Rental data to be released on quarterly basis

Rental data to be released on quarterly basis

The move comes on the back of calls from businesses for greater transparency in the rental market. This has led to the Singapore Business Federation introducing the Fair Tenancy Framework, which includes the release of clearer rental data as an initiative.

SINGAPORE: Businesses will get greater clarity on trends in Singapore's rental market. Starting on Thursday (Jan 22), more detailed data on rents for retail, office and industrial space will be released by the Government every quarter.

The move comes on the back of calls from businesses for greater transparency in the rental market. Earlier this week, the Singapore Business Federation (SBF) introduced the Fair Tenancy Framework, which includes the release of clearer rental data as an initiative.

Many businesses have complained of soaring rental rates imposed by landlords, which threaten to heighten operating costs. With the new move, the public can now view rental data at the 25th, 50th, and 75th percentile by floor level and area.

For instance, if one wants to find out the monthly unit rent for retail space at the 25th percentile in District 9, which includes the Orchard area, one can now look at what trends are like for basement units that are 30 square metres and below. Previously, rental data was only released at the 50th percentile and by street name, excluding information by floor level and area.

Ms Cynthia Phua, chairman of the rental practices working group at SBF, said: ”Having the 25th percentile and the 75th percentile - that part in itself will give a very good range for a tenant who is assessing the rental for that unit itself, whether they are transacting at the upper range of the rental range, or the lower range."

The new data can be accessed on the websites of the Urban Redevelopment Authority (URA) and industrial landlord JTC Corporation.

The Ministry of Trade and Industry said the additional details covering floor level and unit size will help businesses make more informed decisions before signing a contract.

Minister of State for Trade and Industry Teo Ser Luck said: "Feedback from businesses is that we have to be a little bit more specific. Then the question is: How specific we want to go?

"If we want to be too specific, say, for example by every single building, we have a few considerations. Where do you get the data? And whether in obtaining the source of data, whether you actually intrude into the privacy or even ... contravene the data privacy law."

Depending on the response to the new set of data, further adjustments or additional information may be included in the future.

- CNA/ac/dl

- wong chee tat :)

Singaporeans cautiously upbeat after 2009 GDP forecast upgraded

Singaporeans cautiously upbeat after 2009 GDP forecast upgraded
By Cheryl Lim, Channel NewsAsia | Posted: 12 October 2009 2207 hrs


SINGAPORE: Singapore has raised its 2009 gross domestic product (GDP) outlook, after the economy grew 0.8 per cent in the three months to September from a year ago.

While the GDP will fall in 2009, the government revised its full-year forecast to a contraction of 2.0 to 2.5 per cent, better than the previous estimate of negative 4.0 to 6.0 per cent growth.

The new GDP forecast indicates Singapore's economy may be in the clear. But many Singaporeans are cautiously optimistic about the next few months.

The Indian Chamber of Commerce and Industry is advising members to gear up in terms of capacity and manpower, and seize the opportunities that will hopefully start emerging by mid-next year.

Meanwhile, the Singapore Malay Chamber of Commerce and Industry says the situation may be improving. But some of its members feel the economy is not recovering as fast as it should.

Small and medium enterprises (SMEs) say they have yet to see the trickle-down effects of the changes.

Inderjit Singh, MP for Ang Mo Kio GRC, said: "Companies are starting to see a pickup in demand and improvement in financial performance, but this is not reflected in increases in salaries so quickly.

"So retailers can expect to see a similar amount of sales or level of sales compared to the past because people don't suddenly feel very rich."

As such, Mr Inderjit expects next quarter's GDP to remain in negative territory.

Despite that, one analyst is predicting a positive outlook for the year-end.

Song Seng Wun, CEO and regional analyst, CIMB-GK Research, said: "The economy shrank quite significantly towards the end of last year. This will mean year-on-year numbers could look quite impressive.

"We could see year-end GDP in the region of two to five percent, depending on how manufacturing performs.

"For the full year, we could end up with a figure that is slightly better than the revised government estimate."

The Monetary Authority of Singapore expects next year's GDP growth to be slower than in previous post-recession periods.

It said inflation is likely to be around zero per cent this year, before rising to one to two per cent in 2010.

- CNA/ir

- wong chee tat :)

HDB's sale of balance flats nearly nine times oversubscribed

HDB's sale of balance flats nearly nine times oversubscribed
By Joanne Chan, Channel NewsAsia | Posted: 13 October 2009 2052 hrs

SINGAPORE: The Housing & Development Board (HDB) has seen strong demand for the 2,100 flats being offered under its "Sale of Balance Flats" exercise.

The HDB received more than 19,000 applications, just a day before the exercise closes, which means that the flats are nearly nine times oversubscribed.

Demand was high for the flats - ranging from studio apartments to executive flats - in estates such as Bedok, Bukit Batok, Choa Chu Kang, Bukit Panjang and Woodlands.

Balance flats are those unsold in previous Build-to-Order exercises, surplus flats under the Selective En bloc Redevelopment Scheme, as well as repurchased flats.

These flats are either completed or nearing completion - so owners do not have to wait long before moving in.

The exercise, which is the largest to date, replaces the existing balloting exercise, quarterly sales and half-yearly sales exercises.

The HDB said that the rationale behind this move is to simplify the flat application process, and to provide buyers with a wider choice of flats across a range of locations in one exercise.

- CNA/sc


- wong chee tat :)

Slow internet connection speeds due to damaged submarine cable near Taiwan

Slow internet connection speeds due to damaged submarine cable near Taiwan
By Imelda Saad, Channel NewsAsia | Posted: 12 August 2009 2047 hrs

SINGAPORE : Internet connection speeds are down for some online users in Singapore on Wednesday.

Service providers SingTel and StarHub attributed the slowdown to a damaged submarine cable system near Taiwan.

SingTel said the damage was caused by Typhoon Morakot, which swept through Taiwan over the weekend.

Customers may experience slow Internet access to some US websites.

Both internet service providers said restoration works have started and its engineers are diverting online traffic to other cable systems.

SingTel expects the situation to return to acceptable levels within the next 24 hours.

- CNA /ls

- wong chee tat :)

370 solar eclipse enthusiasts in Singapore stay indoors due to rain

370 solar eclipse enthusiasts in Singapore stay indoors due to rain
By Jessica Yeo, Channel NewsAsia

SINGAPORE : 370 Singaporeans gathered at the Singapore Science Centre to catch the solar eclipse on Wednesday morning, but they ended up staying indoors because of the rain which resulted in poor visibility.

10 per cent of the eclipse could have been seen in Singapore between 8:41am and 9:43am, with its optimum position at 9:11am.

The next eclipse is expected on 15 January 2010, and Singaporeans will be able to catch 30 per cent of it.

But Singapore will have to wait until 2019 for the annular eclipse if residents want to see the moon's shadow totally cast on the sun.

"The eclipse is caused by the moon casting a shadow on the Earth and this time round, the path of the shadow passes through the densely populated areas in China. Singapore happens to be literally at the fringe of the activity," said Dr Chew Tuan Chiong, CEO of Singapore Science Centre.

- CNA /ls

- wong chee tat :)

Sydney first major city to mark Earth Hour 2009

Sydney first major city to mark Earth Hour 2009

March 28th, 2009 By KRISTEN GELINEAU , Associated Press Writer

Enlarge

About a hundred participants in an event to mark Earth Hour celebrate with a group photo after the event in which they freeze their movement for a few minutes at a shopping mall in Beijing, China, Saturday, March 28 , 2009. The lights are going down from the Great Pyramids to the Acropolis, the Eiffel Tower to Sears Tower, as more than 2,800 municipalities in 84 countries plan Saturday to mark the second worldwide Earth Hour. (AP Photo/Ng Han Guan)

(AP) -- The floodlit cream shells of the famed Opera House dimmed Saturday as Sydney became the world's first major city to plunge itself into darkness for the second worldwide Earth Hour, a global campaign to highlight the threat of climate change.

From the Great Pyramids to the Acropolis, the London Eye to the Las Vegas strip, nearly 4,000 cities and towns in 88 countries planned to join in the World Wildlife Fund-sponsored event, a time zone-by-time zone plan to dim nonessential lights between 8:30 p.m. and 9:30 p.m.

Involvement in the effort has exploded since last year's Earth Hour, which drew participation from 400 cities after Sydney held a solo event in 2007. Interest has spiked ahead of planned negotiations on a new global warming treaty in Copenhagen, Denmark, this December. The last global accord, the Kyoto Protocol, is set to expire in 2012.

Despite the boost in interest from the Copenhagen negotiations, organizers initially worried enthusiasm for this year's event would wane with the world's attention focused largely on the global economic crisis, Earth Hour executive director Andy Ridley told The Associated Press. Strangely enough, he said, it's seemed to have the opposite effect.

"Earth Hour has always been a positive campaign; it's always around street parties, not street protests, it's the idea of hope not despair. And I think that's something that's been incredibly important this year because there is so much despair around," he said. "On the other side of it, there's savings in cutting your power usage and being more sustainable and more efficient."

In Australia, people attended candlelit speed-dating events and gathered at outdoor concerts as the hour of darkness rolled through the country. Sydney's glittering harbor was bathed in shadows as lights dimmed on the steel arch of the city's iconic Harbour Bridge and the nearby Opera House.

Earlier Saturday, the Chatham Islands, a group of small islands about 500 miles (800 kilometers) east of New Zealand, officially kicked off Earth Hour by switching off its diesel generators. Soon after, the lights of Auckland's Sky Tower, the tallest man-made structure in New Zealand, blinked off.

Forty-four New Zealand towns and cities participated in the event, and more than 60,000 people showed up for an Earth Hour-themed hot air ballooning festival in the city of Hamilton.

At Scott Base in Antarctica, New Zealand's 26-member winter team resorted to minimum safety lighting and switched off appliances and computers.

China was participating in the campaign for the first time, with Beijing turning off the lights at its Bird's Nest Stadium and Water Cube, the most prominent venues for the Olympics, according to WWF. Shanghai was also cutting lights in all government buildings and other structures on its waterfront, while Hong Kong, Baoding, Changchun, Dalian, Nanjing and Guangzhou were also participating, WWF said.

However, the official WWF Earth Hour Web site appeared to be blocked in Beijing, Shanghai and Tianjin on Saturday afternoon. While China rarely gives reasons for blocking Web sites, the campaign coincided with the 50th anniversary of the suppression of an uprising in Tibet that forced the Dalai Lama to go into exile.

In Hong Kong, the government planned to suspend its nightly "Symphony of Lights," which beams lasers and lights into the sky from 44 buildings on the city's famed Victoria Harbor. Landmarks along the harbor also were to switch off nonessential lights for an hour.

Later Saturday, Thailand's Prime Minister Abhisit Vejjajiva planned to press a button to turn off the lights at Khao San Road, a famous haven for budget travelers in Bangkok that is packed with bars and outdoor cafes.

Lights were to go down at the Grand Palace and other riverside monuments, and businesses along some of the Thai capital's busiest boulevards were also asked to participate, the Bangkok Metropolitan Administration said in a statement.

The capital hoped to reduce electricity consumption in the city of more than 8 million people by at least 30 percent - or 1,400 megawatts - during the event. Earth Hour organizers say there's no uniform way to measure how much energy is saved worldwide.

Earth Hour 2009 has garnered support from global corporations, nonprofit groups, schools, scientists and celebrities - including Oscar-winning actress Cate Blanchett and retired Cape Town Archbishop Desmond Tutu.

McDonald's Corp. planned to dim its arches at 500 locations around the Midwest in the United States. The Marriott, Ritz-Carlton and Fairmont hotel chains and Coca-Cola Co. also planned to participate.

- wong chee tat :)