Speaking at the official opening of the waterfront promenade at Marina Bay on Sunday, Prime Minister Lee Hsien Loong said Marina Bay will boost Singapore’s position as a financial hub for Asia.

Mr Lee said the new Marina Bay will define Singapore in the same way the Bund defines Shanghai.

He said: “The private sector has shown its confidence in Marina Bay. Already, it has attracted $20 billion of private sector investments in real estate. And we’ve got firms, local and international ones from around the world – America, Australia, Europe, the Middle East – they’ve come, they’re optimistic and bullish about the development. In fact, they would like us to develop it further.”

Marina Bay is not just for businesses.

With the completion of the 3.5km waterfront promenade, which follows the opening of the Helix Bridge and Marina Bay Sands integrated resort earlier this year, visitors can now walk around the whole Marina Bay and take in the magnificent views.

Prime Minister Lee said: “I came here one evening a few weeks ago, walked along the helical bridge, walked most of the way around the Bay, and it was full of people – families, children, courting couples, tourists – taking in the sights, enjoying the atmosphere.”

With the upcoming Youth Olympic Games and Gardens by the Bay to open soon, Mr Lee said the area promises to be a vibrant destination for all Singaporeans and tourists.

He said the development of Marina Bay mirrors the government’s efforts to build best homes for Singaporeans.

And this is possible, as long as the economy prospers and people work together.

Mr Lee also launched the Marina Bay City Gallery.

URA’s group director (Urban Planning and Design), Fun Siew Leng, said: “The Marina Bay City Gallery shows the transformation story of Marina Bay – how it’s been developed over the last 30 years, from planning to implementation to what you see on site today. It tells the fascinating story of all the different events that happen in this area since the 1800s up to now.”

The gallery’s centrepiece is a model of the entire Marina Bay area.

Visitors can make the Singapore Flyer and Marina Bay Sands integrated resort light up, by just touching the interactive panels.

Admission to the gallery is free.

To celebrate the opening of the waterfront promenade, the Urban Redevelopment Authority (URA) has organised a two-day carnival, which started on Saturday.

It expects about 80,000 people to gather at Marina Bay area to enjoy the performances and activities.

Earlier Sunday, Prime Minister Lee flagged off some 20,000 participants for The New Paper Big Walk@Marina Bay at the Singapore Flyer. He then took a walk to the Youth Olympic Park, The Helix and the Mist Walk at the Marina Bay waterfront promenade.

Source: Channel News Asia, 18 Jul 2010

Ms Grace Fu, Senior Minister of State for National Development, said yesterday: ‘We have planned for the development of Marina Bay and rejuvenation of the Central Business District to provide businesses with a diverse choice of top quality Grade A offices in state-of-the-art buildings.

‘This will help our aspiration to build Singapore into a leading financial and business centre in Asia that can serve as the ideal location for global headquarters functions of multinational corporations operating in Asia.’

Ms Fu was speaking at the topping-out ceremony for Ocean Financial Centre in Raffles Place Park.

The project is being developed by Keppel Land and will add about 850,000 sq ft of Grade A office space.

Grade A is a term generally used to describe offices found in prime, well-maintained buildings that have large, column-free floor plates and high ceilings.

Keppel Corp chief executive Choo Chiau Beng, who also chairs Keppel Land, announced that Australian bank ANZ plans to lease 209,000 sq ft while BNP Paribas Singapore has earmarked 58,000 sq ft.

Other future tenants include law firms Drew & Napier, which is now at Ocean Towers, and Stamford Law, currently at Republic Plaza.

Ocean Financial Centre is the fourth Ocean building development at the former Ocean Building site.

The first was built in 1864, with redevelopments taking place in 1923 and 1974.

The latest Ocean building is also the first high-rise office development in Singapore to achieve the Platinum Green Mark Award, with the platinum level the best category in the Green Mark Award given out by the Building and Construction Authority.

It will boast features such as solar panels, an energy-efficient hybrid chilled water system and paper recycling in all offices.

Keppel Land, a unit of Keppel Corp, said in a statement that the green features will achieve energy savings of 35 per cent and save 42 million litres of water and more than 10,000 trees a year.

The centre is 63 per cent pre-committed and is expected to be completed in the second quarter of next year.

Meanwhile, Overseas Union Enterprise (OUE) announced that 88,000 sq ft of space has been pre-committed at 50 Collyer Quay, which is being developed on the site of the former Overseas Union House by OUE unit Clifford Development.

The space is about 22 per cent of the project’s net lettable area of 412,000 sq ft.

Source: Straits Times, 8 Jul 2010

KWONG Wai Shiu Hospital will not be left in the lurch, even though the authorities are undecided about plans for the land it sits on when the lease expires in 2015.

The medical facility is Singapore’s longest-serving charity hospital, and its officials hope they can stay put at its premises in Serangoon Road.

Yesterday, it celebrated its centennial year with free health screenings for the public and a food and games carnival, among other events.

A 92-year-old donor even presented $100,000 to the hospital yesterday to mark the occasion.

Deputy Prime Minister Wong Kan Seng said on the sidelines of the celebrations that the Government has no plans to use the land for the next five years.

‘But after five years, the Ministry of National Development may have different plans. So it is only then that we can decide the hospital’s future,’ said DPM Wong in Mandarin.

But Mr Wong, who is also the Minister for Home Affairs, said the Government will look out for the hospital, if it cannot remain at its current address in the future.

‘Even if the hospital cannot remain here, the Government recognises and supports all community hospitals. So if one day, it cannot be here, the Government will continue to help it find a new place and give it other forms of assistance,’ he added.

Mr Wong, who has been the hospital’s patron for the past four years, noted that it has done a lot of good work for the community in the past 100 years.

It was founded in 1910 by a group of Cantonese merchants who wanted to provide free medical care for Cantonese immigrants from China.

A 2.5ha plot of land, with three colonial buildings, was parcelled off from Tan Tock Seng Hospital and given to Kwong Wai Shiu for 99 years.

The merchants also struck a deal with the British colonial authorities in the 99-year lease for the hospital to pay just $1 every year in rent.

That lease expired in February this year and the land was handed over to the Singapore Government, which extended it to 2015.

The hospital’s annual rental bill is now $1.7million.

Its annual overall operating cost of about $12million has so far been met mainly through public donations and patient fees.

This amount is projected to hit $16million this year, said chief operating officer Ling Bee Sian.

In September last year, the Ministry of Health agreed to increase its subsidy to Kwong Wai Shiu.

Madam Ling said that discussions on the subsidy – such as the amount and coverage – are still being finalised.

Currently, Kwong Wai Shiu runs a 50-bed community hospital and 350-bed nursing home.

It also has a rehabilitation and traditional Chinese medicine centre, as well as an outpatient clinic.

Over the years the hospital has adapted itself to meet the needs of the community, and it plans to stay relevant by adding another 200 beds to its community hospital and another 50 beds to its nursing home, said Mr Patrick Lee, vice-chairman of the hospital’s management committee.

He added that there are plans to start a home-care service, including training for caregivers to take care of their loved ones better.

Source: Straits Times, 5 Jul 2010

National Development Minister Mah Bow Tan mooted the idea of a Learning Network for Cities at the World Cities Summit (WCS) yesterday.

As the WCS happens once every two years, the network will allow government officials and industry professionals to share best practices on green technology, infrastructure financing and other sustainable development issues in between, he said.

The learning network will be discussed at the WCS Mayors’ Forum today and more details will be shared later.

Mr Mah gave this update in his speech at the WCS opening plenary session. The event gathered high-ranking individuals from the private and public sectors to share what they thought were challenges and solutions in sustainable urbanisation.

Good urban planning was not something policymakers can ignore. According to Mr Mah, about 200,000 more people move into cities and towns every day. By 2050, 70 per cent of the global population will be living in cities, exceeding the 50 per cent today.

Strong governance, citizen engagement, a balance between development and the environment, and international collaborations are some of the key ingredients for sustainable development, he said.

Asia-Pacific will have major challenges to overcome in the urbanisation process, warned United Nations under-secretary-general and executive secretary of the Economic and Social Commission for Asia and the Pacific, Noeleen Heyzer.

The large movement of people to cities, environmentally unfriendly development, poverty and climate change are threatening the urban landscape, she said. Various cities are aware of the problems and are working to resolve them. One of these is the fast growing region of Chongqing in China. Chongqing mayor Huang Qifan said that the city is planning to plant 14 square kilometres of trees, and build 40 million sq m of public rental housing to cope with rapid urbanisation.

In the Netherlands, the government launched a Delta Programme and set up a Delta fund to protect the country against flooding. Some 59 per cent of the country is flood-prone, said the programme’s government commissioner Wim Kuijken.

Commenting on the WCS after the opening plenary session, Mr Mah said that there is much for Singapore to learn. ‘There are many challenges we may face in the future’, he said.

Climate change is one of these, he continued. When it comes to managing water levels for instance, Singapore can learn from the Netherlands.

Source: Business Times, 30 Jun 2010

Madam Teresa Lim has always enjoyed taking long strolls by the water at Lower Seletar Reservoir near her Yishun home.

Now, the 63-year-old housewife can venture out over the water, thanks to a new bridge built by national water agency PUB.

The 170m bridge, which extends from the banks of the reservoir, was built at a cost of $10 million, along with other upgrading works at the park. They took two years to complete.

‘The view is great; this is well worth the wait,’ said the long-time Yishun resident.

The new facilities at the reservoir are part of PUB’s Active, Beautiful, Clean Waters (ABC Waters) programme.

This is a long-term initiative to spruce up Singapore’s drains, canals and reservoirs and open up more recreational activities and space for the public.

‘We wanted to let residents go as near to the water as possible,’ said Mr Goh Chong Hoon, deputy director at PUB’s catchment and waterways department.

Prime Minister Lee Hsien Loong will be the guest-of-honour at its opening today. The park is the first in north-eastern Singapore to see its makeover completed and features two main sites.

Family Bay comes with a multi- purpose stage with a water play area for children.

Rowers’ Bay provides a new location for competitive rowing.

More than 20 projects will be carried out islandwide by 2012 under the first phase of the ABC Waters programme.

Pilot projects at Kolam Ayer, Bedok Reservoir and MacRitchie Reservoir have been completed. Construction for 12 projects is ongoing, with 10 to be completed by the end of the year.

MacRitchie Reservoir was given a new multi-storey carpark, an amenities centre and an improved floating pontoon for kayakers last July.

The second phase of its revamp, which will be done by next year, includes perking up its bandstand, internal roads and footpaths.

Both phases cost nearly $10 million.

Lower Seletar Reservoir also has a garden that collects rain water. It is organically treated through specially selected soil and plants to remove impurities and is eventually used for the park’s water features.

PUB launched its ABC Water Design guidelines in June last year to encourage property developers to integrate sustainable water design features like rain gardens in projects.

It is working on an ABC Waters certification programme that will give recognition to public agencies and private developers which do so.

Source: Sunday Times, 27 Jun 2010

Its bid works out to $650 per square foot per plot ratio (psf ppr) – more than twice the minimum price asked for when the tender for the site was launched two months ago.

Lend Lease, which owns the 313@somerset and Parkway Parade shopping malls here, is expected to build a retail mall on most of the site.

The developer edged out CapitaLand’s retail unit CapitaMalls Asia, which made the second-highest offer of $728.8 million or $632 psf ppr. Lend Lease’s bid is just 3 per cent higher.

The other bids came from a consortium made up of Far East Organization, Frasers Centrepoint and Japan’s Sekisui House; another consortium comprising Keppel Land, Guthrie International and Max Platinum; Sim Lian Land; and China’s Qingdao Construction.

Lend Lease’s bid is 79 per cent higher than the lowest bid of $418 million, or $363 psf ppr, from Qingdao Construction.

The 99-year-leasehold site, in Jurong Gateway Road next to Jurong East MRT Station, has been on the government’s reserve list since November 2008. It was launched for tender in April after an unnamed developer committed to bid at least $350 million, or $304 psf ppr.

The site is the first plot put up for sale in the Jurong Lake area since the masterplan for the area was unveiled two years ago.

The fact that there were six bids shows developers are keen on well-located sites, said CBRE Research executive director Li Hiaw Ho. ‘The bids are also a very clear indication of the developers’ confidence in the government’s vision for the Jurong Lake district and the evolution of the area as a commercial hub in the west of Singapore,’ he said.

The plot is classified as a ‘white’ site, which means it can be put to commercial, residential or hotel use. A mandatory 30 per cent of the gross floor area will have to be set aside for office development, but it is likely that a suburban retail mall will be developed with the remaining 70 per cent of space, analysts said. Lend Lease could also choose to build some apartments.

Colliers International’s director for research and advisory Tay Huey Ying said: ‘Based on the bid price, the highest bidder is likely to be looking at a development with a predominant retail component to capitalise on the site’s location next to Jurong East station, and the large residential and working population catchment of Jurong town.’

Using the offer price of $650 psf ppr and assuming an office and retail complex is built on the plot, CBRE estimates a gross development value of $2,200 to $2,400 psf for the retail mall and $1,000 to $1,200 psf for the office component.

Source: Business Times, 25 Jun 2010

PUNGGOL is set to become as big as Toa Payoh.

The remaking of the coastal town is on track, and the crown jewel of the estate, the first waterfront public housing development in the country, will be launched for sale next week.

Giving an update on the makeover yesterday at a Housing Board exhibition, Senior Minister of State for National Development Grace Fu said that by 2015, there could be 35,000 flats in the estate, up from the current 18,000 residential units already built. This is on a par with the number of homes in Toa Payoh, based on HDB’s annual report last year.

Jointly designed by international architectural firm Group8asia and local firm Aedas, the first batch of Punggol waterfront flats will sport solar panels and rooftop gardens, among other green initiatives.

The area will also soon welcome a new town centre, where the first mixed commercial and residential development site will be launched in the second half of this year.

A 4.2km waterway running through the heart of the neighbourhood, that connects Sungei Punggol and Sungei Serangoon, is also estimated for completion by the end of the year.

Adding a little touch of Punggol’s seafaring past, parts of the waterway and promenade will feature sandy coasts.

Other highlights include a sports activities area and horse riding centre that will be up and running by the year end.

Ms Fu said the array of facilities on offer makes the estate part of ‘a premium housing project that targets a niche group of buyers who are prepared to pay more for its signature attributes’.

When asked about the prices of such luxury public housing, an HDB spokesman said that prices will be revealed only during next week’s launch.

But realtor PropNex told The Straits Times that the first batch of waterfront flats would, on average, probably fetch around $350,000 for a four-room flat and $400,000 for a five-room flat.

These figures are based on estimates without information on the range of flat sizes, but taking into consideration the various views corresponding to unit location. According to the designs, about 80 per cent of the flats in the first phase of the project will command waterfront views.

PropNex’s analysis found that these prices are still lower than the median re-sale price tags for Punggol flats, which currently stand at $369,000 for a four-room flat and $430,000 for a five-roomer, according to data from the first quarter of this year.

One home buyer keen to take to Punggol’s waterways is Mr Wu Da Wu, 35, who took a day off work to view yesterday’s exhibition.

‘It looks great, and with the surrounding water, it’s very soothing – I wouldn’t mind paying a little more for a home that is different from anywhere else at this price.’

Speaking of how the Punggol project is changing the face of Singapore’s housing estates, Ms Fu said: ‘They mark an important milestone in HDB’s town planning and the evolution of public housing design.

Source: Straits Times, 23 Jun 2010

PUTRAJAYA: The prime ministers of Singapore and Malaysia will meet again in three months’ time to finalise details of a land swop deal linked to Malayan Railway land in Singapore.

Prime Minister Lee Hsien Loong and his Malaysian counterpart, Datuk Seri Najib Razak, emerged from an hour-long meeting here yesterday to announce that both sides were going to study the matter further before finalising the deal.

Both leaders stressed that they wanted to see the matter through.

‘It is something we want to clear expeditiously. Three months means the end of September, it will be soon after Hari Raya Aidilfitri. I think that is a good moment to have a final settlement of this matter,’ said Mr Lee at the joint press conference.

Mr Najib, in turn, said he was looking forward to going to Singapore for the ‘final resolution’ of the matter.

The land swop is the only outstanding issue left unresolved on the contentious Points of Agreement (POA) signed in 1990.

If both countries can find common ground in the next three months, it would mean closure on one of the oldest bilateral issues dogging Singapore-Malaysia ties.

The first breakthrough in negotiations came at a retreat in Singapore last month when both sides agreed to, among other things, move the existing railway station in Tanjong Pagar to Woodlands by July next year.

The railway land left behind could then be jointly developed by both countries, or it could be returned to Singapore and land of equivalent value elsewhere jointly developed instead.

National Development Minister Mah Bow Tan was in Kuala Lumpur last week presenting details of land parcels that Singapore is offering in the swop. These are in the Marina South and the Rochor/Ophir areas. Various combinations were offered to Malaysia.

Mr Lee said yesterday that Malaysia had certain comments on the land parcels, which Singapore will consider over the next three months.

Underlining the enormity of the swop involved, he said: ‘This is a major decision. Malaysia will think it over further, and Singapore will take back the comments which Malaysia has made and consider them.’

Officials from both sides are likely to be meeting to fine-tune the proposal in the next three months.

Yesterday, both sides declined to elaborate on the elements of the land swop.

POA aside, the two also agreed to lower toll charges at the Second Link by 30 per cent from Aug 1.

The highway, linking Tuas to Johor, is currently underused as toll charges are substantially higher than those at the Causeway.

Both prime ministers spoke affirmatively of their discussion, with Mr Lee calling it a ‘useful exchange’ and Mr Najib saying it was very warm and positive.

Said Mr Najib: ‘I thank PM Lee for being as flexible as possible with the intention that there will be a final resolution of the POA.’

He hosted dinner last night for Mr Lee and the Singapore delegation.

The Singapore team included three ministers: Mr Mah, Foreign Minister George Yeo and Law Minister K. Shanmugam.

Mr Lee returned to Singapore late last night.

Political observers interviewed yesterday were optimistic that despite the delay, a final resolution would be reached.

Former Nominated MP Zulkifli Baharudin said it was an achievement that talks had progressed so far.

‘Most of the principles of the agreement have been carved out. What’s left is probably the basis and the quantum of the valuation (of the land parcels),’ he said.

Mr Manu Bhaskaran, a council member of the Singapore Institute of International Affairs, was similarly hopeful that an agreement could be reached.

He said: ‘There are strong and compelling reasons for both countries to set aside their differences and show the world that we have moved on from the period of ill-tempered differences to one where we can resolve issues in a sensible and mutually beneficial manner.’

Source: Straits Times, 23 Jun 2010

(SINGAPORE) Singapore and Malaysian leaders are expected to follow up on the valuation of Malaysian railway land here and the proposal for a land swap when they meet in Kuala Lumpur today.

The meeting between Singapore Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak comes barely a month after the two leaders met at a ‘Leaders’ Retreat’ in Singapore.

The two leaders had emerged from last month’s talks announcing a breakthrough in the impasse over the Points of Agreement signed in 1990. Big strides were made towards resolving the dispute over land owned by the Malayan Railway in Singapore.

The two prime ministers told reporters that they had agreed to move the existing railway station from Tanjong Pagar to the Woodlands train checkpoint by July 1, 2011. They had also sorted out how the redevelopment of the railway land left behind would be dealt with.

Last month’s meeting further led to an agreement to set up a rapid transit system linking Johor Baru and Singapore by 2018. And the link is to be integrated with public transport system on both sides.

With an agreement on the Tanjong Pagar KTM station finally reached, the focus is now on developing the six parcels of Malayan Railway land. The land – with one parcel each in Tanjong Pagar, Kranji and Woodlands and three in Bukit Timah – is said to worth billions of dollars.

Singapore and Malaysia have already agreed to set up a company called M-S Pte Ltd to jointly develop the land. To be established by December at the latest, MS will be 60 per cent owned by the Malaysian government’s investment holding arm Khazanah Nasional Berhad, with the remaining 40 per cent stake held by Singapore investment company Temasek Holdings.

One of the first step that could be taken, which Mr Lee suggested last month, is to obtain an updated valuation of the KTM land and make an offer to Mr Najib to swap the six land parcels for land of equivalent value in Marina South near the Marina Bay Sands integrated resort and/or the Ophir-Rochor area.

Mr Lee had said that he would make a trip to Kuala Lumpur in June to make such an offer to the Malaysian leader.

Singapore’s Ministry of Foreign Affairs indicated yesterday that Mr Lee would be accompanied during the one-day working trip by Foreign Affairs Minister George Yeo, National Development Minister Mah Bow Tan and Law and Second Home Affairs Minister K Shanmugam.

It said that Mr Lee’s meeting with Mr Najib is ‘to follow up on bilateral issues discussed during the Singapore-Malaysia Leaders Retreat’ in May.

A similar statement issued by Malaysia’s Ministry of Foreign Affairs, while saying there would be a ‘four-eye’ meeting between the two leaders, also added that they ‘are expected to follow up on the valuation of lands and the proposal of the land swap’ discussed last month.

Source: Business Times, 22 Jun 2010

If they succeed in ironing out details of the land swop, both countries will finally break the impasse over the railway land issue that has dogged ties for 20 years.

Today’s meeting between the two leaders was announced by the foreign ministries of the two countries in separate statements yesterday.

The Singapore statement said it was to follow up on the bilateral issues the leaders had discussed in Singapore last month.

During those talks, a breakthrough was achieved when both sides agreed, among other things, to move the existing railway station in Tanjong Pagar to Woodlands by July next year.

After the relocation, the land owned by Malayan Railway in Singapore would be jointly developed.

Six parcels of land are involved – one parcel each in Tanjong Pagar, Kranji and Woodlands, and three in Bukit Timah.

There is an option, however, to swop these parcels of land for land of equivalent value in the Marina South and the Ophir-Rochor areas.

Mr Lee, in explaining last month the need for a separate meeting to iron out the terms of the proposed land swop, had observed that Singapore’s property market has been ‘quite active’ and that both sides should obtain updated valuations.

Based on its new valuation, Singapore will make Malaysia an offer today.

It will be up to Malaysia to decide if it wants to accept the offer, Mr Lee had said last month.

The joint development of the land parcels, including the railway land, will be undertaken by a company to be set up by the end of this year.

To be called M-S Pte Ltd, the company will be 60 per cent owned by Khazanah Nasional Berhad, the investment holding arm of Malaysia, and the remainder 40 per cent will be held by Singapore investment company Temasek Holdings.

Commenting on Mr Lee’s working visit, the Malaysian Foreign Affairs Ministry said in its statement yesterday: ‘The visit will also further strengthen bilateral relations between the two countries.’

It also said Mr Lee will co-chair the ‘four-eyes’ meeting with Mr Najib, and added: ‘Both prime ministers will subsequently hold a joint press conference.’

In the evening, Mr Najib will host Mr Lee and the Singapore delegation to dinner.

Accompanying Mr Lee on his one-day visit are three ministers and officials from various ministries, said the Singapore statement.

The trio are Foreign Affairs Minister George Yeo, National Development Minister Mah Bow Tan and Law Minister and Second Minister for Home Affairs K. Shanmugam.

If an agreement is reached today, a high-level joint team will sort out the implementation details.

From there, a written instrument will be produced to be signed by both countries upon approval of their respective governments.

Source: Straits Times, 22 Jun 2010