Green island living

LUXE does not have to mean excessive, as Sentosa Cove demonstrates with environmentally-friendly initiatives that characterise the exclusive residential enclave.

“From the onset, Sentosa Cove was designed (in 1996) with the natural environment in mind – approximately 40 per cent of our development is dedicated to landscaping and waterbodies,” saidMr Jason Yeo, general manager of Sentosa Cove Resort Management.

Tan Hui Leng (huileng@mediacorp.com.sg) takes you on a quick tour of the Cove’s green features.
Homes

As of today, three out of 10 Cove projects have received the Building and Construction Authority’s Green Mark award given to buildings that adopt green practices in its design and construction.

Ponds

The numerous ponds around the island are not just eye-pleasing water features. They also double as water catchment areas for irrigation of all the landscape in North and South Cove, and the commercial precinct within Sentosa Cove.

Bio-retention swale

Designed to accumulate rain and hold it for gradual infiltration into the soil, the swale – a low-lying or depressed stretch of land – is located along the base of hillside bungalow plots.

Sluices

The Cove’s waterways are refreshed daily via sluices, i.e. gate-controlled water channels. During high tide, waters are channelled from the sea to the waterways and at low tides, the sluices are opened to let the water out to the sea.

Trees

Planted along a common strip on the seashore, the trees do not just provide shade but also help reduce ultra-violet rays and bring down temperatures. Furthermore, they reduce salt spray that is detrimental to buildings with metal structures and absorb emissions from passing ships.

Recycling bins

Recycling bins for plastic, paper and cans are available at the Sentosa Cove Arrival Plaza bus bay.
Bio-degradable dog poo bags

These eco-friendly dog poo bags are available around the Cove.

Source: Today, 6 Aug 2009

NTUC Club scraps plans for resort on Sentosa

DESCRIBED as a quality high-end resort for the working class, Palawan Resort was to have opened its doors by the end of last year.

But it will not be opening at all now.

Its developer, NTUC Club, has scrapped plans for the $45 million development on Sentosa after concluding that the project is “no longer viable”.

The 200-room resort was to have been built on a 3-hectare disused carpark and boast state of the art facilities, including a luxurious spa and a mirage pool.

Room rates would have been about $150 with discounts for union members.

But as of last September, the project – announced in 2005 by former NTUC Secretary-General Lim Boon Heng – had faced several delays.

With the Integrated Resort being built at Sentosa, NTUC Club said then it was reviewing the concept and plans for Palawan Resort. Plans had to be shelved due to “rising land premium and construction costs”.

After reviewing initial plans, the conclusion was that the project is “no longer viable”.

It was meant to be “an engagement tool by NTUC Club Investments (NCI) for the labour movement, to allow members to have an additional option for affordable leisure and entertainment,” according to NTUC Club.

NCI and Sentosa Development Corporation (SDC) have a good understanding of the decision and the site will be reviewed for future developments by SDC, NTUC Club also said.

Construction costs for commercial or sports and recreational spaces have risen by up to 15 per cent year on year.

But property analyst Nicholas Mak said the cost of land on Sentosa has remained relatively stable – the development charge rates, which is the tax paid to the government for the development of land at Sentosa – has not changed over the past six months.

Both parties declined to reveal details on the land arrangement but SDC said there were no rental payments made.

The project “never went beyond a Memorandum of Understanding”, said NTUC Club.

NTUC Club is the biggest local resort operator, managing three budget family-themed resorts.

Two are located in Pasir Ris and one on Sentosa.

Source: Today, 24 July 2009

60% of Sentosa IR will be ready when it opens

THE Sentosa integrated resort (IR) is all set to throw open its doors in the first quarter of next year – but visitors will not get to see the finished product.

When the resort opens, just 60 per cent of it will be ready: four hotels, the casino, the Universal Studios theme park, the theatre and the retail and dining area.

Construction of the other attractions at the 49ha resort – including the world’s largest oceanarium, a marine museum and two more hotels – will begin next year and is slated for completion by 2012.

Giving an update on the progress of the IR yesterday, Resorts World at Sentosa (RWS) executive vice-president of projects Michael Chin said some 80 per cent of construction for the first phase of the resort has been completed.

What remain to be done are exterior works and outfitting the rides for the theme park.

This should be completed by August.

After that, the resort will be testing the rides and other amenities, and getting staff up to speed on operations.

Asked about prices for the rides, the resort’s head of communications Krist Boo declined to give details. But she said that charges would be kept ‘affordable’ and that they would be competitive when compared with other theme parks.

She added that prices would be comparable and likely cheaper, dollar-for-dollar, than those at Universal Studios’ other parks in Orlando and Osaka, where day passes go for US$70 (S$100) and 6,000 yen (S$90), respectively.

Ms Boo acknowledged that there are some clouds on the horizon for the IR.

Because of the tough economic times, the resort would have to slash its visitor forecast for the first year from 15 million to 12 million, she said.

She added that it had also lowered the expected growth rate of returns on investment for the $6.59 billion project by one to two percentage points from the previously projected 15 per cent.

Spending by visitors is also expected to be less, she said, but did not elaborate.

Also, there are no takers for some of the retail space at the resort.

‘To be honest, the retail landscape is a little challenging now,’ she said.

Despite these concerns, however, the Sentosa IR is still confident of pulling in large crowds.

‘For visitors in this region, they don’t have to travel too far to enjoy a world-class attraction,’ she noted.

The resort’s main target will be visitors from countries within a seven-hour flight range of Singapore.

The exact date of the IR’s opening is expected to be firmed up by the end of the year.

Singapore’s other IR, the Marina Bay Sands, is also scheduled to open in stages, with the first opening expected at the end of this year.

Source: Straits Times, 26 June 2009

RWS structural works ending

RESORTS World at Sentosa (RWS) will complete all structural buildings by next month – 27 months after it broke ground in April, 2007.

Michael Chin, RWS executive vice-president, said yesterday that the Ministry of Manpower (MOM) has approved the company’s request to increase the quota of foreign workers on site.

MOM is also understood to have approved an increase in the foreign worker quota at Marina Bay Sands (MBS) resort.

Mr Chin said that there are about 6,500 workers on the RWS site and this will increase to 8,000-9,000. ‘All effort is being made to open as early as we can.’

The first-mover advantage will be important, especially as both RWS and MBS have casinos and are likely to open around the same time. Mr Chin would not discount opening during the lucrative Chinese New Year period in February 2010 when gambling is a popular activity.

With about 80 per cent of the main construction work already completed, all that is left is to fit out the buildings. This will include Universal Studios Singapore, four hotels and the casino. Mr Chin said that by August, most of the rides and shows at USS will be ready for testing.

RWS is confident that its resort will attract 12-13 million visitors in the first year. But spokeswoman Krist Boo said that visitor spending may be affected by the global downturn. As a result, RWS has reduced its investor rate of return (IRR) by one to 2 percentage points. Ms Boo would not reveal the IRR on its $6.6 billion investment, but it is likely to be in the region of 15 per cent. She said that more than half of RWS’s revenue is likely to be generated by the casino.

USS will also be a revenue generator, but Ms Boo said that RWS is aware that ‘USS will have to be affordable’. Entry prices will be lower than those at other Universal Studios theme parks in Japan and the US, she said. A check with the Universal Studios websites shows a one-day pass costs 5,800 yen (S$88) at Universal Studios Japan and US$75 (S$109) at Universal Studios Orlando.

Source: Business Times, 26 June 2009

Marina IR’s progress on track

CONSTRUCTION of the hotel towers at the Marina Bay Sands integrated resort (IR) is on target for completion by next month.

The three hotel towers have been built past level 50 – just five floors away from the 55-storey peak for hotel rooms, Marina Bay Sands announced in a statement yesterday.

The developer said it will hold an official topping-out ceremony early next month, presided over by Las Vegas Sands Corp chairman Sheldon Adelson.

The towers will contain around 2,600 luxury hotel rooms that are simultaneously being fitted out.

The US$5.4 billion (S$7.9 billion) IR will open by the end of the year, though likely not fully.

When completely open, it will comprise a casino, hotel rooms, convention and retail space, as well as various entertainment facilities.

Once the hotel towers reach 55 floors, Marina Bay Sands can start construction of the 56th floor and the 1ha Sands SkyPark on the 57th floor.

The SkyPark, which will stand some 200m from the ground, will have a public observation deck in the world’s largest building cantilever.

Mr George Tanasijevich, general manager and vice-president of Singapore development at Marina Bay Sands, said the topping out will be one of many significant achievements over the next few months.

‘We are putting the roof on the Expo and Convention Centre and are lining up luxury brands and cutting-edge designers for our retail stores.’

Last year, there were concerns that the project would not progress smoothly given the credit crunch. But Las Vegas Sands has assured investors that the Singapore IR is its top priority.

Source: Straits Times, 10 Jun 2009

Sentosa stirs back to life

Property agents receiving more enquiries about units at the Cove

BUYING and selling activity is returning to Sentosa’s home market, the district billed as a premier waterfront living dream, after suffering lacklustre demand during the shock of the global financial meltdown late last year.

The hard-hit months of October and November saw zero caveats lodged, according to data on the Urban Redevelopment Authority website. In December last year and January this year, each month had one lonely transaction.

But when stock markets began sizzling on improved sentiment, Sentosa too started seeing a pick-up: February saw four caveats lodged, followed by a peak in April with 11 cases and then five caveats in May.

“Generally, property buyers are feeling good and sentiments have turned positive about the economy, that could be a reason why you see transaction volumes have picked up, in the high-end property market and in other markets as well,” said Mr Colin Tan, head of research and consultancy at Chesteron Suntec International.

In total, 24 caveats were lodged between January and May – more than double the 10 caveats during the five-month period of August to December last year.

But at the same time, prices for those luxury homes have come down considerably. The average transaction price in April was about $1,310 per square foot (psf), whereas it was about $2,400 psf on average in August 2007.

People who missed out on the boom – which peaked in 2007 – the last time are now playing catch-up since prices have returned to more reasonable levels, said Dr Chua Yang Liang, Jones Lang LaSalle’s South-east Asia’s head of research.

Property agents told Today they were getting more enquiries.

“For the past two months, I see about 10 per cent increase in investors asking about units located in Sentosa. They consist of both locals and foreigners,” Mr Joseph Ong, a property agent handling units at Sentosa Cove, said.

“Usually these buyers are more interested in renting out the properties or treating them as holiday homes,” he said. “They usually come in asking what is the average rental for the properties around Sentosa Cove.”

However, warned Mr Tan, the current property rally seems more sentiment-driven than one based on fundamentals.

“The fundamentals are not there, if investors are buying in hope that they could rent them out, they have to take into the account that the rental market is still not in recovery mode.”

Mr Tan added that current buyers could be mainly investors and trading firms rather than home-occupiers.

Dr Chua, professing to be still bearish about the property market, warned investors to be careful when entering the market.

“Any negative sentiment right now will percolate through and cause a dent in the overall buying sentiments in the market,” he said.

Source: Today, 10 Jun 2009

Sentosa Cove on track to meet schedules

It will have some 2,100 condo units and landed homes by 2014
CONSTRUCTION at Sentosa Cove is largely on schedule, but Sentosa Development Corporation (SDC) – which oversees the luxury residential enclave – has received a ‘handful’ of requests from developers to delay their upcoming projects, chief executive Mike Barclay told reporters yesterday.

SDC has granted an extension to one developer and it is reviewing requests from others. It will consider requests on a case-by-case basis, Mr Barclay said.

And in a few cases, land-owners have had to pay liquidated damages – which is essentially a penalty – for taking slightly longer than the maximum time allowed to develop the sites they bought. The penalty comes to 2 per cent of the land purchase price for each month’s delay.

Buyers of land plots meant for landed homes are given four years to complete building on their sites, while buyers of condominium and commercial plots are given up to five years. So far, no major delays have been seen, SDC said. With most construction on track, Sentosa Cove should be home to some 2,100 condominium units and landed homes by 2014.

While some 2,500 homes could have been built on the Cove, some developers decided to combine land plots or build larger units, which means that the enclave will have fewer units than it could have.

To date, there are some 1,700 people living in Sentosa Cove in about 400 homes. More than 30 condominiums and landed properties have received their temporary occupation permits (TOPs).

This includes condominiums such as The Berth by the Cove and The Azure. Overall condo occupancy at projects that have achieved TOP now stands at about 70 per cent, according to data from SDC.

The number of people who have set up home in the Cove is expected to climb as another 60 projects are expected to get their TOPs over the next six months.

‘With more TOPs on the way, our live-in population is set to swell to about 3,000 by the end of 2009,’ said Mr Barclay.

About 840 homes – comprising 140 landed units and 700 condo apartments – will be ready by the end of this year, up from about 400 now.

Sentosa Cove comprises of North Cove and South Cove. Land parcels in the North Cove were launched first.

‘By the end of the year, 85 per cent of the projects within North Cove will have obtained TOPs,’ said Jason Yeo, general manager for Sentosa Cove Resort Management. ‘As for South Cove, the land sale was completed in 2008 and it is envisaged to be fully developed by 2014.’

The masterplan for Sentosa Cove was finalised in 1996, and land sales kicked off in 2003. All land sites were sold by 2008, with the total investment from land sales for the Sentosa Cove project coming to some $5.1 billion in total. Some 60 per cent of all buyers were foreigners.

With all land plots on the island sold off, Sentosa’s management has now turned its attention to building a cohesive residential community.

Right now, Sentosa Cove is home to people from 21 nationalities including Europe, the United States, China, India, Australia and neighbouring South-east Asian countries.

‘We are actively building a community life now and are committed to fulfilling our vision of delivering the world’s most desirable address,’ said Mr Barclay.

‘Are we on track with our vision? The answer is yes,’ said Jennie Chua, chairman of the Sentosa Cove Council. In recent quarters, property prices across Singapore (including Sentosa Cove) have tumbled and reports of construction delays have emerged. But this is due to a global economic downturn, Ms Chua said. In the longer term, Sentosa Cove still offers an attractive residential enclave for locals and foreigners, she said.

Source: Business Times, 25 April 2009

Sentosa Cove homes on schedule

Despite the recession, Sentosa Cove is fast taking shape as a prime residential haven.

Building at the 117ha site is on schedule, although some developers have asked for extensions. A 12-month extension has been granted to one developer.

By the end of the year, 85 per cent of the projects in North Cove will be ready, while the South Cove, where land sales were completed only last year, will be fully developed by 2014.

There are 1,700 residents in Sentosa Cove but this will rise to about 3,000 by the end of the year.

Source: Straits Times, 25 April 2009

Sentosa’s tenants get 15% rent rebate

SDC joins other govt agencies in channelling savings from property tax rebates

SENTOSA Development Corporation said yesterday it will give its tenants a 15 per cent rent rebate.

The move – backdated to Jan 1 and effective until the end of this year – will benefit 47 tenants who run attractions, beach pubs, food and beverage and retail outlets, and other businesses such as bicycle hire kiosks.

They will get monthly rent rebates of between $180 and $3,000. About 80 per cent of tenants on the island will benefit. The other 20 per cent, who pay property tax direct to the government, will not be eligible as they will benefit from the government’s property tax rebate.

In January, the government said owners of industrial and commercial property will get a 40 per cent tax rebate this year.

Similar measures to help tenants were put in place during the last economic recession in 1997-98 and the Sars outbreak in 2003, Sentosa said.

It joins other government agencies – such as the Housing and Development Board, Singapore Land Authority, JTC Corporation and National Environment Agency – in giving tenants 15 per cent rent rebates.

‘Sentosa is channelling the savings we will get from the government’s property tax rebates back to our island partners,’ said Mike Barclay, chief executive of Sentosa Development Corporation.

‘These rebates are consistent with our wider objective of working with our island partners to create irresistible value for all guests visiting Sentosa.’

In the coming months, Sentosa will also spearhead several sales and marketing campaigns on behalf of its tenants.

Source: Business Times, 18 Mar 2009

Marina Bay Sands on track to open by year-end

SINGAPORE : The US$5.4 billion Marina Bay Sands is on target to open by year-end.

The construction of its hotel towers has passed the halfway mark and is due to be “topped out” in July.

With the current downturn and parent company Las Vegas Sands running into money problems, there were concerns about the impact on the Marina Bay project.

But the company said funding is not an issue.

Bradley Stone, president, Global Operations & Construction, Las Vegas Sands Corp, said: “We have a fully-funded project here in Singapore. We put the financing in place in December 07. And we have been putting in equity as planned from the parent company.

“What happened in Macau (is that) we were launching those projects right in the face of the credit crunch. What happened in Macau certainly won’t happen here. The project is funded and a lot by local banks here in Singapore, and we are very confident in our ability to complete this on a timely basis.”

Marina Bay Sands said at least half of the property will be operational by year-end.

It is in discussions with Singapore authorities on the timeline.

George Tanasijevich, general manager and VP, Singapore Development, Marina Bay Sands, said: “We are not going to open this property until we have at least 50 per cent of it complete, and this includes all the compelling aspects of the project.

“Certain pieces will come on later. We are working with the tourism board and government to refine what that schedule will be. A sizeable proportion of the hotel rooms will be included in the initial opening.

“But I can assure you that what we open in the initial phase of it will be a full-fledged IR (integrated resort) that is compelling from a tourism standpoint and something that Singapore can be proud of.”

All four floors of the casino area have been constructed – with workers due to start on the roof next.

The massive convention and exhibition space and retail mall next to it is also making good progress.

And while construction for the Art Science Museum and theatres is still ongoing, plans for bringing in big acts like Broadway productions are underway.

The distinctive hotel towers – that slope at a 26 degree angle – with 2,600 rooms have reached the halfway mark at about 28 floors, with hotel rooms being fitted out in tandem.

The hotel towers may have reached their halfway mark, but Marina Bay Sands has yet to face its biggest construction challenge. That is when the floors go up all the way to the 55th level and they have to construct a sky park across all three levels.

When completed, the sky park, which is about the length of four and a half A380 airplanes, will have pools, gardens and a rooftop club.

But will all these facilities bring in the crowds the Singapore government is banking on?

Singapore’s visitor arrivals fell almost 13 per cent in January to 771,000 from the same period a year ago. However, despite the recent gloomy tourist arrival numbers, Marina Bay Sands remains confident the cards are stacked in its favour.

Nigel Roberts, president, Marina Bay Sands, said: “In spite of the market, we will come on line with something everyone will want to come to. It is going to be a ‘must do’ place to come (to).”

It plans to make Marina Bay Sands a global attraction, but the markets it is targeting first are China, India, Indonesia, Malaysia and Thailand, as well as the Middle East and Russia. – CNA/ms

Source: Channel News Asia, 4 Mar 2009