Category Archives: Property Market / Real Estate

Marina sparkles

It is that time of the year when Orchard Road not just lightens your wallet, but lights up your life too. Yes, Christmas light-up time is here.

While shoppers last year reckoned the wire-mesh decorations of sweets along Singapore’s premier retail strip were more trash than flash, they are lapping up this year’s array of Santas, reindeer and snowmen perched on street lamps.

But the Orchard roadshow is being outshone by the glittering display of decorations at Marina Bay.

Marina Bay is wowing shoppers with its elegant display of an arched entrance at Raffles City Shopping Centre, ropes of golden and blue lights aglow above the traffic and columns of lights that stretch from Suntec City Mall, Marina Square, Singapore Flyer to Esplanade – Theatres on the Bay and Clifford Pier.

Well, that is according to shoppers and tourists LifeStyle spoke to last week. In fact, they felt that the decorations at Marina Bay, Singapore’s new financial district and home to the Marina Bay Sands integrated resort, were actually better than Orchard Road.

One of those interviewed, senior sales manager Tan Cheng Tee, 39, said: ‘Marina Bay’s simple yet glitzy decorations would have complemented Orchard Road’s classy new look, which includes revamped malls such as Paragon, and new malls Ion Orchard and Orchard Central. Orchard Road’s light-up pales in comparison to the one in Marina Bay.’

Could it be that the Santas and reindeer in Orchard Road may sleigh the families, but are a tad cute for today’s increasingly sophisticated shoppers?

Not so, according to the man behind them, Mr Edward Tang, 47, creative director of ModernAge Design & Communications, who has been doing Christmas decorations for over a decade.

He lined the road with symbols of a snowy yuletide and divided it into three zones featuring blue, orange and red lights. He said: ‘A uniform colour for the 2.5km stretch may look boring.

‘The blue theme gives a romantic feel from Tanglin to Shaw Centre. As it gets busier from Ion Orchard to The Heeren, it has a warmer tone of orange lights.

‘The reindeer along the pedestrian walkways in front of Ion mall to Ngee Ann City are dressed up to depict an upscale fashion street. The red zone from Orchard Shopping Centre to Concorde Hotel Singapore depicts a young, energetic and modern vibe.’

Shoppers LifeStyle spoke to said this year’s Christmas decorations are a ‘marked improvement’ over last year’s, which consisted of wire mesh-like material with hanging sweets draped across the road to represent the theme A Sweet Christmas In Singapore. It was designed by veteran singer-songwriter Dick Lee.

Mr Roland Lim, The Heeren’s marketing communications manager, gives this year’s light-up, themed A Christmas All Decked Out, the thumbs-up. ‘The decorations have a stronger festive feel because of the Christmas icons. The themes along Orchard Road differentiate the major shopping sectors,’ he said.

However, shoppers griped about the coloured baubles or ’snow’ balls on the trees. They said some trees looked ‘bare’ with only a few baubles.

Mrs Rosemary Lim, 42, an executive secretary, said: ‘The best places to get a good picture are at Ion Orchard, Tangs, Ngee Ann City and Paragon because the trees are brightly lit.’

However, Mr Tang explained that not all trees can take the weight of the balls. ‘We can’t place too many baubles on some trees as the main branch is not thick enough to take the weight and may break.’ Each bauble, which is 60cm in diameter, weighs 2kg.

Marina Bay’s light-up is by local firm Q’s Advertising, which was also behind the success of this year’s Deepavali street light-up.

The firm was roped in by the Baywatch Association, comprising 10 members such as Esplanade theatres, Raffles City Shopping Centre and Suntec City Mall. Baywatch declined to reveal the cost of the light-up.

Orchard Road’s decorations were jointly organised by the Orchard Road Business Association and the Singapore Tourism Board. The board declined to reveal the cost of the light-up, which is partly sponsored by Hitachi and Visa.

This is the first time that the Orchard Road Business Association and the Baywatch Association are behind the Christmas light-up. Previously, the light-up was undertaken by the Singapore Tourism Board.

But whether you love the way Orchard Road has decked the malls or are swayed by Marina Bay’s display instead, the colourful lights add to the festive atmosphere.

Administrative manager Justina Singh, 34, said: ‘The light-up in Orchard Road and Marina Bay each has its own charm. The good thing is, there are different decorations to check out at two shopping areas this year.’

Source : Sunday Times – 15 Nov 2009

UOL Q3 profit up 44 per cent

Increase due to gains from Nassim Park Residences, associate UIC

UOL Group’s third-quarter net profit has risen 44 per cent year on year to $105.6 million. Revenue increased 21 per cent to $323.9 million, thanks to progressive recognition of revenue from development properties.

MR GWEE
‘Our profit showed a significant increase, attributed to our timely launches and locking in and controlling of construction costs.’

UOL’s bottom line received a fillip from a tripling in share of profits of associated companies to $48.2 million from $15.1 million for Q3 2008.

This was on the back of higher contributions from the progressive completion of Nassim Park Residences (in which UOL has a half share) and UOL’s 31.9 per cent share of the profit of United Industrial Corporation, which became an associated company this year.

Revenue from property development rose 49 per cent to $203.5 million, accounting for nearly two-thirds of total group revenue. Among the projects that contributed to UOL’s Q3 report card were two new launches this year – Double Bay Residences and Meadows@Peirce, which have sold a total of 937 units to date.

Rental income from investment properties rose 9 per cent on the back of higher occupancy and rental reversions for most of the group’s investment properties. However, revenue from hotel operations fell 13 per cent amid the decline in tourism markets.

UOL group chief executive Gwee Lian Kheng said: ‘Our development profit showed a significant increase, attributed to our timely launches and locking in and controlling of construction costs.’

In the first nine months of 2009, UOL’s net profit rose 60 per cent to $417.2 million. Revenue increased 15 per cent to $734.3 million. Shareholder funds rose 19 per cent to $4.04 billion as at Sept 30, 2009 – on the back of fair-value gains on available-for-sale financial assets, the group’s operating profits for the first nine months of this year, and recognition of negative goodwill and capital reserves arising from the acquisition of additional interest in UIC. Consequently, net tangible asset backing per share rose to $5.11, from $4.22 at end-2008. UOL’s gearing ratio improved to 0.39 from 0.42 over the same period.

UOL’s hotel arm, Pan Pacific Hotels Group (formerly known as Hotel Plaza), posted a 25 per cent year-on-year drop in Q3 net earnings to $10.1 million on a 6 per cent dip in revenue to $72.8 million.

Nine-month net profit slid 39 per cent to almost $27 million. Revenue fell 12 per cent to $205.1 million. Pan Pacific said that it expects the business climate to remain challenging.

In the stock market yesterday, UOL closed unchanged at $3.29 yesterday while Pan Pacific Hotels ended one cent higher at $1.35.

Source : Business Times – 14 Nov 2009