Five wet markets began their new lease with supermarket giant Sheng Siong on Friday.

But some tenants have left, suspecting rental costs would increase after three months. Moreover, stallholders at some markets reported a 20 per cent decrease in customer traffic.

At the Fajar Market in Bukit Panjang, five out of 22 stalls have closed down. Among them were those that sold fruits, dried goods and meat.

Other stallholders said that customers stopped going to the markets as they now consider them “incomplete”.

Bek Seng Seow, a seafood seller at Fajar Market, said: “Look, there is such a small crowd now. It is already hard as it is, maintaining the stall. If there are so few customers and prices keep rising, how can we survive?”

Tang Sio Hong, a vegetable seller at Yew Tee Market, said: “The lease price will definitely increase. But each year the price will be different. We don’t know how much of an increase, but they will tell us by end-February.”

Source: Channel News Asia, 1 Jan 2010

The Skybridge at the Pinnacle@Duxton offers a commanding view of the city.

Residents are definitely enjoying what they paid for, but from Friday onwards, non-residents can enjoy the view too for a price.

Non-residents can access the Skybridge, which straddles the 50th floor of the buildings, by paying S$5 per person.

As of 5pm on Friday, 26 people had taken up the offer, soaking in the panoramic view of the area.

Source: Channel News Asia, 1 Jan 2010

From the opening of the two integrated resorts to a new report due on the Singapore economy, 2010 looks set to be a busy year.

The economy dominated headlines in 2009 and will continue to do so in the new year. The Economic Strategies Committee Report on how best to take the country forward is expected by end-January.

The Jobs Credit scheme, which helped saved jobs during the recession, will wind down by mid-year. But the opening of the Marina Bay Sands integrated resort and Resorts World at Sentosa within the first quarter should boost economic numbers.

Another highly-anticipated event will be the world’s first inaugural Youth Olympic Games (YOG). This kicks off in Singapore this August and should add more buzz to the city.

On transport, Singaporeans can zip around a lot easier by mid-year when 11 new MRT stations for the Circle Line open. You might also see more red-plate cars on the road as changes making off-peak cars more attractive kicked in from 1 January.

The residential property market saw some heated activity in 2009. The market should cool with the resumption of the Confirmed List under the Government Land Sales programme in the first half of the year. Confirmed sites are put up for tender regardless of a developer’s prior expression of interest.

Real estate agents will also come under regulation.

On education, details on the review of schools teaching English and Chinese languages are expected, possibly by Budget time.

Health-wise, there will be more focus on measures that emphasise community care.

Politically, changes such as the revision of GRC sizes and more single wards will be tabled in Parliament.

Source: Channel News Asia, 1 Jan 2010

Govt sees 3-5% growth next year as S’pore shifts gears

SINGAPORE has pulled through a difficult year, but will have to transform its economy to prepare for the post-crisis world, Prime Minister Lee Hsien Loong said yesterday.

GDP growth for the fourth quarter was 3.5 per cent year-on-year, which means a 2.1 per cent contraction in GDP for the full year of 2009, he said. This compares with the slight 1.5 per cent GDP growth recorded in 2008, and comes in at the lower end of the government’s forecast of a 2 to 2.5 per cent decline in 2009′s GDP.

‘Our economy is growing again, and has recovered much of the ground since the recession began last year,’ said Mr Lee in his New Year message yesterday evening.

This, he said, was achieved by both government programmes such as SPUR, Jobs Credit and the Special Risk-Sharing Initiative. And, unions, employers, grassroots and community organisations played critical roles in keeping unemployment under control, or helping retrenched workers.

For 2010, the government now expects the economy to expand by between 3 and 5 per cent. With the improved outlook, special measures such as Jobs Credit and the risk-sharing scheme are gradually being phased out.

Outlining major investments in capabilities and infrastructure, such as the two integrated resorts, extended MRT lines and new HDB townships, as well as the two new tertiary institutions, Mr Lee said that Singapore ‘must also address our growth constraints’ as physical limits tighten.

‘We must therefore shift gears, to grow by qualitative improvement: transforming the economy, developing skills and growing talent, both our own and from abroad,’ he said. This means local enterprises need to ‘innovate relentlessly and build the capabilities to grow into world-beating companies’, while workers too must keep upgrading their skills and remain flexible even though job prospects have now improved.

Mr Lee also reiterated Singapore’s commitment to slow climate change and cut carbon emissions as it pursues continued growth, and said that policies will be implemented to that end.

‘Singaporeans should be prepared for these changes to come,’ said Mr Lee. The Economic Strategies Committee will soon publish its proposals for long-term growth strategies for Singapore, which the government will respond to in the coming budget. ‘This transformation will not be easy, but I am confident we can succeed,’ he said.

Source: Business Times, 1 Jan 2010

WE REFER to Sunday’s report, ‘Rumblings in Tianjin Eco-City’. The raison d’etre for the eco-city collaboration is different from Suzhou Industrial Park, which was conceptualised over 15 years ago, when China was at a different phase of economic development.

In Singapore’s collaboration with China to jointly develop the eco-city, we recognise that China has adopted a ’scientific model of development’, which emphasises sustainable development and social harmony.

The Ministry of National Development (MND) is the lead agency for the eco-city project, as the focus is on sustainable development and urban solutions. Other ministries and agencies, including the ministries of Trade & Industry and Environment & Water Resources, play an important role through various inter-agency committees set up to drive the project, under a whole-of-government approach.

All parties involved in the project share the same goal and vision of making the eco-city a model for sustainable development. The eco-city has progressed well. It has attracted over 30 billion yuan (S$6 billion) worth of investments from international and regional developers.

The report raised a concern about the eco-city’s profitability. Indeed, commercial viability is a key guiding principle. This is why the project is executed by a commercial 50-50 joint venture formed by the Singapore and Chinese consortiums, or Sino-Singapore Tianjin Eco-City Investment and Development (SSTEC). The Singapore consortium’s confidence in the eco-city is reflected in Keppel being the first foreign property developer to have broken ground for a 5,000-unit residential-cum-commercial project.

Building the eco-city from scratch is challenging. Yet, within a short period of two years since it was mooted, we have managed to achieve more than was expected. This demonstrates the close collaboration and warm relations at all levels. We expect the collaboration and cooperation between Singapore and Tianjin in the eco-city to become even stronger.

Your correspondent quoted an unnamed Singaporean saying, ‘We may have another Suzhou Industrial Park tangle in our hands’. Such a comment is inappropriate. It is not unusual for differences in views for any joint project, especially at an early developmental phase. They are discussed and resolved at the various coordinating fora established for the project. The report also quoted various unnamed officials. It is regrettable that your correspondent did not formally approach MND or SSTEC for clarifications on the points of concern highlighted.

Ong Beng Lee
Director, Eco-City Project Office
Ministry of National Development

Goh Chye Boon
CEO
Sino-Singapore Tianjin Eco-City Investment and Development

Source: Straits Times, 1 Jan 2010

KEPPEL Group’s joint venture that is managing the bilateral Sino-Singapore Tianjin Eco-City has begun development on a 130-ha Eco-Industrial Park (EIP), located within the eco-city.

The development will cost about four billion yuan (S$0.8 billion) to develop and can draw in four billion yuan worth of investments and create about 10,000 jobs when completed.

The eco-city is managed and developed by Sino-Singapore Tianjin Eco-City Investment and Development Co (SSTEC) – a 50-50 joint venture between a Chinese consortium led by Tianjin TEDA Investment Holding Co and a Singapore consortium led by the Keppel Group.

The SSTEC also inked a 13 billion yuan deal to build a 1.4 million sq m integrated eco community for nearly 13,000 households in the eco-city, as well as a ‘play’ hub for residents and visitors.

The SSTEC officially started work on the EIP yesterday. The first phase of work will be the construction of more than 220,000 sq m of ready-built factories on a 15-ha plot.

These factories, with a typical size of 3,000-5,000 sq m built-up area, will be made available for lease or sale.

Construction of the ready-built factories will commence in phases, starting in the second quarter of this year.

The SSTEC said that the factories will satisfy strong market demand from local and foreign investors who have expressed interest in establishing manufacturing facilities to serve the eco-city and the surrounding market.

The EIP, located at the northern region of the eco-city, is meant to be the first of its kind eco-industrial park in China. It’s positioned to be the premier eco manufacturing base for eco investors in the Bohai Rim area and to be built completely in compliance to the eco-city’s green building standards.

The building and construction of the park will adopt eco-friendly strategies such as the optimisation of building layouts, the utilisation of renewable energy and suitable building materials, the recycling of water and waste, the provision of green spaces and the practice of environmentally-friendly construction methods.

The EIP will be home to light clean industries from green business clusters including clean energy, green building, green transport, clean water, clean waste management and clean environment.

It’s believed that these industries can, using the eco-city as a base, tap on growing eco-business opportunities in fast-growing Tianjin Binhai New Area – within which the eco-city is located – and northern China.

Together with the Eco-Business Park, launched in June last year, the EIP is expected to create about 25,000 job opportunities, attract new residents to the eco-city and generate significant economic spin-offs.

The eco-city itself is meant to be a sustainable community for 350,000 residents, when completed.

In related news, the SSTEC also inked an 13 billion yuan agreement with Farglory Land Beijing, Taiwan’s largest developer, to build a 1.4 million sq m integrated eco community for nearly 13,000 households in the eco-city, as well as a ‘play’ hub for residents and visitors.

It aims to convert the site of an old fishing village, the Qing Tuo Zi (QTZ) village, to an upmarket commercial development of about 20 ha – which will make it the largest commercial development as well as the cultural centre of the eco-city.

Goh Chye Boon, CEO of SSTEC said: ‘We are confident that this collaboration with Farglory to develop the QTZ village will create an unique value proposition that will not only cater to the needs of our residents but also draw visitors from near and far to become one of the eco-city’s main tourist attractions.’

‘This infusion of modern ideas and solutions with the Chinese rich tradition of harmonious living will create an integrated commercial and residential development that will stand out from the other developments of the eco-city and Tianjin Binhai New Area,’ he added.

Source: Business Times, 1 Jan 2010