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Tag: Property

  • SM opens 53rd mall in Philippines

    SM opens 53rd mall in Philippines

    SM Prime Holdings, Inc. on Friday is opening its second shopping center in Cabanatuan, as part of the property holding firm of the Sy family’s drive to capitalize on the growth prospects in the provinces.

    Its 53rd mall in the country, SM City Cabanatuan expands SM Prime’s footprint in Nueva Ecija after SM Megacenter Cabanatuan, the integrated property developer said in a disclosure yesterday.The four-level mall, which has 154,020 square meters (sqm) of gross floor area (GFA), increased SM Prime’s total retail space to 6.76 million sqm in the Philippines.

    “The opening of SM City Cabanatuan is SM Prime’s commitment to be part of the growth of the province. The opening of new malls is timely given the expected higher growth in overall consumption in the fourth quarter,” the disclosure quoted SM Prime President Hans T. Sy as saying.

    “The economy’s sustained gross domestic product growth in the past five years is now spreading to the provinces and we at SM Prime will continue to expand in these provinces that are enjoying high growth, like in Cabanatuan City, where we see significant development and huge unserved demand for shopping experiences,” Mr. Sy said.

    Cabanatuan, the largest city in Nueva Ecija, is located between the provinces of Pampanga, Bulacan, Tarlac and Aurora.

    SM City Cabanatuan is 90% occupied by various tenants, including SM Store, SM Supermarket, Ace Hardware, SM Appliance Center, Watson’s, The Body Shop, Surplus Shop and Uniqlo.

    The mall will have six cinemas, consisting five cinemas with a 275-seating capacity and one large-format cinema with a 525-seating capacity. It has 2,500 parking slots for cars and motorcycles.

    For the rest of the year, SM Prime is scheduled to open SM Center Sangandaan in Caloocan and SM Seaside City Cebu. The company is also set to expand SM City Lipa in Batangas and SM City Iloilo this year.

    By the end of 2015, SM Prime will have 55 malls in the Philippines and six in China with an estimated combined GFA of 8,269,486 million sqm.

    Next year, SM Prime is spending P65 billion in 2016 with plans to open six malls with an aggregate GFA of 430,669 sqm. They are located in San Jose Del Monte in Bulacan, Commonwealth in Quezon City, Trece Martires City in Cavite, Tuguegarao, Puerto Princesa in Palawan, and Urdaneta in Pangasinan.

    SM Prime is part of SM Investments Corp., which has core businesses in retail, banking and real estate. The family also has interests in gaming, geothermal energy and infrastructure.

    Shares in SM Prime slid 10 centavos or 0.47% to P21.40 apiece yesterday.

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  • Siam Paragon announces Bt100m sales campaign

    Siam Paragon announces Bt100m sales campaign

    Siam Paragon yesterday announced it would invest about Bt100 million in its biggest campaign of the year, “Siam Paragon 10th Anniversary: The Prismatic Phenomenon”.

    There will be two thank-you campaigns: a 10-week promotion with 100 prizes running from tomorrow to December 18 and a 10-day celebration including a series of “world-class” events and gifts.

    Siam Paragon is one of the major shopping centres on Bangkok’s Rama I Road, jointly developed by Siam Piwat Co and The Mall Group, Thailand’s two giant retail developers. The 10th-anniversary campaign is aimed at increasing customer traffic at Siam Paragon by 5 per cent and to increase spending per transaction by 10 per cent.

    Mayuree Chaipromprasith, senior executive vice president for marketing at Siam Paragon Development, said the strong partnership between Siam Piwat and The Mall Group had made Siam Paragon a retail phenomenon and a true “world-class shopping destination” that attracts more than 200,000 local and international shoppers a day.

    “Our loyal customers who have high purchasing power and are members of our Platinum and Scarlet cards have not been significantly affected by the prolonged economic difficulty. We have seen their purchasing value and earning of points on their cards increase a significant 24 per cent year on year in the first three quarters of this year.”

    Chamnarn Maytaprechakul, executive vice president of Siam Paragon Retail, who is also chief marketing executive of The Mall Group, said the explosion that hit Ratchaprasong Intersection in the middle of August had little impact on the number of foreign tourists coming to downtown Bangkok. Foreign visitors disappeared from the Ratchaprasong and Rama I areas for only few weeks and traffic is now back to normal.

    “However, with Thailand’s GDP anticipated to increase by only 2.5 per cent this year, we believe that the overall retail sector in Thailand will increase by no more than 5 per cent in total sales this year,” Chamnarn said.

    He added that people’s shopping behaviour had changed along with the economic difficulty, as they come to the shopping malls to eat and buy only necessary goods. The launch of attractive value-for-money campaigns will allow shoppers to decide more quickly what they plan to buy in the future.

  • Datem, Metro Retail Stores IPO plans okayed by SEC

    Datem, Metro Retail Stores IPO plans okayed by SEC

    The Securities and Exchange Commission (SEC) on Friday approved two initial public offering (IPO) plans worth a combined P10.82 billion.

    In a special meeting, the corporate regulator greenlighted construction firm Datem, Inc. and Gaisano’s Metro Retail Stores Group, Inc.’s bids to raise P4.65 billion and P6.17 billion, respectively, by going public.

    The IPO plans still have to be approved by the Philippine Stock Exchange (PSE). If accepted, the market debuts would be the third and fourth for this year.

    The bourse has said that it was targeting nine to 10 IPOs for this year but PSE President Hans Sicat has revised this to five given market volatility.

    Metro Retail
    Gaisano family’s Metro Retail Stores Group Inc. is looking to raise up to P6.17 billion from the IPO, offering a total of 1.012 billion shares (920 million for the base offer and 92 million for oversubscription) at P6.10 each.

    Final pricing has been scheduled for October 29 and the offer period will run from November 2 to 6. Listing at the PSE Main Board is expected on November 12.

    Expected net proceeds of P5.285 billion — without the overallotment option — after offer and listing expenses and taxes will be used for expansion of the firm’s store network (P3.752 billion), construction of a logistics and distribution center (P1.215 billion) and working capital requirements (P317.2 million), mostly for 2016 up to 2017.

    BPI Capital Corp. and Deutsche Bank AG have been appointed joint global coordinators.

    Metro Retail is the operator of Gaisano stores, including Market! Market! in Bonifacio Global City. As of end-June, the company had 45 stores nationwide, including nine in Metro Manila, with a total net selling space of about 197,873 square meters.

    Datem
    Datem, Inc., meanwhile, wants to raise P4.65 billion to expand its activities in construction, housing and bulk water.

    It wants to sell up to 329.046 million shares (286.127 million for the base offer and 42.919 million for oversubscription) at P14.15 per.

    The offer period is scheduled to run from November 16 to 24, while listing at the PSE Main
    Board is targeted by the end of November.

    BPI Capital Corp. and First Metro Investment Corp. have been appointed joint issue coordinators, lead underwriters and bookrunners.

    Datem has ongoing projects with big developers, including eight residential developments for Megaworld Corp., One Shangri-La Place for Shang Properties Inc., Twin Oaks Place for Greenfields Development Corp., Arya Residences for Arthaland Corp., Grand Hyatt Residences for Federal Land Inc., Axis Residences for Robinsons Land Corp., The Makati Place for Alphaland Corp. and Parksuites for Anchor Land Holdings Inc.

    Other IPO hopefuls for this year, and the amounts they want to raise, include D.M. Wenceslao & Associates Inc. (P21.7 billion), restaurant chain operator Gweilo Corp. (P75 million), Green Power Panay Philippines Inc. (P290 million), property developer Italpinas Development Corp. (P242 million), brokerage firm Philstocks Financial Inc. (P185.89 million), Philippine Primark Properties Inc. (P1.2 billion) and BPO firm Pointwest Technologies Corp. (P2.09 billion).

    Only two firms have listed so far this year: Crown Asia Chemicals and SBS Philippines Corp.

    Arman Pan, SEC acting corporate secretary, said the final decision on whether or not to go public lay with the firms themselves.

    “Approval [of IPO plans] is easy. It is just a question of whether firms will push their listings this year given the market volatility,” Pan said.

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  • Newcastle student flats sold for £40m sale to Singapore developers

    Newcastle student flats sold for £40m sale to Singapore developers

    Developers Metnor Group has built and sold a portfolio of student accommodation properties in Newcastle to one of Singapore’s largest private property developers for £40.6m.

    The Killingworth-headquartered firm acquired the brownfield site in Shieldfield, Newcastle, nine years ago and has transformed it into quality student apartments and retail units using a predominantly local workforce.

    Metnor has now been appointed to build the next phase of student accommodation on Portland Road, Newcastle, which will be ready for the 2017 academic year.

    The group’s building division, Metnor Construction, completed the first of the four-phase build with a 274-bedroom luxury student accommodation building and two retail units in August 2013.

    Known as Turner Court, the development was fully let to students from both of the city’s universities, as well as students studying at Newcastle College, within days of opening.

    Tesco and Subway occupy the two retail units on the ground floor.

    The second phase, known as Rosedale Court, was completed in August 2015 and is a 338-bedroom accommodation building developed, along with 4,500sqft of retail or commercial space.

    The building is being managed and operated by specialist student operator South Street Asset Management under its DIGS brand.

    Metnor was advised on the substantial deal by the real estate team at Newcastle law firm Muckle LLP, who advised and negotiated on the preparation of all legal documents with Far East Orchard Plc.

    Legal advice was led by Muckle partner, Will McKay, and supported by Kevin Maloney, a partner in the banking team who negotiated the financing of investment and development facilities with the Israeli owned Bank Leumi.

    The properties are located in Shieldfield, Newcastle and within walking distance of Northumbria and Newcastle Universities and Newcastle College.

    Keith Atkinson, chief executive of the Metnor Group, said: “We have worked closely with Muckle LLP since we acquired the site in 2006 and we are proud to have helped to regenerate this area of the city by transforming a once derelict brownfield site into a vibrant student hub.

    “The financial crisis which occurred in the middle of the development was an additional challenge but with the help of the team at Muckle we were able to secure funding through Bank Leumi and we are pleased to continue our work with Far East Orchard as the regeneration is a significant investment into the region.”

    Will McKay said: “We’re delighted to have worked with Metnor Group once again. This was a challenging and complex project.

    “We had to overcome many environmental factors during the development phase involving mineshafts and land contamination.”

    Metnor Construction has worked on some of the most high-profile buildings within Newcastle over the last few years including the Sleeperz Hotel development on Westgate Road, the Hotel du Vin development on Byker Road and the Hampton by Hilton hotel opposite the Central Station.

    Metnor Construction’s managing director, Chris Cant, added: “Student accommodation projects have critical deadlines as they must be ready for the start of an academic year, otherwise the owner is unable to let them out to students and risks sitting with an empty building for a year if the deadline is missed.

    “We completed our first project, the 396 bed Winn Studios, for Northumbria University in 2011 after a 21-month construction period.

    “Since then we have built Turner Court and now Rosedale Court.

    “We currently have a strong order book, a dedicated workforce and are actively looking to expand our presence in our native North East.

    “We have seen a steady increase in turnover over the last two years and we have taken on 13 new staff since the start of the year at all levels including a number of apprentices.”

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  • Marina Bay Sands Shoppes expands children’s collection

    Marina Bay Sands Shoppes expands children’s collection

    The Shoppes at Marina Bay Sands has added luxury label Dolce & Gabbana Junior to its growing line-up of luxury childrenswear retailers.

    The high end Singapore shopping centre which relaunched with a luxury focus in April, had already attracted Fendi Kids and Baby Dior to its retail store portfolio, part of a plan to build on its Children’s Collection to present more stylish options for “little adults”.

    Dolce & Gabbana Junior is the Italian designer label’s first Junior store in Southeast Asia.  Spanning more than 1400 sqft, the new boutique is painted with a pearl finish and furnished with lacquered wood furniture frames to create a shopping ambience that is soothing and refined. The Dolce & Gabbana Junior collection includes ready-to-wear for girls, boys, and newborn from ages up to 8.

    And more brands are yet to arrive.

    Come December, Armani Junior and Bonpoint will also be joining the The Shoppes’ Children’s Collection. Set to be its largest store in Singapore, the Armani Junior store will be showcased as a sleek and modernised concept for stylish juniors. It completes the family of Armani collections at The Shoppes – namely Armani/Marina Bay, the first and only duplex in Southeast Asia to house both Giorgio Armani and Emporio Armani, as well as Armani Collezioni.

    Armani Junior will open with its soon-to-launch Spring Summer 2016 collection featuring colorful and fun prints, while Bonpoint will unveil a selection of Shoppes-exclusive pieces from its Christmas 2015 collection and Cruise 2016 collection. Unique to the store is a special corner dedicated to its YAM collection which caters for young ladies and mothers, allowing for perfect mini-me looks that could be worn with their sisters or daughters. Bonpoint will also carry its full hypoallergenic skincare and signature perfume range in-store.

    The launch of Armani Junior and Bonpoint brings along a plethora of trendy ready-to-wear for newborns and children up to the ages of 16.

    Aside from the Children’s Collection, other boutiques that are opening at The Shoppes in the fourth quarter of 2015 include Ted Baker, the only Loro Piana store in Singapore, as well as the largest Michael Kors and Valentino stores in Singapore to date, spanning 3200 sqft and 3500 sqft respectively. More recently, the mall celebrated the opening of Furla’s Singapore flagship store and the biggest in Southeast Asia at 1600 sqft.

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  • GIC, Macerich to invest in five retail properties

    GIC, Macerich to invest in five retail properties

    GIC has entered into a joint venture with United States-listed real estate firm Macerich to invest in a 40 per cent interest in five retail properties in the world’s largest economy, the Singapore sovereign fund said yesterday.

    When contacted by Today, GIC declined to disclose how much it would pay for the stakes. Macerich had said in a separate announcement that it agreed to sell minority stakes in eight US malls for a total of US$2.3 billion (S$3.3 billion) to GIC and US property investor Heitman, a deal that will allow the landlord to pay a special dividend, buy back shares and cut debt.

    GIC will own stakes in: Washington Square in Portland, Oregon; Los Cerritos Centre in Cerritos, California; Arrowhead Towne Centre in Glendale, Arizona; Lakewood Centre in Lakewood, California; and South Plains Mall in Lubbock, Texas.

    The transactions are expected to close in phases starting this month and concluding in the first quarter of next year, GIC said. Mr Lee Kok Sun, regional head for Americas, GIC Real Estate, said: “We expect these high-quality assets to continue generating steady income streams and are confident of their growth … As a long-term value investor, we look forward to partnering with Macerich … as they share our core investment belief of being long-term.”

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  • Hong Kong house prices to fall by 30% by 2017

    Hong Kong house prices to fall by 30% by 2017

    The price of buying a home in Hong Kong could fall by 30 percent between now and 2017, according to forecasts.

    Quick, cut down on bubble tea and start saving for the property bubble to burst!

    Eva Lee of market leader USB says buying demand will be hurt by lower inflation, rising unemployment rates and a deteriorating economy. Something to look forward to then.

    “Unlike past down cycles that were triggered by global economic shocks, we believe this round of price reversals will be triggered by a deteriorating local economy. Thus, we think price drops may come more gradually and over multiple years,” Lee said in a briefing, according to the SCMP.

    Home prices have jumped 340 percent since Hong Kong was in the grip of the SARS epidemic in 2003. This quarter, however, the Hang Seng Properties Index fell 15 percent, with property stocks declining an average of 20 percent over the past four months.

    Lee also notes that 42 percent of Hong Kong’s retail sales were contributed by tourists last year.

    “It is the highest level we have ever seen in the world and it is an unhealthy market. Hong Kong will get hit immediately once the number of tourist arrivals falls,” she said.

    While that may be bad news for the economy, it’s also good news for renters, who could see residential rents falling 10 percent and luxury retail rents by 25 percent over the same period.

    Can you see your landlord actually putting your rent down though? Nah, us neither.

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  • KidZania India enters Delhi

    KidZania India enters Delhi

    KidZania, the global chain of role-play centres for children, will invest over US$15 million in a facility in Delhi-NCR, CEO Sanjeev Kumar, has said.

    “The project funding will be done through 70 per cent equity and 30 per cent debt, Kumar said.

    The new KidZania will be located on a 147-acre facility in Noida and will open in 2016.

    The Kidzania India franchise rights are owned by Imagination Edutainment. Singapore-based KidZ Inc, whose shareholders are Comcraft Group, Xander Group and Maxfield Management, owns 74 per cent of the franchise and actor Shah Rukh Khan the remaining 26 per cent.

    “We are very bullish about the Delhi NCR market. While we will be targeting kids between four and 14 years and their parents residing in Delhi, Noida and Gurgaon and we feel there is a great potential in the surrounding cities of Sonipat, Panipat, Mathura, Agra and Meerut.

    “Our feasibility report has also shown interest of inbound tourists and school groups from Punjab and Haryana. We are confident of hosting 600,000+ visitors in the first year,” said Kumar.

    The indoor theme-park, built-to-scale across three levels, will be spread over nearly 100,000 sqft and have a capacity for 1800 visitors a day – 65 per cent children and 35 per cent adults.

    The KidZania Delhi operation will follow on from the successful Mumbai destination which has now hosted 700,000 children in the last two years.

    But this one will feature new zones, including an underground archaeology facility, a stadium and a hanging aircraft at the entrance.

    There are now 20 KidZanias, operating in cities including London, Dubai, Jeddah, Lisbon, Tokyo and Santa Fe.

    KidZania Delhi facility has signed on brands including Parle-G for a biscuit factory, Bajaj Electricals for a culinary school and an energy conservation hub, Kellogg’s for a cereal factory, Big Bazaar for a supermarket, and E-Zone for an electronics store.

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  • Croesus Singapore buys Fukuoka mall

    Croesus Singapore buys Fukuoka mall

    Singapore’s Croesus Retail Trust  has bought Torius Property in Fukuoka Prefecture, Japan, for JPY 7,997 million (S$95.2 million).

    Torius, comprising 36 separate retail buildings, will be Croesus Singapore’s eighth Japanese property and marks its first foray into Kyushu Island. It is the fourth property to be bought by the trust since its IPO in May 2013.

    One of the largest properties in Fukuoka Prefecture with a diverse and unique tenant mix, Torius has a yield of 7.8 per cent.

    The deal will be funded by a rights issue.

    Torius is a large-scale suburban retail mall located in the satellite town of Hisayama-machi of Kasuya-gun, which is approximately 13 km from central Fukuoka City in Fukuoka Prefecture, on Japan’s Kyushu Island. The property occupies a land area of 257,173 sqm and has a net lettable area of 77,032 sqm. Torius Property is situated on leasehold land, with the leasehold interest in respect of the main parcel of land on which Torius Property is sited (comprising a land area of 205,543 sqm) expiring in February 2060.

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  • Rents tumble on HK shopping strip that was world’s priciest

    Rents tumble on HK shopping strip that was world’s priciest

    “Landlords have to face the reality, no matter how reluctant they are,” Lawrence Wong, a director at property agent Sheraton Valuers Ltd., said in a telephone interview Saturday. “It’s still better than leaving their property empty.”

    Russell Street has lost its claim as the most expensive shopping street on the planet to New York’s Fifth Avenue, according to broker Cushman & Wakefield Inc. in November. A July research report by Jones Lang LaSalle Inc. predicted prices for space in prime locations will drop 15 percent to 20 percent in Hong Kong this year.

    Retail rents were down 12 percent in Causeway Bay and 3 percent in Central at the end of June, Oriental Daily reported earlier this month, citing data from CBRE Group Inc. The broker said in a report that the decline came after rents for shops at prime locations in Hong Kong’s four shopping districts, including Tsim Sha Tsui and Mong Kok, increased by 213 percent from 2003 to 2014.

    Hong Kong’s retail property market has slumped with China facing its slowest growth in a quarter-century. The world’s second-largest economy will announce a growth objective of 6.5 percent to 7 percent for 2016, according to eight of 15 economists in a Bloomberg News survey conducted Sept. 17-22. All of those surveyed said they expect next year’s target will fall short of the about 7 percent set by Premier Li Keqiang for 2015 growth.

    The Hong Kong government is closely monitoring developments in the city’s property market and will make policy changes if necessary, Financial Secretary John Tsang told reporters on Sunday.

    Hong Kong’s property prices are being affected by an increase in supply and volatile external factors such as a high probability that the U.S. may raise interest rates, Tsang said.

    Colourmix, run by Veeko International Holdings Ltd., will rent a 1,000 square-foot space in Causeway Bay for almost HK$1 million ($129,000) per month, 43 percent lower than what luxury Swiss watch brand Jaeger-LeCoultre is currently paying, said Wong, whose company handled the transaction.

    In Central, Hong Kong’s business district, Adidas Hong Kong Ltd. will pay 23 percent less for the space being vacated by Coach Hong Kong Ltd., according to Land Registry data. The sports brand’s rent is HK$4.34 million a month, down from HK$5.6 million paid by Coach, the designer handbag maker.

    Hong Kong’s residential market is also experiencing weaker sentiment. “Housing market outlook will likely become more cautious amid increased volatility in the global and Hong Kong’s financial markets,” the Hong Kong Monetary Authority said in a report released Friday. “The risk of downward adjustment has picked up steadily.”

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  • Benoy to design Haitang Bay centre

    Benoy to design Haitang Bay centre

    Global design studio Benoy has been chosen to provide masterplan and architectural design services for a new mixed use development in Haitang Bay, Hainan.

    The project, Benoy’s first in the popular island tourist destination, is the new China International Travel Service (CITS) Sanya Eyot scheme.

    The CITS Sanya Eyot development is located in the new resort area of Haitang Bay in Sanya. Rising as a high-end tourism destination, the area attracts visitors from around the world as a result of its world-class yachting community, international luxury hotel cluster and unspoiled natural assets.

    The scheme will introduce a 32,000 sqm  mixed-use, retail-led destination which will be differentiated from the traditional retail projects currently in Haitang Bay. Benoy’s Masterplan has prescribed strategies for celebrating the island landscape, placemaking and multi-layered environments, to establish a point of difference for this high-profile future scheme.

    “Benoy is incredibly excited to be working with CITS on their future addition for Haitang Bay and crafting a vision for what this development can offer. Through our design, we have aimed to embody the coastal landscape and develop a concept not yet seen before in this area,” said Chao Wu, a Benoy director.

    “Our team has brought new thinking to the retail, entertainment, cultural and art experiences within the development. Our Masterplan is animated by vibrant spaces and offset by quieter zones and there is significant diversity in the programmatic mix to ensure we arouse interest and appeal to a large visitor base.”

    Benoy’s design will feature a combination of indoor and outdoor spaces which will host a multitude of activities including art, water shows, cultural performances, recreational attractions, wellness programs, children’s zones and possibly a wedding chapel.

    Taking inspiration from Sanya’s local fauna, the Egretta Garzetta formed the concept behind the architecture of the development; the sweeping architectural lines mimic the graceful movement of the birds.

    The architecture also prioritises human-scale within the development with a number of small-scale blocks and pavilions designed along the waterfront edge. The collection of forms and differing façade treatments complement the faceted landscape and will add interest and variety to the visitor experience.

    The CITS Sanya Eyot scheme will commence construction in early 2016 and is due for completion at the end of 2018.

    Haitang bay centre by Benoy1

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  • Hong Kong plans upgrade to industrial estates

    Hong Kong plans upgrade to industrial estates

    Alan Ma Kam-sing, chief executive of Hong Kong Science and Technology Parks told that the first phase will see multi storey factories build by 2020, with a focus on “high value-added” clients such as robotics, pharmaceuticals and biomedical manufacturers.

    Ma’s company runs three industrial estates in Hong Kong and has already updated its policies to attract more technology related tenants, he said.

    These tenants will not be using “labour-intensive production, but rather modern manufacturing fueled by science and technology. This will create new industries and job opportunities throughout the advanced manufacturing value chain,” Ma said, speaking ahead of a conference on science parks and “areas of innovation” in Beijing.

    Reindustrialisation through innovation and technology is needed to counter Hong Kong’s reliance on finance and real estate, Ma said.

    Hong Kong can attract tenants due to its strong technology infrastructure, rule of law and intellectual property protection.

    Hong Kong based technology expert Paul Haswell of Pinsent Masons, the law firm behind Out-Law.com said: “High rental prices for tenants as well as an infrastructure that is built more for finance companies and retail has meant that whilst there is an abundance of tech innovation in Hong Kong, those innovators can find it hard to find a base from which to build a business.”

    “Hong Kong’s Science and Technology Park offers excellent space and facilities, as well as attractive terms for tech startups, but those startups find it hard to survive once the time comes to expand beyond the Science Park. As such, any plan to utilise Hong Kong’s warehouse and disused industrial space to build an environment where technology business should be encouraged,” Haswell said.

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  • The Philippines-headquartered BDO Unibank Sets up Representative Office at DIFC

    The Philippines-headquartered BDO Unibank Sets up Representative Office at DIFC

    Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and Asia, today welcomed BDO Unibank – the first Philippine bank to operate in its premises.

    The UAE is home to an estimated 700,000 Filipino expatriates and BDO Unibank’s objectives include supporting them, while facilitating investments and money flow to the Philippines.

    Arif Amiri, Deputy CEO of DIFC Authority , said: “We are pleased to welcome BDO Unibank, a leader in the financial services field from the Philippines. This is a direct outcome of our overall strategy to facilitate integration between the Asian and Middle Eastern companies.”

    “We remain conscious of the diverse demographic constituents of the UAE and are committed to catering to the evolving requirements of each population segment,” Amiri added.

    BDO Unibank, the largest bank in the Philippines, provides a variety of corporate, commercial and retail banking services, including traditional loan and deposit products. This is in addition to treasury, trust banking, investment private banking, cash management, leasing and finance, remittance, insurance, retail cash cards and credit card services.

    Commenting on the decision to set up base in DIFC, Nestor V Tan, President and CEO – BDO Unibank said: “BDO Unibank’s establishment of a representative office in Dubai is driven by its objective to further widen our overseas network to provide support to the Overseas Filipino Workers (OFWs) and residents. This expansion into Dubai will boost our capability to service the needs of our countrymen in the entire Middle East and, hopefully, make the bank a catalyst for the progress of financial inclusion of the expatriates in the Philippines.”

    Committed to concretising its position as one of the world’s top five financial hubs, DIFC announced its 10-year growth strategy in June this year, aiming to maximise symbiosis amongst clients and further expand the Centre’s regulatory and physical infrastructure.

    Asia remains a key strategic focus for DIFC. As part of this priority, the Centre has been proactively engaging with players in the region through roadshows in China and India.

    DIFC aims to grow the financial sector’s share of the UAE economy to 18 per cent of the GDP by 2024, compared to its 12 per cent share in 2013.

     

  • Ito-Yokado to close 40 stores

    Ito-Yokado to close 40 stores

    Japanese retail giant Seven & I plans to close 40 of its Ito-Yokado branded supermarkets and general merchandise stores by 2020.

    Japan’s Nikkei reports that Seven & I, which is the parent of the 7-Eleven retail brand, expects the closures will boost profits. Forty stores represents about 20 per cent of its Ito-Yokado chain, which is struggling with lacklustre sales, especially of its apparel lines.

    “Seven & I will target money-losing and old locations outside major metropolitan areas for closings. More resources will be poured into Tokyo-area stores instead,” the Nikkei reported.

    The company’s financial year ends in February and by then, the first of the stores to be closed will be identified, with 10 more each year after that.

     

    While Seven & I posted a record profit in the six months to August, its Ito-Yokado arm actually lost money.

    The company says it will continue to open new stores as opportunities arise, but most likely only about one each year.

    The Nikkei reported that the company may also close some poor-performing Sogo and Seibu department stores, but there were no details of that plan.

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  • Siam Discovery ‘Breaks the Rules’

    Siam Discovery ‘Breaks the Rules’

    Bangkok shopping centre Siam Discovery has been wrapped in a giant vinyl curtain to raise awareness of the centre’s redevelopment and planned reopening early next year.

    Owner Siam Piwat says the revamped mall will reopen in the first quarter of next year with a completely renewed retail concept and execution. It follows the success redevelopment of the neighbouring Siam Centre which was reopened in 2013 and was recently named amongst the world’s best shopping centres by the US-based ICSC.

    Siam Piwat is spending 4 billion baht (US$112 million) in revamping both the interior and exterior of the Siam Discovery.

    The company has already adopted the campaign theme “Break the Rules” to promote the renewed retail destination when it reopens.

    The giant vinyl wrapper which has now appeared on the building is designed not just to prmote the redevelopment but to match international safety standards.

    Located in the center of Pathumwan Intersection, the vinyl has been formed into a gigantic billboard on which is the graphic designing of shattering glass.

    “This symbolic image represents a familiar sight of Siam district before being changed to make a better creation,” said a Siam Piwat spokesperson.

    “It is absolutely the talk of the town among both Thais and foreign tourists who look forward to seeing the new look of Siam Discovery. This will also modify Siam district to maintain its rank of being Thailand’s everlasting shopping destination.”