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Daily Archives: 7 Nov 2009

Count on Monte Carlo

Posted on 7 Nov 2009 | Comments Off

As the rich and famous shift to new playgrounds, Monaco kingpin Bernard Lambert is rebuilding the Monte Carlo story.

AH … Monaco: where royalty and tax exiles winter in luxury suites and multi-million dollar penthouses; where movie stars sip Cristal from Baccarat flutes on 300-foot yachts anchored in azure waters, baiting the paparazzi; where Prince Ranier once wooed Grace Kelly and fortunes were won and lost (mostly lost) at fabled roulette tables that have seen the likes of James Bond (in various iterations); where perfectly tanned beauties have been coming to play alongside legendary race car drivers out hunting for their next trophy…

Almost surreal, this picture of the glamourous and slightly decadent principality did certainly exist once. But the glamour appeared to be fading of late – tuxedos are not even de rigeur at the Casino de Monte Carlo any more.

Instead, the ultra-rich have been seeking out ever more exotic holiday destinations, hampered only by landing rights for their Gulfstream jets.

Enter Bernard Lambert, CEO of Monte Carlo SBM, the 146-year-old company that holds the monopoly to Monaco’s five casinos. It also owns four hotels there, the oldest of which, the Beach Hotel, has just undergone a multi-million dollar refurbishment with its Hotel de Paris and Hermitage being tweaked as well.

For many years before Mr Lambert joined in 2002, the company was quite happy with business as usual. Continue reading →

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Posted in General, Overseas Property

Tagged Bernard Lambert, Monte Carlo

Buffet-table spread of sites for developers

Posted on 7 Nov 2009 | Comments Off

But the jury is out on whether the govt’s release of plots will tame land bids, which have soared wildly at state tenders

THE government is offering developers a platter of residential sites through the confirmed and reserve lists for the next half – including several plots in the vicinities of hot-selling condo launches this year, such as Caspian near Jurong Lake and Alexis near Queenstown MRT Station.

However, the jury is out on how much this will tame land bids, which have soared wildly at recent state tenders.

Four of the eight sites on the confirmed list and at least four reserve list sites are near MRT stations – but there are also many sites not in the vicinity of train stations where more affordable private housing could be built.

A few plots are close to the city while the majority are in typical suburban locations where private condos catering to HDB upgraders are located.

Peter Ow, Knight Frank executive director (residential), said: ‘The government’s main message is that it is taking care of the upgraders’ market. The current release is to tackle and try to moderate prices in the upgraders market which concerns most Singaporeans.’

For new private homes, prices in the mass-market segment have surpassed their 2007 peak levels; whereas for high-end homes, prices have yet to recover to their 2007-highs, he added.

‘Thus, there are no sites in the Core Central Region, which includes the prime districts. The government recognises the fact that not all sectors of the residential market are doing well, especially high-end homes.’ Continue reading →