Executive condo more popular due to rising private condo prices

Executive condo more popular due to rising private condo prices
By Sharon See & Lip Kwok Wai | Posted: 12 April 2010 2336 hrs

	Photos 1 of 1 A man looking at the scale model of the Optima condo

 

SINGAPORE: Real estate agents say executive condominiums (ECs) have become more popular.

They are the next best thing for those who are priced out of the private condominium market, where prices have been hitting new highs recently.

Property agents said that in the last two to three years, the price of each square foot has increased by about 70 per cent.

In the first quarter of this year, the resale value of each square foot reached about S$570.

According to senior group district director of PropNex David Poh, the price used to be around S$300 to S$400 per square foot more than three years ago.

This puts the price per square foot of ECs about 15 per cent cheaper than that of private condominiums.

For new ECs, the price is about 25 per cent lower than that of new private condominiums.

Real estate agents said the prices of ECs have not peaked.

Two ECs in Sengkang and Yishun were launched in January. A second EC is set to be launched in Sengkang this week.

- CNA/yb

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Transition to private sector growth tricky: World Bank

Transition to private sector growth tricky: World Bank
By Georgina Joseph | Posted: 12 April 2010 2118 hrs

	Photos 1 of 1 Mr Vikram Nehru, World Bank Chief Economist for the East Asia & Pacific
	Related News • World Bank raises developing East Asia growth forecast to 8.7% for 2010

 
SINGAPORE : The World Bank believes that the East Asian region will have to start to withdraw fiscal and monetary stimulus sometime this year.

But the bank said this can only be achieved when private sector investment becomes the region's growth driver.

With economic recovery and firming prices, some Asian economies are starting to gradually rein in their fiscal stimulus measures.

Some measures include requiring banks to set aside more reserves and in some cases like Vietnam and Malaysia, raising interest rates.

While there is some debate about the timing for withdrawing stimulus, the World Bank believes it should be determined by a recovery in private sector investment.

Vikram Nehru, chief economist, East Asia and Pacific region, The World Bank, said: "When that happens, it will become relatively easy for governments to start withdrawing their fiscal and monetary stimulus, and without any disruption to growth because the private sector will then become the engine of growth."

The World Bank said rapid growth in East Asia will be possible in the coming years, even in a weakened global economy.

Mr Nehru added: "Growth can definitely continue rapidly in East Asia, provided that East Asian countries continue to reform, continue to implement medium term reform agendas, and the regional agenda of regional economic integration and the appropriate response to climate change is adopted."

The World Bank said China, for example, would need to rebalance its economy and gear it towards domestic consumption and away from an export-led growth.

In a report last week, the World Bank upgraded its growth forecast for developing East Asian economies this year to 8.7%. This was almost a full percentage point higher than its previous forecast in November last year.

- CNA/al

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S'pore looking to double export of accountancy services in 10 years

S'pore looking to double export of accountancy services in 10 years
By Desmond Wong | Posted: 13 April 2010 1722 hrs

	Photos 1 of 1

SINGAPORE: Singapore is looking to double its export of accountancy services to the region over the next 10 years from 22 per cent now to 50 per cent.

This is one aim of the Committee to Develop the Accountancy Sector (CDAS) which released its recommendations on Tuesday to the government.

Singapore is already a key financial centre and now also wants to be a centre for accountancy excellence.

Apart from exporting accountancy services, the committee tasked with developing the accounting sector is also recommending that Singapore raises the sector's contribution to GDP from 0.4 per cent to one per cent within a decade.

Bobby Chin, chairman, CDAS, said: "We need Singapore to provide more value added services not just to Singapore but also to the region. That means our local accounting firms need to upscale to be able to provide services for the region.

“We need talent to come into Singapore to supplement the type of services we can actually offer."

The committee has recommended that S$10 million be set aside to develop the sector.

The market for accounting services in Asia Pacific is estimated to be worth US$38.3 billion by 2013.

To spur this development, CDAS also recommends that Singapore establishes a post-university programme for accountants and improves training for key industry players like chief financial officers.

Mr Chin said: "Students coming into Singapore wanting to become trained and qualified accountants under the Singapore branded post-university examination can thereafter use their trained expertise to move into the region to provide the relevant services."

The CDAS was commissioned in 2008 by the Ministry of Finance to enhance the development of Singapore's accountancy sector.

- CNA/jy

- wong chee tat :) 

EDB launches new programme to expand talent pool for medtech sector

EDB launches new programme to expand talent pool for medtech sector
By Travis Teo | Posted: 13 April 2010 1651 hrs

	Photos 1 of 1 Economic Development Board

SINGAPORE: The Economic Development Board (EDB) will be launching a new programme to further expand the talent pool for the medical technology (medtech) sector.

It is called the Medtech Innovate, Design, Engineer for Asia in Singapore programme, or Medtech IDEAS programme for short.

This will be done in partnership with medtech industry players.

150 training places will be set aside to nurture multi-disciplinary teams of engineers, voice-of-customer specialists and regulatory experts in Asian medical device innovation.

These trainees will spend time at leading companies' global headquarters, as well as their Singapore-based research and development (R&D) labs.

The new programme comes on top of the Singapore-Stanford Biodesign programme with Stanford University, which was launched earlier this year by EDB and A*STAR.

It is targeted at Singapore postgraduate students and seeks to nurture the next generation of Asian medical device innovators.

The latest programme was announced by Senior Minister of State for Trade & Industry and Education, S Iswaran.

"Many other MedTech companies have also made Singapore their home base in the region," he said. "As a leading market with sophisticated Asian healthcare consumers, Singapore is an ideal base for these companies to innovate and develop solutions for Asia and beyond.

"Indeed, the MedTech sector is now one of Singapore's fastest-growing sectors, contributing more than S$3 billion in manufacturing output and employing about 8,300 people in the city-state.

"There is also strong potential to grow our capabilities in MedTech innovation even further by leveraging on our strong scientific, engineering and clinical capabilities."

Mr Iswaran was speaking at an event by med-tech firm Hill-Rom on Tuesday.

Hill-Rom is expanding its Asia Pacific Innovation Centre by launching two new research and development outfits in Singapore.

These will focus on global respiratory care and patient support technology for emerging markets.

Hill-Rom said it is looking to double staff count at the two new centres in the near future, from 40 currently.

The expansion of the Asia Pacific Innovation Centre is part of the firm's plans to grow in emerging markets, including China.

- CNA/yb

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