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Archive for April 26th, 2008

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Singapore tops business ranking in Asia: EIU

Posted by luxuryasiahome on April 26, 2008

But it drops two positions in global ranking to third

SINGAPORE is still the best place in Asia to do business.

But it has slipped two spots in the global ranking to third, pulled down by slower trade growth and limited market size.

Out of 82 countries, Denmark was rated the best place to invest in over the next five years by the Economist Intelligence Unit (EIU). Finland ranked second.

‘Singapore’s economy is undergoing a necessary transition towards more services and domestic demand,’ said EIU associate director Sudhir Vadaketh.

‘This involves the slowing of export and import growth (of goods and non-factor services),’ he said.

The shift will prove beneficial as it will wean the Singapore economy off heavy dependence on exports, he said.

‘However, because of that slowing in trade growth, Singapore falls a bit on the market opportunities measurement in our ranking.’

Singapore’s rising cost of living and higher prices for commercial space were also taken into account.

Nonetheless, Singapore remains the most attractive business environment in the Asia-Pacific – four spots above Hong Kong and 15 places above Taiwan.

Singapore was commended for its flexible labour market, favourable tax regime, openness to trade and strong infrastructure.

The corporate tax rate, for instance, has been cut progressively over the years from 40 per cent in 1985 to 18 per cent from this year, in a bid to reduce business costs and attract new corporate investment.

‘Overseas investors are attracted by Singapore’s pro-business approach and favourable economic prospects, as well as incentives available to encourage investment in high-technology industries,’ EIU said in its rankings report.

Singapore’s labour market and high-quality workforce scored well, but EIU said the island faces increasing competition from the rest of Asia with regard to costs.

Denmark did well in all the 10 categories studied by EIU, but its pro-business policies, labour flexibility and fiscal policy pushed it ahead.

Countries were ranked according to criteria such as political environment, market opportunities, policy towards foreign investment and taxes.

Source : Business Times – 26 Apr 2008

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St Regis, Singapore

Posted by luxuryasiahome on April 26, 2008

IF YOU’RE really, really too time-strapped to spare a three or four-hour flight out of Singapore, there’s the St Regis: for the waited-on-hand-and-foot experience.

St Regis is the only hotel in Singapore to offer butler services to all guests now that it’s open.

For some folks, this service takes some getting used to. For example, even though your butler says to call him if you need anything at all, should you do so if you can’t find sanitary bags in the impressive marble sanctuary that is the loo? What about calling him for a different pillow when the one on your bed gives you a neck ache in the middle of the night?

For others, however, the butler is a dream come true. Hate packing and unpacking whenever you travel? No problem, buzz the butler. Want to read international newspapers? Sure thing, the chap will get them for you.

Heck, your plush room doesn’t even come with a coffee/tea maker because the butler will make your cuppa, 24/7.

So yes, it is a charmed life when you check into the St Regis, where you’ll find little need to raise a finger unless it is to press the butler call button. That leaves you with plenty of energy to enjoy your surroundings.

At the posh hotel, a collection of over 40 original art pieces by such familiar names as Fernando Botero, Marc Chagall and Frank Gehry dot the public areas, while its 299 rooms and suites ooze quiet opulence through tasteful, stately decor.

For a room with a nice, unblocked view, ask for a Tanglin Road facing one on a high floor. But if you want to check out the apartments in the posh St Regis Residences, the Cuscaden Road facing rooms will give you a pretty good peek.

Facilities-wise, there is a rather narrow swimming pool, a top-class fitness centre and an air-conditioned tennis court. But nothing beats the hotel’s much-talked about Remede Spa. Sure, its treatments are wonderful, but it is Remede’s luxurious wet lounge that really raises the bar as far as exceeding guest expectations goes. Suffice to say you will find yourself wanting to try every heated marble surface, dip into every body of water and pop into every steamy chamber.

Filling your tummy, however, is just as pleasurable. Theoretically, you could work your way through the all-day dining restaurant, Les Saveurs, for breakfast; the poolside Mediterranean eatery, LaBrezza, for lunch; then tuck into afternoon tea at the Drawing Room before finishing up with dinner at the Cantonese restaurant, Yan Ting.

But if that doesn’t work out, then at the very least, make sure you go for the wine tasting at the Decanter wine bar in the evening. Staying guests are invited to taste four wines – compliments of the hotel’s chief sommelier – but the bonus is the sommeliers’ personable company in a very chic atmosphere.

For a spot to wind down the evening – and feel smug as you look out at the hoi polloi on Tanglin Road – head to Astor Bar for a Chilli Padi Mary. If the concoction doesn’t knock you senseless, it will at least make you happy to be alive – and staying at the St Regis.

The St Regis Singapore is at 29 Tanglin Road.
Tel: 6506 6888, website: StRegis.com/Singapore

Source : Business Times – 26 Apr 2008

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St Regis, Singapore

Posted by luxuryasiahome on April 26, 2008

IF YOU’RE really, really too time-strapped to spare a three or four-hour flight out of Singapore, there’s the St Regis: for the waited-on-hand-and-foot experience.

St Regis is the only hotel in Singapore to offer butler services to all guests now that it’s open.

For some folks, this service takes some getting used to. For example, even though your butler says to call him if you need anything at all, should you do so if you can’t find sanitary bags in the impressive marble sanctuary that is the loo? What about calling him for a different pillow when the one on your bed gives you a neck ache in the middle of the night?

For others, however, the butler is a dream come true. Hate packing and unpacking whenever you travel? No problem, buzz the butler. Want to read international newspapers? Sure thing, the chap will get them for you.

Heck, your plush room doesn’t even come with a coffee/tea maker because the butler will make your cuppa, 24/7.

So yes, it is a charmed life when you check into the St Regis, where you’ll find little need to raise a finger unless it is to press the butler call button. That leaves you with plenty of energy to enjoy your surroundings.

At the posh hotel, a collection of over 40 original art pieces by such familiar names as Fernando Botero, Marc Chagall and Frank Gehry dot the public areas, while its 299 rooms and suites ooze quiet opulence through tasteful, stately decor.

For a room with a nice, unblocked view, ask for a Tanglin Road facing one on a high floor. But if you want to check out the apartments in the posh St Regis Residences, the Cuscaden Road facing rooms will give you a pretty good peek.

Facilities-wise, there is a rather narrow swimming pool, a top-class fitness centre and an air-conditioned tennis court. But nothing beats the hotel’s much-talked about Remede Spa. Sure, its treatments are wonderful, but it is Remede’s luxurious wet lounge that really raises the bar as far as exceeding guest expectations goes. Suffice to say you will find yourself wanting to try every heated marble surface, dip into every body of water and pop into every steamy chamber.

Filling your tummy, however, is just as pleasurable. Theoretically, you could work your way through the all-day dining restaurant, Les Saveurs, for breakfast; the poolside Mediterranean eatery, LaBrezza, for lunch; then tuck into afternoon tea at the Drawing Room before finishing up with dinner at the Cantonese restaurant, Yan Ting.

But if that doesn’t work out, then at the very least, make sure you go for the wine tasting at the Decanter wine bar in the evening. Staying guests are invited to taste four wines – compliments of the hotel’s chief sommelier – but the bonus is the sommeliers’ personable company in a very chic atmosphere.

For a spot to wind down the evening – and feel smug as you look out at the hoi polloi on Tanglin Road – head to Astor Bar for a Chilli Padi Mary. If the concoction doesn’t knock you senseless, it will at least make you happy to be alive – and staying at the St Regis.

The St Regis Singapore is at 29 Tanglin Road.
Tel: 6506 6888, website: StRegis.com/Singapore

Source : Business Times – 26 Apr 2008

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Homes held back from launches in staring game

Posted by luxuryasiahome on April 26, 2008

Buyers not forthcoming, so developers delay projects that are ready for market

The number of homes that could be launched for sale immediately, but have been held back, has increased to 10,239 in the first quarter of 2008, an increase of 44.2 per cent over the 7,099 units in the fourth quarter of last year. This, perhaps, is a reflection of the standoff between developers and buyers.

The Urban Redevelopment Authority’s (URA) property data for the quarter also revealed that there were 2,526 homes launched, but unsold at the end of the first quarter of 2008, an increase of 22.4 per cent over the previous quarter.

CB Richard Ellis director Leonard Tay said simply: ‘As homebuyers were less forthcoming, developers decided to delay their launches.’

Mr Tay highlighted that most of the new projects launched were small projects located outside the prime residential districts. ‘The only project targeted at the mass market, the 405-unit Waterfront Waves at $800 psf (per square foot), met with a certain degree of success as evidenced by the 108 units sold,’ he added.

According to URA, prices of private residential property increased by 3.7 per cent in Q1 2008 compared to 6.8 per cent in the previous quarter.

Mr Tay said that while there were no new luxury projects launched, a few units from existing projects were known to have been sold at above $3,300 psf in Q1 2008, with several units in Marina Collection sold at above $2,600 psf.

‘These, and probably some high-priced transactions in the resale and sub-sale markets, could have contributed to the 3.7 per cent rise to the private residential price index from the previous quarter,’ he added.

Interestingly, the 3.7 per cent increase in the PPI is lower than the earlier forecast of 4.2 per cent.

URA said that the last time the flash estimate of the change in private residential property price index (PPI) was revised downwards by more than 0.5 per cent points was in Q4 2001, when it was pegged downwards by 1.4 percentage points.

Jones Lang LaSalle local director and head of research (South-east Asia) Chua Yang Liang also noted that PPI was down by 3.1 percentage points from the 6.8 per cent growth recorded in Q4 2007, the biggest quarterly drop since Q3 2000, when prices declined by 4.2 percentage points.

Dr Chua said that overall, developers remained conservative on their new launches.

But while there was a significant growth in Outside Central Region (OCR) where a total of 813 units were released in the quarter – 60.5 per cent of total launches in Singapore in Q1 2008 – he noted: ‘Demand in this region was however not as strong.’

Take-up rate for OCR was only 38 per cent whereas Core Central Region (CCR) and Rest of Central Region (RCR) reported healthier take-up rate of 89 per cent and 71 per cent respectively.

And Cushman & Wakefield managing director Donald Han believes buyers are prepared to wait. ‘Property is sentiment-driven, and if buyers believe the economy will slow down, they will be prepared to wait it out on the sidelines,’ he said.

The disappearance of speculators from the market may have also dampened sales, as reflected by the lower number of subsales at just 346 transactions, down from 649 in the previous quarter.

‘Short-term speculators have been weeded out,’ Mr Han said. But, as Mr Han notes, it is now also ‘a smaller market’.

Savills Singapore director (marketing and business development) Ku Swee Yong also believes sub-sales have reached a plateau with current data ‘reflecting true demand’.

According to Savills’ own basket of properties launched and sub-sold in 2007 and 2008, the level of subsales fell from 34 transactions in Q4 2007 to just six transactions in Q1 2008. Subsale prices, however, remained stable, suggesting that panic selling for the time being at least is unlikely.

On whether the increasing backlog of unsold homes could pose a potential over-supply situation in the future, Mr Ku said that he believes not all the potential developments will be built.

URA projects that 56,501 units are expected to be completed between Q2 2008 and 2011, of which 29,685 units are already under construction.

Mr Ku said there are certain ‘control mechanisms’ which could see a lower number of units completed by 2011 with the first being the construction factors. Mr Ku said that a project that has not already begun construction is not likely to be finished within two years, simply because of the costs and shortages within the construction industry currently.

Another control mechanism lies with developers. ‘In the previous downturn, some developers held off projects for 10 years,’ he said.

Source : Business Times – 26 Apr 2008

Posted in Developer News, General, Market Reports, New Launches | Tagged: , , , , , , , | Leave a Comment »

Developers hold off launches in quiet market

Posted by luxuryasiahome on April 26, 2008

DEVELOPERS are so gun-shy of the quiet property market that they are continuing to hold off launching units, creating fears of a supply glut and possible price slump.

The pool of unsold, uncompleted private flats that can be launched for immediate sale rose by more than 3,000 units in the first quarter of this year.

This brings the number of such units to 10,239, a three-year high, according to Urban Redevelopment Authority figures released yesterday.

Of the 10,239 unlaunched flats, 4,824 units were in the core central region, which includes districts 9, 10 and 11. These are areas with high-end properties – the very sort facing lacklustre demand now.

Things are even worse in the rest of the central region, where the number of unlaunched units rose by 77 per cent to 2,934 in the first three months.

High-end projects that have not been launched include Marina Bay Suites, Sentosa Quayside and Nassim Park Residences.

CBRE Research expects more suburban launches this quarter as developers focus on mass market projects.

Developers on the whole remain wary of new launches, said Dr Chua Yang Liang, Jones Lang LaSalle’s head of research for South-east Asia.

But there was significant growth in suburban areas, where 813 units – or 60.5 per cent of total launches – were released in the first quarter. Yet demand was weak.

‘This could result in a supply overhang that may encourage a more conservative approach by developers in the next quarter,’ said Dr Chua.

The industry uses launches to sell units to generate cash flow. Big developers have the resources to hold on for years if the market is flat, but smaller firms may be under pressure to sell at lower prices.

Mr Nicholas Mak, Knight Frank’s director of research and consultancy, said that if sales volume remains thin, more small developers will likely cut prices of their projects to improve cash flow, but the impact of their action may be lost on the market because of their size.

But big-name developers able to launch units may not do so until the United States sub-prime crisis eases, said Mr Ku Swee Yong from Savills Singapore.

Major developers such as Wheelock Properties, Far East Organization, City Developments and Keppel Land have, in the past, been willing to hold back their launches for several years, he added.

Take Far East. It topped up the lease of its 99-year leasehold property, Orchard Scotts, while it delayed the launch several years ago.

While the quarter was flat, there was naturally some sales activity. Developers sold 762 new homes in the first quarter, but that was one of the smallest numbers in 12 years.

By the end of the first quarter, there were 2,526 flats that had been launched but remained unsold. These could include units launched several months ago.

In the pipeline are another 29,920 units that have yet to obtain a sales licence

The vacancy rate of private homes has also been rising steadily since the second quarter of last year, when it was at a low of 4.9 per cent. It hit 6.3 per cent in the first quarter.

Developers sell about 8,000 homes a year. If their inventory of unsold private homes exceeds 17,000, it could indicate a supply glut, said Mr Mak.

We are not anywhere near that point, he added. But it is now a stand-off. Buyers are waiting for prices to fall while sellers are waiting for buyers to return.

But Mr Ku said that unless developers flood the market, which they are not expected to, the significant increase in stock is not a real concern.

Source : Straits Times – 26 Apr 2008

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Home prices rise more slowly in quiet market

Posted by luxuryasiahome on April 26, 2008

Lower-than-forecast 3.7% growth could signal start of decline

THE property market may have gone quiet, but home prices continued their steady climb in the first three months of this year, albeit at a much weaker pace.

Private home prices rose 3.7 per cent between January and March, down from the 6.8 per cent growth in the previous three months.

It was also notably lower than the 4.2 per cent rise that had been predicted early this month, based on sales in the first 10 weeks.

This suggests prices may have started declining last month, dragging down the whole quarter.

‘Price growth is starting to weaken severely and the volume of transactions has halved,’ said Mr Chua Yang Liang, Jones Lang LaSalle’s head of South-east Asia research.

‘The rate of increase in coming quarters is likely to be even slower and prices may peak in the third or fourth quarter.’

Observers have suggested that private home prices could be holding partly because developers are putting off project launches, thus curbing the supply of new homes.

Developers had 10,239 new units ready for sale in the first quarter that were not launched – that is a three-year high and 3,000 more than in the previous quarter.

The number of units actually launched in the quarter – 1,343 – was the lowest in almost four years.

‘There’s a lot of supply but it hasn’t been released into the market yet, and that could be one reason why prices are still growing,’ said Mr Nicholas Mak, director of research and consultancy at property firm Knight Frank.

Almost half of these unlaunched units were in the core central region, comprising the prime districts 9 to 11, the Marina Bay area and Sentosa. The rest were evenly divided between the city-fringe and suburban regions.

Mr Ku Swee Yong of Savills Singapore said developers may not be delaying launches to deliberately prop up prices but, rather, to wait out the weak market sentiment and uncertain global outlook.

Whatever the reason, the lack of launches has forced buyers to turn to the secondary market, where they bought 2,304 homes in the quarter – three times what they bought directly from developers.

This shows there is still an underlying demand for homes, and may also have helped sustain prices at current levels, analysts said.

The slowdown affected private homes in all areas, from prime to suburban regions. Each region saw prices rise only 3 to 4 per cent, from 7 to 8 per cent the previous quarter.

Sub-sales – this is when a person buys an uncompleted home and then sells it again before it is built – made up a tenth of all sales.

In the case of public housing, resale prices rose 3.7 per cent in the first quarter, down from 5.7 per cent previously. But sales dropped 6 per cent to 6,360 transactions.

The median cash-over-valuation amount – the portion of a flat’s price that buyers have to pay in cash – dipped slightly to $21,000. This shows that buyers are starting to resist having to fork out too much cash for HDB flats, especially since valuations have climbed recently.

All other types of properties also saw lower growth, with office prices logging the biggest slowdown. They rose only 1.1 per cent in the first quarter, down from 8 per cent in the previous three months.

But office rentals stayed strong, as businesses continued to expand and space remained tight.

Source : Straits Times – 26 Apr 2008

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HDB resale transactions decline 6% in Q1

Posted by luxuryasiahome on April 26, 2008

Median COV was $21,000, compared to $22,000 in Q407

TRANSACTIONS of resale HDB flats fell 6 per cent from the fourth quarter of 2007 to 6,360 in Q1 this year, against the backdrop of rising asking prices and high cash-over-valuation (COV) demands.

‘With escalating resale prices and more and more COV transactions, we saw the resale market hit resistance in Q4 last year as HDB flat buyers do not have or are not willing to part with so much cash,’ said property agency ERA’s assistant vice-president Eugene Lim. ‘This resistance carried through to the first quarter this year.’

In Q4 2007, a total of 6,750 resale flats changed hands, which was itself a 13 per cent drop from Q3 2007.

HDB’s resale price index rose 3.7 per cent in Q1 this year compared with Q4 2007.

But this increase was lower than the 5.7 per cent quarter-on-quarter rise in Q4 2007.

The median COV of all resale flats in Q1 this year was $21,000, slightly down from $22,000 in Q4 2007.

In some estates, the drop was much larger.

The median COV of executive flats in Bishan, for instance, plunged $25,000-$45,000 in Q1 2008, and that of five-room flats in Marine Parade fell $15,000-$50,000.

On the resale price trend, PropNex CEO Mohamed Ismail believes an increase is sustainable in the long term and that double-digit growth this year is attainable, given the robust economy.

Mr Ismail reckons the falling COV reflects a smaller number of private property and en bloc downgraders in the market.

He expects the COV to stabilise at $20,000 islandwide for the year, as demand for resale flats increases and the number of surplus flats falls.

ERA’s Mr Lim also expects the resale market to remain healthy for the rest of the year, though price growth may be more measured.

‘For the whole year, we do not expect resale prices to increase more than 10 per cent,’ he said.

He noted that some demand for resale flats may be diverted to the increasing number of new flats coming on stream.

‘First-timers and those that can wait a couple of years are likely to go for new flats, as buying direct from HDB involves little or no cash outlay,’ he said.

HDB said yesterday it plans to offer 5,000 new flats under the Build-To-Order (BTO) system during the next six months.

Together with 1,100 launched in Q1, the planned BTO supply of 6,100 new flats for January to September will exceed the numbers of BTO flats launched in 2007 or 2006, which were 6,000 and 2,400 respectively.

Source : Business Times – 26 Apr 2008

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Major remaking of Collyer Quay

Posted by luxuryasiahome on April 26, 2008

Waterfront area around Marina Bay to be transformed over next few years

TALL wooden hoardings now block off both ends of the once-bustling thoroughfare of Change Alley.

The moneychangers after whom it was named are long gone. All is eerily quiet at the glass-framed bridge linking Collyer Quay and Raffles Place.

However, the 32-year-old landmark will be reborn in 2010 as a shopping arcade with 12 retail shops, as part of a multimillion-dollar makeover now taking place at historic Collyer Quay.

It’s just one of many changes in the waterfront area of Marina Bay that are set to create a buzz.

The eight-year-old One Fullerton, a three-storey entertainment complex occupying a prime spot along the quay, will be relaunched in August with four new eateries.

Business owners there are racing to open new restaurants and bars in time to cash in on the three-day Formula One SingTel Singapore Grand Prix that is expected to draw 240,000 spectators in September.

The new eateries include Forlino, a 5,000 sq ft traditional Italian restaurant to be helmed by Michelin-star chef Osvaldo Forlino from Italy. It is run by Mr Beppe de Vito, who owns the Il Lido Italian restaurant at Sentosa Golf Club.

Hotelier Loh Lik Peng, who owns the hip New Majestic and 1929 hotels, will open an upscale 80-seat Cantonese restaurant on the ground floor.

Even the space under the Esplanade Bridge next to One Fullerton has been transformed. A $500,000 Spanish-themed bar, The Tapas Tree, which can seat 120 people, will open there.

These will add to One Fullerton’s current crop of 10 food and office tenants, some of which are undergoing renovations.

The changes come as the entire Fullerton strip waterfront area gears up to cater to F1 crowds, office workers in the vicinity, and the tourist throngs expected to be drawn to the rejuvenated Marina Bay, once it is completed.

Next to One Fullerton, the newly refurbished Clifford Pier will reopen with a restaurant and bar by September.

Both One Fullerton and Clifford Pier are part of an area being transformed by developer Sino Group into a waterfront development called The Fullerton Heritage. It will feature a new 98-room Fullerton Bay Hotel and a dining zone in the old double-storey Customs House, both of which will open next year.

And in 2010, diners can look forward to a rooftop restaurant overlooking Marina Bay at the new 50, Collyer Quay office building on the site of the former Overseas Union House.

The 18-storey block is being developed at a cost of $257 million by Clifford Development, a wholly owned subsidiary of Overseas Union Enterprise.

Next to it, the Change Alley Aerial Plaza Tower, a 39m-tall tower that once housed the popular Red Lantern Restaurant, will be upgraded from September. In 2010, it will reopen with two Chinese eateries on the fourth and fifth levels.

Urban Redevelopment Authority director for urban planning and design Fun Siew Leng says the developments, together with international events such as the F1 and Singapore Biennale 2008, will contribute to its vision of Marina Bay as an exciting and vibrant waterfront destination.

Diners such as administration manager Celeste Lim, 27, cannot wait for the revamped Collyer Quay. ‘With the new eateries and bars, it will be the next hot spot. Also, the view at the waterfront will be spectacular, as it overlooks the Singapore Flyer and upcoming Marina Sands integrated resort.’

Source : Straits Times – 26 Apr 2008

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Singapore now a better place for start-ups: Entrepreneur

Posted by luxuryasiahome on April 26, 2008

INVESTORS in Singapore have had a tendency to view start-ups with a very cynical eye and keep their wallets firmly closed when it comes to investing. Just ask Dr Lou Choon-Leong.

It was the reluctance of local investors to put money into Dr Lou’s business venture eight years ago that led him to take his idea to Taiwan – and make a killing.

While he is seen as a go-getter that Singapore allowed to let slip, Dr Lou is now back in the Republic getting more of his projects off the ground and encouraging Singaporeans to be a bit more adventurous when it comes to start-ups. 

These days, go-getters like Dr Lou can find backing through Spring Singapore’s Technology Enterprise Commercialisation Scheme (TECS), which helps technical enterprises fund research and development (R&D) projects.

That would have been helpful when Dr Lou tried to get his company, STAr Technologies, up and running. The firm tests semiconductor chips, and designs and produces the testing equipment.

However, the Singapore investors he approached eight years ago had many reservations even though they welcomed his idea.

‘They started discounting for whether the venture would be successful, the risks, returns on investment and returns on equity,’ he said yesterday.

‘There was a lot of difficulty in raising capital in Singapore; investors would pay less per share here than in Taiwan.’

Dr Lou opted for Taiwan, partly because its market for semiconductors was four times larger than Singapore’s, but more importantly, because it had a more accommodating business culture then, which was more open to new ideas.

Dr Lou also noted the tendency among Singapore clients to require a finished product before agreeing to a deal. He said the Taiwanese would give the nod to just a preliminary proposal for a piece of equipment.

His company received three grants from the Taiwanese government in the first three or four years of its launch, helping him build a firm that raked in $30 million last year.

He returned to Singapore in 2001 to set up a subsidiary, and plans to pump in ’several million dollars’ to expand manufacturing and R&D projects here, as well as carry out a joint venture with a United States partner.

Dr Lou now finds Singapore a more conducive place for entrepreneurs. He said the situation is much rosier and small and medium-sized enterprises (SMEs) would find it far easier now to secure funding than was the case eight years ago.

He also pointed to the strong support from the Government, something that gave Singapore SMEs a major advantage over their Taiwanese counterparts.

He will be tapping that bank of support himself and working with Spring Singapore and the Economic Development Board to help fund projects here, including a manufacturing plant to turn out chip-testing gear.

‘If TECS had been available then, I would have definitely devoted more resources and projects to Singapore,’ said Dr Lou.

‘This is, after all, where I am from and, of course, I would love to expand my business here.’

Source : Straits Times – 26 Apr 2008

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Stepping into the future

Posted by luxuryasiahome on April 26, 2008

A new $2.5 million facility featuring a futuristic gallery as well as a sensory garden offers a glimpse of the vision for Singapore’s built-up environment.

The Building and Construction Authority (BCA) yesterday opened the exhibits at its Braddell Road academy.

Key themes on show include a ‘green’ sustainability drive and making buildings and other facilities accessible to the aged and disabled.

The facility also showcases the development of the island’s built-up environment and new technologies.

The garden has information panels set in Braille for the visually impaired, and raised flower beds in the herbs section so that those in wheelchairs can easily touch, smell or taste the herbs.

Ms Grace Fu, the Senior Minister of State for National Development and Education, attended the official opening yesterday.

Source : Straits Times – 26 Apr 2008

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