Retail News CRM

Tag: Singapore

  • What’s In Store For CapitaLand Mall Trust’s Funan DigitaLife Mall?

    What’s In Store For CapitaLand Mall Trust’s Funan DigitaLife Mall?

    The iconic Funan DigitaLife Mall, which belongs to CapitaLand Mall Trust, will be closed officially on 1 July 2016 for redevelopment works that is expected to last for three years.

    The redevelopment will add about 388,000 square feet (sq ft) of space to the mall’s current gross floor area of 482,000 sq ft, leading to a total area of 870,000 sq ft. For perspective, that is almost the size of ION Orchard, one of the newer malls along the Orchard Road shopping belt.

    Currently, Funan DigitaLife Mall is well-known for its focus on the retail of IT products. In its new incarnation, it will become an integrated development.

    Although the redevelopment of properties is a common thing in Singapore, what’s interesting here is that CapitaLand Limited, the manager of CapitaLand Mall Trust, is seeking input from the public to find new concepts for the redevelopment of Funan DigitaLife Mall along the theme of “Play.Create.Live.”

    CapitaLand, together with The Straits Times, are inviting members of the public to submit ideas for their vision of the new Funan DigtaLife Mall to the #BeyondIT digital platform. The idea is to transform the property into a “creative hub” that will include a ‘mall of the future’ that will bring experiential retail to a whole new level in Singapore. The window for submissions will remain open until 31 May 2016.

    Funan DigitaLife Mall is an important asset for CapitaLand Mall Trust, contributing 4.3% of total gross revenue in 2015. As such, the closure of the property for the next three years might have some negative impact on the trust’s revenue stream.

    But, the transformation of Funan DigitaLife Mall is essential given the growing importance of e-commerce among consumers. That might also be the reason why CapitaLand is interested to upgrade Funan DigtaLife Mall into an integrated development that (1) allows people to work, play, and live, and (2) help set a new benchmark for experiential retail in the Garden City.

    Summary

    Will the redevelopment of Funan DigitaLife Mall start a new era for the retail industry in Singapore? And would an increase of more than 80% in floor space for the mall help boost future rental revenue in a significant manner for CapitaLand Mall Trust? These are interesting questions to ponder.

    But, first things first, with the public competition ending on 31 May, we might be able to get our first glimpse of the future of retail in Singapore soon.

  • Orchard Road landlords reeling as key retailers exit

    Orchard Road landlords reeling as key retailers exit

    More shops are moving to the suburbs.

    More retailers are opting to vacate their prime spaces in Orchard Road and move to the heartlands instead, according to a report by CBRE.

    This trend exacerbates the problems ailing Singapore’s retail leasing scene, which has been hard-hit by a decline in both tourist and local spending.

    “As part of cost saving measures, more established retailers have opted to relocate out of prime corridors to secondary corridors, especially in the Orchard Road sub-market,” CBRE said in a report.

    Although exits have weighed on rents, CBRE noted that freeing up prime space has allowed landlords to pursue retailers seeking flagship space.

    “Demand is likely to stay patchy with retailers expected to be even more discerning about store location and openings as their operations evolve to include more retail channels. This does not bode well for overall occupancy with more supply dude to complete from now till 2019,” CBRE said.

  • Cortina opens South East Asia’s biggest Patek Philippe boutique

    Cortina opens South East Asia’s biggest Patek Philippe boutique

    The current downturn in the luxury watch business is not stopping Cortina Watch from pressing on with its expansion plans.

    Last week, Singapore’s second-biggest watch retail chain officially opened South-east Asia’s biggest Patek Philippe boutique in ION Orchard, Singapore’s premier shopping mall. Later this year, Singapore’s biggest Rolex shop run by Cortina will also open its doors at Marina Square.

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    “It’s all about location, opportunity and timing,” Cortina’s chief operating officer Jeremy Lim explains. “If we (had) worried that business is bad, then we wouldn’t have gotten this location,” he says of the Patek Philippe boutique in ION. “This kind of location doesn’t come all the time.”

    The Patek Philippe boutique in ION came just over a year after Cortina pumped S$4 million to unveil the world’s biggest Patek Philippe boutique in Taipei 101, a landmark building at the heart of Taiwan’s capital. It was conceived three years ago with the blessing of Patek Philippe’s president Thierry Stern.

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    Cortina, which both its sales and net profits fell in the first nine months of its financial year ending March this year, operated a smaller Patek Philippe boutique in ION then. After looking around the shopping mall and found it to be a good location, Mr Stern agreed that Patek Philippe should have a bigger presence there.

    The new 265.48 square metre boutique, over four times bigger than Cortina’s first Patek Philippe boutique at ION, is an extension of the earlier boutique first opened in 2009. The bigger space offers customers more personal service and a better showcase of the Swiss watch brand’s coveted timepieces.

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    Cortina, which also operates a Patek Philippe boutique in Marina Bay Sands, spent an estimated S$2.5-3.0 million renovating and remodelling the boutique, which has the novelty of having a “private” door for discreet and busy customers.

    The work on expanding the boutique took four months to finish, but the boutique only opened recently because Cortina had to wait for the leases of the adjoining space, occupied by other tenants, to expire before it could move in.

    The new Patek Philippe boutique in ION came when the dip in global sales of Swiss luxury timepieces last year, the first yearly drop since the 2009 recession, might have finally caught up with Singapore.

    While the export of Swiss watches worldwide slipped 3.3 per cent in 2015 to 21.5 billion Swiss francs (S$30.7 billion), shipments to Singapore still rose one per cent to 1.13 billion Swiss francs. But the latest numbers show retail orders of Swiss watches in Singapore, one of the 10 biggest markets for luxury timepieces, plunged 22.6 per cent in January this year – the second-biggest fall in the top 10 markets.

    “It would be a lie if I tell you we’re not affected,” Patek Philippe’s commercial and marketing director Jerome Pernici says.

    While 2015 was “the best year ever” for Patek Philippe, arguably the top Swiss luxury watchmaker, Mr Pernici discloses that this was largely in the first three quarters of the year. “The last quarter was more difficult and definitely 2016 will be challenging. We know it,” he says.

    Yet Patek Philippe, which celebrated its 175th anniversary last year, has weathered many crises in the past and came out of them stronger, Mr Pernici says.

    “We keep looking at the long term. I don’t know how long (this downturn) will be but once the market recovers, we will be ready.”

    The Rolex shop Cortina is working on will be the listed company’s single biggest project ahead, involving 5,500 square feet of space for watch displays and events. Renovation costs alone could work out to around S$4 million.

    Cortina, which also carries other brands such as Vacheron Constantin, Omega, Longines and Jaeger LeCoultre, is also likely to refurbish its multi-brand outlet at Raffles City this year.

    Last year, the watch retailer opened a S$2 million multi-brand boutique at The Capitol, a luxury hotel and shopping development. At the same time, its Paragon outlet grew from 2,000 to nearly 3,000 square feet.

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  • DHL Inaugurates S$160-million Advanced Regional Center in Singapore

    DHL Inaugurates S$160-million Advanced Regional Center in Singapore

    DHL Supply Chain has launched its Advanced Regional Center (ARC) in Singapore. Built at an investment of more than S$160 million, the new 90,000 sqm facility features an S$18.8 million multi-customer automation system featuring advanced robotics.

    The pioneering system allows customers to enjoy the benefits of automation solution without the need for significant capital investment. The technological enhancement uses 130 robotic shuttles to pick and store products from 72,000 locations spread across 26 levels, improving picking efficiency by 20 per cent and utilising 40 per cent less space than conventional warehousing operations.

    This is the first of its kind deployed by DHL globally and creates a model for the future of warehousing in land-scarce countries and dense cities where land availability is limited and expensive.

    “As an organisation, our spirit thrives on a hunger for new knowledge and innovations that we can bring to customers to meet the challenges of Industry 4.0, the fourth industrial revolution. We see the Asian region as a swift adopter of technologies for enhanced productivity and efficiency. By 2020, Asia will constitute 30 per cent of our total revenue. Facilities like the Advanced Regional Center offer a ready model of innovations that reduce complexity, improve accuracy and maximize opportunities for productivity gains,” said Frank Appel, Chief Executive Officer, Deutsche Post DHL Group.

    Co-located within the ARC is the DHL Asia Pacific Innovation Center (APIC), DHL’s first innovation centre outside of Germany and a joint development with the Singapore Economic Development Board (EDB). Launched in 2015, APIC is the first dedicated centre for innovative logistics services in the Asia Pacific region and showcases futuristic technologies.

    As a multi-customer facility, the Advanced Regional Center also offers bespoke solutions to cater to specific industry needs. For example, the facility boasts clean rooms for Life Sciences & Healthcare businesses, specialised infrastructure for aerospace operations and customized storage solutions for managing service parts for technology customers.

    Purpose-built to industry-leading standards, the ARC facility has been awarded ‘gold status’ for its energy and environmental design. The company has also implemented robust security measures that are in accordance with global TAPA standards.

  • TFWA Singapore: conference programme revealed

    TFWA Singapore: conference programme revealed

    TFWA Workshop imageOff-airport duty free developments, millennial travellers and legislative threats to travel retail’s growth will be focal points for discussion at this year’s TFWA Asia Pacific Exhibition & Conference, 8-12 May.

    The trio of workshops will provide delegates with the vital insight they require to meet the challenges facing their industry.

    Workshop A will look at ambitious off-airport duty free developments, which have gained particular traction in Asia.

    Speakers include Amos Xu of Haikou Meilan Airport Duty Free Shop, Hyunah Ahn from Korea duty free operator Hanwha Galleria Timeworld and Peter Mohn from M1nd-set.

    Workshop B will delve into the hopes and expectations of the ambitious millennial traveller, with speakers including Singapore-based bloggers Uli Chan and Christabel Chua, Grant Fleming from Lagardère Travel Retail and Cheryl Lim from McKinsey who co-authored a report on capturing the Asian millennial traveller.

    Workshop C will pinpoint and discuss current legislative and regulatory threats, packaging regulations and carry-on board rules and specific categories such as alcohol and tobacco to establish ways of safeguarding the industry.

    Speakers include Sarah Branquinho, ETRC president; Andrew Gardiner, Asia Pacific Travel Retail Association board member and chief of retail & Launceston, Australia Pacific Airports (Melbourne); Duty Free World Council president Frank O’Connell and GfK global head of travel & hospitality Laurens van den Oever.

    “With three sessions running simultaneously, there will be plenty of food for thought during what promises to be a highly informative and constructive afternoon,” says TFWA vice president, conferences and research Thom Rankin.

     

  • Singapore GIC Makes First Investment in Indonesia’s Logistics Sector

    Singapore GIC Makes First Investment in Indonesia’s Logistics Sector

    Singapore sovereign wealth fund GIC has teamed up with Indonesia’s PT Mega Manunggal Property (MMP) to develop a portfolio of quality logistics warehouses over the next three years.

    The warehouses will boast nearly 500,000 sq m of net leasable area in both Greater Jakarta and Greater Surabaya in Indonesia, the two firms said in a joint press release issued yesterday.

    The partnership aims to meet increasing demand by companies for sophisticated inventory systems which cannot be fulfilled by traditional warehouses, they added.

    This is GIC’s maiden investment in Indonesia’s logistics sector.

    “We are attracted by the long- term growth of this sector, which is underpinned by the strong consumption of Indonesia’s rapidly rising middle class,” GIC Real Estate’s managing director and co-head of its Asia operations, Mr Loh Wai Keong, said. “We believe GIC’s knowledge and experience investing in logistics, both in Asia as well as other global markets, will add value to this partnership.”

    MMP, a publicly listed company in Indonesia, develops, owns and operates logistics properties, with a focus on international quality warehousing. “The partnership will also focus on increasing productivity,” MMP president director and chief executive Fernandus Chamsi said, adding that having good operations and quality human resources, as well as good corporate governance, helps.

    Indonesia was ranked 54th in the World Bank’s Logistics Performance Index of 2014. Restrictions on foreign investment in its logistics sector were recently loosened under President Joko Widodo as his administration aims for economic expansion and higher growth by 2019.

    GIC has over US$100 billion (S$135.9 billion) in assets under management in the property, private equity, fixed income and equity sectors in over 40 countries. It has been investing in emerging markets for over two decades.

    It has invested in Indonesia’s retail sector, putting in about 5.2 trillion rupiah (S$537 million) in PT Trans Retail, which operates hypermarkets, supermarkets and cash- and-carry stores under the Carrefour and TranSmart brands.

  • Singapore retail sales defy predictions, fall 3.2% in February

    Singapore retail sales defy predictions, fall 3.2% in February

    Retail sales in Singapore dropped 3.2 per cent in February from the same month a year ago, defying economists’ predictions for an expansion in consumer spending and providing more evidence of a slowing economy.

    The retail sales contraction followed the revised 7.6 per cent growth in January, said the Department of Statistics yesterday, and was in contrast to the 3.4 per cent increase forecast by 12 economists in a Bloomberg poll. Excluding motor vehicles, retail sales slumped by 9.6 per cent as all but three out of 13 segments that make up the index fell.

    Apart from motor vehicles, higher sales were seen only at mini-marts and convenience stores, as well as for medical goods and toiletries. The total retail sales value in February was estimated at S$3.4 billion. The data came a day after the Monetary Authority of Singapore unexpectedly eased its policy, guiding the local currency to a zero appreciation stance against the currencies of its major trading partners, as the economy registered no growth in the first quarter.

    From the previous month, retail sales rose 1.7 per cent in February; excluding motor vehicles, they fell 1.1 per cent, showed the Department of Statistics data.

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  • GIC inks US$197m deal with top Korean retailer to develop mall in Incheon

    GIC inks US$197m deal with top Korean retailer to develop mall in Incheon

    Singapore’s sovereign wealth fund GIC and Korean department store Shinsegae are partnering to develop a prime retail mall in the Incheon Free Economic Zone (IFEZ).

    Working through affiliates, the companies have signed a US$197 million sale-and-purchase agreement for 59,730 sqm of land for the Incheon mall in the international business district of Songdo, close to a subway station, bus terminal and expressways. Scheduled for completion by 2020, the mall will include entertainment as well as leisure attractions.

    Songdo is a new city part of IFEZ, 65km southwest of Seoul, where Shinsegae has its headquarters. The name of Shinsegae literally means “New World”.

    Set up in 1981 to preserve and enhance Singapore’s foreign reserves, GIC is one of the world’s largest global investors with more than US$100 billion of assets in more than 40 countries.

    GIC and Shinsegae are already working together on developing a prime retail mall in Dongdaegu Station, scheduled for completion in the second half of this year.

    GIC last year partnered with the Canada Pension Plan Investment Board (CPPIB) to acquire the Seoul-based D-cube retail mall, rebranding it as the Hyundai Department Store.

  • M1, IDA launch trial Wi-Fi service for public buses

    M1, IDA launch trial Wi-Fi service for public buses

    The Infocomm Development Authority of Singapore (IDA) and M1 have launched a trial Wi-Fi service for public buses.

    Commuters on selected SMRT Service 176 buses can now use Singapore’s first WiFi-On-The-Go service, as part of the heterogeneous network (HetNet) trials.

    The HetNet Trials are meant to validate advanced telecommunication technologies, and a network’s capabilities in providing pervasive and seamless connectivity in a real-life setting.

    Each connected bus is linked to M1’s 4G+ network through an intelligent in-vehicle unit that boosts the bandwidth available to the on-board wireless network.

    Commuters on the buses, a trunk route service linking Bukit Merah Interchange and Bukit Panjang Temporary Bus Park can go online by connecting to the “Wireless@SG” network on their smart devices. Commuters will be able to identify the two WiFi-enabled buses through on-board signages highlighting the service.

    M1’s carrier WiFi service will also be available on the buses by end-April. The M1WiFi service, with download speeds more than ten times faster than available through Wireless@SG, will seamlessly handover customers between M1’s mobile network and the WiFi-On-The-Go service before, during and after their journey, to enable them to able to enjoy activities such as streaming HD video content without interruption.

    In addition to passenger benefits, WiFi-On-The-Go can help business by enabling new applications. For instance, inbound tour operators can now provide tourists with WiFi on board their tour buses. Vehicle fleet operators can also use the enhanced connectivity to stream live video and collect other relevant information from the vehicle, as well as provide transactional services.

    “HetNet technological innovation is expected to bring about immediate and long term benefits for citizens. With the enhanced infrastructure, as a start, users in trial areas such as MRT stations and selected buses powered by M1, can now experience better coverage with seamless connectivity, IDA assistant CEO Khoong Hock Yun said.

    “Beyond the trials, we look forward to working closer with companies in the tech, engineering and R&D space to develop solutions that can meet pressing connectivity challenges.”

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  • Story-i Indonesia to open Apple Stores

    Story-i Indonesia to open Apple Stores

    Two more Apple Stores will open in Jakarta as part of Story-i Indonesia’s retail strategy to expand the network to 18 locations.

    Story-i has formed a relationship with Singapore-headquartered retail giant Courts to open an initial two Apple stores within its large-format Courts Megastores in Jakarta. Story-i will follow up with two further stores within Courts outlets this quarter. Courts has more than than 70 locations across Indonesia as well as Malaysia and Singapore.

    Like Story-i, Courts has an aggressive growth strategy, with a developed pipeline of up to 20 large-format stores. As part of this roll out, Courts has a marketing strategy including a storewide cash-back promotion on sales, extended to cover Story-i stores within its megastores.

    Story-i CEO Yulius Halim says the network provides an all-important physical infrastructure for device sales and servicing that underpins its eCommerce business. As well as more stores, Story-i has been appointed the IT service centrepoint for the Courts Megastore complexes.

    Singapore-incorporated Story-I has 14 Apple and related stores in Indonesia through its 95 per cent owned subsidiary Inetindo Infocom. Story-i branded stores retail Apple products and accessories, iConnect retails Samsung and Lenovo phones, computers and lifestyle accessories, and GeekZone provides software, equipment servicing and apps.

  • New Braun Buffel Singapore boutique opens

    New Braun Buffel Singapore boutique opens

    German luxury brand Braun Buffel has opened a flagship boutique at Singapore’s Marina Bay Sands.

    Its official opening was attended by MD Christiane Brunk, great-granddaughter of Johan Braun who founded the company in 1887.

    Covering 1500 sqft (139 sqm), the Braun Buffel Singapore store features the brand’s trademark leather in the form of an Italian fine-grain leather wall and bespoke leather armchairs in the lounge area. It is the brand’s first flagship with the design concept, and was one year in the making.

    Singapore was Braun Buffel’s first Asian market, in 1982, and this is its fifth store in the Lion City. While known for its handcrafted leather goods and accessories, the brand has in recent years ventured into new segments such as sunglasses and watches. Its latest fall/winter collection is on display at Marina Bay Sands.

    Meanwhile, the company is seeking to expand in Indonesia and China, where it has nearly 200 retail outlets. It also has a presence in Hong Kong, Malaysia, Philippines, Taiwan and Vietnam.

    It also plans to introduce an online retail platform in Asia soon. It already has online shops in Australia, Canada, New Zealand and the US.

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  • Singapore retail rents fall

    Singapore retail rents fall

    Singapore retail rents are falling according to the latest figures from real-estate company DTZ Southeast Asia.

    Average monthly first-storey rent across the island eased by 1.2 per cent quarter-on-quarter to about S$30.15 (US$22.22) a sqft in the first quarter this year, says the company – the fourth consecutive quarter of decline. This is 7 per cent down on a year ago.

    Headwinds continued in the retail market in Orchard/Scotts Rd, as average monthly first-storey rent there fell 1 per cent to about $37.65 a sqft..

    According to the latest Singapore Urban Redevelopment Authority (URA) statistics, the occupancy rate in the area fell by 2.1 points to 92.3 per cent last year, the lowest since 1996.

    Retailers in Orchard/Scotts Rd are expected to face pressure, especially in the face of regional competition from Bangkok, South Korea and Taiwan, which offer affordable shopping. Cheaper air fares coupled with a relatively strong Singapore dollar made shopping more expensive in Singapore, and also contributed to weaker retail sales.

    In the other city areas, the occupancy rate dropped by 1.6 points to 91.6 per cent, and average monthly first-storey rent fell by 2 per cent to $21.35 a sq ft.

    Rents were also pressured by the relatively large impending supply this year: mixed-use projects slated for completion include OUE Downtown Gallery, Tanjong Pagar Centre and Duo Galleria.

    In similar vein, the occupancy rate in suburban areas fell by 1.4 points to 92.0 per cent, and average monthly first-storey rent subsided 1 per cent to about $31.40 a sqft.

    Service critical

    DTZ director of retail Anna Lee says quality of service has become even more critical for onground retailers.

    “With competition from eCommerce coming at full force, retailers are placing greater emphasis on providing highly personalised services. Many have revamped stores to include private rooms and lounge areas with superior furnishings.”

    An example is the new Tiffany & Co outlet at Ion Orchard. Apart from being the brand’s first street-facing store in Singapore, the two-storey outlet also showcases a private viewing space with custom furnishings. Another example is Dior, which has also had a revamp at Ion Orchard. It now has lounge areas, marble features and luxurious carpets, and has added a personal stylist to provide shoppers with fashion advice.

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  • Checkpoint Systems to Showcase Intelligent RFID-based Merchandise Visibility Solutions at Retail Technology Show Asia 2016

    Checkpoint Systems to Showcase Intelligent RFID-based Merchandise Visibility Solutions at Retail Technology Show Asia 2016

    Visitors to Retail Technology Show Asia 2016, being held from 20-21 April in Singapore will have the opportunity to hear from  Checkpoint Systems, Inc. (NYSE: CKP) and see first-hand the latest merchandise visibility solutions that can help retailers reduce out-of-stocks and on-hand inventory throughout the supply chain all the way from the manufacturer to the store.

    Checkpoint System’s enhanced merchandise visibility solution with new labeling and RFID (radio frequency identification) technology enable manufacturers to apply RFID-based tags at the point of manufacture cost-effectively.  These RFID tags can be read throughout the supply chain, and enable each product to be tracked or located individually. Information about the product’s location is automatically captured and verified against expected quantities in real time at the manufacturing facility, warehouse or store. This information is used to optimize inventory levels and shelf availability, enabling retailers to meet customer demand, improve operations, enhance customer experience, cut costs and increase sales.

    Exhibiting at booth T05 at the Suntec Convention Centre, Checkpoint Systems will showcase its latest solutions, including:

    –          range of RFID-based tags and labels;

    –          S3i ShelfNet™, a scalable, wireless network that provides critical data and analytic intelligence such as inventory quantity in real time that enable retailers to gain new insights into shelf activity and understand customer demand;

    –          EVOLVE-Store series, involving a real-time app that provides real-time visibility on merchandise and shopper numbers by managing response times to alarm events;

    –          MetalPoint™ HyperGuard™ solution, a digital based software solution that can detect foil-lined clothing or bags used by organized retail crime operations and prevent theft by alerting staff. It can be seamlessly integrated into Checkpoint’s EVOLVE family of antenna.

    Mark Gentle, Vice President – Merchandise Availability Solutions, Asia Pacific at Checkpoint Systems, will deliver a speech titled “It’s all about the data – how Sensor Data Drives Responsive Retail” at the event. Speaking on 20 April, he will discuss how critical merchandise-related data that is collected from RFID sensors can be analyzed and used to enhance supply chain visibility and improve business processes for retailers.

     

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  • LinkedIn opens data center in Singapore

    LinkedIn opens data center in Singapore

    LinkedIn has opened its first data center in Singapore, spanning 23,500 square feet in Jurong. This is one of six data centers for LinkedIn globally, and the first outside the United States.

    LinkedIn has invested S$80 million ($587.4 million) so far in the new data center, which was established to enhance the experience for the fast-growing base of LinkedIn members and clients across the Asia-Pacific region.

    With the facility the enterprise social media company aims to imrpove speed and reliability of APAC members’ access to LinkedIn’s services as they connect to professional opportunities on the network.

    Since January 2013, the number of LinkedIn members in APAC more than doubled to reach over 85 million members at the end of 2015. This includes more than 1 million members in Southeast Asia (of which more than 1 million are in Singapore), 34 million in India and 7 million in Australia.

    LinkedIn also counts prominent leaders as its influencers, including Narendra Modi (Prime Minister of India), Piyush Gupta (CEO of DBS Bank), Tony Fernandes (Group CEO of AirAsia), Shinzo Abe (Prime Minister of Japan) and Andrew Penn (CEO of Telstra). Over the same period, LinkedIn’s revenue in the region more than tripled.

    The new data center in Singapore processes all of LinkedIn’s online traffic in the Asia Pacific region and will also handle about a third of global traffic. It will also complement the continuing growth in LinkedIn’s storage and processing needs globally – in 2015, this growth was 34%.

    The smart design features are also expected to reduce the annual energy consumption of the data centre by a magnitude that is equivalent to powering about 100 private homes in Singapore. For more information about the data centre, please click here.

    “Asia Pacific is our fastest growing region in terms of member base outside of the US,” said Olivier Legrand, managing director of LinkedIn in Asia Pacific. “Singapore is the natural choice for us to locate this new data center, as it is already our Asia Pacific headquarters, and it offers the cutting-edge infrastructure and talent we need,” said Legrand.

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  • Online booking platform Chope enters Indonesia with acquisition of MakanLuar

    Online booking platform Chope enters Indonesia with acquisition of MakanLuar

    Singapore-headquartered restaurant reservation startup Chope has acquired Indonesian counterpart MakanLuar, the company announced today. The value of the deal is undisclosed. The acquisition was made with a mix of cash and shares, although Chope co-founder and CEO Arrif Ziaudeen does not reveal the percentage of each.

    Through the deal, Chope adds Jakarta, Bandung, and Bali to its portfolio, bringing the cities it’s active in to eight. It’s been operating in Singapore, Bangkok, Hong Kong, Shanghai, and Beijing.

    Chope expanded in those territories organically, and every time it found it had to educate early adopters and find a product-market fit, Arrif says. “Jumping in at the stage MakanLuar is at, they’ve already crossed that threshold and are now in a position to hit the accelerator on sales and marketing, so we save valuable time,” he enthuses.

    MakanLuar’s founding team of Kunal Narang and Hiro Mohinani was also a major factor for Chope. “We were inspired by Kunal and Hiro’s drive, and with a proven track record we really feel confident in these safe pairs of hands,” Arrif explains.

    “Oddly enough, before we started MakanLuar, we spoke to Chope to seek ways to work together but we were too new at the time,” Kunal tells Tech in Asia. Once the team had some good traction in Indonesia, it made sense to get back in touch with Chope and become part of a bigger regional play, he adds

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