Q3 private residential property transactions rise 20%

Q3 private residential property transactions rise 20%

Dec 9, 2009 - PropertyGuru.com.sg

Singapore's private residential market experienced a strong surge in the third quarter, as the volume of transactions increased 20 percent over the second quarter.

According to property consultancy firm Savills, around 11,000 units were sold between July and September, mostly in the mid-tier and mass market sectors.

Projects like the Optima at Tanah Merah, Hundred Trees at West Coast, and The Gale at Flora Road benefited from this buying interest.

However, the high-end sector observed that the government’s implementation of the cooling-off measures and the limited number of launches eased off transaction volumes in the third quarter.

Behind the buoyant sales, prices of private properties increased 15.8 percent in Q3 - the sharpest quarterly rise in 28 years.

Even in the high-end sector, prices recorded two consecutive increases, despite being around 22 percent under the previous peak in the last quarter of 2007.

Savills said that it expects to have slow transaction volumes in the private residential sales market in the next few months, as purchasing activity tends to ease during the year-end holiday season and there will be fewer major launches.

However, island-wide prices of homes are expected to stay firm, with a modest increase from Q3 to Q4.

Meanwhile, office vacancy rates surged 12.5 percent in Q3. The figure was up by 2.5 percentage points from Q2, as 1.25 million sqft of new office space was completed.

According to Savills, net supply now exceeds net demand by around 1.2 million sqft. Companies stayed cost conscious in Q3 despite a more positive outlook for the economy.

Consequently, tenants relocating to seize the chance of transferring to new office buildings that give them a more competitive rental package largely led the leasing activity.

Looking forward, Savills said that the slow pick up of business confidence will prompt more companies to revisit or to expand their space planning needs that will result in an increase in the demand for leasing.



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Asian property funds to expand to $200 billion in coming years

Asian property funds to expand to $200 billion in coming years

Dec 9, 2009 - PropertyGuru.com.sg

Asia's property fund size will expand by over 50 percent to $200 billion in the next two to three years. This is fueled by demand from institutional investors from several countries including China, industry executives said.

Sovereign wealth funds, pension funds, and wealthy individuals would likely enhance their portfolios for property funds in the coming years after interests waned harshly during the sharp economic recession earlier this year, said the executives.

“The next 12 months will probably be a bit slow because we are still coming out of this difficult global situation, but then I think it will pick up more quickly after that,” said Nicholas Loup, Asia-Pacific chief executive of Grosvenor Limited, a UK-based private property group.

Fund managers from Asia have $130.9 billion worth of property assets under management, as shown in a survey conducted by the Asian Association for Investors in Non-listed Real Estate Vehicles, a non-profit organization that focuses on fund-related firms within the region.

This first-ever survey done by the association showed that the total global property funds have reached $409.6 billion. According to Loup, chairman of the association, Asia's fund size could easily generate $200 billion over the next few years, excluding risks outside the region, like debt issues faced by financial institutions in markets outside Asia.

“The big sovereign wealth funds in the region, the Chinese insurance companies, will start investing, (and) you'll see the Middle East looking more eastwards for their capital to be deployed,” said Morgan Stanley Asia Managing Director Willem de Geus.

Morgan Stanley, Australia's AMP Capital and Singapore's CapitaLand Financial are the top three property fund managers in Asia, composing nearly 40 percent of the total property funds in the region, the survey showed.

“We are doing some homework at the moment on domestic Chinese funds and domestic Indian funds. We haven't decided on anything yet,” said de Geus.

Property investment sales recover after slow start

Property investment sales recover after slow start

Dec 8, 2009 - PropertyGuru.com.sg

Investment sales of Singapore property recovered with a $9.4 billion year-to-date tally, after a slow start in the first quarter. CB Richard Ellis (CBRE) projects that the full-year figure will reach more than $10 billion after all transacted caveats in November and December have been lodged. However, the figure would only be around half of $17.9 billion in 2008.

Hitting investment sales deals of about $15 to $20 billion, property consultants anticipate 2010 to be a better year. Such transactions are the basis for the medium to long-term view of developers and investors to the property market.

Investment sales are defined by CBRE as transactions with a value of no less than $5 million, including landed residential property and apartments, private and government sales of buildings and land, both en bloc and strata. It likewise includes change of ownership of property through share sales.

“With 2010 expected to be a recovery year for the Singapore economy, investment sales could be in the region of $15 billion, similar to that of 2005. Economic fundamentals should start to catch up with the positive sentiments in the stock market and the residential market, with more stability in the financial and business sectors,” said Jeremy Lake, executive director for investment properties at CB Richard Ellis.

Chris Fossick, managing director of Jones Lang LaSalle (South East Asia and Singapore) said, “Investors are starting to focus on the recovery, and whilst still cautious about the short term, they are optimistic about the mid and long-term outlook of the Singapore real estate market.”

Most market watchers are expecting that the residential segment will lead the way for next year’s investment sales deals, with the Government scheduled to resume the sale of residential sites through its confirmed list from January. The collective sales market is also expected to be more active next year, after just one major deal this year (the $100.8m sale of Dragon Mansion).

According to Mr. Lake, investors' interest for retail malls in suburban areas continues to be strong.

“So the appetite for office space, which has been somewhat weak in the past 12 months or so, will pick up again. However, deal flow may be limited as many of the sellers who were keener to sell have probably already sold,” he said.

Shaun Poh, senior director for investment advisory services at DTZ, says there are reserved funds for office properties in 2010 but deal sizes will be limited to $200 to $300 million for each building. “Office investors are also more stringent, demanding initial property yields of at least 4-5 per cent, compared with 2-3 per cent during the 2007 boom. And they'll only look at buildings that are substantially leased, given supply overhang issues,” he added.

“The office market would likely see more investment activity next year as the rental slide eases or rents even begin to recover. And with credit loosening further, major institutions like real estate investment trusts could be priming themselves for further acquisitions, having addressed refinancing concerns,” said Karamjit Singh, Credo Real Estate managing director.

Sentosa Cove draws more transactions

Sentosa Cove draws more transactions

Dec 7, 2009 - PropertyGuru.com.sg

Homes in Sentosa Cove drew strong interest in the first 10 months of 2009 from high-net-worth investors. More properties costing over $10 million were transacted over this period compared to the last four years.

According to property consultancy firm Savills Singapore, its analysis of URA Realis data as of Dec 1 showed that September and October 2009 were noticeably active months. In fact, Sentosa Cove’s three largest residential transactions to date – at $20.18 million, $22 million and $30 million respectively – happened during this time. The biggest transaction involved a completed bungalow at Ocean Drive, which changed hands in October this year in the secondary market. The selling price of $30 million works out to $1,753 per sq ft, based on the 17,115 sq ft land area.

Two Chinese citizens, who are also permanent residents of Singapore, were the buyers of the bungalow, and the seller is a locally incorporated firm.

The second and third biggest deals were transacted in September, involving the subsales of two villas at Paradise Island for $22 million and $20.18 million.

In general, the analysis of Savills showed that the number of lodged caveats for homes in Sentosa Cove costing more than $10 million jumped to 24 in the first 10 months of the year – from just 17 between the last quarters of 2004 and 2008.

More than half or 14 of the 24 transactions were sealed in September and October. According to the firm, a more optimistic outlook for the global economy at the time, before the recent debt problems of Dubai World, enhanced investor’s confidence in making big-ticket purchases like super-luxury homes.

Savills said that the stable recovery of Singapore’s economy in the past few months and the renewed prominence of the Republic on the global financial map have boosted optimism among investors to invest monies here.

Steven Ming, Savills director of investment sales & prestige homes, offered another reason for the flow of transactions in October. He related the anecdotal evidence that some high-net-worth mainland Chinese were in Singapore to shop for properties during their National Day Golden Week holiday.

Overall, the total number of caveats lodged for private homes in Sentosa Cove increased to 133 in the first 10 months of 2009 from 72 in the whole of 2008. Nevertheless, the latest figure is just 26 percent of the peak in 2006, having a record of 516 transactions.

Savills also confirmed that the bulk of transactions in 2009 were in the resale and subsale markets. Deals in the primary market, which involved developer sales accounted for just 9 percent of caveats. This reflected the limited release of new projects in 2009.

Ong Choon Fah, DTZ executive director (consulting), believes that prices of homes at Sentosa Cove will continue to appreciate in 2010, although a lot will depend on the wider property market. “Prices in Sentosa Cove could be more volatile than in the prime districts on the mainland because Sentosa Cove buyers are relatively more investment driven than motivated by owner occupation, compared to the prime districts. When markets go up or down markedly, investors may be more inclined to sell than owner-occupiers, whether it is to cut loss or realize a gain,” she said.

Singapore property prices increasing

Singapore property prices increasing

Dec 7, 2009 - PropertyGuru.com.sg

The dramatic rebound of the real estate sector in Singapore, including the renewed interest of foreign buyers, has become a big concern to government officials. This resulted in new measures being created to stop property speculations. The government’s earlier measures to boost the housing market were successful, and its effort to slow it down is working as well.

After the prices of residential property in Singapore increased 15.75 percent in the third quarter this year, the government warned against property speculations, as well as the formation of property bubbles. From 953 housing units sold in the fourth quarter of last year, home sales surged to 10,120 units in the second quarter and 11,518 units in Q3 2009 this year.

After strengthening from 2005 to 2007, home prices in Singapore declined in 2008 due to the global recession. As global demand plummeted, Singapore’s economic condition shrank 9.5 percent in 2008 to the first quarter of 2009, and there was a 24.9 percent fall in home prices during the year to the second quarter of 2009.

In Q3 this year, Singapore’s economic cycle reversed and GDP increased by 0.8 percent year-on-year. Prospects of an economic stability, combined with low borrowing costs, triggered the massive increase in home prices.

With this, the government warned that it will manage the housing cycle.

In September, the government implemented measures to cool down the housing market, including policies, making it difficult for all households to defer mortgage payments.

“We do want to manage the property cycle as best we can, prevent boom and bust,” said Finance Minister Tharman Shanmugaratnam, admitting that it’s uneasy to foresee the property needs of the country. The government is reviewing the use of other measures to manage the home price cycle, such as modifying rules on credit, adjusting land supply and in extreme cases, amending the tax policies of the country.

The MAS also noted in its Financial Stability Review released in November: "As Singapore emerges from recession and with the market expecting low interest rates to persist for some time, the risk of a renewed escalation of speculative momentum cannot be discounted."

Singapore and Hong Kong investors expect portfolio value to rise

Singapore and Hong Kong investors expect portfolio value to rise

Dec 4, 2009 - PropertyGuru.com.sg

Based on a survey done by Barclays Wealth on high net worth individuals, Singapore and Hong Kong investors are very much interested in properties. In fact, HK investors have apportioned 25 percent of their portfolios to property.

Both groups are expecting to allocate a larger portion of their portfolios to property by around 3 percentage points for the next two years.

They cited that capital appreciation and potential yield are two primary advantages of investing in residential properties.

According to Barclays Wealth, it expects that the demand of investors for property will remain relatively strong due to the loosening of liquidity and economic recovery. However, it noted that diversification is vital to any investment portfolio.

“At the end of the day, 25 per cent concentration for a Singaporean respondent is a fairly high part of the portfolio to invest in one asset class – one which, depending on the specific instance, could be potentially illiquid. That's a higher number than what we would be recommending,” said Manpreet Gill, Asia strategist, Barclays Wealth.

“At this point in time, we think it makes sense to invest in risky assets, which will include property, but also other asset classes like equities. We think diversification is a very important part of what clients and investors should be looking at today. That's one of the important findings of our survey.”

Barclays also noted that property does not usually deliver high long-standing returns as an asset class.

In Singapore, Barclays anticipates rising price trends in the mid- to higher-end segments of the market, where prices of properties have taken a hit due to the global credit crunch.

Barclays conducted the survey in August and September. It polled more than 2,000 respondents from across the world, including India, Spain, the US and the UK.

Six whole floors purchased at Marina Bay Suites preview

Six whole floors purchased at Marina Bay Suites preview

Dec 3, 2009 - PropertyGuru.com.sg

About half a dozen floors at Marina Bay Suites were sold during last week’s preview. Its buyers are believed to be Singaporeans, Indonesians and other Asians.

The biggest transaction recorded in the preview was about $45 million, including at least two whole floors that were purchased by an Indonesian party.

Some market watchers believe it could cost buyers between $17million and $18 million to buy a whole floor at the 99-year leasehold condo based on last week’s selling price.

Each floor has four apartments, two three-room units and two four-room units. The total area per floor is about 8,000 square feet.

Thomas Tan, head of marketing (residential) for Raffles Quay Asset Management (RQAM), said 87 out of 90 units released for preview were purchased. The total amount made from the sales is approximately $400 million.

Two-thirds of the total units were purchased by Singapore residents, including PRs. The remaining units were bought by non-PR foreigners, including Malaysians, Indonesians, Americans, Australians and mainland Chinese.

“We do have multiple-unit buyers, but due to client confidentiality and privacy reasons, we are unable to reveal such information,” said Mr. Tan when asked about the buyers.

RQAM is the asset manager for Marina Bay Suites, which is being developed through a joint venture between Cheung Kong Holdings, Hongkong Land and Keppel Land.

Mr. Tan declined to share the details but reiterated that “the average price range was between $2,200 psf and $2,500 psf.” It was understood that the selling price of the 90 units were close to $2,300 per square foot (psf).

However, the range of the apartments that were sold could be about $1,800 psf to over $2,600 psf.

Mr. Tan said the apartments that were released at last week’s preview were located at the 7th to 40th plus floors of the 66-storey project.

Marina Bay Suites consists of 218 three- to four-room units and three penthouses. The construction of the project is set to begin in the first-half of next year.

“We have no immediate plans to release more units for the rest of this year but we'll continue to register interested buyers. We'll monitor the market and determine the price at the time of launch,” said Mr. Tan.

Six whole floors purchased at Marina Bay Suites preview

Six whole floors purchased at Marina Bay Suites preview

Dec 3, 2009 - PropertyGuru.com.sg

About half a dozen floors at Marina Bay Suites were sold during last week’s preview. Its buyers are believed to be Singaporeans, Indonesians and other Asians.

The biggest transaction recorded in the preview was about $45 million, including at least two whole floors that were purchased by an Indonesian party.

Some market watchers believe it could cost buyers between $17million and $18 million to buy a whole floor at the 99-year leasehold condo based on last week’s selling price.

Each floor has four apartments, two three-room units and two four-room units. The total area per floor is about 8,000 square feet.

Thomas Tan, head of marketing (residential) for Raffles Quay Asset Management (RQAM), said 87 out of 90 units released for preview were purchased. The total amount made from the sales is approximately $400 million.

Two-thirds of the total units were purchased by Singapore residents, including PRs. The remaining units were bought by non-PR foreigners, including Malaysians, Indonesians, Americans, Australians and mainland Chinese.

“We do have multiple-unit buyers, but due to client confidentiality and privacy reasons, we are unable to reveal such information,” said Mr. Tan when asked about the buyers.

RQAM is the asset manager for Marina Bay Suites, which is being developed through a joint venture between Cheung Kong Holdings, Hongkong Land and Keppel Land.

Mr. Tan declined to share the details but reiterated that “the average price range was between $2,200 psf and $2,500 psf.” It was understood that the selling price of the 90 units were close to $2,300 per square foot (psf).

However, the range of the apartments that were sold could be about $1,800 psf to over $2,600 psf.

Mr. Tan said the apartments that were released at last week’s preview were located at the 7th to 40th plus floors of the 66-storey project.

Marina Bay Suites consists of 218 three- to four-room units and three penthouses. The construction of the project is set to begin in the first-half of next year.

“We have no immediate plans to release more units for the rest of this year but we'll continue to register interested buyers. We'll monitor the market and determine the price at the time of launch,” said Mr. Tan.

Singapore is the 9th most expensive Asian city

Singapore is the 9th most expensive Asian city

Dec 3, 2009 - PropertyGuru.com.sg

Singapore now belongs to the list of top 10 most expensive Asian cities for expats, due to the strengthening Singapore dollar.

A survey by ECA International, a human resource consultancy firm, showed that Singapore is now the ninth most expensive city in the region.

Last year, the city-state claimed the twelfth spot.

ECA International said the cost of living for tourists in Singapore is also increasing with that of its neighbouring countries.

Singapore’s cost of living last year was 15 percent lower compared to Hong Kong. But now, the difference is only 7 percent.

Lee Quane, regional director of ECA International, said the rise in the cost of living is unlikely to prevent several firms from relocating their staff in the country.

Tokyo remains in top spot as the most expensive location for expatriates, as Japan’s stronger currency has outweighed the impact of its deflation rates.

Dragon Mansion sold for $101 million

Dragon Mansion sold for $101 million

Dec 2, 2009 - PropertyGuru.com.sg

A unit of Roxy-Pacific Holdings bought the Dragon Mansion located at 18 Spottiswoode Park Road for $100.8 million, including the development charge (DC). This works out to around $863 per sq ft per plot ratio (psf ppr).

The property has become the first successful collective sale in Singapore for 2009.

In July, CKS Property launched a tender for the site, after 80 percent of the owners consented to proceed with the en bloc sale.

This collective sale is still subject to approval from the Strata Titles Board. Each owner of the 72-unit apartment with three bedrooms is expected to receive $1.4m from the proceeds of the sale.

The entire 42,000 sq ft land area of the freehold site is designated for residential use with a 2.8 plot ratio. The new development could possibly accommodate around 120 units of apartments with a size area of 1,000 sq ft, said CKS Property Consultants.

According to property brokers, the sale price reflects the limited availability of freehold residential land close to the Central Business District, and introduces a new benchmark for the Spottiswoode Park area.

Rich people prefer investing in property

Rich people prefer investing in property

Dec 2, 2009 - PropertyGuru.com.sg

Rich people are more likely to invest in properties, which are now considered as better opportunities for long-term returns than bonds and stocks, according to a recent survey done by Barclays.

The global survey shows that several people are now planning to increase their investments in commercial and residential properties.

Those with over $800,000 to invest are leading the race for property investments and their willingness to invest in the real estate market has amazed researchers.

“I was surprised how big a share of their wealth property represents,” said Mike Dicks, research head for Barclays Wealth.

With the global recession pushing property prices down in every region except parts of Asia, it is an assumption that properties are now undervalued, which has become one of the reasons for increasing investments.

Property investment for wealthy individuals is set to increase to 30 percent by next year, from the current 28 percent, according to the survey. This does not include properties used as principal residences.

The survey also showed that wealthy investors are unwilling to sell properties at short notice and may be less careful in measuring its performance as an asset.

Investors from the Gulf region as well as in Canada are likely to increase their real estate allocations, with a four percent increase being put into the real estate market.

The survey also indicated that Spain is the only country where most individuals prefer to lessen the proportion of their real estate investments. About 60 percent of wealthy individuals in Spain have more than half of their wealth tied up in the property market.

About 30 percent of Indian and British investors have more than half of their total wealth associated in real estate while 40 percent of the total respondents with over £30 million have a similar allocation.

Three out of four investors said residential property looks attractive while two-thirds prefer to invest in commercial real estate. However, about 75 percent said they feel hampered by borrowing costs.

The United States is currently the most attractive location for real estate investors outside their own country, as it's regarded as having the highest potential for investment returns.

Singapore plunges to 32nd spot in the global office rental price list

Dec 2, 2009 - PropertyGuru.com.sg

In Singapore, office rental prices declined significantly, causing the country to fall to the 32nd spot in a list of the most expensive office rental markets around the world.

Previously, Singapore was in 9th place on the list a year ago and took the 15th spot in June 2009.

Singapore saw a 53.4 percent year-on-year decline in rents, said property consultant CB Richard Ellis (CBRE).

The office occupancy cost in Singapore now stands at US$63.89 per sq ft per annum. In 2008, rents in the country stood at US$135.13 per sq ft per annum. Singapore experienced the second steepest year-on-year decline in rentals – only behind Kiev, which dropped by 64.4 percent.

London's West End is once again the most expensive office market in the world, with rents at US$184.85 per sq ft per annum.

The Inner Central district in Tokyo came in second, with its Outer Central district in the number three spot.

Rounding up the top five are the central business district in Hong Kong in the number four spot and Moscow finishing at number five on the list.

Office markets around the world are going through declines in prime office occupancy prices, said CBRE.

In general, prices of prime office occupancy saw an average of 7.7 percent year-on-year drop worldwide.

Affordability remains a key factor in purchasing property

Dec 1, 2009 - PropertyGuru.com.sg

The rising housing prices and upturn in the economy makes 34-year-old communications manager Lisa Low worried.

She fears that when she finally finds her dream home, she may not have enough money for the cash-over-valuation (COV) that resale unit buyers must pay.

"Is there such a thing as affordable property in Singapore today? With skyrocketing COV, I wonder if I'm able to fork out the $10,000 to $20,000 upfront," said Ms. Low, who resides in Bedok.

According to Mark Teo, senior group division director of ERA Realty Network, potential home owners like Ms. Low are considering several factors prior to buying a property.

Affordability is still a key factor.

First-time buyers who qualify for the HDB criteria can make "the most economic sense" by passing their application for a flat directly from the HDB, since they may spend up to three times more for private properties than for public housing.

Home buyers can benefit from the housing-loan interest rates and subsidized prices that remain the same for an extended period, Mr. Teo said.

At present, there is an annual interest rate of 2.6 percent.

According to Nicholas Mak, a real- estate lecturer at Ngee Ann Polytechnic, the 99-year condos and second-hand executive condominiums are also attractive.

“Executive condos that are five to 10 years old are slightly cheaper and come with all the amenities of full-fledged condos, like carparks, swimming pools and tennis courts,” Mr. Mak noted.

“Ninety-nine-year condos are also cheaper but they may not be as conveniently located.”

Ultimately, selecting a property depends on the buyer’s personal savings from the time of purchase to their earnings in the future.

"As a rule of thumb, it is not prudent for anyone to use more than 40 per cent of their income to service their monthly home installment,” said Mr. Teo.

However, Mr. Mak said that primary residences do not usually make good investments, as they are only chosen for their proximity to certain amenities or schools.

Mr. Teo suggested that investors who can spare $1 million should consider condos in the Tiong Bahru area, which has 3 to 4 percent rental returns, a relatively high figure.

Google Street View in S'pore

http://www.todayonline.com/singapore/EDC091203-0000076/Google-Street-View-in-S-pore


Google Street View in S'pore
05:55 AM Dec 03, 2009
SINGAPORE - Google Street View has arrived - making this the first country in South-east Asia to have a virtual street guide based on photographs.

Cars fitted with cameras went around Singapore earlier this year to take the shots. The technology by Google allows users to view and navigate 360-degree street-level imagery, including the country's most iconic sights.

Google said that faces and licence plates are blurred out, and one can see what already is visible on public roads.

The Web-based application can also be used on mobile phones. Businesses and organisations can add their own listings to the application for free.

Google Street View was launched in 2007, and is currently available in 100 cities around the world. Countries in the Asia-Pacific region that already have Street View are Japan, Australia and New Zealand. Hoe Yeen Nie

More global partnerships for S'pore

http://www.todayonline.com/singapore/EDC091203-0000080/More-global-partnerships-for-S-pore


More global partnerships for S'pore
by Cheryl Lim cheryll@mediacorp.com.sg
05:55 AM Dec 03, 2009
SINGAPORE - The local media industry is fast becoming a leading hub growth sector.

At the Asia Media Festival, more than $10 million worth of deals were signed between local firms and international partners this year.

The Media Development Authority (MDA) said this represents a major vote of confidence in the Singapore media industry.

Partnerships between Singapore and international media companies produced more than 10 official projects this year, and more are set to take place between Singapore firms and partners in the United Kingdom, Australia and China.

Singapore, China and the UK will co-produce a documentary called "Monumental Challenge".

The project sees Singapore's Oak3 Films, UK's MediaLab and the History Channel and China Intercontinental Communication Centre working together.

The documentary will consist of six one-hour episodes produced in High Definition how six of the world's greatest monuments are being restored.

Xinya Media and StarHub announced that they will work towards providing China-made media content and productions to the local market. This will include shows from the various genres like music shows and teen idol dramas.

An agreement between Singapore's MyChinaChannel and Shanghai Media Group's distribution arm Wings Media will see both sides co-producing two infotainment television series.

In addition, three new proposals have been selected for development under the MDA-ScreenWest Cross-Media Development Initiative.

The proposals are "Potted Histories" by Australia's Great Western Entertainment and Singapore's Infinite Frameworks, "Are You Smarter than Nature" by Australia's Sea Dog Films and Singapore's Very Productions, and "Global Sound Hunters" by Australia's Circling Shark Productions and Singapore's Xtreme Production.

Also, Singapore media companies can now seek closer collaboration with their Japanese counterparts with the signing of an MOU between Technology Seed Incubation and Singapore's Thymos Capital.

The two companies will identify and pair up promising media companies from both countries to co-develop and distribute mobile games and applications, new media technologies and animation productions for the global market.

The MDA has also launched a new initiative, jointly-funded by South West Screen, its counterpart in the south-west of England. This will see more than $100,000 invested towards multi-platform and cross-media projects.

Mr Mark Leaver, director of development, South West Screen said: "We have come up with some very interesting applications that work on mobile or applications that help you have a sense of where you are in the world, like the GPS."

The MDA said such collaborations reflect growing demand for original media content with an Asian perspective.

The MDA is also putting focus on the three-dimensional media market.

Mr Christopher Chia, MDA's chief executive officer, said: "The first two to three years will be experimental. There will be some countries and some companies that will try first, just to test the market ... "So we hope to be one of the earliest ones, to see what it could mean for the television viewing public - first in Singapore, and then for the rest of the world."

This year's Singapore Pavilion at the Asian Television Forum will showcase Singapore's end-to-end production of 3D content.

The announcements were made at the Asian Television Forum - the anchor event of the annual Asia Media Festival, a premier trade event hosted by the MDA.

Don't be taken in by HK scam

http://www.todayonline.com/singapore/EDC091203-0000116/Don-t-be-taken-in-by-HK-scam




Don't be taken in by HK scam

Elaborate new ruse looks like Hong Kong tourism flyer
05:55 AM Dec 03, 2009


SINGAPORE - A new and elaborate version of the lucky draw scam has surfaced here. This one uses fancy brochures to trick Singapore victims into believing they have won a prize from the Hong Kong Tourism Board.

In a typical lucky draw or lottery scam, the culprits call or email victims and trick them into believing they have won prizes.

But in the new variation - which the police say has surfaced in the past month - the victims are first informed through phone calls that they would be receiving letters containing a brochure allegedly issued by the Hong Kong Tourism Board.

Through the brochure, the victims are told they would be given a chance to take part in a "Scratch and Win" lucky draw, with a top prize of HK$500,000 ($89,000) in cash, conducted by the board in commemoration of its 30-year anniversary.

In most cases, the victims who removed the scratch-off label would find the winning lucky draw code of "HK6888" - leading them to believe they have won the top prize.

To claim their prizes, however, the victims would have to call a Hong Kong telephone number. And if they do so, they would be instructed to pay various fees so that the "winnings" can be released.

After remitting several payments to the culprits, the victims would eventually catch on to the scam.

According to the police, the Hong Kong Tourism Board "does not conduct any lottery advertising activity by telephone or mail".

Members of the public who encounter the scam should should inform the police immediately.



More information on scams: www.spf.gov.sg and www.cad.gov.sg.