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Tag: office

  • Co-working spaces taking off in Vietnam

    Co-working spaces taking off in Vietnam

    Co-working spaces remain in the initial stages of development in Vietnam and are concentrated primarily in major cities like Hanoi and Ho Chi Minh City.  Hanoi now has around 14 co-working projects providing more than 7,000 sq m while HCMC has around ten projects with nearly 7,500 sq m for lease, according to the latest report from Cushman & Wakefield (C&W), a leading global real estate services firm.

    The most common sizes are from 300 sq m to 800 sq m and they tend to be located in the CBD or CBD-fringe districts or in new urban areas like the west of Hanoi or in Ho Chi Minh City’s District 2.

    “Globally, we are seeing demand growing at 10-15 per cent each year,” said Mr. Alex Crane, General Manager of C&W Vietnam.

    “APAC, and Vietnam in particular, is still in the early stages of co-working spaces becoming familiar and adopted.”

    Development of co-working spaces in Vietnam has been evidenced by the opening of more and more locations and especially the expansion of investors such as UP and Toong in Hanoi and Dreamplex in Ho Chi Minh City.

    UP now has two locations with nearly 1,400 sq m, Toong has three locations in Hanoi and one in Ho Chi Minh City with a total area of roughly 3,800 sq m, and Dreamplex has two locations in Ho Chi Minh City with over 3,700 sq m.

    According to Mr. Crane, there will be a further integration of co-working spaces into corporate real estate as CEOs are constantly looking to reduce real estate costs and co-working spaces offer a flexible, cost effective solution.

    “The rise of co-working spaces coincides with the number of millennials in the workforce and the working habits of Generations Y and Z will continue to impact how developers and multinational occupiers plan and use their commercial space,” he said.

    Co-working spaces are attractive to individuals, freelancers, startups and small companies mainly in the fields of technology and communications, who need flexibility as well as networking opportunities.

  • Dachser Singapore expands airport office

    Dachser Singapore expands airport office

    Dachser Singapore recently expanded its airport office at the Changi International Airport to accommodate growing business.

    The airport office remains at the same location, but has added another level above the existing office, making the total space five times larger.

    “As a consequence of our constant business development and Singapore’s relevance as a gateway for trade and business, our airport office reached its capacity,” said Christophe Vincent, managing director Air & Sea Logistics Malaysia, Singapore, Thailand and Vietnam.

    The decision to rent more space and group operations, customer service and warehousing under one roof serves to streamline workflows and facilitate internal communication.

    “The Singapore team appreciates the newly renovated modern space that offers a panoramic view of the Changi Airport coastal road and the outlaying islands beyond,” Vincent added.

    DACHSER Singapore’s two locations are fully integrated into the company’s global network. The Singapore branch is at Pioneer on the west side of the city and provides sales, administration and management functions. Together with the airport office and the warehouse, the company can offer top-notch worldwide logistics services to customers.

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  • Singapore office rents under pressure

    Singapore office rents under pressure

    Office rents in Singapore’s central business district eased 1.2 per cent to S$8.90 (Bt220) per square foot a month in the first quarter of this year, while retail rents show signs of stabilising despite challenges, a property consultancy says.

    Research by Edmund Tie & Co shows the decline in CBD office rents last quarter abated from the 2.1 per cent drop in the fourth quarter of last year.

    While the uncertain external environment continued to pressure rents, higher pre-commitment levels at upcoming completions and the filling up of newer buildings helped support rent levels.

    Office rents in Marina Bay eased 0.5 per cent in the first quarter of this year, less than the 2 per cent seen in the fourth quarter of last year.

    This was supported by the higher occupancy rate of 96.8 per cent in the first quarter of this year compared with the 94.6 per cent in the fourth quarter of last year.

    Shadow space in Marina Bay, as of the first quarter of this year, declined from nearly 150,000 square feet (14,000 square metres) to 45,650 square feet. “While the market showed signs of stabilising, it is premature to conclude the office market is bottoming out due to the uncertain external environment.

    “Geopolitics in the region remain volatile, although the summit talks between US President Donald Trump and Chinese President Xi Jinping went well,” said Lee Nai Jia, head of research.

    Retail rents are exhibiting signs of stabilisation, with gross rents of first-storey retail space in Orchard Road and Scotts Road staying flat at S$37.20 per sq ft per month in the first quarter of 2017. This was in contrast to the corresponding period of last year, when rents declined by 1 per cent

    Rents in Orchard Road and Scotts Road remained resilient, supported by limited supply. The fall in first-storey retail rents in other city areas, including Raffles Place, City Hall, Tanjong Pagar, Shenton Way and Bugis, also moderated – to 0.6 per cent quarter on quarter in the first quarter.

    In the fourth quarter of last year, the quarterly decline was 1 per cent.

    The stabilisation of rents comes on the back of higher visitor arrivals and stronger retail sales last year.

    According to preliminary estimates from the Singapore Tourism Board in February, arrivals grew by 7.7 per cent to 16.4 million and tourism receipts by 13.9 per cent to S$24.8 billion.

    Retail occupancy across the island also improved towards the end of 2016, reaching 91.5 per cent in the fourth quarter from 90.6 per cent in the third quarter.

    “E-commerce is an enabler that allows the products of local retailers to reach to a wider audience, without paying the high rents at prime shopping malls,” Lee said.

    More Singapore residents are drawn to cities like Bangkok and those in Taiwan, Malaysia and South Korea for shopping.

    Lee cited Bangkok’s Chatuchak market as  being a popular destination for Singapore shoppers.

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  • Indonesia urges Facebook to open local office

    Indonesia urges Facebook to open local office

    The Communications and Information Ministry has urged Facebook to open a proper local office to enable it to adequately tackle complaints about fake news and negative content that spreads through the social media platform.

    Minister Rudiantara conveyed the request during a meeting with the Asia Pacific-based delegation led by Facebook’s head of global policy management, Monika Bickert, on Tuesday, saying that the existence of an official office in Indonesia would enable the firm to better respond to content complaints and improve communication with the government.

    Facebook, which has up to 96 million users in Indonesia, runs a small local representative office, while its regional office is located in Singapore.

    “The minister Rudiantara asked Facebook to step up its service agreement in Indonesia and suggested that a good way to ensure better quality service was to open up an official office here,” said the ministry’s director general for applied informatics, Semuel Abrijani Pangerapan.

    “This way, it will be able to familiarize itself with the Indonesian perspective and cultural context.”

    The Facebook logo is displayed on an iPad in Philadelphia. Facebook is taking new measures to curb the spread of fake news on its huge and influential social network, focusing on the “worst of the worst” offenders and partnering with outside fact-checkers to sort honest news reports from made-up stories that play to people’s passions and preconceived notions.(AP/Matt Rourke)

    Semuel added that while Facebook would be responsible for content management, the legal process in relation to the content itself would be carried out by the police and relevant institutions.

    Posts promoting terrorism, for example, will require consultation and assessment by the National Counterterrorism Agency (BNPT).

    Both the public and the ministry’s monitoring team are able to flag inappropriate content.

    Fake news, including those related to the racially charged Jakarta gubernatorial election, and overall air of discrimination exhibited by members of the public online, has been plaguing the Indonesian internet recently.

    In the past few months, the government has stepped up its battle against the distribution of false information. The police is committed to prosecuting any party behind the spread of the “cancer of democracy.”

    To address the fake news and negative content issues, the ministry is set to hold a meeting with Twitter on Feb. 20.

    The ministry’s spokesperson, Noor Iza, noted the importance of setting up an official local office, comparing how Twitter, which also has a sizeable number of users in Indonesia, and Facebook manage problems.

    “Twitter’s responses toward the complaints and the negative content management are a lot quicker than Facebook because they have an official office here. Therefore, it has an established understanding on what impacts the country negatively,” she said.

    The government views that the take down response time for hoax news is ideally less than 24 hours, but the quicker, the better.

    From late 2016 to the beginning of 2017, the ministry has received 1,572 complaints in relation to the negative content on social media, including hoax news on Facebook and Instagram, with 197 occurring in the first two months of this year.

    The ministry said it was only able to respond to around 60 percent of all complaints in that period.

    Complaints about Twitter’s content in the same period reached 3,252, with those related to pornography topping the list.

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  • BetaSmartz automated investment opens Hong Kong office

    BetaSmartz automated investment opens Hong Kong office

    BetaSmartz, the B2B automated investment platform for all sizes of investors, from institutional to retail, today announced it had opened offices in Hong Kong.

    BetaSmartz offers ‘hybrid ‘ digital investment or ‘robo’ advice that combines automated and face-to-face financial advice. Newly appointed Managing Director Asia, Zak Allom, said this model had been well received since its launch in 2015, with several clients now live including two in the U.S.“Robo has been a big buzzword, but for the most part the actual delivery hasn’t been different from the automated financial planning software we’ve been used to since the 90s,” he said. “BetaSmartz is much more than a sexy front end with limited, prescriptive ETF portfolios behind it. Every BetaSmartz investor’s plan is uniquely customised using artificial intelligence, deep data and machine learning. We work with individuals and their advisers, giving clients of every size access to advice and products that were previously only available to ultra-high net worth and institutions.”
    BetaSmartz will run sales and service from the Hong Kong office, complementing its headquarters in Singapore. The new office will help companies seeking sophisticated robo-advice solutions to launch or extend their businesses in Asia.

    “Asia is the most exciting market globally for us,” said BetaSmartz founder John James. “Accessing sound financial advice here can be challenging if you have less than a million US dollars. Our digital advice platform levels the playing field and enables banks and wealth managers to maintain their roles as the key relationship holder in delivering advice across their whole client base.”

    BetaSmartz technology, based on six decades of Nobel prize-winning research and industry expertise, utilises a product agnostic approach to create portfolios that equal the performance and sophistication of those in use at global fund managers. The open-architecture, cloud-based platform is flexible, scalable and efficient enough to suit institutions, adviser groups, pension funds and individual retail investors.

    Mr James said BetaSmartz aimed to be the global provider of choice for those looking for a white-labelled digital advice solution. “By applying institutional-grade techniques to a flexible technology platform, we’re democratising quality advice and opening access to top tier investment solutions to meet the demands of Asia’s growing middle class.

    “It’s a solution to the buy-vs-build conundrum for large institutions, and enables smaller ones to offer world-class technology to clients under their own brand,” he said. “It’s very well suited to banks, who can offer a much wider and more tailored range of portfolios to customers at a lower cost. Fund managers can provide their own model portfolio delivery and use BetaSmartz as an alternative distribution channel.”

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  • Garmin sets up regional HQ in Singapore with eye on SEA

    Garmin sets up regional HQ in Singapore with eye on SEA

    Global manufacturer of fitness products Garmin has selected Singapore as its regional headquarters as part of the brand’s strategic plan to strengthen its presence in the region.

    Garmin’s consumer products have been sold in Singapore through distributors since the early 1990s. The company has a strong foundation in engineering products for aviation and marine since 1989.

    With the opening of its Singapore headquarters, Garmin will now directly manage sales and marketing of its consumer business devices in South-East Asia and India region.

    Leading Garmin’s Singapore business is its managing director for South Asia/ India region, Engelhard Al Sundoro, who will manage Garmin’s consumer business in six Southeast Asian (SEA) countries that include Singapore, Malaysia, Philippines, Indonesia, Vietnam and Thailand.

    “Outside of US, China and Taiwan, it is a natural step for the brand to strengthen our presence in SEA with Singapore as our headquarters as consumers here tend to be early adopters of technology,” said Al Sundoro.

    Garmin had recently announced its partnership with EZ-Link to launch a special version of its vivosmart HR activity tracker with built-in NFC contactless payment capability. This would allow commuters to use their fitness band to pay for their train, bus, cab rides and even purchase items at selected retail stores in Singapore.

    “As a company, we need to be an enduring brand that consistently innovates. In order to do that, it is essential for us to be closer to our customers to understand what they need. Even as a global brand, Garmin sees each market differently as the customer needs in each region is diverse,” he added.

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  • Startup dreams bring real money to Vietnam’s office market

    Startup dreams bring real money to Vietnam’s office market

    Young companies looking for their first home are spiking the demand for small-sized office space. Tan, a self-employed real estate broker, paid $5,000 per month for the use of a six-story building in downtown Ho Chi Minh City. He then turned it into 15 office rooms with polished tiled floors, private bathrooms and internet connections.

    The offices, ranging from 25 to 40 square meters, are now rented out to startups at between VND5 million and VND10 million ($220 – $440) per month, said Tam, who asked to be identified by his first name only.

    For fledgling startups, which try to make every penny count, these small-sized offices with good locations fit their budget.

    Tan said currently 10 companies are his tenants, claiming a return of 20-25 percent.

    Local brokers said some estates in the city’s downtown areas are becoming mini-hubs for startups. These young companies give the office market in Ho Chi Minh City and Hanoi a much-needed boost as many landlords struggle to fill space, they said.

    However, according to Le Huu Dung, chief executive at brokerage Weland Investment, not just any space will do.

    “We have seen a strong growth in mini-office rentals in Ho Chi Minh City in the past two years following the recent startup boom,” Dung said. “While some investors have earned decent profits, others are losing money.”

    No one who starts out in such a tiny office expects to stay there for long, Dung said, referring to the fact that when startups become bigger, they will move to larger offices.

    Another flip side of the business is that this segment mainly relies on idea-stage companies, which may not even last longer than just a few months.

    Dung warned that if the occupancy rate is lower than 80 percent, the investor will start losing money.

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  • AirAsia to open Cambodia office

    AirAsia to open Cambodia office

    AirAsia, the Malaysia-based low-cost airline, will soon have an office in Cambodia to boost the number of tourist arrivals to the kingdom.

    The airline’s office will open soon, said AirAsia CEO Anthony Fernandes, after holding a meeting with Prime Minister Hun Sen in Switzerland on the sidelines of the World Economic Forum.

    Mr. Hun Sen said AirAsia’s presence would bring more tourists to Cambodia, adding that the airline has helped transport tourists to Cambodia from all over the world.

    Keo Sivorn, director general of the State Secretariat of Civil Aviation, said AirAsia’s decision to open an office in Cambodia was in response to the current demand of passengers and cargo to the kingdom.

    “It will help the company provide additional satisfied service to its passengers,” said Mr. Sivorn.

    “AirAsia has existing flight service operations to Cambodia. It will open an office here soon because it sees the demand of the aviation sector in Cambodia increasing thanks to the country’s high economic growth.”

    The new office is also in response to the number of local airlines operating in the kingdom, Mr. Sivorn said.

    Ho Vandy, secretary-general of Cambodia’s National Tourism Alliance, said AirAsia would bring more people from all corners of the world to Cambodia because of its popularity offering low fares.

    “It’s a reflection of the airline market. It will serve the high demand of passengers and tourists traveling by plane and it will meet the government’s ‘Open Sky’ policy,” he said.

    Two local airlines, which are expected to get off the ground this year, will push the total number of local airlines to six, according to Mr. Sivorn. The four now operating are Cambodia Angkor Air, Bassaka Air, Cambodia Bayon Airlines and Sky Angkor Airlines.

    “By this year, the two airline companies will hopefully start providing service. Due to economic growth and stable politics, the number of airlines is increasing,” he said.

    AirAsia is currently operating 67 flights per week out of Phnom Penh and Siem Reap international airports, according to Mr. Fernandes.

    AirAsia swung to a profit in the third quarter of 2016 from a net loss a year earlier. Net profit for the three months ended September 30 was 353.9 million ringgit ($79.62 million), versus a net loss of 405.7 million ringgit a year earlier. Revenue rose 11.2 percent to 1.69 million ringgit, the company said.

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  • FedEx Trade Networks expands Into Malaysia with Penang office

    FedEx Trade Networks expands Into Malaysia with Penang office

    FedEx Trade Networks, a subsidiary of FedEx Corp. and a premier international freight forwarder, today announced the opening of a new office in Malaysia. Based in Penang, the additional facility highlights the continued expansion of FedEx Trade Networks to meet the growing market demand.

    “With our network stretching into Malaysia, we are well positioned to proactively respond to customer needs and support them in simplifying the complexities of international shipping,” said Udo Lange, executive vice president and COO, FedEx Trade Networks.

    The new FedEx Trade Networks office is strategically located in Penang’s central business district, with close proximity to the airport and the seaport as well as the city’s key infrastructure facilities. FedEx Trade Networks offers a comprehensive portfolio of services, covering e-commerce, international air and ocean freight forwarding, surface transportation (domestic and cross-border), customs brokerage, trade and customs advisory services as well as other value-added services, including My Global Trade Data, the company’s online suite of information management tools.

    “The world requires a new type of freight forwarder that understands how to turn global logistics into strategic advantages,” said Lange. “FedEx Trade Networks makes the complexities of global shipping simple, striving to provide customers with unparalleled supply chain visibility and logistics transparency to help move their businesses forward.”

    Penang is one of the most urbanised and industrialised states in Malaysia with a high concentration of key industries and sectors, including high tech, electronics and electrical products, industrial goods as

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  • 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.

  • Dachser India upgrades offices in Mumbai

    Dachser India upgrades offices in Mumbai

    Dachser India has moved to a new regional office in a thriving business area in Mumbai, to be closer to its brand named customers and enable staff from different departments to communicate more effectively.

    “With India’s strong developing manufacturing, automotive, FMCG and e-commerce market, there is an increasing need for quality and integrated logistics solutions. As we focus on India’s positive economic growth and upcoming favorable government reforms, we are very excited about our strategic investment in the new Regional Office in India and look forward to offering more efficient support and promote Dachser’s brand promise to our customers in India,” says Huned Gandhi, Managing Director Air & Sea Logistics India.

    The new open plan office is located in Sakinaka a leading commercial district in the city with easy access to public transport links.

    In another development Dachser incorporated its air, ocean, customs and operations staff under one roof in a new operational office in Mumbai. In total 100 employees will work in the new office which is close to the international airport and its customers in the western region of the city.

    “The western region has always been a consistent market with strong potential and demand. The new office will enable us to gather all our sea and air freight staff in one office thereby strengthen the effectiveness and efficiency of the branch operations. ”

    Dachser now has 25 offices across the subcontinent with one of the largest country wide logistics networks of any international company.

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  • AirAsia moves into new open-space headquarters

    AirAsia moves into new open-space headquarters

    After announcing that it would relocate to a new office in 2014, budget carrier AirAsia finally moved into its new space in Sepang, Malaysia, on Monday.

    The office, dubbed RedQuarters, is located on an 18,000-square-meter plot beside Kuala Lumpur International Airport 2 ( KLIA2 ). It is reportedly set to house 2,000 AirAsia employees.

    With features like indoor grass and colorful, stylish furniture, the huge open-plan office breaks away from conventional office stereotypes. AirAsia told that the design was intended to reflect the company’s determination to become Malaysia and the region’s best airline, “while incorporating elements showcasing the professional, fun and friendly attitudes.”

    The company threw a celebratory opening party at the new headquarters featuring local entertainers SonaOne and Joe Flizzow.

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  • US e-commerce giant eBay plans to open office in Indonesia

    US e-commerce giant eBay plans to open office in Indonesia

    U.S e-commerce major eBay plans to open its office in Indonesia and is looking to hire a head of cross border trade to manage and develop the business in south-east Asia’s largest economy.

    According to information on eBay’s Linkedin link, the head will also be representative and spokesperson for the company.

    eBay already has an existing joint venture company named PT MetraPlasa with a unit of state-owned telecommunication operator PT Telekomunikasi Indonesia Tbk (Telkom). In 2012, eBay and Telkom partnered to increase e-commerce business in Indonesia through Plasa.com, now known as Blanja.com.

    One of the primary objectives of eBay’s new head will be to find local products that can be sold in the global market and to support Indonesian retail exporters.

    Telkom expects the partnership with eBay will enable small and medium enterprises (SME) in Indonesia to tap the global market.

    Blanja.com, a trading site that is in the same space as the likes of Tokopedia, Lazada, Blibli, has more than one million products listed of which 90 per cent would be locally made and sourced.

    This site operates several categories: fashion & accessories, health & beauty, gadgets, toys, home, computer, movies, music, automotive, photography, sports equipment, travel and food.

    The US-based eBay, set up in 1995, currently has branches in more than 30 countries. The site implements consumer to consumer (C2C) and business to consumer (B2C) trade. It can be accessed freely by buyers. However, the seller should pay to put their products on eBay.

    EBay’s move comes at a time when the Indonesian government is planning to launch a roadmap for e-commerce business in February to boost foreign direct investment.

    The government is warming up to the idea of allowing foreign ownership of up to 100 per cent for marketplace platforms with assets of over Rp10 billion.

    At present, Indonesia does not allow foreign ownership in local (business to customer (B2C) retail e-commerce companies, but this restriction does not apply to online marketplaces that mediate between buyers and sellers (C2C).

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  • Rents down, vacancy rate up for retail space in Q2

    Rents down, vacancy rate up for retail space in Q2

    Prices and rentals of retail space both dipped by 0.5 per cent in the second quarter of this year, according to data from the Urban Redevelopment Authority on Friday.

    It was the second straight quarter of rental decline and comparable to the level seen early last year. Prices had stayed stable in the first quarter.

    Vacancy rate of retail space rose 0.4 percentage points to 7.2 per cent for the second quarter, the highest in over four years.


    SOURCE: URA

    Office rents also weakened by 2.6 per cent in the second quarter, after rising 0.6 per cent in the first quarter.


    SOURCE: URA

    Office prices rose 0.3 per cent in the quarter, after falling 0.1 per cent in the first quarter.

    Vacancy rate of office space dipped by 0.4 percentage points to 9.8 per cent for the second quarter.

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