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Tag: Singapore

  • FENDI Opens in Singapore ION Orchard

    FENDI Opens in Singapore ION Orchard

    FENDI opened a brand new store in ION Orchard, right in the heart of the main shopping area in Singapore. The new store has a refreshed store concept, reflecting the culmination of its continuous research of highest standards in store design highlighting its deep heritage.

     

     

    The ION Orchard store will be the first store on Orchard road to have a full men’s universe collection, featuring Ready-to-Wear, Shoes, Leather Goods, and Accessories.

    At the same time, FENDI will be launching a new travelling pop-up store in Singapore. The FENDI Kiosk is inspired by the city of Rome and will travel to other parts of Asia, after Singapore. The FENDI Kiosk will be available in ION Orchard from 2 to 18 February.

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  • EZbuy to have more product offering

    EZbuy to have more product offering

    Singapore’s first global shopping platform EZbuy says it plans to almost double its product offering to 6 million items from brands and sellers in Korea, Taiwan and the US.

    It will bring on board a further 100,000 merchants by the end of the year.

    Its Korea Marketplace offers more than 10,000 items such as streetwear, cosmetics and personal care products. Traffic growth in Singapore for the K-beauty collection has increased more than 100-fold since its launch last year. Top-selling brands include 3CE, April Skin, Etude House, Laneige and Pony Effect.

    The Taiwan Marketplace offers the Buy-For-Me service both on the website and mobile app. Its top products include Biffido, ChiaTe, I-mei, Kiki, Kuaiche and OK Tea (food and snacks); Gracegift, OB Design and Stay Real (fashion, bags, shoes and accessories); and Hanaka Flower, Kose, MKUP and Oguma (health and beauty).

    EZbuy says demand has soared for consumer goods from the US. Best-selling brands on its USA Marketplace include Coach, Forever 21, Gap, Kate Spade and Under Armour (fashionwear and accessories); ColourPop and Sephora (cosmetics); and Mother and Kids (beauty and health supplements).

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  • Ogilvy & Mather wins Pizza Hut in Singapore

    Ogilvy & Mather wins Pizza Hut in Singapore

    Ogilvy & Mather Singapore has won the local creative account for Pizza Hut following a pitch.

    The agency-of-record account marks an extension of Ogilvy’s regional creative brief with the restaurant chain’s parent company Yum! Brands.

    Ogilvy did not specify a contract period and instead said the account would be with them until  “discontinued”.

    Although sister WPP agency J. Walter Thompson previously held the AOR role for Pizza Hut in Singapore from 2012, the agency has said it was not the incumbent on the account and did not pitch.

    In a press statement, Ogilvy said it will be tasked with “localising Pizza Hut’s global brand positioning and driving integrated marketing communications”.

    This includes creative strategy, campaign execution, and social media programs aimed at “rekindling brand love from Singaporeans”.

    “Ogilvy has demonstrated a strategic understanding of the nuances of the Singapore market, the Pizza Hut brand and audience, and delivered creative that embodies our new global brand positioning and how we can clearly differentiate from the competition,” said Merrill Pereyra, chief executive officer of QSR Brands (M) Holdings – the local operator of Yum!

    “Having already enjoyed working with KFC in Singapore for three years, we couldn’t be more thrilled to grow our remit with Yum! Brands and to now embark on this creative journey with Pizza Hut as a result of winning the recent pitch. Iconic brands are built across channels, touchpoints and over time – days, months, years,” said Chris Riley, group chairman, Ogilvy Singapore.

    “It is this type of multifaceted, integrated work that really excites our team and we believe will give us the opportunity to make the Pizza Hut brand matter even more with consumers.”

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  • Mitsui Sumitomo Insurance Welfare Foundation awards grants for innovative research on senior citizen welfare and traffic safety

    Mitsui Sumitomo Insurance Welfare Foundation awards grants for innovative research on senior citizen welfare and traffic safety

    The Mitsui Sumitomo Insurance Welfare Foundation (“MSIWF”) is pleased to announce today the award of four grants for innovative solutions focusing on senior citizen welfare and traffic safety at the 11th MSIWF Research Grant Awards 2017 ceremony held at Hotel Michael, Sentosa, Singapore.

    The research grants, amounting to SGD38,948 awarded to four researchers in Singapore, focus on impactful research that could support the diagnosis of elderly men with lower urinary tract symptoms; the development of a non-intrusive fall detection monitoring system for the elderly; the adoption of appropriate child car restraints; and improving the elderly’s adherence to their treatment regimen.

    In addition to the award of these grants, the Foundation has also made a commitment to donate 200 smart walking stick holders known as Qanemates to the elderly in Singapore and Japan. Designed by two young Singaporean inventors, Seng Ian Hao (aged 14) and Seng Ing Le (aged 12), Qanemate has won numerous national and international innovation awards, including the most recent 2017 Ageing Asia Innovation of the Year Award and the Singapore LTA Engineering Challenge Award.

    Founded in 1975 by the Mitsui Sumitomo Insurance Company in Japan, MSIWF advocates for budding and inter-disciplinary research focused on the growing ageing population and the rising concerns over traffic safety in Asia.
    This year marks the 11th year of this prestigious grant since its establishment in Singapore. To date, the Foundation has supported a total of 42 projects with a value of over SGD400,000. In total, it has awarded 2,022 grants with a value of over JPY2,339 million (approximately SGD28.2 million) in Japan, Singapore and Thailand since 1975.

    Following a rigorous selection process, the 2017 winners in Singapore are:
    • Dr Neo Shu Hui, Resident at Singapore General Hospital, for her research in determining the effectiveness of incorporating visual analogue uroflowmetry score (VAUS) in primary care physicians’ evaluation process of elderly men with lower urinary tract symptoms to achieve a cost effective, easily administered and non-invasive tool that could potentially reduce unnecessary referrals to specialists;
    • Dr Chong Shu-Ling, Staff Physician, Department of Emergency Medicine, at KK Women’s and Children’s Hospital, for her research on understanding parental knowledge and beliefs on the use (or the lack of use) of child car restraints, in order to create the right approach when communicating to parents on child car safety;
    • Professor Tan Kok Kiong at National University of Singapore, for the development of a wearable, non-intrusive, and location-based fall detection monitoring system for the elderly. The wearable device utilises an accelerometer and an additional level of sound-based detection to enhance the accuracy of fall detection;
    • Ms Lim Zhiying, Senior Medical Social Worker at Singapore General Hospital, for her research to better understand elderly patients’ perspectives of their illnesses and adherence (or non-adherence) to their treatment regimens, particularly those with multiple chronic illnesses and differing physical dependency who require multiple medications daily.

    Mr Alan J. Wilson, Regional CEO of MSIG Holdings (Asia) Pte Ltd, commented: “We are delighted to continue serving the communities we are immersed in, by protecting the things that matter to them. Through the Foundation, we hope to offer meaningful support to advance impactful research that can address the region’s growing concerns of caring for a rapidly ageing population, and road traffic fatalities that have put at risk or claimed many lives each year.”

    In 2017, a total of 193 applications were received in Japan, Singapore, and Thailand. Of these, 40 projects (including nine from Singapore and Thailand) were selected, and four from Singapore were awarded research grants worth SGD38,948.

  • Cotton On’s Factorie to step out from two markets

    Cotton On’s Factorie to step out from two markets

    Cotton On Group has confirmed it is withdrawing its fashion brand Factorie from Malaysia and Singapore.

    A spokesperson says the move impacts eight outlets, four in each country, but the company will seek to improve its store footprint across the markets. “We value the incredible contribution our team members have made to Factorie …they remain our number-one priority and we’re working closely with them to identify opportunities for their redeployment within the business.”

    The spokesperson would not comment on the reason behind the closure. While the stores are scheduled to shutter by the end of next month, Factorie products will still be available online on Zalora.

    Factorie entered the Asia Pacific market in 2013. Its latest move follows fashion brands such as Celio and New Look leaving the Singapore market.

    Meanwhile, the retail industry in Malaysia saw sales dip 1.1 per cent in the third quarter last year. According to a Retail Group Malaysia report, this was because of a drop in purchasing power among Malaysians.

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  • Alipay partners Global Tax Free to roll out tax refund service in Singapore

    Alipay partners Global Tax Free to roll out tax refund service in Singapore

    Alipay, the world’s largest mobile and online payment platform operated by Ant Financial Services Group, along with Global Tax Free today announced that Chinese travelers visiting Singapore can now have tax refunds deposited directly into their Alipay accounts after completing all procedures at the airport. Singapore is the first country in Southeast Asia to offer this service to Chinese tourists.

    The move follows the signing of a memorandum of understanding (MoU) between Alipay and Global Tax Free (GTF) last September.

    “The Singapore Tourism Board (STB) is pleased to support the launch of Alipay as an additional mode of refund beyond cash and credit card. This will offer Chinese shoppers, who are frequent users of digital payment systems, a more seamless and enjoyable shopping experience in Singapore,” said Ms Ranita Sundra, Director, Attractions, Dining & Retail, STB.

    The new tax refund service is easy to use (see image below) and offers a shorter waiting time over credit card refund, which requires a lead time of up to 10 days. Through Alipay, Chinese shoppers can now enjoy a faster and more seamless refund process, as they can get their refunds in Chinese Yuan credited into their Alipay accounts immediately after completing the necessary procedures at the airport. Alipay also offers a strong and favourable exchange rate that further enhances the overall shopping experience for Chinese visitors in Singapore.

    China is one of Singapore’s key markets for tourism. Based on statistics published by the Singapore Tourism Board, 2.86 million Chinese travelers that visited the nation in 2016 accounted for S$3.5 billion in Tourism Receipts, of which 43% was contributed by shopping.

    Alipay has rolled out the tax refund service in 20 countries worldwide, including South Korea and Germany. Singapore is the first country in Southeast Asia to implement the Alipay tax refund scheme.

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  • Singapore’s A DrBrand to expand overseas

    Singapore’s A DrBrand to expand overseas

    Singapore skincare and haircare company A DrBrand is about to expand overseas.

    Distributors have already be signed for its DrGL and DrHair lines in China, France, Germany, Hong Kong, London and the US, progressively from the second quarter this year. A number of partners are in negotiations with the business to open concessions and brick-and-mortar stores and to sell online.

    Dr Georgia Lee is the co-founder of the brand, which encompasses DrGL skincare products, DrHair hair products and the DrSpa chain. What started as a handful of skincare products in 2009 has evolved into a 40-product line. Since 2016, A DrBrand’s revenue has grown 500 per cent year on year.

    In 2011, Dr Lee opened DrSpa, offering face, body and scalp treatments. There are four outlets – at Tangs at Tangs Plaza, Orchard Gateway, Palais Renaissance and TQL Suites, a residential development in Bugis.

    Dr Lee’s friend Patsy Ong-Hahl joined A DrBrand in 2016 as co-founder and chief executive. An angel investor who has grown businesses in various industries, including fashion and tourism, decided to join the company partly because she had seen “the amount of blood, sweat and tears” Dr Lee had put into formulating the products.

  • Singtel appoints global cyber security chief

    Singtel appoints global cyber security chief

    Singtel has appointed Arthur Wong (pictured) as its new CEO of global cyber security to help fulfil the operator’s ambition of becoming a global leader in the cyber security market.

    Wong joins Singtel from IT services company DXC Technology, where he served as SVP and general manager of the company’s security business.

    DXC was formed from the $25.6 billion merger of Hewlett Packard Enterprise Services (HPE) and Computer Sciences Corporation (CSC), which closed in April.

    Wong has also previously with companies such as HP, Symantec and McAfee in various executive roles. Wong is also the founder of five startups, including IT security companies Secure Networks and SecurityFocus.

    “We are very pleased to bring Art on board as we step up efforts to drive growth in our cyber security business,” Singtel CEO Bill Chang said.

    “This newly-created position reflects our commitment to scaling the Group’s cyber business and accelerating our journey to becoming a global leader in the cyber security space. Art’s wealth of industry experience will help us optimise our cyber security assets and sharpen our business unit’s focus.”

    Singtel’s cyber security revenues grew 84% S$473 million ($361.5 million) in the year ended in March last year and are expected to reach around S$550 million this financial year.

    The company employs over 2,000 cyber security professionals across nine advanced security operations centers in APAC, Europe and the Americas, as well as through its Trustwave managed security services business, which the company acquired in 2015.

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  • L’Oréal Collaborates with Bolloré Logistics to Donate Skincare and Haircare Products

    L’Oréal Collaborates with Bolloré Logistics to Donate Skincare and Haircare Products

    In December 2017, L’Oréal Singapore partnered with Bolloré Logistics Singapore to donate and deliver nearly 12,000 skincare and haircare products to National Cancer Center Singapore (NCCS) and Humanitarian Organization for Migration Economics (HOME).

    L’Oréal Singapore reached out to both philanthropic organizations to provide and transport daily necessity products that would be beneficial to them, while Bolloré Logistics sponsored the pick and pack process.

    Products donated to NCCS will be for cancer patients, survivors’ caregivers, staff and volunteers. Dovetailing on SingHealth’s Giving Week from November to December 2017 which encourages giving back to society, staff were treated to L’Oréal Singapore’s skin and haircare products in appreciation for their conscientiousness in caring for their patients, and also to celebrate life and the friendship forged in the fight against cancer. Paying it forward, staff members at NCCS made donations to the Community Cancer Fund to help needy patients pay for their treatment expenses.

    Products donated to HOME went to migrant and domestic workers in Singapore who face problems such as mistreatment and abuse, and the shelter services provide a place of refuge and social support for those who have suffered or have been trafficked. At the shelter, these hair and body wash products are a daily necessity, and take a huge burden off the expenses needed to run the shelters.

    Bolloré Logistics Singapore Managing Director Frederic Marcerou said, “Bolloré Logistics Singapore teams are proud to be included in this meaningful cause”. “We are greatly supportive and happy that we can contribute our L’Oréal and Garnier products to assist NCCS and HOME’s causes”, said Supasita Kraisri, General Manager of L’Oréal Singapore Consumer Products.

    “It is very close to our hearts to be a supporting light to these causes and provide encouragement
    and care in practical ways”, shared Isabelle Lim, Corporate Communications Director of L’Oréal
    Singapore.

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  • Yitu Technology Eyes Southeast Asia AI Market

    Yitu Technology Eyes Southeast Asia AI Market

    Yitu Technology, a Shanghai based artificial intelligence technology company, has opened a new office in Singapore as part of its effort to boost growth in Southeast Asia, Hong Kong, Macau and Oceania.

    The office will act as launching pad for the company to introduce AI and collaborate with public, banking and healthcare sectors across the region, Yitu general manager for Southeast Asia, Hong Kong and Macau Lance Wang said at a launching event on Tuesday (23/01).

    “We see huge potential in Singapore and Southeast Asia. With our strength in R&D, we believe we can contribute more to the artificial intelligence sector here,” Wang said.

    A 2017 study by global consultants McKinsey & Company estimated Southeast Asia could gain potentially $897 billion in economic value if countries in the region pursue proactive artificial intelligence adoption across all sectors, including manufacturing, financial services, healthcare and transportation.

    Founded in 2012 by Leo Zhu, a UCLA-trained artificial intelligence scientist, and Lin Chenxi, a former Alibaba Cloud engineer, Yitu made its breakthrough by implementing AI technology for face recognition in the banking industry.

    Its facial recognition technology was rolled out in 2015 at 1,500 China Merchants Bank branches across China to help the bank verify customers. Other banking clients that have implemented the technology include Shanghai Pudong Development Bank and Agricultural Bank of China.

    Yitu’s facial recognition technology, capable of analyzing 1.8 billion faces in less than three seconds, was deployed at large-scale events like the G20 meeting and the BRIC Summit in China last year.

    The company has also developed an AI system that helps doctors analyze medical data and medical imaging faster and more accurately.

    Regarding plans for an expansion in Indonesia, Wang said the company is quite open to collaborate with distributors, banks or even airport operators that are interested in deploying the artificial technology.

    Scott Ong, the technical director of Southeast Asia, Hong Kong and Macau at Yitu, said the decision to set up an office in Singapore was made primarily to gather the best talent from around the region. Yitu also plans to open research and development centers in Singapore later this year.

    Yitu’s move is in line with Singapore’s plan to boost its artificial intelligence research. The island country set aside 150 million Singapore dollars ($113 million) in funding to support Singapore-based research institutions and plans to train 200 artificial intelligence engineers over the next three years.

    “With Yitu setting up an R&D lab in Singapore, it will give the best and brightest AI talent from Singapore a chance to work alongside a technology leader like Yitu to tackle the challenges and problems across industries for Singapore, Asia and the world,” said Ang Chin Tah, director of infocomms and media at Singapore Economic Development Board.

    Yitu received $55 million in Series C investments led by Hillhouse Capital Group, a Chinese private equity firm focused on the consumer, industry and healthcare sectors last year. Others who participated in the investment round include Yunfeng Capital, Sequoia Capital, Banyan Capital and ZhenFund.

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  • CapitaLand Mall Trust remain stable despite challenges as retail sector stalls

    CapitaLand Mall Trust remain stable despite challenges as retail sector stalls

    Despite challenges in the retail sector, CapitaLand Mall Trust (CMT) maintained stability in its fourth quarter.

    “This points to the underlying strength of our well-located malls, and the management’s continuous focus on enhancing their offering as well as improving efficiency,” says CMT management company CMTML chairman Professor Richard Magnus.

    CMT achieved net property income (NPI) of S$119.3 million (US$90.6 million) for the period, to the end of December, up 2.6 per cent from the final quarter the previous year.

    With Singapore’s GDP growth expected to be stable this year, competition in the retail sector will remain intense, with new retail space coming onstream, says Magnus. “To stay at the forefront of a dynamic retail landscape, CMT will continue to push the boundaries and explore new ways to future-enable its malls.”

    CMT’s malls had an occupancy rate of 99.2 per cent at December 31, says CMTML CEO Tony Tan.

    “As part of our ongoing effort to enhance the offline and online shopping experience in our malls, we introduced seven click-and-collect lounges under CapitaLand’s partnership with e-commerce player Lazada. They are in Bedok Mall, Bugis+, IMM Building, JCube, Plaza Singapura, Tampines Mall and Westgate.”

    He says construction for Funan is progressing well. “With less than two years to target opening, Funan has received strong leasing interest for its retail and office components.”

    For its fourth quarter, CMT recorded growth of 1.8 and 2.6 per cent in gross revenue and NPI respectively year on year. The increase was mainly because of higher occupancy for Bugis Junction and The Atrium@Orchard, partially offset by lower gross revenue from Bedok Mall because of lower rental rates and reduced occupancy.

    For the full year, CMT recorded S$682.4 million in gross revenue, down 1.1 per cent. This was mainly because of the closure of Funan mall for redevelopment, lower rental rates and the lower occupancy at Bedok Mall. This was partially offset by higher rental from IMM Building, JCube and Clarke Quay.

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  • AirAsia to add around 30 jets this year amid strong demand

    AirAsia to add around 30 jets this year amid strong demand

    Budget airline group AirAsia plans to add around 30 jets to its airline affiliates across Asia this year due to strong demand growth across the region, chief executive Tony Fernandes said on Tuesday.

    AirAsia, which flies close to 200 airplanes and is the largest operator of Airbus’s best-selling A320 jet, has airlines in Malaysia, Thailand, Indonesia, the Philippines, India and Japan and plans to grow in China and Vietnam.

    “We’ve been able to get the Philippines and Indonesia really rocking, turning them into little gems,” Fernandes told on the sidelines of the World Economic Forum in Davos.

    “Demand is good, the ancillary model is doing well and our JV business using our data has started moving.” Fernandes said the board of AirAsia’s Indian arm, a joint venture with Tata Group, had approved plans to pursue an initial public offering and was appointing bankers for initial work.

    “India is going to be a real nice surprise for AirAsia,” he said.

    The Indian government this month said it would allow foreign investors to participate in a planned privatisation process for rival state-owned carrier Air India, but Fernandes on Tuesday ruled out AirAsia’s involvement.

    “We know what we are good at – low cost,” he said. “Air India is a great airline, but it is really not our business model and not something that we would be involved in.”

    Fernandes told on Tuesday the group will look at ordering more airplanes “eventually but not at present”.

    AirAsia also has no plans to bring forward deliveries despite strong demand, he said.

    Since Fernandes bought what was then a debt-laden carrier for the token price of one Malaysian rinngit in 2001, AirAsia has expanded to become one of the world’s largest low-cost airline groups as well as one of Airbus’s biggest customers worldwide.

    Industry experts have begun to question whether AirAsia will remain exclusively linked to Airbus as it expands, with some suggesting that Boeing 787s could fit into its long-haul operations. Boeing and Airbus are fighting for twin-aisle sales.

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  • Aeon plans foray into on-demand delivery services

    Aeon plans foray into on-demand delivery services

    Aeon Co (M) Bhd signed a memorandum of understanding (MoU) with Singapore-based online concierge and delivery service, honestbee, to venture into on-demand delivery services.

    This new delivery option, which uses personal shoppers to pick up and deliver orders, will enable Aeon customers to make their purchases online, via honestbee mobile app or website.

    Speaking at the signing ceremony, Aeon executive director Poh Ying Loo said the alliance is part of the group’s strategy to speed up its e-commerce business and at the same time add value to its outlets.

    Aeon joined the e-commerce bandwagon in late 2015 through its online website called shoppu.com.my, offering various product categories including electronics, fashion and household items.

    Asked on how this new service will help to elevate its e-commerce sales growth, Poh said at this point of time, it is still early to determine. It was reported that the group’s online website shoppu.com.my contribution in financial year 2016 (FY16) remained marginal.

    For now, Poh said the new online marketplace platform will only offer delivery service for grocery items at its flagship store, Aeon Mid Valley. He said customer who live within 17km radius from the store will enjoy a minimum one-hour delivery service.

    Commenting on its future plans for e-commerce segment, Aeon managing director Shinobu Washizawa said going forward, the group will have more such innovations in the pipeline.

    “In order to enhance the value for our customers by moving towards an omni-channel retailer, we want to combine our strengths with honestbee’s expertise to digitalise our customer’s shopping experience.”

    “We will closely monitor the feedback and demands from our customers, and consider to expand this service both in terms of regional and in merchandise offering,” Washizawa added.

    At present, Aeon has 26 malls, 33 Aeon outlets and two Maxvalu prime supermarkets across the country.

    Launched in 2015, honestbee currently has presence in eight markets including Singapore, Hong Kong, Taiwan, Japan, Malaysia, Indonesia and Thailand. To date, it has 112 partners, providing more than 90,000 products across the markets.

  • Indonesia Ranks Higher in 2018 Global Talent Competitiveness Index

    Indonesia Ranks Higher in 2018 Global Talent Competitiveness Index

    Indonesia improved its ability to attract professionals and keep the existing skilled workforce, the annual Global Talent Competitiveness Index showed on Wednesday (24/01).

    The report was released during the World Economic Forum by graduate business school Insead, which has campuses around the world.

    For the study Insead cooperated with staffing company Adecco Group and telecommunications services provider Tata Communications.

    Indonesia ranked 77th out of 119 countries, which is a leap from last year’s 90th position.

    According to the study, Indonesia has strong employability, as through vocational education and technical training it prepares domestic talents to match the skills needed by the economy.

    Despite the position rise, however, the largest economy in Southeast Asia still lags behind Singapore, which ranks second, Malaysia (27th), the Philippines (54th) and Thailand (70th).

    The Global Talent Competitiveness Index considers four “pillars” called “enable” (reflecting a country’s regulations and markets), “attract” (reflecting a country’s capability to lure resources), “grow” (reflecting the ability to improve self-competence through education and training), and “retain” (reflecting an ability to maintain domestic and overseas talent).

    The report said Indonesia has a lot of homework “to catch up on all the pillars” to cultivate a talent pool large and competitive enough to support its growth in the competitive global economy.

    The index drew data from public sources: the United Nations Educational, Scientific and Cultural Organization (Unesco) for quantitative data; the World Bank’s World Governance Indicators and Doing Business Report for composite indicator data; and the World Economic Forum’s Executive Opinion for survey data.

    This year’s report highlighted the critical role diversity plays in linking talent policies to innovation strategies to increase talent competitiveness.

    “Eventually, diversity has come to be understood as an essential enhancer of corporate productivity and performance. Recruiting the best talent is essential. But evidence shows that diversity can actually trump talent,” Alain Dehaze, chief executive officer of Adecco Group, said in a statement.

    According to the report, diversity can be a national resource, as it will create innovative and competitive working environments, especially in the era of automation, which makes people with different knowledge and experience join together in problem solving.

    “If there is a high diversity of social mobility … then the richness of knowledge, perspective and networks pushes economic performance even higher via increased innovation,” Insead said in the report.

    Developed, high-income countries continue to top the ranking, 15 of them being European countries with well-developed education systems, flexible business regulators, employment policies highlighting adaptability, social protection and internal and external openness.

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  • Frasers Commercial Trust Q1 DPU down 4.4% on lower occupancies

    Frasers Commercial Trust Q1 DPU down 4.4% on lower occupancies

    Frasers Commercial Trust (FCOT) has posted a first-quarter distribution per unit (DPU) of 2.40 Singapore cents, down 4.4 per cent from 2.51 Singapore cents in the same period a year earlier as property income fell while the number of issued units had increased.

    The topline took a hit from lower occupancy rates at Alexandra Technopark, China Square Central, 55 Market Street and Perth’s Central Park.

    Gross revenue for the first quarter ended Dec 31, 2017 dipped 11 per cent to S$35.3 million from the same period a year earlier. China Square Central was impacted by planned vacancies to facilitate asset enhancement works at the retail podium.

    A weaker Australian dollar also dented takings.

    Net property income fell 14.9 per cent to S$24.9 million. Half of this came from FCOT’s three Singapore buildings and half from its three properties in Australia.

    In December, FCOT announced its maiden acquisition in the United Kingdom. It expects to complete its purchase of a 50 per cent stake in Farnborough Business Park by the end of January.

    Meanwhile, the S$45 million makeover of Alexandra Technopark announced a year ago is slated to be completed in the middle of this year.

    China Square Central’s retail podium will also undergo a S$38 million asset enhancement starting in the first quarter of 2018 with completion expected by mid-2019.

    FCOT had a 80.3 per cent average occupancy rate as at Dec 31 and an average committed occupancy rate of 86.6 per cent.

    WeWork Singapore, the co-working space operator, has committed to lease around 28,700 sq ft of space at one of China Square Central’s heritage shophouse blocks, FCOT added in its results filing on Monday.

    WeWork will take up the space in phases starting with 16,800 sq ft in the second half of 2018.

    Jack Lam, chief executive of the Reit manager, said: “We are delighted to welcome WeWork to China Square Central … The take-up by WeWork is a strong testament to the attractiveness of China Square Central as a work and business location. We foresee rising demand for co-working facilities and other non-traditional workplace formats in light of the continuous evolution of work culture and reshaping of the business ecosystem.”

    First-quarter earnings per unit was 1.64 Singapore cents, down from 2.36 Singapore cents in the same period a year earlier.

    Net asset value per share was 1.55 Singapore cents as at Dec 31.

    FCOT had a gearing of 34.8 per cent as at Dec 31, and an interest coverage ratio of 4.3 times.

    The counter added two Singapore cents or 1.31 per cent to close at S$1.55 on Monday.

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