Opening
of Marina Bay IR delayedShare
Dec
22, 2009
The Marina Bay Sands Integrated Resort will open its first phase of
operation by mid-April 2010, instead of February, as earlier announced.
About half of the integrated resort, including
the casino and most of the restaurant units, will open by the end
of March. The entire $5.5 billion IR project is expected to be completed
by the end of next year, said Sheldon Adelson, chairman of Las Vegas
Sands.
Job training for newly hired staff will only
begin in January, he said. About 12,000 to 14,000 people are needed
to run the entire IR. 85 percent of hired employees are Singaporeans.
The Marina Bay Sands, one of two casinos being
constructed in Singapore, was scheduled to start operating this month.
However, Mr. Adelson said in July that the opening of the casino would
be postponed until February next year. But, heavy rains and bankruptcy
of some of its sub-contractors have further pushed back its opening,
said Mr. Adelson.
Mr. Adelson told reporters on Monday that it
was only a “minor delay”. “We are in this not for
a day or a week, but for decades. So the delay of a day or a week
is nothing. If we are going to do it, we are going to do it right.”
The other casino project, Resorts World at
Sentosa, is expected to open its first phase by Q1 of next year, said
a spokesman from project developer Genting International. When asked
about the profit projection for the said project, Mr. Adelson said
the company expects around US$1 billion annually before deducting
taxes, interest, amortisations and depreciation expenses.
Shop sale fetches record price in Hong Kong: report
Tue, Dec 22, 2009
AFP
HONG KONG - A company run by Hong Kong's best-known entertainment
mogul has paid a record 108 million US dollars (S$151.6 million) for
a shop in one of the busiest districts, a report said Tuesday.
The sale of the 1,212 square foot outlet comes
as the city's government tries to contain soaring property costs due
to fears they are getting out of control.
The price works out to about US$90,000 (S$126,405)
per square foot, making it the city's most expensive retail space,
the South China Morning Post reported, quoting an unnamed source.
"It is unknown if this is now the most expensive shop in the
world, but obviously it's a record in the city," real estate
agent Lawrence Wong told the daily newspaper.
The shop in Hong Kong's busy Tsim Sha Tsui
district houses luxury retailer Emperor Watch & Jewellery, which
is run by music tycoon Albert Yeung, the Post said.
Yeung's Emperor Entertainment Group has contracts
with a host of Cantonese pop stars who claim legions of fans in the
city of seven million.
An Emperor subsidiary, which had been leasing
the space, bought the property because of "the investment value
of the location and a basic need for the shop," the source told
the paper.
The previous record for a Hong Kong retail
space was set in May by Yeung's brother Ricky, who paid 58,000 dollars
US (S$81,461) per square foot for a shop in the same neighbourhood,
the Post said.
In October, Henderson Land Development said
it sold a five-bedroom luxury residential duplex in Hong Kong's Mid-Levels
area for an Asian record 11,300 US dollars (S$15870.85) per square
foot, or 57 million US dollars (S$80.05 million) in total.
Hong Kong's government is considering plans
to rein in the city's real estate prices as it grows concerned about
a dangerous bubble building in the market.
The city has seen several record-breaking property
sales in the past year as wealthy mainland Chinese investors and low
interest rates stoke demand.
December
7, 2009
Marina Bay gaining popularity
WMRT organisers in talks for event here; Extreme Sailing Series kicks
off soon
THE
Marina Bay area could soon be on its way to fulfilling some of its
sporting and glamour potential with at least one high-profile international
standard sailing event organiser holding an event there and another
'in discussions' to do so.
Water fun: Six teams will be showcasing their cutting edge Extreme
40 boats in the bay between the Flyer and the Marina Barrage from
Dec 11-15
This past weekend, the RM1.57 million (S$645,000) Monsoon Cup in Terengganu
closes out the nine-leg World Match Racing Tour (WMRT) - which Malaysian
tycoon Patrick Lim recently bought into - and the organisers are setting
their sights firmly on a similar or bigger event in Singapore.
Mr Lim and other
investors have acquired the rights holder ProMatch Tour Ltd from F10
Holdings Ltd through Hong Kong-based consortium Regal Faith Ltd. The
WMRT features a boat-against-boat match racing format similar to the
America's Cup except that it is part of a circuit that currently has
nine venues including France, Germany, Korea, Portugal, Sweden, Switzerland,
Denmark, Bermuda and Malaysia.
'We are currently
in early stage discussion with the Singapore Tourism Board and Singapore
Sports Council for a WMRT event at the Marina Bay,' said Monsoon Cup
adviser Peter Gilmour. Speaking optimistically about the potential
race venue as a prime example of a plug-and-play site, Mr Gilmour,
who is also acting president of WMRT organisers Promatch Tour said:
'In fact, the Marina Bay seems to be a natural venue, it could be
a case of 'just add the boats'.'
'Talks are going
well and we plan to be in Singapore in January/ February next year
to test the wind conditions,' he added.
'We are confident
of selecting one more new venue to the WMRT in 2010, bringing the
total number of Tour stages to 10 from the current nine,' said tour
director Craig Mitchell. Organisers hope to add two significant venues
per year, for an ideal target of 16 worldwide within the next few
years. Promatch is in advanced stages of talks with seven new venues,
including three in Asia, Mr Gilmour said.
Selection of the
venues is relatively straightforward, Mr Mitchell explained. It should
have a 500 metre diameter circle of water in order to create a race
track and a good shore side vantage point for spectators, conditions
Marina Bay easily meets. Technical and communications support to promoters
to cater to the media such as live broadcast and providing daily news
updates on the race progress are also important elements.
There is also the
financial element involved as the tour works on a franchise model
quite similar to F1 car racing and each commitment is currently for
a period of eight years. 'The cost to operate a new WMRT event is
approximately US$5-8 million, depending on requirements of individual
venue. The cost includes prize money, television coverage, local event
set-up costs,' said Mr Gilmour. 'There are many Asian countries with
beautiful coastlines but they might not know how to promote it to
the world. Naturally one advantage of having an Asian owner (of the
WMRT) is the increased potential for expansion within the Asian region,
particularly at this time when we are seeing an awakening by Asian
countries to the pleasures and beauty of competitive sailing and waterfront
lifestyles,' he noted. 'Our focus for the long term is to develop
world-class venues around the world including Asia.'
Balancing off against
this is the corporate sponsorship model of the Extreme Sailing Series
where this week, six teams including two Oman teams and a China team
featuring local hotshot sailor Tan Wearn Haw, will be showcasing their
cutting edge Extreme 40 boats in the bay at the area between the Flyer
and the Marina Barrage from Dec 11-15.
The Extreme Sailing
Series Asia, the new Asian leg of the OC Events-organised Extreme
Sailing Series which has been an outstanding success in Europe since
starting out there in 2005, comes to Singapore as the second stop
of its three-stop tour after blowing away the corporate crowd in the
middle of Hong Kong's busy Victoria Harbour. After Singapore, the
inaugural Asian series continues in Oman in February.
The series' popularity
is rapidly evolving as corporates warm to the concept and the possibility
of a fourth venue is being explored, with a plan to grow the series
to a six-event series by 2011/12.
Dec
3, 2009
Six whole floors purchased at Marina
Bay Suites preview
About half a dozen floors at Marina Bay Suites
were sold during last week’s preview. Its buyers are believed
to be Singaporeans, Indonesians and other Asians.
The biggest transaction recorded in the preview
was about $45 million, including at least two whole floors that were
purchased by an Indonesian party.
Some market watchers believe it could cost
buyers between $17million and $18 million to buy a whole floor at
the 99-year leasehold condo based on last week’s selling price.
Each floor has four apartments, two three-room
units and two four-room units. The total area per floor is about 8,000
square feet.
Thomas Tan, head of marketing (residential)
for Raffles Quay Asset Management (RQAM), said 87 out of 90 units
released for preview were purchased. The total amount made from the
sales is approximately $400 million.
Two-thirds of the total units were purchased
by Singapore residents, including PRs. The remaining units were bought
by non-PR foreigners, including Malaysians, Indonesians, Americans,
Australians and mainland Chinese.
“We do have multiple-unit buyers, but
due to client confidentiality and privacy reasons, we are unable to
reveal such information,” said Mr. Tan when asked about the
buyers.
RQAM is the asset manager for Marina Bay Suites,
which is being developed through a joint venture between Cheung Kong
Holdings, Hongkong Land and Keppel Land.
Mr. Tan declined to share the details but reiterated
that “the average price range was between $2,200 psf and $2,500
psf.” It was understood that the selling price of the 90 units
were close to $2,300 per square foot (psf).
However, the range of the apartments that were
sold could be about $1,800 psf to over $2,600 psf.
Mr. Tan said the apartments that were released
at last week’s preview were located at the 7th to 40th plus
floors of the 66-storey project.
Marina Bay Suites consists of 218 three- to
four-room units and three penthouses. The construction of the project
is set to begin in the first-half of next year.
“We have no immediate plans to release
more units for the rest of this year but we'll continue to register
interested buyers. We'll monitor the market and determine the price
at the time of launch,” said Mr. Tan.
18
November 2009
Serving the rich and famous at Marina Bay Sands
SINGAPORE: A hotel guest once called Ms Christine Kaelbel-Sheares
at 2am, wanting to throw a party with bar service and a deejay for
40 friends within half an hour.
Another
guest and his wife wanted to rent Elvis and Marilyn Monroe costumes
for Halloween at the eleventh hour, when rental shops in Las Vegas
were already largely out of stock.
Requests
like these were the norm for Ms Kaelbel-Sheares when she was director
of butler services at Las Vegas Sands' The Venetian and The Palazzo
resorts.
After
a two-year stint there, she is now looking to serve the rich and famous
with equal zest at Marina Bay Sands (MBS) as its director of Paiza
and VIP (food and beverage). Paiza is MBS' club for premium players.
"It's
very much the same thing I was doing in Las Vegas – providing
the top level of service to a very exclusive clientele," said
Ms Kaelbel-Sheares, the granddaughter of Singapore's second president,
Dr Benjamin Sheares.
"Our
guests often don't plan ahead; they want something immediately. So
a certain level of anticipation is needed, as well as being very resourceful."
When
the MBS opens next year, it will create a category of service industry
roles catering to heads of state, royalty, high rollers and celebrities
on an unprecedented scale. Hundreds of positions are available, including
butlers and VIP services officers, said an MBS spokesperson.
Asked
how the integrated resort would fill its ranks with suitable candidates
– given the relative novelty of such roles here – the
spokesperson said MBS would conduct extensive in-house training.
Ms
Kaelbel-Sheares, who joined in June, also hopes to attract overseas
Singaporeans with relevant food and beverage experience, like herself,
to return.
The
30-something has been abroad for 16 years, including five years running
a French restaurant in Ohio with her husband.
Her
interest in hospitality stemmed from watching her parents host heads
of state and visiting dignitaries as a child. Her parents told her
it was a "tough career", but even after obtaining a degree
in law and politics, Ms Kaelbel-Sheares was "adamant" about
pursuing her passion.
She
got a postgraduate diploma in hospitality administration in Switzerland
and went on to work at various hotels and resorts in England and the
United States.
On
Thursday and Friday, Ms Kaelbel-Sheares and her fellow department
heads will be at the MBS' Career Fair at Suntec Singapore's Hall 602
to recruit people for their teams.
About
3,000 vacancies across 82 job types including commis chefs, room attendants,
security officers and lifeguards are on offer.
On
the gaming side, although the "majority" of dealer and dealer
inspector positions have been filled, interested candidates may still
send their resumes to www.careers.marinabaysands.com, the spokesperson
said.
November
12, 2009
High luxury-home prices are good
Policymakers can focus on alleviating life's anxieties such as providing
low-cost quality education, healthcare coverage
By LESLIE YEE
(Source: The Business Times Online)
I WORK in the real estate sector in Hong Kong
but do not cover the residential property market. Nevertheless, like
many residents of the Special Administrative Region, I have been fascinated
by recent market developments. Over the past few months, prices have
been rising, China buyers have been increasingly active, developers
have been launching units and analysts have been talking about the
lack of supply. Debate raged over the sustainability of price rises
with the argument centring on lingering economic weakness versus abundant
liquidity coupled with early signs of economic improvement.
News then broke in late October of Henderson Land's sale of a duplex
at 39 Conduit Road for HK$439 million (S$78.54 million) or a world
record HK$71,280 per square foot. What has since ensued is heated
discussion over whether dreams of home ownership for the middle class
in Hong Kong have been shattered in part due to rich China buyers
driving up prices. Calls are being made for the government to tame
the raging animal spirits in the Hong Kong residential market.
The themes playing out in the Hong Kong market
are to some extent applicable to Singapore, although the Singapore
private residential market rally this time round has been mass-market-led
while that in Hong Kong is driven by the high end. Still, with Singapore's
imminent opening of the integrated resorts, there could be a new spring
in step for high-end properties.
In Hong Kong, questions being discussed include:
Are foreigners pricing out locals? Do sky high prices for luxury units
matter? What can and should government do to control property prices?
What help if any should government render middle-class locals in owning
their homes? Are the controversies in the property market a reflection
of economic growth in recent years benefiting high-income earners
disproportionately while the rest lag behind?
Invariably, there will be some degree of envy when wealthy foreigners
come to any city and lord it over the locals. Such a scenario emerges
in many a successful city, with rich Russians and Arabs in London,
rich China nationals in Hong Kong and rich Indonesians in Singapore.
However, should one follow the head rather than the heart, it is not
just the Hong Kong property tycoons who ought to celebrate the sale
of a luxury unit for HK$71,280 psf but everyone.
Wealthy people have a choice of where to invest
their money. Hong Kong people should be proud that there are a fair
number of rich people confident enough in Hong Kong's prospects to
pay princely sums for property in the territory. Indeed, having millions
poured into residential property helps generate real-estate-related
jobs plus spending by the dwellers of luxury properties. Real estate
investment may not generate the same amount of economic spin-offs
as investment into manufacturing but they still bring economic benefits.
Singapore and Hong Kong share many similarities,
key of which is that both cities, in my view, have a bright future
catering to a rapidly growing Asia as hubs of finance, trade, transport,
tourism, and various other services. Economic success of both cities
does depend on keeping an open door to foreigners and this includes
being broadly welcoming to participation by foreigners in the property
market. Hong Kong has an important strategic fight on its hands of
being competitively positioned as Shanghai and Beijing make strides
up the league of global cities. The people of Hong Kong should be
more concerned with the city's ability to thrive in an ever-changing
global landscape than the state of the property market. Of course,
should Hong Kong continue to grow as a key business hub, expect more
reports of developers selling luxury units for mind-boggling sums.
Shelter is a basic need of man and owning a
home is a key purchase decision for many people. Defining the type
of housing that the middle class should be able to afford is, however,
tricky. I believe that all policymakers can largely do is to ensure
that there is adequate land supply such that there is a range of property
types at different price points available. Just as with any consumer
product, we should rely on developers to offer choice to meet a variety
of needs.
It is not surprising that developments in the residential property
market generate strong emotions. Very high prices at luxury projects
are not mere aberrations and high prices at the high end can lead
the rest of the market up. Nonetheless, the high end typically forms
a small part of the wider market and purchasers at the high end tend
to be financially strong, Thus, it would be wrong to see high luxury-unit
prices as indicative of a property bubble, which is what policymakers
rightly fret about. Instead, what policymakers could do is to be more
effective in winning hearts and minds - that high prices at the high
end are generally a good thing.
More critically, what policymakers in successful
Asian cities can focus on is to put any discussion of residential
real estate in a wider context. While anxieties of the middle class
with regards to home ownership may be difficult to assuage, the state
can focus on doing more in other areas to alleviate life's anxieties
such as providing low-cost quality education, healthcare coverage
and help with retirement savings. Let the pursuit of making a city
a great place to work, live and play go together with ensuring that
a range of needs of local residents are well taken care of. While
not everyone can live in a prime neighbourhood, everyone can perhaps
get reasonably good health care and education
Oct
29, 2009
Marina Bay Financial Centre Due to Open
Next Year
The Marina Bay Financial Centre mega project worth S$4-billion
will push through despite the global financial downturn. In one year,
phase one of Marina Bay Link Mall will be launched and ready for operation
with tenants occupying the offices above.
Raffles Quay Asset Management (RQAM) revealed
that the 176,000-square-foot mall will become a place to "Shop,
Dine and Play." The company said the response rate for the said
project has been quite positive.
“So far, the take up rate has been very
good," said RQAM Chief Executive Officer, Wilson Kwong. "We
are one year away from completion and we are honoured to have 45 per
cent pre-commitments for phase one alone, not to mention that the
office segments we have also received very good take up rates."
Since a project cannot be complete without
two factors that Singaporeans love — shopping and food, 40 percent
of the mall will be occupied with beverage and food shops, while the
remaining shops will be composed of retail outlets.
The first phase of the project will receive
its permit for temporary occupation by the second half of next year,
while phase two will be launched by mid-2012.
Marina Bay Financial Centre’s developer
said approximately 50,000 people are expected to patronize the mall
once it opens.
Although the developer did not reveal the primary
tenants, it has promised convenience services and prominent lifestyle
brands for those who live and work nearby. However, RQAM disclosed
it will be difficult for the new mall to avoid duplicating what other
malls are already offering.
"You do need essential services in all
the retail malls and that is common, not just in Marina Bay Link Mall
but in all other malls as well," said Kwong. "But in doing
that, we made sure they are new to market concepts. But essentially,
all the concepts will cater for the residences and the people working
in the office towers."
The mall will be connected with the Downtown
MRT station and underground pedestrian networks to ensure the convenience
of shoppers and customers.
October 14, 2009
Sea Asia 2011 to be held at Marina Sands IR
THE third Sea Asia Conference and Exhibition will be held at a new
location in 2011 - Marina Bay Sands.
The integrated resort, which opens next year, will boast not just
a luxury hotel, casino, retail and F&B, but also five floors of
convention and exhibition space.
And with Sea Asia 2011 expected to be bigger than previous editions,
the move to new premises is a natural progression, say event organisers
Seatrade and the Singapore Maritime Foundation.
'Sea Asia 2009 almost doubled in terms of net exhibition space over
the inaugural event, boasting 5,533 sq m of net exhibition space and
11,000 sq m of gross space,' said Seatrade chairman Christopher Hayman.
'Preliminary feedback and interest shown by participants suggest
the next edition is set to expand. We believe Marina Bay Sands will
be well-positioned to receive the premier event.'
Sea Asia 2011 will take place from April 12-14 in conjunction with
Singapore Maritime Week 2011, organised by the Maritime and Port Authority
of Singapore.
The event will bring together maritime leaders
from different countries to Singapore to attend conference sessions,
a tradeshow and networking functions.
Hermès to Open at Marina Bay
Sands
Singapore (1 October 2009) – Marina Bay Sands® announced
that Hermès will open a store at Singapore’s premier
integrated entertainment destination, joining the host of luxury brands
which will have a presence at its high-end mall.
Mr. Alvin de Souza, Managing Director of Hermès Singapore,
said, “The Hermès store at Marina Bay Sands marks our
first foray into the business district of Singapore. We are looking
forward to being part of this exciting development and hope to deliver
a whole new experience at our latest address.”
Hermès will feature merchandise specially selected for Marina
Bay Sands customers and will showcase the brand’s famed silk
scarves, ties, leather goods, ready-to-wear, jewellery, fashion accessories,
perfumes, watches and home collection.
Marina Bay Sands Shoppes® will transform the retail landscape
in Singapore with over 800,000 square feet of retail and restaurant
space in Singapore’s first large-scale luxury shopping mall
in the heart of the Central Business District. Shoppers from the region
and beyond can look forward to 300 stores in a refreshing mix of international
luxury brands and cutting-edge and emerging labels previously unseen
in Singapore.
Las Vegas Sands Corp. Vice President of Retail Asia Mr. David Sylvester,
said, “We are ecstatic to have Hermès join the impressive
line-up of luxury brands who will be opening stores at Marina Bay
Sands.
We are offering a unique proposition
to retailers. With our integrated resort, we are able to attract a
wider range of customer segments to our property and increase the
total pie for retailers in Singapore.”
When it opens in the first quarter of next year, Marina Bay Sands
will feature large and flexible convention and exhibition facilities,
a luxury hotel, the breathtaking rooftop Sands SkyPark®, a museum,
Las Vegas-style gaming, the Paiza Club for premium players, theatres,
entertainment, and Celebrity Chef restaurants and cuisines that allow
visitors to eat around the world under one roof.
Sep
25-27 2009 