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Oct 31, 2006 Dare we build a true icon?   ONE CONTENDER: If chosen, Gehry's wild, attention-grabbing phantasmagorical wave-like design for the Atlantis Sentosa IR will probably become not only the signature image of Sentosa, but of Singapore itself. But it will need a lot of money and time to upkeep. -- KERZNER CAPITALAND By Senior Writer, Ong Soh Chin SINGAPORE somehow always seems to miss the mark when it comes to creating a world-class, iconic building. Raffles City was designed by I. M. Pei, the Singapore Indoor Stadium by Kenzo Tange and the new Supreme Court by Norman Foster. Even VivoCity was designed by a renowned Japanese architect, Toyo Ito. But none of these buildings is known to the rest of the world, even if the famous names behind them are. Perhaps they were not meant to be iconic in the first place. But if not, why hire such expensive names? VivoCity, for example, is the biggest mall in Singapore, which already makes it special. Its strength is undoubtedly its efficient design. The interior layout is user-friendly and allows shoppers to navigate easily, unlike smaller, yet more confusing malls such as Marina Square, where shoppers scuttle about like rats in a caged experiment trying to find their way around. But, externally, on the street side, the white bone- like edifice looks like a giant plaster cast that has fallen out of the sky to land in a broken heap on the harbour front. And the highway running in front of it also does nothing to help its stature. Arguably, the only iconic building here is The Esplanade, Theatres on the Bay. Its trademark spiky cladding was added for a functional reason - to protect the glass shell and to deflect the sun's heat. Thus, almost by default, it has become the defining feature of the building itself, earning it the affectionate name, The Durian. Talk about bringing arts to the masses. It is iconic because it is instantly recognisable and people talk about it. It also 'owns' the landscape around it, making the area come alive visually. Other Singapore buildings do not quite meet the mark for a few (possible) reasons. Maybe the architects did not do their best work here. Or maybe their vision was sidelined along the way by practical considerations. Mr Theodore Chan, an architect in private practice, says the latter is a very real factor in Singapore: 'There's a lack of artistic respect here. When it comes to architecture, we tend to go for the safe and acceptable, the tried and tested. We lack a daring, pioneering spirit.' In other words, proposed materials could be swopped for more practical, even cheaper, alternatives in the end, for example. Or certain trimmings which could lift a design may eventually be left out, to save costs. An impassioned architect can protest against these changes, but few would run the risk of offending their paymasters. A classic case was Danish architect Jorn Utzon, who designed the Sydney Opera House. While the building, now one of the most recognisable in the world, is Sydney's definitive symbol, its construction in the early 1960s was beset with difficulties. Utzon clashed with officials over budgetary issues and was forced to resign from the project in 1966. In an article in Harvard Design Magazine last year, Professor Bent Flyvbjerg argues that the construction budget for the Sydney Opera House had been deliberately understated for political reasons and that Utzon became the convenient scapegoat for the eventual cost overrun of 1,400 per cent. The resulting scandal tarnished Utzon's reputation and killed his career. In 2003, on the 30th anniversary of the Opera House, he was finally 'rehabilitated' when he was offered an honorary doctorate for his work on it by the University of Sydney, as well as the keys to the city. That same year, he also received the Pritzker Prize, architecture's greatest honour. But it had all come too late. Utzon, now 88, does not have a large body of work to his name. Still, Sydney has its iconic building which, in the beginning, was derided by critics as an ugly mistake that resembled a stack of crockery. Budget estimates are sticky issues when it comes to large projects. In a study, Prof Flyvbjerg and his co-workers looked at 300 projects in 20 countries and found that, nine times out of 10, costs mounted after a project had been approved, leaving investors and taxpayers holding the bag. For the most part, savvy investors tacitly understand that a certain amount of 'deflation' about costs has to be allowed. Otherwise, many projects would never see the light of day. The Brooklyn Bridge, for example, had a cost overrun of 100 per cent. Anyone who has had to renovate his home knows that the contractor's estimate is just that: The final cost is almost always higher. Multiply that by a few million times and you have an idea of what is at stake when an iconic building is proposed. However, it would be unfair to assume that all costs are deliberately underestimated and all revenues overestimated. That would be tantamount to calling all architects irresponsible. And they are not. Frank Gehry's design for Kerzner CapitaLand's Atlantis Sentosa is perhaps the most dramatic of all the proposed Integrated Resorts on the island. But the Canadian-American architect is also known for building on time and on budget, even if his designs have been criticised for being impractical. For example, the steel cladding of the Walt Disney Concert Hall in Los Angeles has been known to bake the surrounding sidewalks. His most famous work, the Bilbao Guggenheim in Spain, was not only completed according to schedule and cost, but it also made a lot more money than was initially projected. In his book, The Iconic Building, architect Charles Jencks writes that, of the new tourists who visited Bilbao after the Guggenheim was built, 87 per cent were from outside the Basque region. They boosted tourism spending by more than US$400 million (S$630 million) in just two years. That figure, adds Jencks, would cover the cost of four new Guggenheims, or two of London's Tate Moderns. These are numbers the Government certainly wants for its two IRs, especially the Sentosa one, where the structure is 'likely to become the new signature image of Sentosa', according to the Singapore Tourism Board's brief for proposals. The evaluation criteria for the Sentosa IR emphasise tourism appeal and contribution (45 per cent) and architectural, design and concept excellence (25 per cent) over level of development investment committed (20 per cent) and strength of consortium and partners (10 per cent). Kerzner CapitaLand is obviously hoping that the Bilbao experience will tilt the final decision in its favour. While its proposed $5.28 billion resort has other attractions, including star chefs Joel Robuchon, Gordon Ramsay and Nobu Matsuhisa, the key factor is Gehry's design. It is truly unique, different from the Bilbao Guggenheim, the Walt Disney Concert Hall or any other existing major Gehry monument because it eschews steel for glass. Yet it is unmistakeably Gehry, with its wild, attention-grabbing phantasmagorical waves. If chosen, Gehry's building will probably become not only the signature image of Sentosa, but of Singapore itself. But it will definitely not be an easy building to construct or even live with. Its glass structure will undoubtedly need a lot of time and money to upkeep. But, as Mr Chan says: 'If you want to drive a sports car, be prepared to pay more for petrol.' At the end of the day, we have to decide if we are willing to sacrifice functionality for creativity and take a gamble on possible greatness or just stick with the tangible and mundane. There is some sweet irony in the idea that a country known for its obsessive pragmatism and uniformity might just embrace the work of a man celebrated for his 'impractical' buildings. That in itself would be priceless, if not iconic. sohchin@sph.com.sg NO DARING SPIRIT 'When it comes to architecture, we tend to go for the safe and acceptable, the tried and tested. We lack a daring, pioneering spirit.' MR THEODORE CHAN, an architect in private practice. Copyright © 2006 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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	This story was printed from TODAYonline
	Fullerton Hotel enters ranks of classic brands Tuesday ? October 31, 2006 Tang Li news@newstoday.com.sg ONE of the frustrations for Singapore's economic planners has been the fact that Singapore has not produced many homemade brands that have developed a reputation for excellence. Only a handful of names, such as Singapore Airlines (SIA) and the Raffles Hotel, have brand recall outside Singapore. Now, there's another Singapore brand to be added to the list of brands that have achieved global recognition for excellence: The Fullerton Hotel (picture), which was voted as the top hotel in Asia by Cond頎ast Traveler readers 19th Annual Readers Choice Awards. The annual survey conducted by Cond頎ast Traveler derives its results from the largest independent poll of consumer preferences, second in size only to the United States Census. With some 21,000 travellers voting, the Readers' Choice Awards allows global travellers to cast their judgement on some 3,000 of the best properties, destinations, airlines, cruise lines, and car rental agencies in the world. Among the regular winners are SIA, which has won the award for best international airline and San Francisco, which has been voted as the best city in the US for the past 18 years. Mr Louis Sailer, general manager of The Fullerton Hotel Singapore described the win as, "the strongest endorsement of our hotel yet. As a young and independent property, to be recognised internationally by discerning travellers is truly an accomplishment that we can be proud of". The 400-room Fullerton Hotel, which is part of the Far East Group, is a six-star establishment located in the heart of Singapore's financial and artistic hub. The hotel is regarded as a landmark and has hosted prominent businessmen such as Christopher Forbes, vice-chairman of Forbes, and Vinod Shekhar, CEO of the Petra Group and one of Malaysia's richest businessmen.
	Copyright MediaCorp Press Ltd. All rights reserved.

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Published October 31, 2006

Rush for URA provisional permission for 16 housing projects in Q3 Developers hurried to lock in DC rates before big hike: market watchers By KALPANA RASHIWALA DEVELOPERS scrambled to secure provisional permission from the Urban Redevelopment Authority for 16 major private residential projects in the third quarter, up from nine in the preceding three months. Go-ahead: Among the major private housing projects which received provisional permission in Q3 were Far East's 413-unit proposed condo on the Amberville site (left) in Katong, and City Developments' planned 252-unit condo on the Lucky Tower site (right) along Grange Road that it bought in May this year Fifteen of the 16 approvals were secured in July or August with only one obtained in September, according to Q3 real estate data released by URA on Friday last week. Market watchers reckon developers were probably in a hurry to lock in development charge (DC) rates in anticipation of the sizeable hike in residential DC rates for prime locations from Sept 1 this year. Securing provisional permission by Aug 31 would have allowed developers of sites to lock in the earlier March 1 2006 DC rates. DC rates are revised twice a year and are payable for enhancing a site's use or for building a bigger project on it. Not every project that secured provisional permission in Q3 is liable for DC payment. But as Knight Frank managing director Tan Tiong Cheng explains, their developers would still have an incentive to speed up the securing of approval for development - as many of them are being built on collective sale sites bought in recent months at high prices. 'Most of these are in prime locations so the differentiation among the projects may not be that great. As a result, there's competition to get the projects ready for launch as soon as possible.' These days, developers can secure the necessary approvals for a project's launch within six months of receiving provisional permission, added Mr Tan. 'Another point to note is that these days, developers do not practise landbanking and hence, there's a tendency to push out sites bought for development as soon as possible,' said Mr Tan. Among the major private housing projects which received provisional permission in Q3 were Far East's 413-unit proposed condo on the Amberville site in Katong, as well as two condominiums (with 700 and 742 units) to be developed by a Frasers Centrepoint and Far East joint venture on the Waterfront View site facing Bedok Reservoir. Both are privatised former HUDC estates and were sold this year. In the traditional prime districts, SC Global Developments' Taraville Pte Ltd received approval for a 248-unit condo on the former Hilltops Apartments and adjoining terrace houses site at Cairnhill Circle. City Developments also won URA's approval for a 252-unit condo on the Lucky Tower site along Grange Road that it bought in May this year for $383 million or $1,134 psf per plot ratio inclusive of the then-prevailing DC. Lippo received approval for its 252-unit condo on Kim Seng Road, while Hong Leong Holdings got the go-ahead for a 200-unit condo on the Eastern Mansion site in the Amber Road area which it bought through a collective sale last year. Other projects that bagged provisional permission in Q3 include a 330-unit condo project by City Developments at Jalan Datoh in the Balestier area and Singapore Press Holdings's unit Evol Media for a 264-unit condo on Thomson Road. Besides residential projects, several high-profile commercial developments also secured provisional permission in Q3. These include the project on the Business and Financial Centre site (180,000 square metres of office and 7,730 sq m of retail gross floor area), and two prime mall projects on Orchard Road - one by CapitaLand and Sun Hung Kai Properties above Orchard MRT Station and the other by Far East Organization next to Specialists' Shopping Centre.

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Oct 29, 2006 Bankrupts need not declare CPF money withdrawn at age 55 Q I UNDERSTAND that the only asset a bankrupt can continue to own is the money in his or her Central Provident Fund (CPF) account. What happens if a bankrupt withdraws his CPF savings on reaching 55? Does he or she have to declare the withdrawn money to the Official Assignee (OA) and surrender it? A You are correct in saying that a bankrupt can continue to own his or her CPF account. When you reach 55 and withdraw your CPF savings, you are not obliged to inform the OA about the money, let alone surrender it to him. As a bankrupt, you can also own an existing Housing Board (HDB) flat or buy one. There is no need to apply to the OA for consent to buy HDB flats that are of five rooms or smaller. However, if you intend to buy an HDB executive/maisonette flat, you must obtain the OA's approval and similar consent is required for all bankrupts who want to sell their HDB flat. They may also continue to own term life insurance policies with no cash value. Life insurance policies with cash values will be taken over by the OA. Certain property is protected against your creditors by law, which means it cannot be sold or taken over by the OA. They include trust property, HDB flats, CPF contributions, necessary household furniture, personal effects, limited tools of trade, life insurance policies that are expressly for the benefit of your spouse or children and compensation awarded for personal injuries or wrongful acts against you. Under the CPF Act, CPF money withdrawn by a bankrupt on reaching 55 is protected from creditors. You may apply to withdraw your CPF savings at 55 but you have to first set aside the following three amounts before withdrawing the excess in one lump sum: Amount to meet living expenses between age 55 and 62, which is about $30,000. Amount to meet retirement needs from age 62 (that is, the Minimum Sum which is $94,600). Amount to meet hospitalisation expenses (that is, Medisave Required Amount which is $8,300) or Medisave Minimum Sum ($28,000), whichever is higher. If you are unable to set aside the above amounts at age 55 or after, you will be able to withdraw only a monthly payment which is based on the Minimum Sum monthly payout for a member who retires in the same year you turned 55. However, CPF savings (other than the three amounts mentioned above) used for the purchase of private property, are not protected from the mortgagee when the bankrupt reaches the age of 55. Leong Sze Hian President Society of Financial Services Professionals Copyright © 2006 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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Oct 29, 2006 More launches of mass market projects expected Developers' new releases before year-end could lift launch volume to highest level in nearly a decade By Property Correspondent, Joyce Teo HOME BUYERS can look forward to a wider range of homes in the coming months, including affordable finds in low- to mid-end projects. This comes as the boom in the luxury market is seen spilling over to these other market segments, industry watchers said. 'Given the sustainable pace seen in recent launches, coupled with optimism and great sentiment seen in the market, we can expect more launches from developers in the fourth quarter,' said property firm ERA Singapore's assistant vice-president, Mr Eugene Lim. The firm said developers may release more than 1,000 units of mass market homes before the year is up, including those in fast-selling The Centris, Ferraria Park and YewTee Residences. 'Last year, there were no new mass market launches,' he said. This year's launches are likely to exceed the 9,500-unit mark if developers put out an expected 2,200 to 2,500 units in the last quarter of the year, said Colliers International director Tay Huey Ying. 'This will not only be some 17 to 20 per cent more than last year's launch volume of 8,201 units, it will also be the highest launch volume seen in the last eight to nine years.' In 1996 and 1997, developers launched about 11,520 and 9,869 units respectively. City Developments plans to launch its 175-unit freehold condominium in Jiak Kim Street next month and possibly its 341-unit posh inner-city project at No. 1 Shenton Way towards the year-end. Another inner-city condominium, the 428-unit Marina Bay Residences, will also be launched soon. This weekend, Koh Brothers' two customisable bungalows in Andrew Road and Marlene Ville, comprising 17 cluster terrace units in Serangoon Gardens, are up for sale. The 472-unit Ferraria Park in Flora Drive, near Loyang Ave, is also being launched officially. Next weekend, the 382-unit, 99-year leasehold The Metropolitan near Redhill MRT Station is expected to be released for sale. Eastern Mansion off Meyer Road will be launched in the first quarter of next year. Mass market launches can also be expected soon. By year-end, NTUC Choice Homes should push out its 139-unit YewTee Residences next to Yew Tee MRT Station. The developer also plans to launch a 556-unit project near Tanah Merah MRT Station in February. Until then, home buyers' main mass market choices are set to be the 625-unit The Quartz in Buangkok, Ferraria Park and The Centris, a 610-unit project located above an extension to Jurong Point and a bus interchange. Since its release late last month, Prime Point said it has sold 380 units of The Centris at $525 per sq ft (psf) on average and expects to clear at least 400 units by the end of today. Closer to town, The Regency at Tiong Bahru saw brisk sales since its launch less than a fortnight ago. The freehold 158-unit project is priced at $830 to $850 psf on average, and at least 95 units have been sold. joyceteo@sph.com.sg Copyright © 2006 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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Oct 28, 2006 Lift upgrading taking much too long MY HDB block is slated for the lift-upgrading programme. Recently, I received a memo from the project consultants informing residents that the project would commence on Oct 15, with completion expected in the first quarter of 2009, a period of 2? years - almost the same time it will take to put up the integrated resort at Marina Bay. I don't think building a lift shaft and installing the lift would need 2? years; six months would be a more realistic time frame. I have seen some upgrading works around my area, the most recent being a covered walkway between two blocks of flats which took several months to complete. The whole area was boarded up, causing inconvenience to residents and affecting the business of nearby shops. However, half the time, there was hardly any construction activity. I suspect that for the lift- upgrading project the contractor would do the same, i.e., tackle all the blocks at the same time. Could the authorities get contractors to complete the job at one block before moving to the next one? This will speed up the upgrading project and also minimise the noise pollution and inconvenience to residents. Residents would also be able to enjoy the benefits earlier. Goh Choon Poh Copyright © 2006 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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Oct 28, 2006 Private home prices, rents post big jumps Luxury segment closing in on 1990s levels; HDB flat prices dip, however By Property Correspondent, Joyce Teo GOOD news rolled up on two fronts for the owners of private property yesterday - average prices are well up and rents have soared. The strong sales and surging prices of posh developments ignited the market in the July-September period and drove overall prices up 2.7 per cent. This is the biggest quarterly rise since 2000 and is well up on the 1.8-per-cent jump in the second quarter. It also confirms the recent upward trend. Rents of private homes staged an even more spectacular recovery: Up 5 per cent in the quarter, more than double the 2.1 per cent rise in the April-June period. 'The data showed that market fundamentals are looking positive. Mass market prices should start to climb across the board in 2007,' said Mr Ku Swee Yong, a director at property consultancy Savills Singapore. But the upswing in the private sector did not extend to Housing Board flats. Prices for the quarter dipped 0.2 per cent in this stubbornly lacklustre segment. The figures - released by the Urban Redevelopment Authority (URA) - show prices for private property are now almost 12 per cent higher than the rock-bottom days of early 2004, but still 31 per cent below the mid-1990s peak. While the overall average has been trending up by slightly below 2 per cent in the first two quarters of the year, the luxury apartment segment has been generating astonishing gains and is fast closing in on 1990s levels. Prices rocketed 21 per cent in the first nine months of this year, far exceeding the 7 per cent growth chalked up for the whole of last year, said Ms Tay Huey Ying, director of research and consultancy at Colliers International. The average price of luxury apartments was $1,760 psf in the third quarter, just a shade off 1997’s peak of $1,778 psf, said Ms Tay. Prices are forecast to climb by a further 5 per cent by the end of the year, and put on a further 10 to 15 per cent next year. This will in turn drag up the overall price average. 'We expect the URA residential property price index to chalk up a further 2 to 3 per cent growth in the final quarter and 10 to 12 per cent in 2007,' said Ms Tay. Private property rents, which had been on life-support for several years, are suddenly perking up and look in good health. 'Rentals have caught up with the previous peak in 2000 and will provide very good support for the continued price rise,' said Mr Ku. Limited supply of prime, large rental homes - many of these are in properties earmarked for collective sales - could be partly behind the rental surge, said Mr Ku. The 5 per cent rise in the September quarter should keep rental yields at about 3 per cent for freehold homes. URA figures also point to a thriving office market, with vacancies falling from 12.3 per cent to 10.5 per cent, a level not seen since early 2001. Supply is getting tighter, so rents will likely rise further over the next 12 months, said consultancy CB Richard Ellis. But the HDB market has stayed trapped in the doldrums since anti-cashback measures kicked in from April last year. But Mr Eugene Lim, ERA Singapore’s assistant vice-president, said: 'The third quarter decrease is very marginal... What is important is that we are continuing to see consistent and healthy resale volumes.' joyceteo@sph.com.sg Private homes Prices up 2.7% Rents up 5% HDB flats Prices down 0.2% Copyright © 2006 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access

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