Tag: space

  • HSBC Unveils Premier Elite Space in Singapore: The Largest Wealth Center Yet

    HSBC Unveils Premier Elite Space in Singapore: The Largest Wealth Center Yet

    HSBC has made a significant stride in expanding its footprint in Singapore by opening its fourth and largest wealth center in the city-state. Situated on the 33rd floor of the Singapore Land Tower, the wealth center spans 7,884 square feet and is equipped with 14 meeting rooms. These rooms include both private client advisory rooms and enclosed teller rooms, further enhancing the center’s capacity to serve its clientele.

    Catering to High Net Worth Clients

    The new wealth center is primarily dedicated to serving HSBC’s high net worth segment, specifically the HSBC Premier Elite. This segment, launched in 2024, caters to clients who maintain a minimum relationship balance of S$1.2 million ($1 million).

    Incorporating this wealth center into HSBC’s Singapore operations is a part of a larger plan to transform its business in the city-state. This plan includes a significant investment, with intentions to quintuple the bank’s local physical network.

    Ashmita Acharya, HSBC’s head of international wealth and premier banking in Singapore, spoke about the design and intent of the new wealth center. She noted that the center integrates the wealth and lifestyle aspirations of HSBC’s clients. By bringing together the best of the bank’s advisory, service, and hospitality expertise, the center aims to enhance the wealth journey of its clients in a meaningful way.

    Questions & Answers

    What is the purpose of the new wealth center established by HSBC in Singapore?
    The new wealth center is dedicated to serving HSBC’s high net worth segment, the HSBC Premier Elite. It aims to bring together the best of HSBC’s advisory, service, and hospitality expertise to enhance the wealth journey of its clients.

    Where is the wealth center located and what are its features?
    The wealth center is located on the 33rd floor of the Singapore Land Tower. It covers an area of 7,884 square feet and includes 14 meeting rooms, enclosed teller rooms, and private client advisory rooms.

    What wider plan is the opening of this wealth center a part of?
    The establishment of this wealth center is part of HSBC’s broader efforts to transform its business in Singapore. This includes plans to quintuple its investment towards increasing its local physical network.

  • Australia Mandates Acceptance Of Cash For Fuel, Groceries: Exemptions And Future Plans Explained

    Australia Mandates Acceptance Of Cash For Fuel, Groceries: Exemptions And Future Plans Explained

    The Australian Federal Government has made significant strides towards safeguarding the validity of cash as a payment mode for everyday necessities by issuing key provisional regulations mandating the acceptance of cash for fuel and groceries.

    Details of the Draft Regulations

    Outlined after a public consultation conducted in the early part of the year, these draft regulations dictate that the obligation to accept cash for fuel and groceries will be restricted to face-to-face transactions of less than $500.

    However, small businesses with a combined turnover of less than $10 million, along with those businesses that are part of a franchise arrangement netting under $10 million, are exempt from these regulations. Additionally, companies that face challenges in managing cash transactions are also exempt.

    Daniel Mulino, the Assistant Treasurer and Minister for Financial Services, agrees that while Australians are progressively opting for digital payment methods, the government recognizes that cash will still be a vital part of society. He appreciates this as a balanced, pragmatic, and judicious move to aid cash users while also taking businesses into account.

    A Three-Year Review Plan

    The Federal Government has announced that it will evaluate the mandate in three years to ensure the policy is effectively serving its purpose. This evaluation will also explore whether the mandate should extend to cover other businesses. It will consider the potential impact on companies presently affected by the mandate and any advancements concerning cash distribution and access.

    The Council of Financial Regulators and the Australian Competition and Consumer Commission, back in July, issued a consultation paper suggesting various propositions on the regulation of cash distribution. Mulino assured that the government would closely examine the CFR’s recommendations alongside industry feedback, and work diligently to ensure that Australians continue to have access to cash.

    Questions & Answers

    What are the new draft regulations issued by the Australian Federal Government?
    The new draft regulations mandate the acceptance of cash for fuel and groceries, specifically for in-person transactions that are less than $500.

    Who are exempted from these new regulations?
    Small businesses with an aggregate turnover of under $10 million, businesses that are part of a franchise arrangement netting under $10 million, and companies that find managing cash transactions difficult are exempted.

    What is the future plan for these regulations?
    The Federal Government will review the mandate after three years to evaluate its effectiveness. This review will also consider whether the mandate should extend to other businesses and the potential impact on the currently affected companies.

  • Bangkok Sees Historic Decline in New Condominium Launches: Lowest Level in 15 Years

    Bangkok Sees Historic Decline in New Condominium Launches: Lowest Level in 15 Years

    Bangkok’s condominium market continued to feel the squeeze in the second quarter of 2025, with only two new projects launching and a mere 405 units introduced. This staggering figure marks the lowest level of new launches in 15 years, as reported by Knight Frank, underlining developers’ cautious approach in a climate laden with uncertainty.

    Market Mood: Cautious and Creased

    The subdued activity is attributed to multiple pressures weighing on the market, not least the psychological ramifications of a recent earthquake that has particularly affected completed projects with unsold units. As a result, ownership transfers saw a marked decline compared to the COVID-19 pandemic phase. Developers now find themselves extending timelines to clear their existing inventory, a move that inevitably incurs higher management costs.

    The Financial Tightrope Developers Walk

    Amid these challenging conditions, some developers are grappling with debt repayment issues that could threaten the overall financial health of the real estate sector. The report indicated that these strains might force price cuts or special sales strategies aimed at boosting revenue and managing cash flow effectively. While the challenges are mounting, many developers are not throwing in the towel; instead, they are employing adaptive strategies to weather the storm of 2025.

    A Steep Decline in Supply

    The ongoing trend highlights a decrease in supply, with Q2 2025 seeing the lowest number of condominium launches since 2020. All newly introduced units are situated in Bangkok’s northern suburbs, starkly contrasting the boom witnessed in Q2 2022 when the market surged to a staggering 15,164 units—its highest output in five years. Since then, the market has confronted a slowdown, particularly from Q3 2023 onward, where quarterly launches have frequently dipped below 8,000 units and even fell under 3,000 units at times.

    A Shift in Ownership Trends

    Compounding the slowdown, ownership transfers in Q2 2025 dropped to just 12,183 units—marking the lowest figure in over six years. This trend reflects a broader malaise in the market, punctuated by economic uncertainties and factors undermining buyer confidence, such as high household debt, soaring living costs, and tightening lending practices from financial institutions. As buyers retreat, the dynamics of the market shift from vibrant potential to an uphill climb.

    Questions & Answers

    What factors are influencing the slowdown in Bangkok’s condo market?
    Developers are facing a range of pressures, including a recent earthquake’s psychological impact, ongoing economic uncertainties, high household debt, and stricter mortgage lending criteria, all contributing to reduced buyer confidence.

    How does the current supply of new condos compare to previous years?
    The supply of new condominiums in Q2 2025 reached its lowest level in 15 years, with only 405 units launched, a significant downturn from the market peak in Q2 2022 when over 15,000 units became available.

    What strategies are developers implementing to cope with market challenges?
    Many developers are pivoting to proactive strategies, which may involve price reductions or special sales to stimulate sales and manage cash flow effectively as they navigate through ongoing market uncertainties.

  • Tokyo’s Grade A Office Leasing Set for Strong Performance in Second Half of 2023

    Tokyo’s Grade A Office Leasing Set for Strong Performance in Second Half of 2023

    The corporate world is buzzing, and Tokyo’s office leasing market is feeling the effects. According to the latest insights from JLL, a robust demand from companies is set to keep leasing volumes strong in the latter half of the year. The appetite for office space continues to grow, even as external risks loom, such as tariffs and global economic slowdowns. It seems that in the fast-paced landscape of corporate Japan, many businesses see their future as firmly grounded in tangible office spaces.

    Positive Predictions Amid Market Fluctuations

    Recently, Oxford Economics provided a forecast indicating a modest GDP growth of 0.8% by the end of 2025, alongside a consumer price index (CPI) prediction of 2.8%. While these figures paint a picture of stability, they come with caveats, primarily from potential tariffs affecting corporate activity and a possible downturn in overseas economies.

    Demand for Quality Office Spaces is Sky-High

    JLL’s report highlights that demand for existing office buildings remains resilient due to a substantial influx of headcounts and a trend toward high-quality relocations. In fact, net absorption in the Tokyo office market reached 30,816 square meters in Q2 2025, driven by significant activity in the information services, wholesale, retail trade, and professional services sectors. You could say the Tokyo office market is the land of opportunity—just without the neon lights.

    Rents Continue their Relentless Climb

    As companies vie for the best locations, rents have skyrocketed for six consecutive quarters. By the end of Q2 2025, average rents stood at JPY 36,237 per tsubo per month, marking a 2.0% quarterly increase and a striking 5.9% increase year-on-year. The Akasaka/Roppongi and Otemachi/Marunouchi areas, known for their premium real estate, have reported particularly tight vacancies and landlord-friendly market conditions.

    Vacancy Rates Plummet in Prime Locations

    Tokyo’s Grade A office vacancy rate averaged just 2.4% in Q2, reflecting a decline of 10 basis points quarter-on-quarter and 120 basis points year-on-year. The Otemachi/Marunouchi and Akasaka/Roppongi submarkets are seeing availability shrink to nearly non-existent levels, signaling that demand significantly outpaces supply.

    Capital Values Surge Despite Economic Uncertainty

    In line with rising rents, capital values in Q2 2025 rose 2.9% quarter-on-quarter and 9.5% year-on-year. This upswing can be attributed to the impenetrable ongoing demand and stable cap rates observed throughout the quarter. A standout transaction this quarter was Mitsubishi Estate’s acquisition of the Akasaka Park Building—a move that underscores the enduring allure of Tokyo’s real estate market.

    Questions & Answers

    What factors are contributing to the strong demand for office leasing in Tokyo?
    The strong demand can be attributed to increased headcount within corporations and a tendency towards relocating to higher-quality office spaces, driven by an appetite for premium environments.

    How have rental rates changed in Tokyo’s office market?
    Rentals have climbed for six consecutive quarters, with averages reaching JPY 36,237 per tsubo per month by Q2 2025, marking a 5.9% year-on-year increase.

    What are the implications of plummeting vacancy rates in key submarkets?
    The declining vacancy rates in districts like Otemachi/Marunouchi indicate a significant demand-supply imbalance, with nearly no space left available, making it a landlord’s market.

  • Jakarta’s Prime Logistics Supply Set to Expand to 3.2 Million Square Feet by 2025

    Jakarta’s Prime Logistics Supply Set to Expand to 3.2 Million Square Feet by 2025

    Record growth is on the horizon for Jakarta’s logistics sector as the city prepares for a significant surge in demand for industrial spaces by FY2025. A recent report from JLL forecasts that nearly 250,000 square meters of new logistics facilities will become available in 2025, leading to a cumulative supply of around 3.2 million square meters. This is expected to keep vacancy rates impressively low, around 9%.

    Barriers to Competitiveness in the Market

    However, various challenges must be overcome to bolster global competitiveness and attract foreign direct investment (FDI). The report highlights the need for improvements in permitting processes and the enhancement of supporting infrastructure within industrial estates.

    Chinese Companies Drive Demand

    Interestingly, over half of the inquiries for these spaces originated from Chinese enterprises pursuing multi-functional industrial complexes that integrate warehousing, workshop, and assembly capabilities. Key sectors fueling this demand include electric vehicles, electronics, and automotive industries.

    Healthy Absorption Rates

    Net absorption rates have remained robust, surpassing 100,000 square meters, in alignment with the previous quarter’s performance. The lion’s share of this demand is concentrated in Cikarang, known for its accessibility to toll gates, with additional activity noted in Depok-Bogor and Karawang.

    Tightening Vacancy Rates

    The market experienced a drop in vacancy rates from 9.5% to an impressive 5.9% due to a lack of new completions in Q2, underscoring the sector’s resilience amid soaring demand. Analysts project several new developments will come to fruition in the latter half of 2025, primarily located in Jakarta, Cikarang, and Karawang, totaling around 242,600 square meters.

    The Eastern Corridor: A Preferred Hub for Manufacturing

    The eastern corridor, particularly Cikarang and Karawang, is anticipated to contribute an additional 102,400 square meters of new supply in H2 2025, continuing its appeal as a vital testing ground for foreign manufacturers eyeing the Indonesian market.

    Rental Rates Hold Steady with Competitive Strategies

    Despite the fluctuations in demand, rental rates have remained stable. Landlords in the eastern corridor are employing flexible pricing strategies to attract tenants. While net rents have stayed consistent since Q1, certain properties—particularly those near toll gates or with limited availability—have seen modest price increases. Cikarang has notably offered competitive rates to lure businesses.

    Rising Land Prices Impact Yield

    As land prices escalate, modest rental growth has led to compression in yield, settling between 7.0% and 7.5%. Limited availability of industrial land, particularly in eastern Jakarta, continues to drive prices up, creating a dual-edged sword for developers and investors alike.

    Questions & Answers

    What is driving the increased demand for logistics spaces in Jakarta?
    Demand is largely fueled by Chinese companies seeking multi-functional industrial areas, with significant contributions from the EV, electronics, and automotive sectors.

    How have vacancy rates changed recently?
    Recent analysis indicates that vacancy rates have tightened from 9.5% to 5.9% due to strong demand and a lack of new completions in the second quarter.

    What strategies are landlords using to attract tenants in the eastern corridor?
    Landlords are implementing flexible pricing strategies to entice tenants, maintaining competitive rates while adapting to market fluctuations.

  • Singapore Set to Welcome 1.2M Sq Ft of Exciting New Retail Space by 2028

    Singapore Set to Welcome 1.2M Sq Ft of Exciting New Retail Space by 2028

    As Asian retail continues to evolve at a rapid pace, recent data reveals a fascinating landscape reflecting both resilience and transformation. As of October 2023, retail in the region is showing signs of recovery post-pandemic, driven by an increase in consumer spending and innovative shopping experiences. With a blend of traditional brick-and-mortar stores and dynamic online shopping platforms, retailers are adapting to meet the demands of an ever-shifting market.

    Rising Consumer Confidence Fuels Growth

    In recent months, consumer confidence has surged, with many customers eager to return to shopping both online and in-store. E-commerce sales are soaring, thanks to an uptick in mobile shopping and personalized online experiences that cater to individual preferences. Retailers are harnessing data analytics to fine-tune their offerings, ensuring that they remain relevant in consumers’ eyes.

    Embracing Sustainability and Innovation

    Sustainability is no longer just a buzzword; it’s a crucial element shaping the retail sector. Brands across Asia are recognizing the importance of eco-friendly practices, incorporating sustainable materials and ethical production methods into their supply chains. Innovative brands are not just finding ways to reduce waste but are also engaging with their customers through transparent communication about their sustainability efforts.

    Technological Integration Transforms Shopping Experience

    The integration of cutting-edge technology is revolutionizing how consumers shop. From augmented reality fitting rooms to AI-driven customer service chatbots, retailers are creating seamless, engaging experiences that resonate with tech-savvy shoppers. This transformation is not just about efficiency; it’s about creating memorable experiences that keep customers coming back for more.

    In this dynamic environment, retailers that truly listen to their customers and embrace change are the ones poised to thrive. As the market landscape continues to shift, one thing is clear: the future of retail in Asia is bright, vibrant, and full of possibilities—much like a neon-lit street market after dark.

    Questions & Answers

    **What factors are driving the current growth in Asian retail?**
    Increased consumer confidence and robust e-commerce sales, alongside a blend of physical and online shopping experiences.

    How are retailers addressing sustainability today?
    Many brands are adopting eco-friendly practices, utilizing sustainable materials, and being transparent about their production methods.

    What role does technology play in the retail transformation?
    Technology enhances the shopping experience through innovations like augmented reality and AI, creating engaging and memorable interactions for consumers.

  • Singapore retail vacancies rise despite steady demand for prime space

    Singapore retail vacancies rise despite steady demand for prime space

    In the first quarter of this year, Singapore experienced a rise in retail vacancy rates, a phenomenon attributed to the healthy demand for prime locations and steady rental growth, as reported by real estate specialists Savills.

    Increased Retail Vacancy Rate

    The retail vacancy rate across the island escalated to 6.8% during the first quarter due to the introduction of 323,000 square feet of new retail space, exhibiting an increase from the previous quarter’s 6.2%.

    Following five quarters of an upward trend in net take-up, the first quarter saw a net demand of -129,000 square feet, a result of a decrease in occupied space across most regions.

    The recent inauguration of Punggol Coast Mall and the refurbishment of The Cathay have further contributed to the rising vacancy rates, owing to the time that these establishments require to be fully occupied.

    Prime Mall Demand and Rental Rates

    On the other hand, landlords of prime malls situated along Orchard have reported a robust demand for lease renewals. This trend is particularly noticeable among luxury retailers, a scenario that has empowered landlords to negotiate higher rents due to a limited supply.

    The exiting of current tenants is balanced by the immediate occupation by new retailers entering the Singaporean market. An example of this is the Japanese thrift shop brand 2nd Street, which recently replaced Pomelo at a location in Somerset.

    Rental Pressure and Future Predictions

    The report identified early indications of rental rates coming under pressure in the Central Region, highlighted by a 0.2% quarter-on-quarter decline in the Central Area and a 1.1% decrease in the Fringe Area. The average monthly rent in the Orchard Area and Suburban Area remained static at SG$23.2 (US$18) per sqft and $14.7 per sqft respectively.

    In terms of future supply, the report anticipates a fairly consistent pipeline of about 597,000 square feet of retail space this year, compared to 679,000 square feet last year.

    For the entirety of the year, Savills predicts that rents in Orchard will touch the upper limit of the 1-2% forecast range, while suburban rents will lean toward the lower end of this range.

    According to Savills, the escalating global trade tensions could potentially cast a negative shadow on Singapore’s export-dependent economy, particularly in the latter half of the year. This could adversely affect business recruitment and wage growth, subsequently leading to a slump in retail sales. The report concludes that the retail sector is set to witness more churn this year as underperforming tenants either endure their leases before relocating or terminate their agreements prematurely if they find their business unsustainable.

    Questions & Answers

    What led to the rise in retail vacancy rates in Singapore?
    A surge in new retail space, coupled with the time required for new establishments to be fully occupied, resulted in an increase in retail vacancy rates.

    What trend was observed among landlords of prime malls in Orchard?
    Landlords of prime malls in Orchard observed a strong demand for lease renewals, especially from luxury retailers, enabling them to negotiate higher rental rates owing to limited supply.

    What is the effect of escalating global trade tensions on Singapore’s retail market?
    Escalating global trade tensions can negatively impact Singapore’s export-dependent economy, potentially affecting business hiring and wage growth, and leading to weakened retail sales.

  • Vietnam president sends congratulatory letter to Amanda Nguyen, first woman of Vietnamese origin to fly into space

    Vietnam president sends congratulatory letter to Amanda Nguyen, first woman of Vietnamese origin to fly into space

    Vietnam’s President Luong Cuong sent a letter of congratulations to Amanda Ngoc Nguyen as she became the first woman of Vietnamese woman to fly into space in a historic all-female crew this week.

    Blue Origin, founded by billionaire Jeff Bezos, organized a flight of New Shepard, a fully reusable, suborbital rocket system, with a crew of six women in West Texas, the U.S., on April 14 (local time).

    The flight, called mission NS-31, is the 11th human spaceflight project of Blue Origin. The six participants are outstanding women in many fields, including Vietnamese American Nguyen – founder and general director of the non-governmental organization RISE.

    The New Shepard’s journey was a great success, reaching an altitude of 100 km in space and returning safely. After the flight, Nguyen marked herself as the first woman of Vietnamese origin to fly into space.

    Vietnamese Ambassador to the U.S. Nguyen Quoc Dung attended the New Shepard mission and presented a letter from State President Luong Cuong to Nguyen. In the letter, the President expressed his joy and pride that for the first time a woman of Vietnamese origin had flown into space, affirming the talent and intelligence of Vietnamese people in the U.S. and around the world.

    The President’s letter emphasized that in 2025, Vietnam and the U.S. will celebrate the 30th founding anniversary of diplomatic relations and in the overall relationship between the two countries, Vietnam highly appreciates the positive contributions of the Vietnamese community in the U.S. to the development and progress of the U.S., as well as promoting the Vietnam-U.S. cooperative relationship.

    The President also highly appreciated the cooperation between Amanda Nguyen and the Vietnam National Space Center (VNSC), helping to promote the cooperative relationship between the U.S. and Vietnam.

    Born on Oct. 10, 1991, Nguyen graduated from the Harvard University and interned at NASA in 2013. She then worked at the Harvard & Smithsonian Center for Astrophysics, and then served as deputy White House liaison at the U.S. State Department.

    In November 2014, she founded Rise, a non-governmental organization dedicated to protecting the civil rights of survivors of sexual assault. In 2019, she was nominated for the Nobel Peace Prize for her efforts to fight for the rights of victims of sexual assault.

  • Your Ultimate Guide to Find the Right Office without Headaches

    Your Ultimate Guide to Find the Right Office without Headaches

    Hong Kong is one of the most competitive markets in the world when it comes to locating office spaces. As one of Asia’s premiere business hubs and the world’s freest economy, many companies – both local and international – are all vying for the best office spaces. Here’s how you can ensure you don’t get pressured into renting an office space that’s not ideal for your business.

    Setting a Reasonable Budget

    Since Hong Kong is generally an expensive market when it comes to finding office spaces, expect to pay a premium compared to other destinations in Asia. This means that it’s acceptable to set aside a slightly larger budget for rent, but it’s always important to keep track of market trends and how property prices are performing. To this end, you can use statistics provided by the Hong Kong government to have a general idea of how different types of office properties – from private offices to factory spaces – are performing at any given year. Also keep in mind your overheads and profit margins when creating a budget for your office rent.

    Types of Offices in Hong Kong

    Office space in Hong Kong can be categorized into different types include:

    Traditional Offices

    Traditional offices are completely private spaces that are rented out or owned by a single company. These offices are great for companies with bigger budgets who rely on wowing clients with their office space.

    Serviced Offices

    With fully-private rooms to work in, but a shared common area beyond, serviced offices like Compass Offices are a good option for companies who want a premium office feel at a fraction of the price.

    Coworking Office Spaces

    Made up mainly of desks that can be rented, these spaces offer minimal privacy. Typically, coworking spaces are a great option for remote businesses or freelancers trying to keep their office budgets to a minimum.

    The Best Hong Kong Locations for Your Office

    Hong Kong has several distinct districts that all offer unique perks for businesses looking for great office spaces.

    In Hong Kong Island you’ll find several of the city’s largest business districts like Central, Admiralty and Causeway Bay, which are ideal for offices that require a premium setting and feel.

    Kowloon offers a mix of upscale offices and budget-friendly areas. Tsim Sha Tsui is perfect for high-end offices because of its proximity to Victoria Harbour. Meanwhile, districts like Lai Chi Kok and Sham Shui Po are great for companies looking for a bargain.

    The New Territories offers cheaper rents and more space. For example, Tai Po and Tseung Kwan O are perfect locations for industrial companies.

    Picking the Right Office Size

    It’s important to consider what your plans are for future growth when selecting an office space. Since the market is so competitive for office spaces, it can be expensive and challenging to move to new spaces often. This is why it might be worth purchasing an office space that can accommodate more staff than you have currently if you plan on expanding.

    Office Amenities and Perks

    When searching for an office space, consider what additional benefits you get as part of the deal. Do you have a kitchen and pantry for your staff to prepare their lunch in? Are there a sufficient number of toilets for your employees to use? Are meeting rooms and furniture already provided? Ensuring that the right amenities are already in place can be a huge way to cut down costs when selecting your office in Hong Kong.

    Avoid Awkward Layouts

    Picking the right office space purely on square area alone is not sufficient for a positive working environment. If teams are forced to be split up because of a poor layout, it can lead to a decrease in productivity and ultimately, profits. Also consider things like natural light and how spacious the office feels. A good use of floorspace can sometimes make smaller offices seem even more spacious than poorly-planned larger ones.

    Don’t Settle for Anything but the Best

    Sometimes it’s worth being a little patient and not settling for an office space that you have to compromise on. Pick a space that suits your business needs as much as possible so you can rent the perfect office space the first time round and not have to spend extra on relocating regularly.

  • Push for Sustainability and Governance in Space

    Push for Sustainability and Governance in Space

    On one hand, the satellite communications industry is pressured to deliver universal connectivity. On the other, the industry has a part to play in mitigating potential damage of uncontrolled growth in space. Telecom Review Asia Pacific interviews Peter Hadinger, Chief Technology Officer, Inmarsat during Asia Tech Singapore 2022 to learn about the pressing need for governance in space, as well as the future outlook of the GEO satellite operator.

    Why is it important to ensure sustainability at the forefront of satellite network design and deployment?

    When you start off small, you don’t always pay attention to the environment that you’re working in. This has been true for humanity over the millennia, when people didn’t have to worry as long as the environment is big and their impact is small. This leads to the ‘tragedy of the commons’ when everybody assumes that somebody else will take care of the problem.

    This is why for a long time, satellites have been a rare thing. You didn’t have many of them and as space is big, there were no problems and not many rules. Similar to when aviation just started, there was no air traffic control. But when air traffic became more congested, mechanisms were needed to ensure that everyone was following the same rules. This is also true for maritime.

    However, space has been an open territory without a lot of rules, even though there are bodies like the International Telecommunication Union to coordinate on spectrum. Some large countries—the United States in particular—have had some rules about orbital debris for a number of years. But it’s not about satellites running into each other ­– it’s more about ensuring that satellites do not leave a lot of debris behind.

    But now, in an era of mega-constellations, we feel that it’s incumbent on space operators to do what all other industries have done over time, which is to establish rules to ensure that space is collectively taken care of.

    For geostationary satellite operators, this has been going on for a long time. There’s one very narrow space which is the geostationary arc, and in that arc, there are essentially informal rules that govern how operators move around and coordinate positions with one another.

    But once you enter the lower orbit, where there are more players and a far greater number of assets that are going every which way. Becoming disconnected from each other, it’s important to ensure that we have rules in place to address conflicts when they occur — when satellites are decommissioned or if we lose control of them, or to ensure that we can avoid one another in space.

    Today, we have to launch through the LEO belt to get to GEO. Our early operations of getting into the GEO orbit involve looping, in and out of the LEO space. We, as GEO operators, are very concerned about what happens in LEO because we cannot afford to have an accident that spreads debris, which has occurred in the past. 

    Can you tell us about Inmarsat’s commitment to ensuring continued growth and innovation in space?

    Inmarsat has always been on the leading edge as we are the first to introduce activities in a variety of frequency bands, as well as the first to debut new technologies for combining space-and-ground networks like what we do with the European Aviation Network.

    We integrate these capabilities into new, innovative systems. For example, Iris is a system we’re deploying in Europe to support air traffic navigation, with manned and unmanned platforms working side-by-side. The same problem that we’re talking about in space is being addressed in Europe’s aviation environment because they have too many planes and are getting into things like drones which have to operate in that same space.

    They need to have a common communications infrastructure to share information on where they are and to reach where they’re going safely.

    Moving into an era where we are addressing the hotspots of the world, there’s a combination of both satellite and terrestrial technologies, comprising mixed frequency bands and different kinds of satellites (GEO and LEO). However, end users do not need to understand these complexities – all that matters is that they are connected.

    But for us, we must ensure that they receive the best possible service everywhere, independent of all the magic that goes on behind the scenes. This is our motivation for investing hundreds of millions of US dollars a year to stay at the forefront of mobility and safety. Since Inmarsat’s inception, we have been offering transport mechanisms for global safety critical industries, starting from maritime and now aviation. We’re also the largest supplier of communications services to governments worldwide. With more than 40 years of global satellite communications leadership, we recognize the ability to not only facilitate air traffic and maritime navigation, but also space traffic navigation.

    Recently, the trials for the terrestrial element of Inmarsat ORCHESTRA have just ended in Singapore. Can you tell us why was Singapore picked as the destination?

    There are three reasons why. Firstly, you can’t find a denser maritime environment than in Singapore – undeniably the world’s most dense shipping route and a place that challenges capacity.

    Secondly, Singapore has a very challenging radio environment impacted by the weather, where its humid and rainy climate adversely affects radio links. With our proofs-of-concept, we couldn’t find a more challenging venue than Singapore. We knew that if it was going to work in Singapore, it would work anywhere else.

    Thirdly, we receive tremendous support in Singapore. As these tests were conducted during the height of the pandemic, it was great that we have a local office in Singapore, with engineers and staff that supported us in placing our equipment in ships to run the trials. We also have had the support of the Maritime Port Authority (MPA) which saw the value in introducing new technologies in this dense environment.

    How do the trial results support better connectivity solutions for Inmarsat in the future?

    The fundamentals of ORCHESTRA are using different communication mechanisms to support a given user, which in this case is a ship. Because we have so many ships in a dense environment like Singapore, being able to take some of that traffic off from the satellite and connect it directly to shore frees up satellite capacity for other applications.

    To deliver a huge amount of capacity domestically, we wanted to test a bunch of technologies to determine how they would work in this challenging environment. We used the results to refine our technical approaches that will then bring the market ultimately to the terrestrial element of ORCHESTRA, not just in Singapore but everywhere else, targeting dense hotspots such as ports, straits, canals, airports, with high traffic.

    We’re also looking at future LEO satellites forming small constellations of fewer than 200 satellites to address mobility and sustainability. We’re also investing in LEO satellites as they make financial sense in the long run.

    Fortunately, we are not time-pressed to achieve this as we already have the world’s best global network and a roadmap that goes well beyond 2030. In the near future, I foresee LEO playing a significant role. Our upcoming LEO capabilities would build on the foundation we’ve established, which is essentially core to ORCHESTRA to uniquely integrate LEO and terrestrial networks at hotspots to support sustainable satellite communications.

  • Investing in Space Has Long-Term Potential

    Investing in Space Has Long-Term Potential

    We choose to go to the Moon in this decade and do the other things, not because they are easy, but because they are hard, exclaimed John Fitzgerald Kennedy in 1962.

    Today, despite the hardships and challenges, there are myriad private operators striking out to conquer New Space, Space 2.0. Pioneering companies are emerging in sectors as diverse as communications satellites, Earth observation by satellite imagery, and in-space manufacturing.

    Once the prerogative of national governments, space has indeed tipped into the private sector with the creation of numerous innovative start-ups and an acceleration in IPOs around the world. This radical transformation in the space ecosystem heralds a technological and economic revolution focusing on strategic issues and creating unprecedented investment opportunities.

    This boom is being helped along by reusable space assets and the plummeting cost of access to space. Satellites, once outsized and clunky, are now being replaced by mass-produced nanosatellites whose production costs are as much as one thousand times less than they were.

    The communications satellite industry is expected to grow by an estimated plus 9.2 percent per year between now and 20271. And the in-space garment industry is expected to grow by an estimated plus 7.5 percent per year between now and 20262.

    The other revolution going on is space data, the 21st century’s black gold, with exponential large-scale marketing. Space data is and will continue to be used in all sectors, from communications to precision agriculture, with operators like MAXAR TECHNOLOGIES, whose satellite images are used for mapping ports, airports, and sensitive sites and to aggregate multiple sources to detect changes using artificial intelligence.

    In the long term, this new private space industry seems to have prodigious potential. Currently valued at some $400 billion3, the space market is expected to swell to $2.7 trillion by 20454, creating a growth driver for the global economy.

    We believe that in the long term, exploration and use of the space ecosystem will benefit all of Earth’s inhabitants. It is this conviction of La Financière de l’Echiquier that launched Echiquier Space in 2021, the very first investment fund dedicated to space and its ecosystem.

    This solution invests in innovative and lasting space operators who are looking for ways to minimize the resources used, leverage the properties of hydrogen as a propulsion source, and adopt policies for managing space debris. Such resource optimization will, we believe, meet humanity’s most pressing challenges, from climate change to biodiversity protection to bridging the digital divide.

    Space 2.0 is designing new worlds, and we believe it will help improve living conditions on Earth by constantly pushing the boundaries on our planet.

  • NASA-linked perfume recreates the ‘smell of space’

    NASA-linked perfume recreates the ‘smell of space’

    A new perfume backed by a kickstarter campaign is inspired by NASA astronauts’ descriptions of the smell of space.

    According to a Designboom feature, Eau de Space – developed by chemist and Omega Ingredients founder Steve Pearce – is a perfume based on the scent developed decades ago for astronauts in training to prepare them for extraterrestrial experiences beyond the atmosphere.

    The original formula is based on reports from returned astronauts, who described the smell of space as “seared steak, raspberries and rum” and “a bitter kind of smell in addition to being smokey and burned … like a smell from a gun, right after you fire the shot”.

    The formula for the scent has been a closely-guarded secret for years.

    The scent developers partnered with leading perfumers to create “a fragrance that sparks curiosity while leading to an increased interest in Stem (science, technology, engineer, mathematics) students grades K-12”, according to the feature.

    Pearce has hinted that the team’s next project will be to release a scent inspired by the smell of the moon…

    Here’s a cool video release to promote the new fragrance…

  • WeWork to open 2 coworking offices in HCMC

    WeWork to open 2 coworking offices in HCMC

    Coworking startup WeWork plans to open two more offices in Ho Chi Minh City’s District 1 this month. One of them will be at Lim Tower 3, and rents will start at VND6.9 million ($297) per month for a single-seat, according to the company’s website. Another will be on Sonatus Building, with prices starting at VND7.8 million ($336).

    The New York-based startup opened its first working space in the city in District 4 in March. WeWork’s move comes in a market that has some serious players with a lot of locations.

    Vietnam’s Toong, backed by private-equity firm Indochina Capital, has 12 locations besides one each in Laos and Cambodia.

    Hanoi company UPGen, with funding from Singapore PE firm Northstar Group last year, has 13 offices in Hanoi and HCMC.

    Coworking spaces are becoming popular in HCMC’s central districts since the limited traditional office space there is unable to meet the burgeoning demand.

    As of the end of September, coworking companies had rented 52 percent of all office space in the central area, including in under-construction buildings, according to a report by real estate firm Savills Vietnam.

    HCMC has been ranked the 41st fastest-growing coworking markets in the world this year by consultancy Co-working Resources, which said a new coworking space opens in the city every 47.5 days.

    WeWork has added 114 new sites in the past four months, according to its website, and is planning to open another 208 in the next few months, bringing its total number to 850.

    The announcement came in the backdrop of the company’s failed IPO amid investor concerns that its valuation was inflated.

    WeWork owed $18 billion in a long-term lease at the end of June and is expected to lay off 4,000 of its more than 12,500 employees

  • Indian mall space to grow by 65 million sqft by 2022

    Indian mall space to grow by 65 million sqft by 2022

    India will take on more than 65 million sqft of new mall space by the end of 2022, according to a new report from real estate services firm Anarock.

    The report shows the region’s top seven cities will account for 72 percent of the new mall space, while tier 2 and tier 3 cities will see 18.2 million sqft of new supply. Nearly two-thirds of the planned space (40 million sqft) will hit the market by next year.

    “This new supply is also driven by the increasing interest of institutional investors – including private-equity players – who invested almost US$1.9 billion into Indian retail between 2015 and the first quarter of this year,” said Anarock Retail MD & CEO Anuj Kejriwal. “In fact, more than 60 percent of this investment was infused in the last two years alone, making these the best years for the Indian mall sector in recent times.

    Notwithstanding the decline in deal activity in the second half of last year following the liquidity crisis, the retail segment attracted investments of almost $115 million in just the first quarter of this year.”

    The report also maintains that real estate investment trusts (REITs) can be a viable tool for mall developers to raise funds, but this fund-raising instrument still needs to mature sufficiently. Also, the retail REIT structure and performance may not be directly comparable with the commercial office sector.

    The report also showed the Indian retail industry has moved from long-term leasing to short-term leasing tenures (three to five years) to enable constant updating of the brand mix within the mall. Globally, the standard lease term is still above five years.

  • Fritz Hansen Opens First Store in China

    Fritz Hansen Opens First Store in China

    Furniture firm Fritz Hansen has launched a Jaime Hayon-designed showroom in the Chinese city of Xi’an.

    The new 1000sqm gallery, represents a stage in the brand’s ambition to become the largest Danish brand in China, is Fritz Hansen’s first store in China and its largest in the world.

    “You always need to find a way to be new, never done before – you need to create an experience,” said Fritz Hansen’s Asia CEO Dario Reicherl in an interview with Dezeen. “Through a series of steps, I believe we can be the biggest Danish brand in China in a couple of years.”

    The gallery/store is designed to resemble a temple with high ceilings, warm-hued walls and vaulted walkways created by the Spanish designer. Furniture on display is arranged in living room-style set-ups. Fourteen more intimate show spaces are accessible by a grand staircase.

    “Like in a labyrinth, you start to discover the little areas and each one has the furniture of Fritz Hansen,” said designer Jaime Hayon, “from the historical ones to the new ones I have designed, and pieces from other designers. The lighting and everything has been composed together with some art, carpeting, plants and small objects. So in this way we can inspire the client.”

    “China is the second biggest luxury market in the world, soon overtaking the US,” according to the brand’s executive VP of sales and marketing Lars Hardboe Galsgaard. “It will definitely be the biggest market and economy in the world in terms of private consumption and commercial consumption within a few years. So if you look at that marketplace, we needed to move here. We need to be part of that and we need to be part of defining design, furniture and lifestyle in China.”