Monthly Archives: February 2010

In firefighters we trust (but not property agents)

WHO would you trust more? A fireman, or a real estate agent?

Thought so.

So did 760 Singapore residents who took part in an online poll conducted by Reader’s Digest magazine on the most trusted professionals in the country.

Conducted last October, the poll gave them two lists of 55 individuals and 40 professions and asked them to rate their trustworthiness on a scale of one to 10.

The results show that the people who are trusted most tend to have the most vital job of all – saving lives. Hence, besides firefighters, jobs in the medical industry dominate the top 10 places.

Doctors are second, surgeons fifth, paramedics seventh, followed by nurses, pharmacists and dentists. Judges, teachers and pilots round out the top 10. Not far behind are police officers in 11th place.

At the other end of the scale are those who deal with money, or wield influence.

Real estate agents brought up the rear. Just ahead of them, at 39th, were politicians. Financial planners were only slightly more to be trusted, at 38th.

But Mr Jeff Foo, president of the Institute of Estate Agents, was stoic about the results: ‘I’m not surprised. It’s partly due to our poor reputation and also because we are not regulated, with no entry requirements.’

That does not explain the politicians. With Singaporeans reputed to have so much faith in the Government, why the poor showing?

Mr Michael Palmer, MP for Pasir Ris-Punggol GRC, said: ‘From what I see on the ground, I don’t get a sense that people distrust us. Perhaps it’s because those surveyed responded not on trust but with their disagreement with the Government and its policies.’

But perhaps there is no need for any chest-beating. In any survey of this type, people tend to trust those they have to rely on most, said Ms Dora Cheok, editor of Reader’s Digest Asia.

Agreeing, organisational behaviour expert Donald Ferrin, an associate professor at the Singapore Management University, said: ‘Research has shown that when you are dependent on someone, you have a defence mechanism to want to trust someone, or it can make your life difficult.’

So it is only human, and probably why Singapore’s top 10 is almost identical to those from Malaysia and the Philippines.

Still, it does not take anything away from the quality of Singapore’s civil defence force and health-care professions, said Ms Cheok.

The three countries are among seven that participated in the first such poll done by the magazine in Asia. In Singapore, those surveyed were at least 20 years old, had at least secondary school education, and a minimum annual household income of $49,500.

As for lawyers who are ranked 32nd, Mr Palmer – who is also a lawyer – said the media could be to blame. ‘The only time you see us mentioned in the media is when a lawyer has been dishonest. Which is why we try to stay out of the papers!’

And what of those whom he blamed for lawyers’ poor showing? Journalists were placed 30th in the list, ahead of hawkers, taxi-drivers and bankers, but behind farmers, musicians and hairdressers.

Source : Straits Times – 26 Feb 2010

Marina IR opens April 27

It will open in phases, with opening ceremony planned for June 23

SINGAPORE’S second integrated resort, the Marina Bay Sands (MBS), will open on April 27.

Like its counterpart on Sentosa, MBS will open in phases, with the casino, some hotel rooms, restaurants, part of the shopping mall and convention centre opening first.

Unlike Resorts World Sentosa (RWS), however, MBS has detailed when its various attractions will open.

In a statement yesterday, the resort said its first major event, a meeting of lawyers worldwide for the Inter-Pacific Bar Association’s 20th annual conference, will be held on May 2 to 5, just days after it opens.

It added that a grand opening ceremony has been planned for June 23, when the Skypark and several other attractions will begin to accept visitors.

Other areas of the resort, such as its theatres and museums, will throw open their doors progressively till the end of the year.

However, MBS added a caveat to its statement: The timeline could change if there are construction delays, for example. Getting regulatory approval is another factor, it added.

Casino Regulatory Authority spokesman Vivian Heng said it received MBS’ casino licence application in November last year, and the clearing process is under way.

Yesterday’s announcement comes after three years of work, including several delays. MBS was originally slated to open last December, but construction woes – the resort said it suffered a shortage of sand and other materials – led to the opening date being pushed back twice.

At one stage, there were even questions about whether MBS’ parent company, Las Vegas Sands (LVS), could complete the US$5.5 billion (S$7.7 billion) project, given the battering it took during the global financial crisis.

At its low point, there were fears that the company could go belly-up because of its debts. Several analysts questioned then whether LVS was using the delays to paper over its financial woes.

But Mr Sheldon Adelson, chairman and chief executive officer of LVS, stressed several times that MBS was ‘probably the company’s most important project’.

Yesterday, Mr Adelson said: ‘Despite the challenging, and at times unprecedented economic conditions companies like ours recently faced, our dedication to completing this development never wavered, not even for a second.’

Analysts and industry experts contacted yesterday welcomed the announcement of an opening date, saying MBS would add a different dimension to Singapore.

They agreed that while the two integrated resorts (IRs) will help Singapore become more attractive to tourists, give a boost to the economy and create a wealth of jobs, MBS will add extra wattage to the cityscape by injecting a dose of glitz, glamour and culture.

Singapore hopes to attract 17 million visitors, who will spend $30 billion, to the country by 2015. The two IRs are also expected to add some $5.4 billion to the economy yearly, and create at least 20,000 jobs.

CIMB-GK regional economist Song Seng Wun said that while RWS will draw leisure travellers and families – an important segment of the tourism market, no doubt – the Marina Bay IR will pull in movers and shakers with fatter wallets and influence worldwide.

MBS will also add to Singapore’s nightlife and cultural scene too, with such world-class shows as The Lion King, said National Association of Travel Agents Singapore chief executive Robert Khoo.

But analysts were quick to point out that both sides have their own strengths, and will do a good job of appealing to their own market segments.

One group that had an opposite reaction was travel agents, who feel RWS, not Marina Bay, will be the game-changer for them, since their business covers mainly leisure travellers.

But convention organisers were rubbing their hands with glee.

Mr Edward Liu, president of the Singapore Association of Convention and Exhibition Organisers and Suppliers, said MBS’ opening is something that the local meetings, incentives, conventions and exhibitions (Mice) industry has been looking forward to with great anticipation.

Its location and the number of attractions under one roof mimic the Las Vegas business model, a proven winner, he said.

He has already booked two mega- events at the IR.

Shares of Genting Singapore, which owns RWS, ended 1.5 cents lower at 94 cents yesterday after the announcement.

LVS shares opened slightly higher in early trading on the New York Stock Exchange, despite a recent trend of pressure on Las Vegas casino operators due to fears of falling room rates and worries over MGM Mirage’s newly opened US$8.5 billion, 6,000-room CityCenter project.


What’s coming up this year

April 27: Phase One opening with 963 hotel rooms, part of shopping mall and convention centre, three of six celebrity-chef restaurants and other dining outlets and the casino
May 2 to 5: Hosting of its first event, the Inter-Pacific Bar Association 20th Annual Conference
June 23: Phase Two opening with the sky garden – Sands SkyPark – its event plaza in front of Marina Bay, the rest of the retail mall, more dining outlets and nightlife offerings. Grand opening celebration is also scheduled.
October: Disney’s The Lion King to open at one of its two theatres
Later in the year: Second theatre to host a variety of special events; headline acts to open
December: Marina Bay Sands museum to open

Source : Straits Times – 25 Feb 2010