Changi Airport has scored again, bagging two awards in Singapore and London.

The Civil Aviation Authority of Singapore (CAAS) has been voted “The Airport Authority with the Most Supportive Approach to Travel-Retail”.

The title was given at the Duty Free News International (DFNI) Awards for Travel-Retail Excellence in the Asia-Pacific Region.

The awards were presented in Singapore on Tuesday.

Other nominees include Airport Authority of Hong Kong and Incheon International Airport Cooperation.

Changi Airport also topped a reader’s poll organised by UltraTravel, a British travel publication.

It received the “Best Airport in the World” award at the Ultimate Luxury Travel Related Awards ceremony held in London on Tuesday. - CNA/de

Source : Channel NewsAsia - 13 May 2008

The wet morning yesterday did not dampen the excitement of Telok Blangah resident Habib Ismail.

He was among 500 residents who watched Prime Minister Lee Hsien Loong officially open two pedestrian bridges - Henderson Waves and Alexandra Arch.

With these bridges, Telok Blangah Hill Park is now linked to Mount Faber on one side and Kent Ridge Park on the other.

An avid walker, Mr Habib, 44, a father of two, joined Mr Lee and the other residents on a tour of the bridges.

The bridges complete a 9km chain of greenery in the Southern Ridges, which consist primarily of three large hill parks - Mount Faber, Telok Blangah Hill Park and Kent Ridge Park.

Henderson Waves, at a height of 36m, is Singapore’s highest pedestrian bridge. A wave-shaped, steel-and-timber structure, it spans 274m across Henderson Road. The other bridge, Alexandra Arch, spans 80m across Alexandra Road.

The parks were previously separated by roads and wooded vegetation. Now, one can walk ridge-to-ridge, starting from HarbourFront MRT and ending at West Coast Park.

In 2002, the Urban Redevelopment Authority (URA) said it would link up parks in the Southern Ridges as part of the Parks and Waterbodies and Identity Plans.

The project, which took two years to complete, cost $25.5 million.

Apart from the two bridges, the Southern Ridges now also boast the Forest Walk, a 1.3km-long elevated walkway that cuts through secondary forest at Telok Blangah Hill Park; and Marang Trail, which links HarbourFront MRT to Mount Faber.

Mr Lee also officiated the opening of the $13 million Horticulture Park - or HortPark for short.

With 20 theme gardens, HortPark is South-east Asia’s first one-stop gardening and lifestyle hub.

The 23ha park, which has been open since December last year, took two years to build and also serves as a park connector between Telok Blangah Hill Park and Kent Ridge Park.

In his speech, Mr Lee noted that such projects ‘provide a first-class living environment for all Singaporeans’.

He also announced upcoming plans to link the Southern Ridges to the Keppel Waterfront as part of a broader plan to develop a recreational and leisure hub in the south.

This includes having a park connector from Alexandra Arch to Labrador Park, building a mangrove boardwalk at Berlayer Creek and having a waterfront boardwalk that connects Bukit Chermin to VivoCity, with waterfront views along the entire stretch of Keppel Bay.

Details of these plans will be released soon, the URA said.

About 1 million visitors to the Southern Ridges are expected annually, and with the bridges open 24 hours a day, lovebirds might be expected to make a beeline for them after dark, especially as Henderson Waves offers panoramic views of the city and southern islands.

Mr Habib, a senior research supervisor, had stopped his daily jogs at Telok Blangah Hill Park due to work commitments. He is digging out his sneakers again.

‘I’m making plans to walk along the new walk with friends,’ he said with a smile.

Source : Sunday Times - 11 May 2008 

SINGAPORE will leapfrog Hong Kong to have the highest concentration of millionaires in the world in 10 years, a new Barclays Wealth report says.

A total of 40.7 per cent of all households in the Republic, or 436,000 households, are set to boast net wealth in excess of US$1 million (S$1.36 million) by 2017.

That means two out of every five households in Singapore are projected to be millionaires by then. The report looks at the combined wealth of household members.

The data used measures aggregate wealth, financial wealth such as currency, deposits, loans and insurance, as well as non-financial wealth such as property and land. Liabilities are subtracted from the total.

Last year, Singapore ranked second with 23.3 per cent, behind Hong Kong’s 26.4 per cent. In 2017, Hong Kong is expected to register 39.4 per cent, ahead of Switzerland, which maintains its current third ranking.

Barclays Wealth, the leading wealth manager in Britain, said Singapore’s efforts to move away from manufacturing into higher value-added activities like technology and financial services had helped its rise.

Mr Didier von Daeniken, Asia-Pacific chief executive of Barclays Wealth, said at a press conference yesterday that the opening of previously protected sectors, such as financial services, and various free trade agreements had also helped Singapore’s cause.

He added that Singapore’s future millionaires would likely come from a growing number of rich entrepreneurs.

The report, by Barclays Wealth and the Economist Intelligence Unit, said wealth held by high net worth Singapore households, defined as those with more than US$1 million, could hit US$1.6 trillion.

Mr von Daeniken said this presented great growth opportunities for private banks. ‘Asia now represents 25 per cent of high net worth individual wealth globally, 60 per cent of the world’s population, but only about 10 per cent of the income of the major private banks.’

Source : Straits Times - 7 May 2008

China seen to be 3rd richest country by 2017: study

Singapore is expected to pull ahead of Hong Kong as home to the highest concentration of millionaires over the next decade, sealing its reputation as a wealth centre not just in Asia but worldwide.

And while the US and Japan should remain the top two largest global economies, emerging markets such as China, India, Russia and Brazil will make their presence felt more strongly.

Now ranked seventh in terms of total net worth, China will grab third place by 2017, bypassing several G7 countries to become the third-richest country, while India is expected to make its debut in the top 10 list at No 8. Russia and Brazil will also display significant growth, moving up from 19th to 11th place and 15th to 12th place respectively.

With the Economist Intelligence Unit, Barclays Wealth released a report yesterday that forecasts the evolution of the level and distribution of household wealth in 50 countries between 2007 and 2017. Household wealth was measured using three components - financial holdings such as cash and other liquid assets, non-financial holdings such as property, and an aggregate measure that combined the two.

Last year, Singapore trailed Hong Kong in highest wealth density, with 23.3 per cent of residents having wealth of more than US$1 million. But by 2017, Singapore is expected to see this figure grow to 40.7 per cent - some 436,000 households - in comparison to Hong Kong’s predicted 39.4 per cent.

According to the report, countries with the highest percentage of dollar millionaires tend to be small, densely populated financial centres such as Singapore and Switzerland.

In addition, the study revealed that the disproportionate distribution of wealth is expected to narrow as the concentration of wealthy households in Singapore, with US$3 million and US$5 million, is on an upward trend. Households with wealth of US$3 million will more than double from the current 5.1 per cent to 12.5 per cent, while those with US$5 million will almost triple from 2.1 per cent to 6 per cent.

Barclays Wealth chief executive for Asia-Pacific, Didier von Daeniken, pointed to Singapore’s recent efforts to shift its focus from manufacturing towards technology and financial services. In addition, the opening up of previously protected sectors, like financial services, and bilateral trade agreements serve as an impetus to garner foreign direct investment.

For China, wealth creation has stemmed largely from the stock market and real estate. Citing figures from Ernst & Young, the report said 464 IPOs were launched in China over the past three years, raising US$134 billion. As the country’s economy continues to expand, the average net worth per household is expected to quadruple, from US$18,000 in 2007 to US$74,000 10 years later.

‘Asia now represents 25 per cent of HNWI individual wealth globally but only about 10 per cent of the income of the major private banks,’ said Mr Daeniken. ‘Growth for private banks can come from two areas - more penetration of existing wealth and more wealth being created.’

In Asia, Barclays clients are typically entrepreneurs, a trend that is expected to remain in the future.

Source : Business Times - 7 May 2008

Prime Minister Lee Hsien Loong said Singapore will continue to develop the financial sector as more activities are being moved to the city-state.

Mr Lee, who was speaking to 120 bankers at the hour-long Thomson Reuters Dialogue on Tuesday, added that more would be done to ease capacity constraints, such as the crunch in office space and accommodation.

The financial sector in Singapore grew by some 17.5 percent last year. But the prime minister said Singapore needs to level up to cope with this upsurge in activities.

He said: “We are running up against constraints because we don’t have enough office space, we don’t have enough accommodation and rentals have gone up.

“We don’t have enough schools for the expatriates’ children. (But) we are addressing this – we are helping the United World College to build a new school in Tampines, and they told me that places are already fully taken.”

Mr Lee added that rentals are likely to come down, with more offices and apartments coming on stream in the next few years.

On the whole, he is optimistic that Singapore will be able to weather the economic slowdown in the US.

Responding to a question, Mr Lee said while the value of export in the electronics sector is down, the volume has increased and there are other sectors that are doing well within the manufacturing sector, such as the pharmaceutical and petrochemical businesses.

On the issue of inflation, the prime minister said food prices will continue to rise for some time as consumption continues to increase.

Another reason for the price hike is an under-investment in the agricultural sector previously. This shortage in food supply has resulted in hoarding and some countries have limited the export of rice.

Mr Lee said he hopes ASEAN member countries can coordinate efforts and not work against one another so as to ensure that rice gets to the people.

The topic of foreign talent was also raised at the dialogue session. Mr Lee said that like London and New York, Singapore needs to tap on a range of expertise from all over the world.

“We are not only a city, we are a country. We have to have a hard core of Singaporeans so that the character of the place remains Singaporean, while being cosmopolitan,” he said.

As for leadership renewal, Mr Lee said Singapore needs to keep it contestable while focusing on building a good team that can meet future challenges and find new ways of engaging the population.

Source : Channel NewsAsia - 6 May 2008

It is the latest addition to the global schoolhouse initiative

THIS morning was a landmark occasion for Scotland’s renowned Queen Margaret University (QMU), as students began classes for the first time at its Asia campus in Singapore - the first full-fledged overseas site by a British institution to open in Singapore.

Landmark: QMU’s Asia campus is the first full-fledged overseas site by a British institution to open in Singapore

The 133-year-old QMU’s presence, the latest addition to the Republic’s global schoolhouse initiative, is a significant one, and comes three years after another UK university, Warwick, abandoned plans to operate a campus here, citing concerns over academic freedom and possible research restrictions, among other issues.

Just last year, QMU was accorded full university status, which resulted in it dropping the word ‘College’ from its name and confirming its status as a university-level institution.

Home to QMU’s Asia campus is a serene, 18,000 sq m site nestled in the heartlands at Ah Hood Road, off Balestier Road. QMU’s lease for the land will see it pay $38 million in rent over the next 15 years.

The new four-storey campus, the result of a joint venture between the Edinburgh-based QMU and its Singapore partner - the East Asia Institute of Management - is just the latest success story coming out of a seven-year-long working relationship for both parties.

Richard Kerley, the pro vice-chancellor of QMU (International) said the realisation of the Asia campus was down to ‘the mutual trust, respect and confidence between the two institutions, built up over years’.

On how QMU plans to set itself apart from the other private universities in Singapore, given that competition for the student dollar is already so intense, Prof Kerley told The Business Times: ‘We have, arguably, the most multi-national student population, with about 70 per cent of them coming from China, India, Vietnam and some 15 other countries from the Asia-Pacific region. Students from Singapore, in particular, benefit greatly when they study on our campus, with its rich, multi-cultural environment.’

QMU, which was recently named one of the top 10 modern universities in the UK’s Sunday Times Good University Guide, eventually hopes to see up to 6,000 students enrolled in the Singapore campus. They can have their pick of a variety of business management degrees, as well as courses in banking and finance.

The flagship programme is its hospitality and tourism degree - an ideal one given that the demand for such graduates is soaring thanks to a boom in the tourism and services industry in Singapore and the region.

The stand-out offering that Prof Kerley is banking on to seal QMU’s status as a major player is the bilingual degree programme in business and management-related fields.

Other courses in the pipeline include a Bachelor of Nursing, and specialist degrees in health science areas such as occupational therapy and physiotherapy.

Source : Business Times - 5 May 2008

THE United Kingdom’s first offshore campus in Singapore has moved into its new $38-million premises. The Queen Margaret University (QMU) Asia Campus has been operating at its Balestier site since May 2.

The enhanced facilities of the new, self-contained campus at Ah Hood Road will help the university to “widen and deepen” its undergraduate and postgraduate programmes, according to QMU Asia and its local partner, East Asia Institute of Management(EASB).

In the pipeline is the design of bilingual tertiarylevel programmes, in English and Chinese, in response to the globalisation of Asian business and the internationalisation of the marketplace.

Proffesor Richard Kerley, pro-vice Chancellor of Queen Margaret University (International), said: “Our success in building degree-level studies in Hospitality and Tourism will now be added to developments in other degree-level studies. Degrees in events management, health-related disciplines, management and business are now at the advanced planning stage.”

Students can also look forward to interesting student-centred learning and recreational activities, according to the university.

Facilities at the new campus, which is equipped for up to 6,000 students, include a students’ learning centre, a video-conferencing room, a postgraduate resource centre, a Hospitality Training Centre, a multipurpose hall, two badminton courts, three basketball courts, two tennis courts, one cricket quad, a running track and a gym.

Source : Today - 5 May 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

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

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