Singapore Edition: Iconic skyline evolves

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Audrey Wan hangs with the high rollers as Singapore breaks ground on a swish new resort. Anders Melin finds a fortune in cardboard cartons, and Bernadette Toh carb-loads at one of Singapore's hottest new dinner spots.

Build It and They Will Come

Remember the wild, rooftop party at the end of Crazy Rich Asians? That took place on the surfboard-shaped pleasure palace atop Singapore's Marina Bay Sands, a casino-resort that's been so successful that Las Vegas Sands Corp. is planning an eye-watering $8 billion expansion.

Artist rendering of the Lower and Upper Skyloop. Source: Safdie Architects

I attended this week's groundbreaking ceremony for the new resort, where organizers threw a pretty good party featuring circus performers, a light show and K-pop star Henry Lau. The mood was upbeat, with Singapore Prime Minister Lawrence Wong praising a partnership with Sands that predates the 2010 opening of MBS, as the existing resort is known. "Twenty years ago, it was assumed that Japan or Korea or Thailand would take the lead in luxury tourism," said Sands CEO Robert Goldstein. "But no, the crown goes to Singapore."

Sands wants to keep upping the ante. The new resort will feature 570 luxury suites and a 15,000-seat live entertainment arena designed by the same firm behind the Las Vegas Sphere and London's O2. The company has secured a record S$12 billion ($9.3 billion) loan for the property, which could open its doors in 2031.

The new addition to the city's famous skyline will emphasize Singapore's lasting power in the world of luxury. The city-state was recently named the most expensive globally for spending on high-end goods for a third year running. With almost a quarter of a million Singaporeans technically ranking as millionaires, locals also continue to spend on upscale products and experiences, rivaling heavyweight hubs like China, South Korea and Japan in terms of conspicuous consumption. The island's reputation as a politically stable and secure center for wealth continues to attract thousands of high-net-worth individuals and family offices.

The company's big dreams contrast with the caution we're seeing from many businesses against the backdrop of the trade war. "Remember when we started this investment, we were in the middle of the pandemic," said President Patrick Dumont, who's been named to succeed Goldstein next year. "People said, why would you embark on such an ambitious renovation program when the market is uncertain? In our view, that's the time when you should invest." —Audrey Wan

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Tetra Billionaires

Whenever you pick a coconut water or juice off your grocery store shelf, pay attention to the carton. There's a good chance it's a Tetra Pak — a Swedish invention that has created one of the world's largest family fortunes. And, it turns out, there's a previously undisclosed connection to Singapore.

Information pieced together from financial filings on three continents shows that a handful of companies with addresses in Singapore's financial district have amassed billions of dollars worth of stocks listed in Europe and the US over the last decade. The entities are ultimately controlled by an entity in Lichtenstein that belongs to those behind Tetra Pak: the Rausing family.

The Tetra Pak logo. Photographer: SOPA Images

Hailing from Sweden, the Rausings helped found the predecessor of Tetra Laval around a century ago. The tetrahedron-shaped milk carton, developed in the 1940s and 1950s, became a global success and made the family billionaires.

The stock holdings are mostly concentrated in a few companies that focus on packaging and specialty flavors. There also are two Swiss investment firms that serve the family and hold broader portfolios of equities. Taken together, the stakes add up to roughly $9 billion. They give a peek into how one of the world's wealthiest clans diversifies its fortune, and the extensive network of entities and representatives in multiple jurisdictions that often are employed by the world's superrich to handle such bets.

Tetra Pak cartons are also a good example of how many large fortunes are spawned from seemingly innocuous items that most of us come across in our daily lives and rarely think twice about. And some of those fortunes are likely to take a discreet detour to Singapore. —Anders Melin

The Review: Scarpetta

From the best spots for a business lunch to drinks with the boss, we sample the city's eateries, bars and new experiences.

Scarpetta isn't the newest arrival in Singapore — it opened in February — but it's taken a while for me to get into this gem of an Italian restaurant specializing in handmade pasta. It was worth the wait.

Inside Scarpetta. Photographer: Alvin Teo

The vibe. The restaurant features semi-casual dining with an open kitchen concept. Tables are only for two, with bigger groups relegated to the bar. On a weekday evening, I started queueing 45 minutes before the opening but was already behind seven other groups. By the time I was seated, there were another 20 parties behind us. Not surprisingly given the crowd, the atmosphere inside was lively.

Can you conduct a meeting here? It's not ideal. The tight space, long queues and bustling atmosphere make it a better option to hang out with your partner or a small group of friends.

What about a romantic dinner? It's a lovely spot for a date night, with plenty of options for sharing and none of the pressure of dressing up for dinner. Just don't plan on staying too long (see "Need to Know" below). You could then head for one of the Singapore bars ranked among Asia's 50 best.

What we'd order again. The menu has a lean list of six pasta options, a few starters and desserts. The Tuscan schiacciata toast was so good we got two — the stracciatella, and the beef cheek version — to share. My dining partner got the bolognese ravioli, which was to die for, filled with a perfect blend of creamy parmigiano and — again! — marinated beef cheek.

My cacio e pepe with crispy guanciale was a winner too, and is proof of a classic done well. If you have room for dessert, the gelato con olio — milk gelato with extra virgin olive oil and salt flakes — can round out the meal.

Hungry yet? Photographer: Alvin Teo

Need to know. Scarpetta is at 47 Amoy Street. It's open Tuesday to Saturday for lunch and dinner, with a queue system and no reservations. There's a strict one-hour dining limit. Dinner came to about S$70 per head without alcohol. —Bernadette Toh

(In the Singapore Edition on July 12, we incorrectly stated the address of Latin American restaurant Cudo. It's 13 Stanley Street.)

Have a place you'd like us to review or feedback to share? Get in touch at [email protected].

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