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Archive for April 20th, 2008

Before you refinance your home loan…

Posted by luxuryasiahome on April 20, 2008

WITH interest rates in Singapore still falling and the property market turning quiet, banks are now gunning for the mortgage refinancing business.

Refinancing means replacing your current mortgage with another that comes with lower interest rates. This can be done with the same bank or by switching to another bank.Many home owners are now considering this because the Singapore Inter-bank Offered Rate (Sibor) has fallen from over 3 per cent to below 1.3 per cent. Sibor, the rate at which banks lend to one another, is a key component used in setting home loan rates.

Some home owners have taken the bait. At HSBC Singapore, for example, refinancing applications have increased by more than 50 per cent in number over the past three months. Other banks, such as United Overseas Bank, have been circulating new refinancing packages by mail to home owners.

But before you take the plunge, you should be aware that refinancing a mortgage comes at a cost. Penalties could be imposed if you terminate your housing loan early with your existing lender, and you could incur legal fees if you refinance the loan with another bank.

Mr Dennis Ng, the founder of mortgage consultancy portal www.HousingLoanSG.com, reckons that if you are paying 3.5 per cent or higher on your home loan, you should be able to enjoy savings in interest by refinancing the loan.

He has worked out that, based on a 30-year loan tenure, refinancing an outstanding loan amount of $215,000 to a lower interest rate of 2.2 per cent, down from the current 4.5 per cent, would result in interest savings of about $14,730 over three years.


Balance your options

A mortgage with a lower interest rate might seem more attractive, but before you refinance your loan, consider these factors:

  • Lock-in period
  • Penalty for early loan redemption
  • Conversion fee
  • Legal subsidy
  • Choice of fixed, variable or interest rate-linked rates
  • Cash rebates
  • Flexibility to make partial loan redemption
  • Free fire insurance
  • Affordability
  • Source : Sunday Times – 20 Apr 2008

    Email lushhome@gmail.com for group refinancing packages.

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    Refinance: Five things to note before you switch

    Posted by luxuryasiahome on April 20, 2008

    1 When you should consider refinancing

    Scenario 1: The savings outweigh the costs of refinancing. In other words, do your sums first.

    Scenario 2: You do not plan to sell your property within the next 12 months.

    Maybank Singapore’s head of consumer banking, Ms Helen Neo, said it does not make sense to refinance if you plan to sell your home in the short term.

    ‘Home owners have to pay redemption fees, and even refund legal subsidies or cashbacks to the banks,’ she said.

    Mr Dennis Ng, the founder of mortgage consultancy portal www.HousingLoanSG.com, added you typically need to give three months’ notice to your existing bank before switching. If you sell your property within nine months, say, you will enjoy interest savings for only six months. Your savings might not be much higher than the refinancing costs.

    2 What refinancing will cost you

    With the same bank

    Within the lock-in period Check if your package has a lock-in period. During this time, usually two to three years, you have to pay a penalty if you withdraw your loan. It’s usually 1-1.5 per cent of the outstanding loan amount.Also, there is a conversion fee of $500 to $1,000.

  • Outside the lock-in period
  • The cost is just the conversion fee.

    With another bank

    With banks pulling out all the stops to garner a larger slice of the home loans market, it is worth your while to shop around. DBS Bank, for example, has customised packages that subsidise penalty payments, while Standard Chartered Bank (Stanchart) is repricing home loans down for existing customers on selected packages.

    OCBC Bank’s head of consumer secured lending, Mr Gregory Chan, encourages customers to talk to their lenders first before leaving for another bank. This is because the actual charges incurred could vary depending on various factors, which could include the time till the lock-in period expires and the customer’s business relationship with the bank.  

  • Within the lock-in period
  • Besides having to cough up a penalty for early loan redemption, you will have to refund the subsidy on legal costs provided by your current bank.

    Capped at $2,000, the subsidy is calculated based on 0.4 per cent of the loan amount, plus the cost of the $500 stamp duty. Most banks will offer a subsidy of up to $2,000, depending on the loan amount.

    If your loan amount is, say, $500,000, the bank is likely to have given you a subsidy of $2,000.

  • Outside the lock-in period
  • Normally, you don’t need to pay your current bank penalties or administrative fees.

    However, you might have to reimburse the bank for freebies you received when you first took out the loan. These could include legal subsidies, free fire insurance on the property and promotional shopping vouchers, said Citibank Singapore’s business director, Mr Tan Chia Seng.

    Whether you are inside or outside the lock-in period, refinancing a home loan with another bank means incurring legal fees again.

    3 Which home loans benefit you most

    There are more than 113 different home loan packages in the market. 

  • Fixed rates
  • Depending on your ‘risk tolerance’, you can consider locking in your loan at the current low interest rates for the next two to three years. This means going for fixed-rate loan packages in which the rates are fixed for the first two to three years.

  • Pegged rates
  • If price transparency is a must and you believe interest rates are likely to remain low in the next 12 months, you can consider packages with rates pegged to the Singapore Inter-bank Offered Rate (Sibor) or other benchmark rates as you will automatically enjoy lower loan rates when interest rates fall further.

    Said OCBC’s Mr Chan: ‘If fixed cash flow and protection against interest rate hikes are of utmost importance, our fixed-rate packages would be more appropriate.’ 

  • Zero penalty for switching
  • Those who are thinking of selling their property in the next two to three years should choose a package with a shorter penalty period or one with no penalties attached. For a loan amount of $500,000, you would save $7,500 if you chose a package with no penalties attached over one that imposes a penalty charged at 1.5 per cent of the loan amount, said Mr Ng.

    4 Which expenses you have to budget for

    Rates don’t stay depressed forever. When refinancing, do not underestimate other expenses in a lower interest rate environment only to find yourself unable to pay your debts and monthly instalments when rates rise later, said Mr Dennis Khoo, the general manager of wealth management at Stanchart.

    Borrowers should ensure they are not over-exposed to debt repayments. Set aside enough cash to cover at least six to 12 months of all necessary expenses such as utilities and phone bills, he said.

    5 Which packages offer favourable incentives

    There are more than rates to consider when refinancing. 

  • Partial loan repayment
  • Pick a package that does not penalise you for partial repayments. This means you can lower your overall loan balance whenever you wish to redeem part of your loan.

  • Free loan conversion
  • If your property is still under construction, ask for a package with a ‘free loan conversion’. This lets you switch to a package with lower rates when you get your temporary occupation permit.

  • Rebates
  • If a package offers a cash rebate, check if it is refundable and if there will be any additional penalty charges should you withdraw within the lock-in period.

  • Free fire insurance
  • Some lenders throw this in.

    Source : Sunday Times – 20 Apr 2008

    Email lushhome@gmail.com for group refinancing packages.

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    On the market: Condos near MRT stations

    Posted by luxuryasiahome on April 20, 2008

    In this weekly column, we bring you a sampling of properties up for sale. In the spotlight this week: Condos near MRT stations

    The Parc Condominium, freehold
    #09-10, 5 West Coast Walk

    What it is: A 1,216 sq ft, three-bedroom apartment

    What it costs: $1.139 million, or $937 per sq ft (psf). The maintenance fee is estimated at $230 per monthNearest MRT: Seven to 10 minutes’ walk from Clementi MRT StationThis breezy sub-sale unit has views of the condo’s pool and Clementi Stadium. The living room and master bedroom face south-east and the other bedrooms, north-east.Residents enjoy full condo facilities, including tennis courts and a 50m lap pool. The 659-unit project also has other units for sale, ranging from three-bedroom to five-bedroom units.


    Wilkie Studio Residences, freehold
    #04-01, 86 Wilkie Road
    What it is: A 1,873 sq ft three-bedroom apartmentWhat it costs: $2.87 million, or $1,532 psf. The monthly maintenance fee is $488Nearest MRT: 12 minutes’ walk from Dhoby Ghaut MRT StationThe highlight of this spacious unit is a roof terrace complete with a jacuzzi. The kitchen is also fully equipped, with a fridge and a washer-dryer.Buyers can opt for deferred payments at this 40-unit project, which still has three duplexes and 17 three-bedroom units available. Seven have roof gardens. Prices range from $1,500 psf to $1,800 psf.


    The Quartz, 99-year leasehold
    Block 69 #08-36, 53 Compassvale Bow

    What it is: A 1,055 sq ft three-bedroom apartmentWhat it costs: $738,000, or $699 psf. The maintenance fee is estimated at $190 to $260 per monthNearest MRT: Three minutes’ walk from Buangkok MRT StationThis apartment comes with expansive views and dry and wet kitchens with plenty of storage space.Full condo facilities are offered, including a ‘floating clubhouse’ overlooking the pools and sky gym.A wide range of three-bedroom units are available, from $529 psf.

    Source : Sunday Times – 20 Apr 2008

    Email lushhome@gmail.com for more information.

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    You can take a cash-out loan from your home

    Posted by luxuryasiahome on April 20, 2008

    As a mortgage war breaks out among Singapore banks, homebuyers have emerged the clear winners as lenders slash interest rates to grab new customers and retain existing ones.

    Rates have plummeted to less than 2 per cent. This means borrowers are effectively getting free cash as sky-high inflation means their future repayments are worth a lot less than the initial loan.

    That is great, of course, for young couples buying their first home and moneyed investors looking to take advantage of the cooling property market. But they need not be the only ones reaping the spoils of the rate-cut battle.

    Those of us who already have a roof over our heads but are not ready to take the plunge on another property can still benefit from the rate slashing that is going on.

    If you have a private property that is at least partly paid up, you can consider taking a loan, using the paid-up bit of the house as collateral. Often called a home equity loan or a cash-out loan, this facility is pretty much like a mortgage, with similar rates and terms.

    But instead of using the money to pay for a house, you can use the cash any way you like – whether to splurge on a new BMW, pick up some undervalued stocks or finance that one-man business which you run out of your study.

    As mortgages are just about the cheapest loans available in town, this slightly off-beat idea could yield some interest savings.

    It is also one way to cash in on the recent property boom without selling your house. If you own a house that is now worth more than what you had bought it for, banks will be willing to lend you more money than before as the collateral base has grown.

    These property-backed loans are common in developed countries, from the United States to Australia.

    But bankers say conservative attitudes towards credit and a certain sanctity Asians ascribe to their homes mean relatively few people, in Singapore and in the region, have taken advantage of this cost-saving option.

    So far, equity loans in the local market are used mostly by entrepreneurs as a cheap way to finance anything from business expansions to day-to-day transactions. But with mortgage rates so low – and they may fall further – it might be time to take another look at tradition.

    Ignoring absurdly low first-year teaser rates, home loans are now going for between 2 per cent and 3 per cent in interest charges. Add a small premium that is typically charged, and equity loan rates are now around the 3 per cent mark, say bankers.

    This is clearly cheaper than unsecured credit lines, where rates go into double igits. It is also cheaper than loans for small businesses, which typically face rates of between 7 per cent and 8 per cent. 

    What about car loans? At 2.5 per cent, they look cheaper. But interest for these is charged on the full loan amount throughout the tenure of the loan. In contrast, regular loans charge interest based on the outstanding principal as the loan is repaid. The effective rate for a car loan is thus roughly about twice that of the advertised rate.

    Standard Chartered Bank general manager for lending, Mr Dennis Khoo, says that for a $40,000 loan stretched over six years, interest savings could come up to about $2,000, if one took up a home equity loan instead of a regular car loan.

    Sounds good. So, how does one go about getting an equity loan? How much can one borrow?

    The process is largely similar to that for a regular mortgage.

    Take, for example, a $1 million house. A bank would typically allow for total borrowings on the house of up to 80 per cent of the property’s value – or $800,000.

    If there is an outstanding mortgage of $300,000, the biggest equity loan that can be granted would be $500,000. But if the home owner had also used $200,000 of his Central Provident Fund savings to pay for the house, the maximum would be $300,000. This is because if there is a default and the house is sold off, proceeds will first go towards repaying the mortgage and replenishing the owner’s CPF account, before they can be claimed by the equity loan provider.

    Besides home valuations, banks will also look at the borrower’s income to make sure he can service the monthly instalments, given his existing financial commitments.

    But before you dash out to the nearest bank branch, remember that while they are cheap, equity loans should not be taken recklessly. To cop a familiar slogan: Low interest does not mean no interest.

    In fact, more caution is needed as what is at stake may be the home that you live in. Furthermore, bankers warn that a property market downturn may prompt lenders to pull back on the loan as the value of the collateral falls.

    If anything, the ongoing financial crisis is a stark reminder of what happens when credit is abused.

    The lure of cheap credit, along with a housing boom, led American households to overspend massively in the past decade. Now that the housing bubble has burst, they are finding themselves a lot shorter on cash, with a great number struggling to keep their homes from being repossessed by their lenders.

    The point is that one should not let the promise of ‘a good deal’ override prudence and common sense.

    The equity loan is best seen as a way to reduce financing costs that you would have incurred anyway. Taking on an unsustainable financial burden just because it is cheap can turn out to be a costly decision. 

    So be shrewd with your borrowing, but be wise with your spending as well. Or else, you may find that splashing out on that flashy convertible may leave you all washed up – and without a roof over your head.

    Source : Sunday Times – 19 Apr 2008

    Email lushhome@gmail.com for more inforamtion or to speak to a banker

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    Nicoll Highway collapse: Insurance claims settled

    Posted by luxuryasiahome on April 20, 2008

    Claims amounting to hundreds of millions of dollars arising from the Nicoll Highway collapse have been settled as the tragedy marks its fourth anniversary today.

    The main parties involved – the Land Transport Authority (LTA), Japanese contractor Nishimatsu Construction and insurance groups led by Japan’s MSIG – came to ‘an amicable settlement’ recently, a source involved in the saga told The Sunday Times.

    The settlement has ’saved all parties concerned hefty legal expenses and many more years of waiting’, he said.

    All parties have signed an undertaking to keep details of the settlement private.

    The exact sums paid out, and to whom, would not show up on the General Insurance Association’s annual statistics because insurance for massive tunnelling engineering works is usually done offshore as the local outfits are not big enough to underwrite them.

    But The Sunday Times understands that both the LTA and Nishimatsu were paid.

    Excavation for the Nicoll Highway station – one of 29 on the MRT Circle Line being built now – was almost complete when retaining walls at the worksite collapsed on the afternoon of April 20, 2004.

    Four workers were killed and claims from their kin were settled separately last year.

    The collapse also caused a section of Nicoll Highway to cave in. There were no casualties here.

    A public inquiry found builder Nishimatsu to be largely at fault. It had, among other things, failed to heed warnings from instrumentation set up to measure earth movement. A couple of sub-contractors and 13 professionals – including a number from the LTA – were also named.

    Three Nishimatsu executives and one former LTA project director were charged in court and fined between $8,000 and $160,000 each. 

    The Japanese company was also fined a maximum of $200,000 under the Factories Act. It admitted to design errors which contributed to the collapse.

    The incident led to the departure of several senior LTA officers and Nishimatsu replaced some of its executives stationed here.

    The latest settlement would defray some costs for Nishimatsu, which is said to have footed a bill of about $300 million for building a new station and realigning part of the Circle Line.

    ‘If it was any lesser contractor, this would not have been possible,’ an insurance industry source said. 

    A construction industry source said: ‘It is doing this more for relationship, not so much out of fear that it will be banned in Singapore.

    ‘Nishimatsu’s worldwide turnover is US$4 billion (S$5.4 billion) to US$5 billion, and Singapore accounts for less than 1 per cent of that.’

    The Japanese company, which has been involved in tunnelling works in Singapore since 1984, has not secured any similar civil contracts since the collapse.

    Construction of the new Nicoll Highway station – sited about 100m south of the collapsed station – and adjoining tunnels has been completed. French rail systems builder Alstom has already moved in to lay the tracks.

    The Sunday Times understands that the LTA is aiming to open the downtown stages of the Circle Line by mid-2010. This 11-station section spanning about 12km links Paya Lebar to Dhoby Ghaut via Mountbatten, Kallang and Nicoll Highway.

    The first part of the line to open – in June next year – will be a five-station stage linking Bartley to Marymount. It has interchanges at Bishan and Serangoon.

    By the time the Youth Olympics is under way in August 2010, a large part of the Circle Line will be running. Two other stages – linking Thomson to Pasir Panjang via Holland Village – could be ready after 2011.

    A spokesman for Japanese insurer MSIG, which inherited the liabilities of the Nicoll Highway station contract when it bought the general insurance business from Britain’s Aviva in late 2004, said: ‘It is not our policy to provide any details relating to any insured or the details of any claim or claimant.”

    The LTA and Nishimatsu have also declined to comment.

    Source : Sunday Times – 20 Apr 2008

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    Next Stop: A possible award

    Posted by luxuryasiahome on April 20, 2008

    This charcoal-coloured, futuristic MRT station may well be the first here to win an award from the Singapore Institute of Architects.

    The Stadium station, located at the future Sports Hub in Kallang, is one of 29 stations in the new Circle Line. The 33km line will open in sections from the middle of next year.

    Woha, the architects behind the station, submitted its design for this year’s 9th Singapore Institute of Architects Architectural Design Awards.

    The results will be announced on May 21 at the institute’s annual dinner.

    Neither the institute nor Woha could be reached for comment, but sources indicate that the station has clinched an award.

    On its website, Woha said that the project ‘addressed the problems of surge crowds and crowd holding areas by placing the ‘unpaid’ areas (areas outside the fare gates) at ground level and providing a public plaza for holding crowds’.

    The other MRT station that Woha designed was the Circle Line’s Bras Basah station, which has a large, breathtaking, water-filled skylight.

    Source: Sunday Times – 20 Apr 2008

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    F1 hotel rates could fall

    Posted by luxuryasiahome on April 20, 2008

    As the hype builds towards Singapore’s first Formula One race in September, one thing could drop in the months ahead – hotel room rates.

    Top executives whose chains operate a total of seven hotels in and around the city centre told The Sunday Times that prices may be ‘relooked’ if bookings do not pick up soon for the F1 period.

    This, after rates – three to four times the norm and which can top $1,500 a night at some track-side hotels in Marina Bay – seem to have put off potential clients.

    ‘Every hotel is holding its rates right now, there’s no panic yet,’ said the assistant vice-president (sales) of a prominent chain, who declined to be named.

    The hotels under its banner, which total over 1,000 rooms, are about 50 per cent full.

    Said the source: ‘Probably in June or July we’ll look at the situation and see if there’s a need to change our price strategy.

    ‘But F1 teams, when making enquiries with us, have also remarked that prices here are much higher
    compared to other venues like Shanghai or Kuala Lumpur.’

    In Kuala Lumpur, five-star rooms can be had for as little as about $250 when the F1 circus swings into town every March.

    While a few hotels like Fairmont Singapore ($1,700 a night) are full, industry sources admitted that many have yet to secure bookings for more than half their rooms.

    And one five-star city-centre hotel is currently staring at less than 20 per cent occupancy for the Sept 22-28 F1 week.

    Australian Jeff Goodridge has taken his frustrations to the Internet. He wrote on his blog: ‘I was looking forward to going to the first ever night Grand Prix as a stopover on the way home from Europe.

    ‘But now, guess we’ll stopover elsewhere as I can’t justify spending $2,500 to $3,500 over the period…I wonder how many others will be deterred by this blatant money grab?’

    Singapore organisers have already received complaints from foreign media, peeved at the ‘ridiculous’ prices.

    Coupled with high prices, many hotels are imposing minimum stays of at least three nights.

    The Singapore Tourism Board has said it would not regulate hotel prices during the F1 period. But, should the trend continue, market forces may succeed in forcing lower rates.

    A local fan who has attended the Monaco, Melbourne and Malaysian races said: ‘The hotels were too greedy, they thought everyone would bite regardless of the astronomical prices.’

    He added that fellow F1 fans from overseas will be looking at spending at $4,000 just for travel and accommodation.

    On top of that, they have to factor in a three-day race ticket, priced between $168 and $1,388.

    Despite the concerns, the Royal Plaza on Scotts will stick to its $960 nightly rates. General manager Patrick Fiat said it has 36 per cent occupancy for the F1 week.

    ‘We did a study of the other F1 cities, and the main bulk of bookings come 80 days before the race,’ he said.

    ‘We’re still five months away and, by mid-June, we might see a big increase.’


    ‘I can’t justify spending $2,500 to $3,500 over the period…I wonder how many others will be deterred by this blatant money grab?’ – Australian Jeff Goodridge, in a blog entry headlined “Highway Robbery”

    Source : Sunday Times – 20 Apr 2008

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    Capitol Theatre: Unwanted child of S’pore conservation?

    Posted by luxuryasiahome on April 20, 2008

    For too long, the once-lovely Capitol Theatre has stood forlorn and forgotten, the unwanted child of Singapore conservation.

    Newspaper reports once held out hope of it being transformed into a performing arts centre for musicals, plays and ballets.

    That, alas, was in January 1996.

    Even then, the report quoted government officials as saying that the plans were ’still being studied’.

    Never mind that the site had been earmarked for development in 1984, and acquired by the state in 1987, nearly a decade earlier.

    More delays followed. In 1998, Capitol screened its last movie and the cinema was shut down amid much sadness and hopeful talk of plans to put it to better use.

    The project was handed over to the Singapore Tourism Board to pursue in 2000. But in 2006, it decided not to proceed and handed it back to the Singapore Land Authority. Last year, it was finally declared a conservation area.

    Sadly, over the years, nobody seemed either to own the project or to care all that much about it.

    So, pardon me, but I could not help being more than a little sceptical when I read a report earlier this month which talked of fresh plans for the Capitol Theatre and the structures around it – Capitol Building, Capitol Centre and Stamford House.

    The report raised as many questions as it answered: Just what do the authorities now envisage for the site, which they say will be sold as an ‘integrated one’ next year? So far, officials have said only that the area has not been ‘fully maximised to its development potential’ – indeed! – and the ‘timing and details’ of their plans ‘are being finalised’.

    Why has it taken decades for any progress to be made on conserving this area? What is the cost of leaving Capitol idle all these years, allowing it to crumble away to a dusty death? And just who will ensure that the plans are realised this time?

    These are legitimate questions, not least since the buildings concerned are very much part of Singapore’s architectural heritage.

    Capitol Theatre turns 80 next year. The neo-classical style building was built in 1929 by M.A. Namazie, an early Singapore pioneer of Persian origin. The accompanying four-storey building, where the popular Magnolia Snack Bar once stood, was completed in 1933 and called the Namazie Mansions back then.

    The cinema was Singapore’s very first, where the likes of Charlie Chaplin and Douglas Fairbanks performed to promote their silent movies. In the 1960s, the Capitol hosted variety shows featuring performers like Sakura Teng and Rita Chao.

    The adjacent Stamford House has an even longer history. It was designed for commercial use in 1904 by R.A.J. Bidwell, the man behind other outstanding buildings such as the Raffles Hotel and Goodwood Park Hotel.

    Few seem to recall the furious debate that broke out in 1991 over whether Stamford House should be saved instead of Eu Court, built in the 1930s, across the street.

    Then National Development minister S. Dhanabalan declared that Stamford House would be preserved as it had a ‘more outstanding architectural style’.

    I was prepared then to give the minister the benefit of the doubt, and wait to see if the ramshackle Stamford House of those days would indeed be transformed into the conservation gem he envisioned.

    So, when the Victorian facade of the building was unveiled three years and $13 million later, I had to concede that it did look splendid, as the minister had said.

    But sadly, it never quite lived up to his promise of becoming ‘an active and successful commercial centre’, given its motley collection of furniture shops, galleries and eateries, several of which came and went.

    The wider issue here is this:
    Just how does Singapore go about conserving its architectural heritage, saving grand old buildings and giving new life to them?

    Of course, given the space constraints on this tiny island, I have never believed in keeping buildings as museum pieces, or standing in the way of development.

    But, in these days of globalisation and rapid change, a sense of place and continuity is needed if Singaporeans are to remain rooted to this country.

    Indeed, at the moment, Singapore is undergoing another spurt of redevelopment. Just as in the 1980s and 1990s, when familiar sites like the modest C.K. Tang store or the huge open field where Ngee Ann City now stands gave way to skyscrapers, the Ion Orchard and Orchard Central are rising rapidly from the ground in Orchard Road. These, and the redevelopment of the Asia Hotel site in Scotts Road, as well as the new St Regis Hotel in Tanglin Road are transforming the face of the downtown area as we know it. 

    So how to ensure continuity in the face of such change?

    Well, to be fair, there have been quite a few success stories in conservation over the years, such as the Fullerton Hotel, Raffles Hotel, the National Museum, the old Parliament House, and the old St Joseph’s Institution building.

    In these cases, the buildings’ structures were painstakingly conserved, even as their interiors were retrofitted to allow for new uses, commercial or otherwise. Sure, the purists moaned, but the conservation purpose was served.

    There have been some bad misses too. Orchard cinema and the National Library were both razed to the ground despite fervent public protests.

    Or ponder this: Just what is the difference between the ghastly named Orchard Cineleisure and the supposedly conserved Cathay building?

    Precious little, actually. The former was built after tearing the old cinema down completely, while the latter was simply erected around a sliver of the facade of what was Singapore’s first skyscraper, as a sop to the conservationist lobby.

    Clearly, there are lessons to be learnt from these hits and misses over the decades to help ensure that the re-development of the Capitol area turns out right.

    To do so, the authorities need to:

  • Spell out their Capitol conservation plans in much greater detail.
  • While they are at it, they should consider redeveloping the SMRT HQ building across the street. Why a public transport operator needs such a large prime site, all walled up and uninviting, has always been a mystery to me.

    There is much potential to liven up the entire area on both sides of Stamford Road, with an array of streetwalk dining, retail and entertainment options.

  • Engage the public, both to get ideas and foster a sense of ownership of this historic district.
  • Surely, Singaporeans should not wait until plans are announced to demolish an old building before taking an interest? Nor should they be left to bemoan conservation efforts gone awry after the fact.

  • Announce a timeline to make clear how and when the authorities will ensure that the area’s ‘development potential is fully maximised’, at long last.
  • It would be a pity if Singaporeans have to wait another decade to read the next report on new plans ‘being studied’ for Capitol.

    Source : Sunday Times – 20 Apr 2008

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