THE three-storey Sentosa Cove bungalow where Chinese national Li Hong Yan's naked body was found floating in a pool has been put up for sale or rental.
An agent from real estate company HSR has placed a small A4-sized sign advertising its availability on one of front windows of the house.
The Straits Times understands that the asking monthly rental for the property of approximately 8,000 sq ft is $28,000, while the asking sale price is $15.8 million - some way below its estimated valuation of $17 million.
Such a price values the property at less than $2,000 per sq ft (psf), thought to be something of a steal considering that a record resale market price for a Sentosa Cove property in Paradise Island was set last month at $36 million - or $2,403 psf.
The bungalow, said to be slightly more than a year old, is believed to be priced for quick sale - below its valuation - because its owner is currently based in Tokyo.
An open house for the prime-sited house was held last weekend and attended by about 20 people, with a number requesting further viewing.
It is believed that an offer of $15 million has already been made on the property, but has been rejected by its owner, Mr Adrian Chua Boon Chye, 39, chief executive and founder of real estate investment management company Roundhill Capital.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that a property should stand on its own merit, and the negative association may not deter buyers.
'Some people might walk away regardless, but some may buy the house hoping that the incident might be forgotten in a couple of years and sell it at a profit to buyer number three,' he said.
Mystery continues to surround the death of 24-year-old Ms Li, whose body, which had no apparent physical injury, was found in March.
She is believed to have spent the night at the house with Mr Chua after they met at a party.
Source: Straits Times, 30 Jun 2010
Showing posts with label sentosa. Show all posts
Showing posts with label sentosa. Show all posts
Wednesday, June 30, 2010
Monday, June 28, 2010
In love with Sentosa Cove
A house in his neighbourhood was sold for $36 million and sales in the quiet and exclusive Sentosa Cove continue unabated, but shipping magnate Mahesh Iyer has no intentions of selling the bungalow he bought for just $6.8 million three years ago.
“Even if I sold it, where will I find another place like this?” he said.
Indeed, how many homes in Singapore have a yacht docked along a watercourse running in their backyard?
Coral Island, an enclave of 21 homes inside Sentosa Cove, looks like any other upper-middle class Sydney or Melbourne suburb. The absence of front gates – together with the low perimeter walls that separate the closely-built houses – lend the neighbourhood a cosy and relaxed air.
The Maheshes, who hail from Mumbai but have lived in Singapore for 11 years, will become Singapore citizens today.
When Today interviewed Mr Mahesh and his wife, Mala, three years ago, they were just about to move into their 10,000 sq ft bungalow with their two teenage children and one of the few families to move into Sentosa Cove.
“When we first moved in, we tried to order McDonald’s and Pizza Hut, but they told us they don’t deliver to our area. But now they do,” said Mr Mahesh’s daughter, Mithila, 18.
In spite of the property fever that is abuzz, most of their neighbours – including Singaporeans and those who are in banking, shipping and retail – are still living in their homes, Mr Mahesh told MediaCorp.
“We have no intention of selling. This is our home,” said the 42-year-old managing director of Orient Express Lines.
The red-hot prices of Sentosa Cove’s property prices do not surprise him as “supply is so little”. All things considered, Singapore is still “positively cheaper” than other locations like New York and Tokyo, he added.
“We enjoy open spaces and like to walk, so Singapore offers lots of greenery and clean, unpolluted air. Also, it’s safer here,” said Mrs Mahesh, 42.
Waterfront living presents the family with many recreational perks – the Maheshes unwind by taking their yacht out to the Southern Islands.
With more young people in the neighbourhood, Mr Mahesh’s 15-year-old son Murli and his friends relish biking over the island, and heading to Wave House, a surf and party hangout, to chill.
Since the integrated resort opened on the island, more people have moved into Sentosa Cove.
“It is a lot busier, but not in a bad way,” said Murli.
Source: Today, 28 Jun 2010
“Even if I sold it, where will I find another place like this?” he said.
Indeed, how many homes in Singapore have a yacht docked along a watercourse running in their backyard?
Coral Island, an enclave of 21 homes inside Sentosa Cove, looks like any other upper-middle class Sydney or Melbourne suburb. The absence of front gates – together with the low perimeter walls that separate the closely-built houses – lend the neighbourhood a cosy and relaxed air.
The Maheshes, who hail from Mumbai but have lived in Singapore for 11 years, will become Singapore citizens today.
When Today interviewed Mr Mahesh and his wife, Mala, three years ago, they were just about to move into their 10,000 sq ft bungalow with their two teenage children and one of the few families to move into Sentosa Cove.
“When we first moved in, we tried to order McDonald’s and Pizza Hut, but they told us they don’t deliver to our area. But now they do,” said Mr Mahesh’s daughter, Mithila, 18.
In spite of the property fever that is abuzz, most of their neighbours – including Singaporeans and those who are in banking, shipping and retail – are still living in their homes, Mr Mahesh told MediaCorp.
“We have no intention of selling. This is our home,” said the 42-year-old managing director of Orient Express Lines.
The red-hot prices of Sentosa Cove’s property prices do not surprise him as “supply is so little”. All things considered, Singapore is still “positively cheaper” than other locations like New York and Tokyo, he added.
“We enjoy open spaces and like to walk, so Singapore offers lots of greenery and clean, unpolluted air. Also, it’s safer here,” said Mrs Mahesh, 42.
Waterfront living presents the family with many recreational perks – the Maheshes unwind by taking their yacht out to the Southern Islands.
With more young people in the neighbourhood, Mr Mahesh’s 15-year-old son Murli and his friends relish biking over the island, and heading to Wave House, a surf and party hangout, to chill.
Since the integrated resort opened on the island, more people have moved into Sentosa Cove.
“It is a lot busier, but not in a bad way,” said Murli.
Source: Today, 28 Jun 2010
Sunday, June 13, 2010
$36m home could be S'pore's most expensive
Chinese national buys 99-year Sentosa Cove bungalow, complete with berth for yacht
A Chinese national is believed to have set the record price for a bungalow here, forking out a handsome $36 million for a luxury home in Sentosa Cove.
The property in Paradise Island was sold last month in the resale market at $2,403 per sq ft (psf), based on latest Urban Redevelopment Authority (URA) caveat records.
The house has a land area of 14,983 sq ft and a built-up area of about 17,000 sq ft.
It is probably the most expensive bungalow in Sentosa Cove in terms of the total amount paid and its per sq ft price, going by URA's caveat records.
At $2,403 per sq ft, it is also possibly the most expensive bungalow in Singapore, property agents say.
Mr Steven Tan, OrangeTee executive director (residential), pointed out that it is also on a 99-year leasehold tenure, unlike many bungalows in prime areas in mainland Singapore like Nassim Hill and the Holland area, which are freehold.
In May last year, China-born action star Jet Li paid $19.8 million for a 22,723 sq ft good class bungalow in Bukit Timah.
Sentosa Cove is a gated community comprising more than 2,000 homes, of which 400 are landed. The rest are condominium units.
Paradise Island is located in the northern part of the cove. The other developments in Sentosa Cove include Sandy Island, Coral Island and Quayside Isle.
The Business Times reported yesterday that the sellers of the $36 million bungalow are understood to be Singaporeans, with the deal brokered by DTZ. The Chinese buyer is a Singapore permanent resident.
The house was first sold by its developer Ho Bee in April 2007 for $18.1 million ($1,208 psf). It was resold for $20.18 million ($1,347 psf) in September last year.
This makes the Chinese national the third owner of the property, which received its temporary occupation permit (TOP) in May last year.
The two-and-a-half storey bungalow faces a waterway, with a berth for a yacht. It also has a private pool.
The high price can be explained by its features, said property agents.
'This is truly resort-style living,' said Mr Tan.
Ms Margaret Thean, executive director of DTZ, said: 'Many high net worth individuals appreciate the privacy of a gated community, waterfront facing and having a berth for a yacht. This could be their second, third or fourth home around the world.'
Landed home prices on Sentosa could have also been driven up by the fact that foreigners are allowed to buy them, said property agents.
This opens the market to the entire world, although such sales are still subject to approval from the Singapore Land Dealings (Approval) Unit.
Landed homes on the mainland can be bought only by citizens and permanent residents.
Also, foreigners buying a landed home in Sentosa Cove do not have to hold the property for three years before they can sell it - which they have to do when buying a landed property on the mainland.
But whether on the mainland or in Sentosa Cove, foreigners may own only one landed property in Singapore at any time. Also, they cannot rent out the home.
The Sunday Times understands that properties on Sentosa attract mostly foreigners, with Chinese nationals growing in numbers.
Take Kasara - The Lake collection at Sentosa Cove from YTL Corporation.
The Sunday Times understands that of the 13 units launched in December last year, more than half were bought by Chinese nationals.
The Business Times reported yesterday that four members of a Liu family from Liaoning bought a bungalow each at Kasara in March.
The prices range from $15.9 million to almost $26 million a bungalow. This translates to $1,731 to 1,780 psf (on land area). The bungalows are expected to receive their TOPs in June 2012.
'Buyers from China have in the past year been more prominent in snapping up homes in Sentosa Cove,' said DTZ executive director (consulting) Ong Choon Fah.
'This is a result of China's exuberant economic growth,' Mrs Ong said.
Traditionally, the foreigners who buy landed homes here are Indonesians and Malaysians.
Source: Sunday Times, 13 Jun 2010
A Chinese national is believed to have set the record price for a bungalow here, forking out a handsome $36 million for a luxury home in Sentosa Cove.
The property in Paradise Island was sold last month in the resale market at $2,403 per sq ft (psf), based on latest Urban Redevelopment Authority (URA) caveat records.
The house has a land area of 14,983 sq ft and a built-up area of about 17,000 sq ft.
It is probably the most expensive bungalow in Sentosa Cove in terms of the total amount paid and its per sq ft price, going by URA's caveat records.
At $2,403 per sq ft, it is also possibly the most expensive bungalow in Singapore, property agents say.
Mr Steven Tan, OrangeTee executive director (residential), pointed out that it is also on a 99-year leasehold tenure, unlike many bungalows in prime areas in mainland Singapore like Nassim Hill and the Holland area, which are freehold.
In May last year, China-born action star Jet Li paid $19.8 million for a 22,723 sq ft good class bungalow in Bukit Timah.
Sentosa Cove is a gated community comprising more than 2,000 homes, of which 400 are landed. The rest are condominium units.
Paradise Island is located in the northern part of the cove. The other developments in Sentosa Cove include Sandy Island, Coral Island and Quayside Isle.
The Business Times reported yesterday that the sellers of the $36 million bungalow are understood to be Singaporeans, with the deal brokered by DTZ. The Chinese buyer is a Singapore permanent resident.
The house was first sold by its developer Ho Bee in April 2007 for $18.1 million ($1,208 psf). It was resold for $20.18 million ($1,347 psf) in September last year.
This makes the Chinese national the third owner of the property, which received its temporary occupation permit (TOP) in May last year.
The two-and-a-half storey bungalow faces a waterway, with a berth for a yacht. It also has a private pool.
The high price can be explained by its features, said property agents.
'This is truly resort-style living,' said Mr Tan.
Ms Margaret Thean, executive director of DTZ, said: 'Many high net worth individuals appreciate the privacy of a gated community, waterfront facing and having a berth for a yacht. This could be their second, third or fourth home around the world.'
Landed home prices on Sentosa could have also been driven up by the fact that foreigners are allowed to buy them, said property agents.
This opens the market to the entire world, although such sales are still subject to approval from the Singapore Land Dealings (Approval) Unit.
Landed homes on the mainland can be bought only by citizens and permanent residents.
Also, foreigners buying a landed home in Sentosa Cove do not have to hold the property for three years before they can sell it - which they have to do when buying a landed property on the mainland.
But whether on the mainland or in Sentosa Cove, foreigners may own only one landed property in Singapore at any time. Also, they cannot rent out the home.
The Sunday Times understands that properties on Sentosa attract mostly foreigners, with Chinese nationals growing in numbers.
Take Kasara - The Lake collection at Sentosa Cove from YTL Corporation.
The Sunday Times understands that of the 13 units launched in December last year, more than half were bought by Chinese nationals.
The Business Times reported yesterday that four members of a Liu family from Liaoning bought a bungalow each at Kasara in March.
The prices range from $15.9 million to almost $26 million a bungalow. This translates to $1,731 to 1,780 psf (on land area). The bungalows are expected to receive their TOPs in June 2012.
'Buyers from China have in the past year been more prominent in snapping up homes in Sentosa Cove,' said DTZ executive director (consulting) Ong Choon Fah.
'This is a result of China's exuberant economic growth,' Mrs Ong said.
Traditionally, the foreigners who buy landed homes here are Indonesians and Malaysians.
Source: Sunday Times, 13 Jun 2010
Saturday, June 12, 2010
Price of Sentosa Cove home defies gravity
Top-end bungalow sells for $36m at $2,403 psf despite cautious mood in property market
AMID the caution that has crept into the market for mainstream condos since last month, a record price has been set for a top-end bungalow on Sentosa Cove. The property at Paradise Island changed hands in the resale market for $36 million or $2,403 per square foot on land area last month. In terms of both, the absolute amount and unit land price, this is believed to be the priciest bungalow deal in the upscale waterfront housing district, based on caveat records captured by the URA Realis system.
The $2,403 psf unit land price is also probably the highest for a bungalow transaction anywhere in Singapore, property agents say. The deal is understood to have been brokered by DTZ. The two-and-a-half storey bungalow fronting the waterway has a private pool and a berth for a yacht. Homes on Sentosa Cove are sold on 99-year leasehold tenure sites.
The new owner of the Paradise Island bungalow is believed to be a Chinese national who is a Singapore permanent resident. The sellers, who are understood to be Singaporeans, have reaped a handsome profit. According to caveats data, the house was last transacted in September last year at $20.18 million or $1,347 psf. The property was first sold in April 2007 by Ho Bee, the developer of Paradise Island, for $18.1 million or $1,208 psf. The bungalow has a land area of 14,983 sq ft and a built up area of about 17,000 sq ft.
A nearby property on Paradise Island also changed hands in March at $2,390 psf in the resale market but as its land area was smaller at about 8,105 sq ft, the lumpsum price was lower at $19.38 million. Ho Bee's Pardise Island project received Temporary Occupation Permit (TOP) in May last year.
A new record bungalow price could be set for the location if Satinder Garcha's Elevation Developments gets the $3,000 psf it is looking at for its three-storey bungalow at 81 Ocean Drive, which has been completed. With a land area of 9,436 sq ft, the total price would work out to $28.3 million sq ft. The unit's built-up area is 11,500 sq ft. According to KH Tan, managing director of Newsman Realty, which is marketing the property, an offer for $2,700 psf from an American has been received, but Elevation is waiting for its target price.
The unit comes with a glass lift, two master suites, three smaller en-suite bedrooms, an infinity pool, a home theatre room and a spacious lawn. Elevation is offering the property furnished and fitted.
Foreign buyers, including mainland Chinese, have been active buying landed homes in Sentosa Cove, say property agents.
In March, four members of a Liu family from Liaoning are said to have acquired a bungalow each at Kasara - The Lake collection at Sentosa Cove from YTL Corporation. Their purchase prices range from about $15.9 million to nearly $26 million per bungalow or $1,731-1,780 psf on land area. The villas are slated to receive TOP in June 2012.
DTZ executive director (consulting) Ong Choon Fah is not expecting bungalow prices on Sentosa Cove to keep climbing at the same pace, given the more cautious global economic climate which could dent foreign interest. 'However, there is limited supply of just 400 landed homes on Sentosa Cove. And long-term investors may draw the conclusion that putting their money in the Singapore property market is a good investment when you consider the alternatives,' she added. Some market watchers say that the opening of Resorts World Sentosa has also boosted the appeal of owning a home on Sentosa Cove to some foreigners.
Sentosa Cove is the the only place where foreigners who are not Singapore permanent residents are allowed to buy landed homes, although this is still subject to approval from the Land Dealings (Approval) Unit. Also, foreigners buying a landed home on Sentosa Cove do not have to hold the property for at least three years before they can resell it, unlike the case when they buy a landed property on the mainland.
Whether on the mainland or on Sentosa Cove, foreigners may at any one time own just one landed home in Singapore and that too for owner occupation only.
Source: Business Times, 12 Jun 2010
AMID the caution that has crept into the market for mainstream condos since last month, a record price has been set for a top-end bungalow on Sentosa Cove. The property at Paradise Island changed hands in the resale market for $36 million or $2,403 per square foot on land area last month. In terms of both, the absolute amount and unit land price, this is believed to be the priciest bungalow deal in the upscale waterfront housing district, based on caveat records captured by the URA Realis system.
The $2,403 psf unit land price is also probably the highest for a bungalow transaction anywhere in Singapore, property agents say. The deal is understood to have been brokered by DTZ. The two-and-a-half storey bungalow fronting the waterway has a private pool and a berth for a yacht. Homes on Sentosa Cove are sold on 99-year leasehold tenure sites.
The new owner of the Paradise Island bungalow is believed to be a Chinese national who is a Singapore permanent resident. The sellers, who are understood to be Singaporeans, have reaped a handsome profit. According to caveats data, the house was last transacted in September last year at $20.18 million or $1,347 psf. The property was first sold in April 2007 by Ho Bee, the developer of Paradise Island, for $18.1 million or $1,208 psf. The bungalow has a land area of 14,983 sq ft and a built up area of about 17,000 sq ft.
A nearby property on Paradise Island also changed hands in March at $2,390 psf in the resale market but as its land area was smaller at about 8,105 sq ft, the lumpsum price was lower at $19.38 million. Ho Bee's Pardise Island project received Temporary Occupation Permit (TOP) in May last year.
A new record bungalow price could be set for the location if Satinder Garcha's Elevation Developments gets the $3,000 psf it is looking at for its three-storey bungalow at 81 Ocean Drive, which has been completed. With a land area of 9,436 sq ft, the total price would work out to $28.3 million sq ft. The unit's built-up area is 11,500 sq ft. According to KH Tan, managing director of Newsman Realty, which is marketing the property, an offer for $2,700 psf from an American has been received, but Elevation is waiting for its target price.
The unit comes with a glass lift, two master suites, three smaller en-suite bedrooms, an infinity pool, a home theatre room and a spacious lawn. Elevation is offering the property furnished and fitted.
Foreign buyers, including mainland Chinese, have been active buying landed homes in Sentosa Cove, say property agents.
In March, four members of a Liu family from Liaoning are said to have acquired a bungalow each at Kasara - The Lake collection at Sentosa Cove from YTL Corporation. Their purchase prices range from about $15.9 million to nearly $26 million per bungalow or $1,731-1,780 psf on land area. The villas are slated to receive TOP in June 2012.
DTZ executive director (consulting) Ong Choon Fah is not expecting bungalow prices on Sentosa Cove to keep climbing at the same pace, given the more cautious global economic climate which could dent foreign interest. 'However, there is limited supply of just 400 landed homes on Sentosa Cove. And long-term investors may draw the conclusion that putting their money in the Singapore property market is a good investment when you consider the alternatives,' she added. Some market watchers say that the opening of Resorts World Sentosa has also boosted the appeal of owning a home on Sentosa Cove to some foreigners.
Sentosa Cove is the the only place where foreigners who are not Singapore permanent residents are allowed to buy landed homes, although this is still subject to approval from the Land Dealings (Approval) Unit. Also, foreigners buying a landed home on Sentosa Cove do not have to hold the property for at least three years before they can resell it, unlike the case when they buy a landed property on the mainland.
Whether on the mainland or on Sentosa Cove, foreigners may at any one time own just one landed home in Singapore and that too for owner occupation only.
Source: Business Times, 12 Jun 2010
Tuesday, March 30, 2010
Sentosa Cove condos post strong sales
ABOUT a quarter of the 56 units released for The Residences at W Singapore Sentosa Cove were sold over the weekend for prices starting at $3.4 million.
This upscale condominium, which is part of the trendy 'W' boutique hotel brand, is being built by City Developments. Its spokesman said the price achieved during the exclusive by-invitation-only preview was in line with its launch price of between $2,500 per sq ft (psf) and $3,000 psf.
He said 40 per cent of the buyers were foreigners who were drawn by the project's 'unique lifestyle concept', particularly its strategic location in Sentosa Cove. It is located within the only integrated development in Sentosa Cove - the Quayside Isle, which will house trendy cafes, restaurants, speciality shops and entertainment spots.
The condo will boast 228 apartments. It has two- to four-bedroom units and penthouses, all with 99-year leases. Two bedders start from 1,227 sq ft, three bedders from 1,625 sq ft, and four bedders from 2,067 sq ft.
It is expected to be completed before year end.
Buyers will have to pay at least $3.4 million for the smallest unit of the seven, six-storey blocks.
Also at Sentosa Cove, Ho Bee and IOI said they sold 25 out of 40 units released for the 151-unit Seascape condo over the weekend. The units were sold for an average of $2,700 psf. In terms of absolute price, they were transacted between $5.7 million and $12 million.
The eight-storey development is expected to be completed late this year or early next year. It comprises three- and four-bedroom units.
Source, Straits Times 29 March 2010
Friday, March 26, 2010
W brand residences makes S’pore debut
A NEW upscale condominium that is part of the trendy ‘W’ boutique hotel brand has made its debut in Singapore.
The Residences at W Singapore Sentosa Cove, which boasts 228 apartments, will be priced from $2,500 to $3,000 per sq ft (psf), said City Developments (CDL) at the launch yesterday.
The record in the gated island enclave is held by Seven Palms, where nine units went for $3,100-$3,430 psf late last year. Prior to that, the record was held by Lippo Group’s Marina Collection, where units fetched a median price of $2,734 psf in late 2007.
Buyers keen on W will have to pay at least $3.4 million for the smallest unit of the seven, six-storey blocks. There are two- to four-bedroom units and penthouses, all with 99-year leases, with sizes from 1,227 sq ft to 6,297 sq ft. About 40 per cent of these are two-bed and the smaller three-bed.
The development forms part of an integrated project that comprises a 240-room W Singapore Sentosa Cove hotel and 86,000 sq ft of gross commercial space for restaurants and shops. The W residences will open first, followed by the hotel and then the shops, probably by 2012.
CDL, which is releasing 60 units for the current soft launch, was behind the branded St Regis Residences in Cuscaden Road, also a collaboration with Starwood Hotels & Resorts Worldwide. CDL managing director Kwek Leng Joo said that W was targeted at ‘global jetsetters’.
The firm’s group general manager, Mr Chia Ngiang Hong, said the project will be marketed overseas – in Hong Kong, Shanghai and Jakarta.
There are now nine completed W residences worldwide, eight of which are in the United States. Another 13 are in the process of being developed, said Starwood asia-pacific president Miguel Ko, with four being built in Asia, including the one at Sentosa.
Elsewhere on Sentosa, Ho Bee began the preview for its Seascape condo yesterday, and Lippo is relaunching the Marina Collection today at a price of around $2,500-$2,700 psf.
Source: Straits Times, 26 Mar 2010
The Residences at W Singapore Sentosa Cove, which boasts 228 apartments, will be priced from $2,500 to $3,000 per sq ft (psf), said City Developments (CDL) at the launch yesterday.
The record in the gated island enclave is held by Seven Palms, where nine units went for $3,100-$3,430 psf late last year. Prior to that, the record was held by Lippo Group’s Marina Collection, where units fetched a median price of $2,734 psf in late 2007.
Buyers keen on W will have to pay at least $3.4 million for the smallest unit of the seven, six-storey blocks. There are two- to four-bedroom units and penthouses, all with 99-year leases, with sizes from 1,227 sq ft to 6,297 sq ft. About 40 per cent of these are two-bed and the smaller three-bed.
The development forms part of an integrated project that comprises a 240-room W Singapore Sentosa Cove hotel and 86,000 sq ft of gross commercial space for restaurants and shops. The W residences will open first, followed by the hotel and then the shops, probably by 2012.
CDL, which is releasing 60 units for the current soft launch, was behind the branded St Regis Residences in Cuscaden Road, also a collaboration with Starwood Hotels & Resorts Worldwide. CDL managing director Kwek Leng Joo said that W was targeted at ‘global jetsetters’.
The firm’s group general manager, Mr Chia Ngiang Hong, said the project will be marketed overseas – in Hong Kong, Shanghai and Jakarta.
There are now nine completed W residences worldwide, eight of which are in the United States. Another 13 are in the process of being developed, said Starwood asia-pacific president Miguel Ko, with four being built in Asia, including the one at Sentosa.
Elsewhere on Sentosa, Ho Bee began the preview for its Seascape condo yesterday, and Lippo is relaunching the Marina Collection today at a price of around $2,500-$2,700 psf.
Source: Straits Times, 26 Mar 2010
Friday, March 19, 2010
Universal Studios theme park gets thumbs-up
ACTRESSES dressed as Hollywood icons such as Marilyn Monroe and prancing lion dancers were in attendance at Sentosa yesterday when the Universal Studios theme park greeted its first visitors at precisely 8.28am. The park is the last of the attractions at Resorts World Sentosa (RWS) to accept visitors under Phase 1 of its opening.
Universal Studios’ 18 attractions include the Battlestar Galactica roller coaster, several movie-themed thrill rides, and shows like Waterworld, which is based on the movie of the same title.
Most of the visitors in the early morning crowd of about 200 yesterday were Singaporeans with children in tow.
Lawyer Zee Liew, 39, who was with his wife and two sons aged eight and six, said the family had checked into the resort’s Festive Hotel on Wednesday for a school holiday ’staycation’.
His elder son, Wei Jin, gave the theme park a big thumbs-up and said the Jurassic Park ride was his favourite.
For newlyweds Raymond Ling and Liew Soo Eng, the star attraction was the Battlestar Galactica.
Mr Ling, 27, a sales manager, and Ms Liew, 23, a teacher, made a beeline for the ride and loved it.
Mr Ling said: ‘The goal was to come here first and experience the most terrifying rides. We’ll definitely be taking it as many times as we can.’
The 20ha park, Universal Studios’ fourth after those in Orlando, Hollywood and Osaka, completes RWS’ first phase line-up of the casino, four hotels and a retail and dining strip.
Still to come are a maritime museum, two more hotels, a marine life park, water theme park and luxury spa. No timeframe has been given for them.
No major glitches were reported yesterday, in contrast to the casino’s opening on Feb 14, when there were complaints of overcrowding, lack of sanitation facilities and long entry queues, among other things.
Park-goers yesterday said there were fewer people than expected, and that they did not have to stand in line for long.
This could have been due to the limited number of tickets sold.
RWS spokesman Robin Goh declined to say how many tickets were sold, but said that they numbered ‘in the thousands’.
He said limits were placed to avoid ‘over-stressing the system’.
Genting Group chairman Lim Kok Thay told reporters yesterday that RWS’ performance so far has ‘exceeded our own expectations’.
Both RWS and the Marina Bay Sands integrated resort – which will begin its phased opening on April 27 – are expected to boost visitor arrivals to Singapore.
In addition, they are expected to create about 60,000 jobs for Singaporeans and add $5.4 billion to the economy by 2015.
Judging by the reaction from tourists, the theme park is working its magic.
Australian Kirsteen Knevitt declared that Universal Studios Singapore is better than the theme parks back home.
She said: ‘Everything is beautiful, and the rides are really, really good.’
Indonesian businessman Edwin Purwohandianto, 44, said: ‘This is one of the more spectacular places in Singapore. I think many people from Asian countries will want to come.
‘Before this, the only attraction was Orchard Road.’
Source: Straits Times, 19 Mar 2010
Universal Studios’ 18 attractions include the Battlestar Galactica roller coaster, several movie-themed thrill rides, and shows like Waterworld, which is based on the movie of the same title.
Most of the visitors in the early morning crowd of about 200 yesterday were Singaporeans with children in tow.
Lawyer Zee Liew, 39, who was with his wife and two sons aged eight and six, said the family had checked into the resort’s Festive Hotel on Wednesday for a school holiday ’staycation’.
His elder son, Wei Jin, gave the theme park a big thumbs-up and said the Jurassic Park ride was his favourite.
For newlyweds Raymond Ling and Liew Soo Eng, the star attraction was the Battlestar Galactica.
Mr Ling, 27, a sales manager, and Ms Liew, 23, a teacher, made a beeline for the ride and loved it.
Mr Ling said: ‘The goal was to come here first and experience the most terrifying rides. We’ll definitely be taking it as many times as we can.’
The 20ha park, Universal Studios’ fourth after those in Orlando, Hollywood and Osaka, completes RWS’ first phase line-up of the casino, four hotels and a retail and dining strip.
Still to come are a maritime museum, two more hotels, a marine life park, water theme park and luxury spa. No timeframe has been given for them.
No major glitches were reported yesterday, in contrast to the casino’s opening on Feb 14, when there were complaints of overcrowding, lack of sanitation facilities and long entry queues, among other things.
Park-goers yesterday said there were fewer people than expected, and that they did not have to stand in line for long.
This could have been due to the limited number of tickets sold.
RWS spokesman Robin Goh declined to say how many tickets were sold, but said that they numbered ‘in the thousands’.
He said limits were placed to avoid ‘over-stressing the system’.
Genting Group chairman Lim Kok Thay told reporters yesterday that RWS’ performance so far has ‘exceeded our own expectations’.
Both RWS and the Marina Bay Sands integrated resort – which will begin its phased opening on April 27 – are expected to boost visitor arrivals to Singapore.
In addition, they are expected to create about 60,000 jobs for Singaporeans and add $5.4 billion to the economy by 2015.
Judging by the reaction from tourists, the theme park is working its magic.
Australian Kirsteen Knevitt declared that Universal Studios Singapore is better than the theme parks back home.
She said: ‘Everything is beautiful, and the rides are really, really good.’
Indonesian businessman Edwin Purwohandianto, 44, said: ‘This is one of the more spectacular places in Singapore. I think many people from Asian countries will want to come.
‘Before this, the only attraction was Orchard Road.’
Source: Straits Times, 19 Mar 2010
Saturday, March 13, 2010
Hotels in Sentosa renovate, restructure to reap benefits from IR opening
Hotels in Sentosa are riding on the latest wave to hit the island – the opening of Resorts World Sentosa (RWS).
Some have even closed down for renovations to ride on the expected increase in visitors.
Rasa Sentosa Resort has been on the island for 17 years, and had been renovated only once. It is time for a major makeover to prepare for the increased business that is likely to be generated from the buzz of the integrated resort.
After RWS opened, Rasa Sentosa saw occupancy rates rise by 10 per cent. The hotelier feels it is worth spending almost 10 months on renovations.
Ben Bousnina, general manager, Rasa Sentosa Resort said: “I think it is a good time to close now. I don’t think we are really missing the boat. Business, I think, will be flowing.
“The integrated resort is not seen as competition. I think it is an added value to the island and to Singapore.”
Another hotel company is also cashing in on the excitement from the integrated resort. Millennium & Copthorne International will open its sixth local branch on Sentosa this year.
Ng Chee Theam, regional CEO, Millennium & Copthorne International said: “Overall the casino has increased the occupancy percentage of hotels in Singapore – average rate has increased. And also, we saw an increase in length of stay for all the guests in Singapore.”
The group is working with Universal Studios to offer holiday packages for families.
Source: Channel News Asia, 13 Mar 2010
Some have even closed down for renovations to ride on the expected increase in visitors.
Rasa Sentosa Resort has been on the island for 17 years, and had been renovated only once. It is time for a major makeover to prepare for the increased business that is likely to be generated from the buzz of the integrated resort.
After RWS opened, Rasa Sentosa saw occupancy rates rise by 10 per cent. The hotelier feels it is worth spending almost 10 months on renovations.
Ben Bousnina, general manager, Rasa Sentosa Resort said: “I think it is a good time to close now. I don’t think we are really missing the boat. Business, I think, will be flowing.
“The integrated resort is not seen as competition. I think it is an added value to the island and to Singapore.”
Another hotel company is also cashing in on the excitement from the integrated resort. Millennium & Copthorne International will open its sixth local branch on Sentosa this year.
Ng Chee Theam, regional CEO, Millennium & Copthorne International said: “Overall the casino has increased the occupancy percentage of hotels in Singapore – average rate has increased. And also, we saw an increase in length of stay for all the guests in Singapore.”
The group is working with Universal Studios to offer holiday packages for families.
Source: Channel News Asia, 13 Mar 2010
Saturday, February 20, 2010
Ho Bee: From Sentosa Cove to China
SENTOSA COVE was like Treasure Island for developer Ho Bee, which surfed on the wave of demand for high-end property at the enclave to make a mint. Then the tide went out.
The financial crisis and the crash in prime real estate suddenly gave the exclusive seafront estate a forlorn air and Ho Bee the look of a firm that had overplayed its hand.
The developer dismissed such concerns back then and it continues to maintain that the enclave will be a winner.
Ho Bee got in early on Sentosa Island, bought aggressively and made piles of money selling the developed units.
But when the downturn hit, that close association with Sentosa meant it quickly fell out of favour with investors.
Ho Bee shares dived to a 52-week low of 27.5 cents each at one point in March last year, but shares have since climbed as high as $1.90 in January.
There seemed cause for concern. Ho Bee, with IOI Properties, bought The Pinnacle Collection, the last condo plot on Sentosa Cove for $1.097 billion or a whopping price of $1,822 per sq ft (psf) of potential gross floor area just before the crisis set in.
Ho Bee chairman and chief executive Chua Thian Poh told The Straits Times he remained confident of the prospects of Sentosa Cove properties throughout the crisis because they are scarce.
But the market and analysts did not share that view. By early last year, Sentosa Cove values had plunged and there was talk of defaults. An agent reportedly said the enclave had lost its appeal.
Data from Colliers International then showed that some non-landed Sentosa Cove properties were sold at an average of $1,318 psf, or 46 per cent below the average of $2,431 psf at the peak in early 2008.
There were also fears of deferred payment scheme (DPS) defaults. Ho Bee completed four projects last year – The Coast, Vertis, Quinterra, Orange Grove Residences – that exposed it to risks from DPS defaults.
‘At the beginning of last year, many people were looking at whether those who bought under the deferred payment scheme could fulfil their obligations to complete their purchases,’ said Mr Chua.
‘Our board was very cautious. We went through a lot of simulations on what was the worst scenario.
‘We talked about a 10 per cent default, 20 per cent default on DPS and even up to 50 per cent default. But we were still very comfortable with it.’
Concerns lingered for a while as consumers had trouble getting financing at one point, said Mr Chua. But the situation turned the corner sooner than expected and DPS concerns evaporated.
Ho Bee said it has had just one default for The Coast in Sentosa Cove and one for Orange Grove Residences.
‘We hope to have more people default so we can then take (the property) back and resell it straightaway at a higher price,’ said Mr Chua with a laugh.
‘Most developers should be quite comfortable during the last six to eight months of 2009.’
While the financial crisis has not flattened Ho Bee as some have feared, it has given it an opportunity to reflect.
‘You focus on… your next step. You have time to think,’ said Mr Chua.
Ho Bee started to explore overseas opportunities at the start of last year, a strategy it used before. It moved to London during the 1996 property peak here to avoid a property bubble that it was convinced would burst.
The bubble did burst and Ho Bee found that its British move was a godsend: Its main income until 2000 came from London.
Things are not that desperate now. Prices have risen. Take Ho Bee’s The Coast condo: Sub-sale deals went for as low as $1,195 psf early last year but has since bounced back to above $2,000 psf, though deals are few.
Its gamble on Sentosa Cove has paid off, although the market has changed much in the past five years, making life harder for developers.
‘Previously, when you bid for land, your margin may be low, but you still have a margin,’ said Mr Chua.
But developers are now bidding for land at forward prices, he said.
‘You look at the Singapore market. Almost every project is an ad hoc project as you can’t have a big land bank.’
Ho Bee had the first mover advantage in Sentosa Cove, ‘but when you build up the market, you have to compete with other developers for the land in Sentosa.
‘Now, you are getting more and more competition in the bidding of land… less margins and more competition… so our next push will be to venture overseas,’ said Mr Chua.
Over the next one to two years, Ho Bee hopes to deploy 30 to 40 per cent of its capital overseas, focusing on residential and mixed development projects.
China is under intense scrutiny. The company is in the midst of a study on jointly developing a residential project in Tangshan Nanhu Eco-City with Yanlord Land Group. It also just acquired a residential development site in Shanghai with the same partner.
‘In China, you can have a big land bank. Land cost is only about 20 per cent to 30 per cent of project cost,’ said Mr Chua. ‘In Singapore, it is about 50 per cent to 70 per cent, so you can’t afford a big land bank here.
‘Hopefully, China will become our Sentosa Cove in two to three years.’
Source: Straits Times, 20 Feb 2010
The financial crisis and the crash in prime real estate suddenly gave the exclusive seafront estate a forlorn air and Ho Bee the look of a firm that had overplayed its hand.
The developer dismissed such concerns back then and it continues to maintain that the enclave will be a winner.
Ho Bee got in early on Sentosa Island, bought aggressively and made piles of money selling the developed units.
But when the downturn hit, that close association with Sentosa meant it quickly fell out of favour with investors.
Ho Bee shares dived to a 52-week low of 27.5 cents each at one point in March last year, but shares have since climbed as high as $1.90 in January.
There seemed cause for concern. Ho Bee, with IOI Properties, bought The Pinnacle Collection, the last condo plot on Sentosa Cove for $1.097 billion or a whopping price of $1,822 per sq ft (psf) of potential gross floor area just before the crisis set in.
Ho Bee chairman and chief executive Chua Thian Poh told The Straits Times he remained confident of the prospects of Sentosa Cove properties throughout the crisis because they are scarce.
But the market and analysts did not share that view. By early last year, Sentosa Cove values had plunged and there was talk of defaults. An agent reportedly said the enclave had lost its appeal.
Data from Colliers International then showed that some non-landed Sentosa Cove properties were sold at an average of $1,318 psf, or 46 per cent below the average of $2,431 psf at the peak in early 2008.
There were also fears of deferred payment scheme (DPS) defaults. Ho Bee completed four projects last year – The Coast, Vertis, Quinterra, Orange Grove Residences – that exposed it to risks from DPS defaults.
‘At the beginning of last year, many people were looking at whether those who bought under the deferred payment scheme could fulfil their obligations to complete their purchases,’ said Mr Chua.
‘Our board was very cautious. We went through a lot of simulations on what was the worst scenario.
‘We talked about a 10 per cent default, 20 per cent default on DPS and even up to 50 per cent default. But we were still very comfortable with it.’
Concerns lingered for a while as consumers had trouble getting financing at one point, said Mr Chua. But the situation turned the corner sooner than expected and DPS concerns evaporated.
Ho Bee said it has had just one default for The Coast in Sentosa Cove and one for Orange Grove Residences.
‘We hope to have more people default so we can then take (the property) back and resell it straightaway at a higher price,’ said Mr Chua with a laugh.
‘Most developers should be quite comfortable during the last six to eight months of 2009.’
While the financial crisis has not flattened Ho Bee as some have feared, it has given it an opportunity to reflect.
‘You focus on… your next step. You have time to think,’ said Mr Chua.
Ho Bee started to explore overseas opportunities at the start of last year, a strategy it used before. It moved to London during the 1996 property peak here to avoid a property bubble that it was convinced would burst.
The bubble did burst and Ho Bee found that its British move was a godsend: Its main income until 2000 came from London.
Things are not that desperate now. Prices have risen. Take Ho Bee’s The Coast condo: Sub-sale deals went for as low as $1,195 psf early last year but has since bounced back to above $2,000 psf, though deals are few.
Its gamble on Sentosa Cove has paid off, although the market has changed much in the past five years, making life harder for developers.
‘Previously, when you bid for land, your margin may be low, but you still have a margin,’ said Mr Chua.
But developers are now bidding for land at forward prices, he said.
‘You look at the Singapore market. Almost every project is an ad hoc project as you can’t have a big land bank.’
Ho Bee had the first mover advantage in Sentosa Cove, ‘but when you build up the market, you have to compete with other developers for the land in Sentosa.
‘Now, you are getting more and more competition in the bidding of land… less margins and more competition… so our next push will be to venture overseas,’ said Mr Chua.
Over the next one to two years, Ho Bee hopes to deploy 30 to 40 per cent of its capital overseas, focusing on residential and mixed development projects.
China is under intense scrutiny. The company is in the midst of a study on jointly developing a residential project in Tangshan Nanhu Eco-City with Yanlord Land Group. It also just acquired a residential development site in Shanghai with the same partner.
‘In China, you can have a big land bank. Land cost is only about 20 per cent to 30 per cent of project cost,’ said Mr Chua. ‘In Singapore, it is about 50 per cent to 70 per cent, so you can’t afford a big land bank here.
‘Hopefully, China will become our Sentosa Cove in two to three years.’
Source: Straits Times, 20 Feb 2010
Thursday, February 11, 2010
Universal Studios opens Sun
SINGAPORE’s first casino will open on Sunday at 12.18pm, together with a partial opening of Universal Studios.
A day of festivities at the Integrated Resort has been planned to mark the red-letter day, including the debut of its public attraction, Lake of Dreams, and evening previews at its Universal Studios theme park.
The casino opening is part of the initial phased opening of Singapore’s first IR that began on 20 Jan 2010 with the opening of its four hotels: Crockfords Tower; Hotel Michael; Festive Hotel; and Hard Rock Hotel Singapore. Its shopping and dining promenade, FestiveWalk, soft-opened on 30 Jan.
Resorts World Sentosa chairman, Tan Sri Lim Kok Thay said: ‘In less than three years since the time we broke ground and commenced construction for Resorts World Sentosa, we have taken our vision from drawing board to reality. This is a significant milestone in Singapore’s business history. We promised to deliver a true Integrated Resort, and we have not deviated from that.’
For sneak peek week, Universal Studios Singapore will open from 5pm to 9pm every night from 14 Feb to 21 Feb.
Admission will be by $10 tickets, rebated by a same-value dining voucher. Sale of the tickets starts from 11.18am on Friday, 12 Feb 2010. Guests can visit the box office at the Universal Studios Singapore front gate to purchase tickets for another day (there will be no same day ticket sales available).
Source: Straits Times, 11 Feb 2010
A day of festivities at the Integrated Resort has been planned to mark the red-letter day, including the debut of its public attraction, Lake of Dreams, and evening previews at its Universal Studios theme park.
The casino opening is part of the initial phased opening of Singapore’s first IR that began on 20 Jan 2010 with the opening of its four hotels: Crockfords Tower; Hotel Michael; Festive Hotel; and Hard Rock Hotel Singapore. Its shopping and dining promenade, FestiveWalk, soft-opened on 30 Jan.
Resorts World Sentosa chairman, Tan Sri Lim Kok Thay said: ‘In less than three years since the time we broke ground and commenced construction for Resorts World Sentosa, we have taken our vision from drawing board to reality. This is a significant milestone in Singapore’s business history. We promised to deliver a true Integrated Resort, and we have not deviated from that.’
For sneak peek week, Universal Studios Singapore will open from 5pm to 9pm every night from 14 Feb to 21 Feb.
Admission will be by $10 tickets, rebated by a same-value dining voucher. Sale of the tickets starts from 11.18am on Friday, 12 Feb 2010. Guests can visit the box office at the Universal Studios Singapore front gate to purchase tickets for another day (there will be no same day ticket sales available).
Source: Straits Times, 11 Feb 2010
Saturday, February 6, 2010
Resorts World at Sentosa awarded casino licence
Resorts World at Sentosa has been awarded its casino licence. It is the first of Singapore’s two integrated resorts to get the go ahead for its casino operations.
Although the opening date of the casino at Resort World has not been announced, preparations are in full swing.
Resorts World Sentosa chairman Lim Kok Thay said: “We are very happy to have received the casino licence. This was made possible by the dedicated team, consultants, contractors and government officials, especially the Casino Regulatory Authority, which worked tirelessly to set up the regulatory framework within a very agressive timeline.”
Lunar New Year decorations have already been put up at the lobby of the casino.
Resorts World staff were in the midst of an orientation when the MediaCorp news team visited.
Although the doors remain shut, visitors are excited about the prospect the casino may be opening soon.
Some are hoping the casino will be open in time for the Lunar New Year which begins on February 14.
While foreigners do not have to pay the US$100 levy before entering the casino, locals will have to do so at this booth.
Before arriving at the booth, visitors to the casino will be segregated according to whether they are Singaporeans or overseas guests.
The S$6.6 billion integrated resort at Sentosa is opening in phases, starting with its hotels last month.
Many are also waiting for the theme park, Universal Studios Singapore to open.
Some of the staff at the resort have been busy testing out the amusement rides and more.
Andrea Teo, vice president, Entertainment, Resorts World Sentosa, said: “We are in full swing, getting ready for the theme park. We have been testing and commissioning the rides. Some of our people have been experiencing this – going from ride to ride to ride and having a very good time. And we have all been eating at restaurants, trying out the food at very good prices.
“We are at various percentages of finishing the different rides and resorts. But I would say that we are on an actually pretty fast track to completely everything. Our hotel opened on the January 20 and since then, we’ve had 90 per cent occupancy. Festive Hotel and Hard Rock have been fully booked. And for Chinese New Year, we are fully booked.”
And while casino staff are busy gearing up for the opening day, Singapore’s Police have also been started serving the Exclusion Orders to those with a history of crimes such as those related to drugs and illegal moneylending.
So far, about 3,500 people with serious criminal records have been barred from the two casinos when they open.
The latest exclusion orders are on top of what the National Council on Problem Gambling has issued.
Some 28,000 undischarged bankrupts and those on public assistance have also been banned from entering casinos.
Source: Channel News Asia, 6 Feb 2010
Although the opening date of the casino at Resort World has not been announced, preparations are in full swing.
Resorts World Sentosa chairman Lim Kok Thay said: “We are very happy to have received the casino licence. This was made possible by the dedicated team, consultants, contractors and government officials, especially the Casino Regulatory Authority, which worked tirelessly to set up the regulatory framework within a very agressive timeline.”
Lunar New Year decorations have already been put up at the lobby of the casino.
Resorts World staff were in the midst of an orientation when the MediaCorp news team visited.
Although the doors remain shut, visitors are excited about the prospect the casino may be opening soon.
Some are hoping the casino will be open in time for the Lunar New Year which begins on February 14.
While foreigners do not have to pay the US$100 levy before entering the casino, locals will have to do so at this booth.
Before arriving at the booth, visitors to the casino will be segregated according to whether they are Singaporeans or overseas guests.
The S$6.6 billion integrated resort at Sentosa is opening in phases, starting with its hotels last month.
Many are also waiting for the theme park, Universal Studios Singapore to open.
Some of the staff at the resort have been busy testing out the amusement rides and more.
Andrea Teo, vice president, Entertainment, Resorts World Sentosa, said: “We are in full swing, getting ready for the theme park. We have been testing and commissioning the rides. Some of our people have been experiencing this – going from ride to ride to ride and having a very good time. And we have all been eating at restaurants, trying out the food at very good prices.
“We are at various percentages of finishing the different rides and resorts. But I would say that we are on an actually pretty fast track to completely everything. Our hotel opened on the January 20 and since then, we’ve had 90 per cent occupancy. Festive Hotel and Hard Rock have been fully booked. And for Chinese New Year, we are fully booked.”
And while casino staff are busy gearing up for the opening day, Singapore’s Police have also been started serving the Exclusion Orders to those with a history of crimes such as those related to drugs and illegal moneylending.
So far, about 3,500 people with serious criminal records have been barred from the two casinos when they open.
The latest exclusion orders are on top of what the National Council on Problem Gambling has issued.
Some 28,000 undischarged bankrupts and those on public assistance have also been banned from entering casinos.
Source: Channel News Asia, 6 Feb 2010
Wednesday, January 20, 2010
S’pore park slated to open next week
SOUTH-EAST Asia’s first big-name theme park – Universal Studios Singapore – at Resorts World Sentosa (RWS) looks set to open its doors next week, just a week after the resort welcomes visitors to its hotels and shops today.
Tan Sri Lim Kok Thay, chairman of Genting Group, which owns the $6.59 billion resort, said yesterday: ‘By the end of next week, Universal Studios Singapore will open, and when we officially launch Resorts World Sentosa later this year, it will be another significant and historical milestone achievement for the group.’
He was speaking at the Kuala Lumpur launch of the group’s logo to mark its 45th anniversary.
RWS had previously not been able to confirm the opening date of the theme park, saying only that it would be open by the first quarter. But sources pointed to an opening date of Jan 28 or 29.
When asked about its main attraction yesterday, a RWS spokesman would only say that it was working closely with the Ministry of Home Affairs to get the relevant permits.
The theme park boasts 24 rides and attractions, 20 of which are expected to be ready when it opens, according to a prior announcement. Each ride requires a permit to operate, and a RWS spokesman said they will not be opened to the public until proven to be safe.
The resort is also awaiting a licence to operate its casino.
The casino and theme park are expected to be the sprawling 49ha complex’s main money-spinners, but it boasts other attractions too, including the world’s largest oceanarium, plus dozens of shops and restaurants.
As part of its concept plan, a significant portion of the resort has to also cater to non-gaming areas, with the government setting a maximum approved gaming area of no more than 5 per cent of the resort’s total development area.
The theme park is expected to attract up to 30,000 visitors daily.
A one-day weekday pass will cost $66 for adults, $48 for children and $32 for senior citizens. Weekend, public holiday and eve of public holiday one-day passes will cost $72, $52 and $36 respectively.
But the passes are still cheaper than those of Universal’s other attractions in Orlando and Osaka, which go for US$79 (S$109) and 5,800 yen (S$90) respectively.
Source: Straits Times, 20 Jan 2010
Tan Sri Lim Kok Thay, chairman of Genting Group, which owns the $6.59 billion resort, said yesterday: ‘By the end of next week, Universal Studios Singapore will open, and when we officially launch Resorts World Sentosa later this year, it will be another significant and historical milestone achievement for the group.’
He was speaking at the Kuala Lumpur launch of the group’s logo to mark its 45th anniversary.
RWS had previously not been able to confirm the opening date of the theme park, saying only that it would be open by the first quarter. But sources pointed to an opening date of Jan 28 or 29.
When asked about its main attraction yesterday, a RWS spokesman would only say that it was working closely with the Ministry of Home Affairs to get the relevant permits.
The theme park boasts 24 rides and attractions, 20 of which are expected to be ready when it opens, according to a prior announcement. Each ride requires a permit to operate, and a RWS spokesman said they will not be opened to the public until proven to be safe.
The resort is also awaiting a licence to operate its casino.
The casino and theme park are expected to be the sprawling 49ha complex’s main money-spinners, but it boasts other attractions too, including the world’s largest oceanarium, plus dozens of shops and restaurants.
As part of its concept plan, a significant portion of the resort has to also cater to non-gaming areas, with the government setting a maximum approved gaming area of no more than 5 per cent of the resort’s total development area.
The theme park is expected to attract up to 30,000 visitors daily.
A one-day weekday pass will cost $66 for adults, $48 for children and $32 for senior citizens. Weekend, public holiday and eve of public holiday one-day passes will cost $72, $52 and $36 respectively.
But the passes are still cheaper than those of Universal’s other attractions in Orlando and Osaka, which go for US$79 (S$109) and 5,800 yen (S$90) respectively.
Source: Straits Times, 20 Jan 2010
Monday, January 18, 2010
First retail space at Resorts World Sentosa to open on Jan 20
Visitors to Resorts World Sentosa will be able to shop there when the first of its retail belt opens in time, for its soft launch on Wednesday.
The shopping strip makes up about 20 per cent of the entire retail space at the integrated resort.
As for its casino and the Universal Studio theme park, the company is hoping to open both in time for the Lunar New Year.
Last minute touches are being made to greet guests when Singapore’s first integrated resort opens. With just four of its six hotels and 10 restaurants opened, there is already strong interest from both locals and tourists.
Andrew Hickey, vice president (Rooms), Resorts World Sentosa said: “We had over 5,000 room nights booked in the first days of our reservations centre opening. (There is a) strong local demand from the overseas travel trade.
“Chinese New Year is already booked out. Indicators are very very strong. Weekends are filling up obviously”.
Resorts World has said it is targeting 12 to 13 million visitors each year, boosting Singapore’s visitor arrival numbers.
The Singapore Tourism Board has said that it hopes the two Integrated Resorts, including the one at Marina Bay Sands, will help double visitorship figures to 17 million by 2015.
Also making its grand opening on Wednesday is the Galleria – where retail staff have been put through the paces. This retail belt links the Festive Hotel, the casino entrance and Hotel Michael.
Noel Hawkes, vice president, Resort Operations, Resorts World Sentosa said: “We also have a Swarovski, we have a beauty hall and we have a Swiss shop gallery. We have some very nice new to market brands like Canali, which will open its first retail shop in Singapore as well as a very famous brand from Canada called Damiani, which is a very high-end jewellery shop.”
“Apart from these high-end jewellery (shops), we also have our very famous Chihuly gallery. This is going to be very exciting. We have about S$6 million worth of his very beautiful art works and his chandeliers in the casino as well as the Crockfords Tower, and now guests will be able to go and buy smaller pieces which are absolutely fabulous or some of his wonderful paintings.
“We have also got a Michael Graves gallery – first in the world in fact – and Michael Graves is the one who designed this entire project. He will have his own gallery selling stuff that he designed himself like the whistling teapot.”
The completed retail stretch at Resorts World Sentosa is about 300 metres long, with over 20 high-end brands including the highly anticipated Victoria’s Secret boutique.
Mr Hawkes said: “A lot of the retail here is geared towards our casino customers, (and) impulse buying.
“So that is why we have targeted some of the products. There are very high-end retail, expensive watches, diamonds, jewellery.”
About 70 per cent of the resort’s entire retail space is expected to be ready by next month.
“Especially if you take into consideration our Universal Studios, which is huge. We have got about 16 shops over there and we have something for absolutely everybody within our retail offerings in Universal Studios,” added Mr Hawkes.
But the clincher for most people would be the opening of the theme park and casino.
Ron Lim, general manager, Crossroad Tours & Travel said: “I already got a group of 12 persons coming from Taiwan into Resorts World. From what we see, it is supposed to be good.
“Furthermore, Casino is tied up with a theme park so when the adults play at the casino they will still go to the theme park”.
Wendy Leong, general manager, City Tours said: “The main concern right now is when Universal Studio is going to be opened, so that we will be able to package it together including all the hotel stay as well.”
Resorts World is currently awaiting licensing approvals from authorities for both the casino and theme park. And when Universal Studios opens, 20 out of its 24 rides will be fully operational.
Over the next two years, visitors can expect phase two of Resorts World Sentosa to be completed. These include two more hotels and the marine life park, the world’s largest oceanarium.
Source: Channel News Asia, 18 Jan 2010
The shopping strip makes up about 20 per cent of the entire retail space at the integrated resort.
As for its casino and the Universal Studio theme park, the company is hoping to open both in time for the Lunar New Year.
Last minute touches are being made to greet guests when Singapore’s first integrated resort opens. With just four of its six hotels and 10 restaurants opened, there is already strong interest from both locals and tourists.
Andrew Hickey, vice president (Rooms), Resorts World Sentosa said: “We had over 5,000 room nights booked in the first days of our reservations centre opening. (There is a) strong local demand from the overseas travel trade.
“Chinese New Year is already booked out. Indicators are very very strong. Weekends are filling up obviously”.
Resorts World has said it is targeting 12 to 13 million visitors each year, boosting Singapore’s visitor arrival numbers.
The Singapore Tourism Board has said that it hopes the two Integrated Resorts, including the one at Marina Bay Sands, will help double visitorship figures to 17 million by 2015.
Also making its grand opening on Wednesday is the Galleria – where retail staff have been put through the paces. This retail belt links the Festive Hotel, the casino entrance and Hotel Michael.
Noel Hawkes, vice president, Resort Operations, Resorts World Sentosa said: “We also have a Swarovski, we have a beauty hall and we have a Swiss shop gallery. We have some very nice new to market brands like Canali, which will open its first retail shop in Singapore as well as a very famous brand from Canada called Damiani, which is a very high-end jewellery shop.”
“Apart from these high-end jewellery (shops), we also have our very famous Chihuly gallery. This is going to be very exciting. We have about S$6 million worth of his very beautiful art works and his chandeliers in the casino as well as the Crockfords Tower, and now guests will be able to go and buy smaller pieces which are absolutely fabulous or some of his wonderful paintings.
“We have also got a Michael Graves gallery – first in the world in fact – and Michael Graves is the one who designed this entire project. He will have his own gallery selling stuff that he designed himself like the whistling teapot.”
The completed retail stretch at Resorts World Sentosa is about 300 metres long, with over 20 high-end brands including the highly anticipated Victoria’s Secret boutique.
Mr Hawkes said: “A lot of the retail here is geared towards our casino customers, (and) impulse buying.
“So that is why we have targeted some of the products. There are very high-end retail, expensive watches, diamonds, jewellery.”
About 70 per cent of the resort’s entire retail space is expected to be ready by next month.
“Especially if you take into consideration our Universal Studios, which is huge. We have got about 16 shops over there and we have something for absolutely everybody within our retail offerings in Universal Studios,” added Mr Hawkes.
But the clincher for most people would be the opening of the theme park and casino.
Ron Lim, general manager, Crossroad Tours & Travel said: “I already got a group of 12 persons coming from Taiwan into Resorts World. From what we see, it is supposed to be good.
“Furthermore, Casino is tied up with a theme park so when the adults play at the casino they will still go to the theme park”.
Wendy Leong, general manager, City Tours said: “The main concern right now is when Universal Studio is going to be opened, so that we will be able to package it together including all the hotel stay as well.”
Resorts World is currently awaiting licensing approvals from authorities for both the casino and theme park. And when Universal Studios opens, 20 out of its 24 rides will be fully operational.
Over the next two years, visitors can expect phase two of Resorts World Sentosa to be completed. These include two more hotels and the marine life park, the world’s largest oceanarium.
Source: Channel News Asia, 18 Jan 2010
Sunday, January 17, 2010
Sentosa Cove homes likely to draw keen interest
Exclusivity factor and island's growing vibrancy expected to attract foreigners
When it is fully developed in 2014, Sentosa Cove will have just over 2,100 homes.
Inspired by Port Grimaud in France, the area offers residents a style of living that is sharply different from what they can find on mainland Singapore. Residents in this gated waterfront enclave enjoy a resort lifestyle next to the sea, complete with private berth facilities.
The area – which has been just one big amorphous construction site in the past two years – is slowly taking shape. Access has been enhanced with improved road infrastructure, and Resorts World Sentosa is nearing completion, with the partial opening of four hotels on Wednesday.
Other parts of Sentosa have been or are being upgraded. As the jigsaw pieces fall in place and a far more vibrant Sentosa emerges, more buyers – especially foreigners – will be drawn to housing there.
In 2004, when Sentosa Cove’s first project, The Berth by the Cove, was launched, only 26 per cent of the units were taken up by non-Singaporeans – that is, permanent residents (PRs), foreigners and companies.
The proportion of foreign buyers has increased since then. Last year, non-Singapore citizens accounted for around half of the transactions at Sentosa Cove.
In contrast, non-Singaporeans made up only 38 per cent of the buyers of waterfront housing in Districts 1 and 4, which cover Marina Bay, the HarbourFront and Telok Blangah.
When Seven Palms at Sentosa Cove was launched in October last year, four of the six units in the condominium were bought by foreigners: three from Hong Kong; the other from the Philippines.
Similarly, three of the six units sold during last month’s preview of Kasara were taken by non-Singaporeans.
In the past two years, the top foreign and PR buyers at Sentosa Cove have hailed from Indonesia, Malaysia, Britain and China – mirroring those who bought homes in Districts 9, 10 and 11.
However, the proportion of Indonesian buyers at Sentosa Cove dropped during this period. They made up less than a fifth of the home sales at Sentosa Cove, but accounted for more than a third of the private home transactions in the prime districts.
Malaysians also accounted for fewer home sales at Sentosa Cove – 16 per cent, against 22 per cent in the prime districts.
In contrast, British and mainland Chinese buyers took up more homes in Sentosa Cove than they did in the prime districts.
The British accounted for 14 per cent of home sales at Sentosa Cove, compared with just 6 per cent in the prime districts.
Similarly, mainland Chinese bought 12 per cent of homes in Sentosa Cove, but just 7 per cent of homes in the prime districts.
During the boom period in 2007, Sentosa Cove homes did as well as other waterfront homes in mainland Singapore, and homes in Districts 9, 10 and 11. Prices in these segments outstripped those for the rest of the market.
Landed homes in Sentosa Cove cost only slightly less than the much-coveted good class bungalows (GCBs), although they have smaller land areas and 99-year leasehold tenures.
For detached houses in Sentosa Cove, the land area typically ranges from 650 sq m to 950 sq m, or about 7,000 sq ft to 10,225 sq ft. Price-wise, they cost $11 million to $16 million in the second half of last year.
As a comparison, a freehold GCB with a land area of 1,400 sq m to 2,000 sq m costs $12 million to $19 million.
Detached houses in Sentosa Cove are now fetching far higher prices than they did during the 2007 property boom. Buyers who bought these homes then and sold them last year have made a profit of 25 per cent on average.
In contrast, freehold detached homes in prime districts enjoyed an 18 per cent rise in price between 2008 and last year.
When fully developed, Sentosa Cove will have only around 400 landed homes, whereas there are about 2,500 GCBs on the mainland. The limited supply of Sentosa homes could explain why they are so desirable.
Furthermore, Sentosa Cove is the only place in Singapore where foreigners are allowed to own landed homes without first becoming PRs.
Singapore has always been viewed as a safe haven for investment because of its political stability, well-regulated property market and transparent policies.
With the integrated resorts at Marina Bay and Sentosa due to open soon, investors are likely to turn more confident about Singapore’s private property market.
Well-heeled foreign investors are increasingly turning their attention to the high-end segment of the property market here, which has historically shown greater upside potential during periods of economic expansion.
This group of investors has a preference for trophy investments that offer unique attributes. Hence, Sentosa Cove homes are likely to attract heavy interest as economic prospects brighten.
The writer is head of South-east Asia research at DTZ Debenham Tie Leung.
Source : Sunday Times – 17 Jan 2010
When it is fully developed in 2014, Sentosa Cove will have just over 2,100 homes.
Inspired by Port Grimaud in France, the area offers residents a style of living that is sharply different from what they can find on mainland Singapore. Residents in this gated waterfront enclave enjoy a resort lifestyle next to the sea, complete with private berth facilities.
The area – which has been just one big amorphous construction site in the past two years – is slowly taking shape. Access has been enhanced with improved road infrastructure, and Resorts World Sentosa is nearing completion, with the partial opening of four hotels on Wednesday.
Other parts of Sentosa have been or are being upgraded. As the jigsaw pieces fall in place and a far more vibrant Sentosa emerges, more buyers – especially foreigners – will be drawn to housing there.
In 2004, when Sentosa Cove’s first project, The Berth by the Cove, was launched, only 26 per cent of the units were taken up by non-Singaporeans – that is, permanent residents (PRs), foreigners and companies.
The proportion of foreign buyers has increased since then. Last year, non-Singapore citizens accounted for around half of the transactions at Sentosa Cove.
In contrast, non-Singaporeans made up only 38 per cent of the buyers of waterfront housing in Districts 1 and 4, which cover Marina Bay, the HarbourFront and Telok Blangah.
When Seven Palms at Sentosa Cove was launched in October last year, four of the six units in the condominium were bought by foreigners: three from Hong Kong; the other from the Philippines.
Similarly, three of the six units sold during last month’s preview of Kasara were taken by non-Singaporeans.
In the past two years, the top foreign and PR buyers at Sentosa Cove have hailed from Indonesia, Malaysia, Britain and China – mirroring those who bought homes in Districts 9, 10 and 11.
However, the proportion of Indonesian buyers at Sentosa Cove dropped during this period. They made up less than a fifth of the home sales at Sentosa Cove, but accounted for more than a third of the private home transactions in the prime districts.
Malaysians also accounted for fewer home sales at Sentosa Cove – 16 per cent, against 22 per cent in the prime districts.
In contrast, British and mainland Chinese buyers took up more homes in Sentosa Cove than they did in the prime districts.
The British accounted for 14 per cent of home sales at Sentosa Cove, compared with just 6 per cent in the prime districts.
Similarly, mainland Chinese bought 12 per cent of homes in Sentosa Cove, but just 7 per cent of homes in the prime districts.
During the boom period in 2007, Sentosa Cove homes did as well as other waterfront homes in mainland Singapore, and homes in Districts 9, 10 and 11. Prices in these segments outstripped those for the rest of the market.
Landed homes in Sentosa Cove cost only slightly less than the much-coveted good class bungalows (GCBs), although they have smaller land areas and 99-year leasehold tenures.
For detached houses in Sentosa Cove, the land area typically ranges from 650 sq m to 950 sq m, or about 7,000 sq ft to 10,225 sq ft. Price-wise, they cost $11 million to $16 million in the second half of last year.
As a comparison, a freehold GCB with a land area of 1,400 sq m to 2,000 sq m costs $12 million to $19 million.
Detached houses in Sentosa Cove are now fetching far higher prices than they did during the 2007 property boom. Buyers who bought these homes then and sold them last year have made a profit of 25 per cent on average.
In contrast, freehold detached homes in prime districts enjoyed an 18 per cent rise in price between 2008 and last year.
When fully developed, Sentosa Cove will have only around 400 landed homes, whereas there are about 2,500 GCBs on the mainland. The limited supply of Sentosa homes could explain why they are so desirable.
Furthermore, Sentosa Cove is the only place in Singapore where foreigners are allowed to own landed homes without first becoming PRs.
Singapore has always been viewed as a safe haven for investment because of its political stability, well-regulated property market and transparent policies.
With the integrated resorts at Marina Bay and Sentosa due to open soon, investors are likely to turn more confident about Singapore’s private property market.
Well-heeled foreign investors are increasingly turning their attention to the high-end segment of the property market here, which has historically shown greater upside potential during periods of economic expansion.
This group of investors has a preference for trophy investments that offer unique attributes. Hence, Sentosa Cove homes are likely to attract heavy interest as economic prospects brighten.
The writer is head of South-east Asia research at DTZ Debenham Tie Leung.
Source : Sunday Times – 17 Jan 2010
Saturday, January 16, 2010
IR gamble looking like a sure-win
FIVE years in the making and now, the first integrated resort (IR), Resorts World Sentosa (RWS), will begin to open next week.
And to say that Singapore has a lot riding on this would be an understatement.
When the IRs were first given the green light back in 2005, job creation and a boost to the economy had been emphasised as key reasons to accord prominent and valuable development sites to what would essentially be a theme park and an exhibition hall with casinos. About 40,000 jobs were expected to be created indirectly by 2015, on top of the 10,000 jobs created at each IR. Within this period, Singapore’s gross domestic product (GDP) was also projected to grow on the back of about $2.7 billion of value-add generated by the IR effect.
Today, apart from a few detractors, all signs seem to point towards the IR effect really working. Already, the construction and real estate sectors have benefited. Leong Wai Ho, an economist at Barclays Capital Research estimated that both IRs at maximum capacity could potentially add up to 1.7 percentage points to GDP in a given year, higher than the government’s most recent estimate of 0.5 to one per cent.
One reason for Mr Leong’s bullishness is that Singapore, which has historically never been a single-stop destination for tourists, could now change its profile. ‘The broader mix of activities could also induce each visitor to stay longer and spend more,’ he added. ‘Outside of construction, there is a wide range of beneficiaries – from food manufacturers, general suppliers, wholesalers, retailers, Mice (meetings, incentives, conventions and exhibitions), entertainment venues, even banks and our capital markets,’ added Mr Leong.
There are challenges ahead though, and for Resorts World, this may come in the form of the neighbouring competition.
Jonathan Galaviz, an independent travel and leisure sector strategist, believed that it is reasonable to expect that by 2020, there will be several more cities in Asia that will offer integrated casino entertainment. ‘I think most cities in Asia would see a theme park being strategically beneficial to their tourism mix, but stand-alone theme parks generally have very low returns on capital, so investors are usually wary. It’s important for Singapore to begin looking at the next ‘wow factor’ that it must develop to be competitive in 2015 and beyond in Asia’s tourism sector,’ he said.
RWS is expected to roll out new attractions at Universal Studios Singapore (USS) regularly. Phase Two, which includes the world’s largest aquarium, will open next year.
But will it be enough to generate buzz?
‘Theme parks are successes or failures based upon the ability to get repeat visitation over a long multi-year period. There will be a lot of first time visitation in the first year of operation, but keeping the theme park exciting after five years of operation to attract repeat visitors is the key to financial success,’ added Mr Galaviz.
In terms of business viability, much will depend on the revenues generated by the casino. In this respect, Genting Singapore – RWS’s owner – may be in a relatively good position to weather a longer ramping-up period as parent Genting Berhad is flushed with cash.
Melvyn Boey, economist at Bank of America Merrill Lynch, added: ‘Debt covenants won’t be a major issue.’
Still, there are three gaming destinations nearby – Macau, Malaysia and Australia – and all would be loath to give up any share in the gaming pie, including Genting, which also owns the casinos in Malaysia.
Dean Macomber, a gaming consultant and president of Macomber International reckoned that the casinos ‘will do phenomenally well’. But with investment capital being so high – US$4.4 billion for RWS – Mr Macomber said: ‘This makes any source of revenue more critical but particularly so if a large category of revenue is placed in jeopardy of being lost, such as junket players and/or Singapore residents.’
Already, the current financial crisis is expected to have impacted bullish financial projections made earlier when the IR bids were first awarded in 2006.
Can the casinos survive without junkets? ‘What we do know is that Asian junket-driven demand is real and is large. All the metrics would indicate that the resident market is real and large,’ said Mr Macomber.
As the junket regulations were only released recently, it is likely that the IR operators would not have factored in the possibility of low junket support. ‘This means they must do the best they can with what they have, while, if necessary, find alternative sources of revenue/profit,’ added Mr Macomber.
RWS already seems to be on it.
All resorts have Mice facilities but those at RWS are proving to be quite substantial, boasting one of South-east Asia’s largest, column-free ballrooms, 26 function rooms and over 20 indoor and outdoor events venues for more than 35,000 delegates at any one time.
Marina Bay Sands (MBS) has said that it can host 45,000 delegates.
Trevor Soh, director of events organiser Pico Art, said that it is looking to stage events at both IRs. ‘Both MBS and RWS have different exciting offerings and attractions serving the needs and requirements of different events, organisers and participants. To event organisers, flexibility and service levels are very important selection criteria besides price, location and facilities,’ said Mr Soh.
Genting is not so well known as a Mice player but it apparently has a finger in this pie too. ‘Genting has a successful track record in operating leisure resorts with Mice facilities in the region. RWS will be able to leverage on the group’s experience and business network in the region,’ said Mr Soh.
Source: Business Times, 16 Jan 2010
And to say that Singapore has a lot riding on this would be an understatement.
When the IRs were first given the green light back in 2005, job creation and a boost to the economy had been emphasised as key reasons to accord prominent and valuable development sites to what would essentially be a theme park and an exhibition hall with casinos. About 40,000 jobs were expected to be created indirectly by 2015, on top of the 10,000 jobs created at each IR. Within this period, Singapore’s gross domestic product (GDP) was also projected to grow on the back of about $2.7 billion of value-add generated by the IR effect.
Today, apart from a few detractors, all signs seem to point towards the IR effect really working. Already, the construction and real estate sectors have benefited. Leong Wai Ho, an economist at Barclays Capital Research estimated that both IRs at maximum capacity could potentially add up to 1.7 percentage points to GDP in a given year, higher than the government’s most recent estimate of 0.5 to one per cent.
One reason for Mr Leong’s bullishness is that Singapore, which has historically never been a single-stop destination for tourists, could now change its profile. ‘The broader mix of activities could also induce each visitor to stay longer and spend more,’ he added. ‘Outside of construction, there is a wide range of beneficiaries – from food manufacturers, general suppliers, wholesalers, retailers, Mice (meetings, incentives, conventions and exhibitions), entertainment venues, even banks and our capital markets,’ added Mr Leong.
There are challenges ahead though, and for Resorts World, this may come in the form of the neighbouring competition.
Jonathan Galaviz, an independent travel and leisure sector strategist, believed that it is reasonable to expect that by 2020, there will be several more cities in Asia that will offer integrated casino entertainment. ‘I think most cities in Asia would see a theme park being strategically beneficial to their tourism mix, but stand-alone theme parks generally have very low returns on capital, so investors are usually wary. It’s important for Singapore to begin looking at the next ‘wow factor’ that it must develop to be competitive in 2015 and beyond in Asia’s tourism sector,’ he said.
RWS is expected to roll out new attractions at Universal Studios Singapore (USS) regularly. Phase Two, which includes the world’s largest aquarium, will open next year.
But will it be enough to generate buzz?
‘Theme parks are successes or failures based upon the ability to get repeat visitation over a long multi-year period. There will be a lot of first time visitation in the first year of operation, but keeping the theme park exciting after five years of operation to attract repeat visitors is the key to financial success,’ added Mr Galaviz.
In terms of business viability, much will depend on the revenues generated by the casino. In this respect, Genting Singapore – RWS’s owner – may be in a relatively good position to weather a longer ramping-up period as parent Genting Berhad is flushed with cash.
Melvyn Boey, economist at Bank of America Merrill Lynch, added: ‘Debt covenants won’t be a major issue.’
Still, there are three gaming destinations nearby – Macau, Malaysia and Australia – and all would be loath to give up any share in the gaming pie, including Genting, which also owns the casinos in Malaysia.
Dean Macomber, a gaming consultant and president of Macomber International reckoned that the casinos ‘will do phenomenally well’. But with investment capital being so high – US$4.4 billion for RWS – Mr Macomber said: ‘This makes any source of revenue more critical but particularly so if a large category of revenue is placed in jeopardy of being lost, such as junket players and/or Singapore residents.’
Already, the current financial crisis is expected to have impacted bullish financial projections made earlier when the IR bids were first awarded in 2006.
Can the casinos survive without junkets? ‘What we do know is that Asian junket-driven demand is real and is large. All the metrics would indicate that the resident market is real and large,’ said Mr Macomber.
As the junket regulations were only released recently, it is likely that the IR operators would not have factored in the possibility of low junket support. ‘This means they must do the best they can with what they have, while, if necessary, find alternative sources of revenue/profit,’ added Mr Macomber.
RWS already seems to be on it.
All resorts have Mice facilities but those at RWS are proving to be quite substantial, boasting one of South-east Asia’s largest, column-free ballrooms, 26 function rooms and over 20 indoor and outdoor events venues for more than 35,000 delegates at any one time.
Marina Bay Sands (MBS) has said that it can host 45,000 delegates.
Trevor Soh, director of events organiser Pico Art, said that it is looking to stage events at both IRs. ‘Both MBS and RWS have different exciting offerings and attractions serving the needs and requirements of different events, organisers and participants. To event organisers, flexibility and service levels are very important selection criteria besides price, location and facilities,’ said Mr Soh.
Genting is not so well known as a Mice player but it apparently has a finger in this pie too. ‘Genting has a successful track record in operating leisure resorts with Mice facilities in the region. RWS will be able to leverage on the group’s experience and business network in the region,’ said Mr Soh.
Source: Business Times, 16 Jan 2010
Hotel guests will be spoilt for choice
THIN, grey-haired and soft-spoken, Mr Ralf Gresch, 44, manager at the Festive Hotel, makes an unlikely Pied Piper as he leads a boisterous brood of children through the plush hotel lobby.
‘You need to find Donkey,’ he says, waving a toy replica of the lovable cartoon character from the Hollywood animated blockbuster Shrek.
Instantly, half a dozen children forage under sofas and peek behind curtains in search of their grey, grinning friend.
‘Hey, I found one,’ shrieks a bespectacled 10- year-old. ‘Me too, me too,’ shout others.
The children were having a great time at the soft launch of Resorts World Sentosa’s (RWS) hotels last weekend, experiencing the hospitality on offer at Festive Hotel, one of the three hotels providing very different guest experiences.
For them and their parents – friends and family of RWS employees – the mood was one of childish high jinks and good cheer as they made the most of their free run of a brand new hotel.
The atmosphere at the Hard Rock Hotel next door was a tad more grown-up, with guests getting a glimpse into the lives of famous rock stars. Bruce Springsteen blared from the speakers and rooms were adorned with haunting black-and-white photographs of rock stars through the ages.
In contrast, elegance and sophistication ruled at Hotel Michael, with art aficionados marvelling at the angular designs of famed American architect Michael Graves, the designer of everything at the hotel – including the restaurant’s cutlery.
All three themed hotels – plus the elite invitation-only Crockfords Tower facility – will officially open their doors to the public on Wednesday. And a further two hotels are planned – Equarius and Spa Villas – to open at a later unspecified date.
When all are up and running, the resort will have a total of 1,800 rooms. Mr Roger Lienhard, vice-president of food and beverage and rooms at RWS, says visitors will be spoilt for choice.
‘Each one offers a vastly different experience in terms of design and ambience,’ he says.
Whatever style of accommodation is selected by visitors, they should be sure to enjoy a high level of service from staff. The Festive Hotel’s Mr Gresch insists that wherever staff are they will be ‘friendly, humble and always at your service’.
Their attention is focused on detail. For instance, a key task of every staff member at his hotel is to ensure children are given special treatment.
Over at Hard Rock, pleasing customers is also high on the agenda.The hotel’s manager, Mr Peter Wong, 50, who could pass muster as a rock star himself given his turquoise-streaked hair, has a whiteboard listing the service ‘challenges of the day’.
Last weekend, staff were grappling with a unique problem – how to quickly transport birthday cakes from the resort’s central kitchen at Hard Rock to Hotel Michael nearly a kilometre away.
‘We soon realised birthday amenities needed to be stocked at each individual hotel,’ said Mr Wong. ‘All it required was buying a few extra fridges.’
The smooth service and myriad comforts that the range of hotels promises do not come cheap.
Room rates inclusive of breakfast at the Festive Hotel start at $400 a night, at Hard Rock they come in at $450, while at Hotel Michael the base price is $500.
Given that even the luxurious Bellagio in Las Vegas is currently offering weekday rates starting at US$139 (S$195), aren’t the RWS rates a little on the high side?
Not according to hotel industry analyst Robert Hecker, who points out that the RWS prices are pre-discount ‘rack rates’.
More importantly, the ‘demand generators’ contained within the integrated resort make it natural for RWS hotels to charge a premium, said Mr Hecker, who works at consulting company Horwath HTL.
Comparing rates with Las Vegas might not be appropriate, he thinks. ‘Las Vegas is still hurting badly from the recession. And Singapore’s tourism curve is on the rise.’
Source: Straits Times, 16 Jan 2010
‘You need to find Donkey,’ he says, waving a toy replica of the lovable cartoon character from the Hollywood animated blockbuster Shrek.
Instantly, half a dozen children forage under sofas and peek behind curtains in search of their grey, grinning friend.
‘Hey, I found one,’ shrieks a bespectacled 10- year-old. ‘Me too, me too,’ shout others.
The children were having a great time at the soft launch of Resorts World Sentosa’s (RWS) hotels last weekend, experiencing the hospitality on offer at Festive Hotel, one of the three hotels providing very different guest experiences.
For them and their parents – friends and family of RWS employees – the mood was one of childish high jinks and good cheer as they made the most of their free run of a brand new hotel.
The atmosphere at the Hard Rock Hotel next door was a tad more grown-up, with guests getting a glimpse into the lives of famous rock stars. Bruce Springsteen blared from the speakers and rooms were adorned with haunting black-and-white photographs of rock stars through the ages.
In contrast, elegance and sophistication ruled at Hotel Michael, with art aficionados marvelling at the angular designs of famed American architect Michael Graves, the designer of everything at the hotel – including the restaurant’s cutlery.
All three themed hotels – plus the elite invitation-only Crockfords Tower facility – will officially open their doors to the public on Wednesday. And a further two hotels are planned – Equarius and Spa Villas – to open at a later unspecified date.
When all are up and running, the resort will have a total of 1,800 rooms. Mr Roger Lienhard, vice-president of food and beverage and rooms at RWS, says visitors will be spoilt for choice.
‘Each one offers a vastly different experience in terms of design and ambience,’ he says.
Whatever style of accommodation is selected by visitors, they should be sure to enjoy a high level of service from staff. The Festive Hotel’s Mr Gresch insists that wherever staff are they will be ‘friendly, humble and always at your service’.
Their attention is focused on detail. For instance, a key task of every staff member at his hotel is to ensure children are given special treatment.
Over at Hard Rock, pleasing customers is also high on the agenda.The hotel’s manager, Mr Peter Wong, 50, who could pass muster as a rock star himself given his turquoise-streaked hair, has a whiteboard listing the service ‘challenges of the day’.
Last weekend, staff were grappling with a unique problem – how to quickly transport birthday cakes from the resort’s central kitchen at Hard Rock to Hotel Michael nearly a kilometre away.
‘We soon realised birthday amenities needed to be stocked at each individual hotel,’ said Mr Wong. ‘All it required was buying a few extra fridges.’
The smooth service and myriad comforts that the range of hotels promises do not come cheap.
Room rates inclusive of breakfast at the Festive Hotel start at $400 a night, at Hard Rock they come in at $450, while at Hotel Michael the base price is $500.
Given that even the luxurious Bellagio in Las Vegas is currently offering weekday rates starting at US$139 (S$195), aren’t the RWS rates a little on the high side?
Not according to hotel industry analyst Robert Hecker, who points out that the RWS prices are pre-discount ‘rack rates’.
More importantly, the ‘demand generators’ contained within the integrated resort make it natural for RWS hotels to charge a premium, said Mr Hecker, who works at consulting company Horwath HTL.
Comparing rates with Las Vegas might not be appropriate, he thinks. ‘Las Vegas is still hurting badly from the recession. And Singapore’s tourism curve is on the rise.’
Source: Straits Times, 16 Jan 2010
Thursday, January 14, 2010
Property sales pick up again at Sentosa Cove in 2009
Foreigners again look to buy homes on the island as the economy improves
AFTER a muted 2008, property sales at Sentosa Cove picked up again in 2009 as buyer interest returned to the high-end and luxury segments of Singapore’s property market.
According to data compiled by Savills Singapore, 125 non-landed and 33 landed homes were sold on the island in 2009, up from 67 non-landed units and just five landed homes in 2008.
And more homes worth more than $10 million apiece were also sold on the island last year. Savills’ data shows that 30 homes worth $10 million and more were sold at Sentosa Cove in 2009, compared to just one such property in 2008 and 15 during the height of the property boom in 2007.
Developers and analysts say that with the global economy picking up, foreigners are once again looking to buy properties on the island.
Sentosa Cove is the only place in Singapore where foreigners can own landed property without special permission.
‘Sentosa Cove with its unique lifestyle offerings has already attracted a strong following of high net-worth individuals from around the globe,’ said DTZ managing director Margaret Thean.
She noted that the recent sales of Malaysia-based YTL Corporation’s Kasara project at Sentosa Cove demonstrates the optimism of market sentiment and confidence in Singapore’s luxury property market, which is expected to be further strengthened with the completion of the developments around the Marina Bay Financial Centre and the two upcoming integrated resorts.
YTL said last week that it has sold six of the 13 villas at Kasara at prices ranging from $14 million to $22 million. This works out to about $1,600 per square foot on average. Buyers included foreigners from Asia-Pacific and Europe.
The improved sentiment means that potential buyers can expect project launches on the island soon. City Developments is expected to launch its 228-unit luxury project The Quayside Collection soon.
The property group last year announced that it will delay launching the project due to the subdued property market and global economic uncertainty but will proceed with construction.
And Ho Bee Investment could also launch its two remaining Sentosa Cove projects later this year. The group has the 151-unit Seascape as well as Pinnacle Collection, which has some 280 apartments in all, left in its portfolio.
Source: Business Times, 14 Jan 2010
AFTER a muted 2008, property sales at Sentosa Cove picked up again in 2009 as buyer interest returned to the high-end and luxury segments of Singapore’s property market.
According to data compiled by Savills Singapore, 125 non-landed and 33 landed homes were sold on the island in 2009, up from 67 non-landed units and just five landed homes in 2008.
And more homes worth more than $10 million apiece were also sold on the island last year. Savills’ data shows that 30 homes worth $10 million and more were sold at Sentosa Cove in 2009, compared to just one such property in 2008 and 15 during the height of the property boom in 2007.
Developers and analysts say that with the global economy picking up, foreigners are once again looking to buy properties on the island.
Sentosa Cove is the only place in Singapore where foreigners can own landed property without special permission.
‘Sentosa Cove with its unique lifestyle offerings has already attracted a strong following of high net-worth individuals from around the globe,’ said DTZ managing director Margaret Thean.
She noted that the recent sales of Malaysia-based YTL Corporation’s Kasara project at Sentosa Cove demonstrates the optimism of market sentiment and confidence in Singapore’s luxury property market, which is expected to be further strengthened with the completion of the developments around the Marina Bay Financial Centre and the two upcoming integrated resorts.
YTL said last week that it has sold six of the 13 villas at Kasara at prices ranging from $14 million to $22 million. This works out to about $1,600 per square foot on average. Buyers included foreigners from Asia-Pacific and Europe.
The improved sentiment means that potential buyers can expect project launches on the island soon. City Developments is expected to launch its 228-unit luxury project The Quayside Collection soon.
The property group last year announced that it will delay launching the project due to the subdued property market and global economic uncertainty but will proceed with construction.
And Ho Bee Investment could also launch its two remaining Sentosa Cove projects later this year. The group has the 151-unit Seascape as well as Pinnacle Collection, which has some 280 apartments in all, left in its portfolio.
Source: Business Times, 14 Jan 2010
Thursday, January 7, 2010
7 villas in Sentosa Cove go on sale
KASARA The Lake, an exclusive development of 13 luxury villas in ultra-posh Sentosa Cove, was formally launched yesterday after well-heeled VIPs snapped up half a dozen of them last month.
Six out of the seven villas put on sale initially were sold during the preview, open only to VIPs. Of those villas sold, the biggest 15,070 sq ft villa went for a little over $22 million.
The developer did not disclose just what type of VIPs the buyers were, except that three were Singaporean and the others foreign – Asian and European, including one Singapore permanent resident.
The positive response from Kasara’s preview despite the festive market lull reflected significant demand in the luxury property market, according to YTL Singapore managing director Kemmy Tan.
YTL Singapore is the developer of Kasara, as well as another project, Sandy Island, at Sentosa Cove.
The villas, ranging in size mainly from 9,000 sq ft to 10,000 sq ft, were launched at a price of about $1,610 per sq ft (psf). A single 14,600 sq foot villa is still up for grabs for anyone with a spare $15 million or $20 million or so.
Consultancy Savills Singapore managing director Michael Ng said the price would probably be raised gradually to $1,700 psf on average.
The posh development offers a view of the lake facing the Serapong golf course and a pool that has been designed to extend slightly above the lake amid a landscape of bamboo and eucalyptus trees.
The developer is counting on the prospect of the upcoming Sentosa integrated resort to help attract buyers.
Ms Tan said: ‘Foreign demand is increasing due to the presence of the integrated resorts, and Sentosa Cove, being the only area where foreigners can buy landed property, is well placed.’
DTZ South-east Asia executive director and head of consulting Ong Choon Fah said Singaporeans now formed a smaller proportion of buyers at the cove.
‘In the past two years, Singaporean buyers have decreased to 37 per cent (from about 50 per cent). The balance of 63 per cent are foreigners, permanent residents or companies.’ The profile of foreigners has widened to include those from Britain, the United States, Russia, Malaysia, India, Europe and Australia.
Ms Tan said the wealthy are gradually returning to the market, which is evident in deals done. Prices at Sentosa Cove rose to an average of $1,500 psf around the third quarter of last year from $1,100 psf to $1,200 psf in the first quarter of last year.
According to Savills’ analyses of Sentosa Cove Realis data, 80 per cent of transactions took place in the second half of last year when 25 sales were made – far higher than the five in the first half.
Savills said that 16 sales recorded in the fourth quarter did not include the sales of Kasara villas.
Ms Tan believes interested parties will buy now to take advantage of anticipated future price gains given the limited supply of about 320 properties at the cove and an expected upswing in demand.
Savills is suggesting that Sentosa Cove is undervalued.
‘The luxury end is a laggard. Investors are coming in now as they see a lot of upside in the high-end segment, where prices are still 25 per cent to 30 per cent away from the previous peak,’ said Mr Ng.
All bets seem to be on the high-end luxury market this year, according to industry players. They believe that if Kasara The Lake continues to be successful, this could encourage developers back into the high-end property segment.
Mrs Ong cited the example of CapitaLand’s recent Urban Suites launch, and speculated that projects located on the fringes of traditional prime districts might follow suit and get going again.
Source: Straits Times, 7 Jan 2010
Six out of the seven villas put on sale initially were sold during the preview, open only to VIPs. Of those villas sold, the biggest 15,070 sq ft villa went for a little over $22 million.
The developer did not disclose just what type of VIPs the buyers were, except that three were Singaporean and the others foreign – Asian and European, including one Singapore permanent resident.
The positive response from Kasara’s preview despite the festive market lull reflected significant demand in the luxury property market, according to YTL Singapore managing director Kemmy Tan.
YTL Singapore is the developer of Kasara, as well as another project, Sandy Island, at Sentosa Cove.
The villas, ranging in size mainly from 9,000 sq ft to 10,000 sq ft, were launched at a price of about $1,610 per sq ft (psf). A single 14,600 sq foot villa is still up for grabs for anyone with a spare $15 million or $20 million or so.
Consultancy Savills Singapore managing director Michael Ng said the price would probably be raised gradually to $1,700 psf on average.
The posh development offers a view of the lake facing the Serapong golf course and a pool that has been designed to extend slightly above the lake amid a landscape of bamboo and eucalyptus trees.
The developer is counting on the prospect of the upcoming Sentosa integrated resort to help attract buyers.
Ms Tan said: ‘Foreign demand is increasing due to the presence of the integrated resorts, and Sentosa Cove, being the only area where foreigners can buy landed property, is well placed.’
DTZ South-east Asia executive director and head of consulting Ong Choon Fah said Singaporeans now formed a smaller proportion of buyers at the cove.
‘In the past two years, Singaporean buyers have decreased to 37 per cent (from about 50 per cent). The balance of 63 per cent are foreigners, permanent residents or companies.’ The profile of foreigners has widened to include those from Britain, the United States, Russia, Malaysia, India, Europe and Australia.
Ms Tan said the wealthy are gradually returning to the market, which is evident in deals done. Prices at Sentosa Cove rose to an average of $1,500 psf around the third quarter of last year from $1,100 psf to $1,200 psf in the first quarter of last year.
According to Savills’ analyses of Sentosa Cove Realis data, 80 per cent of transactions took place in the second half of last year when 25 sales were made – far higher than the five in the first half.
Savills said that 16 sales recorded in the fourth quarter did not include the sales of Kasara villas.
Ms Tan believes interested parties will buy now to take advantage of anticipated future price gains given the limited supply of about 320 properties at the cove and an expected upswing in demand.
Savills is suggesting that Sentosa Cove is undervalued.
‘The luxury end is a laggard. Investors are coming in now as they see a lot of upside in the high-end segment, where prices are still 25 per cent to 30 per cent away from the previous peak,’ said Mr Ng.
All bets seem to be on the high-end luxury market this year, according to industry players. They believe that if Kasara The Lake continues to be successful, this could encourage developers back into the high-end property segment.
Mrs Ong cited the example of CapitaLand’s recent Urban Suites launch, and speculated that projects located on the fringes of traditional prime districts might follow suit and get going again.
Source: Straits Times, 7 Jan 2010
Wednesday, January 6, 2010
YTL’s Sentosa Cove development sees 50% take-up rate
Malaysia-based YTL Corporation is officially launching “Kasara – The Lake“, a collection of 13 luxury villas in Singapore’s Sentosa Cove.
Six of the 13 villas previewed have already been bought by buyers from Singapore, Europe and the Asia-Pacific region at prices ranging from S$14 million to S$22 million.
Villas range in sizes – from 9,000 square feet, with two good-sized parcels of more than 14,000 square feet.
Kasara is the only residential property in Sentosa Cove with views of the lake and the world-class Serapong golf course.
Margaret Thean, managing director of property consultancy DTZ, said the high take-up rate of the development during the preview demonstrates the optimism of market sentiment and confidence in Singapore’s luxury property sector.
She added that market sentiment will be further strengthened with the completion of developments around the Marina Bay Financial Centre and the two iconic integrated resorts later this year.
Source: Channel News Asia, 6 Jan 2010
Six of the 13 villas previewed have already been bought by buyers from Singapore, Europe and the Asia-Pacific region at prices ranging from S$14 million to S$22 million.
Villas range in sizes – from 9,000 square feet, with two good-sized parcels of more than 14,000 square feet.
Kasara is the only residential property in Sentosa Cove with views of the lake and the world-class Serapong golf course.
Margaret Thean, managing director of property consultancy DTZ, said the high take-up rate of the development during the preview demonstrates the optimism of market sentiment and confidence in Singapore’s luxury property sector.
She added that market sentiment will be further strengthened with the completion of developments around the Marina Bay Financial Centre and the two iconic integrated resorts later this year.
Source: Channel News Asia, 6 Jan 2010
No dice, RWS may open on Jan 20
Phased opening planned as it waits for casino licence
TECHNICALLY, Resorts World at Sentosa (RWS) can now open for business as it has received TOP (temporary occupation permit) from the authorities. It also has more than 6,000 staff on board and over 1,000 more on their way soon.
However, the operator’s casino licence is still being processed.
Nevertheless, it has committed to opening some parts of the resort this month anyway.
In a statement released yesterday, RWS, which is owned by Genting Singapore, said that it would begin its ‘phased opening’ from Jan 20 beginning with four hotels.
Reservations for rooms and restaurants begin on Jan 10.
A check with RWS revealed that the Universal Studios Singapore buildings have also received TOP but will open later.
Festive Hotel, Hard Rock Hotel Singapore, Crockfords Tower and Hotel Michael will provide a total of 1,350 rooms and 10 restaurants.
As the casino is located in the basement of Crockfords Tower, it too has received TOP. However, RWS said that the opening date for the casino will be announced when it gets the casino licence.
Earlier reports noted that RWS’s submission for the casino licence had been delayed because its submission was incomplete. RWS declined to comment on any outstanding issues.
When contacted, the Casino Regulatory Authority said the casino licence is still being processed.
To date, the price tag for RWS is US$4.4 billion.
Chairman of the Genting Group and RWS Lim Kok Thay said: ‘When the Genting Group won the bid to build Resorts World Sentosa in December 2006, we promised Singapore that we will deliver a true IR that will make Singapore and Singaporeans proud. We have been single-minded about this – no distractions or excuses – and today, we are happy to say we marked the first milestone towards delivering on that promise.’
Before the hotels open to the public on the Jan 20, two were opened to the staff of RWS yesterday.
RWS CEO Tan Hee Teck said that the phased schedule allows the resort and its projected 10,000 employees to ‘run in operations’.
He also acknowledged that RWS ‘had not only opened on time, but ahead of schedule’.
Phase Two of the integrated resort will open later. This includes two more hotels with a total of 500 rooms, a destination spa, the Marine Life Park and the Maritime Experiential Museum.
Source: Business Times, 6 Jan 2010
TECHNICALLY, Resorts World at Sentosa (RWS) can now open for business as it has received TOP (temporary occupation permit) from the authorities. It also has more than 6,000 staff on board and over 1,000 more on their way soon.
However, the operator’s casino licence is still being processed.
Nevertheless, it has committed to opening some parts of the resort this month anyway.
In a statement released yesterday, RWS, which is owned by Genting Singapore, said that it would begin its ‘phased opening’ from Jan 20 beginning with four hotels.
Reservations for rooms and restaurants begin on Jan 10.
A check with RWS revealed that the Universal Studios Singapore buildings have also received TOP but will open later.
Festive Hotel, Hard Rock Hotel Singapore, Crockfords Tower and Hotel Michael will provide a total of 1,350 rooms and 10 restaurants.
As the casino is located in the basement of Crockfords Tower, it too has received TOP. However, RWS said that the opening date for the casino will be announced when it gets the casino licence.
Earlier reports noted that RWS’s submission for the casino licence had been delayed because its submission was incomplete. RWS declined to comment on any outstanding issues.
When contacted, the Casino Regulatory Authority said the casino licence is still being processed.
To date, the price tag for RWS is US$4.4 billion.
Chairman of the Genting Group and RWS Lim Kok Thay said: ‘When the Genting Group won the bid to build Resorts World Sentosa in December 2006, we promised Singapore that we will deliver a true IR that will make Singapore and Singaporeans proud. We have been single-minded about this – no distractions or excuses – and today, we are happy to say we marked the first milestone towards delivering on that promise.’
Before the hotels open to the public on the Jan 20, two were opened to the staff of RWS yesterday.
RWS CEO Tan Hee Teck said that the phased schedule allows the resort and its projected 10,000 employees to ‘run in operations’.
He also acknowledged that RWS ‘had not only opened on time, but ahead of schedule’.
Phase Two of the integrated resort will open later. This includes two more hotels with a total of 500 rooms, a destination spa, the Marine Life Park and the Maritime Experiential Museum.
Source: Business Times, 6 Jan 2010
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