Comex 2017
- Here
- wong chee tat :)
Showing posts with label shoppers. Show all posts
Showing posts with label shoppers. Show all posts
Sunday, September 3, 2017
Saturday, September 2, 2017
Monday, June 27, 2016
Flashy lifestyles hide hints of credit card woes
Flashy lifestyles hide hints of credit card woes
By Chew Hui Yan Posted 25 Jun 2016 15:16 Updated 26 Jun 2016 02:22
SINGAPORE: They flash their credits cards at high-end restaurants and hang out at hip nightspots. The more adventurous among them think nothing about taking yearly vacations in the most exotic, far-flung places.
But such a lifestyle has also been identified as the main reason young professionals tend to rack up unsecured debts, Credit Counselling Singapore (CCS) said.
The organisation, which helps people clear their debts, believes a lot of this is due to peer pressure.
“If you have friends who go clubbing a lot, you might feel pressured to go with them because if you don’t, you’d start to lose your friends,” CCS president Kuo How Nam said in an interview with Channel NewsAsia.
This pressure might eventually lead to an unsustainable lifestyle, which is further glamourised on social media platforms like Snapchat and Instagram.
“Don’t be fooled; people might post pictures of designer bags and nice restaurants but what you don’t see is how much they owe,” Mr Kuo said.
“Once, I picked up an issue of Tatler magazine (a luxury publication targeted at high-net-worth individuals) and recognised a client. Social status is more a function of how much you spend rather than how much you have.”
The CCS administers the Repayment Assistant Scheme, which was introduced in April last year to help those with large unsecured debts.
In 2015, it counselled 4,675 people, of which about 11 per cent were aged 30 and below. People aged 31 to 40 make up more than one third (about 1,800) of the total.
The CCS said this could be due to several reasons. For instance, people aged 31 to 40 may have young children and parents to look after; younger ones are less likely to have such responsibilities. Younger professionals thus are under less pressure financially and have greater freedom to spend on themselves.
Another contributing factor is the fact that one needs a minimum annual income of S$30,000 to be eligible to apply for a credit card. This means young adults who have just entered the workforce might not even qualify.
Mr Alfred Chia, the chief executive officer of financial planning company SingCapital, also noted that young professionals tend to have better financial literacy and responsibility compared to the older generation.
“The numbers are healthy and we’ve seen an increase in young working adults seeking financial planning,” he said. Over the last five years, SingCapital has seen an annual increase of 8 to 10 per cent in clients aged 30 and below.
Despite these encouraging statistics, Mr Kuo offered this note of caution for young professionals: “Be careful. How you spend your money is affected by who you mix with. This determines your lifestyle which decides whether or not you get into debt.”
It is also never too early for young professionals to start planning their finances, said Mr Chia. “It is normal for us to deviate from our plan but having one will remind us to come back to it,” he said.
For more on unsecured debt, catch Channel NewsAsia’s Spotlight segment on Sunday, Jun 26, at 10pm.
- CNA/av
- wong chee tat :)
By Chew Hui Yan Posted 25 Jun 2016 15:16 Updated 26 Jun 2016 02:22
SINGAPORE: They flash their credits cards at high-end restaurants and hang out at hip nightspots. The more adventurous among them think nothing about taking yearly vacations in the most exotic, far-flung places.
But such a lifestyle has also been identified as the main reason young professionals tend to rack up unsecured debts, Credit Counselling Singapore (CCS) said.
The organisation, which helps people clear their debts, believes a lot of this is due to peer pressure.
“If you have friends who go clubbing a lot, you might feel pressured to go with them because if you don’t, you’d start to lose your friends,” CCS president Kuo How Nam said in an interview with Channel NewsAsia.
This pressure might eventually lead to an unsustainable lifestyle, which is further glamourised on social media platforms like Snapchat and Instagram.
“Don’t be fooled; people might post pictures of designer bags and nice restaurants but what you don’t see is how much they owe,” Mr Kuo said.
“Once, I picked up an issue of Tatler magazine (a luxury publication targeted at high-net-worth individuals) and recognised a client. Social status is more a function of how much you spend rather than how much you have.”
The CCS administers the Repayment Assistant Scheme, which was introduced in April last year to help those with large unsecured debts.
In 2015, it counselled 4,675 people, of which about 11 per cent were aged 30 and below. People aged 31 to 40 make up more than one third (about 1,800) of the total.
The CCS said this could be due to several reasons. For instance, people aged 31 to 40 may have young children and parents to look after; younger ones are less likely to have such responsibilities. Younger professionals thus are under less pressure financially and have greater freedom to spend on themselves.
Another contributing factor is the fact that one needs a minimum annual income of S$30,000 to be eligible to apply for a credit card. This means young adults who have just entered the workforce might not even qualify.
Mr Alfred Chia, the chief executive officer of financial planning company SingCapital, also noted that young professionals tend to have better financial literacy and responsibility compared to the older generation.
“The numbers are healthy and we’ve seen an increase in young working adults seeking financial planning,” he said. Over the last five years, SingCapital has seen an annual increase of 8 to 10 per cent in clients aged 30 and below.
Despite these encouraging statistics, Mr Kuo offered this note of caution for young professionals: “Be careful. How you spend your money is affected by who you mix with. This determines your lifestyle which decides whether or not you get into debt.”
It is also never too early for young professionals to start planning their finances, said Mr Chia. “It is normal for us to deviate from our plan but having one will remind us to come back to it,” he said.
For more on unsecured debt, catch Channel NewsAsia’s Spotlight segment on Sunday, Jun 26, at 10pm.
- CNA/av
- wong chee tat :)
Saturday, June 4, 2016
Bank Cards - Recent Updates
Bank Cards - Recent Updates
- With effect from 1 June 2016, DBS CapitaCard Card and DBS CapitaCard Debit Card will be discontinued. As such, your DBS CapitaCard Card and supplementary card(s) (if any) have been automatically closed from that date.
For more information, click here for "Frequently Asked Questions". - With effect from 1 June 2016, the annual fees for DBS Takashimaya Visa Card will be revised to S$192.60 for Principal Card and S$96.30 for each Supplementary Card.
- With effect from 1 May 2016, the POSB Everyday Card cash rebates will be revised:
Your Spend Cash Rebate SPC 6% Sheng Siong 5% Watsons 3% StarHub 1% SP Services 1% Other participating merchants Up to 40% All other spend 0.3% Terms and conditions apply. - With effect from 1 June 2016, the DBS Altitude Card's miles earn rate for online Flight and Hotel transactions will be revised to 3 miles per S$1 spent (capped at S$5,000 per month).
- With effect from 11 March 2016, the minimum income requirement for card application for DBS Black Card, DBS Altitude Card and DBS Takashimaya American Express® Card will be reduced to:
- S$30,000 and above per annum (Singaporean)
- S$45,000 and above per annum (Foreigner)
- Registration and top-up charges for NETS FlashPay Auto Top-Up (ATU) by Credit/Debit Card and GIRO are currently waived till 31 March 2016. From 1 April 2016, an Auto Top-Up fee of $0.25 (GST inclusive) will be charged for each Auto Top-Up transaction by Credit/Debit Card and $0.15 (GST inclusive) for each Auto Top-Up transaction by GIRO.
- With effect from 1 April 2016, your DBS Live Fresh Card benefits will be revised:
Your Spend What You Get Back Online Purchases 3X DBS Points Local Visa payWave Transactions 3X DBS Points - With effect from 1 April 2016, your DBS Black American Express® Card benefits will be revised:
Earn 1X Rewards (1 DBS Point or 2 miles for every S$5 spend) for everything you charge to your DBS Black American Express® Card. - Please note the following change to our DBS Takashimaya Cards effective 1 May 2016:
Purchases at BEST DENKI, Ngee Ann City will not be eligible for Takashimaya Bonus Points. - Continuing our ‘Go Green’ journey, effective 1 October 2015, the Bank will cease to mail out debit card statements of debit card whose primary account tagged to it is a POSB Passbook Savings Account.
However as part of our concern on the security of your card usage, for debit card transactions that are of a higher risk such as card-not-present purchases (online or mail-order/telephone-order transactions) that do not require 3D secure technology One-Time-Pin sent to your bank-registered mobile number or magnetic stripe “Swipe” purchases overseas, the bank will be sending you statements for the month where you have incurred these purchases so that you are kept updated.
Customers are encouraged to update their passbook regularly to track their transactions or upgrade their POSB Passbook Savings Account to a POSB eSavings Account at any branch or via iBanking to enjoy the convenience of eStatement that they can view anytime, anywhere. - With effect from 1 September 2015, the administrative fee (also known as dynamic currency conversion charge) charged on all Visa/MasterCard Singapore Dollars transactions performed overseas or on foreign websites, shall be revised according to the following table. Before making a purchase, you may wish to check with the merchant as to whether the transaction will be processed outside of Singapore.
Visa/MasterCard Debit Cards From 0.8% to 2.8% fee MasterCard Credit Cards From 0.8% to 1% fee Visa Credit Cards 0.8% fee (no change) - All debit card retail transactions in foreign currency are subject to a charge imposed by the respective card associations (Visa/MasterCard), either as a reimbursement charge representing the charge imposed on us or as a direct charge to you. For foreign currency transactions converted by card associations, a conversion factor of 1% is applied to the converted amount. In addition, an administrative fee for services provided or actions taken by us in relation to such foreign currency transactions shall be payable by you and debited from your Card Account. With effect from 1 September 2015, our administrative fee will be revised from 2% to 2.25% on the converted Singapore Dollar amount for foreign currency retail transactions involving VISA/MasterCard Debit Cards.
- The amount withdrawn at overseas ATMs with your ATM/Credit/Debit Cards is subject to a charge imposed by the respective Visa/MasterCard card associations, either as a reimbursement charge representing the charge imposed on us or as a direct charge to you. With effect from 1 September 2015, the total administrative fee will be revised from 3% to 3.25% on the converted Singapore Dollar amount for the foreign currency amount withdrawn (comprising a charge of up to 1% by the respective Visa/MasterCard card associations) and this fee shall be payable by you and debited from your Card Account.
- In line with MAS' issuance of Banking (Credit card and Charge card) Regulations 2013 and MAS Notice 635 on 29 November 2014, please take note of the key regulation changes applicable for Credit Cards and Unsecured facilities holders. Click here for the Frequently Asked Questions (FAQs).
- In line with an industry-wide initiative led by the Association of Banks in Singapore, we have replaced the Magnetic Stripe ATM Cards to the Chip ATM Cards. Effective 1 April 2015, onlychip-cards will be accepted for NETS transactions and at DBS/POSB ATMs and CAMs. For more information, please click here for the Frequently Asked Questions (FAQs).
- Enjoy fee waiver on your cash withdrawal in Australia at over 3,000 Westpac Group ATMs (Westpac, St. George Bank, Bank of Melbourne and BankSA) with your DBS/POSB Cards with Plus/ Cirrus logos from 1 April 2015. List of Westpac Group ATMs (including Westpac, St. George Bank, Bank of Melbourne and BankSA branded ATMs nationwide) can be found onhttp://www.westpac.com.au/locateus/. Other charges apply. Please click here for details.
- wong chee tat :)
Sunday, March 13, 2016
IT Show 2016
Went to IT Show held in Suntec. Saw what I wanted but the prices deter me from buying :(
- wong chee tat :)
Thursday, March 10, 2016
IT Show 2016 - Suntec
IT Show 2016 starts at today. Looking for routers, switches and laptops....
- wong chee tat :)
Tuesday, March 8, 2016
Thursday, January 21, 2016
Monday, September 28, 2015
Five Joo Chiat shophouses up for sale
Five Joo Chiat shophouses up for sale
Freehold bids start from S$14 million. The shophouses have a total land area of approximately 7,503.58 square feet.
POSTED: 14 Sep 2015 18:38
SINGAPORE: Five adjoining shophouses along Joo Chiat Road were put up for sale on Monday (Sep 14), with the seller seeking bids on a freehold basis in excess of S$14 million.
In a statement on Monday, property consultancy firm Chestertons said that the shophouses, numbered 142, 144, 146, 148, and 150, have a total land area of approximately 7,503.58 square feet.
The site is zoned under "Commercial" in the 2014 Master Plan and has a plot ratio of 3.0, which allows up to a maximum gross floor area of approximately 22,510.74 square feet.
The successful buyer may redevelop the properties and build up to five storeys, as long as the original height of the building and the parts to be conserved are retained, Chesterons said.
Interested buyers can also bid on a 99-year lease basis for the freehold properties to reduce the purchase price, said Chestertons, but added that the vendor "will decide the tenure disposal" after the bidding process is over.
The Joo Chiat area has seen increased interest by investors due to plans to turn nearby Paya Lebar into a sub-regional centre. Upcoming projects in the area include Wisma Geylang Serai, and a 3.9 hectare integrated development by Australian developer Lend Lease and the Abu Dhabi Investment Authority.
Bids for the shophouses close on Oct 8, 2015, at 4pm.
- CNA/wl
- wong chee tat :)
Freehold bids start from S$14 million. The shophouses have a total land area of approximately 7,503.58 square feet.
POSTED: 14 Sep 2015 18:38
SINGAPORE: Five adjoining shophouses along Joo Chiat Road were put up for sale on Monday (Sep 14), with the seller seeking bids on a freehold basis in excess of S$14 million.
In a statement on Monday, property consultancy firm Chestertons said that the shophouses, numbered 142, 144, 146, 148, and 150, have a total land area of approximately 7,503.58 square feet.
The site is zoned under "Commercial" in the 2014 Master Plan and has a plot ratio of 3.0, which allows up to a maximum gross floor area of approximately 22,510.74 square feet.
The successful buyer may redevelop the properties and build up to five storeys, as long as the original height of the building and the parts to be conserved are retained, Chesterons said.
Interested buyers can also bid on a 99-year lease basis for the freehold properties to reduce the purchase price, said Chestertons, but added that the vendor "will decide the tenure disposal" after the bidding process is over.
The Joo Chiat area has seen increased interest by investors due to plans to turn nearby Paya Lebar into a sub-regional centre. Upcoming projects in the area include Wisma Geylang Serai, and a 3.9 hectare integrated development by Australian developer Lend Lease and the Abu Dhabi Investment Authority.
Bids for the shophouses close on Oct 8, 2015, at 4pm.
- CNA/wl
- wong chee tat :)
Saturday, June 20, 2015
Closure of Maybank@RobinsonRd, due to branch relocation
Closure of Maybank@RobinsonRd, due to branch relocation
(Effective: 10 July 2015, end of business day)
As Maybank@RobinsonRd will be relocating to Punggol, the Branch will cease operation at the present premises.
The Branch will be relocating to Waterway Point, a new shopping mall expected to be launched in Punggol Central this year. The opening of Maybank@WaterwayPoint will be announced at a closer date through our website and statement messages.
For your banking needs, please locate any of our 22 Branches here or log in to Maybank Online Banking (www.maybank2u.com.sg).
We apologise for any inconvenience that you may experience.
- wong chee tat :)
(Effective: 10 July 2015, end of business day)
As Maybank@RobinsonRd will be relocating to Punggol, the Branch will cease operation at the present premises.
The Branch will be relocating to Waterway Point, a new shopping mall expected to be launched in Punggol Central this year. The opening of Maybank@WaterwayPoint will be announced at a closer date through our website and statement messages.
For your banking needs, please locate any of our 22 Branches here or log in to Maybank Online Banking (www.maybank2u.com.sg).
We apologise for any inconvenience that you may experience.
- wong chee tat :)
Saturday, January 11, 2014
Zombie Infestation @ Padang
The zombies had "infected" Singapore - first at Sentosa last year. This time, in 2014, the infestation begins at Padang today.
This zombie run is a 5km run though, but you can walk or jog and when you come to the kill zones (where the zombies supposed to be waiting for you and grab your "lives"), you better run for your lives and outrun the zombies. Else, your 3 red tags will snatch from them one by one till you have no tags.
Everyone will have 3 red tags or simply 3 chances at start.When you have no tags - you are simply infected!
Happy outrun the zombies!
- wong chee tat :)
Saturday, September 28, 2013
Sunday, September 1, 2013
Thursday, August 15, 2013
3 people hurt in hypermart fire at Jem shopping mall
3 people hurt in hypermart fire at Jem shopping mall
By Leong Wai Kit
POSTED: 14 Aug 2013 12:37 PM
UPDATED: 14 Aug 2013 2:06 PM
A photo submitted by an eyewitness shows an injured man being wheeled out of a FairPrice Xtra outlet at Jem shopping mall in Jurong.
A FairPrice spokesperson said a deep fryer at the “Ready-to-Eat” counter caught fire at about 10.30am.
It was put out by a fire sprinkler in the area.
FairPrice said it immediately evacuated staff and customers.
The three who were hurt were staff members of its vendor.
The Singapore Civil Defence Force said two of them, a man and a woman, suffered burns to their right forearms and were sent to Singapore General Hospital.
The third person suffered burns to his arm, but declined to be sent to hospital.
FairPrice said operations at the outlet resumed about an hour later at 11.20am.
It is working with the authorities to determine the cause of the fire.
- CNA/xq
- wong chee tat :)
By Leong Wai Kit
POSTED: 14 Aug 2013 12:37 PM
UPDATED: 14 Aug 2013 2:06 PM
A photo submitted by an eyewitness shows an injured man being wheeled out of a FairPrice Xtra outlet at Jem shopping mall in Jurong.
A FairPrice spokesperson said a deep fryer at the “Ready-to-Eat” counter caught fire at about 10.30am.
It was put out by a fire sprinkler in the area.
FairPrice said it immediately evacuated staff and customers.
The three who were hurt were staff members of its vendor.
The Singapore Civil Defence Force said two of them, a man and a woman, suffered burns to their right forearms and were sent to Singapore General Hospital.
The third person suffered burns to his arm, but declined to be sent to hospital.
FairPrice said operations at the outlet resumed about an hour later at 11.20am.
It is working with the authorities to determine the cause of the fire.
- CNA/xq
- wong chee tat :)
Saturday, August 10, 2013
Testing underway before DTL1 opens
Testing underway before DTL1 opens
POSTED: 09 Aug 2013 5:44 PM
Downtown Line Stage 1, which connects Chinatown to Bugis directly, will open by the end of the year. Testing of the train system is underway to ensure smooth travel.
SINGAPORE: Downtown Line Stage 1, which connects Chinatown to Bugis directly, will open by the end of the year.
Testing of the train system is underway to ensure smooth travel.
Basic functions of the train system are tested.
These include emergency call buttons, route map displays, train stopping accuracy as well as the live announcement system.
The Land Transport Authority (LTA) has to complete about 800 test cases.
So far, about 50% of the tests have been completed.
LTA has moved on from testing the core functions of the trains to scenario testing.
LTA's deputy director (rolling stock and depot equipment), Chia Choon Poh, said: "The team has been conducting tests from the operations control centre down to each individual train for the last eight months to test the various functions of the train while in motion. What we are doing now is the carousel train testing, where we replicate normal train operations."
- CNA/ir
- wong chee tat :)
POSTED: 09 Aug 2013 5:44 PM
Downtown Line Stage 1, which connects Chinatown to Bugis directly, will open by the end of the year. Testing of the train system is underway to ensure smooth travel.
SINGAPORE: Downtown Line Stage 1, which connects Chinatown to Bugis directly, will open by the end of the year.
Testing of the train system is underway to ensure smooth travel.
Basic functions of the train system are tested.
These include emergency call buttons, route map displays, train stopping accuracy as well as the live announcement system.
The Land Transport Authority (LTA) has to complete about 800 test cases.
So far, about 50% of the tests have been completed.
LTA has moved on from testing the core functions of the trains to scenario testing.
LTA's deputy director (rolling stock and depot equipment), Chia Choon Poh, said: "The team has been conducting tests from the operations control centre down to each individual train for the last eight months to test the various functions of the train while in motion. What we are doing now is the carousel train testing, where we replicate normal train operations."
- CNA/ir
- wong chee tat :)
Friday, August 9, 2013
Analysts expect Singapore dollar to remain strong against ringgit
Analysts expect Singapore dollar to remain strong against ringgit
By Eileen Poh
POSTED: 05 Aug 2013 11:05 PM
Analysts expect the Singapore dollar to stay around the RM2.50 level against the Malaysian ringgit for the next six months.
SINGAPORE: Analysts expect the Singapore dollar to stay around the RM2.50 level against the Malaysian ringgit for the next six months.
They see the ringgit under pressure because of outflow of funds from the selling of ringgit bonds.
This may bring cheer for Singaporean shoppers across the Causeway.
However, experts also warned that there could be a downside, especially for Singaporeans who invest in Malaysian property.
Sani Hamad, director of financial advisory firm Financial Alliance, explained: "Investors have to bear in mind that if you are investing purely for speculative reasons or you intend to bring your funds back into Singapore in the near future, you have to content with the foreign exchange risk. If the ringgit weakens and you bring it back into Singapore again, you will find that it eats into your profits and sometimes that even leads to a loss."
- CNA/fa
- wong chee tat :)
By Eileen Poh
POSTED: 05 Aug 2013 11:05 PM
Analysts expect the Singapore dollar to stay around the RM2.50 level against the Malaysian ringgit for the next six months.
SINGAPORE: Analysts expect the Singapore dollar to stay around the RM2.50 level against the Malaysian ringgit for the next six months.
They see the ringgit under pressure because of outflow of funds from the selling of ringgit bonds.
This may bring cheer for Singaporean shoppers across the Causeway.
However, experts also warned that there could be a downside, especially for Singaporeans who invest in Malaysian property.
Sani Hamad, director of financial advisory firm Financial Alliance, explained: "Investors have to bear in mind that if you are investing purely for speculative reasons or you intend to bring your funds back into Singapore in the near future, you have to content with the foreign exchange risk. If the ringgit weakens and you bring it back into Singapore again, you will find that it eats into your profits and sometimes that even leads to a loss."
- CNA/fa
- wong chee tat :)
Car rentals rise by 20% over long weekend
Car rentals rise by 20% over long weekend
POSTED: 08 Aug 2013 5:35 PM
Some car rental companies have said car rentals have gone up by some 20 per cent over the long weekend, compared to the same period last year. The companies added that their car rental packages were sold as early as a month ago.
SINGAPORE: Some car rental companies have said car rentals have gone up by some 20 per cent over the long weekend, compared to the same period last year.
The companies added that their car rental packages were sold as early as a month ago.
Hawk Rent a Car said it has rented out some 500 cars.
At another company, Ace Drive, about 80 per cent of the customers are Muslims who have rented the cars to visit their relatives during the Hari Raya holiday.
The other 20 per cent of its customers have rented the cars to head across the Causeway.
The companies believe that the rental business will continue to increase even after the festive season.
Jesse Tan, managing director at Ace Drive, said: "Another reason is because, lately, the MAS has come out with the loan curbs... This helps to increase the (rental) demand for this period."
- CNA/xq
- wong chee tat :)
POSTED: 08 Aug 2013 5:35 PM
Some car rental companies have said car rentals have gone up by some 20 per cent over the long weekend, compared to the same period last year. The companies added that their car rental packages were sold as early as a month ago.
SINGAPORE: Some car rental companies have said car rentals have gone up by some 20 per cent over the long weekend, compared to the same period last year.
The companies added that their car rental packages were sold as early as a month ago.
Hawk Rent a Car said it has rented out some 500 cars.
At another company, Ace Drive, about 80 per cent of the customers are Muslims who have rented the cars to visit their relatives during the Hari Raya holiday.
The other 20 per cent of its customers have rented the cars to head across the Causeway.
The companies believe that the rental business will continue to increase even after the festive season.
Jesse Tan, managing director at Ace Drive, said: "Another reason is because, lately, the MAS has come out with the loan curbs... This helps to increase the (rental) demand for this period."
- CNA/xq
- wong chee tat :)
Thursday, August 8, 2013
Jurong's retail space almost doubles with opening of new mall JEM
Jurong's retail space almost doubles with opening of new mall JEM
By Yvonne Chan
POSTED: 05 Aug 2013 9:07 PM
The supply of retail mall space in Jurong has almost doubled from the second quarter of last year with the opening of the new shopping mall JEM in June this year.
SINGAPORE: The supply of retail mall space in Jurong has almost doubled from the second quarter of last year with the opening of the new shopping mall JEM in June this year.
The retail mall space jumped by 573,600 square feet in June, to nearly 1.2 million square feet.
Including the IMM Building and JCube, retail mall space in Jurong had amounted to 613,000 square feet in terms of net lettable area at the second quarter 2012.
And it is expected to increase by another 35 per cent by the end of this year, with the opening of Capitaland's new mall Westgate, which has a net lettable area of 416,000 square feet.
Analysts said asking rents for retail malls in Jurong is expected to remain relatively stable at around S$10 to S$15 per square foot.
Still, as the Jurong area becomes more saturated with shopping malls, experts said mall operators must tweak their tenant composition to stay ahead of the competition.
One such mall operator is the IMM Building, which was first opened to the public in 1991 and is one of the oldest malls in the Jurong district.
IMM is re-positioning itself from a mall that sells mostly furnishings, to one that also boasts the largest number of outlet stores in Singapore.
The mall has a home and furnishing section on Level 3 called “I'MM Home”, which houses more than 50 furniture and interior design stores that meet almost all home renovation needs.
CapitaMalls Asia, which acquired the mall in 2003, said “I'MM Home” will continue to be a key feature of IMM's offerings.
IMM's makeover comes hot on the heels of the latest addition to the Jurong Gateway area, JEM, which is developed by Lend Lease.
With the onslaught of new malls, competition for the consumer dollar will get tougher.
Alan Cheong, the senior director of research and consultancy at Savills, said: “What would sell are the traditional suburban malls, where the F&B component is about 30 per cent. And over time, that composition could also rise to 40-45 per cent.
“The core of this Jurong East district is where you see the interchange, where it is now JEM, Westgate will probably be one of the key anchor malls.
"They're positioned slightly differently. JEM is more mid-upper but Westgate is more on the mid to higher end.”
Under the Urban Redevelopment Authority's (URA's) masterplan, the Jurong Lake district, which comprises Jurong Gateway and Lakeside, will be transformed into a unique lakeside destination for business and leisure.
Jurong Gateway is also set to be Singapore's largest regional centre -- 2.5 times the size of Tampines Regional Centre.
Other than Westgate's debut before the end of the year, another retail mall, Big Box, with an area measuring 230,000 square feet, is also expected to open in 2014.
As the Jurong Lake district continues to mature, it is expected to attract more residential and commercial property developers over the next few years.
Experts said that means existing retail mall developers must revamp their tenant mix or move towards more mixed development projects.
Chua Yang Liang, the head of research at Jones Lang LaSalle, said: "In the past, the catchment income population was more working class at the time. Increasingly, you've seen a rise of mid- to high-income groups moving back to the Jurong area, so that is the population that is under-served.
"So for the other emerging groups, you have to start looking at where's their niche, which sector is under-provided. With a growing population there, one thing you can look towards is really specialised services -- towards the growing family with children, ageing population, childcare, daycare, nursery care, etc.”
With more malls and more stores, one thing is certain, the consumer is spoilt for choice.
- CNA/nd
- wong chee tat :)
By Yvonne Chan
POSTED: 05 Aug 2013 9:07 PM
The supply of retail mall space in Jurong has almost doubled from the second quarter of last year with the opening of the new shopping mall JEM in June this year.
SINGAPORE: The supply of retail mall space in Jurong has almost doubled from the second quarter of last year with the opening of the new shopping mall JEM in June this year.
The retail mall space jumped by 573,600 square feet in June, to nearly 1.2 million square feet.
Including the IMM Building and JCube, retail mall space in Jurong had amounted to 613,000 square feet in terms of net lettable area at the second quarter 2012.
And it is expected to increase by another 35 per cent by the end of this year, with the opening of Capitaland's new mall Westgate, which has a net lettable area of 416,000 square feet.
Analysts said asking rents for retail malls in Jurong is expected to remain relatively stable at around S$10 to S$15 per square foot.
Still, as the Jurong area becomes more saturated with shopping malls, experts said mall operators must tweak their tenant composition to stay ahead of the competition.
One such mall operator is the IMM Building, which was first opened to the public in 1991 and is one of the oldest malls in the Jurong district.
IMM is re-positioning itself from a mall that sells mostly furnishings, to one that also boasts the largest number of outlet stores in Singapore.
The mall has a home and furnishing section on Level 3 called “I'MM Home”, which houses more than 50 furniture and interior design stores that meet almost all home renovation needs.
CapitaMalls Asia, which acquired the mall in 2003, said “I'MM Home” will continue to be a key feature of IMM's offerings.
IMM's makeover comes hot on the heels of the latest addition to the Jurong Gateway area, JEM, which is developed by Lend Lease.
With the onslaught of new malls, competition for the consumer dollar will get tougher.
Alan Cheong, the senior director of research and consultancy at Savills, said: “What would sell are the traditional suburban malls, where the F&B component is about 30 per cent. And over time, that composition could also rise to 40-45 per cent.
“The core of this Jurong East district is where you see the interchange, where it is now JEM, Westgate will probably be one of the key anchor malls.
"They're positioned slightly differently. JEM is more mid-upper but Westgate is more on the mid to higher end.”
Under the Urban Redevelopment Authority's (URA's) masterplan, the Jurong Lake district, which comprises Jurong Gateway and Lakeside, will be transformed into a unique lakeside destination for business and leisure.
Jurong Gateway is also set to be Singapore's largest regional centre -- 2.5 times the size of Tampines Regional Centre.
Other than Westgate's debut before the end of the year, another retail mall, Big Box, with an area measuring 230,000 square feet, is also expected to open in 2014.
As the Jurong Lake district continues to mature, it is expected to attract more residential and commercial property developers over the next few years.
Experts said that means existing retail mall developers must revamp their tenant mix or move towards more mixed development projects.
Chua Yang Liang, the head of research at Jones Lang LaSalle, said: "In the past, the catchment income population was more working class at the time. Increasingly, you've seen a rise of mid- to high-income groups moving back to the Jurong area, so that is the population that is under-served.
"So for the other emerging groups, you have to start looking at where's their niche, which sector is under-provided. With a growing population there, one thing you can look towards is really specialised services -- towards the growing family with children, ageing population, childcare, daycare, nursery care, etc.”
With more malls and more stores, one thing is certain, the consumer is spoilt for choice.
- CNA/nd
- wong chee tat :)
Wednesday, July 17, 2013
SPH Prices REIT IPO at S$0.90 per Unit
SPH Prices REIT IPO at S$0.90 per Unit
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
Monday, July 1, 2013
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