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Tag: Singapore

  • Singtel lines up $2.94b in credit facilities

    Singtel lines up $2.94b in credit facilities

    Singtel has lined up a total of S$4.1 billion ($2.94 billion) in credit facilities for debt refinancing and general corporate purposes.

    In Singapore, the operator’s subsidiary Singtel Group Treasury has entered into a three-year S$2.5 billion revolving credit facility with 12 banks.

    These include Australia’s ANZ, Bank of America Singapore, BNP Paribas, the Bank of Tokyo-Mitsubishi, Citibank Singapore, DBS Bank, HSBC Singapore, Mizhou Bank, OCBC, Standard Chartered, Sumitomo Singapore and United Overseas Bank.

    Singtel’s Australian subsidiary Optus has meanwhile signed a three-year A$1.5 billion ($1.13 billion) credit facility with 15 banks, including local branches many of the above banks as well as Australia’s Westpac and Commonwealth Bank.

    Both credit facilities are guaranteed by the respective operators and certain subsidiaries, Singtel said.

    “The Singtel Group is very pleased with the level of support demonstrated by our bankers in Singapore and Australia, which reflects their confidence in the Singtel Group’s credit quality and business fundamentals.” Singtel group CFO Lim Cheng Cheng said.

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  • Investor education vital to attracting more high-growth tech companies to SGX

    Investor education vital to attracting more high-growth tech companies to SGX

    More can be done to make it more attractive for high-growth tech firms to list on the Singapore bourse, including educating retail investors about such companies, said Singapore Venture Capital and Private Equity Association (SVCA) chairman Jeffrey Chi.

    He said the Singapore Exchange’s plans to become the first Asian bourse to allow dual class share listings is a step in the right direction but more can still be done.

    Dr Chi was speaking at the launch of the Southeast Asia Private Equity Report on Friday (Apr 21). The report, released annually by management consultancy Bain & Company and SVCA, tracks private equity and venture capital deal flow in the region

    It showed private equity investments in South-east Asia soared to US$6.8 billion (S$9.5 billion) last year. This was up from US$4.8 billion a year earlier and 14 per cent higher than the average deal value from 2011 to 2015.

    This robust growth is expected to continue this year, but experts flagged longer-term challenges in South-east Asia’s capital markets – such as companies’ reluctance to launch initial public offerings on regional bourses.

     An initial public offering is one way for venture capital or private equity investors to cash out, or exit, from their investments.

    “The institutional investor base understands investing in high-growth tech companies which might not be profitable yet,” said Mr Suvir Varma, who leads Bain’s private equity practice in Asia-Pacific.

    “But many South-east Asian (public) markets are heavily retail investor-oriented. The average retail investor might not understand the concept of strong revenue growth but continuous negative earnings.

    “Retail investors in the region are cash oriented, they want dividends and returns.”

    Dr Chi, who is also the managing director of venture capital firm Vickers Venture Partners, said: “Will our own unicorns necessarily decide to list in Singapore? It’s a big risk for a company to list on an exchange without a track record.

    “Also, is the investor base open to it? That’s a longer term issue which involves education.”

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  • Tumi announces travel retail exclusives to mark Singapore Airline’s 70th anniversary

    Tumi announces travel retail exclusives to mark Singapore Airline’s 70th anniversary

    Travel, business and lifestyle accessories brand Tumi is offering two travel exclusive ranges on Singapore Airlines flights.

    Passengers can purchase the Alpha 2 International Expandable 4 Wheeled Carry-On case and a Just In Case Travel Duffel bag onboard the carrier, for home delivery. Tumi created the new designs especially for the airline’s 70th anniversary.

    The wheeled case comes with an Atlantic Blue embossed luggage tag as well as a matching blue zipper with a monogram patch. A unique insert card and story patch are also integrated to share the heritage of the limited edition item, according to the brand.

    “The Just In Case is truly versatile, whether it’s accompanying you on a shopping trip, a day out exploring your destination or wherever your journey may take you”

    Describing the duffel bag’s features, Tumi added: “This fashionable, practical and ultra-lightweight duffel bag features lightweight nylon with leather trim and a top zip closure while folding flat in an instant to be completely packable.

    “Often used with an adjustable removable Add-a-Bag sleeve, the Just In Case is truly versatile, whether it’s accompanying you on a shopping trip, a day out exploring your destination or wherever your journey may take you.”

    The bag’s features are displayed in the image to the right. Along with the wheeled case, the item has been available on Singapore Airlines flights since the end of March.

  • Month-long Orchard fiesta to woo shoppers

    Month-long Orchard fiesta to woo shoppers

    Visitors to Orchard Road can get a street-side taste of Keng Eng Kee Seafood’s coffee ribs or salted egg chicken burger and tempura kimchi popiah from Good Chance Popiah this weekend as part of a month-long event which was launched yesterday.

    Called Fiesta on a Great Street, it features pop-up events, shopping promotions and lucky draws.

    For example, shoppers who spend $300 or more can redeem shopping vouchers at any of seven participating malls.

    Kicking off the event is the Local Gourmet Fiesta outside Shaw House, which ends tomorrow.

    Six food and beverage establishments, including Baker’s Oven Patiseries, are taking part in the event and 20 per cent of sales proceeds will go to the Singapore Red Cross. Chefs will also hold master classes.

    Patient service officer Rina Cheo, 61, bought popiah at the fiesta during her lunch break yesterday. “Good, traditional food is sometimes difficult to find. It’s good that they brought it here,” she said.

    There will also be pop-ups at Takashimaya Shopping Centre and Hotel Jen Orchardgateway.

    Organised by the Orchard Road Business Association (Orba), the fiesta aims to draw more people to the shopping district.

    The association also previously organised pedestrian nights, where a 660m stretch of the shopping strip was closed to traffic on the first Saturday evening of each month.

    The pilot initiative had its last run in February last year.

    Orchard Road has been in the spotlight recently, following Minister for Trade and Industry (Industry) S. Iswaran’s announcement on April 13 that the shopping belt could become fully pedestrianised as part of bold plans to transform the precinct into a distinctive shopping and lifestyle destination.

    Speaking at a tourism industry conference then, he said reclaiming the road would create “a multipurpose space where diverse and larger-scale experiential concepts can be introduced”. This comes amid a tepid retail scene, despite efforts like having car-free weekends and cash grants for malls to build underground linkways.

    Last year, retail sales excluding motor vehicles fell 2.6 per cent from the year before, according to figures from the Department of Statistics. In 2015, retail sales had slipped 1.2 per cent from the year before.

    Orba chairman Mark Shaw said events such as Fiesta on a Great Street fit in well with such rejuvenation plans for Orchard Road.

    “The semi-pedestrianisation would mean a lot more event space on Orchard Road so we could do this on a larger scale,” he said.

    “If it works out well, we’d love to expand it to other locations,” he added. “Hopefully this can make it onto our calendar.”

  • P&G to invest US$100mn in a new Singapore E-center

    P&G to invest US$100mn in a new Singapore E-center

    Procter & Gamble, in partnership with the Singapore Economic Development Board, established its first digital innovation center in Singapore alongside guest-of-honor, S Iswaran, Minister for Trade and Industry (Industry), announcing an investment of over US$100 million over the next five years to support this E-Center. The launch reaffirmed P&G’s commitment to Singapore and aim to strengthen Singapore’s standing as a leading digital and e-Commerce hub in the world.

    The E-Center – P&G’s first outside the United States of America – will be pivotal to its undertaking of end-to-end digital innovation across three core areas: Supply Chain Management, e-Analytics and e-Business. In the area of Supply Chain Management, termed “i-Supply”, the E-Center will focus on transforming P&G’s supply chain end-to-end, enabling greater accuracy, visibility and more efficient processes.

    The e-Business unit aims to translate digital strategies into scalable plans for the region, and to leverage new digital channels to innovate and improve business models. Through its focus on e-Analytics, the E-Center will also leverage predictive analytics and big data to optimize product distribution and marketing strategy.

    With the launch, P&G will be training 40 employees in the first year to take on digital-related roles in these three capability areas. Through the E-Center, P&G will also expand its partnerships with local Small and Medium Enterprises (SMEs) and start-ups to strengthen digital capabilities and co-develop new digital solutions. To bolster the inauguration of the E-Center, P&G also hosted the second edition of its leadership development program – P&G Leadership College – for SMEs in collaboration with SPRING Singapore.

  • Chloe Singapore launching at Marina Bay Sands

    Chloe Singapore launching at Marina Bay Sands

    Chloe Singapore will launch its first boutique at The Shoppes at Marina Bay Sands this month.

    Its store’s decor will feature textured furnishings, powdery rose beige tones on the walls and robust architecture complemented with linear lines, reports Buro 24/7.

    The French luxury fashion brand will be offering all ranges of its accessories and ready-to-wear fashion.

    To mark the opening, there will be a limited-edition calfskin and suede Faye bag – only eight pieces made – adorned with patchworks of orchid and phoenix (symbols of its new address).

    Chloe was founded by Gaby Aghion in Paris in 1952.

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  • M1 profit falls 14.6% in Q1

    M1 profit falls 14.6% in Q1

    Singapore’s M1 has reported a 14.6% year-on-year decline in post-tax profit for the March quarter to S$36.3 million ($26 million), attributing the result in part to higher depreciation and interest costs.

    Operating revenue grew 1.2% to S$260.7 million, with service revenue remaining flat at S$201.5 million. Fixed line revenue growth reached 22.8% to S$30 million, offsetting declines in both international voice and roaming revenues.

    M1 added 8,000 fiber customers during the quarter, taking its total base to 168,000. In the mobile segment, M1 added 24,000 postpaid customers and 3,000 prepaid customers, with its total mobile customer base reaching 2.05 million.

    But mobile revenue declined 0.5% to S$158.4 million and international call services fell 9.9% to S$15.5 million.

    Monthly MOU also declined 5.6% to 203 for postpaid customers and 9.6% to 191 for prepaid users, while net ARPU fell 2.3% for postpaid users to S$49.50 and 4.5% for prepaid users to S$11.50.

    M1 estimates it ended the quarter with an overall mobile market share of 23.8%, with a postpaid share of 24.8% and prepaid share of 22.5%.

    While announcing the results, M1 CEO Karen Kooi said the new 700-MHz and 900-MHz frequencies acquired from Singapore’s recent major spectrum auction will allow the operator to “deliver an enhanced network experience cost effectively with optimal use of spectrum.

    “With the largest Wireless@SG network and our small cell/WiFi HetNet deployment at targeted locations islandwide, we are delivering a superior data experience in places where it matters most to our customers and laying the foundation for future dense grid 5G architecture,” she said.

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  • Artbox Thailand heading for Singapore

    Artbox Thailand heading for Singapore

    Bangkok’s creative market Artbox Thailand is about to pop up in Singapore.

    It will feature more than 500 vendors and partners, with a different line-up for its two sessions, from this Friday to Sunday, and on the same days the following week.

    At the Bayfront Event Space beside Marina Bay Sands, Artbox Singapore will cover 50,000 sqft (4645 sqm) of floor space. It is Artbox’s first venture out of Thailand.

    Organiser Haoming Lee is co-founder of Artbox Asia, and plans to take the concept on tour in the region. He says it took about three months to plan and execute the event, with his team flying to Bangkok twice.

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  • 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 apartments main target of Indonesian property investors

    Singapore apartments main target of Indonesian property investors

    Indonesian property investors would prefer to go to Singapore if they want to invest in apartments and to Australia to buy houses to be leased out, a survey has said.

    Profit, better guaranteed, is the main reason for investing abroad, the survey Property Affordability Sentiment Index by Rumah.com said here on Sunday.

    Country Manager of Rumah.com Wasudewan said the Indonesian investors chose to invest in Singapore on better infrastructure, stability and security that would be needed by the would be tenants.

    Property Affordability Sentiment Index is an annual survey held by Rumah.com in cooperation with research center Intuit Research of Singapore. The survey involved 1,030 respondents in November-December 2016.

    “Singapore has good transport access locally and internationally. For that Singapore has received an appreciation as the Best Location in Asia for expatriates and the 25th best in the world, according to a survey on Quality of Living by Mercer early this year,” Wasudewan said.

    The results of the surveys matched data from Cushman & Wakefield, an international property consultancy company, which said that in the first half of 2016, Indonesians bought 189 property buildings of various categories in Singapore, or a 23 percent increase compared with the same period in the previous year.

    Purchases by Chinese and Malaysians declines, but purchases by Indonesians rose 19 percent in the second quarter of 2016.

    According to property company Propnex Realty Pte, as quoted from PropertyGuru.com.sg, which handles the sales of luxurious condominiums OUE Twin Peaks in the Orchard Road, Singapore, the developer of the condominiums has succeeded in disposing of almost 50 percent of 86 units built in the first phase at a price of 4 million Singaporean dollar per unit and Indonesians are the main foreign buyers, Wasudewan said.

    He said growing number of Indonesians buy property abroad as technology makes it easier to have information about market in other countries. Indonesians buy property abroad especially in Singapore for commercial purpose.

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  • Travel Blue’s Z-Zoom to take flight at Singapore show

    Travel Blue’s Z-Zoom to take flight at Singapore show

    Z-Zoom (part of the Travel Blue Group) has announced that it will launch its first collection of Reading Glasses at the TFWA Asia Pacific Exhibition in May representing a significant milestone for the Travel Blue company.

    Z-Zoom says it identified ‘the increase in global demand for high quality, fashionable reading glasses’ and set out with a vision to create a premium unisex eyewear range suitable for all.
    Jonathan Smith, Travel Retail Director of Z-Zoom says: “We are thrilled to finally be able to share our new project with the travel retail world. The team spent a lot of time in developing the brand and used only high quality materials to ensure the best possible product. This is a very exciting time for us.”

    The collection comprises an extensive range of Reading Glasses with over 240 different SKUs. All products are supplied with POS units that reflect this quality, design-led range.

    ‘ZOOMING IN FOR SHARPER VISION’

    The Reading Glasses are available in a variety of frame designs to ‘suit all face shapes’. “Ranging from classic and casual to bold and contemporary, in an array of complexion enhancing colours or neutral staples, the new line acknowledges changing attitudes and preferences,” adds Travel Blue.

    Z-Zoom is said to have been inspired by the notion of moving quickly and getting a closer look of what’s in front, as Smith explains: “As reading glasses are designed for those that have trouble with close range vision, the name Z-Zoom came naturally. Zooming in for a clearer sharper vision. This is what we provide. Z-Zoom adds a little dimension and excitement.”

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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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  • Orchard revamp a step in the right direction, say experts

    Orchard revamp a step in the right direction, say experts

    Pedestrianisation of Orchard Road is a step in the right direction, said observers, as they flagged considerations and floated suggestions for the proposal to work.

    “Great cities have great streets, and many of them are pedestrianised,” said urban planner William Lau. The former president of the Singapore Institute of Planners gave the Myeongdong shopping district in Seoul as an example.

    “It is very vibrant. The shops spill out onto the street there,” he said, adding that accommodation would have to be made for buildings which are accessible to vehicles only via Orchard Road.

    Redirecting traffic around the area may be difficult as it is not built on a grid, said National University of Singapore transport researcher Lee Der Horng.

    But Mr Gopinath Menon, transport consultant and senior research fellow at the Nanyang Technological University, felt pedestrianisation could be done with little impact to vehicular traffic. He suggested that Orchard Boulevard, which runs parallel to Orchard Road between Orchard Link and Grange Road, could be converted to a two-way road to accommodate traffic. Public transport can serve as an alternative to cars for shoppers headed to the area.

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  • Singtel’s Amobee completes acquisition of Turn

    Singtel’s Amobee completes acquisition of Turn

    Singtel has enhanced its digital marketing capabilities with the acquisition of marketing technology platform provider Turn.

    Singtel’s Amobee digital marketing arm has acquired Turn to provide the ability to offer an end-to-end advertising and data management platform for marketing companies worldwide.

    The platform will cover all channels, formats and devices and also provide access to Amobee Brand Intelligence analytics and insights.

    “The acquisition of Turn underscores Singtel’s commitment to grow and scale Amobee to become a global digital marketing leader,” Singtel Group Digital Life CEO Samba Natarajan said.

    “The powerful combination of Amobee and Turn addresses the rapidly changing digital marketing landscape. Together, we will bring marketers the most innovative, efficient, and data-driven approach to better understand and reach their customers, and enhance the way they engage them on a global scale,” added Amobee CEO Kim Perrel.

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  • M1 launches cross-border mobile remittance

    M1 launches cross-border mobile remittance

    Singapore’s M1has launched new cross-border digital mobile remittance supporting transfers to multiple APAC destinations.

    The service named M1 Remit is available to users of M1 mobile phone numbers holding valid NRIC/FIN/Work Passes in Singapore.

    Users of the service can access real time exchange rates and remit funds to their designated recipients anytime, anywhere, through a mobile app or a browser on their smart device.

    Unlike typical remittance services where customers have to queue at a physical outlet to deposit funds, payments for M1 Remit transactions can be made at any one of the 915 AXS machines located in shopping malls, office buildings and other sites islandwide using an ATM card.

    Customers who do not have bank accounts or ATM cards can opt to make cash payment at M1’s IMM and Paragon outlets in Singapore, after completing a one-time verification process.

    Recipients will be able to cash out as quickly as within an hour of the transaction from over 23,000 cash agents and 640 banks available at the various destinations.

    M1 Remit currently offers eight remittance destinations – Bangladesh, India, Indonesia, Myanmar, Malaysia, Sri Lanka, Pakistan and the Philippines. Thailand, Vietnam, and other remittance destinations will be made available progressively. For a limited time, M1 Remit is also waiving the remittance fee to these destinations.

    “M1 Remit offers a wholly digital experience for money remittance. Nobody likes to queue, and now our customers can skip the queue and make better use of their time with and M1 Remit – Singapore’s most convenient, secure and cost-effective way to remit funds to their loved ones,” M1 chief innovation officer Alex Tan said.

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