KEY:
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O – Office

ECONOMIES

REGIONAL GROUP

Forging Ahead With New Developments

Development in advanced global economies was generally weaker in 2013 than was expected, with the US yet to solve its fiscal impasse and with the weak domestic demand in Europe. While recovery in advanced economies in Asia is likely to lift export demand, structural reforms in China and fiscal consolidation in some ASEAN economies are likely to moderate growth. In view of this, the Singapore economy is expected to show slow recovery of 3.5 to 4 per cent in 2013, with gradual growth of 2 to 4 per cent expected in 2014.

Singapore’s Construction Industry

The Singapore economy grew in the first two quarters of 2013 by 0.2 per cent and 4.4 per cent respectively. Preliminary estimates indicate that in the third quarter, the Singapore economy grew by 5.8 per cent on the year-on-year basis. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 1.3 per cent in the third quarter after expanding by 17.4 per cent in the previous quarter.

Domestically-oriented sectors such as construction and business services are expected to remain resilient for the rest of 2013. The tightness in labour market conditions, however, may weigh down these sectors in 2014. The construction sector grew by 5.2 per cent on a year-on-year basis, compared to 6.9 per cent in the preceding quarter. On a quarter-on-quarter basis, the sector contracted by 2.5 per cent, a reversal from the 20.3 per cent expansion in the second quarter of 2013. This was mainly due to weaker public sector construction activities, although partially offset by robust construction activities in the private sector. Regardless, the construction sector can be expected to better 2012’s GDP of S$14,231.2 million.

Real Estate Prices and Rentals

The government introduced an additional round of cooling measures in a bid to control prices of the residential market. The new measures took effect on 12 January 2013, and include:

• Raising Additional Buyer’s Stamp Duty (ABSD) rates by five to seven per cent across the board
• ABSD will also be imposed on Permanent Residents (PRs) purchasing their first residential property and on Singaporeans purchasing their second residential property
• Loan-to-Value limits on housing loans granted by financial institutions will be tightened for individuals who already have at least one outstanding loan, as well as to non-individuals such as companies
• The minimum cash down payment for individuals applying for a second or subsequent housing loan will also be raised from 10 per cent to 25 per cent

Prices of private residential properties rose marginally in the first three quarters of 2013, indicating that the additional cooling measures implemented by the government have met with moderate success. After a 0.6 per cent increase in the first quarter, prices of private residential properties rose by 1.0 per cent and 0.4 per cent respectively in the second and third quarters.

Rentals of private residential properties increased slightly in the first three quarters of 2013. They rose by 0.8 per cent in the first quarter, 0.3 per cent in the second quarter and 0.2 per cent in the third quarter.

Prices of office space were slightly more volatile than that of private residential properties. After a 2.1 per cent increase in the first quarter, prices further increased by 1.5 per cent in the second quarter and 1.0 per cent in the third quarter. Rentals, on the other hand, declined 0.2 per cent in the first quarter before rising marginally by 0.2 per cent and 0.8 per cent in the second and third quarters respectively. As at the end of the third quarter of 2013, there was a total supply of about 1.086 million square metres GFA of office space in the pipeline.

Prices for shop space saw steady increase in the first three quarters. After increasing 2.1 per cent and 1.7 per cent in the first and second quarters, the increase moderated to 0.4 per cent in the third quarter. Rentals declined by 0.6 per cent and 0.8 per cent in the first and second quarters before increasing 0.4 per cent in the third quarter. As at the end of third quarter of 2013, there was a total supply of 614,000 square metres GFA of shop space from projects in the pipeline.

Growth of prices of multiple-user factory space continued to grow, but slowed significantly compared to 2012. A 2.9 per cent growth was followed by 0.5 per cent and 0.9 per cent increases. Rentals of multiple-user factory space saw slightly better quarters of growth, coming in at 0.4 per cent, 0.1 per cent and 4.4 per cent.  As at the end of third quarter of 2013, there was a total supply of 4.422 million sq m GFA of factory space from projects in the pipeline.

Going Green

The green movement is gaining traction in Singapore’s construction industry, with government bodies supporting green technologies and practices. The Urban Redevelopment Authority (URA) released the Draft Master Plan 2013, which aims to balance the need for development with protecting green spaces. National Development Minister Khaw Boon Wan said the Draft Master Plan “will make Singapore an inclusive city for all ages, where people are also connected through green modes of transport and work closer to their homes”. One part of the plan is the building of 700km of cycling routes which will be integrated with the public transport network. The Draft Master Plan also aims to enable 90 per cent of Singapore households to live within 400m of parks.

It is not just public projects and residential buildings that have plans to go green. The Building and Construction Authority (BCA) and the Infocomm Development Authority of Singapore (IDA) have launched the BCA-IDA Green Mark for New Data Centres, an addition to BCA-IDA Green Mark Scheme, to encourage data centres to adopt more environmentally-friendly practices. The first award of its kind in Asia, the BCA-IDA Green Mark for New Data Centres encourages new data centres to adopt energy-efficient design, technologies and systems in the planning and design phase. Key criteria of assessment include energy efficiency, water efficiency, sustainable construction and management, indoor environment quality and other green features. As per other Green Mark awards, the data centres are rated according to Green Mark Platinum, GoldPlus, Gold or Certified ratings.

Abbott Laboratories Singapore is the first recipient of the BCA-IDA Green Mark Award for New Data Centres. The data centre was rated Green Mark Gold for its efforts to introduce efficient design strategies such as the use of modular design which optimises performance through addressing phases in usage demand, the selection of energy efficient IT equipment and the deployment of virtualisation technology. Abbott’s experience serves to underline how data centres can potentially realise significant cost savings by targeting energy efficiency in design. When fully operational, Abbott’s data centre is expected to achieve energy savings of more than one million kilowatt hours annually.

Readying Changi Airport for Future Growth

The groundbreaking ceremony of Terminal 4 (T4) of Changi Airport was conducted on 5 November 2013. T4 will be used as the test bed for the future mega Terminal 5. Some of the concepts that will be used in T4 are innovative terminal design and the usage of technology to raise efficiency levels. More self-service options will be introduced at T4, such as self-service check-ins, automated immigration clearance and automated boarding at departure gates. To connect T4 to the other three existing terminals, a shuttle bus will be used instead of the skytrain that currently connects the Terminals 1, 2 and 3 as the presence of existing structures make the construction of the skytrain tracks extremely challenging.

The current open-air car park site facing T1 will be developed into a new mixed-use complex currently codenamed Project Jewel. It is being designed by a consortium of designers led by renowned architect Moshe Safdie, who was also behind the iconic Marina Bay Sands. Project Jewel will offer aviation and travel-related facilities, a wide range of retail offerings, as well as unique leisure attractions. One of these will be a large-scale indoor garden with a waterfall. Project Jewel will also serve as a node linking the terminals, improving inter-terminal connectivity. When completed, Project Jewel, together with Terminal 4, will boost Changi Airport’s handling capacity to 85 million passenger movements a year.

Strengthening Cornerstones for Tougher Times

Despite the sovereign debt issues in the Eurozone and the weak US labour market, the Ministry of Trade and Industry (MTI) expects the Singapore economy to grow by one to three per cent in 2012. The construction industry, notwithstanding its marginal 0.3 per cent growth in the third quarter of 2011, still remains a significant contributor to the Singapore economy.  Meanwhile, the real estate services segment grew by 0.9 per cent, on a sequential basis.

The State of the Construction Industry

Domestic economic activity in Singapore grew by 6.1 per cent in the first three quarters of 2011. This was largely supported by the strong performance by the biomedical sector – the rest of the economy, including the construction sector, remained weak.

The repercussions of the supply chain disruptions brought about by the Japan earthquake have mostly dissipated, yet the withdrawal of global demand, the deterioration of consumer confidence and the weakening of global businesses steered towards the further slowing of domestic economic activity.

The third quarter saw the construction sector marginally grow 0.3 per cent on a year-on-year basis, tempering the 1.5 per cent growth in the second quarter. On a sequential basis, the end of the third quarter of 2011 saw the construction sector register a decline of 11.8 per cent on quarter SAAR (seasonally adjusted annualised rate) after expanding by 13.3 per cent in the second quarter. Residential construction continued to contract, while the non-residential construction segment saw a decline, pulled down by the decrease in public sector works.

Despite this, the construction industry remains a significant contributor to the Singapore economy, providing $3,240.7 million in the third quarter of 2011 alone.

The Rise in Real Estate and Rental Prices

Property prices in Singapore are still increasing. However, the 3rd quarter of 2011 was the 8th consecutive quarter which saw the rate of increase in private housing prices slow down. Prices of private residential properties rose 2.2 per cent in the first quarter, 2.0 per cent in the second quarter and only 1.3 per cent in the third quarter. Office properties rose 4.9 per cent, 3.6 per cent and 3.7 per cent in the first, second and third quarter respectively. Meanwhile, shop property prices had an increase of 0.5 per cent, 1.1 per cent and 3.4 per cent over the first, second and third quarter while all industrial properties rose 8.3 per cent, 5.5 per cent and 6.9 per cent in the first, second and third quarter respectively.

Rentals generally increased through the first three quarters as well. In the first quarter, rentals of private residential, office, shop and industrial properties increased by 1.2 per cent, 5.4 per cent, 0.8 per cent and 6.3 per cent respectively. In the second and third quarter, rentals continued to moderate, with the rentals of private residential, office, shop and industrial properties increasing by 0.8 per cent, 0.9 per cent, 0.5 per cent and 2.4 per cent in the third quarter.

Additional Cooling Measures

Due to fears of excessive investment in the Singapore property market, the government implemented additional cooling measures.

On 13 January 2011, the government informed of the extension of the holding period for the imposition of Seller’s Stamp Duty (SSD) on residential properties from three years to four years. New rates will be enforced  on residential properties which are acquired from 14 January 2011 and sold within four years from the date of purchase. For properties with a holding period of one year, the new SSD rate will be 16 per cent of the price or market value, whichever is higher. For properties with a holding period of two, three and four years, the new SSD rate will be 12 per cent, 8 per cent and 4 per cent respectively, of the price or market value, whichever is higher.

In addition, the government lowered the Loan-to-Value (LTV) ratios on second mortgages further to 60 per cent of the appraised value of the property.

Starting 8 December 2011, foreigners and corporate entities were required to pay an additional 10 per cent Additional Buyers Stamp Duty (ABSD), on top of the existing buyer’s stamp duty on property purchases, and valued at the following rates: one per cent on the first S$180,000 of purchase consideration or market value of the property, whichever is higher; two percent on the next S$180,000; and three per cent for the remainder. A further levy imposed will be three per cent for Permanent Residents (PRs) who are buying their second home, and for Singaporeans purchasing their third residential property. The move aims to promote a sustainable property market.

Building, Architectural and Design Achievements

Singapore’s architectural and design industry reaped numerous awards in 2011 in the local and international arena. Seven restoration projects received the Architectural Heritage Awards from the Urban Redevelopment Authority (URA) while two designers and ten designs received the President’s Design Award. The Architectural Heritage Awards honours owners, professionals and contractors who have gone and beyond their duty in restoring heritage buildings. The President’s Design Awards, being the highest accolade conferred to individuals or organisations in the field of design, recognises the achievements and contributions of Singapore-based designers.

The Building and Construction Authority (BCA) has also been awarded the Regional Leadership Award, one of the six World Green Building Council Government Leadership Awards given out, for its efforts in leading Singapore’s construction industry towards a more sustainable development.

A Free Trade Agreement (FTA) is a legally binding agreement between two or more countries to reduce or eliminate barriers to trade, and facilitate cross border movement of goods and services between the territories of the Parties.

Since the signing of her first FTA under the ASEAN Free Trade Area (AFTA) in 1993, Singapore’s network of FTAs has expanded to cover 18 regional and bilateral FTAs with 24 trading partners. Singapore’s FTAs have been instrumental in helping Singapore-based businesses strengthen cross-border trade by eliminating or reducing import tariff rates, providing preferential access to services sectors, easing investment rules, improving intellectual property regulations, and opening government procurement opportunities.

The material for all the FTAs covered in this publication is courtesy of International Enterprise Singapore and its FTA website (www.fta.gov.sg).
 

• ASEAN-Australia-New Zealand Free Trade Area (AANZFTA)
• ASEAN-China Free Trade Area (ACFTA)
• ASEAN Free Trade Area (AFTA)
• ASEAN-India Free Trade Area (AIFTA)
• ASEAN-Japan Comprehensive Economic Partnership (AJCEP)
• ASEAN-Korea Free Trade Agreement (AKFTA)
• China-Singapore Free Trade Agreement (CSFTA)
• India-Singapore Comprehensive Economic Cooperation Agreement (CECA)
• Japan and the Republic of Singapore for a New-Age Economic Partnership Agreement (JSEPA)
• Korea-Singapore Free Trade Agreement (KSFTA)
• Agreement between New Zealand and Singapore on a Closer Economic Partnership (ANZSCEP)
• Panama-Singapore Free Trade Agreement (PSFTA)
• Peru-Singapore Free Trade Agreement (PeSFTA)
• Singapore-Australia Free Trade Agreement (SAFTA)
• Singapore-European Free Trade Association (ESFTA)
• Singapore-Jordan Free Trade Agreement (SJFTA)
• Trans-Pacific Strategic Economic Partnership Agreement (TPFTA)
• US-Singapore Free Trade Agreement (USSFTA)
• Singapore-Costa Rica Free Trade Agreement(SCRFTA)
• The Gulf Cooperation Council (GSFTA)

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Singapore Information Services strives to constantly help foreign and Singaporean companies create new business opportunities in the global marketplace. We strive to be the preferred bridge for business partners globally and to enhance the profile of Singaporean business communities internationally.

PROFILE

Founded in 1989, Singapore Information Services Pte Ltd was a wholly-owned subsidiary of International Enterprise (IE) Singapore Holdings Pte Ltd until its acquisition by Yellow Pages Pte Ltd in March 2009. Singapore Information Services plays a central role in helping Singapore-based enterprises reach out to the international business community through its various products, which span different geographical markets.

With four business-to-business (B2B) trade directories to promote Singapore products and services worldwide, Singapore Information Services is one of Singapore’s leading trade directory publishers. Targeted at international traders, these industry specific trade directories help promote the Singaporean business community to other parts of the world through overseas IE offices, Singapore embassies and major trade events in the island-state and abroad.

Each directory covers a particular industry.  www.insis.com leverages the power of the internet and helps Singapore businesses harness the myriad trading opportunities available throughout the world.

OUR VISION

To be the leading bridge between Singapore companies and the global business world.

OUR MISSION

Helping Singaporean traders get connected to international markets.

OUR PRODUCTS

• S.M.O (Singapore Marine Offshore Oil & Gas)
  Businesses in Singapore’s marine, offshore and oil and gas industries such as shipbuilders and repairers, marine equipment suppliers, oil and gas exploration firms, marine and offshore contractors and engineers are highlighted in this directory.

• A.R.C.d (Architecture Real Estate Construction Design)
  This directory is the definitive listing of the architecture, real estate and building design industries. Businesses featured include architectural firms, civil engineering contractors, developers, facility control and management firms, and interior design and renovation companies.

• Singapore Exporters
  Features businesses from various industries that export or re-export their goods or services overseas. These include electronics, food and beverage, chemicals, fashion and accessories, industrial machinery, computer peripherals, household products and business services.

• Singapore Industrial Sourcing Guide
  This directory features suppliers in several areas related to industrial parts and machineries such as automation systems and equipment, controls, hardware, machine tools, pumps and valves.

OUR SERVICES

Singapore Information Services is a leading service that provides comprehensive listings to enable cross-border collaborations. Our products span different media and help clients to utilise the most appropriate channel to promote their companies, products and services.

Singapore Information Services Portal

www.insis.com is a B2B portal that connects buyers and sellers worldwide across various industries.

MOOGAS members comprise of companies that develop specialist offshore systems and provide worldwide services and facilities for oil and gas exploration, production, transportation and conversion. MOOGAS affiliates from other non-related industries that provide benefits to its members are also welcomed into the society.

Objectives
MOOGAS objectives were formulated to ensure mutual benefit to its members and affiliates. They are as follows:

• To facilitate the exchange of ideas and establishment of regional networking among members in the marine, offshore, oil and gas industry and its related fields.
• Search and provide to members information on business opportunities in the offshore market from established contacts.
• Make known and promote any employment opportunities in the marine and offshore markets to members.
• Arrange for discussions and workshops on marine offshore advancements and the application of operational advancements to marine technology.
• Advise on matters of professional importance relating to the marine and offshore industry such as education and training.
• Affiliation, as the Management Committee thinks fit, with any body or organisation whether in Singapore or abroad whose interests and/or objectives are similar to those of the Society.

Membership Benefits
Giving You Recognition

• Member Profile – Showcase yourself on the MOOGAS website
• Manage your own membership record and preferences
• Contribute – Take part in LinkedIn discussions and submit articles and papers

Belonging to Singapore’s Only Industry Association

• Provides a gateway to marine and offshore companies within Southeast Asia
• MOOGAS Standing Committee maintains user confidence by investigating complaints
• Facilitate inter-cultural exchanges through our conferences, events, training courses and discussion groups
• Lobbying and influencing work together with the Work Development Authority (WDA), Maritime Port Authority of Singapore (MPA) and the Singapore Shipping Association (SSA)
• Media liaisons to raise the profile of MOOGAS and its members

Providing Professional Benefits (Coming Soon)

• Dispute Appointment Service — Independent and appointment service
• Find a “Dispute Resolver” service — Members who are trained in our MED/ARB training course and appointed to the Singapore Mediation Centre (SMC) can highlight his/her credentials to anyone seeking a dispute resolver
• Professional indemnity insurance cover for work undertaken in Singapore
• “MOOGAS Advantage Scheme” provides savings on a range of courses and events

Providing Professional Support

• Free advice on all aspects of the marine and offshore industry
• Courses — Education for those seeking vocational training and mediation/arbitration training
• MOOGAS alerter — Free subscription to news alerts
• Regional and global networking opportunities
• Meet like-minded professionals at the events organised by MOOGAS
• New members welcome ceremony — Annual get together for newly appointed members
• MOOGAS Dinner and Dance for members and their guests
• Young members interest group — Dedicated activities and website for members under the age of 40

Keeping You Informed

• Our website www.moogas.org provides you with a dedicated members area
• E-Newsletters provide quarterly updates on events and training
• Social Media – Follow MOOGAS on LinkedIn, Twitter and Facebook for regular updates

Activities
Among the valued services that MOOGAS offers are networking events for members and affiliates that will create business opportunities; and periodic e-mails that are sent out to members to inform them about the availability of projects in the industry.

Workshops and discussion sessions on marine and offshore as well as operational advancements in marine technology are also conducted from time to time.

MOOGAS provides advisory services relating to education and training that is relevant to the industry. In short, MOOGAS members enjoy a comprehensive set of services that would add value to their existing businesses.

The Institute for Professional Maritime Development and Training (IPMDT) is an affiliate set up by MOOGAS to further the pedagogical pursuit for members. This Institute provides training and courses in conjunction with some of the leading maritime institutions for education in Singapore.

Marine Offshore Oil and Gas Association Singapore (MOOGAS)
21 Ubi Road 1 #06-01
Singapore 408724
Tel: +65 6542 5070
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.moogas.org
Facebook: www.facebook.com/moogassg
Twitter: twitter.com/moogassg
LinkedIn: www.linkedin.com/company/marine-offshore-oil-and-gasassociation-moogas-

The Association of Singapore Marine Industries (ASMI) is a non-profit trade association set up in 1968 to champion and develop the local ship repair and shipbuilding industry. The Association has grown and transformed itself over the last 45 years and broadened its representation to encompass a wider spectrum of marine and offshore related businesses.