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  • Tesla to open its first Korean showroom on November 29th

    Tesla to open its first Korean showroom on November 29th

    The U.S.-based electric carmaker Tesla Motors will open its first Korean showroom at the Starfield Hanam shopping mall in Gyeonggi Province, Nov. 29.

    A Starfield Hanam official said he received an in-house notice of the Tesla showroom opening date.

    “However, the opening date may be moved up or delayed depending on Tesla’s preparations,” he added.

    Starfield Hanam, which had its grand opening on Sept. 9, is the largest shopping complex in Korea built as a joint venture between retail giant Shinsegae and U.S.-based shopping mall management company Taubman’s regional affiliate Taubman Asia.

    Before the grand opening, Tesla said Aug. 31 in a press release it would open its first Korean showroom on the second floor of the mall.

    The showroom is currently under construction, covered with a screen to hide the interior. However, Tesla has reportedly completed the ground construction for a charging station on the mall’s second-floor parking lot.

    The showroom will present Tesla’s Model S 90D, a full-size all-electric five-door luxury sedan.

    When the model was introduced in 2012, it received a perfect 5.0 from the U.S. National Highway Traffic Safety Administration (NHTSA) car safety rating. The U.S. Environmental Protection Agency (EPA) official range for the 2012 Model S equipped with an 85kWh battery pack is 426 kilometers.

    Tesla’s official webpage said the current Model S 90D’s range is 512 kilometers.

    Tesla has already received approval for emissions and noise standards from the Ministry of Environment, and is preparing for another approval with the Ministry of Land, Infrastructure and Transport (MOLIT). It is expected to take about two weeks to get MOLIT approval.

    Tesla is also preparing to open its second Korean showroom in Gangnam, southern Seoul.

    It reportedly signed a lease to rent a building in Cheongdam-dong on Sept. 1. It will use the building’s basement, first and second floors until Aug. 31, 2021.

    The Gangnam showroom is also currently under construction and Tesla officials visited the site last week to monitor the construction process.

    Tesla also announced last week via an email interview with ZDNet Korea, an IT-focused online newspaper, its plan to establish charging infrastructure in Korea.

    “Tesla is reviewing its plan to build a few supercharging stations in Seoul,” Atsuko Doi, Tesla’s head of communications for Asia Pacific, was quoted as saying.

    “We are discussing how to rent the sites for the charging stations.”

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  • Burberry cuts product lines to focus on newest fashions

    Burberry cuts product lines to focus on newest fashions

    Burberry is cutting between 15 and 20 percent of its product lines in a quest to focus on its newest ranges as it battles to attract shoppers in a volatile luxury goods market. The U.K. luxury-goods maker reported a 24 percent drop in first-half profit that met analysts’ estimates, but failed to match rivals that reported better-than-expected results.

    While luxury brands have been struggling with slowing growth in Asia, a drop in tourist spending in Europe following a series of deadly attacks and competition from fast-fashion chains, Burberry has been hit particularly hard. Its adjusted pretax profit fell 4 percent to 146 million pounds ($182 million) in the six months through September, in stark contrast with contrast with those of LVMH, Kering SA and Hermes International SCA, which all beat estimates in their latest reporting periods.

    The company had already announced a 4 percent drop in half-year sales to 1.16 billion pounds last month as weak demand in some overseas markets offset a surge in sales in its British home as tourists took advantage of a lower pound.

    The brand, which recently removed longstanding  creative director Christopher Bailey from his additional role of chief executive offer, bringing in Marco Gobbetti, the former CEO of Céline to hand the business/operational side of the brand. Additionally, Burberry announced in February that it plans move away from the traditional model of presenting seasonal ranges months ahead of their appearance in store, in favor of two collections a year that would be available in shops immediately.

    Finance chief Carol Fairweather said on Wednesday the company was cutting back on product lines ahead of the key Christmas trading period and would give greater prominence to its newest products, such as the bridle bag that was a top seller from its September runway show. “We are delighted with everything we have in place for (the) festive (season),” she said in a statement.

    Shares in Burberry, along with other luxury groups such as LVMH, fell on Wednesday after Donald Trump’s victory in the U.S. presidential election added to uncertainty over prospects for the global economy, analysts said. Burberry makes about 20 percent of its sales in the United States.

  • Under Armour opens office in Korea

    Under Armour opens office in Korea

    U.S. sports brand Under Armour said Thursday that it has opened an office in Korea to operate its business directly next year. So far, its clothes, shoes and sports equipment have been imported, marketed and sold through business partner Hyosung Galaxia.

    The company said it decided to bring its products directly to Korean consumers as the country’s sports and fitness market continues to grow.

    “Under Armour will strengthen its marketing, distribution and retail efforts, providing Korean consumers with the best brand and shopping experience,” said David Song, country manager of Under Armour Korea. “We will open our flagship store in southern Seoul in January. The brand will also continue to connect with athletes directly and promote sports, fitness and healthy living through its connected fitness platform, which is the world’s largest digital health and fitness community.”

    Song said driving deeper growth in Korea is a pivotal component of the firm’s comprehensive international growth strategy. “Through design, innovation and our Under Armour connected fitness platform, we look forward to forging long-term relationships directly with athletes at every level in the country.”

    Under Armour Korea plans to open premiere retail shops and carry out robust marketing campaigns to tell its unique brand story, as well as invest in the next generation of Korean athletes to exemplify its brand.

  • GIC snaps up a Korean shopping mall

    GIC snaps up a Korean shopping mall

    It invested $192.4m in the 28-floor retail complex. Singapore’s state-owned investment firm GIC invested $192.4m (USD 136m) in G-Square City Retail Complex in Seoul Korea.

    Tha complex, which was completed in 2012, spans 238,248 sqm across 8 floors. The building is well-situated in a prime location in the centre of Anyang City, a metropolitan area of Southern Seoul. It has a direct access to a subway line.

    “A 34,681 sqm office tower is also part of the complex, and is one of the preferred office buildings within the Anyang city district given its landmark status and building quality,” GIC said.

    The said mall is operated by Lotte Shopping Co. With the aquisition, it will be managed by IGIS Asset Management, one of the country’s largest real estate management companies with a good track record of managing retail assets.

    GIC Real Estate Chief Investment Officer Lee Kok Sun said G-Square is in line with the group’s strategy of acquiring income-generating assets.

    “As a long-term investor, we remain confident in the continued growth of the Korean economy and its retail sector,” Lee said.

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  • Sue Lewis named as Asia Pacific Travel Retail Director for Sisley

    Sue Lewis named as Asia Pacific Travel Retail Director for Sisley

    Independent French beauty house Sisley has appointed Sue Lewis as Asia Pacific Travel Retail Director, based in Hong Kong. The highly experienced and much-respected Lewis succeeds Benoit Wagner.

    Sisley Regional Managing Director, Asia Pacific Nicolas Chesnier commented: “I would like to thank Benoit personally and on behalf of Sisley, for his more than ten years of contribution to the development of the brand in different roles.

    “Sue comes with a large experience of travel retail in cosmetics worldwide. After a start in travel retail with successive positions in Europe and the USA, Sue has since worked in Asia Pacific for more than ten years with management of both travel retail and local markets.”

    Ms Lewis spent many years with The Estée Lauder Companies (including travel retail), most recently as Regional Brand Director – Asia Pacific for La Mer & Jo Malone until June 2010. She also worked as CEO Hong Kong & Asia Export Markets for Crabtree & Evelyn until March 2015 and subsequently for Kate Somerville Skincare.

    Sisley has been one of Asia Pacific travel retail’s best-performing international skincare brands in recent years

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  • Thai cash and carry chain Makro in $86m acquisitions, expands in SE Asia

    Thai cash and carry chain Makro in $86m acquisitions, expands in SE Asia

    Thai listed wholesaler Siam Makro, through its subsidiary Siam Food Services, has entered agreements to acquire four food service businesses in Asia and the United Arab Emirates, for over 3 billion baht ($86 million).

    The Thai cash and carry operator said, in a regulatory filing, it will be buying 80 per cent each in these targeted companies, which are Indoguna (Singapore) Pte Ltd, Indoguna Dubai LLC and two Hong Kong-based firms Lordly Company Limited and Just Meat Company Limited.

    Siam Makro said it would use its own capital and bank loans to facilitate the acquisitions.

    The transactions are expected to “support Siam Food in expanding its business with respect to providing food services solutions to premium food supplies in Singapore, the United Arab Emirates and Hong Kong and in accelerating an expansion of the business to ASEAN countries,” the company stated.

    The targeted firms are engaged in a business related to Siam Food and Siam Makro operation, which is importing, exporting and distributing raw and frozen premium food supplies including Halal products and sausage and salami processing.

    In conjunction with the aim to expand in Asia, Siam Makro has also set up a $2 million joint venture in Cambodia, registered as Makro Cambodia Limited in September 2016, in which it holds 70 per cent equity.

    Siam Makro had said earlier this year that it was looking at the possibility of investing 6 billion baht to open 20 stores domestically during the year, and 3 billion baht to expand elsewhere in Southeast Asia, possibly in Cambodia, Laos and Vietnam.

    The cash and carry chain’s parent company, CP All – controlled by business conglomerate Charoen Pokphand Group, operates the 7Eleven retail outlets in Thailand. CP All is reportedly planning to bring down its major holding of 97 per cent in Siam Makro.

     

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  • Two Thai clans stay on Forbes rich list

    Two Thai clans stay on Forbes rich list

    The Chearavanont and Chirathivat families are among the 50 richest Asia families in 2016 as ranked by Forbes Asia magazine. Families in the top five of this year’s list are in businesses that span technology, livestock, real estate and oil and gas, the magazine reported in its latest issue published yesterday. Leading the list for the second year in a row is South Korea’s Lee family, the founder of Samsung Group, with a combined wealth of US$29.6 billion, up from $26.6 billion last year.

    Thailand’s Chearavanont family, which controls the Charoen Pokphand Group (CP Group), rose to second place with US$27.7 billion in wealth, moving up from fourth place and $19.9 billion last year.

    CP Group led by billionaire Dhanin Chearavanont operates various businesses ranging from poultry, telecom and retail under the 7-Eleven convenience chain in Thailand.

    Third-richest are the Ambanis of India’s Reliance Group with a combined net worth of $25.8 billion, followed by the Kwok family of Hong Kong with $25.2 billion, Asia’s richest real estate family. The Lee family from Hong Kong ranks fifth with $24.7 billion.

    The Chirathivat family, which owns giant retail businesses in Thailand under the Central Group, retains the 14th spot with $13.8 billion. Its combined wealth grew from $11.7 billion last year.

    Headed by chief executive Tos Chirathivat, Central Group just restructured its organisation by recruiting professionals to run the group’s operations, including property, trading, food and online, which have combined sales revenue of about 320 billion baht this year.

    Slipping from this year’s list is the Ratanarak family, a Thai clan that controls Bangkok Broadcasting’s Channel 7 and ranked 45th with $3.5 billion in net worth last year.

    The reports notes that Indian families stood out on the 2016 Forbes list of Asia’s richest families, with 17 of the top 50 families hailing from India.

    Many of these Asian families’ conglomerates have worldwide footprints. Collectively, the top 50 families are worth US$519 billion.

    “Sources of Asian wealth are broadening. You can see that among the rich families here, and even within many of the families — no particular sectors of the economy dominate,” said Tim Ferguson, editor of Forbes Asia.

    The minimum net wealth to qualify for the list was $3.4 billion, up from $2.9 billion a year ago.

  • ‘Design Korea 2016’ presents latest industrial design trends

    ‘Design Korea 2016’ presents latest industrial design trends

    More than 2,000 products ranging from kitchen hardware to stationary with innovative designs from across the globe were showcased at South Korea’s major trade show on Thursday, presenting the latest design trend.

    Design Korea 2016, under the theme of “Beyond Asia,” kicked off on Wednesday for a five-day run at KINTEX in Goyang, north of Seoul. The annual event is hosted by the Ministry of Trade, Industry and Energy and organized by the Korea Institute of Design Promotion.

    At an exhibition hall, more than 300 design companies from both at home and abroad set up booths to promote their latest design products, hoping to grab the attention of more than 200 international buyers.

    The South Korean government mapped out a plan earlier this year to foster the design industry, designating creative design as the centerpiece of the country’s soft power.

    “The event is the international design business festival that offers everything related to design and its business, from exhibiting world design trends to serving as a venue for participants to capture business opportunities,” the institute said in a press release.

    Various products such as furniture, kitchen hardware, stationary and clocks were showcased at an exhibition hall under five themes — convenience, dignity, beauty, healthy and happiness.

    Visitors look at innovative design products at the Design Korea 2016 at KINTEX in Goyang, north of Seoul, on Nov. 10, 2016. (Photo courtesy of the Korea Institute of Design Promotion)

    South Korea’ design house Nep Plus presented their latest electric gadgets with creative industrial design.

    Israel-based OTOTO presented innovative kitchen hardware products which are developed and manufactured in small scale each one by hand

    At a business lounge located at the corner of the hall, buyers from both home and abroad met with innovative desingers.

    Indonesia’s TV retail company Jabalu Media International, Britain’s retail shop Do Shop, and Japan’s AEON were at the lounge to close deals with local designers.

    More than 40 overseas and 200 local firms participated in last year’s exhibition to close deals worth 58.9 billion won (US$51 million), ministry officials said, adding than deals worth 80 billion won are expected to be signed this year.

    “The event will serve as an opportunity to promote the country’s excellent design industry and to expand design hallyu (the Korean pop culture craze worldwide,” said a ministry official.

    Alberto Alessi, CEO of Italian houseware giant Alessi, held a public lecture at a forum held on the sidelines of the exhibition on Wednesday.

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  • Michael Kors Celebrates Singapore Flagship with Kate Hudson

    Michael Kors Celebrates Singapore Flagship with Kate Hudson

    What’s Michael Kors up to these days? The designer has been visiting Asia, where he celebrated the opening of his Singapore Mandarin Gallery flagship store. While there, he was presented a dendobrium orchid genus from Kirk Wagner, US Ambassador to the Republic of Singapore, and Serene Tan, Singapore Tourism Board member, a unique honor.

    Past recipients include Elton John and The Duke and Duchess of Cambridge. The next day, he hosted a cocktail party to kick off the store opening, where guests like Kate Hudson, Marion Caunter, and Debra Henry joined, followed by a private dinner.

  • Rakuten opens flagship store on South Korea’s e-marketplace 11STREET

    Rakuten opens flagship store on South Korea’s e-marketplace 11STREET

    Japan’s e-commerce giant Rakuten Inc. has opened an online flagship store on 11STREET, one of South Korea’s leading online marketplaces.

    It said store aims to provide South Korean consumers with popular Japanese merchandise and
    will feature a variety of fashion goods, beauty, and sports products.

    “11STREET is a vibrant and innovative online marketplace and we’re excited to be partnering with them on this new cross-border initiative,” said Ryoji Yasutome, Vice Senior Manager Cross Border Trading at Rakuten.

    The South Korean e-marketplace has a global network of 260,000 sellers, small merchants, brand names, department stores and supermarket chains serving 23 million registered members in the home market and abroad.

    Shoppers reportedly spend $6 billion annually on its sites.

    “Korean consumer demand for high quality Japanese and international goods continues to grow at a double figure rate,” said Joon Young Park, Senior VP at 11STREET. “Through our partnership with Rakuten, we are able to offer our customers a more exciting cross-border shopping experience with a larger selection of popular products from Japan.”

    Moving forward, Rakuten will introduce products to 11STREET customers from categories such as health, living, kitchen, and hobby items and will continue to expand the product line-up over the coming months.

    The two companies said they will also jointly provide support services to participating merchants such as translation, listings, merchandising advice, shipping and customer support.

  • Hong Kong’s Q3 economic momentum cools on China slowdown

    Hong Kong’s Q3 economic momentum cools on China slowdown

    Hong Kong’s economic growth slowed in the third quarter from the second as weak exports, sluggish retail sales and falling tourist arrivals took its toll on the former British colony.

    Though the government kept its full-year estimate for 2016 in the middle of its previous forecast range of between 1 and 2 percent, underlying momentum slowed from the June quarter.

    Looking ahead, the government expects growth to remain on a modest track in the near term due to a number of concerns, including the likely trend of rising interest rates in the United States and elevated geopolitical risks elsewhere.

    “There is a need to stay alert to these risks for their possible repercussions on the global financial and economic situation,” it said in a statement.

    The economy grew a seasonally-adjusted 0.6 percent in the third quarter, compared with a downwardly revised 1.5 percent in the June quarter. Economists surveyed by Reuters had predicted growth of 0.3 percent.

    From a year earlier, the economy expanded 1.9 percent in the third quarter compared with 1.7 percent in the previous quarter and economists’ expectations of 1.6 percent.

    A marked slowdown in exports and weaker growth in private consumption and government spending combined to push down GDP in the third quarter.

    Hong Kong’s services sector has also been in a prolonged slump with retail sales falling for the 19th straight month in September as a strong local currency crimped business activity and tourism.

    Slower economic growth could pile further pressure on Hong Kong leader Leung Chun-ying ahead of an election next year and amid rising tensions with the central government in China over concerns of increased meddling by Beijing in the city’s affairs.

    Hong Kong’s benchmark index closed down 1.4 percent before the data on Friday, capping a turbulent week in financial markets in the wake of Donald Trump’s surprise presidential win at the U.S. elections.

    The former British colony’s economy is now more vulnerable as it struggles with weaker retail sales and a slump in cash-rich mainland Chinese streaming across the border on shopping sprees.

    Prospects for Hong Kong could be further compounded by new U.S. trade policies and China’s economic performance at a time when exports are weak and economists are waiting to see the impact of property cooling measures imposed this month.

    The government said it would raise stamp duties on home purchases to 15 percent, across the board, effective Nov. 5.

    Some economists said the once vibrant city would continue to face pressure from global economic uncertainty as well as increasing tensions with Beijing that could threaten stability and impede policymaking.

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  • PlayStation 4 Pro is now officially available in Malaysia

    PlayStation 4 Pro is now officially available in Malaysia

    Malaysian gamers and fans, you can finally head out and purchase the Sony PlayStation 4 Pro now as it’s been officially released in the country according to an announcement that was made via the official Playstation Asia Facebook page.

    We reported on the announcement of the PlayStation 4 Pro previously, and it was scheduled for an initial release in certain markets on 10 November. Although the retail price for most countries, including Malaysia was revealed (RM1799), an actual release date was not confirmed.

    It seems now that fans in Malaysia won’t have an agonisingly long wait to get their hands on the new console as Malaysia is also releasing the console today (10 November 2016).

    According to the Sony Playstation Asia Facebook page, you can head to Sony Centres around the country to get the console. There are limited units available at the moment and according to the Facebook page, customers are advised to contact the Sony Centres to confirm availability of stock. You can get a list of Malaysia Sony Centres here.

     

    As for customers who have pre-ordered the Sony PlayStation 4 Pro beforehand, you should be getting your units pretty soon as well. We managed to get in touch with Sony and they said that pre-order batches are expected to reach retailers today (10 November 2016).

    We, however, could not ascertain which particular retailers these were and whether they included online e-commerce sites like Lazada, 11thStreet and GemFive. It has been advised that customers who made their orders via those channels to check with the sites themselves for confirmation.

    Do tell us if you managed to get your pre-ordered PlayStation 4 Pro or purchase it at an authorised retailer. We’re guessing there are pretty limited stocks available for Malaysia so although it may be officially released here, there might be a bit of a wait till customers will actually be able to get their hands on one. We’re currently reaching out to Sony on the stock availability and restocking schedule, so stay tuned!

    And if you don’t mind waiting and still want to get your hands on a PlayStation 4 Pro, you could still pre-order a unit below.

  • ITU Telecom World Awards 2016 winners announced

    ITU Telecom World Awards 2016 winners announced

    ITU today announced the winners of its prestigious ITU Telecom World Awards, which recognize excellence and innovation in ICT solutions with social impact. The Awards were announced by ITU Secretary-General Houlin Zhao at a buzzing ceremony in the presence of H.E. Air Chief Marshal Prajin Juntong, Deputy Prime Minister and Acting Minister of Digital Economy and Society, Air Chief Marshal Thares Punsri, Chairman NBTC and ITU elected officials at the close of ITU Telecom World 2016. 

    “It is tremendously exciting to see so many ideas, innovations and so much talent and creativity all in one place,” Zhao said. “I hope that winning our Award and having their innovative solutions recognized by global experts will help these talented innovators grow and scale up their businesses, contributing fresh ideas and vision to our digital economy. I wish them every success.” 

    “We are making education accessible to all children around the world,” said Alex Masika, head of business development at BRCK, the maker of rugged wireless and mobile wifi devices in Kenya and the winner of Telecom World 2016’s Global SME Award. “I am happy that the impact we are making has been recognized.”   

    Winners, who took turns pitching their innovations during the event, were selected by an expert jury. ITU Telecom World Awards were open to all exhibitors and sponsors at ITU Telecom World in Bangkok. The awards were presented in three different categories: 

    • The Global SME Award, recognising the most promising innovative solution from an SME.
    • Thematic Awards – open to SMEs and large corporations — for the most promising innovative solutions with social impact in eEducation, eHealth, eGovernment and disaster prevention/communications.
    • Host Country SME Award for the best solution chosen by Thailand.

     Recognition of Excellence Certificates were presented for the best innovative exhibitor within each National Pavilion.

    The ITU Telecom World 2016 Award winners and finalists are:

    • Global SME Award Winner: BRCK, Kenya, represented by Alex Masika 
    • Global SME Award Finalist: gnúbila (be|ys group), France, represented by David Manset
    • Global SME Award Finalist: ulalaLAB, Korea, represented by Sophia Park       
    • Thematic Award Winner eHealth: Neofect, Korea, represented by Kyuhee Lee
    • Thematic Award Winner eEducation: Academic Bridge, Rwanda, represented by Mariam M. Muganga
    • Thematic Award Winner eGovernment: Nile Center for Technology Research – E15 Project, Sudan, represented by Elwaleed Bashir Ahmed
    • Thematic Award Winner Disaster Recovery/Prevention: MasterCard, USA, represented by Umar Hashmi
    • Host Country Award Winner Finalist: ServisHero Co.,Ltd, Thailand, represented by Khun Noppol Toochinda
    • Host Country Award Winner Finalist: Anywhere 2 go Co.,Ltd.(Claim Di), Thailand      
    • Host Country Award Winner: PRO-toys Co., Ltd., Thailand, represented by Boonchai Wongbawornkiat

     

    Recognition of Excellence Certificates:

    • Bangabandhu Satellite Launching Project, Bangladesh, represented by H.E. Begum Tarana Halim, Minster for Posts & Telecommunications
    • 3D Factory Co.,Ltd., Korea, represented by Sang Hyun Park
    • Academic Bridge, Rwanda, represented by Mariam M. Muganga
    • BESTCOMP GROUP, Azerbaijan, represented by Najafova
    • Bisa, Ghana, represented by Dennis Addo
    • BRCK, Kenya, represented by Alex Masika
    • Fedironics Intelligent Metering Company, Nigeria, represented by Emmanuel Ifediora Ugochukwu
    • Ministry of Transport, Thailand
    • Protonics, Zimbabwe, represented by Chingore
    • NexTech, Japan, represented by Kento Takahashi
    • Potevio Company Limited, China, Luo Lin
    • Telecommunications Infrastructure Company, Iran, represented by Susan Ayerman 

    The ITU Telecom World Awards will continue to play an integral part at future ITU Telecom events, supporting innovative ICT solutions with social impact. For more information on ITU Telecom World 2016 click here.

    ITU Telecom World heads next to Busan, Republic of Korea, where it will take place from 25-28 September, 2017.

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  • Jaguar Land Rover October sales up 11% at 46,325 units

    Jaguar Land Rover October sales up 11% at 46,325 units

    Tata Motors-owned Jaguar Land Rover (JLR) today reported 11 per cent increase in October retail sales of 46,325 units. The month’s performance has been driven by strong sales of the Land Rover Discovery Sport, Range Rover Evoque, Jaguar XF and the introduction of the Jaguar F-PACE, as well as strong year-on-year sales growth in China and Europe, JLR said in a statement.

    JLR Group Sales Operations Director Andy Goss said: “With our most engaging productline up to date, we are continuing to see positive sales momentum. Impressive performances across Europe and China have boosted our year-to-date sales to over 4,80,000 vehicles.”

    The company said its retail sales grew across majority of key regions in October year-on-year, with China up 39 per cent, Europe up 25 per cent, the UK and North America both up 8 per cent but other overseas markets were down 22 per cent.

    In the first ten months of 2016, JLR sold 4,80,349 vehicles, 23 per cent up on the same period in the prior year.

    The Jaguar brand recorded retail sales of 14,402 units in October, up 93 per cent on the previous year, reflecting the strong launch of the F-PACE and the introduction of the long- wheel base XFL in China, JLR said.

    Sales of the Land Rover brand however were down 6 per cent in October at 31,923 units. The company had ceased production of the Defender and Discovery in January 2016 and August 2016 respectively.

  • Frasers Centrepoint Trust buys retail podium of Yishun 10 Cinema Complex

    Frasers Centrepoint Trust buys retail podium of Yishun 10 Cinema Complex

    Frasers Centrepoint Trust has entered into two sale and purchase agreements for the acquisition of the retail podium of Yishu 10 Cinema Complex. The deal is worth $37.8m.

    One of which was with Goldvein Trading Pte. Ltd., for the acquisition of units #01-01, #01-02, #01-04/04A, #01-05, #01-06, #01-07, #01-08 and #01-09 of the retail podium of Yishun 10 Cinema Complex, 51 Yishun Central 1, Singapore 768794 at a consideration sum of S$25.9m

    The other was with Bon-Food Pte Ltd, for the acquisition of unit #01-03 of the Retail Podium at a consideration sum of S$11.8m.

    The acquisition is in line with the strategy of FCT of nvesting in quality income-producing properties used primarily for retail purposes.

    Goldvein Trading Pte. Ltd. and Bon-Food Pte Ltd are whollyowned Singapore subsidiaries of Bonvests Holdings Limited, a company listed on the Main Board of Singapore Exchange Securities Trading Limited.

    The Aggregate Consideration for the Acquisition was arrived at on a willing-buyer and willing-seller basis after taking into account the location, occupancy and rental income generated by the Retail Podium. The independent valuation as at 30 September 2016 of all 10 units of the Retail Podium by Jones Lang LaSalle Property Consultants Pte. Ltd., which was appointed by the Trustee, is S$40m and derived using the discounted cash flow approach and direct capitalisation approach.

    The Aggregate Consideration will be paid in cash to the Vendors on completion of the Acquisition, which is expected to be on 16 November 2016.

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