Part. 1 Concept introduction and analysis
Introduction
This report presents a proposal for a restaurant establishment in Clarke Quay in Singapore. The report provides an overview of the proposed location and the market trends identifying the suitability of the proposed concept. To achieve that, the proposal involves analysis of the target market and the financial prospects of the business deciding on whether the model is viable.
Restaurant concept
Generic strategy
The restaurant will have a premium pricing given the target customers it will be serving in Clarke Quay. The customers are mainly professionals and visitors with substantial income to afford the premium price for the food items and services.
Strategic direction
The restaurant’s key strategic focus will be quality given that the visitors and professionals’ will be seeking value for their money. In that respect, the restaurant concept focuses on quality food and service.
Pricing strategy
The restaurant’s pricing will be based on value delivery hence, will feature premium pricing. In that respect, rather than applying the cost-plus strategy, the restaurant will charge higher prices for the great experience and service it will offer the customers regarding food, service and ambiance. The premium price will thus be a reflection of value addition and differentiation (Hunt, 2002).
Menu design
The following is the menu for the restaurant indicating the food items and their price
The restaurant menu will feature a mixture of food items seeking to serve the various taste of the destinations’ visitors
Restaurant design / atmosphere
The restaurant design will seek to offer the best experience to the customers through a suitable ambiance as well as a layout that enhance service quick delivery. With that, the following is a view of the design layout
The layout would enhance quick service delivery as well as provide enough space for all the operations.
Type of restaurant
The restaurant will be a dining restaurant with food and breakfast items on the menu. However, steak is the key menu item. In that respect, it will feature desserts, cuisine, and beverages that feature a blend of the local traditional taste and the western culture.
The restaurant will feature an in-house and an open eatery place where customers can enjoy their meals while enjoying the great view that Clarke Quay offers.
Quality of product
As a means of delivering value to the customers, the premium pricing will be matched with high-quality food products as well as effective and quick service. That will feature food items with natural ingredients that address the rising concerns over the health effect of the restaurant food items.
The restaurant will be located BLK E, Clarke Quay #01-02 River Valley Road, which is 0.0 1miles from Clarke Quay.
. The Riverside Singapore landmark is very popular. Featuring five restored warehouses blocks, it’s home to dining outlets, hip entertainment and all kinds of shops, including antique and second-hand shops. Satay Club and its variety of barbecued and satay seafood one should not miss them. Theme bars and pubs, in the evening comes, are brought to live with hard rock, classic rock, the 60s music and the blues. There are also moored Chinese junks (tongkangs) which are refurbished into restaurants and pubs that are floating. Named after Andrew Clarke, The second governor of Singapore, Clarke Quay was a commercial center; a place where unending lighters’ streamed would transport goods up the river to the same warehouses that house every nature of shops now (Asia Planet, 2016).
Near Clark Quay entrance on River Valley Road is where Whampoa’s Ice House is located which was owned by Hoo Ah Kay who was an immigrant from the Whampoa, China importing from Boston the ice in the mid-1800s before facilities for making ice were available there. The European and Chinese merchants came to the place with their architectural styles and introduced them there. Visitors can look forward to some activities and events that are exiting which is held on regular basis. Also, there is the Flea Market on Sundays for an immense bargain between 10 am and 6 pm where more than 70 stalls offering handicrafts collectibles and antiques, and more (StayFar East, 2016).
Village Residence: The area has easy access to executives who are in Singapore for a short period who are having regular commitments on work or frequent meetings on business at Tanjong Pagar and Raffles Place areas. The area’s accessibility on foot to wide shopping and dining options along Clarke Quay riverside as well as much cultural heritage at Chinatown. A quick walk of 5 minutes will take you to the Clarke Quay market and Central shopping center, which connect the area with the rest of the Singapore. Additionally, the shopping belt of Orchard is only five minutes drive (StayFar East, 2016).
Visibility
Clarke Quay is located in the Central Business District of Singapore along the Singapore River, it is located on a very historical commercial place dating all the way back to 19th century., Clarke Quay currently has been refurbished and restored boldly into five attractive waterfront godowns that are under a canopy, which is climate controlled, and lit by a colored lightning, establishing a cosmopolitan and modern ambience amidst that tradition as well as history. Clarke Quay is owned by the CapitaLand Mall Trust as well as managed by the CapitaLand Mall Asia, and it hosts an amazing collection of beyond 50 wine bars, entertainment outlets, and restaurants, attracting approximately 1 M visitors each month (Capital Land Mallassia, 2016).
Accessibility
Considering the Clarke Quay proximity to the Business District Center, the restaurant will be easily accessible both by foot and road. That will offer the choice for visitors who want to visit the place as tourists as well as those who will need quick access to fast food items and eateries.
Proper zoning
The place can be considered as suitable for providing a great experience through its attractive cities and key tourist destinations. Thus, it will offer an ambiance that is memorable for the customers
Reason to choose
Given the Clarke Quay being a busy place with professionals and tourists, the location is suitable for quick service and dinner customers.
Marketplace
Segmentation (Demography, psychographic, behavioral)
Segmentation of market in the industry of restaurant is a practice of specific customers’ base targeting to maximize the sales, even though it means other potential clients being alienated. Going for smaller market share piece by offering benefits that are attractive to a small group lead to the customers in the group to become repeat buyers, and spending more with the restaurant than if they tried getting more customers buying from them through offering products that are generic. In that respect, the restaurant applies the demographic segmentation where people of various ages seek to enhance their services and food items that address their specific needs.
Target market
The target segment is identified in view of the household income in addition to considering the population composition in terms of age.
Source: (Shownearby, 2016a).
Source: (Shownearby, 2016b).
Competition
Identify your competitive (direct and indirect competitors)
Making distinction between best restaurants in the Clarke Quay as well as the best venue for nightlife in the area is not a simple task, this is purely due to many of restaurants in the area operating as great pubs and bars too. This riverside location which is vibrant draws a large number of people every day; mix of the office workers, tourists, young professionals and families as they are enticed by huge dining and wining options in among the prettiest spots in Singapore.
The carefully chosen 10 restaurants that are best in the Riverside and Clarke Quay pretty much represent the whole country: food from every part of the globe, venues boasting modern and chic interiors, and the price tags matching the quality that is impressive.
Little Saigon: Served here are some of finest Vietnamese food anywhere around and one should ensure they don’t miss lemonglass marinated tenderloin beef or melt in mouth duck breast that has been grilled. The interior too wins a mark in the study too, having lanterns of lanterns that are hanging and lighting that bring about sumptuous mood.
Coriander Leaf Bistro: They market themselves as new Asian hub for food in Singapore, and have a menu spanning entire breadth and length of Asia, and one should not wander why. Serving Thailands carb cakes or tom yam soup, Vietnam’s signature rolls spring and Japan’s gyozo chicken, the restaurant is the best place for Asian flavors. Middle East has not been forgotten either, having falafel, hummus and other varieties of Middle East delicacies. Unlike a number of other entries, the Coriander Leaf Bistro is a formal kind of dining experience, having its emphasis strongly on food.
Red house sea food restaurant: They have dining options that are flexible catering for all, and guests are can select dishes that are individual from al la carte menu, as well they can opt for dinner or lunch set menu for more or two people. Their huge room-like dining space with big tables that are round is great for parties too, they also have impressive Red House menu set for the groups of ten and more starting from S$ 50 per person (Singapore Guide, 2016).
Strength of our restaurant
The strength of the restaurant model is that it is based on the growing need for healthy eating habits as well as a relaxing atmosphere where people would enjoy their meals.
Weakness
The only identified weakness of the model is its specialization in serving healthy foods hence would not capitalize on people not seeking the kind of eating habits.
- Privately owned or chain?
The restaurant will be a privately owned business model
- Direct and indirect competition
In view of competition, the restaurant can be regarded as facing less direct competition given the differentiated model in terms of health foods offer. The direct competition would be from the about 10 restaurants selling food items around the Clark. Further, there would be less competition from the indirect competitors who mainly
Future competition
With increased market liberalization and innovation in technology, it s likely that the business could face increased competition from new entries seeking to serve the growing need for healthy food.
Industry trend (From second hand data)
Clarke Quay indeed is a perfect food paradise- offering more than twenty lunch options and offerings-as well as provides a huge wallet range- friendly brunch choices that tend to be not less satisfying. But that is yet to be all. The drivers enjoyed their free parking* all the Sundays to 24th January 2016. During all this Sundays, the Sunday Sport Carnival makes them even more fun at Clarke Quay; with some series of activities that are filled with fun like the giant, lawn darts as well as several other bowling, together with the chance to win the prizes like Dining Vouchers for up to about $ 1000 and Novotel Singapore Clarke Quay staycation (Lady Iron Chef, 2016).
Growth in tourism
The restaurant is located along iconic River Singapore at the edge of Central Business District of Singapore, Clarke Quay which is an incomparable conserved landmark which comprises of five waterfronts that are resorted godowins, was the major waterhousing facility in Singapore during era of colonial in 19th century. Presently it’s owned by CapitaLand Mall Trust under management of CapitaLand Mall Asia, The Clarke Quay basks under controlled canopy climate lit by lightings that are colored evoking cosmopolitan and modern ambience amidst history and tradition.
Clarke Quay was recently awarded the Certificate of excellence for the year 2015 by TripAdvsor as well as being identified as among the 50 places that are iconic to tour in Singapore which was based in data from travel website on the eateries and attractions that are most reviewed.
Besides new concepts and brands, visitors to the Clarke Quay may as well look forward to a number of events that are exiting starting with inaugural Summer Festival of Music which start from the month of July to the month of September which features stellar local band line-up each month. October which is full of festive follows after featuring the signature events of Clare Quay Halloween, Oktoberfest cerebrations and the return of highly anticipated Singapore River Festival (Capital Land Mallassia. 2016).
F&B market opportunity
Clarke Quay has more than benefited from the national effort of this heritage site promoting; but also under the effective property management professionalism for CapitaLand, enhancing the Clarke Quay to astutely open the potentiality of the river dining as well as synergized local cultural heritage with a premier entertainment in order to play host onto an astonishing array of a world-class wine bars, entertainment outlets and restaurants (Capital Land Mallassia, 2016).
Market trends and threats
In view of the analysis on Clarke Quay, it is marked by increase visitors. However, the increase the number of restaurants risk affecting the company activities and performance. Regarding the possible barriers to the market entry, the restaurant business that is based on differentiated model faces low barriers hence the ease of the restaurant set up and establishment in the market.
Law & regulation
The Singapore Law and regulation provided offers a conducive environment for businesses regarding business registration and regulation.
Average expenditure for dining out
The average spending on restaurant has been identified as being
Life style of the people
The market is marked by mainly persons visiting the destination as an attraction site and for entertainment purpose. In addition, the proximity to the business district provides for professional customers. In that view, the lifestyle of the target market can be described as an urban lifestyle of people seeking new experiences as well as great experience in terms of service and products.
Financial Project
Budget
Predicted number of covers per day
On average, the restaurant expects to serve 250 customers
Average expenditure.
On average, each customers spending in the restaurant is assumed to be $50
Potential costs
The following is a summary of the business start up cost estimates
In view of the budget, the estimated start-up will require a cash of 20,000 and an inventory of 30,600. Further, it is shown that the business will have fixed assets of $150,000 and total assets of $267,843 that equals its total liabilities and the net worth.
Profit & loss account
The following is the estimated income statement for the steakhouse restaurant
In view of the above statement, the business would generate a profit of 111,450. The income statement is prepared considering an estimated 250 customer’s daily purchase of food of who 200 would buy beverages. From the statement, it is clear that the key expense will be the payroll and the occupancy expense.
Breakeven point analysis
The following presents the restaurants breakeven analysis considering the number of meals that are needed to cover the costs in a month
The restaurant would break even at 2328 units of meals. That is in view of the average price of 50 for the key meals. The unit variable cost is calculated considering the cost items that would change with the change in operations level while the fixed cost entails those expenses that would have to be paid even without any service to the customers. For the business to break even at the 2328 meals, it would require generating revenues equivalent of $116,442.
Validity of concept
In view of the analysis the restaurant business proposal is considered as viable given that it is located in a key place with potential for growth and in view of it being profitable form the first year of operations. In that respect, there is no perceived change of the proposed concept or any aspect regarding the restaurant’s establishment.
Part 2finance and marketing plan
Exclusive summary
Given the growing popularity of the Clarke Quarry as a place for restaurant business, the business proposes to establish a restaurant that addresses the market needs while taking advantage of the increasing opportunities. That will involve a Food and breakfast restaurant model that will be funded from personal savings given the flexibility it would offers the owner in addressing the target customers needs as well as given the los cost of the funding method. Regarding the marketing mix, the business will apply a comprehensive mix of strategies seeking to deliver and communicate the high value proposition to the target segment that comprise of mainly visitors and professionals who have a demand for healthy food and efficient service.
Introduction
This section presents the financing option of the business model as well as an analysis of the market in regard to the key factors that could affect the restaurant operations. It also involves a SWOT analysis that identifies the hotels strengths, weaknesses opportunities as well as possible threats. Further, the section provides an overview of the marketing mix strategies that the restaurant will apply in addition to description of the target segment that the restaurant seeks to serve.
Finance
Investment finance
The restaurant has a number of options for raising finance that can be chosen from. In that respect, the most suitable financing option is one that suits the business model as well as the capital needs. The following is the list of the options
Personal finance
SME loan from the government
A joint venture
Bank loan
Franchise
chosen financial sourcing: Bank loan
Pecking order of Financing: Provided that all the business finances comes from debts, internal funding and new funding, how to acquire capital could require the consideration of suitability for all the available methods according to their priorities starting with the internal financing, debts, and issuing new equity respectively. Acquiring capital in a case like this can be viewed as the final option. The pecking order theory was indeed made to be known well by the argument of Swewart Myers that it could be less preferred to get capital because managers gives new equity (having assumption of knowing well about the condition of a company). Investors believe that managers overvalue a company and take some advantage from the over-valuation. Therefore, the investors tend to put lower price values at any newly issued equity. That theory holds that businesses adhere to financing hierarchy sources and prefers internal financial whenever it is available, whereas debt tends to be more preferred when compared to equity when an external financing is required.
Debts tend to be into two forms: Senior and subordinated. The senior debt of a bank is not too expensive like the subordinates, although has got covenant which are very extensive providing a leader with certain remedies in case the agreement is not fully met. Furthermore, many of the senior lenders tend to expect a firm`s debt to be well collateralized by personal guarantees, account receivables, the real estate, other firm`s assets or some sources for the secondary repayment if the flow of cash becomes insufficient to repay the debts. In case of liquidation, an obligation of the senior debts tends to take priority over other obligations of equity and debts, thus referred as Senior Debts. The senior debts at many cases tend to be less expensive option for financing, hence many firms prefers most of their financing to come from it, typically emanating from a banks. However, for many emerging growths, the balance sheet and high growth lights a company, the financing from the senior debt tend to be inadequate to cover their all requirements, making them to turn towards other forms of financing that are more common for an additional capital: Mezzanine and equity.
The business managers and owners are looking for financing comes a long a crucial decision concerning whether to make some borrowing or utilize new equity capital. Provided that debts and equity have got very varied features, every one of them have got varied effect on the earnings, cash-flow, as well as taxes and on the balance sheet. Also they have some different impact on a company`s dilution, the leverage and a host to other metrics of finance by which a company is measured. Lastly, every business financing option represents a very different kind of a relationship in comparison to financing source. Therefore, a firm plans on how to utilize its funds, kind of the relationship they wish to have together with the source of the capital and type/stage of a firm shall indeed greatly determining which is the best financing form.
Financing of debt involves borrowing of funds from the creditors with stipulation of paying back the und that had been borrowed plus the interest at the future date. For creditors (the lender), their reward for offering financing of the debt is interest on amount that has been lent to borrower.
Financing of debt may be unsecured or secured. Debts that are secured have collateral (valuable asset which can satisfy loan if the borrower default it). Equally, the debts that are not secured do not have collateral on them and the lender is placed at a position that is not secure relative to the loan repayment in case it’s defaulted.
Loan for debt financing may be long term or short term in repayment schedules. Usually, debts that are short term are used for financing of current activities like operations while debts that are long term are used in assets financing such as equipments and buildings.
Bank Loans
The private banks may be good funding source. For ventures that are new and small such as the steakhouse restaurant, the owner may be in a position of securing credit line or personal loan; for operation that are larger, one may be required to leverage their assets, inventories, large equipments or real estate to use them in securing loan as collateral. The advantage of borrowing money is one is enabled to keep their cash in hand for using for survival as person or as the operating capital during business down period. In addition, if the business does not perform, one may be in a position of protecting their personal assets that are most important by bankruptcy declaring. Disadvantages are; one has to pay the interest on loan. Additionally, one’s payments are due on the time despite whether business is performing or not.
Business Term Loan
Borrow up to SGD 500,000 for a period of up to 5 years.
Enhance ones cash flow as well as improve day-to-say operations of the business with DBS business loan. Borrow up to SGD 500,000 at interest rates that are attractive for a period of up to 5 years with this loans which are collateral free.
Features of the business loan terms that make the loan attractive to the business are as follows
Amount of loan: Up to S$500,000
Tenor of the loan to a period of 5 years
Rates of interest from 10.88 percent per year
Reasons the business should choose Business Term Loan from DBS
• Enhance the flow of cash with easy funding access
• Assets freeing up to fund the business expansion given that the Loans are not secured, thus, borrower does not need their resources or assets as collateral
• Borrower can effectively plan their finances with schedules of monthly repayments that are fixed
• Borrowers can manage their finances easily which is facilitated by their online platform of banking
• Enjoy convenience that is unparalleled with their widest network of banking in Singapore.
They have over 80 POSB and DBS branches 90 ATMs in the island where the business owners can access their money.
In summary, the bank loan choice would be crucial to retaining the management’s control of the business and the shareholders structure (Lumby and Jones, 2011).
- Competitor Analysis
Although the business faces high competition from the established businesses in the location, the differentiated model that focuses on offering healthy food products and involving customers in the restaurant process will set it apart from the competitors hence having a specific niche market to serve. That is because differentiation is one of the effective strategies applied to market competition from existing rivals (Hunt, 2000). However, indirect competitors include the fast food cafes and clubs that mark the Clarke Quay.
4.2 SWOT Analysis
A SWOT analysis provides a summary of the effects that the internal and external factors have on a business. That is given that the internal forces determine the business strengths and weaknesses while the external forces determine the opportunities and threats that the business faces. Consequently, identifying those effects is crucial to strategic management (Fred, 2011). In that respect, the following is a summary of the proposed restaurant’s SWOT Analysis
Strengths
A specialized business model
Highly skilled personnel
Weaknesses
New business that is not well established in the market
Low market share
Opportunities
Changing customer needs
Threats
Increasing competition
Changing customer behavior towards
4.3 PESTLE analysis
The following summary of the PESTLE analysis presents the factors that could greatly affect the restaurant operations
Political: The increasing market liberalization by the government would likely result in increased competition with foreign investors seeking to enter the lucrative Clarke Quay restaurant business market.
Economic: The economic stability in the country and the favorable interest rate provides an opportunity for the business to serve the target segment with premium pricing as well as raise capital from a bank loan respectively.
Social: The increasing concerns over the health effects of the food products that people eat in steakhouses and fast-food restaurants provides an opportunity to serve the growing need for healthy food products.
Technological: Technological advance such as the increased adoption of the social media and digital platforms will provide the restaurant a better opportunity to reach its target market that can be considered technologically savvy.
Legal: The legal requirements of setting up a business in Singapore are favorable, hence favoring the possibility of quick establishment of the restaurant to take advantage of the growing market around the Clarke Quay.
Environmental: The increasing environmental concerns over the effects of business sourcing and operations will require the restaurant business to adapt responsible sourcing as well as operations to minimize the environmental effect in terms of carbon emission.
4.4 target marketing strategy
In view of the market analysis, the restaurants target segment can be defined as the urban population comprising of the visitors to Clarke Quarry and professionals’ all who have a substantial income. Regarding the target market coverage, the business matches the target segments demand for high quality food and services with an efficient offer of the products that features great atmosphere and high quality food as well as quick services. With the suitable targeting, the restaurant can effectively address the needs through segment’s tailored services and products (Reid & Bojanic, 2006).
4.4 strategies 3months before opening
- During lunch
The restaurant seeks to offers dinning services that are fast in an environment that provides information about the food preparations. That will be done with a video clip that will seek to demonstrate the foods preparation for customer during their meal
- Post lunch activities
The restaurant will seek to provide customers with information regarding its food traditions and norms through video clips displayed in the restaurants
4.5 Marketing mix strategy
- 7p (product, price, promotion, place, people, process, physical evidence)
Product: The restaurant will offer a mix of menu items featuring high quality and natural ingredients for purpose of higher value delivery for the target segment.
Price: The menu items will feature premium pricing as a means of signifying the high value delivery to the target segment. That also considers the target segment ability to pay the high price.
Promotion: The promotion will entail provision of discounts during some specific times as a means of getting potential customers to try the food products and identify the value the restaurant offers. It will also involve advertisement through the social media and traditional platforms including the nutrients magazines as a way of easily reaching the technologically savvy segment as well as reaching the segment that seeks more information on nutrition. With a better informed market, buyers’ decision making would be expected to be more effective in considering products and services value (Belch and Belch, 2007).
Place: The restaurant will provide an ambience that the customers can identify with local themes paintings on the walls as well as provision of information regarding the restaurant operations through the video clips played to dinners.
People: The restaurant will have well trained personnel that will effectively take and deliver customer orders as a means of meeting the promised fast and efficient service proposition.
Process: The Restaurant service process is organized in a manner that makes the customer interact with the brand from their time of entry into the restaurant to their departure. That will involve the brands themed point of sales as well as offering customers a choice to specify how they want some of their food made.
Service: Through the quick service that is minimal in errors, the restaurant will be communicating its efficiency to the customers about its value delivery proposition.
Physical evidence: By having well themed restaurant that features the brand proposition on natural food, the customers’ loyalty will be enhanced by their knowledge that their visit to the restaurant will be met with service and food items featuring healthy diet. Consequently, the business would be able to tap value from the more loyal market, hence enhancing its sustainability (Hunt, 2002).
4.6 Marketing budget
In planning for the marketing budget, the restaurant will apply the zero budget that is based on the current marketing needs for resources such as personnel and funds. With that, identification of marketing activities will be the basis of the resources allocation. The method is considered as effective in resources allocation as only the identified needs are funded (Blasko and Patti, 1984).
Conclusion
In view of the analysis on the market and target customers needs, the restaurant proposal entails raising funds from a bank loan that will be sourced from a local bank given the suitable terms of payment. The funding will also allow the owners the full control of the business. Regarding the opportunity in the market, the steakhouse restaurant will be suitably located and its differentiated concept will capture the interest of the Clarke Quay visitors as well as professionals. In that respect, the business is expected to break even in the first month of its operations hence being considered a viable idea and recommendation for the establishment is made.
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