times.
Of the 24 analysts who cover CapitaLand, 21 have buy recommendations on the stock, according to data compiled by Bloomberg. For Keppel Land, 14 out of 24 analysts have buy calls. Fewer than half of the 25 analysts tracking City Developments advised investors to sell.
Maybank Kim Eng’s Liew said concerns over the tapering of bond buying by the U.S. Federal Reserves are expected to weigh down the property sector because it’s interest-rate sensitive. Barclays Plc has a “negative” outlook on the developers as the prospect of higher interest rates coincides with a looming oversupply, Tricia Song, an analyst at the bank, said in a note to clients this month.
“We’re not jumping right now in loading up on properties, although we think the weaknesses have been priced in,” said Chong Yoon-Chou, a Singapore-based investment director at Aberdeen Asset Management Asia Ltd., which manages about $324.6 billion globally. “While valuations have come back to more attractive levels, we haven’t seen the kind of discount back in the crisis years.”
To contact the reporters on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net; Jasmine Ng in Singapore at jng299@bloomberg.net
To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net
The skies were slightly hazier than usual on Monday.
The three-hour PSI or Pollutant Standards Index, a measure of air quality, began creeping up on Sunday afternoon, and was 50 at lunchtime on Monday. At 6pm, the three-hour PSI was 38, while the 24-hour PSI was 44 to 49.
A PSI of 0 to 50 remains in the ‘good’ range, while that between 51 and 100 is ‘moderate’.
The National Environment Agency (NEA) said the conditions were due to dust blowing from the north and northeast.
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The skies were slightly hazier than usual on Monday.
The three-hour PSI or Pollutant Standards Index, a measure of air quality, began creeping up on Sunday afternoon, and was 50 at lunchtime on Monday. At 6pm, the three-hour PSI was 38, while the 24-hour PSI was 44 to 49.
A PSI of 0 to 50 remains in the ‘good’ range, while that between 51 and 100 is ‘moderate’.
The National Environment Agency (NEA) said the conditions were due to dust blowing from the north and northeast.
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American mixed martial artist Will Chope makes his UFC debut on Saturday in Singapore. (Photo: Will Chope Face …
Will Chope just can’t stop fighting.
The American has racked up a staggering total of 52 professional contests in mixed martial arts (MMA), Muay Thai, kickboxing, sanda and boxing over three short years – that’s more than one bout per month – and he’s far from done.
In fact, Chope, at 23, is just getting started, and in the biggest way possible: He makes his debut for the world’s leading MMA promotion, the Ultimate Fighting Championship (UFC), on Saturday at Marina Bay Sands in Singapore.
He will face Hawaiian Max Holloway as part of a regionally historic 10-bout event that includes Singapore’s first-ever UFC fighter, Royston Wee, squaring off against David Galera of the Philippines.
Already in town to finish his training camp at local gym Juggernaut Fight Club, Chope shared with Yahoo Singapore his aspirations – and they weren’t altogether typical ones.
“I want to be remembered for fighting a lot… I hope to be this generation’s Jeremy Horn, who had over 100 fights in MMA,” said the towering, 1.93m striker, believed to be the world’s tallest featherweight (66kg).
“I want to be the ultimate journeyman that ends up becoming world champion.”
Jet-set
Chope competing in one of his numerous Muay Thai fights. (Photo: Will Chope Facebook)
“Journeyman” perfectly encapsulates the globetrotting Chope, whose itch to fight has drawn him to the likes of Taiwan, Philippines, Thailand, Malaysia and more.
Yet not too long ago he was just a self-professed “super fan” by way of a father who went to school with MMA great Ken Shamrock.
When he turned 17, Chope, fresh out of high school, enlisted in the Air Force and was stationed as a civil engineer in Guam.
It was there on the tiny but fight-crazy island, home to the veteran Pacific X-treme Combat (PXC) promotion, that he finally started training in MMA.
Two years on, with his tour of duty over, Chope made the radical decision to move to Phuket, Thailand to make a living as a fighter.
“Thailand is one of the only places in the world where you can fight literally every week if you wanted,” said the man nicknamed “The Kill” because he “would rather be killed than turn down a fight”. “And out of necessity, I had to fight as many times as possible.”
“I needed the money but also the experience,” he explained. “I started when I was 19, all the others started when they were kids. My fight experience had to make up for (my lack of) training experience.”
Breadwinner
Chope (top) striking Isamu Himura iin the PRO Fighting Grand Prix in Taipei, Taiwan back in 2011. (Associated Press …
Money wasn’t always a major concern for Chope – until the journeyman became a family man too.
“I used to live in a bamboo hut,” he laughed. “I had a single lifestyle. I was content with making just a little bit.”
“But as soon as I had a family – got my girlfriend pregnant, got married – money started becoming an issue,” said Chope. “I had to fight more and take ‘smarter’ fights. If you lose the win bonus – it’s a huge impact on your wallet.”
The lanky, affable athlete met his wife in Thailand two years ago. They have a 12-month-old son – his second child after a five-year-old daughter from a previous marriage in the US.
Chope hasn’t set foot on American shores for three years now – but on hindsight, jetting off to Asia was a call that’s clearly paid off for him now.
“There’re so many American fighters … (it’s) really hard to stand out in America,” he said. “But a super tall white guy fighting in Asia, people are going to take notice – especially if I start winning a lot.”
Stepping up
That’s something that Chope has made a habit out of recently – on the back of an impressive 14-fight unbeaten streak, his MMA record stands at 19 wins and five losses, with 12 first-round finishes.
The California native has also been crowned division champion in a number of Filipino and Malaysian promotions, and shortly after his last fight in PXC, the UFC came knocking.
Chope, however, modestly put the prestigious offer down to a matter of “convenience”.
“I’m located here (in Asia) and I’ve been based here for a long time,” he said. “It’s one of those ‘right time, right place’ moments.”
“I definitely didn’t see myself getting there this fast,” he admitted. “I thought it would take me a couple more years, but when the UFC comes, you can’t say no.”
Check out more MMA content on Yahoo Sports
SINGAPORE: Despite signs being put up and traffic wardens hitting the road to give directions, the changes to roads leading to the Marina Coastal Expressway (MCE) still befuddled some motorists, causing brief bottlenecks on Sunday.
MCE, Singapore’s newest highway, opened to traffic on Sunday.
TODAY observed that motorists seemed to be confused by road work to downgrade a section of the East Coast Parkway (ECP) at the end of the Ayer-Rajah Expressway (AYE). Others appeared unsure about when to keep left to access each of the exits in the underground MCE.
The 5km, S$4.3 billion MCE joins the ECP, Kallang-Paya Lebar Expressway (KPE) and AYE.
The Land Transport Authority (LTA) acknowledged that traffic was slow along Central Boulevard and Marina Boulevard “as some motorists may not be entirely familiar with how to enter the MCE”, but it said there was “smooth-flowing traffic within the MCE tunnel” otherwise.
“As with all changes to the road network, motorists may take some time to be familiar with the changes,” said a spokesperson.
Some taxi drivers said they chose to take alternative roads rather than the MCE on Sunday, after hearing reports on the radio about traffic jams.
Taxi driver Chin C K, 70, who drove a passenger through Chinatown to get to Resorts World Sentosa, instead of taking the highway, said: “I’m not familiar with the MCE yet.”
Another cabby, Robert Png, 53, said he took a few wrong turns when he was driving a tourist to the Gardens by the Bay via the highway.
“I expect motorists, even us cabbies, will take some time to get used to the MCE and the new routes, especially since a part of the ECP will be gone,” he said. “The Marina area is still developing, with many new, similar-sounding road names like Central Boulevard, Marina Boulevard and Marina Coastal Drive — it’s difficult to remember all at one go.”
Another motorist, Ms Selina, 46, was not aware of the opening of the MCE and took the route by accident to Kallang area.
“Although the signage was clear, it was obvious that other drivers were unsure of where they had to go exactly, especially at the exit towards Fort Road — there were quite a few cars weaving in and out of traffic,” she said.
Despite the opening-day hiccups, some motorists said such teething problems were understandable for a new expressway. They also pointed out that the MCE shaves travelling time off some routes.
For example, Mr Chin said the MCE made for a smoother drive as compared to the now-closed stretch of the ECP, which he felt had heavier traffic and more bends. Residents in Sengkang or Hougang will also be able to reach the city more quickly travelling by the KPE, then the MCE. “It’s a more direct way for them,” he said.
A taxi driver who took a passenger from Toa Payoh to Resorts World Sentosa via the MCE said the journey was shorter by about 10 minutes.
Some motorists, however, are already missing the closed stretch of the ECP — because of the view of the city skyline.
Said Ms Roslynda, 40: “It’s a very scenic drive, during which you can see the Singapore Flyer, Gardens by the Bay and Marina Bay Sands, but now, all we’ll see is a tunnel. I’ll miss that view.”
FILE – In this July 7, 2013, file photo, former soccer star David Beckham greets media and youth in Singapore at the Marina Bay Sands. Beckham has signed on to help promote Las Vegas Sands’ properties in Singapore and the Chinese gambling enclave of Macau. Sands said in a statement that it hopes to cash in on Beckham’s popularity in the region. (AP Photo/Wong Maye-E, File)
Posted: Sunday, December 22, 2013 8:32 pm
|
Updated: 10:01 pm, Sun Dec 22, 2013.
|
Retired soccer star and sometime underwear model David Beckham has signed on to help promote Las Vegas Sands’ properties in Singapore and the Chinese gambling enclave of Macau.
Sands said in a statement that it hopes to cash in on Beckham’s popularity in the region.
The Las Vegas-based company is the largest casino operator in Macau, the center of the modern day gambling world.
The deal may help Sands win attention in mainland China, where casinos are illegal and casino advertising is also banned. Soccer is hugely popular in China.
Beckham appears to have started his new gig already.
In November, he posed for photographs with 100 local kids at the Venetian Macau and gave an hour-long interview. The children were selected with the help of several local community groups, including the Macau Special Olympics and the Association of Rehabilitation of Drug Abusers of Macau.
Details about what the partnership will look like over the long term are scarce. Sands said it will use the Beckham brand in dining and retail options at its casinos.
Michael Leven, Sands’ president and chief operating officer, said in a statement that the Beckham brand will help Sands “as we aggressively explore opportunities to further expand our presence in Asia.”
Over the summer, Beckham staged a similar event in Singapore, meeting about 60 kids at a Sands casino there.
Sands owns four booming casinos in Macau. The Venetian Macau is the largest casino in the world.
___
Kelvin Chan in Hong Kong contributed to this story.
___
Hannah Dreier can be reached at http://twitter.com/hannahdreier.
© 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Posted in
National
on
Sunday, December 22, 2013 8:32 pm.
Updated: 10:01 pm.
Fans of Taiwanese singer Show Luo rejoice. The Dancing King of Asia will be performing here in May next year.
However, they should not expect him to do as other Asian performers do and take off his shirt during the concert.
The 34-year-old says: “I’m holding a concert, not a striptease. I’ll hold a separate striptease showcase, but it’ll only be two minutes long. There will be no refunds.”
He was speaking at a press conference on Sunday afternoon to promote his 10th album Lion Roar. It is the first album which includes songs that he wrote himself.
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A Shinto priest leads Japanese Prime Minister Shinzo Abe (2nd L) as he visits the controversial Yasukuni war shrine in Tokyo in a move which angers China, causing it to accuse Japan of whitewashing a history of warmongering and saying Japan must “bear the consequences”. (AFP/Toru Yamanaka)
SINGAPORE: Singapore regrets the visit by Japanese Prime Minister Shinzo Abe to the Yasukuni war shrine, the Ministry of Foreign Affairs (MFA) said on Sunday.
In response to media queries, a Foreign Affairs Ministry spokesman said Singapore’s consistent position has been that such visits reopen old grievances, and are unhelpful to building trust and confidence in the region.
The MFA spokesman added that tensions in the region have been rising due to the recent series of events, actions and counter-actions, taken by a number of different parties.
And Thursday’s visit to the Yasukuni shrine, occurring against this backdrop and at this time, is likely to evoke further negative feelings and reactions in the region.
The MFA spokesman stressed that it is in the interest of all parties to exercise restraint, avoid actions that might further raise tensions, and seek to create an environment of greater mutual trust and understanding.
- CNA/nd
SINGAPORE: 2013 was a year of some turbulence for the courts.
It started with the acquittal of the former Central Narcotics Bureau (CNB) chief and convictions of two others – the former head of the Singapore Civil Defence Force (SCDF) and a former law professor.
And in the later months of the year, more high-profile cases came — from alleged hackings, murders, to the riot at Little India and the charges that followed.
Mr Ng Boon Gay, Peter Lim and Tey Tsun Hang made the headlines not just in 2012 when they were charged with corruption, but also this year with the twists and turns in their closely-watched trials.
First off, former CNB chief, Mr Ng Boon Gay was acquitted in February, and in early June, the former law professor in the sex-for-grades case, Tey Tsun Hang, was sent to jail for five months.
A week later, ex-SCDF chief Peter Lim was sentenced to 6 months’ jail.
While those were ongoing, the trial of the six leaders of City Harvest Church accused of misusing millions of church funds, also started on May 15.
The first day of the highly-anticipated case drew supporters to the court from as early as the night before.
It is anybody’s guess if the queues will come back when the trial resumes, but one thing is for sure — the trial is a long-drawn one, and is expected to last until the end of September 2014.
Other cases that await us next year will be the Kovan double murder.
In July 15, Iskandar Rahmat, a 34-year-old police officer, was charged with the murder of a father and son at Hillside Drive, after he was arrested in Johor Bahru.
Iskandar’s case will be mentioned on January 28.
On July 24, an assistant director of the Corrupt Practices Investigation Bureau was accused of committing 21 offences, including forgery.
39-year-old Edwin Yeo Seow Hiong allegedly misappropriated more than S$1.7 million.
On December 27, Yeo indicated that he intends to plead guilty to the charges and will do so on January 21.
Joining him is the former chief of protocol at the Foreign Affairs Ministry, Lim Cheng Hoe.
The 60-year-old was charged in October with 60 counts of cheating — over pineapple tarts and bottles of wine — totalling almost S$89,000.
He allegedly submitted false expense claims between February 2008 and May 2012. Lim’s case will be heard on January 9.
Also to be heard in January will be the case involving 35-year-old James Raj Arokiasamy, alleged to be “The Messiah”.
Said to be the man behind a spate of hacking incidents, James Raj was charged in court on November with altering the contents on Ang Mo Kio Town Council’s website.
This allegedly took place from a Dorchester Apartment at Jalan Sri Hartamas in Kuala Lumpur on October 28, 2013.
Besides this one charge, James Raj also faces four counts of using drugs between May 2011 and November 2013.
“The Messiah” had supposedly hacked into websites belonging to the City Harvest Church co-founder, Sun Ho, The Straits Times blog and the People’s Action Party Community Foundation.
If found guilty, the maximum punishment is a three-year jail term and a S$10,000 fine on the first conviction.
The story continued to develop in early December, when authorities revealed that information on close to 650 Standard Chartered’s private banking clients were said to have been discovered in a laptop belonging to James Raj.
In November 29, 42-year-old Delson Moo Hiang Kng and 17-year-old Melvin Teo Boon Wei, who met through Facebook, were also accused of hacking into the Istana website.
Teo is accused of modifying the contents of the server hosting the Istana website at 12.33am, while Moo allegedly did the same at 12.34am.
Each of them faces two counts of doing so on November 8 this year.
Court documents state the duo apparently used the search function on the server hosting the website to process scripts, which they supposedly crafted.
This was said to have caused the search function to generate instructions to display texts and images stated in their scripts.
Both cases will be heard in court on January 24.
About a week later, two brothers were also charged with hacking offences.
27-year-old Mohammad Azhar Tahir faces 10 counts, including allegedly modifying contents of the Prime Minister’s Office website.
His younger brother, 21-year-old Mohammad Asyiq Tahir faces six charges under the “Computer Misuse and Cybersecurity Act”.
They are said to have also hacked into online accounts belonging to three individuals.
Their cases are to be heard on January 6.
And who can forget the violence that broke out on December 8?
Sparked from a fatal bus accident involving 33-year-old Indian national Sakthivel Kumaravelu, 35 men were initially charged in court with involvement in the Little India riot.
Ten of them were later released after the prosecution withdrew their charges.
Life is full of trials and 2014 certainly looks like it might be one of the busiest years for the courts.
The Marina Bay Sands hotel in Singapore
The Marina Bay Sands hotel in Singapore opened its doors in 2010, to the tune of a whopping $5.7 billion.
That amount paid for the massive 2,561-room hotel, a museum, casino, restaurants, bars, a swanky shopping mall, and the pièce de résistance: the SkyPark, an insane rooftop pleasure dome with a 150-meter (492 ft.) infinity pool.
Located on the 57th floor, this pool offers stunning views of Singapore’s financial district, Marina Bay, and beyond. It’s the largest and highest infinity pool in the world, according to the hotel, and if you swim up to the pool’s edge, it feels like you’re about to fall off the top of the world.
The SkyPark is only open to hotel guests, which provides some exclusivity. Rooms at the Marina Bay Sands start at S$399 per night for a double.
[SINGAPORE] Just over a month after officially opening its doors to guests, The Westin Singapore hotel has been sold for $468 million to Japan-based property developer and investor Daisho Group.
Daisho’s acquisition of the 305-room, 99-year leasehold hotel located in Asia Square Tower 2 at Marina Bay is its maiden investment in Singapore. The purchase price translates into a hefty $1.5 million per room, possibly a new record for a hotel here.
Earlier this year, Bright Ruby Resources, a company controlled by a family from China, was reported to have paid between $1.4 million-$1.5 million per room for the freehold Grand Park Orchard Hotel, smashing the previous $1.1 million per room record.
BT understands that The Westin Singapore transaction was sealed just before Christmas. The seller is a fund managed under MGPA, a private-equity property investment advisory firm. MGPA’s original asking price was $2 million per room, or about $610 million in total.
File photo of burnt vehicles after a riot broke out in Little India in Singapore
Singapore: Fresh charges were today slapped on four Indians, part of 25 alleged rioters who participated in Singapore’s worst outbreak of violence in over 40 years.
Earlier, all 25 Indians faced one rioting charge each, punishable by up to seven years in prison and caning.
But, additional charges were filed against Chinnappa Prabakaran, 23, for instigating a group of Indians to set fire to an ambulance while Bose Prabakar, 29, was accused of assaulting an auxiliary police officer by kicking him.
Moorthy Kabildev, 24, also faced an additional charge of punching a woman coordinator of the bus which ran over 33-year-old Indian pedestrian Sakthivel Kumaravelu.
Arumugam Karthik, 24, now faces two new charges: one of setting fire to a police car with one other person; and another of throwing pieces of concrete and flipping over a police car with some others.
The prosecution is looking to revoke their bail, or increase their bail amount to 40,000-60,000 Singapore dollars, The Straits Times reported.
Since the court offered bail to all 25 accused on Tuesday after submitting sureties of 20,000 Singapore dollars, only two are out on bail, Channel News Asia reported.
Chinnathambi Malesan, 22, was today released on bail besides Arun Kaliamurthy, a 28-year-old tourist in Singapore on a social visit pass.
The court allowed Malesan’s employer to post bail, even though his employer is a Malaysian of Chinese-origin.
Meanwhile, one of the accused, 32-year-old Chinnappa Vijayaragunatha Poopathi, has indicated to the court that he might plead guilty, Channel News Asia reported.
The cases of 24 accused would be mentioned again on January 29 while Kaliamurthy’s case would be heard on December 30.
Fifty-six Indians and a Bangladeshi have been deported from Singapore for alleged involvement in the riot in Little India, a precinct of Indian-origin businesses, eateries and pubs where most South Asian workers take their Sunday break.
The trouble started after a private bus fatally knocked down Kumaravelu in Little India on December 8. Some 400 migrant workers were involved in the rampage that left 39 police and civil defence staff injured and 25 vehicles – including 16 police cars – damaged.
Singapore previously witnessed violence of such scale during race riots in 1969.
Singapore authorities will implement new traffic arrangements in Little India on Sunday to smoothen operations for private bus services plying in the Little India area and “facilitate safe passenger activities along the road”, The Straits Times reported.
SINGAPORE: They may not have won a gold medal at the Myanmar SEA Games, but the divers from Team Singapore still put on a sterling performance.
The six-member team won four medals, breaking a 28-year-old medal drought for the sport.
Republic Polytechnic student Mark Lee, 19, won a silver in the three-metre springboard – a first for the sport since 1985.
When Singapore hosts the 2015 SEA Games, Lee thinks home ground advantage could make a difference between silver and gold.
“If a lot Singapore fans come and support with the help of the home crowd, I am sure the scores will actually go up in terms of our diving,” he said.
Together with twin brother Timothy, they clinched silver in the three-metre springboard synchronised event, and a bronze in the 10-metre platform synchronised dive.
Third in the three-metre synchronised event, Singapore’s other divers – Myra Lee and Fong Kay Yian – were Malaysia’s world-class divers topped in Myanmar, but Singapore hopes to challenge them come 2015.
Myra Lee said: “Right now what we are losing out to the Malaysians is in our dive difficulties, because they are doing like much harder dives than we are. So if we can pull up our difficulty, I think we will be able to give them a run for their money in 2015.”
But 2014 is also set to be a busy year, with more overseas meets, including the Asian and Commonwealth Games.
Youngsters are being groomed – and all of them can look forward to better facilities at the Sports Hub, the venue for the 2015 SEA Games.
Lee Kok Choy, Secretary-General of Singapore Swimming Association (SSA), said it would be a significant improvement to have a sheltered and covered diving pool.
“We will have facilities that are all-covered, which is going to allow us to train even if there is inclement weather. Even if there is lightning storms, it will allow us to train with a greater level of intensity. We will also have this pool here (Toa Payoh), designated for development divers…”
The Sports Hub will host two major competitions in 2014 – the South East Asian Swimming Championship in June and FINA Diving Grand Prix in October.
These competitions will help the SSA finalise its nominations for 2015.
Singapore’s government has denied that its treatment of migrant workers has anything to do with the riot. Prime Minister Lee Hsien Loong characterized the riot as “an isolated incident caused by an unruly mob.” Hundreds of foreign workers were rounded up and questioned; 25 face charges punishable by up to seven years’ imprisonment and caning. Two hundred migrant workers were issued advisories against any future disruptive conduct.
Singapore has one of the world’s highest standards of living, but its population is shrinking and aging. To fuel economic growth, transient imported labor has risen dramatically over recent years. The proportion of non-Singaporeans in Singapore rose from 14 percent in 1990 to 36 percent in 2010. Many Singaporeans are alarmed by the rapid increase of low-paid migrant workers, which has widened social divides and strained the small country’s transportation and housing capacities.
Migrant laborers are paid as little as 2 Singapore dollars, or $1.60, per hour. Few speak fluent English, the country’s working language, and most live in crowded dormitories away from residential areas. They typically are at the mercy of employers, owe high debt to hiring agents and have few means of expressing grievances. Last year, 200 Bangladeshi workers protested unpaid wages and Chinese bus drivers refused to report to work to protest salaries lower than their Singaporean and Malay counterparts.
The government hopes to increase the overall population from 5.4 million to 6.9 million by 2030. Because the birthrate of Singaporeans is below replacement levels and permanent residency is tightly controlled, the bulk of the increase will have to come from temporary migration, further skewing the ratio of transient workers to citizens. Many Singaporeans are lukewarm to the idea.
Casting the riot in Little India as an isolated law-and-order problem does not address Singapore’s larger demographic problem. If Singapore is to preserve its high standard of living, it must ensure that the millions of transient workers who contribute so much to the economy are not marginalized and abused.
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SINGAPORE—A senior official at Singapore’s anticorruption agency has told prosecutors he will plead guilty to charges of misappropriating more than 1.7 million Singapore dollars (US$1.34 million) in public funds, his lawyer said Friday.
The case, which surfaced in February, was a rare one involving corruption allegations against an officer from the Corrupt Practices Investigation Bureau, the agency tasked to preserve Singapore’s…
SINGAPORE: HGST, a US-headquartered global company that specialises in data storage, has retrenched 531 workers from its Singapore facility.
This is the largest retrenchment exercise for HGST’s Singapore facility in the last 20 years.
HGST’s Singapore facility manufactures high-end hard drives.
The company says it is relocating one of its production lines to Thailand, citing rising operating costs in Singapore. About half of the production line has already moved to Thailand, and the move will be completed in six months’ time.
Most of those retrenched are production operators, and about half are Singaporeans. Some have been working for less than a year, but others have been with the company for up to 19 years.
About 1,840 workers still remain in the Singapore office – many of them are engineers and support staff.
HGST said the retrenchment exercise is part of its long-term plan to re-position the Singapore facility from a mass volume manufacturing site to an engineering centre, overseeing factories in Thailand and China.
This was decided about three years ago, and employees were informed in November.
HGST said that most of its competitors, like Seagate, have already relocated their manufacturing facilities out of Singapore.
Heng Chee How, executive secretary of the United Workers of Electrical and Electrical Industries (UWEEI), oversaw the retrenchment exercise on Friday morning.
HGST said workers will be receiving compensation packages pegged to industry standards.
Mr Heng said UWEEI is saddened by this retrenchment exercise but understood that the company faces keen challenges to maintain cost competitiveness.
He said HGST has committed to UWEEI to ensure fair compensation and treatment for the affected employees.
Mr Heng added that HGST will extend hospitalisation and surgical insurance coverage in Singapore till March 2014 and pay union membership dues for three months till March 2014 so that the workers will continue to receive benefits.
UWEEI and the Employment and Employability Institute (e2i) will be organising a targeted job fair on 16 January 2014 at the institute for the affected workers. About 500 jobs will be on offer.
UWEEI said it will work closely with HGST to ensure that the affected workers are treated fairly and will try its best to render all possible assistance, and help train and place the affected employees in new jobs.
Schroders Plc and Baring Asset
Management Ltd. are avoiding Singapore stocks, the cheapest in
Southeast Asia, as slower economic growth in the region and cuts
to Federal Reserve stimulus drive capital outflows.
The fund managers expect property to lead declines in
Singapore amid a real-estate slump and the prospect of higher
interest rates. The Straits Times Index was the worst-performing
developed market in 2013, dropping 9.5 percent since Fed
Chairman Ben S. Bernanke said in May that bond purchases may be
reduced on signs of sustainable U.S. recovery.
Capital has been fleeing Southeast Asia as investors seek
higher returns in North America. The market value of Singapore
shares fell 5.6 percent to $567 billion this year as of Dec. 23
as 10-year U.S. bond yields climbed to a two-year high in
September, making dividends from the city-state’s real-estate
investment trusts less attractive. The Standard Poor’s 500
Index rose to a record after the Fed announced on Dec. 18 it was
cutting stimulus, citing optimism about the labor market.
“Property companies will do badly, particularly in
Singapore where there’s a perceived housing bubble,” Lee King Fuei, a Singapore-based fund manager at Schroders, which
oversees about $420 billion. “If higher bond yields cause
property prices to fall, there’s an immediate impact on
earnings. Cost pressure on banks will also increase as bond
yields rise.”
The Singapore’s STI traded at 1.38 times book value as of
Dec. 24, according to data compiled by Bloomberg. That compares
with 2.49 for the Philippine’s PSEi Index, 2.37 for Indonesia’s
Jakarta Composite Index, 2.34 for the FTSE Bursa Malaysia KLCI
Index, and 2.07 for the Stock Exchange of Thailand, the data
showed.
The Federal Open Market Committee said after its Dec. 17-18
meeting it will cut its $85 billion in monthly purchases of
Treasuries and mortgage-backed bonds, also known as quantitative
easing, to $75 billion in January.
The central bank will reduce asset buying in $10 billion
increments over the next seven policy meetings before ending the
program in December 2014, according to the median forecast in a
Bloomberg survey of economists on Dec. 19. The STI surged 94
percent from when the Fed lowered its benchmark interest rate in
December 2008 to this year’s peak in May.
Real estate and financial companies account for 47 percent
of the STI, according to data compiled by Bloomberg. Singapore’s
biggest property companies were among the worst performers in
2013, with City Developments Ltd. plunging 25 percent and
CapitaLand Ltd. falling 18 percent. Jardine Cycle Carriage
Ltd. (JCNC), an automotive distributor that gets about 89 percent of
sales from Indonesia, fell 27 percent to lead declines on the
benchmark equity gauge.
The International Monetary Fund lowered its growth target
for Indonesia, Southeast Asia’s biggest economy, to between 5
percent and 5.5 percent this year and next after 6.2 percent
expansion in 2012. Singapore’s GDP is expected to grow 3.9
percent in 2014 after an estimated 3.8 percent rise this year,
according to a quarterly survey released by the Monetary
Authority of Singapore this month.
“Singapore’s neighbors have not been doing so well,
particularly Indonesia, where many of the property buyers in the
city come from,” said Khiem Do, Hong Kong-based head of Asian
multi-asset strategy at Baring Asset Management Ltd., which
oversees about $60 billion. “The Singapore government has also
been implementing tough property measures because they don’t
want housing prices to go through the roof.”
Singapore home prices increased at the slowest pace in six
quarters in the three months ended Sept. 30 after the government
introduced new curbs to cool prices in Asia’s second-most
expensive property market.
“There’s no driver to spur investor interest in
Singapore,” Baring’s Do said. “The recent penny stock crash
isn’t really helping the case for investing in Singapore.”
About $6.9 billion was wiped from the market value of three
commodity companies over three days in October, prompting an
investigation by the monetary authority and Singapore Exchange
Ltd. The average value of shares traded daily on SGX in the
three months through December fell to S$1 billion ($790
million), compared with S$1.24 billion a year ago, according to
data compiled by Bloomberg.
Blumont Group Ltd., which invests in minerals and energy,
soared more than 1,000 percent this year through the end of
September to lead gains on the FTSE Straits Times All-Share
Index. The stock plunged from an all-time closing high of S$2.45
on Sept. 30 to 7.8 Singapore cents on Dec. 24.
Asiasons Capital Ltd., the second-best performer, slumped
96 percent from its record close of S$2.83 on Oct. 1 through
Dec. 24. LionGold Corp. tumbled 91 percent from its S$1.725 peak
on Aug. 29 after deals to acquire gold assets fell through. The
plunge in shares prompted the bourse to seek approval to
establish circuit breakers to minimize market volatility.
The world economy is primed for its fastest expansion in
four years, with the U.S. driving output gains, economists at
Goldman Sachs Group Inc., Deutsche Bank AG and Morgan Stanley
said this month. Global growth will accelerate at least 3.4
percent in 2014 from less than 3 percent this year as the euro
area recovers from recession and China and other emerging
markets stabilize.
“Singapore would be one of the markets that would be
favored in Southeast Asia,” said Haren Shah, Singapore-based
chief strategist for Asia-Pacific at Citigroup Inc.’s wealth
management division, which oversees $210 billion. “Singapore,
along with the North Asian markets, is looking cheap and most
likely will benefit as we see recovery in the global economy.”
The Straits Times Index is trading at 14.7 times estimated
earnings, compared with 16 times for the MSCI World Index,
according to data compiled by Bloomberg News.
Even as the external environment is improving, Singapore is
exporting less to the West, according to Alan Richardson, whose
Samsung Asean Equity Fund outperformed 97 percent of peers
tracked by Bloomberg during the past three years. The city-state
gets about 22 percent of export revenue from the U.S. and Europe
as of November, compared with 37 percent a decade ago, according
to data from International Enterprise Singapore.
“Singapore being a very property- and banking-centric
country means it hasn’t benefited from global economic recovery
because of the government’s tightening policy on the property
market,” Richardson said.
To contact the reporters on this story:
Jonathan Burgos in Singapore at
jburgos4@bloomberg.net;
Jasmine Ng in Singapore at
jng299@bloomberg.net
To contact the editor responsible for this story:
Sarah McDonald at
smcdonald23@bloomberg.net
StockMarketWire.com – Millennium Copthorne Hotels (“MC”) has announced that Singapore’s Building and Construction Authority has granted a temporary occupation permit (“TOP”) to the Glyndebourne residential development, a project developed by a subsidiary of MC.
Glyndebourne, which was constructed on the site of the former Copthorne Orchid Hotel in Singapore, includes 150 condominium apartments, of which 147 have been sold.
The granting of the TOP enables MC to recognise revenues and costs arising from the development. The revenue and cost recognition will result in a significant one-time increase in MC’s revenues and operating profits for the fourth quarter of 2013 and for the full 2013 financial reporting year.
Revenues from the Glyndebourne apartment sales totalled approximately £274m and MC’s pre-tax profits for the year are estimated to increase by £130m to £140m as a result of the transaction.
The tax rate applicable to the transaction is likely to be lower than the Group’s underlying effective tax rate. Revenue and profit for the three remaining apartments will be recognised when sold.
MC chairman, Kwek Leng Beng, said: “In line with our asset management strategy, the Copthorne Orchid Hotel was redeveloped because, as one of the Group’s older hotels in Singapore, it required significant capital expenditure that we did not consider likely to generate sufficient returns over the medium term.
“This was mainly because the hotel’s surrounding location had become increasingly residential over the years since the hotel was constructed. Converting the site to residential use was an attractive alternative, which has delivered excellent value for our shareholders.”
At 11:33am: [LON:MLC] Millennium Copthorne Hotels PLC share price was +1.25p at 585.25p
Story provided by StockMarketWire.com
We all look to unchain ourselves from the routine, embarking on a trip away from the ordinary. We seek for enriching experiences and dream of unforgettable vacations. If you’re looking to create the perfect scenario for your dream vacation, there are two ways to do that: plan it from one end to the other or don’t plan it at all (at times, one has to tear up the usual schedule in favour of spontaneity, for it leads to satisfaction). However, when it comes to luxury destinations, everything is already planned by others, for your absolute comfort.
If you plan to visit the cosmopolite Singapore, Hotel Marina Bay Sands is undoubtably, the most amazing place to stay. The city’s impressive skyline is a unique experience for anybody with interest in capturing the most spectacular sunsets. The hotel itself is an attraction, featuring “one of the most impressive pools ever built by man”. Composed of three towers, each of 55 stories, the hotel boasts a unique architecture. Towers are connected at the top through a boat-shaped park, elevated in the air. The park brings together jogging paths, gardens, restaurants, lounges, and the famous infinity swimming pool. Marina Bay Sands comprises a total of 2,561 rooms.
