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Archive for March 8th, 2008

Mortgage war breaks out as DBS and UOB offer new rates

Posted by luxuryasiahome on March 8, 2008

Banks focusing on specific targets, waging battles without fanfare.

THE mortgage war finally erupted, as Singapore banks responded to a dramatic rate cut by Maybank three weeks ago – with one even offering a zero per cent package.

That attractive deal comes from United Overseas Bank (UOB), which has relaunched a package with a teaser first-year rate at rock-bottom.

DBS Group Holdings has also rolled out new rates on several packages, including a fixed-rate deal that claims to be the lowest of its type here in Singapore.

Unlike the fanfare that marked the rate war in 2003, though, the battle now is focused on specific targets and is being kept under the radar.

Banks are quietly offering promotional rates on a case-by-case basis and tend to target clients with loans of well over $300,000. While the market for new mortgages has softened, banks are still busy.

‘A lot of customers are looking to refinance their loans taken less than a year ago, when interest rates were much higher,’ Mr Bryan Ong of mortgage consultancy bcgroup.com.sg said.

Maybank sparked the war with an aggressive three-year, fixed-rate package at 1.68 per cent for the first year. This promo, which ends on Monday, has sent customers ‘rushing to submit loan applications’, said Maybank consumer banking head Helen Neo.

About 80 per cent of the applications were for buying private properties with an average loan size of about $675,000. Maybank is now ‘reviewing the rates’.

Other banks have not taken the move lying down. Most have tacitly matched – or undercut – Maybank’s rates.

DBS has a new three-year, fixed-rate package with an aggregate rate of 7.64 per cent – lower than Maybank’s 7.74 per cent. It offers a 1 per cent cash rebate in the first year.

UOB has revived its FirstZero Home Loan – a three-year, fixed-rate package available ‘only for a limited period’. The bank launched this in 2003, but it was quietly taken off the market last year amid interest rate volatility.

FirstZero is now back with a zero per cent rate on the first year, 3.6 per cent on the second and 4.5 per cent on the third, making a three-year aggregate rate of 8.1 per cent.

It has hefty penalty charges and a three-year lock-in period.

Standard Chartered Bank (Stanchart) actually moved before Maybank, cutting its three-year, fixed-rate package from 3.58 per cent to 2.98 per cent in January. It also cut its two-year package by 0.55 of a percentage point to 2.88 per cent.

DBS countered this week with a 2.88 per cent average annual rate for a three-year package and a 1 per cent cash rebate on the first year.

This three-week promotion is only for customers with loan quantums of at least $300,000.

OCBC Bank had not joined the fray, with chief executive David Conner saying last month that a mortgage rate war was unlikely.

OCBC said ‘from time to time, it offers loan packages with promotional rates that are highly competitive compared to other players’.

The most popular packages now are those linked to transparent rates, like the Singapore Interbank Offered Rate (Sibor) or swap offered rate (SOR), comprising the Sibor plus a bank’s lending costs.

These are official, regularly published industry rates customers can check to see how their packages are structured.

Riding on this interest, DBS has just cut by half its rate for its 12-month, two-year, Sibor-linked loans to 0.5 per cent for the first year.

Nearly 80 per cent of Stanchart’s new customers in recent months have taken up its package offering SOR plus 0.5 per cent for the first year.

The SOR has dropped from about 3 per cent last year to about 1.5 per cent currently.

Stanchart’s head of consumer banking, Mr Ajay Kanwal, said: ‘With the interest rate environment expected to soften further, customers of SOR-linked packages will benefit even more.’

UNDER THE RADAR

Banks are quietly offering promo rates on a case-by-case basis and tend to target clients with loans of well over $300,000.

MOST IN DEMAND

The most popular packages are those linked to transparent rates, as customers can check to see how they are structured.

Source : Straits Times – 8 Mar 2008

Email lushhome@gmail.com to speak to professional bankers.

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Property developer an early donor to philanthropic cause

Posted by luxuryasiahome on March 8, 2008

Foundation, set up to pool money from the rich, has received pledges of $6m so far.

PROPERTY developer Simon Cheong was having dinner two weeks ago when he received an SMS from a friend asking for $1 million.

The text message said that the money was needed to help start the Community Foundation of Singapore, which was set up to boost philanthropy among the growing number of millionaires in the Republic.

The 50-year-old, one of Singapore’s richest men, had an immediate reply to the SMS, which came from Mr Stanley Tan, chairman of the National Volunteer and Philanthropy Centre (NVPC): Yes.

When contacted by The Straits Times, Mr Cheong, the chairman and chief executive of SC Global, said: ‘I am deeply honoured to be asked to help in this good cause.

‘I feel strongly that since society has made it possible for me to succeed, it’s only right that I give back.’

Mr Cheong – who is said to have a $480US million ($665S million) fortune – is the first of those with deep pockets to pledge $1 million to the Foundation – an initiative announced by the Government on Wednesday.

The Foundation, to be spearheaded by the NVPC, will pool together donations from those who are rich, but not wealthy enough to justify the administrative cost of starting their own foundations.

The new Foundation has already received $6 million in pledges – Mr Cheong’s $1 million and another $5 million from a company that declined to be named.

Another firm is also ’seriously thinking’ about donating $5 million, said the NVPC’s Mr Tan.

The Government will also pump in $10 million to help get the Foundation going and to cover its operational expenses.

The Foundation will hire banks to invest and grow the donations it receives, and donors can decide which charities or causes they want to give to.

Alternatively, donors can let the Foundation decide how best to donate their money.

Mr Tan hopes to find 50 individuals who will give $1 million each and 10 companies that will give $5 million apiece.

The Community Foundation will start disbursing its funds once it gets $50 million in donations, said Mr Tan.

Saying he hopes this will be done by the second half of this year, he added with a laugh: ‘I’m going to make many calls and (send) SMSes.’

Million-dollar SMS to Simon Cheong: $1 million needed to start a new community foundation for charity.

His immediate reply: Yes.

Source : Straits Times – 8 Mar 2008

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New office for volunteer centre – and it’s rent-free

Posted by luxuryasiahome on March 8, 2008

THE National Volunteer and Philanthropy Centre (NVPC), the national body which promotes giving, was recently on the receiving end of a gift – a new home in the heart of town.

Property developer Far East Organization gave it 16,000 sq ft of office space on the fourth floor of The Central, the office and shopping complex on the banks of the Singapore River.

NVPC’s chief executive Mrs Tan Chee Koon told The Straits Times: ‘We feel very blessed to get this gift, especially now when office rents are so expensive. It’s like receiving manna from heaven.’

A space crunch in the city in the past year has sent prime office rents through the roof.

With its new home, the NVPC saves about $20,000 a month, which is what it was paying to rent some 9,000 sq ft within the Ministry of National Development Building in Maxwell Road.

Far East Organization, having already maxed out its quota of space for retail and other purposes in the complex, decided at the planning stage to turn the space over to a community or civic group rather than let it stand empty, said its spokesman.

Far East identified the NVPC as its beneficiary, on the grounds that its activities would add ‘vitality and a sense of community’ to the building.

It also gave the agency $1 million to kit out the space to meet its needs.

Far East did not put a dollar value to its donation. However, it was reported to have sold an entire office floor at the 99-year leasehold development at $3,050 per sq ft last year.

An existing government scheme allows mall owners to build more retail space than they were originally allotted if they donate office space rent-free to civic and community groups.

But Far East’s move falls outside this scheme, because it is not gaining extra retail space by doing this.

This makes its gift truly altruistic, said Mrs Tan.

The NVPC, which moved into The Central last December, is occupying only a third of the 16,000 sq ft.

Its auditorium and meeting rooms are available to charities to use for their meetings and other events for a nominal fee, said Mrs Tan.

The NVPC office has a new name to go with its new address too: It is now called The Giving Place.

Source : Straits Times – 8 Mar 2008

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HDB ceiling doesn’t factor in late marriages

Posted by luxuryasiahome on March 8, 2008

THERE have been calls for the Government to review the $8,000 income ceiling for new HDB flats. I would like to state the realities of life as a typical (lower) middle-income Singaporean.

Life was rosy until we decided to look for a roof to start our new family. A check on the HDB website showed a new four-room flat in Punggol selling for about $230,000.

However, we exceeded the $8,000 income ceiling by about $1,000.

We exceeded the HDB cap not because we are high fliers but because we found each other only after some years of work. We were in our early 30s by the time we were ready to settle down. Not to worry, the Government says, there are options for us:

Resale Flat

The resale price for a four-room Punggol flat is about $310,000. This means we have to fork out an additional $80,000. This is not a small sum. Furthermore, it was an old flat and we were wary about loan sharks calling on the former owners. We would also have had to spend more money on refurbishment.

Executive Condominium

We thought we could try for executive condominiums as our combined income was still below the $10,000 cap for this category. To our shock, we found that the units were selling for at least $650,000 (in suburban Choa Chu Kang and Woodlands). Should we fork out thrice the amount of money for a new HDB flat, just because we exceeded the Housing Board flat cap by $1,000?

Private Condominium

I shan’t go into this because the prices are just ridiculous for couples like us. At this point, our feelings are a mixture of unhappiness and helplessness.

The initial excitement about starting a family has been dampened. The moral of the HDB limit appears to be: don’t fall into the ‘in-between’ income group.

You either have to settle for an old flat which costs about $100,000 more, or spend the rest of your life paying for a new executive or private condominium.

And you wonder why there are no ‘in-between’ choices. Some say this is the Government’s way of persuading us to marry early.

If that is so, the Government should be realistic enough to note this rising trend among Singaporeans in marrying later, and failing to qualify for a new flat because of it.

Xu Zhilin (Ms)

Source : Straits Times – 8 Mar 2008

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F1 ‘rooms with a view’ may not have a view

Posted by luxuryasiahome on March 8, 2008

Signages, lighting system may foil fans trying to get a free view

Fans of the Formula 1 (F1) Grand Prix hoping to get a free peek of the race – from the comfort of hotel rooms, for example, without forking out for the tickets – are likely to be disappointed during the Singapore leg.

Sources said that Singapore GP Pte Ltd, the organiser of the race here, is likely to put up fencing and advertisement hoardings which could obstruct views from ‘unofficial’ locations come Sept 28.

There are also plans for a lighting system that could make watching the race from such unsanctioned locations very hard, the sources said.

The news is unlikely to go down well with hotels, which have been selling rooms at up to three times the normal going rates for the week the race will be in town.

When contacted, Singapore GP told BT that ’safety and operational measures’ such as safety fencing, advertising signages and the lighting system for a night race will need to be put in place for the event.

‘Once these are put in place, views of the race from unofficial locations may be obstructed,’ said Alastair Hunt, circuit park & events manager for Singapore GP. ‘At this point, there is no way that any venues along the circuit route would be able to guarantee unobstructed views of the Singapore Grand Prix.’

Sources said that the organisers could be looking to minimise ‘leakages’. This refers to the issue of people who don’t buy a ticket and instead watch the race from conveniently located properties – such as hotels and high-rise office buildings – along the route.

Most trackside hotels are charging two to three times their usual daily room rates during the peak race days.

Bookings have been strong for the race week, the hotels have said. In addition to Grand Prix fans flying in to watch what will be the world’s first night race, hotels are also seeing lots of corporate bookings, especially from multinational corporations with offices here which are looking to host staff and clients from overseas.

It was previously expected that in addition to watching from ticketed locations, fans will also be able to have a clear view of the race from numerous trackside hotels such as Swissotel The Stamford, Pan Pacific, The Oriental, Marina Mandarin, The Fullerton and Ritz Carlton.

But even as customers have been snapping up rooms and F1 packages from the hotels, most hotels are not offering any kind of ‘view guarantee’.

‘Demand for the rooms is very strong,’ said Cheryl Ng, Pan Pacific’s public relations manager. ‘But we do not offer any kind of view guarantee.’

Said Singapore GP: ‘To be assured of the best views and overall race experience, tickets and corporate packages should be bought directly from Singapore GP.’

The organiser is working to maximise the viewing locations for the race due to the overwhelming interest. Ticket sales have already started, and more tickets will be released for sale once Singapore GP secures agreements with other partners, it said.

But some fans are worried that if non-paying spectators are kept away from the circuit, it will deflate the very ‘buzz’ the race hopes to generate for Singapore.

The F1 race is one of several initiatives geared towards achieving the government’s target of attracting 17 million visitors to Singapore by 2015.

Source : Business Times – 8 Mar 2008

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F1 ‘rooms with a view’ may not have a view

Posted by luxuryasiahome on March 8, 2008

Signages, lighting system may foil fans trying to get a free view

Fans of the Formula 1 (F1) Grand Prix hoping to get a free peek of the race – from the comfort of hotel rooms, for example, without forking out for the tickets – are likely to be disappointed during the Singapore leg.

Sources said that Singapore GP Pte Ltd, the organiser of the race here, is likely to put up fencing and advertisement hoardings which could obstruct views from ‘unofficial’ locations come Sept 28.

There are also plans for a lighting system that could make watching the race from such unsanctioned locations very hard, the sources said.

The news is unlikely to go down well with hotels, which have been selling rooms at up to three times the normal going rates for the week the race will be in town.

When contacted, Singapore GP told BT that ’safety and operational measures’ such as safety fencing, advertising signages and the lighting system for a night race will need to be put in place for the event.

‘Once these are put in place, views of the race from unofficial locations may be obstructed,’ said Alastair Hunt, circuit park & events manager for Singapore GP. ‘At this point, there is no way that any venues along the circuit route would be able to guarantee unobstructed views of the Singapore Grand Prix.’

Sources said that the organisers could be looking to minimise ‘leakages’. This refers to the issue of people who don’t buy a ticket and instead watch the race from conveniently located properties – such as hotels and high-rise office buildings – along the route.

Most trackside hotels are charging two to three times their usual daily room rates during the peak race days.

Bookings have been strong for the race week, the hotels have said. In addition to Grand Prix fans flying in to watch what will be the world’s first night race, hotels are also seeing lots of corporate bookings, especially from multinational corporations with offices here which are looking to host staff and clients from overseas.

It was previously expected that in addition to watching from ticketed locations, fans will also be able to have a clear view of the race from numerous trackside hotels such as Swissotel The Stamford, Pan Pacific, The Oriental, Marina Mandarin, The Fullerton and Ritz Carlton.

But even as customers have been snapping up rooms and F1 packages from the hotels, most hotels are not offering any kind of ‘view guarantee’.

‘Demand for the rooms is very strong,’ said Cheryl Ng, Pan Pacific’s public relations manager. ‘But we do not offer any kind of view guarantee.’

Said Singapore GP: ‘To be assured of the best views and overall race experience, tickets and corporate packages should be bought directly from Singapore GP.’

The organiser is working to maximise the viewing locations for the race due to the overwhelming interest. Ticket sales have already started, and more tickets will be released for sale once Singapore GP secures agreements with other partners, it said.

But some fans are worried that if non-paying spectators are kept away from the circuit, it will deflate the very ‘buzz’ the race hopes to generate for Singapore.

The F1 race is one of several initiatives geared towards achieving the government’s target of attracting 17 million visitors to Singapore by 2015.

Source : Business Times – 8 Mar 2008

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F1 ‘rooms with a view’ may not have a view

Posted by luxuryasiahome on March 8, 2008

Signages, lighting system may foil fans trying to get a free view

Fans of the Formula 1 (F1) Grand Prix hoping to get a free peek of the race – from the comfort of hotel rooms, for example, without forking out for the tickets – are likely to be disappointed during the Singapore leg.

Sources said that Singapore GP Pte Ltd, the organiser of the race here, is likely to put up fencing and advertisement hoardings which could obstruct views from ‘unofficial’ locations come Sept 28.

There are also plans for a lighting system that could make watching the race from such unsanctioned locations very hard, the sources said.

The news is unlikely to go down well with hotels, which have been selling rooms at up to three times the normal going rates for the week the race will be in town.

When contacted, Singapore GP told BT that ’safety and operational measures’ such as safety fencing, advertising signages and the lighting system for a night race will need to be put in place for the event.

‘Once these are put in place, views of the race from unofficial locations may be obstructed,’ said Alastair Hunt, circuit park & events manager for Singapore GP. ‘At this point, there is no way that any venues along the circuit route would be able to guarantee unobstructed views of the Singapore Grand Prix.’

Sources said that the organisers could be looking to minimise ‘leakages’. This refers to the issue of people who don’t buy a ticket and instead watch the race from conveniently located properties – such as hotels and high-rise office buildings – along the route.

Most trackside hotels are charging two to three times their usual daily room rates during the peak race days.

Bookings have been strong for the race week, the hotels have said. In addition to Grand Prix fans flying in to watch what will be the world’s first night race, hotels are also seeing lots of corporate bookings, especially from multinational corporations with offices here which are looking to host staff and clients from overseas.

It was previously expected that in addition to watching from ticketed locations, fans will also be able to have a clear view of the race from numerous trackside hotels such as Swissotel The Stamford, Pan Pacific, The Oriental, Marina Mandarin, The Fullerton and Ritz Carlton.

But even as customers have been snapping up rooms and F1 packages from the hotels, most hotels are not offering any kind of ‘view guarantee’.

‘Demand for the rooms is very strong,’ said Cheryl Ng, Pan Pacific’s public relations manager. ‘But we do not offer any kind of view guarantee.’

Said Singapore GP: ‘To be assured of the best views and overall race experience, tickets and corporate packages should be bought directly from Singapore GP.’

The organiser is working to maximise the viewing locations for the race due to the overwhelming interest. Ticket sales have already started, and more tickets will be released for sale once Singapore GP secures agreements with other partners, it said.

But some fans are worried that if non-paying spectators are kept away from the circuit, it will deflate the very ‘buzz’ the race hopes to generate for Singapore.

The F1 race is one of several initiatives geared towards achieving the government’s target of attracting 17 million visitors to Singapore by 2015.

Source : Business Times – 8 Mar 2008

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F1 ‘rooms with a view’ may not have a view

Posted by luxuryasiahome on March 8, 2008

Signages, lighting system may foil fans trying to get a free view

Fans of the Formula 1 (F1) Grand Prix hoping to get a free peek of the race – from the comfort of hotel rooms, for example, without forking out for the tickets – are likely to be disappointed during the Singapore leg.

Sources said that Singapore GP Pte Ltd, the organiser of the race here, is likely to put up fencing and advertisement hoardings which could obstruct views from ‘unofficial’ locations come Sept 28.

There are also plans for a lighting system that could make watching the race from such unsanctioned locations very hard, the sources said.

The news is unlikely to go down well with hotels, which have been selling rooms at up to three times the normal going rates for the week the race will be in town.

When contacted, Singapore GP told BT that ’safety and operational measures’ such as safety fencing, advertising signages and the lighting system for a night race will need to be put in place for the event.

‘Once these are put in place, views of the race from unofficial locations may be obstructed,’ said Alastair Hunt, circuit park & events manager for Singapore GP. ‘At this point, there is no way that any venues along the circuit route would be able to guarantee unobstructed views of the Singapore Grand Prix.’

Sources said that the organisers could be looking to minimise ‘leakages’. This refers to the issue of people who don’t buy a ticket and instead watch the race from conveniently located properties – such as hotels and high-rise office buildings – along the route.

Most trackside hotels are charging two to three times their usual daily room rates during the peak race days.

Bookings have been strong for the race week, the hotels have said. In addition to Grand Prix fans flying in to watch what will be the world’s first night race, hotels are also seeing lots of corporate bookings, especially from multinational corporations with offices here which are looking to host staff and clients from overseas.

It was previously expected that in addition to watching from ticketed locations, fans will also be able to have a clear view of the race from numerous trackside hotels such as Swissotel The Stamford, Pan Pacific, The Oriental, Marina Mandarin, The Fullerton and Ritz Carlton.

But even as customers have been snapping up rooms and F1 packages from the hotels, most hotels are not offering any kind of ‘view guarantee’.

‘Demand for the rooms is very strong,’ said Cheryl Ng, Pan Pacific’s public relations manager. ‘But we do not offer any kind of view guarantee.’

Said Singapore GP: ‘To be assured of the best views and overall race experience, tickets and corporate packages should be bought directly from Singapore GP.’

The organiser is working to maximise the viewing locations for the race due to the overwhelming interest. Ticket sales have already started, and more tickets will be released for sale once Singapore GP secures agreements with other partners, it said.

But some fans are worried that if non-paying spectators are kept away from the circuit, it will deflate the very ‘buzz’ the race hopes to generate for Singapore.

The F1 race is one of several initiatives geared towards achieving the government’s target of attracting 17 million visitors to Singapore by 2015.

Source : Business Times – 8 Mar 2008

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F1 ‘rooms with a view’ may not have a view

Posted by luxuryasiahome on March 8, 2008

Signages, lighting system may foil fans trying to get a free view

Fans of the Formula 1 (F1) Grand Prix hoping to get a free peek of the race – from the comfort of hotel rooms, for example, without forking out for the tickets – are likely to be disappointed during the Singapore leg.

Sources said that Singapore GP Pte Ltd, the organiser of the race here, is likely to put up fencing and advertisement hoardings which could obstruct views from ‘unofficial’ locations come Sept 28.

There are also plans for a lighting system that could make watching the race from such unsanctioned locations very hard, the sources said.

The news is unlikely to go down well with hotels, which have been selling rooms at up to three times the normal going rates for the week the race will be in town.

When contacted, Singapore GP told BT that ’safety and operational measures’ such as safety fencing, advertising signages and the lighting system for a night race will need to be put in place for the event.

‘Once these are put in place, views of the race from unofficial locations may be obstructed,’ said Alastair Hunt, circuit park & events manager for Singapore GP. ‘At this point, there is no way that any venues along the circuit route would be able to guarantee unobstructed views of the Singapore Grand Prix.’

Sources said that the organisers could be looking to minimise ‘leakages’. This refers to the issue of people who don’t buy a ticket and instead watch the race from conveniently located properties – such as hotels and high-rise office buildings – along the route.

Most trackside hotels are charging two to three times their usual daily room rates during the peak race days.

Bookings have been strong for the race week, the hotels have said. In addition to Grand Prix fans flying in to watch what will be the world’s first night race, hotels are also seeing lots of corporate bookings, especially from multinational corporations with offices here which are looking to host staff and clients from overseas.

It was previously expected that in addition to watching from ticketed locations, fans will also be able to have a clear view of the race from numerous trackside hotels such as Swissotel The Stamford, Pan Pacific, The Oriental, Marina Mandarin, The Fullerton and Ritz Carlton.

But even as customers have been snapping up rooms and F1 packages from the hotels, most hotels are not offering any kind of ‘view guarantee’.

‘Demand for the rooms is very strong,’ said Cheryl Ng, Pan Pacific’s public relations manager. ‘But we do not offer any kind of view guarantee.’

Said Singapore GP: ‘To be assured of the best views and overall race experience, tickets and corporate packages should be bought directly from Singapore GP.’

The organiser is working to maximise the viewing locations for the race due to the overwhelming interest. Ticket sales have already started, and more tickets will be released for sale once Singapore GP secures agreements with other partners, it said.

But some fans are worried that if non-paying spectators are kept away from the circuit, it will deflate the very ‘buzz’ the race hopes to generate for Singapore.

The F1 race is one of several initiatives geared towards achieving the government’s target of attracting 17 million visitors to Singapore by 2015.

Source : Business Times – 8 Mar 2008

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F1 ‘rooms with a view’ may not have a view

Posted by luxuryasiahome on March 8, 2008

Signages, lighting system may foil fans trying to get a free view

Fans of the Formula 1 (F1) Grand Prix hoping to get a free peek of the race – from the comfort of hotel rooms, for example, without forking out for the tickets – are likely to be disappointed during the Singapore leg.

Sources said that Singapore GP Pte Ltd, the organiser of the race here, is likely to put up fencing and advertisement hoardings which could obstruct views from ‘unofficial’ locations come Sept 28.

There are also plans for a lighting system that could make watching the race from such unsanctioned locations very hard, the sources said.

The news is unlikely to go down well with hotels, which have been selling rooms at up to three times the normal going rates for the week the race will be in town.

When contacted, Singapore GP told BT that ’safety and operational measures’ such as safety fencing, advertising signages and the lighting system for a night race will need to be put in place for the event.

‘Once these are put in place, views of the race from unofficial locations may be obstructed,’ said Alastair Hunt, circuit park & events manager for Singapore GP. ‘At this point, there is no way that any venues along the circuit route would be able to guarantee unobstructed views of the Singapore Grand Prix.’

Sources said that the organisers could be looking to minimise ‘leakages’. This refers to the issue of people who don’t buy a ticket and instead watch the race from conveniently located properties – such as hotels and high-rise office buildings – along the route.

Most trackside hotels are charging two to three times their usual daily room rates during the peak race days.

Bookings have been strong for the race week, the hotels have said. In addition to Grand Prix fans flying in to watch what will be the world’s first night race, hotels are also seeing lots of corporate bookings, especially from multinational corporations with offices here which are looking to host staff and clients from overseas.

It was previously expected that in addition to watching from ticketed locations, fans will also be able to have a clear view of the race from numerous trackside hotels such as Swissotel The Stamford, Pan Pacific, The Oriental, Marina Mandarin, The Fullerton and Ritz Carlton.

But even as customers have been snapping up rooms and F1 packages from the hotels, most hotels are not offering any kind of ‘view guarantee’.

‘Demand for the rooms is very strong,’ said Cheryl Ng, Pan Pacific’s public relations manager. ‘But we do not offer any kind of view guarantee.’

Said Singapore GP: ‘To be assured of the best views and overall race experience, tickets and corporate packages should be bought directly from Singapore GP.’

The organiser is working to maximise the viewing locations for the race due to the overwhelming interest. Ticket sales have already started, and more tickets will be released for sale once Singapore GP secures agreements with other partners, it said.

But some fans are worried that if non-paying spectators are kept away from the circuit, it will deflate the very ‘buzz’ the race hopes to generate for Singapore.

The F1 race is one of several initiatives geared towards achieving the government’s target of attracting 17 million visitors to Singapore by 2015.

Source : Business Times – 8 Mar 2008

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