Saturday, May 17, 2008

BT: PERSONAL SPACEWhere life's a breeze



A private sanctuary: (above) Mr Tan's contemporary house has four levels. The top floor has a roof terrace to take advantage of the sweeping views. The grounds outside boast a 30-metre long black-tiled swimming pool, fish ponds and reflection pools.

A wine cellar in the basement can hold about 10,000 bottles and an adjoining wine-tasting room has the walls, floor and ceiling made entirely of cork


Business Times - 17 May 2008

PERSONAL SPACEWhere life's a breeze

Tan Eng Sim's home on a hill is bright and airy with panoramic views of treetops and Nature at the doorstep, writes GEOFFREY EU

THERE are many things to admire about Tan Eng Sim's spacious modern home near the top of a small, secluded hill in a prime residential district in central Singapore. Among them are the sense of being in a private sanctuary, with verdant surroundings and unobstructed views over the treetops to the Botanical Gardens and beyond. Nature is not only at your doorstep but also a welcoming presence indoors.

Most precious of all, perhaps, are the gentle breezes that drift lazily through the many well-placed openings - both large and small - in the house, which was designed to harness the wind and make the most of even the most oppressive days when the tropical sun scorches everything beneath it. Not for no reason is this home known as the Wind House.

According to Mr Tan, the primary brief he gave to the architect of the house - Richard Hassell of WoHa Architects - was that he wanted a bright and airy home, with plenty of natural ventilation and no particular need for air-conditioning during the day. The architectural team conducted extensive research on local wind patterns, also noting the arc of the sun through the sky at various times of the day. It took about 11 months of design work before a tender for contractors was called - an unusually long period that Mr Tan says was time well spent in order to get everything just right.

The result is something that Hassell has termed a 'wind machine' - a comfortable and contemporary five-bedroom house on four levels with additional specific-purpose rooms, strategically placed glass roofs and panels, fish ponds and reflection pools, outdoor terraces, suspended walkways and rooms with high ceilings and full-height doors. Given the various cross-ventilation features throughout the house and the fact that it sits on a generous 29,000 sq ft plot of land, there is a strong sense of space and not much chance of feeling that the walls are closing in on you.

Mr. Tan's retirement in 2006 - he was managing director of Jurong Cement - after more than 40 years in the cement business coincided roughly with the completion of the house, which replaced a 1970s building he purchased more than 20 years ago. He now spends much of his time visiting his daughter in San Francisco, and friends and relatives in other parts of the world while also indulging in a passion for premium wines. He enjoys going to wine regions on a frequent basis.

If the size of the allocated storage space is any indication of his interest in wine, then Mr Tan is a very serious collector indeed. In the basement level of the house, there is an impressive showcase cellar built to accommodate about 10,000 bottles, and an adjoining wine-tasting room where the floor, walls and ceiling are made entirely of cork. A series of wine-related paintings, including a tell-tale one depicting a bottle of 1943 Bordeaux, lines one wall. Just for good measure, there is also an unfinished cellar in an adjacent space, capable of storing another 20,000 bottles.

Not surprisingly perhaps, Mr Tan says the cellar, with the abundant liquid joy it holds, is his favourite space in the house. He spends a considerable amount of quality time in there, either alone or with friends from his regular wine group - but it isn't the only place in the house where it's possible to unwind.

A quick visit to the attic floor - via a glass-backed elevator, naturally - leads to the gym, with glass panels along one wall and art-storage cupboards on the opposite side (his wife is an enthusiastic collector of Southeast Asian art). Outside, there is a roof terrace to take advantage of the views, and also a jacuzzi is heated to a constant 36 degrees C. A small herb garden anchors the opposite end of the attic floor.

The panoramic views from this top floor are certainly tremendous, but there is an additional feature - a narrow steel walkway that juts out from the main house and looks out over the 30-metre long, black-tiled swimming pool below. Its purpose is to serve as an outdoor link between the pool and the jacuzzi.

The house is designed so there is a central atrium between two main blocks where a series of internal staircases links the various levels of the building together. Some sections of the roof are finished in glass, so even the basement is bathed in natural light.

Most of the bedrooms are on the second floor, while the main living area on the ground level holds a large study and adjoining rooms for Western and Chinese dining, which have views out to the garden and pool. There is also a wet kitchen and a dry kitchen, equipped with restaurant quality appliances. At the far corner of the garden there is a casual covered area where the residents can relax or have breakfast by the pool.

By day, barring inclement weather, all the ground-floor doors to the house are open, extending the boundaries of the living and dining rooms to the outdoors. 'The old house we used to live in was air-conditioned all the time,' says Mr. Tan. 'I'm a lot happier with this house, and I seldom use the air-conditioning, even when it's warm outside. The individual rooms are not big, but they can all be opened up to give that sense of space.'

The Wind House is Mr Tan's fourth go at building a bungalow in recent years, and all of them were designed by well-known Singapore-based architects. He has turned his interest in developing individual properties into a lucrative hobby, and he says he is not done yet - can Earth and Water houses be too far behind?

Wednesday, May 7, 2008

BT: Govt has arsenal to counter US-driven slowdown: PM Lee

So I believe Singapore construction sector will still be resilient and in high demand amid the ongoing slowdown in US.



Business Times - 07 May 2008

Govt has arsenal to counter US-driven slowdown: PM Lee

In a crunch, it can pump-prime the economy and give targeted assistance

By CONRAD TAN

(SINGAPORE) Singapore is prepared to face any economic scenario that emerges from the current uncertain climate, including a prolonged downturn in the United States, said Prime Minister Lee Hsien Loong yesterday.

One option to fall back on would be to boost economic growth through government spending, including resuming construction projects that were earlier put on hold, he said.

'If things do get bad, which cannot be ruled out - although it does not appear to be on the cards - we are not without recourse,' he told a group of some 100 guests including chief executives, senior bankers and economists at a discussion hosted by Thomson Reuters.

'If we need to move on fiscal policy to stimulate the economy, we can do that. If we have to have directed assistance to help the lower-income because unemployment has gone up - right now it's at a very low level, but if that happens - we can do that.

'And if I have to stimulate the economy or some sector of the economy, I can do that too.' In the construction sector, for example, the government could restart projects that it had put on hold, he said.He also said that he wished that the government had 'moved earlier' to ease the office space crunch in the financial sector, which has grown so rapidly that prime office space rents have soared, prompting banks to move some of their staff and operations to out-of-town locations.

'I wish we had moved our banking and financial centre six months earlier than we actually did. But at that time, the market looked cold and nobody was interested and we were unable to generate the interest for it to take off.'

But the government has since taken steps to build more office space, housing and schools to ease some of the capacity constraints, he said.

HSBC economist Robert Prior-Wandesforde asked Mr Lee if he thought that Singapore could be in danger of losing its lead over other countries in export competitiveness, especially given the recent disappointing growth figures for electronics exports.

Singapore's non-oil domestic exports fell by 5.9 per cent in March, the steepest decline since February last year. Electronic exports shrank for the 14th month in a row.

Mr Lee said that the falling dollar value of electronics exports was likely to be an 'inevitable trend' - partly because 'prices have been crashing' even though the volume had risen - but that other sectors of manufacturing such as pharmaceuticals would provide support. 'Our overall export numbers are not bad - could be better, but they're not bad. I don't think it is a sign of our losing export competitiveness.'

David Conner, chief executive of OCBC Bank, asked Mr Lee what he thought the reaction of other governments in the region to rising food prices and overall inflation was likely to be.

Mr Lee said that 'it would be a pity' if countries closed up their markets 'because it's really the markets that are going to make sure that the food goes where it's needed and there's enough for everybody to eat'.

He said that cooperation among the Asean countries was necessary 'to make sure that we coordinate among ourselves and do not work against one another'.

Long-term problems affecting food supply such as under-investment in research and development would take time to solve, he said. 'We must be prepared to see food prices up for some time.'

Separately, he told Reuters in an interview before the discussion that the Government of Singapore Investment Corp (GIC) would not disclose as much detail about its investment portfolio as Singapore's other state-owned fund, Temasek Holdings, despite pressure from foreign governments.

'GIC and Temasek are different,' he said. 'We do not want to tell people exactly how much we have so it's easier for them to make a run on the Singapore dollar.'

GIC, which invests Singapore's foreign reserves overseas, is believed to be the world's third largest sovereign wealth fund, with an estimated US$330 billion in assets under management, according to Morgan Stanley in February. Unlike Temasek, which began publishing an annual review of its portfolio in 2004 containing consolidated financial statements and its investment returns, GIC reveals only that it manages funds 'in excess of US$100 billion' on behalf of the government and the Monetary Authority of Singapore.

Thursday, April 24, 2008

CSC: Lapse of PROPOSED ACQUISITION OF 60% EQUITY STAKE IN CLS HOLDINGS PTE. LTD.

PROPOSED ACQUISITION OF 60% EQUITY STAKE IN CLS HOLDINGS PTE. LTD.

We refer to the announcement of the Company dated 1 April 2008 on the subject matter above and the subsequent discussions on the extension of the non-binding memorandum of understanding (the “MOU”) with Chua Lai Seng (the “Vendor”). The Board of Directors (the “Board”) wishes to announce that after considering the merits of the request from the Vendor and the interests of the Company, the Board had decided to allow the MOU to lapse and not to extend the exclusivity period which ends on 31 March 2008.

BY ORDER OF THE BOARD
Lee Quang Loong
Company Secretary

Date: 22 April 2008

CSC: WINS ANOTHER CONTRACT IN THE ENERGY RELATED INDUSTRY $47m

CSC WINS ANOTHER CONTRACT IN THE ENERGY RELATED INDUSTRY

S$47m Contract is the Group’s Largest Driven Pre-Stressed Concrete Pile Project

Marking yet another milestone for the Group, a subsidiary of CSC Holdings Limited (“CSC”), has won a S$47 million foundation contract worth from Norway’s Renewable Energy Corporation ASA (“REC”). For CSC, this is the largest driven pre-stressed concrete pile project secured. The contract will be for a period of nine months. REC will be investing up to S$6.3 billion over the next five years to build the world’s largest fully integrated solar manufacturing complex here. When fully developed, the complex will be capable of producing up to 1.5GW of solar wafers, cells and modules annually, or about 75% of the world’s output in 2006.

This latest contract secured is a resounding vote of confidence to our ability and commitment to construct and deliver results for our customers within a tight turnaround time. CSC is honoured
to be given a chance to work with REC on such an iconic development.

In addition to this contract win, the Group recently also secured other foundation engineering
and geotechnical investigation and instrumentation jobs valued at about S$24 million collectively. These include works for a Downtown Line MRT station, public housing development in Bukit Merah and works for an electrical sub-station building at Choa Chu Kang.

With these recently secured contracts amounting to a total of S$71 million, the Group’s order book now stands at approximately S$400 million. Most of the projects will be completed within
the next 12 months.

BY ORDER OF THE BOARD
Lee Quang Loong
Company Secretary

Saturday, April 12, 2008

BT: Economy surprises with robust 7.2% Q1 growth

Business Times - 11 Apr 2008

Economy surprises with robust 7.2% Q1 growth

But MAS says growth is likely to ease in next few quarters as global outlook dims
By ANNA TEO

(SINGAPORE) Inflationary concerns outweigh downside growth risks - for now anyway - as the economy rebounded strongly in the first quarter. But GDP growth is expected to ease in the months ahead.

The 7.2 per cent flash estimate of Q1 growth - against sub-6 per cent consensus forecasts, and up from the preceding Q4's 5.4 per cent pace - mostly surprised on the upside. In annualised, adjusted terms, the economy - far from slipping into a technical recession, after a Q4 contraction - grew almost 17 per cent in Q1, according to the advance figures based only on January and February data.

Notably, the manufacturing sector roared back after the previous quarter's flat performance. According to the Ministry of Trade and Industry, the sector's 13.2 per cent recovery was due to a surge in the biomedical cluster and a better showing by mainly the electronics and chemicals industries.

Growth was fairly broad-based across the economy, with the services sector maintaining pace at 7.6 per cent, led by the financial services. Construction growth slowed, but to a still robust 14.6 per cent.

The Monetary Authority of Singapore - which unexpectedly tightened monetary policy yesterday - had rather a lot more to say about the growth outlook.

Singapore's economic growth is likely to ease in the next few quarters, says the central bank in its monetary policy statement.

Global growth prospects have worsened significantly of late, but regional resilience should continue to support Singapore's growth, MAS says.

And while maintaining the official forecast of 4-6 per cent growth for 2008, it adds: 'A more severe global downturn cannot be ruled out if there is a further escalation of the financial crisis in the US. If this occurs, Singapore's growth will be adversely affected.'

Related link:
Click here for MTI's advance Q108 GDP estimates

Meanwhile, global inflationary pressures remain high, and Singapore's consumer price inflation is expected to remain elevated in the first half of 2008, MAS says.

It now projects Singapore's 2008 inflation rate to come in at the upper half of the 4.5-5.5 per cent forecast range.

'Against this backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward,' it says.

While surprised by the Q1 GDP figures, economists are a little divided about how much the economy will be hit by the US recession that will likely show its hand in Asia later in the year.
Standard Chartered Bank's forecasts for Singapore see GDP growth slowing sharply to just 2.8 per cent by Q4, averaging 4.5 per cent for the year.

On the other hand, HSBC economist Robert Prior-Wandesforde maintains that 'domestic fundamentals remain highly supportive of growth' and is sticking to his forecast of 6 per cent growth for 2008. He also expects no reversal of the monetary tightening at the next review in October - and sees the inflation rate easing to about 3 per cent in Q1 2009.

For at least one economist, though, the Q1 7.2 per cent GDP growth is simply 'not high enough'.
Given the robust flash estimates for manufacturing, services and construction, the numbers just do not 'add up', says Daiwa Institute of Research's P K Basu, who had forecast 8.4 per cent GDP growth for the quarter.

Could there have been a 'computation error' somewhere, he wondered. Asked about this, an MTI officer ran through the data, and found nothing amiss.

The full details of Q1 economic performance, including March figures, will be released next month.

Friday, April 11, 2008

曹仁超—投資者日記: 越南隨時變世界工廠

11/04/2008

越南人口八千四百萬,較成個廣東省仲多,70%都係戰後嬰兒(越戰响1975年結束)。全國人口平均年齡二十四點五歲,公民識字率94%,越南嗰邊英文程度好高。家吓一個越南工人月薪响50至80美元,只及珠三角一帶嘅人工一半。自從越南加入WTO後,一排排灰白色廠房喺城市郊區建起嚟,成為中國珠三角工業最佳嘅轉移點。台灣商人更早喺1998年已响越南開始投資,例如造鞋、家具及成衣,依家估計已達四千家左右;今天台商對越南嘅興趣大過中國大陸。除咗工資夠平外,仲有豐富嘅天然資源及國內市場。今天胡志明市(往日西貢)到處都係建築工地,情況好似九十年代嘅珠三角。越南起步大約遲中國十多年,1986 年先實行革新開放政策(中國喺1978年宣布改革開放),中國1992年已宣布建立有社會主義特色嘅市場經濟體制,越南喺2001年先提出以社會主義為方向嘅市場經濟。2003年高盛證券首次發布以越南為核心嘅研究報告,佢地估計不出十年,越南將超越印尼同菲律賓,成為東盟十國中經濟實力最強勁嘅經濟體。

2007年越南GDP上升8.5%响全球中僅次於中國。自1986年宣布革新開放後,越南國內人口每日生活費唔足1美元嘅人口比例由51%降至2007 年8%,速度較中國快。過去二年越南股市總值由10億美元升至146億美元,但去年8月起又大幅回落,外國投資者以中國人為主。越南房價已直逼東京同紐約,例如胡志明市商業中心濱城市場商舖,每平方米賣17.3萬美元;胡志明市城郊房價,每平方米賣2000美元。越南基建至今仲好落後,電力缺口達十億度一年,道路仍以泥路為主,高速公路只得一條。

依家投資越南應以建廠為主,不宜涉足股票及房地產;相信越南可成為另一個世界工廠。

Thursday, April 10, 2008

BT: Worst from credit crisis yet to come: George Soros

Business Times - 10 Apr 2008


Worst from credit crisis yet to come: George Soros

SHANGHAI - The credit crisis is far from over, billionaire financier George Soros warned on Thursday, urging regulators to move faster to contain damage from the collapse of the housing finance markets.

'I think the situation is more serious than the authorities admit or recognise,' Mr Soros told journalists in a conference call.

Measures taken so far to slash interest rates and stimulate the economy were 'necessary but not sufficient,' he said.

'Because of that, I think the situation is going to get worse before it gets better.'

Mr Soros is promoting a new book, 'The New Paradigm for Financial Markets: The Credit Crisis and What It Means.'

He has urged regulators to move more aggressively to improve market oversight to curb risks from excessive reliance on debt for financial speculation.

He said that he agreed with the International Monetary Fund's estimate of more than US$1 trillion in losses linked to the collapse of mortgage-backed securities.

Losses disclosed by financial institutions so far are related only to the decline in value of those financial instruments, Mr Soros said.

'They do not reflect in any way a possible decline in the value of the loans held by the banks,' he said. 'We have not yet seen the full effect of the possible recession.'

Mr Soros pointed to the potential for massive losses from complex investments linked to the US sub-prime mortgage market, such as credit default swaps, or CDS, which allow investors to put bets on the likelihood that companies will default on bond payments.

He described as a 'Sword of Damocles' the US$45 trillion worth of credit swaps.

'That's more than five times the entire government bond market of the United States. It's almost equal to the entire household wealth of the United States,' Mr Soros said.

'This US$45 trillion market is totally unregulated,' he said. -- AP