A PRIME multi-purpose site in the Central Business District has been put up for tender.

The 1.5ha plot at the corner of Peck Seah and Choon Guan streets and next to Tanjong Pagar MRT station was launched yesterday as a confirmed list site.

The development will have a gross floor area of 157,744 sq m with at least 60 per cent earmarked for offices and a minimum of 10 per cent for hotel-related use.

The remaining area can be used for commercial, hotel or residential purposes, said the Urban Redevelopment Authority (URA) yesterday.

The 99-year leasehold site could yield an estimated 490 apartments, 315 hotel rooms and 102,380 sq m of commercial space.

It could reach 280m above sea level, commanding panoramic views of the city skyline across the CBD to Marina Bay and Chinatown, the URA said.

An underground pedestrian network will link the site to Capital Tower and 8 Shenton Way.

Executive director Li Hiaw Ho of CBRE Research said the development will tower over others in the vicinity and change the landscape of the Tanjong Pagar micro-market, hastening the area’s pace of rejuvenation.

Mr Li said that with inner-city living growing in popularity over recent years, the successful tenderer would be tempted to utilise the remaining 30 per cent of floor space for flats.

Caveats lodged in the past six months from new launches at Altez and 76 Shenton ranged from $1,900 to $2,300 per sq ft (psf) while the completed Icon project has had recent resale transactions from $1,600 to $1,700 psf, CBRE Research said.

Knight Frank consultancy and research manager Ong Kah Seng expects ‘keen interest’ and about five bids for the prime site.

He also highlighted the attractiveness of the Tanjong Pagar area, where ‘prime commercial area is complemented by a variety of lifestyle amenities and entertainment hangouts’.

Mr Ong added that with the office market in early recovery, this presents the best opportunity to develop or invest, as rents and prices are still attractive and economic fundamentals are in sight.

‘Developers also have better access to financing compared to during an economic downturn,’ he added.

The site, which can take up to seven years to be fully developed, might also appeal to developers who prefer a cautious stance as they would be able to adjust development plans according to prevailing market conditions, Mr Ong added.

The tender, which is part of the Government’s land sales programme, closes on Nov 16.

Source: Straits Times, 31 Jul 2010

THE landscape around Tanjong Pagar MRT Station is set to be transformed over the next few years when a new development is built, rising to about 60 storeys.

The project, opposite International Plaza, will be built on a ‘white’ site launched by the Urban Redevelopment Authority (URA) yesterday and which is expected to fetch over $1 billion.

The 99-year leasehold site can generate nearly 1.7 million square feet maximum gross floor area (GFA), of which at least 60 per cent must be for offices and another 10 per cent for hotel use. Most market watchers expect the successful developer to put the balance 30 per cent GFA to residential use, cashing in on strong demand for inner-city apartments. Sales of apartments will help part-finance the development, say property consultants.

The apartments are expected to be built on the 1.5 hectare site’s front portion (facing Wallich Street and Maxwell Chambers), which can have a maximum height of 280 metres above mean sea level (AMSL). This is currently the maximum height control allowed in Singapore and will optimise views of the apartments.

Caveats of new residential launches in the vicinity such as Altez and 76 Shenton range from $1,900 to $2,300 psf, from sales in the past six months, says CB Richard Ellis executive director Li Hiaw Ho.

Cushman & Wakefield Singapore managing director Donald Han estimates the residential component can generate between 400 and 540 apartments, assuming an average unit size of 1,200 sq ft and 900 sq ft respectively.

The project is expected to generate about 846,000 sq ft net lettable area of offices – based on the minimum 60 per cent office component stipulated, says CBRE.

As at the second quarter of this year, the average monthly rental of premium-grade office space in the Tanjong Pagar area was about $6.80 psf, compared with $8.37 psf in the Marina Bay area. During the office market peak in Q2/Q3 2008, the figures were $12.50 psf and $19 psf respectively.

‘Office rents have bottomed and the overall pipeline supply will taper off after 2012. Hence the development will benefit from an upswing in office rents, barring any slowdown or decline in the major economies,’ says Chua Chor Hoon, head of Southeast Asia research at DTZ.

Cushman’s Mr Han also observed that on the back of strong take-up for new office projects, confidence and appetite for commercial-dominated developments in the financial district is slowly building up among developers.

He estimates that the project’s minimum hotel component – 10 per cent of GFA – would be enough for a 315 to 320-room hotel.

DTZ’s Ms Chua expects the site to draw only a handful of bidders, mainly bigger developers experienced with office projects. Mr Han predicts 4-6 bids, most of them in the $650-$720 per square foot per plot ratio (psf ppr) range. This range of unit land price works out to absolute land bids of about $1.1 billion-$1.2 billion.

Some analysts reckon bids could be pushed even higher, to around $800 psf ppr or $1.4 billion.

‘Strong interest is expected from the ‘usual suspects’ of listed developers and foreign funds either individually or on a joint- venture basis. As this is a big-ticket site, we expect participation by foreign developers like Hongkong Land and Cheung Kong,’ says Mr Han.

While a chunk of the site has a maximum building height of 280 metres AMSL, the rear portion (facing Peck Seah Street) can be built up to 200 metres AMSL. Part of the site (mostly above the MRT station box) has a maximum six-storey height.

Analysts say the project will contribute to the rejuvenation of the Tanjong Pagar area and inject new office space in the old CBD – helping to offset some of the loss of stock from the conversion of ageing office blocks into apartments.

The Tanjong Pagar site is being offered under the Government’s Confirmed List for the second half of 2010. Its tender will close on Nov 16. ‘Selection of the successful tenderer will be based on the tendered land price only,’ URA said.

Source: Business Times, 31 Jul 2010

Consumers turn cautious but business spending shows some encouraging signs

(Washington) THE United States’ economic recovery lost momentum in the spring as growth slowed to a 2.4 per cent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment.

Consumers spent less, companies slowed their restocking of shelves and the nation’s trade deficit dragged more on the economy in the April-to-June quarter.

In a separate report, the Commerce Department said the recession was deeper than previously estimated.

The Commerce Department’s report released yesterday also showed that the economy grew at a 3.7 per cent pace in the first three months of this year. That was much better than the 2.7 per cent pace estimated just a month ago.

Still, the recovery has been losing power for two straight quarters. That raises concerns about whether it will fizzle out. Or worse, tip back into a ‘double-dip’ recession.

Consumer spending, usually the lifeblood of economic activity, slowed in the second quarter. Such spending rose at an anaemic 1.6 per cent pace. That was down from a 1.9 per cent pace in the first quarter and was the weakest showing since the end of last year.

Instead, Americans saved more. They saved 6.2 per cent of their disposable income in the second quarter, the highest share in a year.

The 2.4 per cent growth rate logged in the April-to-June quarter was slightly less than the 2.5 per cent pace economists were forecasting.

It was also the weakest since a 1.6 per cent pace in the third quarter of last year, when a record streak of four straight losing quarters came to an end.

‘The economy is growing but not enough to make most Americans happy. At this weak pace, it will take more time than many hoped for people to really feel the benefits of this upturn,’ said Joel Naroff, president of Naroff Economic Advisors.

In the revisions issued yesterday, the government estimated that the economy shrank 2.6 per cent last year – the steepest drop since 1946.

However, there were some encouraging signs in terms of business spending. Spending by businesses on equipment and software increased at a blistering 21.9 per cent pace in the second quarter, the most in nearly 13 years.

Builders boosted spending on commercial projects, such as office buildings and plants, at a 5.2 per cent pace. It marked the first increase after seven straight quarters of cuts.

Overall economic growth was bolstered in the second quarter by strong spending by the federal government. It boosted spending at a 9.2 per cent pace, the most in a year. And, state and local governments, coping with budget shortfalls, increased their spending for the first time in a year. — AP

Source: Business Times, 31 Jul 2010

Plans to add more than 5,000 parking spaces to ease residents’ woes

MORE than 5,000 new parking spaces, costing $66 million, will be added in public housing estates in the next three years by the Housing Board (HDB).

The announcement was made yesterday by the HDB, following queries from The Straits Times.

The HDB estimates that about 10 per cent of its carparks do not have enough spaces for residents nearby.

What’s causing the carpark crunch?

The HDB cited the increase in car ownership, including households with more than one car, in recent years as the chief reason.

Members of Parliament (MPs) whom The Straits Times spoke to also attributed it to the rising number of HDB households owning more than one car.

According to HDB figures, the number of such households has surged from 22,700 in 2006 to 36,370 now – a jump of 60 per cent.

HDB households owning more than one car make up about 12 per cent of the pool of car-owning households, up from 9 per cent in 2006.

MPs and residents have been complaining about the tight squeeze in HDB carparks for more than a year, as the car population has surged faster than the supply of parking spaces.

There are currently 1,810 HDB carparks, with a total of 551,430 parking spaces.

Mr Yeo Guat Kwang, MP for Aljunied GRC, noted wryly: ‘Last year was the economic downturn, but the car population grew instead.’

The increase is in tandem with a rise in the overall car population in Singapore.

According to Land Transport Authority (LTA) figures for June, there are now 577,163 cars on the roads, about 100,000 more than in 2006.

This figure does not include rental cars, taxis and goods vehicles.

The HDB said the extra parking spaces will be created by increasing the capacity of existing carparks as well as by building new multi-storey carparks to replace existing surface ones.

The MP for Paya Lebar ward in Aljunied GRC, Madam Cynthia Phua, said: ‘It’s a relief that HDB is looking into this matter. But HDB needs to look at the long term as 5,000 new lots may be taken up very quickly.’

The new multi-storey carparks being built must be structures that can have even more storeys added in future, she said.

Madam Phua has on average 20 to 30 people a month complaining to her about the lack of parking spaces.

Over in Hougang Avenue 4, MP Mr Yeo plans to have 80 spaces added to an existing carpark. Parking spaces are hard to come by there because the carpark is near a busy neighbourhood centre.

Tampines resident Murugian Vadiveloo, 61, is looking forward to the new parking spaces. The HDB is building a multi-storey carpark one block away from his home in Block 939. The carpark will have space for 260 vehicles.

The Singapore Airlines cabin crew operations supervisor now spends half an hour circling around the carpark in his

area before finding a parking space if he returns home after 9pm.

Often, he has to park at another carpark 300m away.

Mr Vadiveloo, who has been living in Tampines for 25 years, said: ‘The shortage worsened in the past year. Many people were parking illegally along the road.’

Mr Chew Kay Ping, who lives in Hougang Avenue 1, is cheered by the news too as he now has to while away time at a coffee shop – with his car parked illegally along the road – as he waits for an empty parking space.

Said the 58-year-old part-time contractor: ‘I really look forward to HDB’s addition of new lots. Then I don’t have to waste so much time any more – and risk getting traffic summons.’

Source: Straits Times, 31 Jul 2010

Pace of creation slows to 26,500 jobs but Manpower Minister remains upbeat

THE Singapore economy continues to enjoy strong employment growth, adding 26,500 jobs in the second quarter.

The fuel for growth came overwhelmingly from the service sector, thanks to the two integrated resorts, new hotels and heartland shopping malls.

Although the pace of job creation has slowed from the first quarter, when 36,500 jobs were added, Manpower Minister Gan Kim Yong is upbeat about the outlook for the rest of the year.

‘Looking ahead, unemployment appears to have broadly stabilised and the labour market outlook for 2010 is optimistic, with robust employment growth expected,’ he wrote in a posting on his ministry’s newly set up blog.

The overall, seasonally adjusted unemployment rate was 2.3 per cent last month, up slightly from that in March but significantly lower than the rate of 3.2 per cent a year ago.

The resident unemployment rate – among Singaporeans and permanent residents – was 3.3 per cent last month, with an estimated 87,800 residents without jobs.

Redundancies also fell across the manufacturing, construction and service sectors, from a total of 2,400 in the first quarter to 1,900 in the second quarter.

Mr Gan described the fall as ‘reassuring’.

The slowdown in job creation in the second quarter as compared with the first quarter could be due more to ‘tight supply, rather than soft demand’, Citigroup economist Kit Wei Zheng said.

Hiring difficulties could stem from more picky job seekers and a slower inflow of foreign workers, as compared with previous years, he added.

In terms of job growth, the service sector created 27,400 jobs in the second quarter. Construction added some 1,800 jobs, while manufacturing actually lost 2,400 jobs.

Economists believe job losses in manufacturing should not be a big source of concern, given the recent strong output growth. The losses were more likely due to the ongoing restructuring of the economy, said National University of Singapore economist Shandre Thangavelu.

‘It will be very interesting to see third-quarter figures, whether employers will adjust slowly or immediately to the end of Jobs Credit,’ he added.

He was referring to the $4.5 billion government scheme to subsidise local worker payrolls and encourage employers not to lay off workers during the recession. The scheme ended last month.

Looking ahead, the war for talent is likely to heat up as employee turnover is increasing, said Ms Yvonne Cox, South-east Asia managing director of human resource consultancy Towers Watson.

‘The service sector, in particular the hospitality and retail industries, is experiencing spikes in employee turnovers as the integrated resorts have ramped up in the last six months,’ she said.

Service-sector firms are upbeat about business conditions in the second half of this year, according to a Department of Statistics survey on third-quarter business expectations released yesterday.

Among those hoping to grow their business is coffee-shop chain Ya Kun Kaya Toast, which plans to open five outlets in November. The tight labour market, however, presents problems.

Its operations manager Jimmy Ng said it faces difficulties hiring young Singaporeans and a cap on hiring foreigners.’It’s a good time to expand the business now but, without staff, we cannot open new outlets,’ he said.

Mr Gan addressed the issue in his ministry’s blog.

As productivity gains will take some time to materialise, employers ‘may need to bring in additional foreign workers this year, despite the higher levy which took effect this month’, he wrote.

But he also called on employers to step up efforts to raise productivity to meet the pace of growth, innovate and ‘reduce their dependence on foreign manpower’.

Source: Straits Times, 31 Jul 2010

THREE HUDC estates comprising 797 flats in Hougang and Potong Pasir have been given the green light to privatise.

Two of the estates are in Hougang North – blocks 344 to 350 in Hougang Avenue 7 and blocks 713 to 720 in Hougang Avenue 2. The other covers blocks 110 to 112 in Potong Pasir Avenue 1.

The homes are all in opposition wards represented either by Hougang MP Low Thia Khiang of the Workers’ Party or Potong Pasir MP Chiam See Tong of the Singapore People’s Party.

Privatisation means HUDC residents become owners of their units as well as the common property, and so have better control over the running of their estate. They will also no longer be subject to HDB’s housing policies such as having to seek approval to sublet their flats.

This is the seventh batch of HUDC estate privatisations and will allow home owners to enjoy price gains, experts say.

PropNex chief executive Mohamed Ismail said prices of homes in the HUDC estates might go up an estimated 20 per cent once the privatisation process is complete.

‘Residents will have control of their estate and can improve facilities such as introducing a security system… There’s also an enhanced lifestyle and image,’ he said.

The Ministry of National Development (MND) said the estates were selected as residents had registered an interest in going private.

The privatisation costs that lessees might incur – there are legal and survey fees, for example – will be capped at $30,000 per flat for three years from Aug 2. The Government will absorb the difference if costs exceed the cap. But residents must acquire 75 per cent support for privatisation within this three-year period.

After that, privatisation costs will be adjusted to account for the prevailing redevelopment potential of the land.

The three estates can now form committees of resident representatives to garner support for the privatisation and liaise with involved parties such as the HDB.

Once the 75 per cent support is obtained, residents can lodge a Strata Titles Application with the Registry of Titles so they can get subsidiary strata certificates of title for their flats.

The process of legal transfer of title from HDB to the flat owners will take about 21/2 years, the MND said. Once the conversion to strata titles has been done, residents will have to form a management council to run and maintain the estate.

A Potong Pasir resident, who did not want to be named, said he was glad his estate was finally chosen for the conversion. ‘I’ve been living here for about 25 years… We see others getting privatised and we ask ourselves when it’ll be our turn. At last we’ve got that chance.’

HUDC flats were built in the 1970s and 1980s as an option for middle-income families, but were phased out in 1987 as demand declined. Privatisation began in 1995 in response to the rising aspirations of Singaporeans to own private housing.

All but the Braddell View HUDC estate have been privatised or identified for privatisation. The MND said as that estate was developed in two phases, the issue of lease harmonisation has to be resolved before the estate can be privatised.

Source: Straits Times, 31 Jul 2010

THE key manufacturing and services sectors are still optimistic about the months ahead but more bosses are bracing themselves for slower growth.

Two surveys out yesterday point to a change in the economic climate, which could bring slower growth and a cut-back on hiring.

An Economic Development Board (EDB) poll showed that a weighted 25 per cent of manufacturers expect business conditions to improve over the next six months, down from 34 per cent in the April survey. And a weighted 7 per cent of companies felt things would get worse in the second half, up from 5 per cent three months ago.

About 376 manufacturers were surveyed between May and June.

Within manufacturing, firms in the electronics sector which have seen a huge uptick in fortunes over the past six months remained the most positive.

A weighted 43 per cent said things will get better, and another 45 per cent expect to increase production for the third quarter, with more export orders coming for Christmas.

‘The firms foresee orders being sustained by demand for consumer electronic products such as wireless handsets and mobile computing devices,’ said the EDB.

But only 7 per cent of manufacturers expect to hire workers over the next six months compared with 10 per cent three months ago.

Hiring is expected mainly in the electronics and precision engineering sectors.

OCBC economist Selena Ling said: ‘We are seeing a more cautious tone. Certain sectors will be looking at a more modest pace of growth.

‘Manufacturing is not going to be the main job creator going ahead, services is going to be, and we are really talking about the financial and tourism sectors in particular.’

A Department of Statistics survey of about 1,400 firms in the services sector found that a weighted 39 per cent of firms expect a more positive outlook, down from 45 per cent three months ago.

More firms also felt that things would stay the same, while slightly fewer firms said things would get worse.

The opening of the two integrated resorts and the upcoming Youth Olympic Games (YOG) and Formula One (F1) race appear to have given the services sector a boost in prospects.

The most positive were those in amusement and recreation – a new industry category that first appeared in the April survey.

A weighted 67 per cent in this segment expect a brighter second half, up from 34 per cent three months ago, while 51 per cent of hotels and caterers also expect things to get better, up from 48 per cent in April.

A weighted 40 per cent of companies in the information and communications sector also believe things will improve, compared with just 11 per cent in April.

Hoteliers also expect a rise in occupancy and the hiring of more people for the next three months for the F1 and YOG.

In April, 70 per cent of banks, fund managers and insurers felt things would get better but this has fallen to 41 per cent, with 4 per cent expecting worse conditions. Three months ago, no one expressed such pessimism.

But firms in the financial sector are the most bullish about hiring, with 46 per cent expecting to increase employment, a reflection that fund flows are still coming into Asia and Singapore, said Ms Ling.

Source: Straits Times, 31 Jul 2010

But prelim figures for June, upcoming projects paint brighter picture

(SINGAPORE) The value of construction contracts awarded in the first five months of the year was less than hoped for, keeping the building industry on edge.

Nevertheless, authorities are keeping their full year construction demand forecast intact as preliminary June figures and upcoming projects paint a brighter picture of the industry.

According to figures released by the Building and Construction Authority (BCA) to the public, construction demand from January to May was $8.17 billion. Some 59 per cent or $4.84 billion of this came from the private sector, and the remaining 41 per cent or $3.33 billion was from the public sector.

The demand up to May – compared with BCA’s full year forecast of $21-27 billion – triggered some unease among industry insiders.

‘It looks as though the target of $21-27 billion may not be reached this year,’ said Rider Levett Bucknall (RLB) managing partner Winston Hauw yesterday. He was giving an update on how the construction sector has fared at a conference organised by the Real Estate Developers’ Association of Singapore (Redas).

He cited other figures from BCA that implied slowing construction demand. The value of contracts awarded in April and May was $2.6 billion, which is around 18 per cent less than the $3.1 billion in the same period last year.

Davis Langdon & Seah director Seah Choo Meng shared similar concerns with BT. ‘Contractors feel that there is still not enough work in the market,’ he said.

Construction demand has come off sharply from the record $35.7 billion in the boom year of 2008. The subsequent economic slowdown forced many private sector projects off the pipeline, and the construction sector was left with excess capacity after completing large jobs.

The arrival of more foreign contractors looking for work as construction demand dries up in markets such as Dubai has exacerbated the situation. ‘Competition is high at the moment,’ said Lum Chang Building Contractors executive director Tan Wey Pin.

While the current situation does not look too promising, Mr Hauw, Mr Seah and Mr Tan hesitated to write off the year’s performance. Construction demand might still meet BCA’s full- year forecast if the public sector awards more contracts later this year, they said. One of the most awaited projects is Stage 3 of the MRT Downtown Line.

Still, there is hope. In response to queries from BT yesterday, BCA shared preliminary figures on the value of construction contracts awarded from January to June – about $11 billion.

Going by the agency’s mid-year review, another $10 billion to $16 billion worth of contracts are likely to be awarded in the second half.

These projects include the widening of Keppel Viaduct and the conversion of the former Supreme Court and City Hall to the National Art Gallery. Contractors will also be needed for the International Cruise Terminal, Lanxess Butyl’s synthetic rubber plant, and various condominium developments.

‘This will bring the total construction demand for this year to $21-27 billion, similar to the original projection released by BCA in January,’ said a BCA spokesperson.

At yesterday’s seminar, Redas launched a new Real Estate Sentiment Index, which it developed jointly with the National University of Singapore’s real estate department.

‘Redas will work even more closely with higher institutes of learning, professional bodies and government agencies to embark on new initiatives in research and executive programmes,’ said Redas president Simon Cheong.

Source: Business Times, 30 Jul 2010

(SINGAPORE) The Republic’s wealthiest are enjoying better fortunes this year, in tandem with the local economy’s improving performance, according to data collected by Forbes Asia.

The publication, which tracks the wealth of Singapore’s 40 richest people, said their total net worth this year is US$45.7 billion (S$62.4 billion) – up 17 per cent from last year’s US$39 billion.

Of the lot, 26 tycoons saw their wealth increase this year, while seven suffered declines.

The family of the late Ng Teng Fong – who died in February – topped the list with a combined net worth of US$7.8 billion.

Still, they were among the few whose wealth declined – from US$8 billion the year before, as the value of their shareholding in Hong Kong developer Tsim Sha Tsui Properties fell 18 per cent over the past year, on fears of a slowdown in China. Forbes Asia said the biggest chunk of the family’s wealth continues to come from its privately held Singapore property development company Far East Organization.

Meanwhile, the family of the late Khoo Teck Puat (who died in 2004) is second, with a total net worth of US$5.9 billion, up from US$5.5 billion in 2009. The family – the 14 children who inherited the fortune – sold its stake in Standard Chartered Bank to Temasek for US$4 billion in 2004. Its main asset is the Goodwood Group of hotels and a minor stake in the Ng family’s Orchard Parade Holdings.

United Overseas Bank chairman Wee Cho Yaw moves up to third from fifth place last year, adding US$500 million to his wealth. Wilmar International’s chairman Kuok Khoon Hong holds steady in fourth place with a net worth of US$3.5 billion. He’s expected to add more to his fortunes, however, with the recently inked US$1.5 billion deal to buy Sucrogen (the largest raw sugar producer in Australia and maker of fuel ethanol) expected to be completed by September.

There were also some notable entrants to the list this year. Making a debut, at No 5, is New Zealand- born social entrepreneur Richard Chandler, who became a Singapore resident in 2008. The 52-year-old heads RF Chandler (a fund which invests in emerging markets) and has also set aside US$100 million for educational causes in the developing world.

The other newcomers to the top-40 list this year are Otto Marine’s Yaw Chee Siew, who comes in at No 22, with a total net worth of US$385 million, and ARA Asset Management’s John Lim at No 38, with US$202 million.

And returning to the list, after a two-year absence, is Osim International’s Ron Sim. He re-enters at No 28, with a net worth of US$301 million, after having written off his investment in loss-making Brookstone in 2008.

Hotelier Ong Beng Seng and his wife Christina Ong are also first-time billionaires – with a combined wealth of US$1 billion, up from US$700 million last year, thanks to the better performance of their hotel and retailing empire. Between them, they control Hotel Properties, UK fashion house Mulberry, the Club 21 retail chain and the Como Group.

Meanwhile, among those suffering a decline in fortunes is Yanlord Land Group’s Zhong Sheng Jian, who made his fortune from China’s property boom over the last two decades, and was named ‘Businessman of the Year’ at BT’s Singapore Business Awards 2010. His net worth fell 10 per cent from the year before, to US$1.8 billion this year, as Yanlord’s stock price fell due to worries about the Chinese government’s efforts to curb real estate prices.

The full list of Singapore’s richest can be found in the August issue of Forbes Asia.

The magazine said it compiled the list by calculating the individuals’ public net worth using share prices and exchange rates as at July 14. For privately held wealth, it estimated what they would be worth if they were public.

The publication also said that this ranking, unlike the Forbes billionaire list, includes numerous family assets shared by individuals and their children, grandchildren and siblings. Where family assets are held by extended families, such as the Kwek cousins (that is, Kwek Leng Beng, Kwek Leng Kee and Kwek Leng Peck), Forbes Asia split them into separate entries.

Source: Business Times, 30 Jul 2010

This year’s launches now top offers for whole of last year

THE Housing & Development Board (HDB) is launching two new Build-To-Order (BTO) projects with 1,016 units at Bukit Panjang and Jurong West.

This brings the number of new flats it has introduced under the scheme so far this year to 9,844 – exceeding the 9,000 for the whole of last year.

Senja Gateway, located at the junction of Kranji Expressway and Woodlands Road, will have 741 standard flats. They consist of 254 studio apartments, 313 four-roomers and 174 five-roomers.

The site is near the LRT station at Ten Mile Junction, and is surrounded by schools such as Pioneer Junior College.

A five-room flat at the estate will go for $308,000 to $398,000. According to HDB, comparable resale flats in the area cost $378,000 to $450,800.

The second project, Corporation Tiara, is at the junction of Corporation Road and Yung Kuang Road. Up for sale are 275 premium flats, comprising 171 four-roomers and 104 five-roomers.

The project will include another 190 studio apartments but HDB will put these up for sale later.

Corporation Tiara is some distance from the Lakeside and Boon Lay MRT stations. But it is near green lungs – Chinese Garden and Japanese Garden.

A five-room flat at the estate will cost $304,000 to $389,000. Prices of comparable resale flats in the vicinity range from $384,000 to $420,000.

HDB has ramped up the supply of new flats this year as prices of resale flats continue to climb – they rose 4.1 per cent in Q2 from Q1. Buyers also had to pay larger cash premiums.

The agency will be rolling out another 1,400 new flats in Yishun next month, and it plans to offer up to 16,000 BTO flats for the whole year.

HDB pointed out that the annual take-up of HDB flats ranged from 7,000 to 16,100 in the last 10 years. ‘There were balance flats almost every year,’ it added.

Source: Business Times, 30 Jul 2010