Stories By: Singapore Business Review (3,032 Articles Found)

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Worldwide Hotels Group secures $405m green loan

Worldwide Hotels Group has acquired its first green loan amounting to $405m from Maybank. The loan will help develop the group’s new hotel and commercial development, 8 Club Street and is considered the biggest bilateral green financing for…

NTUC FairPrice retains crown as top retailer in Singapore: study

NTUC FairPrice continues to beat other retailers as the top retailer in Singapore with its actuals amounting to $3.31b (US$2.51b), according to Euromonitor’s Top 100 Retailers in Asia 2021. Dairy Farm grabbed the second spot with its actuals…

Six startups take centre stage at CapitaLand Sustainability x Challenge finale

CapitaLand Sustainability X Challenge (CSXC) has selected six finalists that will compete for a chance to pilot their innovations on selected properties. The following finalists are 1) g-En Pte Ltd – CooGenTM is a portable, self-powered cold hydraulic…

IT consultancy Prontastic Group to open Singapore office

IT consultancy firm Prontastic Group will be establishing Prontastic Singapore in response to the growing demand for cybersecurity solutions in SEA. The company’s expansion comes as it expects the cybersecurity market in the region to reach $53.09b (US$40b)…

Singapore commercial property market activity leaps by 200%

Singapore’s commercial property market experienced a huge leap in activity in Q1, with volumes registering a 200% increase in the market amounting to $2b (US$1.5b) in Q1 2021, according to a study by Real Capital Analytics. Singapore was…

PropNex’s net profit balloons by 96.7% in Q1 amidst market recovery

PropNex reported a 96.7% growth in NPAT for Q1 2021 to $16.2m, on the back of a 63.3% growth in revenue to $220.6m. NPAT had nearly doubled compared to a year ago from $8.22m in Q1 2020. It…

April’s condo resale volumes smash 11-year record

Condo resale volumes rose to their highest-ever level in Apr on the back of strong demand from HDB upgraders and potential delays in the completion of new residential projects amidst ongoing travel restrictions. An estimated 1,993 condominium units…

Businesses struggle to cope with lack of foreign manpower: SBF

SBF has said that companies are struggling to cope with the loss of foreign manpower from last year. In 2020 alone, non-resident employment decreased by 195,900, and travel restrictions have slowed the inflow of foreign workers to replace…

AA REIT DPU jumps 41.5% to 2.90 cents

The AIMS APAC REIT (AA REIT) reported its DPU increased 41.5% y-o-y to 2.90 cents for the fourth quarter ended Mar 2021, compared to 2.05 cents in the previous quarter. The REIT’s gross revenue rose by $3.8m to…

OUE C-REIT net property income slips l.6% to $61.1m

OUE Commercial REIT reported a 1.6% slip in its NPI to $61.1m for the first quarter of 2021. In a bourse disclosure, the property firm attributed this loss to rental rebates to selected retail tenants, offset partially by…

How NTUC FairPrice’s consumer centric mindset became its golden goose

When the Singapore government implemented Dorscon Orange due to the spread of COVID-19, it was a supply nightmare for retailers as Singaporeans scrambled to get essentials. FairPrice Group’s CEO of Retail Business Elaine Heng called it a ‘baptism…

OUE C-Reit redeems $155m convertible units in One Raffles Place deal

OUE Commercial REIT Mgmt Pte Ltd has announced, in its capacity as manager, that it will redeem 155m CPPUs of OUE Commercial REIT, worth $155m. In a notice, the manager of OUE C-Reit announced an irrevocable redemption of…

Property market records three-year high

Singapore’s property prices have increased in the last four quarters since Q2 of 2020. This is following the months after the Circuit Breaker ended. According to PG’s SPPI, a QoQ gain of +3.84% was recorded, a figure considered…

Asia’s uber rich looking at Singapore penthouses

A clear and noticeable trend has emerged over the last few months for that ultimate of status symbols —the top floor penthouse apartment. It wasn’t just new apartments, like the Midtown Modern penthouse that sold for $14.8m in…

CDLHT reports 1% YoY rise in net property income for Q1, 2021

CDL Hospitality Trusts (CDLHT) reported a 1% rise in NPI in Q1 2021 to $19.8m. This was up from $19.6m a year ago and comes despite ‘sharp declines’ RevPAR for those hotels which are either closed on a…

Mapletree Industrial Trust distributable net property income up 11.3%

Mapletree Industrial Trust (MIT) reported a distributable NPI of $$295.26m for the fiscal year of 2020/2021. This is 11.3% higher than the distributable NPI of $265.33m recorded for the same period last year. “Y20/21 was fraught with uncertainty…

CICT net property income up 66.6% to $247m

CapitaLand Integrated Commercial Trust (CICT) has posted a NPI of $247.1m for the first quarter of 2021. In a bourse disclosure, CICT said this is a 66.6% increase from last year’s figures. Retail spaces of CICT have been…

Starhill Global REIT net property income hops 0.6% in its Q3

Starhill Global REIT recorded a NPI of $35.4m for the third quarter of the 2020-2021 fiscal year, a 0.6% increase from the same period last year. The Singapore-based investment firm has assets in Singapore, Australia and Malaysia, 86%…

No new stores, but Sheng Siong’s net profit up 6.6% in Q1

Sheng Siong Group reported a net profit of $30.9m for the first quarter of 2021, a 6.5% increase y-o-y. This is despite opening no new stores in the quarter, following its failed tender for two key properties. “Even…

NTUC Fairprice: Building the grocery store of the future

If you’ve ever wondered how the future of grocery might look, NTUC FairPrice is now giving you a glimpse into that space, and allowing the public to experience its new concepts for both online and offline shopping. Head…

Lull’s over: Retail sales show first positive growth in over two years

Retail sales showed their first sign of recovery after an uptick of 3.5% y-o-y was recorded for Feb 2021, the first positive y-o-y growth since Oct 2018 according to a report by Fitch Solutions. It said that the…

Aedas builds community spaces that can be accessed 24/7

The days of monolithic stand-alone office towers being left dark at night after the workers have gone home are at an end, argues Aedas Singapore Executive Principal Alen Nikolovski. Instead, the development spaces must include mixed-use areas for…

Expat accommodation monthly rentals drop by 2%

A new study conducted by ECA Intl has shown that the average monthly rental prices in areas commonly inhabited by intl executives or expatriates in Singapore dropped by 2.01% in 2021, as compared to prices from the previous…

RSP eyes ‘vernacular architecture’ as a greener way to redevelop

In an exclusive interview with Real Estate Asia, RSP Director, Sonny Chionh, shared that he would like to see more building owners and developers “reusing” their developments. “The goal is to keep it relevant without having to demolish…

Public sector projects to drive Singapore construction activities in 2021

Construction recovery in 2021 will continue to be driven primarily by the public sector at 65% of industry-wide spending, up from 62% in 2020, according to a report by Turner & Townsend. It says this comes as prospects…

TEE International tumbles, reports $6.4m net loss for Q3

TEE Intl posted an overall loss for the third quarter, ending on Feb 28. In a bourse disclosure, the company reported that it had a $6.4m net loss for the third quarter of the fiscal year, more than…

Office occupancy heats up as businesses return to the office

Business occupancy in CBD swelled by 93.9% in Q1 2021, as business leaders prepared to get back to the office according to Knight Frank. According to the real estate consultancy, prime Grade office rents in the Raffles Place…

Global trading firm Optiver to open Singapore office

Global market maker and proprietary trading firm Optiver will be opening a new office in Singapore this year, as part of its expansion in the APAC region. The opening of the Singapore office will mark the fifth office…

Pandemic leads to surge in real-time payment transactions in 2020

Real-time payments saw a surge in the Lion City, as the pandemic swept the globe in 2020. According to the latest global report from ACI Worldwide, real-time payments in Singapore rose by 48% in 2020, at a total…

Chinese New Year boosts retail sales by 5.2% in February

Retail sales grew by 5.2% y-o-y in Feb, compared to the 6.1% y-o-y decline recorded in Jan according to the latest government statistics. The growth was attributed mainly to CNY Celebrations. The total retail sales value was estimated…

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