BTO: First-half auction sales top $72m

Business Times - 27 Jun 2009

First-half auction sales top $72m

Small investors have been active at recent sessions, with savvy bidders also making counter offers

By KALPANA RASHIWALA

A STRONG showing at auctions this week raised the tally for properties sold under the hammer in the first half-year to $72.4 million - just 13 per cent shy of the $83.7 million for the whole of last year, based on figures compiled by Colliers International. The second quarter of 2009 saw a total $54.5 million of auction deals after a quiet Q1, with $17.9 million.

The momentum is expected to continue. Colliers' deputy managing director and auctioneer Grace Ng predicts that full-year 2009 auction sales could exceed $160 million - almost twice the figure in 2008.

Jones Lang LaSalle, which yesterday conducted its last scheduled auction for Q2, saw four properties change hands for a total of $11.3 million. One was a 7,232 square foot vacant freehold plot in Fernhill Road that was sold for $6.4 million, working out to $632 per square foot (psf) of potential gross floor area. The Singaporean buyer is expected to develop the residential site, which can be built up to five storeys, for his family's use, according to JLL's head of auctions, Mok Sze Sze.

Another big-ticket item sold was a 12th floor unit in Leonie Towers, a freehold condo that is more than 30 years old. The 2,906 sq ft maisonette sold for $3.45 million or $1,187 psf of strata area. 'The buyer is a company. We held two viewings for the property over the past week, and it attracted around 70-80 parties,' Ms Mok said. The sheriff's sale was held to recover a debt owed by the owner to two individuals. There is also an oustanding mortgage on the asset.

Residential properties accounted for almost half of the $72.4 million of auction sales in the first half, followed by industrial properties, with a 19 per cent share, Colliers' analysis shows.

It noted that activity in the auction market picked up dramatically from late March, when the stock market rallied. 'Based on historical observations, property auctions have always been an accurate barometer of market confidence, and are usually swift in reflecting any changes in market sentiments,' the firm said.

Colliers also noted that 77 per cent of the 440 properties put up for auction in the first half were offered by their owners, leaving only a 23 per cent share for mortgagee sales. 'Historically, from 1998 to 2006, the number of mortgagee properties always tended to be higher than the number of properties put up by owners. The trend started to reverse in 2007,' said Colliers' Ms Ng.

DTZ senior director and auctioneer Shaun Poh has noticed keen participation by property investors at his firm's recent auctions. 'Small investors are particularly aggressive in bidding for smallish apartments in the central area, for example, Icon, The Clift, even an old development like International Plaza,' he said. 'Generally, properties priced between $700,000 and $1.3 million tend to move very fast.'

Knight Frank executive director Mary Sai, another veteran auctioneer, said that attendances, as well as success rates, at auctions have gone up markedly since April.

'However, there is a sense of caution among bidders. They don't want to be overly financially stretched,' she said. 'A clever move by some bidders now is to make a counter offer to the auctioneer's opening price. So they start within their comfort zone. Eventually, however, the bidding competition will draw out the true price level, often surpassing the opening price.'

BTO: Bites of the Big Apple

Business Times - 27 Jun 2009

LETTER FROM NEW YORK


Bites of the Big Apple

James Ching


Former centre director,

New York
International Enterprise Singapore

NEW York City needs no introduction, but is extremely diverse. It is probably better understood as smaller neighbourhoods with distinct personalities - so let's try to unravel them.

Phoebe Buffay's New York

Phoebe, who used to busk on the streets of the West Village and was a freelance masseuse, would be hard pressed to get away with her old vice today (although there are plenty of legit Asian-owned spas today who may still frown at hiring a blond promiscuous masseuse who takes liberties with hunky spa customers). The West Village has been almost entirely gentrified, but its brownstone buildings in tree lined streets still hark back to the New York Singaporeans know from watching Monica, Rachel, Joey, Ross and Chandler.

Most memorable experience in WV: Jazz at the Village Vanguard. Some of the best up and coming national talents perform here in a very cosy and understated venue.

Carrie Bradshaw's New York

Carrie is a successful columnist, eligible single woman who parties at swanky clubs, and shops at the three shoe temples of New York - Jimmy Choo, Christian Louboutin, and Manolo Blahnik. Carrie's New York is enshrined along Fifth and Madison Avenues. The surefire way to get another eligible single's attention is still to walk your (preferably pint-sized) designer dog in the parks, toting a Prada dog-bag. Instead of Madison and Fifth Avenues though, try walking your dog in SoHo now, where the younger clientele attracts retailers such as Zara, Uniqlo and Top Shop.

The closest I got to a Sex And The City moment: going to a reception at Bryant Park during New York Fashion Week in 2008, where the tents are tall, the models taller and the cameras flash non-stop.

Jerry Seinfeld's New York

Jerry, the consummate comedian, will probably still find a ready audience for his talents today, but now it is more about business than art. Professional street promoters (and sometimes touts) peddle same night tickets to unsuspecting tourists momentarily bedazzled by the lights of Times Square.

Best Comedy Club Experience: at Carolines' on Broadway (on Times Square) one night when Jeremy Piven of Entourage, Flight of the Conchords, and Craig Robinson (The Office) were headliners.

Betty Suarez's New York

Betty's non-flashy 'hood in Queens is reflective of the real New Yorker today - a non-Anglo-Saxon fairly recent immigrant with a good American degree, hardworking, and trying to support her large extended family while dreaming of living the American Dream. The fashion magazine business, with its prima donnas and hysterics, is best experienced along 7th Avenue in Manhattan - take a stroll near the Fashion Institute's campus (West 25th St).

My most frequented neighbourhood in Queens: Elmhurst Avenue (subway G, R, and V lines), where two sizeable Asian supermarkets (China Supermarket and Hong Kong Supermarket) somehow managed to squeeze in a small but authentic Malaysian/Singapore restaurant between them where freshly made hainanese chicken rice chili sauce brings a tear to many homesick Singaporeans' eyes. The restaurant's name is in true Asian fashion, functional and unpretentious: 'Taste Good'.

New York, New York

If you only have one day in New York, an interesting slice you can try is 42nd Street between the East River to 8th Avenue.

At 1st Avenue, find the Singapore Flag outside the UN building and take a picture, whilst enjoying views of the East River overlooking Queens and Long Island City. Walking West, through 2nd Avenue, marvel at the old houses and buildings. Third and Lexington Avenues bring lofty skyscrapers (including the iconic Citi Center with its sloping roof), while a short detour leads you to popular eateries such as Mr Ks (pricey Chinese patronized by blue chip clients), and Smith and Wollensky's ('if steak was a religion, this would be its cathedral' according to its ad).

At Park Avenue, hit Grand Central Terminal (GCT) and be awed by the constellations painted on the ceilings and check out Oren's Coffee for your mid-day cuppa. Continue west on 42nd Street and you will pass New York Public Library, scene of Jake Gyllenhaal's triumph in Day After Tomorrow. Pet the giant stone lions if you must. Verdant Bryant Park wraps around the Library and is a great place to people watch.

You are now one avenue away from Times Square or 'centre of the Universe' as George Costanza and Jerry Seinfeld put it. Pick up discount Broadway tickets at TKTS under the giant 'staircase'. Dive into Toys 'R Us and marvel at the giant T-Rex and equally big Ferris Wheel. End your day with a Broadway show or comedy at Carolines on Broadway. Big shows like the Lion King, Phantom of the Opera, Chicago, and Wicked are always sellouts so book early. Pre-show dinner options abound, but for an affordable and quick Asian meal with no fuss good service, consider Pongsri (Thai) or Saigon48 (pan Asian) on 48th Street.

BTO: In the spirit of ecstasy

Business Times - 27 Jun 2009

In the spirit of ecstasy

Through world wars and global recession, Rolls-Royce holds its head high as the standard bearer of ultimate luxury. By Ven Sreenivasan

YOU can get there in any car. But you only truly arrive in a Rolls-Royce.' Tom Purves' passion is obvious. The 60 year-old CEO of Roll-Royce Motor Cars is proud to be the number one salesman of the century-old British carmaker which sets the standards for luxury and style in the industry. And justifiably so.

In the 105 years since Sir Henry Rolls created his masterpiece 10hp, two-seater in 1904, Roll-Royce cars have never failed to hold in awe anyone who loves the internal combustion engine. The car whose hood sports the Spirit of Ecstasy - the statue of a woman leaning forwards with her arms outstretched behind and above her - has survived and thrived through two world wars, dozens of recessions, energy crises, and yet continues to see steady demand from the well-heeled of the world.

'Many manufacturers make good cars,' says Mr Purves. 'But there are not many cars that stand for celebration of occasions. There are not so many cars that stand for arriving and departing in style. That's what separates us from the rest.'

Yet, the maker of the world's most acclaimed luxury car is a very different animal now compared to what it used to be.

Today, Rolls-Royce Motor Cars is owned by Germany's BMW group, after previous owners Vickers decided to sell the carmaker in 1998. Following a two year tussle between Volkwagen and BMW for ownership, Roll-Royce ended up in BMW Group's stable, while sister brand, Bentley went to VW. The Rolls-Royce's Corniche ceased production in 2002, with the new Phantom emerging as the first new model following the restructuring.

Though Roll-Royce Motor Cars Ltd is now a BMW Group subsidiary, Mr Purves insists it remains true to its British traditions, with no dilution in exclusivity and its home in Goodwood Estate, West Sussex.

'We have a team of engineers who work both in the UK and in Germany, exclusively dedicated to Rolls-Royce, tough within the BMW world. They have access to the technology of BMW, their physical assets, the wind tunnels and so forth. But they are not working on anything else other than on Rolls-Royce.'

The soon-to-be launched 200EX - which many dub the 'mini-Rolls' - will epitomise the marriage of BMW technology with the Rolls-Royce spirit.

The car - first unveiled at the Geneva Motor Show in March, and now named the Rolls-Royce Ghost - is sized between the traditional Phantom and the BMW 7 series. It is engineered to be more involving and dynamic for owners who want to drive it themselves. It has 80 per cent of its parts unique to itself, and an engine unique to Rolls-Royce.

He sees technology sharing as a natural progression. 'The industry is building more cars than it did 20 years ago, and parts, components and factories are all over the world. I don't know a car, a West European car, which is made in a single country. They bring the parts from France, Germany, Britain and Italy. The aluminium that goes into Rolls-Royce is extruded in Denmark, welded in Germany and finally assembled here in England. From the 1960s onwards, there has always been an American gearbox in a Rolls-Royce. So there have always been components in our cars which are international. Our customers are looking for the best, and they don't strongly have an opinion on where that should come from, so long as the car retains its distinct Englishness.'

Heritage plays a large part of a brand's impression in the mind of the buyer.

'From our very early days, Rolls-Royce has stood as a symbol of success. It is a celebration, if you will. I notice people smile when they get into a Rolls-Royce, as if they are enjoying their success. When you drive a Rolls-Royce, you stop for the pedestrians at a pedestrian crossing, where maybe you wouldn't have done in another car. One of our customers, and he wouldn't mind us mentioning his name, Rowan Atkinson, you know Mr Bean, has a Rolls-Royce Phantom. He is a car fan. When asked about his Phantom, he said: 'The thing I like most about it is I can take it on long journeys. When I drive it, everything about it seems right. It gives me the pleasure to shut the door. It gives me pleasure to start the engine. It gives me pleasure to start the gears and it was a pleasure to proceed. And I feel like after I've driven a whole day long, I can continue to drive some more...'

'In the Phantom, we have the largest tires on any passenger cars, and that was done deliberately. The quietness is critically important. You shouldn't hear the engine. It should be a whoosh, rather than an exhaust noise. It was once described to me by Rolls-Royce engineers being everything needs to be like a ball of silk, everything needs to work. Even the simple electrical switches on the electrical dashboard, they need to feel like jewellery when you turn them. And that is what we believe in. That is what we have done with the Phantom, that is what we're doing with the 200EX car. I think that iconic appearance, together with advanced technology that we have access to, are two tremendously important pillars of our success. If we were to stray from that, we would have substantial difficulty.'

Uncompromising position

But in an age of rapid technological advancements, how long can a Rolls-Royce car still stand apart and distinct from other great brands?

'There are Ferraris, Lamborghinis, Maseratis, Aston Martins which are sports cars that epitomise performance. A top-end BMW is a very exciting driver's car. Rolls customers come from all ages, backgrounds and businesses. But the one thing they have in common is their desire to have the finest, and the means to acquire it. That is a position which is not really challenged. It is a non-sporting and uncompromising position. It's about a desire and appreciation of refinement and luxury.'

So how is a Rolls-Royce different from a top-end BMW?

'The ride quality of a BMW could be somewhat harsher, the noise level will be somewhat higher. The whole feeling of the BMW will be one of 'where is the next corner?'. In a Rolls-Royce, you will have all that I mentioned before but the whole feeling of the car wouldn't be where is the next corner but that another hundred miles is no problem. The car is absolutely effortless. When you arrive in a BMW, you arrive in a BMW. When you arrive in a Rolls-Royce, you've arrived. And our doors are made deliberately, so you can exit the car with great elegance. The doors on a BMW are designed to be efficient, to do the job of a car door, only better than most other cars.

'There are several small things, that are not very important as far a car is concerned, the mascots on the bonnet - Spirit of Ecstasy - automatically rises and lowers. The Rolls-Royce emblem on the wheels stay vertical when the wheels go round. Every Rolls-Royce has umbrellas fitted into the doors. By the way, you can put them back into their containers soaking wet because they are made from special materials that would dry without even becoming mildew. Things like that, that actually make a difference, people remember it, and people relate to it.'

'So I would say, our approach to building the ultimate car is to produce effortless, silent, silky performance. BMW's is to build a high quality performance car for the family.'

That has not stopped Rolls-Royce from incorporating the latest most exciting motoring technology. 'The Rolls-Royce Phantom uses aluminium spaceframe that are welded together, installed by hand,' Mr Purves reveals. 'It is an interesting point: different materials, same painstaking process. The attention to detail in engine assembly is very similar, but the technology of the engine is hugely different, and the materials used are hugely different. The woodwork interior, for example, is very much the same as it was except that in the old days it would have been built up on a wooden back-frame. Today it would be built up an aluminium back-frame for two reasons - its lightness and safety.

'If we took an engineer from the 1920s into our plant today, there are many things he would recognise in today's Rolls-Royce. A lot has changed but not the process and attention to detail. And we still have the best engine technology in the world, with the Phantom 20 per cent more CO2 efficient than its nearest competitor.'

All things considered, Rolls-Royce had a successful 2008. Sales grew 20 per cent from 2007 to its 5th record year for the Phantom, which was launched in 2003. Mr Purves says every market region around the world contributed strongly to sales.

'We were about 6 per cent ahead of last year at the same time in February, and I expect us to be at level last year at the end of the first quarter. But our forward is not as strong as it was, given the economic situation. If I hit last year's sales numbers in 2009, I would consider that success. Last year we made 1,200 cars. With the new car, we should hit 2,000 or 3,000 cars a year, which would be our best'

Still, sales has been flattening out because of cutbacks in conspicious consumption.

'Certainly, circumstances have changed from a year ago,' Mr Purves explains. 'We have had customers who have asked us to sell their cars to somebody else, while maintaining their deposit for a purchase in a year's time, and this we are more than willing to do because we have long term relationships with our customers. It's quite clear that there is a reticence amongst some of our customers to display great opulence. Our cars are somewhat like a wardrobe. Our customers probably have a number of cars. Nobody only owns a Rolls-Royce. They probably also have a Range Rover, a sports car, and a BMW, of course. They'd bring their Rolls-Royce out on special occasions and holidays.'

He likens his salesmen to private bankers, who build long term relationships with customers, rather than just go for a sale. So despite the current slowdown, potential buyers will one day still come back to purchase their car.

'I wouldn't for one moment suggest that this current atmosphere is the best for our business. When we talk about our customers, we are talking about really, really very wealthy people, who even if they may lose one third of their portfolio - as many of them would have - will still remain extremely rich and extremely well-off. And the desire to own this car remains undiminished.'

Then he adds: 'In 1978, when I was in the office in Kuwait, we took the demonstration Silver Shadow out, and I remember stopping out there in the middle of a desert, at a gas station. A little boy came out, looked at the car and pointed at me, and said 'Lolls-Loyce'. At that moment you realise how strong your brand really is. A Rolls-Royce is more precious than rubies in the desert. And it's known everywhere in the world.'

'There are many luxury car makers, and they all have a role to play. But there is only one Rolls-Royce.'

ven@sph.com.sg

 

 

TOM PURVES

CEO, Rolls-Royce Motor Cars

Age: 60. Scottish upbringing. Father was director of Rossleigh Ltd, the motor company which sold Truimph, Rover, Jensens Jaguar and Daimler in Edinburgh. Young Tom was surounded by cars from an early age. For his school entry interview, he impressed the teacher by detailing all the 'dinky' model cars on the teacher's desk

Education: Daniel Stewart's College, Edinburgh, Scotland

In 1967, joined RR Ltd, Car Division as a 17-year old apprentice engineer, then moved up the ranks. Worked at RR's famous Conduit Street branch in London selling tax-free cars (where founder CS Rolls started his business). Became sales rep for Scotland, northern England and Northern Ireland.

1985-1989: Sales director of BMW (GB) Ltd. 1989: Appointed managing director of BMW (GB) Ltd

1996-1999: Appointed to Rover Board

1999: Appointed chairman and CEO of BMW (USA) Holding Corp, and president of BMW North America LLC

July 2008: Appointed CEO of Roll-Royce Motor Cars Ltd

Early on, he supported the rising stars of Scottish motor racing, including legends Jim Clark and Jackie Stewart. He later sold RR cars to film stars in Monaco, storied sportsmen in America; kings, presidents, and sheikhs from around the world.

Favourite motoring experience: Driving over the Biggar Road and seeing the road stretching before him to his hometown, Edinburgh. He is married with two grown up children. Plays golf, enjoys music and motorcycling.

Brit motoring tradition alive

THE British motoring industry is still vibrant and alive, albeit a very multinational business. And Britain remains the base for technology used in many global marques of today. Tom Purves does not buy the notion of a 'Wimbledon Syndrome' in British motoring industry.

'We have to judge things on the basis of what is being done where, and with what technology,' he says. 'There are now Honda, Nissan, and Toyota with large volumes of cars, in some cases 250,000 cars each, which is a big plant by any standard. Then you have BMW with its investments and its Mini plant in Oxford with 250,000 cars. An engine plant and cylinder used by the BMW Group are built there in Birmingham - about 450,000 engines. You've got manufacturers like Jaguar, Land Rover, Bentley, all of them very vibrant.'

There is the British contribution to motor racing, he adds. 'There is a tremendously successful motor racing industry, where you have Williams, McClaren, all based in Britain. I think we can honestly say that the (British motoring) industry is in really good shape. Are the shares all held in Britain? No, but that's probably true of many companies today. I understand now that Mercedes-Benz is 13 per cent owned by a property investment group or a Abu Dhabi investment group.'

Meanwhile, a wave of modernisation is sweeping across the industry in Britain.

'Most of the facilities have been built in the last 20 years. If you think about plants in Swindon, even our own in Goodwood, they are all very, very new. If you visit Aston Martin, you'll find very modern facilities with modern technologies.'

Yes, the British motoring tradition is alive and well. 'Yes, we have investors from Tata, Honda, Toyota and Nissan. There are only so many organizations who own car manufacturers today. But a substantial lot of the engineering is still done in Britain.'

STI: Bishan Beckons

June 26, 2009

HEARTLAND FINDS

Bishan Beckons

It's more than just Junction 8 - go off the beaten track for hidden eats and treats

Say 'shopping in Bishan' and Junction8 is likely to spring to mind.

But the 24-year-old HDB new town in central Singapore has more than just the shopping mall.

After combing four streets - Bishan Street 11, 13, 22 and 24 - for three hours, Urban shortlisted six HDB shops and four eateries in the housing estate.

The search was well worth the time as our heartland finds are indeed gems.

There is the women's boutique which looks to be an auntie haven at first glance but turns out to be a vintage treasure trove.

Then there is the cosy photography studio where one can get family portraits and a makeover done for everyday prices.

Foodies would love the neighbourhood eateries with oomph.

Capolavoro, located in a coffee shop on Street 24, for example, is run by Peter Bontoi.

The former chef of Il Piccolo, a restaurant in Bukit Timah that has since closed, serves up hearty, restaurant- style Romanian and Italian fare.

Pontian Wanton Noodles at the S-11 coffeeshop at Block504 on Street 11, meanwhile, is also a heavyweight. The lunchtime queue and newspaper cuttings that plaster its wall are proof of its star status.

There is a good reason Singapore's funniest family - Tan Ah Teck and his brood - made their home in Bishan in the 1990s local sitcom Under One Roof.

EAT

Capolavoro

01-62 Block 279 Bishan Street 24

This is probably as exotic - and yummy - as coffee shop fare goes.

Romania-born chef-cum-owner Peter Bontoi, who used to work at the now-defunct Il Piccolo restaurant in Bukit Timah, lovingly whips up cuisine from Italy and his hometown.

There is the curious- sounding tochitura ($8), a dish of meat in cornflour bread covered in a yogurt sauce, and the mysterious-sounding Romanian Dessert ($3.50), essentially biscuit and jello covered with whipped cream and raisins - a likely hit with kids.

Those less adventurous can opt for the wide variety of pastas ($5 to $10) and pizzas ($6 to $16) or Bontoi's popular handmade pork sausages ($7).

Western Chow and Pontian Wanton Noodles

01-444 Block 504 Bishan Street 11

These neighbouring stalls located in the area's famous S-11 coffeeshop are indeed one dynamic duo.

Western Chow serves up a mix of hearty American fare - think grilled chicken chop ($5.90) and oxtail stew ($8.50) - and fusion grub like Hainanese beef stew ($6.50) and dory fish cooked with assam or tamarind ($6).

Pontian, meanwhile, specialises in the popular Malaysian wanton noodle dish tossed in dark soy sauce ($2.70 or $3.20).

We love how its noodles remain springy even after take-out. This probably explains the lunchtime queue which started at 11.30am when we visited.

Ye Shanghai Cuisine Restaurant

01-390 Block 508 Bishan Street 11

Get a taste of traditional Chinese cuisine at this rustic restaurant.

Bestsellers include Shanghainese delicacies such as prawns in fermented rice wine and herbs ($12) and chicken stuffed with glutinous rice ($6).

The owners have even imported a special earthen pot (Photo 4) from China so that customers can savour authentic Beijing hot pot ($18 per person).

There is a special steamboat offer where four customers dine for the price of three.

SHOP

ABC Photography

01-382 Block 509 Bishan Street 11

Live out your modelling dreams or capture precious moments without spending a fortune at this no-frills photo studio.

Owners Andy Tan, who has more than 10 years of experience, and Angela Chen, a former make-up artist, offer a slew of portrait packages.

A 30-minute Best Friends Forever session, for example, costs $268 and includes a CD of all the shots as well as a framed picture of your choice. Till Aug 31, the package goes for $148.

Check out www.artbeaute.com for more promotional packages.

E Bi Ku Da

01-189 Block 151 Bishan Street 11

This tiny shop is crammed with sartorial gems.

Rummage its racks for pretty, breezy dresses such as this cotton one with floral cut-outs (Photo 6, $72) or this cute denim number (Photo 7, $26) that Paris Hilton would approve of.

Friendly owner Catherine Lau says she sources her chic garb from Hong Kong, China and South Korea, with new pieces arriving every month.

Prices range from $5 for a plain tee to $100 and up for a silk evening dress.

Chew's Optics

01-155 Block 282 Bishan Street 22

You know this place is a must-visit from its constant flow of customers.

Its frames are more classic than cool.

These wooden ones (Photo 8, $85 a pair without lenses), for example, are statement-making without being over-the-top.

Most of the patrons are from neighbouring offices who love the wallet-friendly prices - $30 to $400 a pair, excluding lenses.

I & U

01-147 Block 282 Bishan Street 22

This old-fashioned shoe shop houses a small but dazzling array of beaded handbags that both tai tais and fashionistas would love.

Sourced from Indonesia, these handbeaded totes are a steal with prices ranging from $15.90 to $50.90 - at least half that of those sold at department stores.

There is also a range of beaded purses in shapes like fruits, insects and hearts ($6.90 each) that would delight the young at heart.

W2 Trend

01-512 Block 513 Bishan Street 13

Imported from Hong Kong and South Korea, the clothes at this humble shop boasts some of the best workmanship we have seen.

Cotton shirts are comfy yet crisp, while linen blouses and dresses are light and floaty.

The best part: Design details like ruffles and the seamless combination of contrasting materials give the garb a high-fashion touch.

Prices range from $5 for a tank top to $49.90 for a jacket and tube top set.

Chao Yang Trading Kiosk

01-219 Block 152 Bishan Street 11

Do not sniff at its old-fashioned interior and name.

Set up more than 20 years ago, Chao Yang's vintage-style garb would thrill fashion fiends.

We spotted printed polyester blouses that, when paired with skinny jeans or an A-line skirt, look more chic than chintzy.

The discount rack on the side is also well worth checking out: We found this pretty paisley print dress (Photo 13) going for just $10 (usual price $22). Prices range from $5 for a cotton tank top to $50 for a blouse. The shop is closed right now but will reopen on Tuesday.

STI: Xinyi says

June 26, 2009

Xinyi says

Q My pores are huge so my foundation always settles into them and these beige specks are very obvious. I don't know if I'm using the wrong type or shade of foundation, or if the problem lies somewhere else. How can I achieve invisible pores and a flawless finish?

A Brace yourself. Freelance make-up artist Larry Yeo says: 'Frankly, big pores cannot be transformed into poreless, baby-like skin.'

But take heart. There are tricks that can help big pores look smaller.

Yeo says pooling of foundation occurs when there is excess moisturiser or too much product build-up on the skin, causing the excess product to mix with the oil secreted by your skin and gather at the pores.

The rule of thumb in this case is simply never to apply too much product.

To help you do this, use your fingers to massage an alcohol-free toner onto your face after cleansing and before applying a lightweight moisturiser.

This way, your face will be hydrated prior to applying the moisturiser and you will not be tempted to slather on too much of it. Apply moisturiser only to the drier parts of your face, such as the cheeks.

Next, consider a base to further create the appearance of a smooth complexion. Try Estee Lauder's Idealist Pore Minimising Skin Refinisher ($125, Photo 1).

A lightweight liquid foundation such as Shu Uemura Face Architect Smoothing Fluid Foundation ($70) is also more effective than pressed powder foundation at covering up big pores, simply because it can be blended into the skin more easily.

Finish with a dusting of loose powder (Clinique's Derma White Brightening Loose Powder, $63, sets make-up without dulling your complexion) and you should be all set.

Q I break out into a rash whenever I use a sunblock or any product that has sun protection factor (SPF). What can I apply to protect my skin from the sun's harmful rays?

A According to Dr Fredric Brandt, an American celebrity dermatologist with his own skincare line, SPF is not an ingredient but a laboratory measure of how effective a sunscreen is.

'The higher the SPF, the more protection a particular sunscreen gives users against ultraviolet rays from the sun,' he tells Urban in an e-mail interview.

The main ingredients in sunscreens, he says, are usually 'aromatic molecules in a specific structure that allow the molecules to absorb ultraviolet rays and prevent them from damaging the skin'.

Products with SPF typically contain a wide mix of ingredients, possibly comprising both naturally derived and chemically based ultra-violet blockers.

So there is a wide range of possible factors as to what you are allergic to. Without knowing exactly what you are sensitive to, recommending a product that you can use safely and without an allergic reaction is extremely difficult, says Dr Brandt.

The best course of action would be for you to do an allergy or patch test with a dermatologist so as to determine the extent of your allergy and which sunscreen ingredients your skin is sensitive to.

A dermatologist will also be able to recommend what sun protection products you should use. In the meantime, I recommend using a nice, big umbrella when you go outside.

BTO: Current quarter sees big jump in property investment sales

Business Times - 26 Jun 2009

Current quarter sees big jump in property investment sales

By KALPANA RASHIWALA

(SINGAPORE) Investment sales of Singapore real estate so far this quarter have hit $953.9 million, a jump of 248 per cent from $273.8 million in the first quarter, says CB Richard Ellis (CBRE).

The increase came as residential investment sales quadrupled on the back of a growing number of high-end condo purchases, a pick-up in transactions of Good Class Bungalows (GCBs) and the acquisition of a few small residential sites.

The sale of three office blocks - Parakou and VTB buildings on Robinson Road, and Anson House - for a total of $259.6 million also helped breathe some life into the moribund office investment sales market.

Investment sales are a gauge of developers' and investors' medium to long-term confidence in the property sector. The pick-up in Q2 was against the backdrop of a dramatic stock-market rally that has led to an improvement in home buying.

CBRE defines investment sales as transactions with a value of at least $5 million, comprising government and private sales of land and buildings, both strata and en bloc. It also includes change of ownership of real estate via share sales.

With a tally of $1.2 billion so far in the first half, CBRE executive director (investment properties) Jeremy Lake reckons full-year investment sales could come in at $2 billion to $2.5 billion, 'depending on how long the burst of activity in the residential sector lasts'.

The figure for the whole of last year was about $18 billion, down from the record $54 billion in 2007.

As for the latest Q2 showing, 63.5 per cent or $605.6 million was from the residential sector.

This sum included 14 GCB deals, up from just three GCB transactions in the first quarter.

'For the Singapore investment market, the first movers are the Asian private investors who are willing to buy at current prices which they deem reflect an attractive discount from the peak,' Mr Lake said.

'Their sweet spot is $20 million to $85 million and their focus is office and/or residential investments.'

On the other hand, institutional investors are mostly adopting a wait-and-see strategy for Singapore, judging that the fundamentals are weak and better opportunities will arise in six to 12 months.

'For second-half 2009 there will be more investment deals, although most of the owners who wanted or needed to sell have already done so, and accordingly the choice of investment opportunities could be limited,' Mr Lake said.

Agreeing, DTZ's senior director for investment advisory services Shaun Poh said investment sales activity may ease slightly in Q3 because of a limited supply of small investment-quantum commercial properties available for sale.

'However, we may see some deals that are currently cooking being sealed in Q3,' he said.

'For the residential sector, some developers who have enjoyed strong sales at their showflats over the past few months are looking to restock their residential land bank selectively,' he added.

BTO: Asia developers eye new projects

Business Times - 25 Jun 2009

Asia developers eye new projects

(SINGAPORE) Asian property firms are beginning to see light at the end of the tunnel and several are positioning for an upturn even as the world economy struggles to recover from its worst recession in decades.

The mood among US and European executives at this week's Reuters Global Real Estate Summit is glum, but Asian counterparts are more upbeat with some revealing plans for new projects in anticipation of an upturn later this year.

For instance, Chinese commercial property developer SOHO said it has built up a war chest of US$1.9 billion to replenish its land bank and intends to start new projects in Shanghai and Beijing in coming months.

Indiabulls, India's third-largest listed property developer, aims to launch six to seven residential projects in the financial year ending in March 2010 on the back of an expected recovery in demand.

'The general mood has been cautious, but there is also optimism. Asian companies in general are in much better shape compared to their peers in other regions,' said Ayala Land chief financial officer and Asian Public Real Estate Association president Jaime Ysmael.

Spurring the optimism in Asia is a recovery in residential markets, with price cuts drawing buyers in China, Hong Kong and Singapore, where saving rates are high and banks are prepared to lend.

The volume of transactions in these places are close to levels seen during the bull market of 2007 and residential property values have begun to edge upwards as developers such as Singapore's City Developments raise prices.

Asian property values did not rise as much as in the US and parts of Europe this decade. In dollar terms, property in countries such as the Philippines are cheaper than before the onset of the Asian crisis in late 1997.

Interest rate cuts and government stimulus plans are also helping regional property markets recover.

Singapore residential prices were supported by mortgage rates that were below rental yields, a Bank of America Merrill Lynch report said this week.

'At the current mortgage rate of around 2.75 per cent, our net cost of carry model implies that prices can rise by 30 per cent before home buyers enter negative carry,' it said. The bank predicts Singapore home prices will rise 20 per cent next year.

Singapore's housing market has been hit hard by the downturn, with home prices plunging nearly 14 per cent in the first quarter of this year, the steepest drop in over 30 years, according to government data.

Separately, Nomura said unemployment was stabilising in Hong Kong and forecasts home prices and rents in the Chinese territory will rise by 22 per cent and 11 per cent, respectively, this year.

A poll of 10 analysts conducted in conjunction with the Reuters Global Real Estate Summit showed China home prices are expected to gain an average of 10 per cent between now and the end of 2010.

The outlook for Asia's office market remained negative but most developers said rents have stabilised after falling sharply in the fourth quarter of 2008 and earlier this year.

Some investors said any pick-up may not be sustainable. - Reuters

BTO: Ion Orchard, Orchard Central have healthy lease figures

Business Times - 25 Jun 2009

Ion Orchard, Orchard Central have healthy lease figures

Ion is 94% leased, Orchard Central is 80% leased, say their developers

By UMA SHANKARI

ION Orchard, which is due to open in a month, is 94 per cent leased, the mall's developer, Orchard Turn Developments, said yesterday.

Previously, the developer said the mall was 80 per cent leased and it was in advanced negotiations for the remaining space.

At the other end of Orchard Road, 80 per cent of space in Orchard Central is also committed. Previously, developer Far East Organization said the mall was 65 per cent leased.

Orchard Central is already open to shoppers. Tenants have progressively opened for business since early June. The mall's soft opening is slated for early July, by which time about 100 shops should be open, Far East says.

As for Ion Orchard, management hopes many of the 333 shops will open in time for the mall's soft opening on July 21.

'They (the tenants) are rushing to finish renovations and we hope as many of them as possible will open with us,' said Soon Su Lin, chief executive of Orchard Turn Developments, which is building the mall. Orchard Turn Developments is jointly owned by CapitaLand and Hong Kong's Sun Hung Kai Properties.

To give tenants an incentive to open on time, Ion Orchard said in March that they would get 30 per cent rebates off base rents if they opened for business by July 21. The response has been 'very positive' so far, Ms Soon said.

Neither Ion Orchard nor Orchard Central have given a recent update on asking rents. Ion Orchard has said previously that its rents range from $20 to $80 per sq ft per month (psf pm). Rents at Orchard Central range from $20 psf pm to more than $70 psf pm, Far East Organization said late last year.

But industry watchers have said that signing rents at most existing Orchard Road malls have since fallen, which means asking rents at Ion Orchard and Orchard Central could also have edged down.

Ion Orchard said yesterday that more than 21 per cent of its 640,000 sq ft of retail space will be dedicated to food and dining - with many casual and fine dining outlets offering local and international fare, plus food and confectionary stores and a gourmet supermarket.

28 restaurants and cafes will be spread over different levels of the mall, with the largest clusters on level 4 for fine dining, and basements 2 and 3 for casual dining. In addition, basement 4 will feature a food hall, with 80 stalls offering a range of cuisines for all tastes.

Ms Soon said that Ion Orchard remains on the lookout for suitable retail and F&B concepts for the 6 per cent of space that has yet to be leased.

BTO: Private resale home deals shoot up in Q2

Business Times - 25 Jun 2009

Private resale home deals shoot up in Q2

Average resale prices up from Q1 but still significantly below peak levels last year

By KALPANA RASHIWALA

THE buying frenzy at property launches has spread to the secondary market. The number of private homes sold in the resale market - excluding sub-sales - has risen to 1,464 units this quarter, based on Urban Redevelopment Authority caveat data at June 19.

The figure is 71 per cent higher than the 856 units in Q1 this year, according to an analysis by Jones Lang LaSalle (JLL).

And more caveats could surface when full Q2 data emerges, with sales matching - or even surpassing - the 1,706 units sold in the resale market in Q2 last year, JLL reckons.

Average resale capital values have risen in Q2 from Q1 but are still below last year's peaks across all tiers - mass market, prime and luxury prime. This could be a key factor fuelling resale deals. Another factor could be HDB upgraders keen on buying a completed private home they can move into immediately. Also, rental yields from investing in completed property are higher than the measly interest rates earned on fixed deposits.

In another development yesterday, CB Richard Ellis said the median price per sq ft of freehold non-landed private homes sold by developers slipped 14.6 per cent from $1,051 psf in Q1 2009 to $898 psf in Q2, based on caveat data as at June 24.

However, once caveats for higher-priced projects like Martin Place Residences, The Wharf Residences and One Devonshire are lodged, the median psf price for Q2 is expected to be higher than the Q1 figure, CBRE added.

The firm expects developers to sell 3,500 to 4,000 new private homes this quarter, which would be 35 to 54 per cent higher than the Q1 figure of 2,596. The expected Q2 sales tally would be similar to levels achieved during the peak year of 2007, when developers sold an average of 3,700 units per quarter.

'The stock market rally, coupled with strong liquidity and developers' discounts, have resulted in a surge in new home sales this quarter,' CBRE executive director (residential) Joseph Tan said.

JLL's head of research (South-east Asia) Chua Yang Liang said additional factors buoying buying sentiment include pent-up demand and the interest absorption schemes. However, he cautioned: 'I don't reckon the current activity in the market is likely to remain if prices continue to rise unsupported by GDP growth.'

CBRE said that based on caveats lodged so far, HDB upgraders accounted for 65 per cent of buyers of new homes in the first half of 2009, higher than their 44 per cent share for the whole of last year. HDB upgraders have also been active in the secondary market, accounting for 49 per cent of buyers of resale and sub-sale units, up from their 33 per cent share last year, the firm added.

Sub-sales and resales are secondary-market transactions. Sub-sales involve projects that are yet to obtain a Certificate of Statutory Completion (CSC). Resales relate to projects that have received CSC.

JLL's analysis shows the average resale capital value for non-landed homes in the mass market was $580 psf in Q2, up 9.4 per cent from Q1. It is also 17 per cent below the Q1 2008 peak and remains highly affordable to most HDB upgraders, JLL said.

In the luxury market, the average resale capital value rose 7.8 per cent quarter on quarter to $1,800 psf in Q2. Against the peak in early 2008, the latest Q2 figure was down 34 per cent.

STI: Minding the pipes

June 25, 2009

The Pro

Minding the pipes

Associate Professor Chia Sing Joo, 48, a senior consultant urologist at Tan Tock Seng Hospital, tells POON CHIAN HUI that he addresses sexual problems too

I decided to specialise in urology because...

Eighteen years ago, my seniors in medical school had the pick of the more attractive specialties to train in. I was one of the juniors who agreed to do urology which was not as established as it is today.

I am glad I chose urology as it is now a dynamic specialty. I also sub-specialise in urological cancers and sexual dysfunction as both are very relevant in modern-day Singapore.

The urogenital system is fascinating because...

This system - which involves the kidneys, urethra, bladder and in males, the testes and penis - generates the most frequent and urgent bodily needs. We probably have to visit the loo at least five times daily - we don't even need to eat that often in a day.

If I were to give an analogy for what I do, I'd be a...

Plumber because I deal with water in the form of urine. When the pipes that carry urine are choked, I have to unblock them. If the system is dirty, I will flush out the toxins.

I have come across all types of cases...

The majority of my patients have blood in their urine which may indicate kidney cancer. I also see patients with sexual dysfunction.

A memorable case was in the 1990s when a man came to me with an erectile problem. Then, Viagra wasn't invented yet, and he refused the available solutions due to diabetes.

He phoned one day and told me he had been having a permanent erection for three days after receiving an injection overseas. I had to purge half a litre of blood to fix the problem.

A typical day for me would be...

I take my three sons, aged 17, 15 and 12 to school at 6.45am. We eat breakfast in the car because we always run out of time. I reach the hospital at 7.30am. The day involves clinic consultations, surgery and ward rounds interspersed with meetings.

After work at about 6pm, I go for my daily one-hour jog. Then, I have dinner with my family at home. I may play football with the children, who are ardent fans of Manchester United football club. I also watch television with my wife, 42, who is a professor and vice-dean of research at the faculty of dentistry, National University of Singapore.

I love patients who are...

Open to suggestions and willing to share their problems and concerns with me. This makes it easier for me to help them. For example, if a patient worries that going for surgery will cost him his job, I will write a letter to his employer to explain why the operation is necessary.

Patients who get my goat are...

None do. As for those who bottle up their worries and concerns, I'll give them my e-mail address and mobile number so they can always talk to me whenever they want to.

One little known fact about urine is...

A common myth is that bubbles in the urine indicate kidney disease. This is not always true. It depends on the colour and smell of the urine, as well as how long the bubbles last.

Things that put a smile on my face are...

When the surgery to remove a cancerous tumour is a successful one. The broad smile and look of relief on a patient's face are priceless.

It breaks my heart when...

Patients don't seek help for cancer early. For instance, some patients opt for alternative therapy or cures first. When that fails, the tumour would have already grown. It becomes difficult to help them when the cancer is in the advanced stages.

I wouldn't trade places for the world because...

I am happy. The only thing that I would like changed were the hard times that I went through after my father died when I was 11 years old. My mother, who was 32 years old then, was saddled with five children. As the only boy in the family, I had to mature and become independent quickly without the comfort and security of a father figure.

My best tip...

Don't avoid problems. Denial doesn't solve anything. Open communication is also important when it comes to tackling medical issues. So, do not hesitate to ask for help if you have any health issues.

chpoon@sph.com.sg

STI: Obsessed by fears

June 25, 2009

Doc talk

Obsessed by fears

By Dr Brian Yeo

One of my patients, Patrick, suffers from obsessive compulsive disorder or OCD. His fear of some things seem irrational. He is afraid to touch the handle of the door of my clinic, so he uses a tissue. He does this to open every door.

He shrinks from flushing a toilet, washes his hands incessantly, frequently scrubs the floor at home and spends hours in the bathroom because of his long-ingrained personal cleansing ritual.

Naturally, there is friction with family members, such as when they have to wait for him to finally come out of the bathroom.

At his insistence, they also have to take off their shoes and wipe their feet in special antiseptic solutions before entering the home.

Patrick's compulsive washing is due to his obsessive thoughts of being contaminated. His cleaning ritual worsens in situations where he believes there would be more dirt or infection, such as in toilets.

About 2.5 per cent of any population is said to suffer from OCD but many cases remain untreated. Apart from fear of contamination by something 'dirty", other compulsive acts include checking and counting rituals.

Certain OCD sufferers have compulsive acts because they harbour constant fears or repetitive thoughts about dirt or that something is not in order or not right. This torments them until they find temporary relief - through their ritual acts. Until they seek treatment, they will find it hard to work or interact with family and friends.

Another patient, Derrick, had obsessive thoughts when he was a teenager. He would imagine that he had not done his work properly and would thus constantly check on his schoolwork. His teachers felt frustrated watching him during examinations when he would frequently check and re-check his scripts only to end up tearing up his answer sheets. He could never complete an examination session.

Derrick, now an adult, would also keep checking the lights and power switches before leaving home. He would check if he had locked his car door too. These actions caused him to be late for appointments and prevented him from performing to the best of his abilities at work.

Patients with counting rituals would need to mentally note certain items, say, the cracks on the pavement while they are walking. They need to count to a personal special number before they can feel a sense of satisfaction.

Others have to ritualistically walk a certain number of steps before entering or leaving a room. These counting rituals can cause great embarrassment to themselves when others laugh at them.

I gave Patrick a reassuring smile as I confidently clamped my palm onto the sole of my shoe. He grimaced when my hand touched the 'soiled' sole as he knew he had to, on my instruction, do the same with his palm on the sole of his shoe.

We had earlier drawn up a hierarchy of his fears: Patrick's least feared situation was touching the clinic's door handle and his most feared encounter was flushing the cistern in a public toilet.

Patients, like Patrick, with compulsive cleaning rituals can be treated using the above behavioural change method called response prevention.

It is, however, harder to treat checking and counting rituals with behavioural change methods, as their checking and counting may not be so easily observed and changed.

Even harder to treat this way are patients with no compulsive actions but who have constant obsessive thoughts about disruptive acts of violence and of sexual imagery that interfere with their daily functions. Most patients require medication to reduce the constant bombardment of these thoughts, which are like a broken tape recorder.

Patrick and Derrick, like all patients with obsessive thoughts, fear they will go mad as they cannot control their thoughts.

In fact, many successful people do have some obsessive traits: they are meticulous in checking, in counting or in keeping time to ensure that the tasks they undertake are carried out to their satisfaction.

It is when such thoughts become too overwhelming that it becomes obsessive compulsive disorder. Nevertheless, such patients will never lose touch with reality or go mad despite their fears.

However, asking OCD sufferers to not think too much about their fears is counter-productive, as they are already constantly trying to stop or ignore such thoughts. Instead, professional treatment is needed.

OCD is curable. Patrick has started to eat in coffee shops and to use the toilets there, while Derrick is now able to do his assignments and is more confident about going out without repetitive checking.

brianyeoclinic@yahoo.com.sg

Dr Brian Yeo is a consultant psychiatrist in private practice and an adjunct associate professor at the department of psychological medicine at the Yong Loo Lin School of Medicine, National University of Singapore. He is also a certified master substance abuse counsellor and is currently the Singapore Medical Association representative to the Board of Management, Singapore Anti-Narcotics Association.

STI: Your palate and your health

June 25, 2009

Your palate and your health

Keep your immune system strong by eating the right kinds of food. A balanced lifestyle which includes regular exercise also helps. POON CHIAN HUI reports

You need nutrients to build a strong immune system. Obviously then, insufficient nutrients weaken the body.

'If one does not eat enough, certain parts of our system cannot function normally,' said Dr Loh Keh Chuan, an endocrinologist at Mount Elizabeth Hospital. 'For example, the immune cells may not work as effectively as they should.'

Long-term inadequate nutrient intake can therefore undermine the body's defence system in the long run, said Ms Ann Selina Chang, a nutritionist at The Nutrition Place.

However, not all kinds of food are immune-boosting. vitamins like A, C and E, and minerals like zinc and selenium are key, she said.

Vitamin A helps to maintain mucusol surfaces - found in the digestive and respiratory tract - which act as a physical barrier to germs. Food with vitamin A is usually deep yellow or orange coloured. These include vegetables like capsicums and fruits like pumpkins.

Citrus fruits and berries should go into your shopping cart too, as these fruits contain vitamin C, which enhances immune cell activity.

Vitamin E - an antioxidant that quells unstable molecules called free radicals - is present in nuts and seeds. High amounts of this vitamin are found in immune cells to aid in fighting germs, said Ms Chang.

'White blood cells often use free radicals to destroy pathogens,' she said. 'High concentrations of antioxidants like vitamin E allow white blood cells to use the destructive power of free radicals without being harmed.'

The mineral zinc is often found in wholegrain foods and helps in white blood cell growth, while selenium works in tandem with vitamin C and E to boost immune response and DNA repair, Ms Chang added.

Generally, young children need more nutrient-dense foods as they are still growing. Because the elderly tend to eat less due to teeth and digestion problems, their food should also be packed with as many nutrients as possible, said Ms Chang.

People with chronic conditions and pregnant mothers also have to take extra care of their diets to keep their immune system in shape.

High blood sugar levels in diabetics can affect the immune system's ability to fight infections, said Dr Loh. As for pregnant mothers, they need more folic acid and iron to keep both themselves and their babies healthy.

That's not all. One also needs a balanced lifestyle that is as stress-free as possible.

'When one does not exercise regularly and sleep well, the body becomes stressed and this affects the cell repair process that is key to a strong immune system,' said Dr Loh.

chpoon@sph.com.sg

STI: Hyperactive kids lack naps

June 25, 2009

Hyperactive kids lack naps

Study shows non-nappers exhibit significantly more symptoms of hyperactivity anxiety and depression

Not all children between the ages of four and five take daytime naps and those who do not tend to exhibit worse psycho-social function.

It is the conclusion of researchers who presented their research this month in Seattle at Sleep 2009, the 23rd Annual Meeting of the Associated Professional Sleep Societies.

'I can tell you anecdotally that the families of non-napping children have various reasons why their children are no longer napping,' said lead researcher.

Dr Brian Crosby, of Pennsylvania State University, University Park, in an e-mail interview with Reuters Health.

'For example, some children have given up naps naturally; some families don't like their child to nap because it interferes with night-time sleep; and some families' schedules are so full that there is no regular time allotted for a nap.'

He and his associates examined the impact of napping in a sample of 62 children, of whom 23 per cent no longer took daytime naps.

Despite the fact that the total 24-hour sleep time did not differ between children who took naps and those who did not, behavioural assessments completed by caregivers showed that non-nappers exhibited significantly more symptoms of hyperactivity anxiety and depression.

'It could be that kids are more hyperactive, irritable, etc. because they don't nap, or are unable to settle down for naps because they are more hyperactive, irritable, etc,' said Dr Crosby.

However, it is possible that napping is important for optimal daytime functioning in children at this period of development.'