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Archive for March 10th, 2008

Deutsche Bank increases Singapore office space

Posted by luxuryasiahome on March 10, 2008

It will rent 54,000 sq ft at ex-Pasir Panjang ITE.

AFTER growing its headcount by over 20 per cent last year, Deutsche Bank says that it will increase its office space needs here by another 54,000 square feet.

Speaking to BT, Deutsche Bank’s chief country officer Ronnie Tan said that with the increase, it will now employ about 2,100 full-time staff in Singapore alone.

Mr Tan added: ‘We are experiencing significant growth in all our major business lines. One example is private wealth management, where Deutsche Bank increased investable assets by 19 per cent in 2007 to 22 billion euros (S$46.9 billion).’

The bank is optimistic about the ‘Asian story’ and has invested accordingly.

‘We have come through the financial uncertainty more positively than others and I believe it’s a good time to play on our strengths – we have a strong credit rating, a strong brand and we’ve weathered the storm extremely well,’ he added.

In 2007, Deutsche Bank’s net income was up 7 per cent year-on-year.

Deutsche Bank already occupies nine floors at One Raffles Quay. Taking up more than 280,000 sq ft, it is the largest single tenant there. It has also leased a further 100,000 sq ft in the central business district (CBD) for infrastructure functions.

While Deutsche Bank did not say if it would vacate some of its CBD premises, it will be taking up 54,000 sq ft at the former Institute of Technical Education (ITE) Pasir Panjang. The premises, with a gross floor area of 218,891 sq ft, was put up for rent by the Singapore Land Authority (SLA) last year and was subsequently leased to master tenant RichZone Properties for $288,999 a month or $1.30 per square foot (psf) per month.

Asking rents for the site are said to have increased from the initial $4 psf per month to $5-5.50 psf per month now.

On the rationale for Deutsche Bank’s move, Mr Tan said: ‘The move to the new premises is part of our growth strategy to accommodate increasing staff numbers in Singapore and to provide flexibility for further growth.’

Singapore is Deutsche Bank’s Asia-Pacific headquarters and also serves as a regional head office for five out of six of the bank’s key business lines including global markets, private wealth management, asset management, private and business clients, and global transaction banking.

‘As we’re experiencing strong growth across all facets of our business, both in Singapore and in Asia, we’re strongly focused on our recruitment and staff retention efforts across the business,’ added Mr Tan.

Deutsche Bank is the latest multinational company to move to properties under management of the SLA. Other tenants include Foster Wheeler, a US engineering and construction services consultancy, and electronics giant LG.

Source : Business Times – 10 Mar 2008

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Deutsche Bank increases Singapore office space

Posted by luxuryasiahome on March 10, 2008

It will rent 54,000 sq ft at ex-Pasir Panjang ITE.

AFTER growing its headcount by over 20 per cent last year, Deutsche Bank says that it will increase its office space needs here by another 54,000 square feet.

Speaking to BT, Deutsche Bank’s chief country officer Ronnie Tan said that with the increase, it will now employ about 2,100 full-time staff in Singapore alone.

Mr Tan added: ‘We are experiencing significant growth in all our major business lines. One example is private wealth management, where Deutsche Bank increased investable assets by 19 per cent in 2007 to 22 billion euros (S$46.9 billion).’

The bank is optimistic about the ‘Asian story’ and has invested accordingly.

‘We have come through the financial uncertainty more positively than others and I believe it’s a good time to play on our strengths – we have a strong credit rating, a strong brand and we’ve weathered the storm extremely well,’ he added.

In 2007, Deutsche Bank’s net income was up 7 per cent year-on-year.

Deutsche Bank already occupies nine floors at One Raffles Quay. Taking up more than 280,000 sq ft, it is the largest single tenant there. It has also leased a further 100,000 sq ft in the central business district (CBD) for infrastructure functions.

While Deutsche Bank did not say if it would vacate some of its CBD premises, it will be taking up 54,000 sq ft at the former Institute of Technical Education (ITE) Pasir Panjang. The premises, with a gross floor area of 218,891 sq ft, was put up for rent by the Singapore Land Authority (SLA) last year and was subsequently leased to master tenant RichZone Properties for $288,999 a month or $1.30 per square foot (psf) per month.

Asking rents for the site are said to have increased from the initial $4 psf per month to $5-5.50 psf per month now.

On the rationale for Deutsche Bank’s move, Mr Tan said: ‘The move to the new premises is part of our growth strategy to accommodate increasing staff numbers in Singapore and to provide flexibility for further growth.’

Singapore is Deutsche Bank’s Asia-Pacific headquarters and also serves as a regional head office for five out of six of the bank’s key business lines including global markets, private wealth management, asset management, private and business clients, and global transaction banking.

‘As we’re experiencing strong growth across all facets of our business, both in Singapore and in Asia, we’re strongly focused on our recruitment and staff retention efforts across the business,’ added Mr Tan.

Deutsche Bank is the latest multinational company to move to properties under management of the SLA. Other tenants include Foster Wheeler, a US engineering and construction services consultancy, and electronics giant LG.

Source : Business Times – 10 Mar 2008

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Transformation of Punggol River begins

Posted by luxuryasiahome on March 10, 2008

$7.13 million project to create reservoir park with man-made island will be ready by 2010

WORK to transform the Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground on Sunday.

Artiste’s impression of Sengkang Floating Island, the first piece of which has been released by Prime Minister Lee Hsien Loong. — PHOTO: PUB

Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island – a clump of soil and grass – into the water.

For its design, the $7.13 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.

Work will be completed by 2010.

Punggol River is the first of five sites to be improved this year under the Active Beautiful, Clean (ABC) Waters Programme.

Launched by national water agency PUB in 2006, the $200 million programme is an ambitious island-wide revamp of 28 waterways.

The aim is to rejuvenate Singapore’s drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes where people can enjoy water activities and even commute.

Giving a preview of the projects during the Budget debate last month, Minister for the Environment and Water Resources Yaacob Ibrahim said, for example, that the Lower Seletar Reservoir would sport a heritage bridge, featuring story panels which will tell of the area’s kampung history.

Work on the pilot projects of Kolam Ayer and the Bedok and MacRitchie reservoirs is in its final phases and will be unveiled this year.

‘With these projects, we hope to bring waterfront living to the heartland, improve the quality of our living environment and enhance property values,’ said Dr Yaacob.

Source : Sunday Times – 9 Mar 2008

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Transformation of Punggol River begins

Posted by luxuryasiahome on March 10, 2008

$7.13 million project to create reservoir park with man-made island will be ready by 2010

WORK to transform the Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground on Sunday.

Artiste’s impression of Sengkang Floating Island, the first piece of which has been released by Prime Minister Lee Hsien Loong. — PHOTO: PUB

Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island – a clump of soil and grass – into the water.

For its design, the $7.13 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.

Work will be completed by 2010.

Punggol River is the first of five sites to be improved this year under the Active Beautiful, Clean (ABC) Waters Programme.

Launched by national water agency PUB in 2006, the $200 million programme is an ambitious island-wide revamp of 28 waterways.

The aim is to rejuvenate Singapore’s drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes where people can enjoy water activities and even commute.

Giving a preview of the projects during the Budget debate last month, Minister for the Environment and Water Resources Yaacob Ibrahim said, for example, that the Lower Seletar Reservoir would sport a heritage bridge, featuring story panels which will tell of the area’s kampung history.

Work on the pilot projects of Kolam Ayer and the Bedok and MacRitchie reservoirs is in its final phases and will be unveiled this year.

‘With these projects, we hope to bring waterfront living to the heartland, improve the quality of our living environment and enhance property values,’ said Dr Yaacob.

Source : Sunday Times – 9 Mar 2008

Posted in General, Masterplan | Tagged: , | Leave a Comment »

Transformation of Punggol River begins

Posted by luxuryasiahome on March 10, 2008

$7.13 million project to create reservoir park with man-made island will be ready by 2010

WORK to transform the Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground on Sunday.

Artiste’s impression of Sengkang Floating Island, the first piece of which has been released by Prime Minister Lee Hsien Loong. — PHOTO: PUB

Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island – a clump of soil and grass – into the water.

For its design, the $7.13 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.

Work will be completed by 2010.

Punggol River is the first of five sites to be improved this year under the Active Beautiful, Clean (ABC) Waters Programme.

Launched by national water agency PUB in 2006, the $200 million programme is an ambitious island-wide revamp of 28 waterways.

The aim is to rejuvenate Singapore’s drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes where people can enjoy water activities and even commute.

Giving a preview of the projects during the Budget debate last month, Minister for the Environment and Water Resources Yaacob Ibrahim said, for example, that the Lower Seletar Reservoir would sport a heritage bridge, featuring story panels which will tell of the area’s kampung history.

Work on the pilot projects of Kolam Ayer and the Bedok and MacRitchie reservoirs is in its final phases and will be unveiled this year.

‘With these projects, we hope to bring waterfront living to the heartland, improve the quality of our living environment and enhance property values,’ said Dr Yaacob.

Source : Sunday Times – 9 Mar 2008

Posted in General, Masterplan | Tagged: , | Leave a Comment »

Punggol River set for big change

Posted by luxuryasiahome on March 10, 2008

Work starts on $7.13m project to create reservoir park with man-made island by 2010.

WORK to transform the Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground yesterday.

Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island – a clump of soil and grass – into the water.

For its design, the $7.13 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.

Work will be completed by 2010.

Punggol River is the first of five sites to be improved this year under the Active, Beautiful, Clean (ABC) Waters programme.

Launched by national water agency PUB in 2006, the $200 million programme is an ambitious island-wide revamp of 28 waterways.

The aim is to rejuvenate Singapore’s drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes where people can enjoy water activities and even commute.

Giving a preview of the projects during the Budget debate a fortnight ago, Minister for the Environment and Water Resources Yaacob Ibrahim said, for example, that the Lower Seletar Reservoir would sport a heritage bridge, featuring story panels which will tell of the area’s kampung history.

Work on the pilot projects of Kolam Ayer and the Bedok and MacRitchie reservoirs is in its final phases and will be unveiled this year.

‘With these projects, we hope to bring waterfront living to the heartland, improve the quality of our living environment and enhance property values,’ said Dr Yaacob.

Source : Straits Times – 10 Mar 2008

Posted in General, Masterplan | Tagged: , | Leave a Comment »

ADB chief sees US escaping recession despite slowdown

Posted by luxuryasiahome on March 10, 2008

Asian growth will slow moderately, he adds; inflation will be biggest concern

THE US economy should be able to escape recession this year despite accelerating signs of a slowdown there and continuing turmoil in financial markets, according to Asian Development Bank (ADB) president Haruhiko Kuroda.

In an interview with The Business Times, he also predicted that growth in Asia would slow only moderately this year while inflation would be the most serious concern for policymakers.

The ADB head delivered a strongly upbeat assessment of prospects for the region’s ‘emerging’ economies (excluding Japan), arguing that domestic demand is likely to remain robust even as external demand from the Group of Seven (G-7) industrialised economies continues to slow.

And he urged central banks in emerging Asia to maintain tight monetary conditions, or even tighten further, in the face of growing upward pressure on prices.

Mr Kuroda dismissed the idea that Asia could encounter another crisis on the scale of that which occurred 10 years ago. ‘At this stage, I don’t see any of our developing member countries as likely to be seriously hit by the problems in the global economy or financial turmoil,’ he said.

And, ‘if necessary, we can shift priorities and reshuffle projects and programmes so as to match with new needs which might arise’.

‘I do think that America can escape recession,’ said Mr Kuroda, ‘although in the first half of the year the growth rate will be very low, maybe one per cent or less. But in the second half of the year, the US economy will recover, with probably 1-2 per cent growth,’ he predicted, adding that overall US growth of around 1.5 per cent for the year should be possible. ‘This is a significant slowdown, but it is not a recession.’

While being more positive than many others in his assessment of US economic prospects, the former vice-finance minister for international affairs in Japan also rejected suggestions that emerging Asian economies could slow sharply in the wake of the US sub-prime mortgage crisis and associated financial and currency turbulence.

‘Domestic demand in developing Asia is still very strong,’ Mr Kuroda noted. ‘As intra-regional trade has increased substantially in the last several years and domestic demand has also been very strong, developing Asia as a whole can sustain relatively high growth.’

The baseline trend is still very strong, he said, and overall growth is likely to moderate only to 7.5-8 per cent this year compared with 8-8.5 per cent last year. This will still be a ‘respectable’ rate of growth similar to that enjoyed by developing Asia in 2006, Mr Kuroda said.

‘I am more concerned about inflationary pressures in some countries in Asia,’ Mr Kuroda told BT in his office at the ADB headquarters in Manila.

‘In some countries, inflation has accelerated in recent months and in other countries, asset price inflation has accelerated,’ citing the cases of China and Vietnam in particular.

‘The global commodity boom and external factors have increased inflationary pressures in many countries including China,’ he pointed out. ‘But some domestic overheating exists and a slowdown in the Asian economies could help in containing inflationary pressures.’

Nevertheless, ‘central banks will be well advised to maintain tight monetary conditions and, if necessary, they should tighten further’.

ADB chief economist Ifzal Ali also told BT in Manila that rising food prices in Asia are likely to be a major, ongoing contributor to inflation in the region from now on. Growing demand for food coupled with inadequate investment in the region could see prices continuing to rise by 5-6 per cent a year on average, he suggested.

‘I think we are on the cusp of a major structural shift’ whereby more resources will have to be devoted to raising agricultural productivity in Asia from now, Mr Ali added.

Source : Business Times – 10 Mar 2008

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