It is just a matter of months now until the grand opening of the Universal Studios theme park in Singapore, but that excitement was tempered somewhat when the much-awaited ticket prices were finally made public on Wednesday.

Those who had been hoping for something more affordable would certainly have been baulking at the admission costs, because an outing to the famous attraction – South-east Asia’s first and only Universal Studios – will not come cheap.

A one-day weekend pass will cost $72 for adults, $52 for children and $36 for senior citizens. Visiting on weekdays will be slightly easier on the wallet – $66, $48 and $32 respectively.

Let’s do the math: A typical family of, say, two adults and three children planning an outing to the theme park on a Saturday will have to fork out $300 in ticket charges alone. Driving into Sentosa will cost an extra $12 ($2 per person and $2 for the car), and at least another $3 in car park fees on the island. Factor in some exorbitantly priced meals, snacks and a souvenir or two and a day’s outing could easily come up to well over $400.

Staying at one of the Sentosa integrated resort’s (IR) hotels is also going to set one back a fair sum. The rates for three hotels have since been made public – deluxe rooms at the Festive Hotel start at $400 a night, it’s $450 to stay at the Hard Rock Hotel and $500 at Hotel Michael.

My initial worry is that many Singaporeans, particularly from the lower-income groups, will probably never get the chance to visit and enjoy the theme park, even if there are some subsidies thrown in.

If Resorts World Sentosa (RWS) wants to realistically achieve its target of seeing up to 30,000 visitors at Universal Studios each day, there are no two ways about it: attracting the locals is their best hope.

Getting them to visit – and multiple times, at that – is key for any attraction if investment costs are to be recouped. The tourist segment is crucial, too, but most foreigners would likely visit the theme park just once and then choose to see other attractions on subsequent visits.

Singapore’s ticket prices are cheaper than Universal’s two other attractions in Orlando, Florida in the United States, and in Osaka, Japan, which cost US$79 (S$109) and 5,800 yen (S$90) respectively for a full-day pass.

Over at Disneyland in Hong Kong, an adult ticket goes for HK$350 (S$63), while Disneyland in Paris charges 52 euros (S$107).

But interestingly, Universal in Florida charges residents there much lower ticket prices – US$55 for an adult full-day pass if one buys the tickets online. RWS, however, has kept mum so far about whether there would be a similar incentive for entice more Singaporeans to visit.

A spokesman was, however, quoted in reports yesterday that there would be tie-ups with RWS’ local partners to offer Singaporeans attractive packages and rates, particularly for off-peak periods.

It would be wise to hook locals from the start by offering family package discounts, or allow children under 12 to enter for free, or perhaps giving ticket-holders vouchers that can be exchanged for drinks, snacks or a souvenir – anything that will make the experience as memorable and positive as possible.

Leaving a lasting first impression would go a long way to making sure that locals will want to return again. After all, as the RWS spokesperson was quoted as saying, the Sentosa IR where the theme park is housed is ‘a place for every Singaporean’ and it is in the interest of the IR to ‘reach out to everyone, not forgetting grandmas and grandpas’.

The buzz surrounding Universal Studios Sentosa has been amplifying over the past few months. I know of many friends who are chomping at the bit to try the world’s tallest duelling rollercoaster or step inside the world’s first Far Far Away Castle from the Shrek movies.

If RWS plays its cards right from the get-go, it could be decisive in ensuring that the theme park remains a hit with Singaporeans and not go the way of forgotten and now-defunct attractions such as Tang Dynasty City in Jurong and the Fantasy Island water theme park in Sentosa.

Source : Business Times – 20 Nov 2009

One of his two adjoining plots was resold at same price, other up for grabs

A FOREIGN investor who bought two adjoining bungalow plots on Sentosa Cove in 2008 did not complete the transactions, it has emerged.

Sentosa Cove has since re-sold one of the plots to a local buyer at the same price that the foreign investor had offered for it – $1,688 per square foot (psf) of land. But the other land parcel is still up for sale.

The plot that was re-sold has a land area of about 9,700 sq ft, which means that the total amount paid for the site is about $16.4 million.

The land parcel was first put on the market in March 2008, and sold at the end of that year through a private treaty. But after the foreign investor, who is understood to be a Chinese national, did not make payment according to schedule, the plot was put on the market again. It was sold to the local buyer about two months ago.

Sentosa Cove’s general manager Jason Yeo said that the fact that the plot was re-sold for the same price as in 2008 shows that the fundamentals of the residential enclave on Sentosa island are intact.

His firm, which handles State land sales at Sentosa Cove, received offers to buy the property at lower prices. But he held on to it until someone offered the right price.

However, the second plot, which is slightly bigger, has not yet received an offer deemed to be acceptable. The parcel, which is around 12,000 sq ft, was sold for about $1,650 psf to the foreign investor. The total quantum works out to around $19.8 million.

‘There has been interest from the market for the site, but they are not able to meet our reserve price,’ said Mr Yeo. Sentosa Cove is not aggressively marketing the site, he said.

The land parcel is the only one to remain unsold in the entire Sentosa Cove residential precinct, which will have 8,000 residents by the time all homes there are completed by 2014.

Mr Yeo said that all earlier land transactions – including condominium sites sold to developers as well as landed plots sold to individuals and investors – have been completed. Work on the island is progressing well and some 3,000 residents will be living on the island by the end of this year, he added.

Sentosa Cove has also found takers for some of the commercial space on the island. Two tenants – 7-Eleven, which will open a convenience store with a new-to-Singapore concept, and a launderette – have taken up about 30 per cent of the commercial space available at the arrival area of the Sentosa Cove residential enclave. The arrival plaza has a total lettable area of about 10,000 sq ft.

Source : Business Times – 16 Nov 2009

Note: Please contact Teak Hwa at 65 9858 0900 if you are keen on the remaining plot. This is the last sea view fronting plot now available in South Cove, Sentosa.

Genting Berhad is on track to open the ‘Resorts World at Sentosa’ in Singapore by early January 2010, said its chairman and chief executive Lim Kok Thay.

Bernama news agency quoted Mr Lim as saying the project, which cost S$6.6 billion, would attract 12 to 13 million visitors in the first full year of operation.

“Construction is going on smoothly. We are targeting to open it by early January 2010,” he told reporters after the signing ceremony of its RM1.6 billion medium-term notes programme (MTN) with CIMB Investment Bank Bhd and HSBC Bank Malaysia Bhd on Thursday.

Genting’s subsidiary, GB Services Bhd, has priced its inaugural issuance of RM1.45 billion nominal amount of 10-year MTN pursuant to its RM1.6 billion MTN programme.

The MTN programme is guaranteed by Genting and has been assigned ‘AAA’ rating by RAM Ratings Services Bhd.

Lim said the proceeds from the MTN issuance would be used by Genting and subsidiaries for investment, refinancing, working capital requirements and other general corporate purposes.

“We will continue to grow our existing businesses and explore opportunities to expand globally,” he said.

On the disposal of its non-core asset like power as well as oil and gas divisions, he said: “We are speaking to interested parties but we are not close to any deal.”

Source : Channel NewsAsia – 6 Nov 2009

THERE’S no business like show business, as the saying goes, which makes it apt that this year’s ChildAid, on Dec 19-21, will be the first performance staged at Resorts World at Sentosa.

Besides hosting the event at its theatre Festive Grand, Resorts World is also supplying production talent. Entertainment vice-president Andrea Teo is part of the ChildAid production team, together with renowned musician and Cultural Medallion recipient Iskandar Ismail and a member of her entertainment team, Jason Ramsburg.

Iskandar has penned an original composition which will be performed by the children. More than 250 performers will take part in this year’s concert, which will include a 70-strong orchestra and 50 recorder players.

Fifteen-year-old singer Amni Musfirah, from the School of the Arts, and eight-year-old drummer Zidann Zalizann, from Greenridge Primary School, are among those set to return this year after wowing the crowd last year.

Source : Business Times – 3 Nov 2009

IT IS confirmed: the trendy W Hotel chain will open its first Singapore premises in Sentosa Cove in 2011.

The 250-room hotel will be part of the Quayside Isle Collection, a mixed lifestyle development being built by City Developments (CDL) that will include homes, shops and restaurants.

Quayside’s 228 homes are said to be planned as W-brand residences – one of the first in South-east Asia, after the W Koh Samui Retreat and Residences in Thailand to be completed next year.

When contacted yesterday, CDL declined to comment.

But the Korea Herald yesterday reported that Ssangyong Engineering & Construction had won a 150 billion won (S$178 million) design-and-build project for a W Hotel in Singapore.

The seven-storey hotel will have 241 guest rooms, said the report. It will also come with a 500-seat banquet hall, a yacht pier, a swanky restaurant, a swimming pool and a private spa.

The hotel is understood to be located along the seafront, while the shops and residences will face the One Degree 15 marina.

In keeping with CDL’s environment-friendly initiatives, the W Hotel will have green features such as glass with highly insulating properties and a roof membrane that minimises energy consumption, said the report.

Further confirmation that the W Hotel will open its glamorous doors here appears on the website of Starwood Hotels and Resorts, the company behind the W Hotel brand.

There is a listing on the site for a ‘W Singapore – Sentosa Cove’ slated to open on July 1, 2011, with 250 guest rooms.

Talk of a W Hotel being part of Quayside surfaced as early as 2007, although CDL has been tight-lipped on the details. A report by The Straits Times as recently as February this year said the name of the hotel was still to be confirmed.

Reports in 2006 said the Quayside hotel was to be a 320-room Westin, also a Starwood brand, which is understood to be the plan submitted when CDL tendered for the Sentosa site.

If the talk about W-brand residences at the Quayside proves true, it will be CDL’s second Starwood hotel- brand residences, after the St Regis Residences in Cuscaden Road.

Sentosa currently has about 1,200 hotel rooms spread across seven hotels and at least 1,650 more rooms to come within the next three years, including those at the W Hotel.

Source : Straits Times – 23 Oct 2009

Universal Studios aims to draw 4.5m visitors; 20 rides to open next year

AT around S$70 per entry to Universal Studios Singapore (USS), Genting Singapore, which invested more than S$1 billion in the theme park could reap around S$315 million a year in ticket sales alone.

Speaking at a news conference yesterday, Douglas Trueblood, general manager (sales & marketing) for Universal Parks and Resorts, said the target is to attract 4.5 million visitors a year to the theme park at Resorts World at Sentosa (RWS), which is owned by Genting Singapore.

Assuming USS sells 4.5 million tickets at S$70 apiece, ticket sales could hit S$315 million.

Mr Trueblood did not reveal ticket prices, but Genting Singapore chairman and CEO Lim Kok Thay has said they will be lower than those at other Universal Studios theme parks.

Earlier estimates by analysts put the entry price at around S$80, compared with about US$70 in the US and 5,800 yen in Japan.

Analysts at Morgan Stanley Research (Asia-Pacific) expect entry prices to USS to be even lower at around S$70.

In a recent Morgan Stanley Research report, it was also estimated that USS could register total revenue of S$388 million for 2010, S$491 million for 2011 and S$545 million for 2012. This includes revenue from merchandising and F&B.

Interestingly, Morgan Stanley Research said Genting Singapore can offer cheaper entry tickets because of the lower construction cost of USS at about US$1 billion, which it said is about half the cost of Universal Studios Japan.

Morgan Stanley Research noted that no details have been made public on the USS franchise fee, but said it is likely that RWS will have to pay an upfront fee as well as a share of gross profit to Universal Studios once the theme park is operating.

Giving an update on USS which is in the final stages of construction, Mr Trueblood said that of the park’s 24 rides, 20 will open next year, with 18 of them original or adapted for Singapore.

Universal Parks & Resorts chairman and CEO Tom Williams said: ‘Universal Studios Singapore will be a unique experience and family destination with many new rides, shows and themes that can’t be found at other Universal Studios parks.’

USS will consist of seven themed zones that surround a man-made lagoon. The zones are: The Lost World; Ancient Egypt; Sci-Fi City; New York; Hollywood; Madagascar; and Far Far Away. Rides including the Jurassic Park Rapids Adventure, WaterWorld and Revenge of the Mummy will be located within these zones.

Mr Trueblood revealed that a Transformers attraction will open in 2011 and other new attractions will be added in turn. ‘Over the years, we will evolve,’ he said.

Source : Business Times – 21 Oct 2009

Island resort Sentosa will soon be home to the world’s tallest duel roller-coaster ride and movie stars such as Marilyn Monroe, Shrek and the motley mob of Alex, Marty, Melman and Gloria last spotted in Madagascar,the movie.

The Universal Studios theme-park which will be housed on the 49 hectares Resorts World at Sentosa, revealed Tuesday its two dozen attractions, including 18 rides and attractions specially created or adapted for Singapore.

“Universal Studios Singapore will be its own unique experience and family destination with many new rides, shows and themes that can’t be found at other Universal Studios parks around the world,” said Tom Williams, chairman and CEO, Universal Parks & Resorts.

Williams said of Tuesday’s unveiling of some of the theme-park’s attractions, that attention was paid to location-specific creatives and designs so as to offer both first-time and devoted Universal Studios visitors, an exciting, different and memorable experience.

The theme-park will feature seven zones, each with its own iconic food outlets and entertainment attractions.

Tied-in to movie favourites, are the Madagascar and Far Far Away zones, featuring attractions for both young and old.

Visitors can explore Shrek’s swamp home, a castle and party at a Knight Club, or ‘move it, move it’ with wacky King Julien at a beach party after outwitting the Foosa in an original, one-of-a-kind immersive river ride that should be as wild as the lemur tribe of Madagascar.

Sci-fi buffs will have a city of their own and be able to join in the Human vs Cylons battle on the Battlestar Galactica dueling coasters, the tallest of its kind in the world. Another battle in this zone is the highly-anticipated Transformers ride which debuts at Universal Studios Singapore before heading out to the US theme-park.

As for adventure-seekers, they can trip to the 1930’s Golden Age of Egyptian Exploration to discover the Sphinx, Pharaoh’s tombs and mummies in the Revenge of the Mummy attraction, or take on the Lost World zone inhabited by dinosaurs at the redesigned Jurassic Park Rapids Adventure and Waterworld, with death defying stunts.

At the Hollywood zone, visitors can expect Broadway-style theatre modelled after the famous Hollywood Pantages Theatre and walk down Hollywood Boulevard complete with the famous Walk of Fame.

Without hopping on a jet, visitors will be transported to New York for a slice of the Big Apple, from NY-style pizza to movie-set scenes, including a special effects stage with Steven Spielberg who offers behind-the-scenes peeks and Stage 28 for star wannabes who get a chance to be part of a movie production.

“Asians love movies and we are proud to introduce the region’s first and only Universal Studios theme park” said Tan Hee Teck, CEO of Resorts World Sentosa.

According to Tan, the project is in the final stages of construction, and Universal Studios Singapore will be one of the biggest and most exciting theme-parks in the world.

Apart from Asia’s only Universal Studios theme park which will have 30 restaurants and food carts, as well as 20 retail stores and carts supporting the various attractions, Resorts World boasts the world’s largest Marine Life Park, a destination spa – ESPA and a designer casino.

Resorts World at Sentosa is slated to have its soft opening in early 2010.

Source : Channel NewsAsia – 20 Oct 2009

The property market yesterday toasted the sale of a record 5,719 private homes in the third quarter, even though the industry posted a second consecutive month-on-month drop in sales to 1,143 units in September. Despite the high point, the discussion in property circles was marked by circumspection.

The number of homes that developers manage to sell in the fourth quarter as well as next year will be limited by the shrinking stock of launch-ready homes and developers’ fast-depleting landbanks.

While the economic outlook is improving, the accompanying scenario of rising interest rates may cause some to re-evaluate their property investment decisions as mortgage rates rise. If savings rates on bank deposits also increase, this will take some shine off parking money in property, which is what many investors have been doing this year, says DTZ executive director (consulting) Ong Choon Fah.

Urban Redevelopment Authority figures released yesterday showed that developers sold 1,143 private homes (excluding executive condos) in September, down 36.6 per cent from the 1,804 units they sold in August, which in turn was about 35 per cent below the July high of 2,772 units.

The 5,719 units developers sold in Q3 busted the previous record of 5,129 units in Q2 2007. With 12,969 private homes sold in the first nine months of this year, developers will have to sell an average of just 614 units a month from October to December this year to match the full-year record of 14,811 units set in 2007.

The drop in September sales, which was the second consecutive month-on-month decrease, is seen by some property consultants as evidence of price resistance setting in after rapid price hikes in recent months.

Colliers International’s director for research and advisory Tay Huey Ying highlighted an increase in the proportion of transactions at or below $1,000 psf to 54 per cent in September from a 49 per cent share in August. ‘This is a reversal of the downward trend since April 2009,’ she added.

Yet another sign of price-resistance setting in could be the pretty mixed bag of results obtained by analysts who studied URA’s data and compared prices achieved by developers between August and September.

Market watchers say another factor for slower sales last month could be the government’s move on Sept 14 to scrap the interest absorption scheme (IAS), which some blamed for oiling the wheels of property speculation.

Last month’s drop in private housing sales was also supply-led, said Real Estate Developers Association of Singapore CEO Steven Choo. The number of units launched by developers slipped 12.4 per cent from 1,613 units in August to 1,413 units in September.

This drop, however, was much less than the nearly 37 per cent decline in units sold. And that meant the ratio of units sold to units launched fell from 111.8 per cent in August to 80.9 per cent last month – the lowest since February this year – as buyers became more selective, observed DTZ’s South-east Asia research head Chua Chor Hoon.

‘Suburban projects and developments with small units continued to be favoured,’ she added. The Outside Central Region was the only segment which posted an increase in units sold, from 531 in August to 560 in September – against month-on-month decreases of 72 per cent and 40 per cent respectively for the Core Central Region and Rest of Central Region.

September’s top selling projects were Hundred Trees (327 units sold at a median price of $941 psf), followed by The Interlace (243 units transacted at $1,047 psf median price), and Elliot at the East Coast (65 units; $947 psf), CB Richard Ellis noted. Hundred Trees and Interlace made up about half of September’s sales.

Colliers’ analysis showed that whereas the highest price achieved in August was the ‘above $4,000 to $4,500 psf range’ with two transactions, the highest price band in September was the ‘above $3,000 to $3,500 psf range’ with seven units sold.

These comprise six units sold at Seven Palms Sentosa Cove at between $3,091 psf and $3,353 psf and an apartment at Nassim Park Residences that fetched $3,268 psf.

Source : Business Times – 16 Oct 2009

More deals clinched as sentiment improves, foreign buyers sniff around

Luxury apartment deals picked up in the second and third quarters of this year as a more cheerful mood spread to the upper realms of the private residential market.

The number of apartments priced above $4 million changing hands rose rapidly from just 15 deals in the first quarter of this year to 87 in Q2 and 210 in Q3.

The total of 312 apartments in this price range sold in the first nine months of this year are 11 per cent more than the 280 transacted for the whole of 2008, which was generally a quiet year for the Singapore residential market following the global financial crisis, notes CB Richard Ellis (CBRE). It analysed caveats information from URA’s Realis system up to Oct 12.

During 2007 – the peak year for the luxury housing market – a total 1,740 apartments were sold at over $4 million each.

CBRE studied caveats data for condo and apartment deals in the Core Central Region, which includes the prime districts 9, 10 and 11; the financial district; and the HarbourFront and Sentosa Cove locations. The transactions include both primary and secondary market transactions but exclude collective sales.

Joseph Tan, the firm’s executive director (residential), says that some investors feel this is a good time to buy luxury apartments as they stand to net capital gains before the price surge sweeps this segment.

‘In addition, with the appreciation of foreign currencies against the Sing dollar in recent months, foreign investors could have found prices of luxury apartments here fairly attractive,’ he said.

Looking ahead, he sees an increase in high-value transactions with upcoming new luxury projects such as Marina Bay Suites and Seven Palms Sentosa Cove as there will be investors interested in these projects. ‘Buying interest will be project-driven, based on the uniqueness of each project,’ Mr Tan added.

Developers report a pick-up in sales of luxury apartments to both Singaporeans and foreigners.

Wheelock Properties (Singapore) CEO David Lawrence says: ‘A lot of foreigners talk to us about buying quality property assets in Singapore. They include high-net-worth (HNW) Indians and Chinese who are thinking of becoming Singapore permanent residents and wish to move their families here.’

Savills Singapore managing director Michael Ng also says the Republic has been a beneficiary of wealthy Asians from places like China, Malaysia and India coming out again to buy luxury properties with renewed confidence upon sensing that the worst is over in the overall global economy.

‘A lot of them see Singapore as a safe place to park their family and money,’ he added.

The thinking in property circles is that foreign buying will strengthen further when Singapore’s two integrated resorts (IRs) open next year. And this should translate to stronger demand for luxury apartments.

CBRE’s data showed that about 86 per cent or 268 of the 312 units sold at above $4 million in the first nine months of 2009 were in the ‘above $4 million to $7 million range’.

They included developer sales in projects like Volari at Balmoral Road, Residences@Killiney, One Devonshire, Latitude at Jalan Mutiara, Madison Residences in Bukit Timah, and The Orchard Residences. This segment saw the biggest recovery in transaction volume over full-year 2008.

A total of 35 caveats were lodged for properties that cost between $7 million and $9 million in the first nine months of this year. The transactions, which were mostly in Q3, include The Hamilton Scotts and The Orchard Residences in the primary market (developer sales), and Ardmore Park, St Regis Residences and Scotts Highpark in the secondary market.

There was a caveat lodged for a unit at Nassim Park Residences that cost nearly $13.3 million in July and two in August (at about $9.6 million and $9.8 million), based on URA Realis caveats data as at Oct 12.

However, BT understands that since then, two more units were sold in the development in September, followed by a further two so far this month.

The four units were sold at prices ranging from $9.6 million to $14 million, or from about $2,850 per square foot to $3,480 psf.

BT understands there have been close to a dozen transactions at Nassim Park Residences since mid-year. However, buyers of some units have yet to lodge caveats.

Source : Business Times – 15 Oct 2009

MOUNT Faber Leisure Group has forged a partnership with Resorts World Sentosa (RWS) to serve visitors to the integrated resort.

Under the partnership, the two parties will jointly distribute and sell admission and attraction tickets for RWS.

‘We are working towards delivering a wide choice of experiences and providing a high standard of service for guests to RWS through The Jewel Box, Singapore’s Iconic Hilltop Destination gateway,’ said Mount Faber CEO Susan Teh.

RWS and Mount Faber will collaborate in key areas, such as a common ticketing system and partnering in MICE events.

There are also plans to create exclusive daily packages that cover all RWS attractions and provide transport services to give RWS visitors a seamless ride experience.

The resort is slated for a soft opening early next year.

Source : Business Times – 15 Oct 2009