14 July 2010
Singapore expected to become world's
fastest-growing economy
SINGAPORE - Singapore on Wednesday looked set to become the world's
fastest-growing economy after the government upgraded its 2010 forecast
to a blistering 13 to 15 percent expansion, economists said.
The
new forecast, up sharply from predicted 7.0-9.0 growth, outstrips
estimates of around 10 percent growth in regional powerhouse China
and came despite lingering worries over the US economy and Europe's
debt crisis.
"Singapore
will be the strongest growing economy in Asia for the year and probably
in the world," said Song Seng Wun, a Singapore-based regional
economist with CIMB Research.
David
Cohen, a regional economist with research house Action Economics,
said Singapore will "probably come on top of the charts worldwide."
Cohen,
however, said this should be seen in the context that Singapore's
economy contracted by 1.3 percent last year due to the global economic
crisis, while China's gross domestic product (GDP) grew at around
9.0 percent.
Robust
demand for Singapore's manufactured exports, particularly biomedical
products, resulted in the sharp upgrade for the trade-driven island's
GDP growth forecast.
Growth
in the first quarter was 16.9 percent from a year ago, the Ministry
of Trade and Industry said, while second quarter expansion is estimated
at 19.3 percent.
The
ministry said growth would moderate in the second half of the year
due to a slowdown in the US recovery and sovereign debt woes in Europe.
"Although
the global economy remains on a recovery path, the pace of growth
has slowed," the ministry said.
"In
the US, there are now signs of a slowdown in the labour market following
the recovery earlier in the year. This has affected consumer confidence.
In the EU, domestic demand remains depressed as concerns over the
sovereign debt crisis persist."
24
June 2010
Drizzle by Bay, sizzle by night
Marina Bay Sands IR grand opening a night of glamour and pomp
THERE were concerns
that the parent company of Marina Bay Sands (MBS) was in financial
trouble two years ago.
But Mr Michael Leven, the president and chief operating officer of
Las Vegas Sands Corp (LVS), said yesterday: "We've made it through.
We made it through very well." He said this in an interview with
reporters yesterday during the grand opening of the MBS integrated
resort (IR).
In fact, LVS is now looking towards the Korean market. Its chairman,
Mr Sheldon Adelson, said he will be going to Korea this weekend to
visit government officials. Asked during yesterday's press conference
if he was interested in the Korean market, Mr Adelson said: "If
the government will allow Korean nationals to come into the casino,
then the answer is yes." But there are difficulties with Korea's
tight gambling laws, which currently allow Koreans to bet legally
at only one casino in the country.
Some 1,100 journalists attended yesterday's festivities along with
many more invited guests. Celebrities such as Singapore Idol runner-up
Sylvia Ratonel, actress Andrea De Cruz and former TV host Benedict
Goh were on the red carpet as they waited to register for a VIP gala
dinner.
Some invited guests, wearing tuxedos and evening dresses, even queued
in the drizzle. At a concert later that evening, Kelly Rowland of
Destiny's Child fame and local artiste JJ Lin performed in the IR's
event plaza.
Mr Adelson and his family had earlier banged a gong to mark the IR's
grand opening.
23
June 2010
25,000 visit MBS casino daily
SINGAPORE
: Some 500,000 punters have passed through the Marina Bay Sands casino
this month alone.
The
update was given at a news conference to mark the official opening
of Singapore's second Integrated Resort (IR) Wednesday.
Las
Vegas Sands chairman Sheldon Adelson said on average, about 25,000
people visit the casino each day.
But
he was also quick to point out that the US$5.5 billion Marina Bay
Sands is more than just a place to gamble.
He
said the casino here is not just a hub but a destination.
The
gaming floor space at Marina Bay Sands takes up less then two per
cent of the total floor area of the IR.
The
question was also asked about revenue since the resort opened two
months ago but Mr Adelson refused to disclose the numbers.
It
was previously reported that annual revenue at MBS is expected to
hit over US$1 billion a year.
60
to 70 per cent of that will come from the casino floor.
Asked
about the string of negative publicity which plagued Marina Bay Sands
since its soft opening two months ago, its chief operating officer
Michael Leven maintained that the project opened at the right time
and not too early.
The
IR is facing a lawsuit by the International Pacific Bar Association.
The
association held the first major conference at the IR.
However,
the event was besieged with problems which included a power outage
at one the meetings.
21
June 2010
21
climbers to scale Marina Bay Sands to mark opening
SINGAPORE
: Twenty-one professional climbers will be scaling Marina Bay Sands
on Wednesday, in the world's first climbing race on a building facade.
The
race is part of celebrations to mark the opening of Singapore's second
integrated resort.
Seven
teams, with three members each, from over 10 countries will scale
the walls of the three towers in the World Championship Climb to the
Sands SkyPark.
The
climb will not be easy. The building has an overhang and climbers
will have to manage the friction-less glass surface during the entire
climb.
Omer
Mei-Dan, executive producer, World Championship Tower Climb, said:
"It is warm and humid - and they have to face these conditions
also. Climbing a building like that with all this glass and fins,
and using the same manoeuvre, the same move going from ground to top,
is not easy.
"It's
very strenuous. They are using a lot of strength and in that heat,
with 200 metres of a climb, is something that is very hard for them.
Team
Europe climber Pedro Castro Garcia from Spain said: "All along
the glass is the fin and we're climbing on that fin. So we hold the
fin, lay back against the feet so the feet all the time is on the
glass and the stretch is on the arm, and every few metres you repeat
before you reach a ledge.
"It
is about endurance. It is so long - I am not used to this weather,
it is so hot for me and the humidity is so high and I have problems
breathing properly."
Each
team will have two men and one woman. The teams come from seven regions,
from countries such as China, United Kingdom and Singapore.
All
participants will get a medal, but there are no details on the prizes
yet.
The
other reward must be the view from the top.
Beatrix
Chong, Team Singapore climber, said: "It is beautiful. You don't
really get to this high level to look at Singapore. And when we're
up there, I have this small camera attached to myself, and I've stopped
a few times and said 'look, this is Singapore, look how beautiful
this city is'."
Marina
Bay Sands plans to hold this championship every year. After the race,
eight skydivers will jump off a helicopter and freefly over the Sands
Expo and Convention Centre, landing on the Bay.
The
Marina Bay Sands SkyPark will open to the public on Thursday.
It
is the world's largest public cantilever, sitting atop three hotel
towers. The view up there costs S$20 for an adult.
18
June 2010
Marina Bay Sands' SkyPark to open next
Thursday
SINGAPORE : The Marina Bay Sands SkyPark opens to the public
next Thursday, and for those who can't wait to get on top of the roof,
you can start booking your tickets now.
The
integrated resort is selling only 500 tickets for the opening day.
Soaring
200 metres above ground, the SkyPark sits atop the three hotel towers.
Besides
savouring a bird's eye view of Singapore's skyline, visitors can also
tune in to a complimentary audio guide.
They
can also have their pictures taken by roving photographers.
The
Observation Deck will be open daily from 10am to 10pm.
Tickets
are going at $20, and the public can buy them online from this website.
From
June 25, the public can purchase the tickets from the box office located
at Marina Bay Sands Hotel Tower 31.
After
the first day, tickets will be priced at S$20 for adults, S$14 for children
(aged between 2 and 12 years old) and S$17 for senior citizens (aged
55 years and above).
09 June 2010
S'pore economy expected to grow 9% this year: MAS survey
SINGAPORE : Private sector economists are even more bullish about Singapore's
economic outlook, raising their full year 2010 growth forecasts for
Singapore.
Those
polled by the Monetary Authority of Singapore (MAS) for its latest Survey
of Professional Forecasters now expect the Singapore economy to grow
by nine per cent this year.
This
is an upgrade from their previous expectations for a 6.5 per cent growth
made just three months ago in March.
The
nine per cent forecast is at the upper end of the government's official
forecast for 7-9 per cent growth.
The
bullish assessment came after the economy expanded 15.5 per cent on-year
in the first quarter.
And
for next year, economists expect growth to average 5.5 per cent.
And
even if growth moderates in the second half and Europe's debt crisis
continues to weigh on sentiment, economists said Singapore can still
rake in near double-digit growth for the full year.
"China
is an important engine of growth in the region and the world, and also
the US as long as they keep growing. And China, (its) growing global
export demand should remain supportive of economies such as Singapore,"
said David Cohen, direction of Asian Economic Forecasting at Action
Economics.
Looking
at the various sectors, economists also upgraded the likely growth of
four of the five industries.
Double-digit
expansion is expected for the manufacturing, construction and wholesale
and retail trade sectors, though financial services is expected to grow
as well.
The
private economists said the manufacturing sector is now expected to
expand by close to 17 per cent.
Construction
will grow by 10 per cent and the financial services sector is expected
to grow by nine per cent.
Singapore's
non-oil domestic exports are expected to grow almost 18 per cent.
Manufacturing
is predicted to drive growth, as economists forecast a 16.7 per cent
on-year increase, up from the previous forecast of 9.7 per cent.
The
only exception is the hotels and restaurants sector, where respondents
cut their forecast from 8.5 per cent to 8.2 per cent.
Some
economists are taking a cautious stance.
"As
you have seen how things are evolving in the present situation, it looks
like there are more risk factors coming on board or becoming more visible.
So we would like to be more cautious on the outlook and are keeping
to our old forecast of 6.5 per cent GDP growth," said economist
Alvin Liew, Global Research, Standard Chartered Bank.
For
the second quarter this year, economists said growth may probably come
in at 9.4 per cent on-year, higher than 6.3 per cent in the previous
survey.
With
higher growth, analysts also expect consumer prices to creep up.
Their
median inflation forecast for the full year climbed marginally from
2.7 per cent to 2.8 per cent, with second quarter inflation expected
at 3.2 per cent.
As
for the labour market, the respondents expect the unemployment rate
to be at 2 per cent by the end of the year, unchanged from the previous
survey.
19
respondents took part in the survey. - CNA/jy/ls
Marina Bay Sands eateries all abuzz
Rebecca
Lyne Tan | The Sunday Times | Sun May 2 2010.
While
restaurants at Marina Bay Sands are being kept busy, there are fewer
options for cheaper food.
Singapore,
May 2, 2010 - It is just one week after the opening of Marina Bay Sands
and diners are already making reservations at some restaurants in the
integrated resort.
Fine-dining
eatery Imperial Treasure Fine Chinese Restaurant, located on the mezzanine
floor above the casino area, was 40 per cent full this weekend as of
Thursday afternoon last week.
The
restaurant is 40 per cent full next weekend, too.
Another
Chinese restaurant Jin Shan Lou, located in the hotel, is also seeing
a similar trend. It, too, has received reservations for this weekend
and next. The restaurant boasts three distinctive dining pavilions shaped
like giant lanterns.
The
restaurant is owned by the same group that runs Thai-Teochew seafood
restaurant Siamese Fins in Craig Road.
But
Chinese food is not the only type that is attracting crowds.
Rise,
an international buffet restaurant, which seats 420 people, has also
been busy since the resort opened last Tuesday.
The
restaurants are seeing a mix of local and foreign patrons.
As
for the much anticipated celebrity chef restaurants, Marina Bay Sands
says it has received numerous requests for bookings for the weeks and
months ahead.
It
will start accepting reservations from the middle of this month.
Three
of the five celebrity chef restaurants are slated to open next month,
in time for the resort’s official opening on June 23.
This
includes Santi, by three-Michelin-starred Spanish chef Santi Santamaria,
Waku Ghin by Tetsuya Wakuda of three-hat restaurant Tetsuya’s in Sydney
and three-Michelin-starred Guy Savoy who runs eponymous restaurants
in Paris and Las Vegas.
Other
celebrity chef restaurants to open include DB Bistro Moderne by Daniel
Boulud and CUT by Wolfgang Puck.
Diners
can also look forward to The Sky on 57 which will be helmed by Justin
Quek, one of Singapore’s most widely recognised chefs, and a casual
Japanese restaurant called Hide Yamamoto, which is opening next month.
Rang
Mahal Table, an offshoot of finedining Indian restaurant Rang Mahal
at Pan Pacific Singapore, opens on May 15.
There
are a few more dining options. Singaporeans who have paid the $100 casino
entry levy can dine at eateries within the casino compound.
They
include Tong Dim Noodle Bar, a noodle and dim sum restaurant, and The
Nest, a Hong-Kong style teahouse which serves items such as congee and
fried rice.
But
if you are after cheaper eats, not many choices abound.
The
food court, Makansutra Masters, a collaboration between food guide Makansutra
and food court operator Koufu, will open only in the second half of
the year.
In
the meantime, there are four hawker stalls located in basement two,
in the large walkway between yet-to-open retail stores.
These
stalls are housed here temporarily and will move to the food court when
it is ready.
A
view of food stalls selling char siew noodles and nasi briyani is hardly
what you would expect as you emerge from the carpark escalator and walk
into the expansive retail atrium.
Nonetheless,
you can tuck into local fare such roasted meats, dim sum, beehoon, curry
puffs and rice served with meat and vegetable dishes.
Priced
from $1.10 for a curry puff and up to $6.90 for chicken nasi briyani,
these stalls offer the cheapest dishes in the resort.
The
lack of cheaper dining options has not deterred Singaporeans from heading
to Marina Bay Sands for a meal.
Retiree
Lam Yoke Kee, 67, says: “The char siew noodles here is not bad, and
for $5, you get quite a lot of meat.”
Others
reckon the new Chinese restaurants will be a good place to entertain
clients.
Businessman
Ricky Lee, 54, says: “There are a lot of private dining rooms in both
Chinese restaurants.
These
restaurants are very conducive for business meetings and lunches.”
27 April 2010
Marina Bay Sands opens its doors
Hundreds flock to Marina Bay Sands on opening day
SINGAPORE
- Singapore threw open the doors of its second integrated resort Tuesday,
giving a fresh boost to the city's tourism sector and raising its profile
as a playground for the world's high-rollers. The
5.5 billion US dollar Marina Bay Sands, built by US gaming giant Las
Vegas Sands, opened at 3:18 pm local time (0718 GMT), which is associated
with prosperity according to Chinese geomancy experts.
It
is Las Vegas Sands' latest big-time bet on the future of Asia's gaming
industry and is its first casino in Asia outside Macau. Las
Vegas Sands chairman Sheldon Adelson said he expects to recoup his
Singapore investment in five years, and described the development
as the company's most valuable property so far. He
expects 70,000 to 80,000 people to visit the complex daily when all
the facilities are open. Singapore
gave the green light for casino gambling in 2005, setting off a flurry
of construction that went ahead despite the city-state slipping into
recession in 2008 because of the global financial crisis. Its
first casino, the 4.4 billion US-dollar Resorts World Sentosa built
by Malaysia's Genting Group, opened for business on February 14.
Marina
Bay Sands was originally set to open at the end of 2009 but faced
repeated delays caused by a number of factors, including material
and labour shortages and financial problems due to the downturn. Tuesday's
opening includes the casino and 963 out of 2,560 hotel rooms, a portion
of the shopping mall, some restaurants, an exhibition centre and the
events plaza. The
remaining hotel rooms and suites, a skypark and more shops will open
on June 23, while a museum, theatres and other stores will start operations
later in the year, the management said.
Officials
hope the casinos will help Singapore achieve a target of attracting
17 million visitors a year generating over 21 billion US dollars by
2015. "This
second casino is another boost to the economy, which has been doing
much better," said economist David Cohen at research house Action
Economics. "It
should support tourist arrivals, and the retail sector should benefit
from that especially now in the midst of the improving global outlook."
CIMB
economist Song Seng Wun said the two casinos will add depth to Singapore's
hospitality industry. "Singapore
is not the cheapest place to come to but it offers something different
for travellers either for leisure or business," he told AFP.
After
shrinking 2.0 percent last year, Singapore's trade-reliant economy
is projected to grow by up to nine percent this year, the government
said. But
economists said the additional boost from the services sector, which
includes tourism, could enable Singapore to surpass the targets. Marina
Bay Sands is designed to cater to the corporate and convention crowd
while Resorts World is aimed at families.
The
Marina Bay Sands casino will offer 600 gaming tables, more than 1,500
slot machines and over 30 private gaming rooms. It occupies four floors,
the bottom two for mass gaming and the upper section for premium players.
The Resorts World complex, located on Sentosa island, includes Southeast
Asia's only Universal Studios movie theme park, hotels, restaurants
and convention facilities. Adelson told reporters the two integrated
resorts should "work together" to bring in more visitors.
"Our success doesn't depend on their failure, neither does their
success depend on our failure," said Adelson, who flew in for
the opening. Carter Lee, 60, who had flown from Hawaii was among dozens
of punters wanting to get their first try at the casino. "If
my luck is running good, I'll spend more. If it's down, I'll get up
and walk away," he told AFP. Lee Kim Lian, 68, from Kuala Lumpur,
said she arrived Monday with 10,000 Singapore dollars (7,300 US) in
cash. "I'll call my friends and family in Kuala Lumpur to come
down tonight," she said. - AFP/vm
11
March 2010
Famed nightclub Avalon chooses Marina Bay Sands as its first location
outside the U.S
Singapore
(11 March 2010) – Marina Bay Sands today announced that Avalon, a
Los Angeles nightclub with celebrity partners including actors Dan
Ackroyd and Bruce Willis, has chosen Marina Bay Sands as the location
for their latest hotspot. The nightclub will be housed in one of Marina
Bay Sands’ unique Crystal Pavilions, transforming the nightlife in
Southeast Asia.
The
Crystal Pavilions literally sit on the water at Marina Bay. Avalon
joins Pangaea, a renowned club in New York, Miami and London, to bring
the Crystal Pavilion to life and to make Marina Bay Sands the new
entertainment epicenter in Singapore. Avalon has been a magnet for
celebrities in Hollywood and has set the international standard for
the “big” nightclub experience since 1997.
In
Hollywood, Avalon attracts the leading dance music DJs and top concert
acts. It is the venue of choice for annual parties for the Oscars,
the Emmys, MTV Music Awards and the Grammy Awards.
Avalon
Singapore will feature work by top US designers to create a one-of-a-kind
experience. At Marina Bay Sands, the sound and audio system will be
the most ambitious of its kind.
Mr.
David Sylvester, Vice President Retail Asia, Las Vegas Sands Corporation
said, “With Avalon’s commitment to excellence in hosting world-class
entertainment and a reputation as a celebrity haunt, Marina Bay Sands
has set the entertainment benchmark incredibly high. We are ecstatic
that our guests will be able to experience the hottest nightlife in
the world right here in Singapore.”
Avalon
co-founder Mr. Steven Adelman said, “Avalon Singapore offers a unique
and exciting opportunity. The combination of Marina Bay Sands’ iconic
Crystal Pavilion, our partnership with Kraze Entertainment and our
experienced team, creates a thrilling formula. Our sole goal is to
create the ultimate entertainment destination.”
Last
week, the resort announced that Pangaea, the Ultra-Lounge that swiftly
dominated leading cities including New York and London, is launching
its most exciting and ambitious project on its property. Pangaea will
be located on level one of the Crystal Pavilion and Avalon on the
top two levels.
