News Highlights Wednesday 20 February 2008

The Straits Times, P1

Record $6.9b aerospace output last year
Singapore’s aerospace industry enjoyed a record output of $6.9 billion last year, and new projects are set to propel it ever higher. Among them is the Seletar Aerospace Park, which is already proving to realize Singapore’s ambition of becoming a high-value player in the global aerospace industry by attracting big boys such as Rolls-Royce to invest in new and pioneering projects here. The new 140ha facility will open in phases and be fully developed by 2018. According to PM Lee, growing deregulation of air services will open up new flight routes at more affordable prices, boosting demand for air travel. Last year, Boeing and Airbus announced record orders for new aircraft. In the next two decades, the global commercial aircraft fleet is expected to more than double in size. This will create even more opportunities for the industry here.



The Straits Times, H2

Jurong Lake area: Big changes planned
URA is planning a wave of changes to transform the area into a commercial, retail and entertainment centre. Preliminary discussions centred on developing office space, a commercial centre with retail shops, four to five hotels and a resort or theme park – all clustered around the Chinese and Japanese gardens on the shores of Jurong Lake.


The Business Times, P2

MAS fears Asia will hurt if US engine seizes
The Monetary Authority of Singapore (MAS) warned that a sharp and deep recession in the US will hit Asian economies. It believes that Asia still has significant links with the world’s biggest economy through trade, investment and finance, and that only if these linkages are significantly weakened can Asia be said to have de-coupled from the US. However, MAS noted that the fundamentals of the economies and financial markets in Asia have improved significantly since the Asian financial crisis - most Asian economies have large foreign reserves and current account surpluses. There is a sizable educated and skilful labour force, and a growing middle class that forms a broad consumer base. Asian corporates and households are also doing well after four years of robust growth, and Asian capital markets are better developed. Asian banks are also better capitalized, have less bad loans, and are better supervised and managed.


The Business Times, P11

China firm puts in top bid for Bishan HDB site
China-based builder Qingdao Construction group Corporation has put in the top bid of $135,888,777 or $237 per square foot per plot ratio (psf ppr) for a Housing and Development Board (HDB) Design, Build and Sell Scheme (DBSS) site in Bishan. Qingdao will build a 400-unit development and will release the launch prices and date of launch later. Savills believes that the eventual launch price of the Bishan development could be around $550 psf. Demand for DBSS flats has been high. At a recent launch of City View @ Boon Keng in January, about 1,100 people applied for 714 units on the first day alone.




The Business Times, P22


BJETS’ S’pore HQ in the works
Tata-backed BJETS, which aims to be Asia’s biggest business jet operator, has announced plans to be headquartered in Singapore as well as in Mumbai. BJETS chose Singapore as it believes the country has the right approach and attitude to become the business aviation hub of the region. It said the new initiatives like upcoming integrated resorts and Formula One Grand Prix made it important for BJETS to have a strategic presence here. In Singapore, BJETS will operate at Seletar airport.


The Business Times, P22

Major spin-offs seen for S’pore from RR plant
To be completed in 2009, Rolls-Royce’s $320 million plant at the Seletar Aerospace Park will be its most modern production engine assembly and test facility for large aero engines and its first in Asia. The government expects significant spin-offs for Singapore from the plant as it works jointly to develop a strong supply chain to support it. The precision engineering industry will benefit from the opportunities created and logistics companies will gain from managing the movement of parts and engines to and from destinations all over the world.


The Business Times

Yeo Hiap Seng posts 40% earnings rise
Yeo Hiap Seng recorded net profit of $2.53 million for the full year ended December 2007 ....


The Business Times

Brunei highlights growth areas to S'pore investors
They include oil/gas, infrastructure, nature-based and Islamic businesses


The Straits Times

Snazzy water taxis to liven up the River
$7m fleet of 20 electric boats is part of major revamp of S'pore River and surrounding areas to boost businesses there