The Monocle Singapore Survey 2009 Finance, logistics, culture, tourism: a national survey of the forces shaping Singapore SINGAPORE HOST CITY Welcome Monocle’s National Survey: Singapore There are few countries that can be seen in their entirety from just a few thousand feet above sea level but it’s the compact, city-state profile that makes Singapore such a curious player on the international stage and attractive hub for businesses from a host of sectors. As other nations have spent billions attracting investment and talent to create similar groupings of logistics companies, banks, hotel groups, respected academic institutions and technology brands, virtually all have to follow a model that Singapore’s been honing for decades. Having established itself as not only the most important commerce centre in Southeast Asia but also a benchmark for everything from civil aviation management to public housing development, the nation state is now staring out across the horizon and charting its next act to stay relevant and, more importantly, competitive. In a world that’s increasingly going point to point when it comes to travel (longer range, more fuel-e4cient aircraft threaten major transit hubs such as Singapore’s Changi) and is also interested in one-stop solutions (will Shanghai eventually emerge as Asia’s singular global financial hub?), Singapore has its share of challenges in both the short and long term but it’s also been moving swiftly to develop new areas of expertise to diversify its o3er. For the past three months 9;:;687 editors and writers have been shuttling in and out of Singapore to interview 67;s, sample exhibitions, visit refineries and simply scope out the streets.While the scale and pace of development for the new integrated resorts beyond the financial district is breathtaking and the growth in medical tourism should be of concern to Bangkok up the road, the most impressive development in the country’s economy is the rise of a new class of young, globally minded entrepreneurs who are adding a new layer to the retail, restaurant, media and hotel scene. Clever duos such as Karen Wai and Kenny Leck and their bookstore and publishing business, and Jane Hia and her burgeoning cafés are a fresh force that are inspiring others to take risks and challenge convention in a society that has long had a top down approach to steering and stimulating economic development.With the government placing an emphasis (and significant funds) on attracting more creative industries while nurturing talent at home, Singapore is rewriting the mission for what it means to be a hub in the 21st century and hoping it will Serving up in continue to lead and force others to follow. — <5 August 2010 Singapore 003 National Survey www.singapore2010.sg 014/015 Transport: Singapore Airlines, Changi Airport and the International Cruise Terminal. Plus why you can get almost anywhere in Singapore in just :9 minutes. 016/017 Tourism: How Singapore is catering to its increasing visitor numbers, including the top hotels and the best bars and restaurants. Plus five neighbourhoods that Contents/ you shouldn’t miss. 018/019 Technology & Contributors alternative energy: Biopolis science park and five Singapore technology Editor innovations. Plus how the tiny Liv Lewitschnik nation is leading the way in its use ofalternative energy and Writers water solutions. Ben Bland (;;) 020/025 Tyler Brûlé (A;) Arts & media: Katharine Ee (>=) 006/007 Singapore’s repositioning as Eric Ellis (==) State of the nation: a cultural centre, including its Liv Lewitschnik (??) Mapping the fortunes and new National Art Gallery, Daven Wu (<C) future of the country, from auction houses, galleries and the Central Business District artists. Plus the best films, AB, to the port, the retail hotspots radio, music and gaming, and Photographer to the best neighbourhoods. the leading lights ofthe film Darren Soh industry, best books and 009/011 top design creatives. Finance/economy: Illustrators An overview ofSingapore’s 027/029 Robert Hanson booming business landscape Fashion/retail Tokuma including how it compares to How the country is turning Hong Kong in the financial from Italian labels to embrace *** stakes, the chairman of<;@ “Made in Singapore” – we Special thanks to Antonia Chang bank and five Singaporean profile some homegrown brands that could go global. talent, including two tailors, five hot designers and four 012/013 fresh independent retailers. Logistics: Singapore’s is one ofthe 030/033 world’s major trading and Architecture/urbanism: shipping hubs, with its giant An architectural survey of port and forthcoming art Singapore old and new. Plus storage space. Plus, Jurong new urban projects, the top Island, the world’s third- firms and developers and largest export refining centre. rising architectural stars. 004 Singapore National Survey Sembawang Lim Chu Kang Sungai Buloh Seletar Airport Seletar Reservoir Pulau Ubin island Changi Village Choa Chu Kang Singapore FreePort Changi Airport Serangoon Gardens Toa Payoh Bukit Timah Biopolis Holland Village Old School Geylang Dempsey Arab Quarter Katong village Stadium MRT station Singapore Airlines Bras Basah MRT station National University of Singapore Mediapolis Little India Chinatown Shipyard Marina Bay Sands Tiong Bahru Marina South Cruise-ship terminal Pasir Panjang Marina bay Sands area Jurong Island State of PSA Corporation/port the nation Sentosa Island Jurong Rock Caverns Overview Singapore is small in size (but growing in area) and big in terms of diversity. Its population of 0.1 million consists of Chinese, Malays, Indians and foreign residents.With such a rich cultural mix, it’s no surprise that its creative output is so varied. From the hills of Chinatown to Little India’s bustling streets and the Arab Quarter, a new confidence is emerging among the young entrepreneurs who are reshaping their country.The Lion City abounds with investment opportunities in everything from petrochemicals at Jurong Island to retail outlets at Orchard Road and Ann Siang Hill, alternative energy in Tuas and biological research at Biopolis in the west.This is our survey of the people and powers transforming the nation. — 006 Singapore 007 National Survey Singapore vs The power of the Interview Hong Kong Singapore dollar Koh Boon Hwee Singapore’s fiercest national The Singapore dollar might While the financial crisis will rival in the financial sector is not yet have the same “safe lead to stricter regulation and Hong Kong, another city haven” pull as its American less risk-taking around the that’s open to foreign namesake but the currency world, Singapore’s banking investment, uses English as is still considered to be one sector is in a strong position, its main language and oMers of the most resilient in Asia, according to Koh Boon businesses first-rate services. thanks to the stable economic Hwee, the chairman of the Although Singapore was and political outlook and city-state’s largest bank, DBS. growing strongly before the the large current account “While there are troubled financial crisis, Hong Kong surplus. As an additional global institutions that may remains in the lead.The total confidence-generating withdraw from Asia, strong value of Hong Kong’s stock measure, all the notes in banks will renew their focus market is around five times circulation are fully backed on the region as it is a greater than Singapore’s. by the government’s foreign growing part of the world.” However, the primacy exchange reserves. So it’s Koh says that markets are of Hong Kong’s stock no wonder that many of the beginning to open again and market has been a blessing in region’s tycoons opt to he expects more mergers disguise, with tumbling share stockpile their personal riches and takeovers within Asia prices shrinking the wealth in Singapore dollars. — OO as ambitious executives of the city’s high-net-worth take advantage of low stock investors last year.The market valuations. — OO number of US dollar millionaires in Hong Kong slumped by ID per cent last year to FJ,CCC, whereas Singapore saw a drop of just EE per cent to ID,CCC, according to Merrill Lynch Finance and Capgemini. However, Koh Boon Hwee, chairman of DBS, believes that despite the competition, both cities are largely complementary. Overview “Hong Kong might be in front in terms of assets- The government’s prudent fiscal approach helped it to amass under-management but vast financial reserves of hundreds of billions of dollars but it Singapore leads in the Asian had to dip into the kitty for the first time ever this year to help dollar foreign exchange fund the S$EC.Hbn (€DCbn) economic resilience package. market,” he notes. “In any Singapore’s two massive sovereign wealth funds, Temasek and case, Asia is very large and I GIC, have also been hit by the global slowdown, with Temasek’s don’t think there’ll be just one portfolio shrinking by FD per cent to S$DEJbn (€IEbn) financial centre in Asia, there between March and November last year as it paid the price for will be several.” its investments in troubled western banks such as Merrill Alvin Liew, an economist Lynch and Barclays. Since those dark days,Temasek’s chief at Standard Chartered in executive Ho Ching has signalled that the fund will expand its Singapore, also believes there investments in still-growing Asia, while reducing its exposure to is plenty of room for both developed economies. cities to grow. “There are still STP, which took stakes in XOW and Citigroup shortly niche markets for Hong Kong before the credit crunch struck, has also suMered but it has in China and likewise for indicated that it will remain a long-term investor in the western Singapore in Southeast Asia,” financial sector.With cash burning a hole in their pockets and he says.