Tuesday, March 31, 2009

STI: Eater's Digest

March 22, 2009

Eater's Digest

Food is integral to life, and the production, consumption and regulation of it has obsessed people through the ages as these food history books show.

 

Culture And Cuisine: A History Of Food And People (2nd Edition)

By Linda Civitello

2007/John Wiley/432 pages/paperback/

$70.57 with GST

 

You would think that this survey of food through the ages would be a dry academic read, given the serious tone of the title and implied ambition of the subtitle.

 

But Linda Civitello's book turns out to be a rollicking romp that is a winning combination of pop history and trivial pursuit. The book also smuggles in serious academic intent in the way it sets man's relationship with food in a broader socio-political context.

 

It helps that each chapter is broken down into snappy segments which are interspersed with useful information boxes that cover chronologies, recipes and assorted digressions about historical facts and figures.

 

Civitello's book is, inevitably, a little short in the Eastern food history department although she makes a valiant effort at including India, China and Japan in her global survey. While this is far from exhaustive, it is nonetheless an astonishing feat of accessible scholarship that lays out, in admirably compact fashion, how man's relationship with food has evolved through the ages.

 

Whether she is relating the creation of ghee (clarified butter) to the hot climate of India, or parsing the hellish intersection of the slave trade with agriculture and American cuisine, she tempers her intellectual curiosity with a light, lively narrative hand. The result is a must-read for everyone with a passing interest not just in food but in the history of mankind.

 

Swindled: From Poison Sweets To Counterfeit Coffee ? The Dark History Of The Food Cheats

By Bee Wilson

2008/John Murray/370 pages/hardcover/

$47.84 with GST

 

Author Bee Wilson has hit upon an engaging topic which still resonates today. After all, the world is still reeling from recent shocking scandals about melamine-tainted milk and antibiotic-infected pork products from China.

 

But Wilson's focus is much narrower - Victorian England and 20th-century America. One cannot quarrel with how scrupulously the author has done her research. She unearths quite fascinating nuggets about the age-old, three-way tug-of-war between food producers motivated by profit, food consumers demanding quality at a fair price, and food regulators driven by politics and practicality. I was tickled pink by one trivial tidbit that margarine was once dyed that bright shade in order to differentiate it from real butter.

 

Although the topic is a meaty one, Wilson stews over certain aspects for too long, resulting in bland pacing and stringy narrative. A stricter editorial hand would have helped, especially in the first half where talk of leaded boiled sweets and adulterated coffee goes on for far longer than is necessary.

 

But the pace picks up again in the last two chapters as Wilson delves, all too briefly, into more recent developments in detecting food fraud, such as the DNA testing of basmati rice, and cites ongoing battles against swindlers in Bangladesh and China. While the list of swindles she documents is horrifying, what is even more terrifying is the realisation at the end of this book that while technology has improved and food has become more available, the quality of food has not necessarily improved. This will make you re-examine everything you buy from a supermarket shelf.

 

Hamburger: A Global History

By Andrew F. Smith

2008/Reaktion Books/128 pages/

hardcover/US$10.85 from amazon.com

 

This compact history of the humble hamburger threatens at certain points to degenerate into a mere grocery list of facts and figures.

 

But for more careful readers, the recitation of such information can offer insights into the social and economic trends that have led to the popularisation of the beef patty sandwich and the globalisation of this dish. If you are on the hunt for detailed sociological and political analyses, however, you might be better off trying other books such as Eric Schlosser's Fast Food Nation.

 

Nonetheless, this succinct little book does manage to cover quite a lot of ground. Beginning with a personal anecdote about the author's own first encounters with the burger, the narrative dives into a linear account of the invention of the sandwich and the evolution of the burger into a convenience food with a million permutations consumed by billions around the world. Some of the most intriguing revelations are in the chapter on The Global Burger, which names the local variants, including a nod to the famed Ramly burger of Malaysia.

 

While enjoyable, this slim book reads more like an appetiser than a main course.

 

sorfern@sph.com.sg

STI: Coin toss wins it

March 29, 2009

Coin toss wins it

Chef Heinz Beck got to go to culinary school over his brother after his father flipped a coin to decide

By Fiona Low 

 

Renowned German chef Heinz Beck has three Michelin stars, five cookbooks and numerous other culinary accolades under his belt. Curiously, this is all thanks to a lucky gamble many years ago.

 

When his father heard that both Heinz and his twin brother, Hermann, wanted to enter the culinary profession, the senior Beck decided that one chef in the family was enough. He wanted at least one son to continue the family jewellery business.

 

The result: a coin toss that Heinz won, landing him in culinary school.

 

The 45-year-old, who is famous for his distinctive style of Mediterranean cuisine, will be in Singapore next month for the annual World Gourmet Summit.

 

Since 1994, he has helmed the kitchen at La Pergola - the only restaurant in Rome to have received three Michelin stars - which makes him one of the most famous chefs in Italy.

 

'I want to transmit emotions through a balance of aromas, flavours and colours,' says Beck of his food.

 

Those hoping to pick up some cooking tips from him can look forward to a masterclass he will conduct on April 27 at the Singapore Tourism Board auditorium.

 

But for those who prefer to simply sample his cuisine, there is the Iconic Dinner: Cuisine of Heinz Beck with Chianti Classico Wines later the same day at The St Regis Singapore.

 

You have recently written your fifth cookbook. Tell us about it.

 

The book is called Heinz Beck - L'ingrediente Segreto, which means The Secret Ingredient. It contains 32 recipes as well as a memoir of my life and my philosophy on food and cooking.

 

I wrote about the things that inspire me, the process I go through in creating a dish. The book will be out in stores at the end of next month.

 

You are also a professional sommelier from the Italian Sommelier Association. What is your favourite wine?

 

At the moment I like very much the wines from Apulia, a region in south-eastern Italy. They are made from the Nero di Troia, a red wine grape variety grown in the Italian region of Puglia. It reminds me of the flavours from the Mediterranean countryside.

What is your favourite dish to cook for your wife, Teresa?

 

Mediterranean lobster with orange sauce and basil olive oil.

 

What was your favourite German dish as a child?

 

Rinderroulade, which is a German meat roulade consisting of bacon, onions, mustard and pickles wrapped in thinly sliced beef.

 

What do you think is the winning formula of a good restaurant?

 

Doing your best to make the client feel like a king.

 

Name three things in the kitchen that you cannot do without.

 

Passion, creativity and good staff.

 

Do you have a sweet tooth?

 

Yes, I do. When it comes to desserts, I love all preparations that involve fruits.

 

What is one thing you will never eat?

 

Oysters because I'm allergic to them.

 

Of all the recipes that you have created, which is your favourite?

 

My Fiore Di Zucca, which is a deep-fried zucchini with quail eggs and caviar on a saffron consomme.

 

I chose the picture of it for the cover of my first book because it is a beautiful dish. It almost looks like a shining sun.

 

The flavours and texture of the dish meld perfectly with each other in your mouth. It is a wonderful dish.

 

What is the best part about being a chef?

 

Making people happy with the food that I cook. That is the most rewarding part of the job.

 

Are you a healthy eater?

 

Yes, definitely, because I believe that you are what you eat.

 

What is your signature dish?

 

My fagottelli from La Pergola, which is a fat pasta parcel filled with a heady explosion of liquid butter and parmesan, served with a parsley sauce and topped with caviar.

 

WHAT WOULD YOUR LAST MEAL BE?

 

I don't know yet, but I hope that I still have plenty of time to think about it.

STI: Run faster on coffee

March 29, 2009

Run faster on coffee

Just a small cup is enough to better your performance by 5 per cent and it works for all sports, say researchers

 

New York - Mr Weldon Johnson first tried caffeine as a performance enhancer in 1998. He was not a coffee drinker but had heard it could make him run faster. So he went to a convenience store before a race and drank a cup of coffee.

 

For the first time in his life, he ran 10km in under 30 minutes.

 

'I remember being really wired before the race,' he said. 'My body was shaking.'

 

From then on, he was a convert.

 

Mr Johnson, a founder of LetsRun.com, would avoid caffeine, even in soft drinks, for a few weeks before he competed in a race, wanting to have the full stimulant effect.

 

'It might have been a huge placebo effect but I swore by it,' he said.

 

Or maybe, it was not a placebo effect.

 

Caffeine, it turns out, actually works. And it is legal, one of the few performance enhancers that is not banned by the World Anti-Doping Agency.

 

Exercise physiologists have studied caffeine's effects: Does it help sprinters? Cyclists? Swimmers? Athletes whose sports involve stopping and starting such as tennis players? The answers are yes and yes and yes and yes.

 

From as long ago as 1978, researchers have been publishing caffeine studies. And they concluded that it actually does improve performance. In fact, some experts, such as Dr Mark Tarnopolsky of McMaster University in Canada, are just incredulous.

 

'There is so much data on this that it is unbelievable,' he says. 'It is just unequivocal that caffeine improves performance. It has been shown in well-respected labs in multiple places around the world.'

 

The only new questions are how it exerts its effects and how little caffeine is needed to get an effect.

 

For many years, researchers thought the sole reason people could exercise harder and longer after using caffeine was that the compound helped muscles use fat as a fuel, sparing the glycogen stored in muscles and increasing endurance.

 

But there were several hints that something else was going on. For example, caffeine improved performance even in short intense bursts of exercise when endurance was not an issue.

 

Now, Dr Tarnopolsky and others report that it increases the power output of muscles by releasing calcium that is stored in muscle.

 

The effect enables athletes to keep going longer or to go faster in the same length of time. Caffeine also affects the brain's sensation of exhaustion, the feeling that it is time to stop, that you cannot go on any more.

 

The performance improvement in controlled laboratory settings can be 20 to 25 per cent, Dr Tarnopolsky says. But in the real world, the improvement may average about 5 per cent, still significant if you want to get your best time or even win a race.

 

Ms Louise Burke, head of sports nutrition department of the Australian Institute of Sport in Canberra, reports that athletes get the full caffeine effect with as little as 1mg of caffeine per kg of body weight. So an 80kg man could drink one small cup of coffee or two cans of Coke to enjoy a lift.

 

And even if you are a regular coffee drinker, if you have a cuppa before a race, you will do better, Dr Tarnopolsky says.

 

He puts the research to use when he trains and competes. He is an elite triathlete, ski orienteer and trail runner. Besides, he loves coffee: 'I love the smell. I love the taste. It is heaven.'

 

New York Times

STI: Opening a stock trading account

March 29, 2009

YOUR PERSONAL ADVISER: FINANCE

Opening a stock trading account

 

Q I am a 19-year-old national serviceman looking to invest my savings in the stock market. But from what I know, the age limit for registering an account with the Central Depository (CDP) is 21 years old. Is there any alternative way of trading? The stocks are now at their low and I feel it will be profitable to invest in blue-chip stocks for the long term. I also have some money parked in a foreign currency deposit account. However, the currency is suffering a loss and I am wondering if I should switch the funds to recommended safe havens like the yen or US dollar.

 

A In the past, the minimum age to open a stock brokerage account locally and to invest in Singapore shares was 21 years old.

 

But, since March 9, the CDP has accepted account openings for applicants aged 18 and above.

 

If you wish to invest in some blue-chip stocks for long-term growth but do not have sufficient funds to build a diversified investment portfolio, you may want to consider using instruments like exchange-traded funds (ETFs).

 

ETFs are designed to replicate as closely as possible the performance of indexes like the Straits Times Index. The ETF fund manager does so by investing in the stocks following the same weightings as the respective index. Like unit trusts, an ETF is made up of a portfolio of around 30 or more stocks, allowing an investor to diversify company-specific risks very effectively.

 

With regard to your foreign currency deposit, the extreme volatility in forex rates is a reminder of the risks involved with forex trading.

 

There is no free lunch in exploiting the interest rate differential between high- and low-interest currencies. From the financial planning angle, we advise our clients to hold onto foreign currency deposits only if they have a future need for the currency, such as for tertiary education overseas. If you do not foresee having a need in the near future for the foreign currency you are holding, you may want to gradually reduce your exposure to it.

 

Stanley Sim

Team Manager,

New Independent

STI: Acupuncture clears the air

March 29, 2009

Acupuncture clears the air

Traditional Chinese Medicine (TCM) experts answer your queries in this fortnightly column.

By Gerard Yeo 

 

My nose is often blocked due to the deviation of my nasal septum. Can TCM improve my sense of smell and minimise inflammation in my nose?

 

The nasal septum is a bone structure in the centre of the nose which separates the airways and nostrils.

 

A deviated septum occurs when this bone shifts from its position and obstructs the passage of air through the nostrils.

 

This may cause the sufferer to experience sinusitis, infection and nose bleeds.

 

This condition is caused by a deficiency in the functions of the lung, spleen and kidney, as well as excessive heat accumulated in the lungs. A weak immune system and pathogenic factors such as wind, cold, heat and phlegm also play a part.

 

Chinese medicine, acupuncture, cupping therapy and tui-na massage can improve your condition by strengthening your organs and dispelling the pathogenic factors.

 

Chinese medicine such as Dahurian angelica root (baizhi), biond magnolia flower (xinyi), grassleaf sweetflag rhizome (shichangpu), Manchurian wildginger (xixin) and cablin patchouli herb (huoxiang) are prescribed to relieve nasal congestion and to improve one's sense of smell.

 

Baical skullcap root (huangqin), white mulberry root-bark (sangbaipi) and cape jasmine fruit (zhizi) rid the lungs of heat, while thunberg fritillary bulb (zhebeimu) and heartleaf houttuynia herb (yuxingcao) reduce mucus and phlegm.

 

Chuling (zhuling), coix seed (yiyiren) and oriental waterplantain rhizome (zexie) reduce inflammation, while tangshen (dangshen) and largehead atractylodes rhizome (baizhu) improve your immune system.

 

You should abstain from cold, spicy and oily food as they create heat and dampness, which weaken your immune system. Instead, take porridge and vegetables such as radish and winter melon as they reduce dampness and phlegm.

 

Exercises such as taiji, yoga and brisk walking, together with sufficient sleep, improve your immune system and prevent cold and flu.

 

Information provided by Ms Lim Lay Beng, a TCM physician at YS Healthcare TCM Clinic at The Adelphi.

STI: When it's not just a cough

March 29, 2009

When it's not just a cough

With TB on the rise, a stubborn cough coupled with fever, weight loss and blood in sputum call for a visit to the doctor

By Cheryl Tan 

 

If you have a cough that will not go away, go and see a doctor as you might have tuberculosis.

 

But before you start getting anxious the moment you break into a coughing fit, check for other telling symptoms such as prolonged fever, sudden weight loss and/or blood in the sputum.

 

While some of TB's symptoms, such as cough and fever, are similar to flu, doctors say the flu virus usually lasts only five to seven days. The body will either recover by itself or respond to medication.

 

For those with the active TB bacteria, the symptoms will persist. Often, sufferers can cough for many months without knowing they have the disease, says Dr Cynthia Chee, senior consultant at Tan Tock Seng Hospital's tuberculosis control unit.

 

A delayed diagnosis means the unsuspecting person can spread the airborne disease through infected respiratory droplets. The bacteria can also spread to the brain, kidneys, lymph nodes and bones.

 

According to an update by the Health Ministry on Monday last week, the number of TB patients in Singapore grew by 15 per cent to 1,451 last year, from 1,256 in 2007.

 

The report, which was released a day before World Tuberculosis Day, also highlighted the increase in younger people aged below 30 getting infected. Nevertheless, sufferers in that age group remain a minority among TB patients, say doctors.

 

The bulk of patients still comprise the elderly who have a weakened immune system or suffer from other medical conditions that allow the bacteria to multiply.

 

Explaining the spike in numbers, Dr Chee says 'urbanisation and overcrowding' help to spread the infectious disease.

 

Dr Philip Eng, senior consultant respiratory physician at Mount Elizabeth Medical Centre, also attributes the rise in the number of TB cases to the 'increased numbers of foreigners in Singapore for holiday and work'.

 

He says: 'This is especially so for people who come from countries with high incidence rates of TB, including parts of India, China, the Philippines, Thailand and Myanmar.' He says the rise could also be due to more Singaporeans travelling to more exotic locations such as South Africa and Cambodia, which have a high prevalence of the disease.

 

However, experts say the increase in TB cases should not get one so paranoid as to visit a doctor each time someone nearby starts hacking uncontrollably.

 

The disease is more likely to spread if there has been prolonged close contact of up to nine hours with someone with infectious TB in a poorly ventilated space.

 

Ultraviolet light, which is found in sunlight, kills the germs.

 

According to the Singapore Anti-Tuberculosis Association, individuals become non-infectious after two to three weeks of proper treatment. After six months, they will be cured. The disease is almost 100 per cent curable, it says.

 

If TB is suspected, patients have to undergo a chest X-ray, sputum tests, blood tests and a skin test. Those diagnosed with the disease have to undergo the six-month Directly Observed Therapy, an international standard of care for treating TB.

 

In the first two months of treatment, the programme requires patients to make daily trips to the nearest polyclinic to ensure that they take their pills dutifully. Over the next four months, they need to visit the clinic three times a week.

 

'Compliance with medication is of crucial importance and should not be discontinued just because patients feel better,' says Dr Constance Lo, senior consultant at the department of respiratory and critical care medicine at Singapore General Hospital (SGH). 'Premature discontinuation of medication can lead to a relapse and cause the TB bacteria to resist medication.'

 

This results in a multi-drug resistant form of TB that carries 40 to 50 per cent risk of fatality, says Dr Eng. This strain of TB accounts for less than 1 per cent of the patients here. Those with this strain need 18 months to two years to get better and they need stronger and more toxic drugs.

 

Dr Low Su Ying, a consultant at SGH, advises seeking prompt treatment as delay can lead to 'destroyed lungs or orthopaedic problems', affecting one's quality of life.

 

She blames 'general complacency' as a catalyst fuelling the recent rise in numbers. Many people, she adds, 'believe TB is a disease of the past and is no longer a problem'.

 

tcheryl@sph.com.sg

 

Truth about TB

 

§          More than two billion people, or one-third of the world, are infected with the tuberculosis germ.

 

§          TB is the seventh leading cause of death worldwide (World Health Organisation, 2004).

 

§          In Singapore, 2.2 deaths per 100,000 a year are caused by TB. The disease is also the No.1 cause of death among people infected with HIV (WHO, 2006).

 

§          If left untreated, each person with active TB infects 10 to 15 people every year.

 

§          The vast majority of TB deaths are in the developing world. More than half of all deaths occur in Asia.

 

§          Every year, there are about 1,000 patients in Singapore treated under the Directly Observed Therapy. Those who fail to turn up will be given reminders through phonecalls and home visits. As a last resort, he or she will be referred to the Ministry of Health and forced to seek treatment under the Infectious Disease Act.

STI: What is a dividend yield?

March 29, 2009

FINANCIAL QUOTIENT

What is a dividend yield?

 

Where do you see this?

 

In company announcements and newspaper reports.

 

What does it mean?

 

Dividend yield tells you what percentage the stock returns relative to its price.

 

It can be calculated by taking annual dividend per share divided by the stock's price per share. Thus, if the price drops and if the dividend stays the same, the yield will rise.

 

For investors who like to have a steady cash flow from stock investments, the dividend yield is one basic indicator to identify high dividend corporations.

 

Singapore stocks that come with attractive dividend yields include StarHub and Singapore Post.

 

Why is it important?

 

One might be tempted to buy stocks with high dividend yields for their hefty payouts, but note that buying such stocks is not without its risks. The reality is that when the going gets tough, companies can slash dividends.

 

For example, some major American financial institutions that have cut their payments showed an uncanny pattern of dividend cuts and then massive failures. Examples include Fannie Mae, Freddie Mac and Lehman Brothers.

 

A high dividend yield does not necessarily mean a dividend decrease is near. Do not just buy stocks based on their yield. Check if the company is healthy and has good cash flow. A company can pay a dividend only if it has the cash flow to support it.

 

So you want to use the term, just say...

 

'I'm tempted to buy that stock because of its high dividend yield, but my broker says I should consider other factors too.'

 

Gabriel Chen

STI: Make market cycles work for you

March 29, 2009

small change

Make market cycles work for you

Roughly gauging the stage which equities are in will help investors identify the major trend direction

By Dennis Ng 

 

Observing nature, we will notice cycles.

 

There are, for instance, four seasons, with the cold winter followed by blossoms in the spring. And just when everyone is having fun in the sun, it is good to be mindful that temperatures will drop as autumn approaches. Those who are not prepared with sufficient clothing might freeze when winter returns.

 

Similarly in the financial markets, there are market cycles where busts follow booms and vice versa. That is why the 'party' ended with a market crash last year, after global stock prices shot up by between 200 and 500 per cent in the last four years.

 

According to historical analysis, 2008 was one of the worst years for stocks since 1937. For many, this might be depressing news but for me, this is exciting news. By observing market cycles and investing accordingly, one can try to time the market.

 

I would say that in the short term, it is difficult to time the market correctly on a consistent basis. However, it is definitely possible to roughly estimate at which stage of the market cycle we are in.

 

For instance, in 2007, the stock market was in its fourth bullish year. Back then, the Straits Times Index (STI) had risen about 200 per cent from a low of 1,226 in March 2003 to over 3,600 points.

 

As far as I remember, the Singapore stock market has never had a bull market that lasted more than five years. Believing back then that we were near the tail end of a bull market, I sold most of my stocks and avoided the market carnage that followed a few months after that.

 

The steps to 'market cycle investing' are simple.

 

First, we try to estimate at which stage of the market cycle we are in.

 

Secondly, we try to identify the major trend direction - upwards or downwards.

 

Finally, we position ourselves accordingly; basically, the strategy to take is to go with the trend instead of going against the trend.

For instance, if you bought stocks during 2004 when the stock market was on an uptrend, it was easy to make money since most stocks were moving up in price. However, when stock markets were in retreat last year, it was very difficult to avoid losing money on stocks, simply because most stocks fell in price in accordance with the general market direction.

 

Some people firmly believe in the 'buy and hold' strategy, holding on to their stocks through thick and thin, whether the stock market is moving up or down.

 

I used to be one of them until I realised I lost out on a lot of opportunities by not selling out when markets were high and buying back again when markets were low. We do have to be mindful of opportunity costs. In the last bear market from March 2000 to March 2003, I also observed that when the tide turned, almost all stock prices went down, including blue chips.

 

Let me give an example: DBS Group Holdings' share price was as low as $8 in 2003; it hovered between $8 and $10 for close to one year. If you practised market cycle investing, and even if you had missed the bottom, you could have easily bought the bank's shares at about $10.

 

In 2007, after four years of bull runs, DBS' share price shot up to as high as $25 and hovered between $20 and $25 for more than one year.

 

Again, even if you missed the top, you could have easily sold DBS shares when the price was about $20. By buying at $10 and selling at $20, you would have easily pocketed a 100 per cent return over four years. Not bad at all.

 

Similarly, by practising market cycle investing, after selling out at $20, and after one year of a bear market, you can now easily buy back DBS shares at less than $10 again.

 

On the other hand, if you had bought DBS shares at $10 in 2003 and steadfastly held on to them through 'thick and thin', you would have basically enjoyed the 'roller-coaster ride' of the market but would have no profits to show after five years.

 

Of course, nobody knows when the market will bottom. My experience is that I was early and invested all my money by early 2002. However, I was one year too early as the Singapore stock market bottomed only in March 2003.

 

Despite missing the bottom by 12 months, I still managed to achieve over 200 per cent in returns riding the four-year bull market that followed.

 

Thus, by practising market cycle investing, one would inevitably buy when prices are low, and sell out when prices are high.

 

By doing so, you have also reduced your risks of losing money.

 

The author is an avid investor and an accountant by training. He co-founded www.HousingLoanSG.com, an independent mortgage consultancy portal, in 2003.

STI: He sticks to dollar-cost averaging

March 29, 2009

me & my money

He sticks to dollar-cost averaging

Financial service group founder's disciplined savings strategy gives him peace of mind

By Lorna Tan 

 

Australian Robert Bennetts, 56, the founder and group chief executive of Professional Investment Services (PIS), does not like to lose sleep over his investments.

 

That is why he follows a disciplined savings strategy by putting a regular sum into his investment portfolio rather than a lump sum. As a result, the price paid for the shares or unit trusts is averaged out. This means more shares are bought when prices are low and fewer when prices are high.

 

Together with four financial advisers and seven accountants, Mr Bennetts set up PIS in Australia in August 1996 with an initial total investment of A$193,000.

 

The founding members still work for PIS, now one of Australia's largest financial advisory groups.

 

For each of these founding shareholders, A$5,000 invested on day one was valued at A$3.1 million in December 2005, when British insurer Aviva bought 20 per cent of the group.

 

The PIS group now advises clients with combined funds of over A$21 billion (S$22.1 billion). With 1,000 branches Australia-wide and more than 1,542 representatives, it has one of the largest networks of accountants, financial advisers, and mortgage and insurance brokers there. Its overseas businesses have more than 1,000 advisers in all. Its Singapore operations, Professional Investment Advisory Services, started in 2001 and has 360 representatives.

 

Mr Bennetts, who was in town recently, is married to Sheree, a housewife, and they have two daughters aged 19 and 17. They live in the Gold Coast.

 

Mr Bennetts graduated in 1995 with a Bachelor of Science degree, majoring in business administration, from Pacific Western University in the United States. He is also a certified financial planner.

 

Q: How is your credit card usage?

 

Credit cards are a necessary evil in my belief. Necessary because they are the currency of the day, convenient and reasonably secure. Evil because of the ease of access to credit and the possible abuse of this if not managed correctly. I ensure that all debts on my cards are cleared within the interest-free period.

 

Q: What financial planning have you done for yourself?

 

Because I don't have the time to buy and sell individual stocks, I invest my funds through managed investments. My long-term goal is to average 2 percentage points above the Australian share market average, which is traditionally 12 per cent.

 

Q: What about insurance planning?

 

Personal and business protection is extremely important to an overall financial planning strategy.

 

As I have accumulated sufficient wealth, I find it unnecessary to insure myself. However, when my children were younger and I had a mortgage, I considered it essential to be protected appropriately to pay up any debts and provide my family with an income to maintain their existing lifestyle if I was unable to provide for them.

 

Q: What are your property investments?

 

I have a three-bedroom house at Bundall beach in the Gold Coast overlooking the sea. I also have a four-bedroom home in Sorrento and a three-bedroom home in Ashmore, as well as a small farm in Killarney with approximately 20 cattle. All are in Australia.

The current downturn and limited access to banking credit have influenced a retraction in housing prices, so there are good opportunities across most Australian cities. There is only a limited coastline for housing development and properties with absolute beachfront are highly sought after.

 

Q: Moneywise, what were your growing-up years like?

 

I come from a family of five. My father started his career in the meat industry, supplying meat to retail outlets like butcher shops, and later became a real estate agent. My mother raised the family. I grew up in a four-bedroom house with a swimming pool in the Gold Coast.

 

My parents came from an era where they grew up believing they should save their money in a bank; they both stuck to this belief. But this strategy did not allow them to retire as wealthy people. They relied on their government old-age pension. So I did not come from a wealthy family. But I worked hard and was able to buy in 1969, at age 16, my first two blocks of land, in Burleigh Heads in the Gold Coast. Each cost A$300. I spent A$400 improving them and, six months later, I sold them for A$3,000 each.

 

Q: What's the most extravagant thing you have bought?

 

It was an earlier 'investment' in a horse which had more shoes than (former Philippine First Lady) Imelda Marcos, more blankets and injections than you would see at a hospital, and in the end my golden retriever could run faster than it.

 

Q: What's your retirement plan?

 

I believe I achieved financial independence in 1995 through astute investment decisions. I have no plans to retire yet but will keep working for as long as I am capable and enjoying it. Having said that, I am working on my wealth accumulation so that when I do retire, I can do so comfortably with my family.

 

Q: And your home now is...

 

I live in a four-bedroom house facing a canal in the Gold Coast. The property is also five minutes from the beach. It was purchased for A$310,000 in 1993 and is currently worth A$1.5 million.

 

Q: And your car is...

 

A black E-Class Mercedes-Benz.

 

BEST AND WORST BETS

 

Q: What has been a bad investment?

 

In 1997, I bought a property 1,000km from where I live in the Gold Coast.

 

Being so far away, it was difficult dealing with tenants and with damage to the property. It was bought for A$110,000 and I spent A$30,000 on enhancements.

 

After seven years, it was sold for about A$87,000, or a loss of about A$50,000.

 

Q: Your best investment to date?

 

My overall strategy of keeping investments balanced and my development of the financial service group Professional Investment Services.

STI: Going back to my Toa Payoh roots

March 28, 2009

Going back to my Toa Payoh roots

My family and I can now live forever with the trees we will be planting in our former housing estate

By neil humphreys 

 

I grew up in a London council estate in a town called Dagenham. That means, according to the social stereotype, I boast the following characteristics or achievements:

 

I fathered a child before my 18th birthday (in fairness, there isn't much for the average Dagenham teenager to do and England is a bitterly cold country).

 

I left school before my 16th birthday, paid for a tattoo on my arm that read 'I'd die for West Ham United' and wore more gold rings than Mr T.

 

I also had no time for Mother Nature. Any school trips to experience the English countryside and examine the eco-systems of our existence were spent trying to kiss pretty girls behind an oak tree.

 

Fortunately, whether it was by luck or by design, most of these incidents never came to pass.

 

Child-rearing was rather difficult when one had the teenage sexual magnetism of Ichabod Crane. Leaving school at 16 was not an option because I had less market value than AIG. I couldn't afford a tattoo and my gold rings were taken by a knife-wielding mugger.

 

But I did have zero interest in the environment and the natural world, largely because there was no natural world in Dagenham.

 

Nature-spotting at my local park involved examining fauna whose mating rituals involved the rhythmic rocking of a Ford Focus.

 

Those nature-spotters were usually arrested. The only wild encounter I can recall in Dagenham was the night a feral fox followed me all the way home from a pub.

 

I was a little the worse for wear and, to this day, I'm not entirely sure if it was a feral fox or a red-headed girl from the pub.

 

The wintry, foggy streets made it difficult to see my pursuer clearly, so I couldn't decide if it was going to sink its teeth into my calf or berate me for not walking her home to meet her mother.

 

A year later, I visited a friend in the Yorkshire Dales and we took a trip to the Peak District.

 

Walking along a country lane, a sheep crossed my path, baaed at me and I ran halfway to Lancashire screaming: 'It's gonna eat me, it's gonna eat me. This is Silence Of The Lambs all over again.'

 

When my friend caught up with me, he poked my woolly jumper and asked: 'Where do you think that came from?'

 

'I know where it came from,' I replied. 'It came from a market stall in East London.' How I wasn't given my own TV show on National Geographic I will never know.

 

But Singapore changed everything.

 

You may mock and laugh theatrically, but Singapore turned me from an indifferent meanie to an idealistic greenie.

 

I defy anyone who grew up in a London housing estate where two stray cats caterwauling can stop the traffic and who moved to a tiny island with primary rainforest, long-tailed macaques, smoothcoated otters, monitor lizards, wild boars and the occasional crocodile not to be like a kid in a candy store while walking around Sungei Buloh Wetland Reserve.

 

To reiterate, Singapore is one of only two cities in the world (the other being Rio de Janeiro) to contain primary rainforest within their boundaries. I read about it in one of my books.

 

My ardent admiration for the National Parks Board goes back more than a decade and its conservation and environmental awareness efforts continue to inspire (particularly at a time when a casino's plan to stick an endangered whale shark in a Sentosa aquarium is generating international headlines for all the wrong reasons).

 

Rather fortuitously, being a converted greenie, a first-time father and a fan of NParks has allowed me to address the thorny issue of my mortality.

 

Being new parents, my wife and I drew up our first will recently and tackled that unavoidable question: When the time comes, where would our daughter come to remember her nomadic parents?

 

I was born in England, spent most of my adult life in Singapore and I'm currently travelling around Australia.

 

My plan to erect a statue at Tampines Stadium where I once famously scored from 30m against the Tampines Rovers' Ladies team was sadly rejected by the Tampines Town Council.

 

Similarly, my suggestion of installing a plaque at the Dagenham park where all those cars rocked the night away was dismissed by my wife.

 

Surprisingly, NParks offered an answer via its Plant A Tree programme.

 

The idea is as simple as it is profound. I donate a sapling - a young tree - to a Singaporean park and contribute positively to the environment, my daughter occasionally visits the tree and maybe thinks about her old dad and I fulfil my secret ambition of living forever.

 

So if you are passing Toa Payoh Town Park on Thursday at 9am, you may spot a sweaty ang moh couple - and a baby strapped to her father's chest - planting three saplings.

 

My family's trees will literally grow roots in Toa Payoh, a thought that delights me more than I can possibly say.

 

But just to clarify to the relevant authorities, we picked this particular spot because we once lived in the housing estate. Our baby was not conceived in the Toa Payoh Town Park.

 

stlife@sph.com.sg

STI: Safety's the key issue - not sex

March 28, 2009

DAEDALUS

Safety's the key issue - not sex

By Andy Ho

 

THERE is now an anti-cancer vaccine called Cervarix. Its maker, GlaxoSmithKline, has just dropped its price by a third. It now costs $450 for three required shots.

 

The vaccine works against four strains of the human papillomavirus (HPV) - two that cause cervical cancer and two genital warts. It also prevents some vaginal, vulvar, anal and throat cancers.

 

Although it is presently recommended for females aged 10 to 25 only, Nobel laureate Harald zur Hausen, who won the prize last year precisely for discovering the HPV-cervical cancer link, urges that boys also be vaccinated.

 

This is because HPV raises the risk of throat cancer 12-fold. Mathematical models show that vaccinating only females would merely be 60 to 75 per cent as effective at reducing HPV in females overall compared to vaccinating both sexes.

 

At any rate, only 1 per cent of women in the recommended age group have received the pricey shots. Cost aside, the media reported last week that 1,500 females in Britain developed paralysis, convulsion, and sight problems after Cervarix. In February, after two girls developed similar problems in Spain, the authorities there temporarily halted the use of Gardasil, an identical vaccine made by Merck.

 

According to an Australian study published in September last year in the Canadian Medical Association Journal, the rate of anaphylaxis - a serious total body allergic reaction that can lead to death - following Gardasil was significantly higher than other childhood vaccines.

 

Gardasil's overall rate of anaphylaxis is 2.6 per 100,000 doses administered. By contrast, those for the meningococcal C, MMR (measles-mumps-rubella), hepatitis B, and measles-rubella vaccines are 0.4, 0.41, 0.78 and 1 per 100,000 doses administered, respectively.

 

The researchers from Australia's National Centre for Immunisation Research and Surveillance of Vaccine Preventable Diseases suggested that its higher rates might be caused by yeast proteins present in the vaccine or a stabiliser called polysorbate 80. Or, the attenuated HPV proteins themselves might be the cause, they postulated. However, their findings 'should not curtail' HPV vaccination for the population at large, they opined.

 

Largely concurring with this conclusion, the US Food and Drug Administration and the Centres for Disease Control and Prevention announced last July that they 'continue to find Gardasil...safe and effective (whose) benefits continue to outweigh the risks'. Most advocates argue that many of the adverse effects noted are probably phenomena occurring naturally in the population, so they would have occurred in the patients involved had they not been vaccinated anyway. That is, the vaccine was not the cause at all.

 

However, noting that activists and manufacturers have put pressure on policymakers worldwide to adopt the vaccine, especially in childhood vaccination programmes, an editorial in the August 2008 issue of the New England Journal of Medicine cautioned that there was 'good reason to be cautious about introducing large-scale (HPV) vaccination programmes'.

 

Many questions remain. For one, we don't know how long the immunity the drug confers will last. Studies suggest that the three-dose series will not likely prevent cancer indefinitely. Thus boosters will be needed and costs will rise further. We also don't know if the vaccine will affect natural immunity against HPV. After all, in 80 per cent of HPV infections, the body's natural defences clear them out within two years.

 

Some 40 of the 100 HPV types that exist cause all known cases of cervical cancer. However, the vaccine covers only types 16 and 18, because the duo are responsible for 70 per cent of the cases. Yet other types are becoming increasingly responsible for some pre-cancerous cervical problems.

 

Then there is the worry that the vaccine may lull some women into the wrong idea that pap smears, the mainstay in preventing cervical cancer, are no longer important. In fact, not all vaccinated women are absolutely protected from the cancer. For all these reasons - and because questions about its safety remain - there are some who argue against the vaccine.

 

Then there are the moralists who feel the vaccine could promote premarital sex and encourage promiscuity among adolescents. Some fear that vaccinating young girls against a disease that can only be transmitted sexually might send them the wrong message. Adolescents may read it as tacit approval for sexual activity. They may also develop a false sense of security, thinking that they are protected against other sexually transmitted diseases too.

 

Feminists argue, however, that this notion of a vaccine fomenting promiscuity is merely the expression of a misplaced fear of female sexuality. To deny girls protection against a sexually transmitted, cancer-causing virus is to imply that boys deserve to be protected from female sexuality more than girls deserve to be protected from cervical cancer. Girls are not worth less than boys, they assert.

 

Perhaps if both sides kept in view whom it is that we want protected - our daughters, sisters and wives - then we might not be inclined to construe the issue in terms of whether or not we are promoting irresponsible sex. Rather, it is about protecting our children's health - once we are sure the vaccine is truly safe.

 

andyho@sph.com.sg

 

Daedalus (meaning 'cunning worker' in Greek) was the man who built wings so he and his son Icarus could fly. As Icarus flew too close to the sun, his wings melted and he crashed to earth. Daedalus is a weekly column on the triumphs and challenges of science and technology.

STI: Mortgagee sales tipped to rise

March 28, 2009

Mortgagee sales tipped to rise

 

MORTGAGEE sales - when repossessed homes are put on sale by financial institutions - have been few and far between so far but they are tipped to increase in the coming months.

 

The auction market remains weak but showed signs of life this month, said Colliers International yesterday.

 

There were 53 repossessed properties - 41 were residential - put up for sale in the first quarter, up 18 per cent from the fourth quarter last year.

 

Colliers said the rise may be small but it indicates an impending trend of continued growth, which is in tandem with the deteriorating economy.

 

Deputy managing director and auctioneer Grace Ng said a more significant number of mortgagee sales is expected later this year or next year.

 

'This is due to the lag time of approximately six months or more between when a buyer defaults on his loan repayments and when the bank repossesses the property and puts it up for auction sale,' she said.

 

Together with properties put up for sale by owners, there were 189 auctions in the first quarter but just 6 per cent were sold, up slightly from the low 5 per cent in the fourth quarter of last year.

 

Still, the value of deals rose and there were more transactions this month. Eight properties were auctioned off this month for a total of $12.955 million.

 

These transactions bring the total value done in the first quarter to $17.94million, up a striking 234 per cent from the fourth quarter.

 

JOYCE TEO

STI: S-Reits face worst crisis

March 28, 2009

S-Reits face worst crisis

After astonishing growth, overall value of units plunges 60 per cent

By Jessica Cheam 

 

SINGAPORE real estate investment trusts (Reits) are facing their worst crisis since they entered the market eight years ago and became wildly popular.

 

Property experts are confident Reits here, known collectively as S-Reits, will survive the global economic turmoil, but they warn some might fail along the way as the industry consolidates.

 

'S-Reits have been undergoing the most challenging and difficult times since their inception,' said property giant City Developments' group general manager, Mr Chia Ngiang Hong.

 

Reits are listed on the stock exchange. They own a property portfolio - shopping malls, for instance - and make regular payments to unit-holders.

 

Investors piled into Reits, attracted by the reliability of payments and the good yields. Reits grew at an astonishing rate - their combined market value hit $33.5billion in June 2007 from just $740million in 2003, Mr Chia noted.

 

However, the global crisis and tight credit markets have contributed to a market free-fall for Reits.

 

Overall, the value of Reit units has plunged by about 60per cent, said National University of Singapore (NUS) provost Tan Eng Chye.

 

Both Mr Chia and Professor Tan were speaking at the NUS Department of Real Estate's public forum on S-Reits yesterday.

 

Refinancing and recapitalisation risks are the darkest clouds hanging over the industry, said the real estate department's Associate Professor Sing Tien Foo.

 

An estimated $4.6billion in S-Reit debt is due to be refinanced this year. Another $12billion is due next year, he said.

 

The weak financial markets and elevated risks among lenders have made it difficult to get financing.

 

Given their structure, Reits are heavily dependent on capital markets, said Moody's senior analyst Kathleen Lee.

 

The industry will see a wave of consolidation, and smaller Reits are at greater risk of having refinancing issues.

 

Some here may even go under, she added, citing a case in Japan where New City Residence Reit sought court protection late last year with US$1.1billion (S$1.6billion) in debt.

 

Moody's, along with other rating agencies, has in recent months downgraded the credit ratings of many S-Reits.

 

One scenario that might emerge from this crisis could be firms with the 'smart money' acquiring weaker Reits and taking them private, said Mr Philip Levinson of the Asian Public Real Estate Association.

 

The association last month asked the Government to help Reits refinance an estimated $12 billion of debt.

 

It was reported that one request was to lower the minimum investor payout ratio that Reits must meet to qualify for tax transparency treatment - from the current 90per cent to as low as 50per cent.

 

This has since been rejected by the authorities, on the grounds that the characteristics of Reits as a stable, high-payout, pass-through vehicle are important considerations for investors.

 

At the panel discussion yesterday, rights issues also came under fire.

 

CapitaMall Trust had recently issued units at a hefty discount to market price, drawing criticism that this was an expensive source of capital to refinance debts.

 

Ms Lee said even though this is true, a rights issue is an available option to raise cash and will be the 'only way to go' for some as a matter of survival.

 

She added that besides refinancing risks, Reits are also rated on their portfolio diversity, quality of assets and track records of its management.

 

Guest speaker James Shilling, an established real estate academic from DePaul University in the United States, told the 150-strong forum audience that despite the current weak performance of Reits, he believed 'Reits are here to stay' and will experience growth in the long term.

 

In the meantime, Reits are in for a tough and volatile time ahead.

 

'When the volatility index comes down, investors will come back and that's when things will start turning a corner,' he said.

 

Ms Lee added that she believed the recovery will be a 'lazy L-shaped' one, where it will take some time before the market recovers fully.

 

jcheam@sph.com.sg

BTO: When it pays to beat about the bush

Business Times - 28 Mar 2009

GUEST CHEF
When it pays to beat about the bush

To spice up your food with fresh flavours, try venturing into the bushlands of New Zealand for inspiration. By Audrey Phoon

 

MOST people wouldn't be able to tell a tamarillo from an armadillo, or a bite of piko piko from a certain brand of analgesic ointment. But not Glen Cooper - the executive sous chef of The Fullerton Hotel Singapore announces quite nonchalantly that he has tamarillos for breakfast.

 

Contrary to what you might think though, Cooper isn't a teeth-gnashing barbarian who rips into any living thing he sees. The New Zealander is actually a rather quiet man with a gentle manner; he just knows his native food. And he explains quite kindly that a tamarillo isn't a four-legged creature but rather 'a New Zealand tree tomato, with flesh almost like a mango but there are seeds in the middle'. To eat one, you just have to 'cut it in half, spread vanilla sugar on it and bake it in the oven'.

 

Piko piko, on the other hand, is a type of fern that's widely available in the bushlands of the Land of the Long White Cloud, shares Cooper, who is taking part in the Taste New Zealand festival which kicked off on Friday (for details visit www.newzealandinsingapore.com). It can be pan-fried or steamed and has a texture similar to green beans 'though they're not as sweet, more bitter really', he says.

 

Of course, some New Zealand food such as lamb, mussels and oysters are as familiar to global audiences' minds as they are to their mouths, but the chef isn't surprised that other fare from his country - especially that from the bush - remains foreign to most people. Indeed, he acknowledges that many New Zealanders are no more aware of what piko piko is than anyone else. 'It's just the Maori who have been using (such ingredients from the bush),' he explains. 'Only over the past few years has this food been marketed widely. Generally, the only people who know about it besides the Maori are the local hunters.'

 

The New Zealander himself admits that he only started working with bush food from his country 'a few years ago'. But he adds that the discovery is serving up a whole new plate of possibilities. Some of his current favourite ingredients, for instance, include horopito leaves that he crushes and uses as a marinade for meats, as in the recipe here, and the native fern kawa kawa which can be used as a seasoning.

 

The bush ingredients have really earthy flavours, which generally pair well with robust food from the land, notes the chef. 'It's like when you're cooking seafood, you use a lot of light seasoning like salt. It's important to match your flavours with the environment that the main ingredient came from.'

 

Bush fare and the better-known food aside, 'kikorangi cheese is great too', says Cooper. 'It's a sort of New Zealand blue that's great with beef and with walnuts. You can use it with quite sweet ingredients because the cheese is a bit bitter.' Then there's feijoa, a fruit that is 'not like anything else - it's quite acidic with a strange texture; you have to taste it to know what it is. Traditionally, you cut it in half and scoop it out with a teaspoon and eat it like that'.

 

Those keen to experiment with the more exotic New Zealand products will be happy to note that they are quite readily available here. Cooper recommends The Cellar Door at Bukit Timah Road (Tel 6469-7665) for items like the kikorangi and feijoa chutney, and he says that tamarillos can be found at Cold Storage supermarkets.

 

As a true citizen of a big wine-growing region, the chef also advocates having a nice glass of wine with all that food. He suggests pairing the recipe here with a Gibbston Valley pinot noir, while other favourites include Esk Valley cabernet sauvignons and merlot, and anything from Chard Farm 'up in the region where they shot The Lord of the Rings'.

 

A bottle of that plus a tamarillo or two, and who knows? You could be on your way to discovering one cuisine to rule them all.

 

Horopito-rubbed New Zealand tenderloin with warm vegetable salad, kikorangi and home-made tomato and chilli jam
Serves 4

 

For the beef:

4 New Zealand Angus beef tenderloins
(about 160g each)
Horopito to dust
Maldon sea salt
Cracked black pepper

 

1. Pre-heat oven to 160 degrees Celsius. Sprinkle horopito, salt and pepper on a small tray along with a little olive oil and roll beef through the seasoning mix to coat.

 

2. Heat a little oil in a medium-sized frying pan and sear beef until golden brown on the outside, then transfer to a clean tray.

 

3. Cook in oven for approximately 10 minutes to get a medium rare doneness (depending on the thickness of your beef), then remove and leave to rest in a warm place for another 10 minutes.

 

For the beetroot:

200g beetroot
30ml red wine vinegar
30g castor sugar
30ml water

 

1. Peel beetroot and cut into desired size.

 

2. Place beetroot, vinegar, sugar and water in a ziplock bag and steam for about 35 minutes. Leave the beetroot to rest in its jus when cooked.

 

For the potatoes:

500g agria potatoes
25g New Zealand butter
A few sprigs of thyme

 

1. Wash the potatoes thoroughly, then boil in salted water until almost cooked.

 

2. Remove potatoes from the water and slice into rings.

 

3. Fry rings in butter and thyme until golden brown, then season with a little salt and pepper.

 

For the mushrooms:

4 shitake mushrooms
2 oyster mushrooms
50g enoki mushrooms
20ml Telegraph Hill extra virgin olive oil
A pinch of Maldon sea salt
A pinch of ground white pepper

 

1. Slice shitake mushrooms into desired thickness, gently shred oyster mushrooms by hand and pull apart enokis.

 

2. Season with salt and pepper and toss with olive oil. Then lay on a flat baking tray and bake at 160 degrees Celsius for approximately 15 minutes.

 

For the asparagus:

12 spears asparagus
New Zealand butter to fry

 

1. Peel asparagus to reveal white flesh beneath, then drop in a pot of boiling water for a few seconds until asparagus is al dente.

 

2. Remove from boiling water and refresh in iced water. Before serving, glaze asparagus in a pan over medium heat with a little butter and season with salt and pepper.

 

For the tomato chilli jam:

100g whole tomatoes, peeled
6 red chillies, pureed
150ml fish sauce
2 tsp freshly ground anise seeds
50g castor sugar
2 cloves garlic, finely chopped
1/4 tsp cinnamon powder
200ml cider vinegar

 

1. Bring all ingredients to the boil, reduce heat and simmer until desired consistency is reached.

 

To garnish:

50g kikorangi blue cheese
A few toasted walnuts

BTO: Stuffed shirt no more

Business Times - 28 Mar 2009


Stuffed shirt no more

Singapore men are shedding their boring, staid image for a dressier and more stylish one. By Melissa Lwee

 

GONE are the days when men were considered second class citizens in the world of shopping. Not when the humble office shirt - more a uniform than an expression of personal style - has of late become a veritable status symbol.

 

Forget the neighbourhood tailored shirt or mainstream shirt labels bought in bulk - a current influx of upscale men's shirt brands is putting a fashionable spin to the concept of men's office wear.

 

With the entrance of labels such as Charles Tyrwhitt, Thomas Pink and most recently T.M.Lewin, all of which have roots in Jermyn Street - the place for gentlemen to shop in London - the choice is widening for Singapore men beyond the usual luxury labels like Zegna or Hugo Boss.

 

According to industry players, the vibrancy of Singapore's men's shirt market today is a response to a growing demand for the product. In an industry where 'classic' items such as shirts outsell their more fashionable seasonal counterparts like an 'It' bag, it is no wonder retailers are paying more attention.

 

'I believe that the return of Hong Kong to China in 1997 was the beginning of the rise of Singapore as the financial centre of Asia,' remarks R Dhinakaran, managing director of Jay Gee Enterprises that brought in T.M.Lewin. 'It meant a rise in the number of working executive men in Singapore, which in turn leads to a bigger demand for shirts.'

French shirt brand Alain Figaret certainly saw this potential when they opened their first Asian store in Singapore in 1996. The idea was to offer a luxury ready-to-wear product in a market that only had two options - cheap or tailored.

 

Its spokeswoman Nancy Goh explains: 'The shirt market in Singapore is very dynamic, mainly because it has an important potential customer base.

 

'With expatriates, tourists and businessmen that come and go, and local executives with very high living standards and purchasing power, we see it as one of the most important markets in Asia.'

 

A growing market with little quality offering was similarly what inspired FJ Benjamin to start local shirt kingpin Raoul seven years ago. 'I started Raoul in 2002 because I had gone to London, bought a few very expensive shirts and within a few months they were so tattered you would have thought I washed my shirts with knives,' recalls chief executive Douglas Benjamin. 'So I told my wife I wanted to start making men's shirts that can actually stand the test of time and all Raoul shirts can definitely do that.'

 

He adds that over the last five years, the local men's shirt market has not only grown by leaps and bounds in terms of size - Raoul now makes 40 times more shirts for men as compared to when they first started seven years ago - but also in terms of design awareness.

 

'When we started, we were very safe, only using standard designs and colours. A colour like purple, for example, was a no no!' says Mr Benjamin with a laugh.

 

'But after Raoul had built up a loyal customer base, people were coming to us and asking for more 'daring' colours and designs. We even produced shirts in purple and they sold out!

Nowadays, we even make shirts with variations of checks and stripes because the market demands it. Who would have thought?'

 

It was on the back of a dressier culture that spurred British yuppie favourite Thomas Pink to open its first outlet in Takashimaya Department Store in October 2007.

 

'Men in Singapore are getting dressier. They want to look good but are not sure how to,' says Louis Chua, general manager of Trinidad Ventures that brought in Thomas Pink. 'Disposable income is also increasing and with constant exposure to external cultures, fashion demands and the need to feel confident, men tend to spend a little bit more on dressing up these days. Five years ago, if a garment had sleeves, pockets and buttons it was a shirt. Now, you need to have a certain cut, Italian fabrics, modern fabric designs. Men today want to attract attention and also ensure they give the right impression.'

 

Stylist Daniel Boey explains that Singaporean men are no longer as conservative as they used to be. 'I think now, more than ever, men are more aware of the cut of shirts,' he says. 'No longer do men just go about buying completely shapeless shirts off the rack, they are beginning to realise that cut and fit make a huge difference.'

 

He attributes the proliferation of men's fashion magazines such as GQ in Singapore as the reason why men are more shirt/fashion savvy these days. Says Mr Boey: 'In the past, men's magazines were deemed flouncy , flamboyant or both.

 

'But now, the trend is to give non-threatening fashion advice that people who are not in the fashion industry can adopt which accounts for why men in Singapore are not just more knowledgeable about what they wear but also pay more attention to what they want to buy.'

 

For those who are in the market for a well-fitted shirt but have no idea where to start, Mr Boey has the following few tips: 'Always try on the shirt. Just because you are a medium with a collar size of 15.5 inches for one brand doesn't mean it's the same for another brand. Different brands cut their shirts differently. Nothing irks me more than an ill-fitted shirt.

 

'Also, look at how the shirt is made. Shirts that are meant to be tucked in have a certain shape while shirts that are meant to be left out are cut straight across the bottom so if you try and tuck a shirt like that in, it would look boxy. So many men out there cannot make this distinction.'

 

And while the economic crisis has affected the men's shirt industry, players reveal that it is the shops offering value and quality for money that are holding their heads above water.

 

'Take a brand like Zegna for example. It is expensive but with good reason because every single thread is dyed before it is woven so you know the colour won't run. With a cheap black shirt, before you know it, it is grey,' explains Mr Boey on what makes a good buy. 'In times like these, I would rather pay a bit more for a well-cut, good quality shirt that would last me seven years than a cheap one that would last me six months.'

 

Best in shirts

A round-up of where men can find the best shirts in Singapore.

 

Thomas Pink
#01-09 Capital Tower
Takashimaya Level 3

 

BEST known for its traditionally tailored shirts but with a contemporary touch, Thomas Pink is the answer to any modern man looking for something fashionable but with a touch of English class. Launched in Singapore in 2007, the majority of Pink shirts are 100 per cent cottonfold 100s - meaning two-ply with 100 thread count per square inch, assuring comfort on top of style. Shirts between $259 and $699.

 

T.M.Lewin
#026-107 Changi Airport Passenger Terminal 2

 

WITH its affordable prices and great quality, T.M. Lewin is the first stop for men looking to ramp up their wardrobe shirt count. A huge range of designs and fabrics (about 50 new designs every month) means variety is definitely an option here.

 

Alain Figaret
#01-40, Millenia Walk and
#03-05 Takashimaya Shopping Centre

 

FOR those who love a bit of French flair in their shirts, look no further than Alain Figaret. Started in 1968, Alain Figaret entered the Singapore market in 1996 with an aim to offer a luxury alternative to local consumers. With over 300 fabrics launch each season, the brand offers a wide variety of choices ranging from $195 to $280 for men's shirts.

 

Charles Tyrwhitt
#01-24 Vivo City
#01-34 Millenia Walk
#03-00 Isetan Scotts

 

YET another import from London's Jermyn Street in November 2006, Charles Tyrwhitt is best known for creating a classic English look but with an irreverent twist of humour. Interestingly, in 1986 the company was founded as a mail order shirt company but since then has grown rapidly into the largest mail order supplier of classic dress shirts in the UK.

 

Raoul
#02-02/03, Paragon Shopping Centre,
#01-13 Raffles City Shopping Centre,
#01-22/24 Suntec City Mall

 

THIS made-in-Singapore brand has in just seven short years grown into a shirt brand to be reckoned with. With presence already in Thailand, Malaysia, Indonesia, Dubai and Bahrain, Raoul is definitely climbing the international ladder. Aiming to provide quality for money, a majority of the shirts fall in the $100 and $150 range and are designed to stand the test of time.

 

A good match

THOSE who grew up from the 50s to the 90s will remember Singapore's answer to well-made shirts and suits then - Melwani's Men's Shop.

 

Boasting an impressive range of cuts and fabrics from European suit giants such as Ermenegildo Zegna and Hugo Boss, the now defunct retail concept that was run by the Jay Gee Enterprises was known as the go-to place for custom-made shirts and suits.

 

Now, more than 10 years down the road, aiming to capture a growing middle-class working men's market, Jay Gee is making a comeback in the men's shirt market with one of London's most established shirt brands - T.M.Lewin.

 

'With the rise of the monobrand boutiques in the mid-90s, men became less interested in multi-label tailoring concepts, preferring to shop at say the standalone Boss or Zegna boutiques,' reveals Jay Gee's managing director R Dhinakaran.

 

'Having focused mainly on the ladies' market for monobrands, we decided a couple of years ago that it was time to pick up from where we left off with menswear and started to look for a strong men's shirt brand to bring to Singapore, and we finally found a match in T.M. Lewin.'

 

He adds that T.M.Lewin was chosen for two main reasons. Firstly, the brand's affordable prices made it a strong value proposition. Shirts are typically sold in well-priced bundles of three for $229 at Changi Airport, or $249 when they open an outlet in the city itself.

 

Secondly, despite its competitive pricing, the brand is uncompromising on quality, having honed (and kept) its stripes from its days in London's shirt mecca Jermyn Street.

 

A favourite among the 'City Boys' in London, the T.M.Lewin shop that opened earlier this month at Changi Airport Terminal 2 is the brand's first foray outside the United Kingdom and will stock mainly shirts plus an assortment of suits and accessories for men.

 

Jay Gee plans to open at least five shops in Singapore within the next year with regional expansion on the cards.

 

Despite the economic crisis, T.M.Lewin's managing director Geoff Quinn believes it's the right time for the brand to expand internationally. 'I know that there is a recession going on but T.M.Lewin as a brand is doing well,' assures Mr Quinn.

 

'Look at the UK for example. We've been in a technical recession for the last nine months at least but as of three weeks ago, we finished our financial year up 20 per cent year on year. We've done very well because we price affordably but we offer quality comparable to the boutiques in Jermyn Street.'

 

Singapore, he says, was chosen because it is the 'ideal gateway to Asia', making it the best place to start the brand's forays outside the UK.

 

And as a testament to the brand's quality-keeping measures, T.M.Lewin has created a range of shirts tailor-made to suit Asian men.

 

'For example, due to the differences in weather, men in Singapore wear coats less than in the UK so unlike the shirts we sell here, we will offer the option to buy shirts with pockets,' says Mr Quinn. 'Also the cuts will be slimmer with shorter tails that better fit Asian men's figures.'

 

More importantly, although the brand produces en masse, it retains exclusivity by producing limited runs of fabrics and introducing about 50 new designs every month to keep things fresh.

 

Concludes Mr Dhinakaran: 'This makes it difficult for people to buy the same shirt so even in a country as small as Singapore, it is less likely you'll run into someone wearing the same thing. I think our customers will really appreciate that.'