Up to S$150m boost for Singapore’s artificial intelligence push
Up to S$150 million will be committed to AI.SG, a new national programme that seeks to boost Singapore’s capabilities in artificial intelligence (AI). The National Research Foundation (NRF) will invest the amount over the next five years. Minister for Communications and Information Yaacob Ibrahim said on Wednesday that AI and data science are among key frontier technologies the Singapore government will harness as part of its “enhanced growth strategy for the digital economy”.
Singapore Real Estate
Bellevue Properties awarded tender for residential site at Tampines Ave 10
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Tampines Avenue 10 (Parcel C) to Bellevue Properties. The company submitted the highest bid in the tender for the site. The site was launched for public tender on March 14, and the tender for the site closed on April 25.
Watsons goes for retail omnipresence
With decreasing brand loyalty among today’s consumers and an increasing number of mind-boggling options, health and beauty chain Watsons is opting to be omnipresent in the retail realm. Its general manager in Singapore Dominic Wong said that in order to tap this increasingly affluent and newly empowered consumer base, Watsons will need to exist across all channels to reach as many consumers as possible.
TTJ acquires property, equipment for RM38m
TTJ Holdings’ wholly owned indirect unit has inked an agreement to acquire land and assets in Johor and equipment including cranes and a fixed plant for a total of RM38 million (S$12.2 million) from Air Products Specialised Process Equipment Sdn Bhd. The leasehold land zoned for industrial use is located in Malaysia’s southern state of Johor and spans 4.9 hectares.
GLP leases out 3m sq ft of logistic facilities in China in three months
Global Logistic Properties (GLP) has signed 275,000 square metres or almost three million square feet of new leases in China over the past three months, the Singapore logistics facilities provider said in an exchange filing on Thursday. The tenants are two companies in the e-commerce sector and two in the automotive industry, GLP said.
GLP buys remaining 50% of Chongqing unit for 81.6m yuan
Global Logistic Properties Limited (GLP) has snapped up the remaining 50 per cent stake in CLH Chongqing Logistics Property Limited that it does not already own for 81.63 million yuan from a joint venture partner. The acquisition was undertaken via indirect subsidiary CLH (132) Pte Ltd and will be funded by internal resources, GLP said on Wednesday.
Heeton, Ryobi Kiso, KSH and Lian Beng’s London hotel starts operations
A new hotel in London by Heeton Holdings, KSH Holdings, Lian Beng Group and Ryobi Kiso Holdings has officially commenced operations. The consortium on Wednesday announced that its 89-bedroom Luma Concept Hotel in Hammersmith, London, welcomed its first guests on April 28, 2017. The hotel is managed by Heeton, which has an effective interest of 60 per cent in the venture; it is the firm’s first Heeton-branded hotel. Meanwhile, Ryobi Kiso’s subsidiary holds a 20 per cent stake in the project, while KSH and Lian Beng each hold 10 per cent.
Views, Reviews & Forum
Giving old towns a new lease of life
Living spaces conceived in upcoming Housing Board new towns spring from financial, technological and aesthetic resources which were not available earlier to older estates. The envisioned spaces of the future include a community in a garden with greenery and car-lite features in Bidadari. A “Forest Town” which is both green and smart is being planned for Tengah. Such initiatives reveal the need to optimise the use of land so that a balance can be struck among the needs of housing, industry, transport and ecology. The HDB is an integral part of that terrain. Its flats are home to more than 80 per cent of the resident population, with about 90 per cent of these resident households owning their homes.
Global Economy & Global Real Estate
Fed holds interest rates steady, downplays Q1 economic weakness
UK construction growth surprises, hitting 4-month high – PMI
Hong Kong developer snaps up London skyscraper in US$1.47b deal
China’s Hawaii Plans a $3 Billion Medical Tourism Hotspot
Iskandar’s Forest City welcomes first residents
Malaysia’s US$1.7 bln property deal to cut 1MDB debt falls through
Mortgage lender woes may cool Canada housing market
Toronto house prices, listings surge in April but sales dip
Vancouver home prices climb again, condos increase the most
Germans give Rosa Parks’ house new lease of life in Berlin
India developers told to clean up act or face jail
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