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A-Reit full-year distributable income rises 14.3% to $187.3m

Posted by luxuryasiahome on April 19, 2008

ASCENDAS Real Estate Investment Trust (A-Reit) has reported gross revenue of $322 million for the full year ended March 31, 2008 – an increase of 13.9 per cent over the previous year.

Net property income for the year came to $243 million, up 15.8 per cent year on year.

Distributable income for the FY2007-08 totalled $187.3 million, up 14.3 per cent year on year, while distributable income per unit (DPU) was 14.13 cents, a 10.8 per cent rise. This also represents an annualised yield of 5.94 per cent based on the closing price of $2.38 per unit on March 31, 2008.

For the quarter, DPU was 3.69 cents, an increase of 11.8 per cent compared with the same period a year ago. This will be paid out on May 30, 2008.

A-Reit manager Ascendas Funds Management Ltd’s CEO Tan Ser Ping attributed growth in net property income to ‘positive rental reversion, active leasing and full-year contribution from prior year acquisitions’.

A-Reit now has 84 properties worth $4.2 billion, up from 77 properties worth $3.3 billion a year ago.

In the mandatory annual revaluation exercise conducted in March 2008, A-Reit also recorded a net appreciation of $494.1 million or 14.2 per cent over the book value of the properties (before revaluation) as at March 31, 2008.

In the year, A-Reit acquired seven properties and completed its third development project, HansaPoint@CBP, as well as two asset enhancement initiatives for a total of about $310 million.

The overall occupancy for A-Reit’s portfolio of 84 properties stands at 98.4 per cent compared with 96.6 per cent a year ago. Occupancy rate for multi-tenanted buildings increased by 2.7 per cent to 96.4 per cent compared with a year ago. It said the increase in occupancy is partly due to the spillover demand from the tight office supply situation in the CBD and the continued inflow of multinational companies setting up or expanding operations in Singapore.

For the year, A-Reit renewed or leased a total of 274,061 sq m of space. On a year-on-year basis, it registered 46 per cent and 40.3 per cent for its renewal rental rates for the Business and Science Parks, and high-tech industrial sub-sectors.

For the year ahead, A-Reit manager Ascendas Funds Management said it ‘expects to be able to deliver a DPU for the coming year that is in line with its recent performance’.

However, it did highlight a CB Richard Ellis report which expects the increase in rents and occupancy rates for high-tech and business parks space to continue at a ‘less brisk pace due to limited upcoming supply’.

Yesterday, A-Reit’s unit price fell two cents to close at $2.35 per unit.

Source : Business Times – 19 Apr 2008

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Another senior DBS executive quits

Posted by luxuryasiahome on April 19, 2008

The exodus continues at DBS Bank, with the bank losing yet another senior executive who is a member of its management committee, sources told BT.

David Lau, who is managing director and joint Head of global financial markets at DBS Bank, is believed to have resigned from the bank.

Mr Lau, together with Eric Ang, the other head of global financial markets, oversees divisions such as equity capital markets, debt capital markets, mergers & acquisitions, private equity, structured finance, structured credit, foreign exchange, interest rates, complex hybrid products, and advisory sales in the bank. Mr Lau has been with DBS for nine years.

His resignation is the latest in a string of high-profile departures from DBS in recent months. Last month saw consumer banking head and fellow DBS management committee member Edmund Koh leaving.

Two of Mr Koh’s colleagues from the consumer bank – Raymond Ang, the chief operating officer of consumer banking, and senior vice-president Chew Mun Yew – went with him. All three are joining US private equity group Carlyle.

Replacing Mr Koh is managing director Rajan Raju, who heads the bank’s South and South-east Asia business. He also sits on the bank’s management committee.

And earlier this month, Agnes Chen, who heads DBS’s deposit, investment and insurance strategy businesses in consumer banking, said that she was retiring after five years at the bank.

All this comes in the wake of changes at DBS’s top echelons. CEO Jackson Tai stepped down last September, while chief operating officer Frank Wong said that he would retire at year-end.

Market watchers had speculated that with Mr Wong going, changes are afoot in the wholesale banking and treasury business, which he built up. Mr Lau is said to be close to Mr Wong.

Mr Lau has over 20 years of experience in the treasury business. The MBA holder was managing director and regional head of global financial markets at National Westminster Bank. In that role, he was responsible for NatWest’s business in South-east Asia, before joining DBS Bank in December 1999.

Before that, he spent six years as regional treasury manager at the Canadian Imperial Bank of Commerce (CIBC) Singapore, where he ran the bank’s Asian business. He started as a trader with Banker’s Trust Company for three years, and later took on a role as chief dealer at Industrial Bank of Japan for two years.

DBS earlier this week also announced the appointment of managing director Andrew Ng as head of treasury and markets. Mr Ng has been with DBS for eight years.

Source : Business Times – 19 Apr 2008

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Key gauge of economic health due for a checkup

Posted by luxuryasiahome on April 19, 2008

It is widely followed as a leading indicator of the domestic manufacturing economy, but the Singapore purchasing managers’ index (PMI) appears of late to have lost its link with the sector, and looks in need of a revamp.

Asked to comment, the man who developed the index – PMI specialist Philip Poh, who himself hasn’t been tracking the index closely for a while – said the Singapore Institute of Purchasing & Materials Management (SIPMM), which produces the monthly indicator, will look into it.

Dr Poh developed the Singapore PMI based on the established US PMI in 1998 when he was SIPMM’s chief executive. He has not been monitoring the index closely since leaving the institute for the corporate sector about three years ago, he told BT. He is now the SIPMM council chairman.

In the United States, the PMI is widely seen as the best barometer of the manufacturing sector, partly because it is the most timely – each month’s index is released by the Institute for Supply Management (ISM) on the first working day of the following month.

The ISM polls purchasing executives nationwide from a wide range of manufacturing industries about changes, if any, in various indicators – including new orders, imports, production, inventories, employment and prices – in the current month compared with the preceding month. The responses are used to produce the composite PMI and various sub-indices.

Similarly, the SIPMM polls more than 100 purchasing executives here through an online questionnaire to calculate the PMI. The European PMIs use the same methodology too, says Dr Poh, who was also tapped in 2002 to develop a PMI for China. But, he concedes, the index needs constant review and updating to ensure it remains representative of the manufacturing sector and tracks performance closely.

This is apparent enough in Singapore’s relatively short PMI history. While the US PMI has been around since the 1930s, Singapore’s made its debut only in 1999.

In earlier years, the PMI did seem to track the index of industrial production (IPI) – the monthly official measure of manufacturing performance – well enough, even with the latter’s highly volatile growth.

Notably, the PMI signalled and tracked the manufacturing and economic slump – and subsequent rebound – during the 2001 downturn. Since then, the PMI has largely hovered above the 50-point threshold below which spells contraction. But with the emergence of the biomedical sector in recent years, Singapore’s monthly IPI growth has fluctuated more sharply than before, due largely to the volatile, batch-process nature of pharmaceutical production. Yet even a smoothed-out three-month moving average of IPI growth is not tracked too closely by the headline PMI.

The divergence became most apparent in recent months: the PMI was well above 50 in the final months of 2007, yet manufacturing output contracted during the period. In 2008, the PMI fell to near-50 in January and February, and then dipped to 49.4 in March, but manufacturing activity recovered strongly in the first two months of the year, clocking just over 11 per cent growth on average.

P K Basu, chief economist (Asia ex-Japan) at Daiwa Institute of Research, says he now ‘ignores’ the PMI after failing to find ‘any meaningful relationship’ between the index and real manufacturing activity. ‘I consider the monthly release of the PMI simply ‘noise’ that clutters the data environment without edifying anyone.’

Other economists tell BT they track the PMI simply for lack of better – or any – forward-looking indicators. It is indeed the only non-official monthly economic indicator.

Action Economics’ David Cohen says he monitors the PMI, along with monthly releases from the Singapore government, as it is one of the timeliest figures released any month. ‘Government collection of the export and production data involves a little more of a lag,’ he points out.

Asked why he thinks the PMI seems to have gone out of sync with the IPI, Mr Cohen says: ‘I guess the PMI has been fluctuating within a relatively narrow, moderately expansionary range for a little over three years, consistent with the expanding economy. The month-to-month fluctuations within that range have not told us too much about the direction in manufacturing sector activity over the short-term.

‘The PMI is likely more helpful in identifying bigger swings in economic activity, as back in 2000-2001, when a sharper plunge in the PMI anticipated the downturn in production, and then tracked the rebound. Currently, perhaps if the PMI slips a bit further, remaining below 50 for a little longer, it would become a more serious source of concern.’

OCBC Bank economist Selena Ling also cites the more timely reading of manufacturers’ business sentiments in the PMI, compared to the quarterly business expectations survey.

‘Moreover, the industrial production and non-oil domestic exports (which come out slightly earlier) are subject to monthly volatility and occasional divergence,’ she points out.

The SIPMM business survey committee in charge of producing the PMI may likely need to review its polling sample to reflect the structural changes of Singapore’s manufacturing sectors since the index was first developed 10 years ago.

Source : Business Times – 19 Apr 2008

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F&B in a village, a park and club

Posted by luxuryasiahome on April 19, 2008

Wessex Village Square
5B Portsdown Road

THE leafy confines around Wessex Estate, a quiet, 28-hectare colonial-era residential enclave in the Portsdown Road area, are looking pretty spiffy these days, having been given a polish as part of an extensive makeover that is intended to retain the area’s retro charm while injecting some new life into the neighbourhood.

Previously, social and culinary life in the area revolved around Colbar, the cult local hangout and eating house that has been around, in one form or another, for over half a century. It was relocated a few years ago to its present tree-lined site and has now been integrated into Wessex Village Square, the just-opened multi-purpose space that master developer JTC hopes will become the heart of the Wessex Estate community.

The Village Square, comprising a couple of single-storey buildings that were disused for many years and the spruced-up open courtyard between them, is made up of an arts-themed space and a three-pronged F&B component, that already has eager residents licking their lips in anticipation. The estate is already home to many people in the creative industry and The Village Square is seen as a natural extension to the existing community.

Laurent’s Cafe & Chocolate Bar

IT’S been almost two years since Laurent Bernard, the man behind those distinctive turquoise boxes and some of the best hand-made chocolates in Singapore, opened his cafe and chocolate factory at The Pier in Robertson Quay. When a space in Wessex Village Square came up, he grabbed the opportunity to expand the business and increase production.

‘For me to work as an artisan, it’s the best place,’ says Bernard, citing the artistic environment, the greenery and a sense of like being in a small town in France, where locals gather in the village square for coffee and to pass the time away. Here, he will focus on chocolate production, which has increased five-fold since he started business. ‘Since the beginning, we’ve only had good problems,’ he says.

The larger space will also enable him to devote a section of the cafe to displaying and promoting works by local artists, specifically those who live and work in Wessex Estate. Bernard also plans to move to the area when living space becomes available later on this year.

Customers who drop by can select from a menu that offers the likes of hot chocolate, chocolate souffle and a variety of cakes – not to mention those delectable chocolates, of course. ‘The environment is calm and beautiful,’ says Bernard. ‘When I first saw it two years ago I fell in love with it. We are artisans – I’m not into mass production. I’m happy to work in this kind of place, where, there is something for the eyes (art), the palate (chocolate) and ears (music from Klee, the new bar next door).’

Pietrasanta

NAMED for the Tuscan town where the owners come from, Pietrasanta is the latest family-run Italian neighbourhood eatery to open. Loris Massimini, his wife Jennifer and his brother Giuseppe have created a little slice of Tuscany in Wessex Village Square. It’s the sort of place that works well in Singapore, appealing to people in search of a casual trattoria that serves decent Italian fare.

Pietrasanta – the restaurant – is the personification of rustic charm, and there is also a strong connection to art. Its 1,200-year-old namesake in northern Tuscany is famed as the place where Michelangelo sourced the marble for his sculptures. ‘I’ve been in Singapore for 12 years and for the last 10 years, I’ve wanted to do something in this place,’ says Massimini, who like Laurent Bernard, also plans to live in the neighbourhood. ‘For my wife and me, it’s a dream come true.’

Steaks, pastas and pizza take precedence on the current menu, but owner chef Loris Massimini, who worked previously at restaurants such as Portofino and La Braceria, plans to gradually introduce a full slate of Tuscan food and wine. ‘Sixty per cent of high-end Italian wines are produced in Tuscany, and it’s the same for food,’ says Massimini. ‘Tuscany is the mother of culinary culture and we will slowly turn this place totally Tuscan.’

Klee

KLEE, the cocktail bar located in a separate building next to Laurent’s Cafe and Pietrasanta, is the third piece of the new F&B puzzle at Wessex Village Square and like its neighbours, seems to have captured the mood of the place. Housed in a building that used to be the caretaker’s lodge for Wessex Estate, it exudes an easy sense of laidback cool and savoir faire that people with artistic intent do so well.

Klee, which opened last week, is run by the people who own the Timbre F&B outlets at The Substation and The Arts House. It may be a neighbourhood bar, but don’t expect it to serve wine or beer and peanuts. According to co-managing director Edward Chia, the bar will feature specialty cocktails, made with freshly squeezed fruit juices and premium brands of alcohol.

‘The main aim is to lift cocktail culture,’ says Chia. ‘We will go back to the basics by offering bespoke cocktails, focusing on the product, the level of service and creating a sense of intimacy between the bartender and the customers.’ Customers sit in retro-style chairs alongside a bar that runs the length of the room.

By next month, there will be live entertainment as well, and weekend barbecues are on the cards. There is also a gallery component, with works by local artists displayed on the walls. It may be a different generation from Colbar a stone’s throw away, but Klee, and the rest of Wessex Village Square, has retained the original spirit of the place.

By Geoffrey Eu

6-9 Rochester Park

IF the new outlets at Dempsey Village have taken wining and dining traffic away from Rochester Park, four new concepts opening in the remaining black-and-white houses there soon should entice the crowd back.

Numbers six to nine are four buildings on the elevation above the existing row of Rochester Park dining outlets that opened last year. What foodies, drinkers and even cooking fans can expect is a gastronomical ‘village’ of sorts, featuring a smart casual restaurant, a gastrobar, a bakery and a vodka and caviar bar.

Even as walls are yet to be painted, works of art to be hung and tables re-arranged in all four buildings, the first to open is Cassis, a restaurant helmed by young French chef Eric Guilbert, who earned a Michelin star when he was at Lido restaurant at the Las-Dunas Beach hotel and spa, in Marbella, Spain, in 2004.

Cassis soft-opened this week, but it’s best to give it a couple of weeks for serving and kitchen staff to ’settle in’ and iron out the kinks. The two bars and the bakery will soon open their doors at this ambitious gastro-project, which comes under Caprice Holdings, set up by Singapore-based Tolaram group which is an international conglomerate.

In the process of food ventures in Africa, Tolaram’s folks came across ‘lifestyle entrepreneur’ Mahesh P Ramnani, who had built up a chain of cigar lounges in Estonia besides founding the Gastronomy Society there. With Mr Ramnani heading Caprice Holdings and Italian-Finn Elena Natale as his right-hand ‘woman’, who has also overseen F&B establishments in the Nordic region, we can surely expect a dose of Euro-style management at the new establishments.

The combined energy of Mr Ramnani – Ghana-born, English educated, by the way – and Ms Natale should surely inject some fresh vibes into Rochester Park; on top of the new F&B concepts.

Cassis

CHEF Eric Guilbert made all his male cooks shave bald the minute they showed up for work. We saw a shave in progress when we popped by earlier this week for a pre-arranged media tasting. Guests can easily check out the cooks’ shorn heads by peering through the show kitchen, although all of them still have their hats on, so maybe you’ll see shaved sideburns.

Anyway, that’s a good illustration of the precise nature of the 33-year-old’s cooking. There’s a touch of perfectionist in the fare that we tried, which isn’t your standard French French, but is more contemporary and ‘international’ in feel.

The dishes are sophisticated but not formal, and quite approachable – such as a duet of scallops, served as a flavourful flan and pan-seared. The grilled beef tenderloin was dramatically plated – a very tender, thick and round meat smack surrounded by a moat of creamy celery puree. Those are some of the chef’s signature dishes, including a seven-hour slowcooked leg of lamb which wasn’t stringy, served with a truffle potato puree. Entrees are between $30 and $40, while main courses are between $40 and $60.

Chef Guilbert didn’t go through formal cooking school, although he has taught Cordon Bleu students before. Given his apprenticeship roots – he started work at 15 – all the fine on-the-job training he has received shines through. One should go there with high expectations of this master of the kitchen.

In terms of decor, Cassis is flamboyant with a touch of eclecticism: ’sunken’ outdoor seating surrounded by shimmering ‘pools’; a glass-covered patio with creepers trailing up on curved ladders; and a swanky indoor double-storey dining area complete with ornate modern chandeliers.

Pinchos Gastro Bar

SHADED in deep red and black, the gastrobar flaunts a modern yet rustic feel. It will boast a list of more than 300 quality wines in a walk-in wine ‘cava’, while an extensive menu of nibbles will be served.

Twelve+One

WITH a floor painted macaroon pink and furniture in French country style, this bakery is meant to delight children and the inner child in adults. The name is derived from the 13th century term baker’s dozen, used in times when bakers would characteristically give 13 for the price of 12, thanks to a law which dictated that customers should not be short-changed.

Once the bakery is up and running, cooking and baking lessons will be held upstairs – for adults and children.

Minx

OPENING in May, Minx will be the ‘jewel’ of 6-9 Rochester Park, smacking of Russian opulence. Caviar takes centre stage while drinks will focus on vodka. Caprice Holdings’ owners have had a long trading history in the land of vodka, so guests can expect the best.

By Cheah Ui-Hoon

Polo Club
Singapore Polo Club, 80 Mount Pleasant Road.
Tel: 6854-3999.

THE Singapore Polo Club isn’t the first place you’d think of for a quiet meal in an interesting location, but given the number of restaurants opening in green neighbourhoods (such as Wessex Village Square and Rochester Park), perhaps it’s time to view it in a different light.

Restaurants in the vicinity of The Saddle Club and former Turf Club, such as Mimolette and Picotin, have shown that stables and staples go well together, but it isn’t so well known that the restaurants at the Polo Club are open to the public. The club took over F&B operations from an outside caterer earlier this year, and now offers various dining options at four different outlets – The Mountbatten Room, which is a fine-dining restaurant, a bar, an al fresco dining area and a poolside grill.

The Polo Club was founded in 1886, and along with an unmistakable sense of history, it has retained a veneer of its colonial-era charm – overhead fans, comfy armchairs, trophies in the display cabinet and the clink of gin and tonic-filled glasses on the verandah. On the wall beside the open-air bar, there are photographs of polo-playing luminaries, plus a painting of a scene in India, titled ‘The Game of Sahibs and Rajahs’. And of course, there’s the vast green expanse of the polo field just beyond the verandah railings.

‘At any other polo club in the world, you’d expect a certain standard of cuisine,’ says Dennis Kool, F& B manager at the club. ‘It used to be the same menu at all the outlets, with both local food and Western dishes but now we offer a fine-dining option as well.’

The menu at the more formal Mountbatten Room features a selection of classics such as lobster bisque, stuffed quail and beef cheek, as well as one or two Chinese cuisine favourites, such as braised lobster noodles. ‘In a sports club like the Polo Club, you have so many different cultures, so you want to make sure that you have something for everybody,’ says Kool.

A meal at the club is good value, with a daily three-course set lunch at The Mountbatten Room priced at $19.90. The public pays 10 per cent more than members but in return, you can immerse yourself in a storied venue, have a decent meal and let that peaceful, easy feeling wash all over you.

By Geoffrey Eu

Source : Business Times – 19 Apr 2008

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Venice calling

Posted by luxuryasiahome on April 19, 2008

SINGAPOREANS will have a say in what the nation should exhibit at the upcoming 11th Venice Biennale International Architectural Exhibition, on from Sept 14 to Nov 23 this year.

This is the world’s most prestigious platform for showcasing the latest architecture worldwide. This year’s theme is on architecture beyond just buildings.

About 100,000 people are expected to visit the 10-week-long event, and Singapore will have a pavilion there, with DesignSingapore Council as the main organiser.

The council is calling for suggestions from Singaporeans on how architecture can mix with interactive digital media.

It will shortlist the proposals and these Singaporeans will then work as a group on the presentation. The group should comprise mostly architects but can also include writers, artists and experts in the digital media field.

In 2004, Singapore’s inaugural entry at the 9th Biennale, titled Second Nature, was about the Republic’s relationship between urban architecture and nature.

At the 10th Biennale in 2006, the Singapore Built & Unbuilt presentation showcased winning works from architectural competitions held that year.

Proposals must be submitted by next Friday. Log on to www.designsingapore.org for details.

Source : Straits Times – 19 Apr 2008

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Singapore as a sports hub: Multi-level expansion blueprint

Posted by luxuryasiahome on April 19, 2008

FOR Singapore to be have a $2 billion-a-year sports industry by 2015, it needs to be a bustling metropolis that lives and breathes sport 24 hours a day.

And The Straits Times was given a sneak peek into the country’s future sporting landscape yesterday by the Singapore Sports Council (SSC) chief executive officer Oon Jin Teik.

‘The sports industry in 2015 will look very different from what it is today,’ he said.

‘It will consist of multiple sectors – manufacturing, retail and merchandising, media and broadcasting, professional services, education and training, sports science and medicine and sports recreation.

‘These sectors are needed to develop a holistic, self-sustaining ecosystem for the sports industry.’

The signs appear to be good, with a flurry of marquee events making their way to Singapore.

Heading the list is the inaugural Youth Olympic Games, which will be the biggest global sports event hosted by the Republic.

With big events like September’s SingTel Formula One Grand Prix, the 2009 Junior Hockey World Cup and the 2009 Volvo Ocean Race to follow, Singapore sport is experiencing unprecedented growth.

In 2001, the sports industry was worth just $680 million. By 2004, that figure was $696 million. There was a huge leap a year later, with the sports business sector contributing $796million to the country’s economy.

The statistics show that the industry appears to be well on track for ‘Goal 2015′.

The SSC has a three-pronged plan to put sports business into overdrive, Oon revealed.

‘First, we will grow our portfolio of sports events, which will create mini-ecosystems of suppliers, service providers and supporting industries,’ he said.

‘We will also initiate key sports infrastructure projects like the Sports Hub and Changi Motor racetrack. These will create spin-offs in a wide range of industries, such as construction and professional services.’

The third thrust, he said, is to team up with the Economic Development Board, Media Development Authority and Singapore Tourism Board to develop the various sports sectors.

Part of the plan is to attract sports business companies to set up shop here.

The SSC is working with the EDB to tap its tax incentives, grants and other programmes.

By 2015, some 20,000 new jobs could also be created in the thriving sports-related industries – on top of the current figure of 14,000.

These jobs could be found in sports manufacturing, sports research and development, as well as the retail and merchandising of sports apparel and equipment.

Oon added that there will be opportunities for Singaporeans in areas like sports journalism, sports events management, sports public relations, sports psychology, sports science and even sports legal services.

And when packaged alongside other services such as sports medicine, Singapore could be an all-in-one hub for athletes, said Senior Parliamentary Secretary (Community Development, Youth and Sports), Teo Ser Luck.

‘We want athletes to come here, take part in all kinds of events and then maybe get a massage at our sports wellness centres,’ he said. ‘We want to be a one-stop city when it comes to sports.’

Source : Straits Times – 19 Apr 2008

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A-REIT reports full-year earnings of S$187.3m

Posted by luxuryasiahome on April 19, 2008

Ascendas Real Estate Investment Trust (A-REIT) has posted a 14.3 percent rise in full-year earnings to S$187.3 million. Revenue jumped by 13.9 percent to S$322 million.

A-REIT has also reported strong occupancy rates for its portfolio. Overall occupancy rates stood at 98.4 percent at the end of last month.

The industrial trust said organic growth and investments will continue to be the main income drivers for this year.

Tan Ser Ping, CEO of A-REIT, said: “We still see pretty strong demand in the suburban sectors, particularly for science and business park properties, as well as high-tech industrial properties. Growth for light industrial and flatted factories are a lot more modest.

“And for logistics, probably we will see it being relatively subdued.” The trust said this is because of more supply coming up within the next two years.

Still, A-REIT is confident demand will remain healthy. Going forward, A-REIT expects to meet its annual expansion target of S$400 million a year.

The REIT also plans to go regional in the next two years.

A-REIT is proposing a full-year dividend payout of 14.13 cents for each unit, up 10.8 percent on year. – CNA/ms

Source : Channel NewsAsia – 19 Apr 2008

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Rohde & Schwarz sets up first regional HQ in Singapore

Posted by luxuryasiahome on April 19, 2008

Broadcasting and radio communications firm Rohde & Schwarz has said Asia will be the source of technological innovations in the future, and that is why it has set up its first regional headquarters outside Germany in Singapore.

Research and development (R&D) will be the focus of Rohde & Schwarz’s new regional headquarters in Changi Business Park. The communications firm said this is its largest investment outside of Germany.

Erich Freund, Managing Director, Asia Pacific, Rohde & Schwarz, said: “There are more and more standards coming up from Asia. I think by the power of the economy, China is at the forefront – you see a lot of Chinese standards for broadcasting, in mobile radio…

“WiMax is very much driven by some Asian countries like Korea and Taiwan. We definitely will see a lot of new innovations coming from this region, and I think Singapore will have a strong standing in that.”

Currently more than 30 percent of the company’s turnover comes from Asia.

Rohde & Schwarz is looking to double its R&D staff in Singapore, now standing at 150. Local engineers they recruit will also have the chance to work in the firm’s Munich operations.

Lim Boon Huat, Managing Director, Singapore, Rohde & Schwarz, said: “The people we are going to hire will be for new skill sets as well (as) new domain areas, and that will be exciting for Singapore, because it gives our people a chance to develop high-end technology.

“Rohde & Schwarz is a technology company and I see… the synergy between Germany and Singapore… and this is where a lot of things can flow, ideas can flow between both sides.”

The company is offering two full scholarships to engineering students at the National University of Singapore and Nanyang Technological University to study at the Technical University of Munich next year. – CNA/ms

Source : Channel NewsAsia – 18 Apr 2008

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University of Adelaide plans to make S’pore campus its second largest

Posted by luxuryasiahome on April 19, 2008

The University of Adelaide plans to make its campus in Singapore its second largest within two years. By 2010, its student numbers will be doubled.

The University made this announcement at a dinner on Friday. The event was held to celebrate the 10th anniversary of its educational partnership with Ngee Ann Kongsi.

Professor John Taplin, Pro Vice-Chancellor, University of Adelaide, said: “The University has been involved in Singapore for 10 years. We have this partnership that has been operating successfully over the decade. And we think we’re now ready to expand our programmes and our student numbers.

“We are based in Adelaide. We couldn’t deliver the programmes in Singapore without having a partner here in Singapore that we could work with. Other Australian universities would also, I think, need a partner.

“Perhaps that’s one of the lessons to be learnt from the UNSW (University of New South Wales) Asia experiment. There was no local partner and so perhaps they didn’t identify some of the risks that are involved in setting up (a campus here).”

The newly-named University of Adelaide Ngee Ann is introducing new post-graduate programmes and research collaborations with Singapore. It aims to make its campus here a regional centre of excellence.

The University expects student numbers to jump from 456 to 900 by the end of next year. And it will recruit students from Singapore and other countries in the region.

Singapore is now the University’s third largest source of overseas students. Most of them study in Singapore and this number is expected to increase substantially in the next decade.

Meanwhile, former Deputy Prime Minister Dr Tony Tan, who is the Chairman of Singapore’s National Research Foundation, and an alumnus, launched the Singapore Adelaide Alumni Fund at the dinner.

The money will go to undergraduates who need financial assistance. Those eligible are Singapore citizens or permanent residents who are studying full-time at the University of Adelaide.

The Ngee Ann Kongsi has agreed to match every dollar contributed, up to S$250,000.

Australia is the top destination for Singapore students heading overseas for their higher education. Australia attracts 55 percent of Singaporeans studying overseas, compared to 19 percent in the US, and 18 percent in the UK. – CNA/ms

Source : Channel NewsAsia – 18 Apr 2008

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University of Adelaide plans to make S’pore campus its second largest

Posted by luxuryasiahome on April 19, 2008

The University of Adelaide plans to make its campus in Singapore its second largest within two years. By 2010, its student numbers will be doubled.

The University made this announcement at a dinner on Friday. The event was held to celebrate the 10th anniversary of its educational partnership with Ngee Ann Kongsi.

Professor John Taplin, Pro Vice-Chancellor, University of Adelaide, said: “The University has been involved in Singapore for 10 years. We have this partnership that has been operating successfully over the decade. And we think we’re now ready to expand our programmes and our student numbers.

“We are based in Adelaide. We couldn’t deliver the programmes in Singapore without having a partner here in Singapore that we could work with. Other Australian universities would also, I think, need a partner.

“Perhaps that’s one of the lessons to be learnt from the UNSW (University of New South Wales) Asia experiment. There was no local partner and so perhaps they didn’t identify some of the risks that are involved in setting up (a campus here).”

The newly-named University of Adelaide Ngee Ann is introducing new post-graduate programmes and research collaborations with Singapore. It aims to make its campus here a regional centre of excellence.

The University expects student numbers to jump from 456 to 900 by the end of next year. And it will recruit students from Singapore and other countries in the region.

Singapore is now the University’s third largest source of overseas students. Most of them study in Singapore and this number is expected to increase substantially in the next decade.

Meanwhile, former Deputy Prime Minister Dr Tony Tan, who is the Chairman of Singapore’s National Research Foundation, and an alumnus, launched the Singapore Adelaide Alumni Fund at the dinner.

The money will go to undergraduates who need financial assistance. Those eligible are Singapore citizens or permanent residents who are studying full-time at the University of Adelaide.

The Ngee Ann Kongsi has agreed to match every dollar contributed, up to S$250,000.

Australia is the top destination for Singapore students heading overseas for their higher education. Australia attracts 55 percent of Singaporeans studying overseas, compared to 19 percent in the US, and 18 percent in the UK. – CNA/ms

Source : Channel NewsAsia – 18 Apr 2008

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