RESORTS World Sentosa (RWS) announced yesterday that it will throw open its doors on Jan 20, but those who want to visit the Universal Studios Singapore Theme Park or roll the dice at its casino will have to wait a little longer.

Announcing the highly anticipated opening date yesterday, RWS said that when Jan 20 rolls around, four of its six hotels and 10 restaurants and lounges will begin operations.

The four hotels are the Festive Hotel, Hard Rock Hotel Singapore, Crockfords Tower and Hotel Michael. The restaurants and lounges include modern patisserie Boulangerie on the second level of Festive Hotel and Indian restaurant Rang Mahal on the second level of the Hard Rock Hotel.

The IR’s theme park, FestiveWalk – a 500-metre stretch featuring retail outlets, restaurants helmed by celebrity chefs and clubs – and theatre are slated to open within the next two months, RWS spokesman Robin Goh said yesterday.

He said the testing of rides has already begun, and added that the theatre is ready for use – it staged its first event, the ChildAid charity concert, late last month.

No firm date was given for when the casino will open, but it is likely to be in the first quarter of the year, according to Mr Goh, who said an application has already been made to Singapore authorities.

The other attractions at the $6.59 billion, 49ha resort, including an oceanarium touted as the world’s largest, a marine museum and the two other hotels, will open much later: Construction is expected to begin only early this year.

The announcement has puzzled some analysts, who wonder why the IR is opening its hotels before most of its attractions are ready.

Mr Colin Tan, director of research and consultancy at real estate consultancy Chesterton Suntec International, called RWS’ move strange. ‘It is unlikely that visitors would make a trip to Sentosa to stay in a half-complete resort,’ he said.

When contacted, however, RWS said it was confident of drawing visitors come Jan 20. ‘There is a lot of anticipation for the resort and people are excited to be the first to experience it. We are, after all, Singapore’s first integrated resort,’ said Mr Goh.

Analysts, however, remain sceptical.

CIMB-GK economist Song Seng Wun said that being the first IR to open gives RWS bragging rights, but little else. ‘You may have a few people who want a preview of what is on offer. But it is more important that everything else opens soon,’ he said.

RWS has said from the time it won the right to open an IR here in 2006 that its targeted opening date was early this year.

At the preview for RWS staff yesterday, the chairman of the Genting Group and Resorts World Sentosa Lim Kok Thay reiterated this. He said: ‘We have been single-minded about this – no distractions or excuses – and today, we are happy to say we marked the first milestone towards delivering on that promise.’

Singapore’s other IR, Marina Bay Sands, is slated to open in mid-April, after several delays. Parent company Las Vegas Sands (LVS) said in 2006 that it would open by the end of 2009. But in July last year, the date was pushed back to end-March this year.

Just last month, LVS chairman Sheldon Adelson further delayed the opening till mid-April, saying that it was not going to open ‘until the time is right’.

Source: Straits Times, 6 Jan 2010

HOME buyers can look forward to plenty of new flats in the year ahead, as the Housing Board (HDB) aggressively ramps up the number of flats to tackle supply concerns.

It launched 1,291 new flats in Choa Chu Kang and Hougang yesterday, with another 1,500 new flats to be put up for sale in Punggol and Woodlands next month.

It is also putting up for sale two new executive condominium sites next Friday, which will cater to middle-income families with private housing aspirations who earn up to $10,000 a month. These sites are in Buangkok Drive and Yishun Ave 11.

In total, the HDB will offer 12,000 new build-to-order (BTO) flats this year if there is sustained demand, it said in a statement yesterday.

This flurry of activity comes amid mounting concerns over the supply of HDB flats. Some analysts say supply is not keeping up with high levels of demand.

Flash estimates released on Monday showed resale flat prices continuing their upward march, rising 3.8 per cent in the fourth quarter last year over the previous quarter to hit a new high.

Real estate agency PropNex’s chief executive Mohamed Ismail said the upcoming BTO projects will not have a big impact on current resale flat prices, owing to the waiting period of three to four years for the new flats.

‘For those who cannot wait, they will still have to turn to the resale market,’ he said. But he noted that the HDB has been launching new flats almost every month since the middle of last year to meet demand.

Yesterday’s new projects – Limbang Green in Choa Chu Kang and Buangkok Vale in Hougang – offer 1,291 standard flats for sale.

Limbang Green in Choa Chu Kang Drive is served by Yew Tee MRT station and has 276 studio apartments, 128 three-room flats and 188 four-roomers. Prices range from $64,000 for a studio unit to $278,000 for a four-roomer.

Buangkok Vale, which is bounded by Buangkok Green and Yio Chu Kang Road, offers 128 two-roomers, 113 three-room flats and 458 four-room homes. Prices start at $88,000 for a two-roomer and go up to $288,000 for a four-room flat.

Mr Ismail expects the flats to be popular and estimates five applications for every flat on offer. Both projects are located in mature estates, and the three- and four-room flats are about 30 per cent and 20 per cent cheaper respectively than similar flats in their areas, he said.

First-timers will get priority for 95 per cent of the flats, and those eligible can apply for a housing grant of up to $40,000. Applications for the new flats are now open and close on Jan 18.

Source, Straits Times, 6th January 2010