Razer will be getting a new South-east Asia headquarters at Singapore's onenorth, a business park that is home to a variety of technology firms and start-ups. The seven-storey building, which will feature design elements by Razer designers and external architects, has an estimated gross floor area of 19,300 sq m. The company, which is known for being a world leader in high-performance gaming hardware, software and services, expects to move to the new facility in 2020. It currently has an office in Chai Chee industrial estate. Razer co-founder and chief executive Tan Min-Liang said the move represents the company's support for the Singapore Government's efforts in developing technological innovation and a strong technology talent pool.
WeWork keeps pushing, landlords and rivals push back
WeWork is increasingly stepping on the turf of landlords and real estate brokers - and the industry is starting to push back. The office-sharing giant, valued at as much as US$42 billion, is getting a greater portion of its business from the large companies that property owners usually court. It is also building an investment division to buy its own sites, according to people with knowledge of the matter. At the same time, big real estate names such as Blackstone Group and Tishman Speyer are venturing into flexible-space offerings of their own. Brokers, meantime, are growing wary that WeWork is cutting them out of deals. WeWork's widening ambitions threaten to further upend the industry that it has already reshaped in its eight-year existence. The question is whether WeWork can keep up its breakneck expansion - and its lofty valuation - if friction grows.
Gaw Capital Partners said to be buying Robinson 77 for about S$710m
An entity controlled by Hong Kong private equity property group Gaw Capital Partners is understood to be buying Robinson 77 for about S$710 million from a fund managed by CLSA Real Estate. The price works out to about S$2,300 psf on net lettable area (NLA) of 307,585 sq ft. The NLA comprises 301,567 sq ft of offices and 6,018 sq ft of retail space. Once known as SIA Building, the property is on a site with a balance lease of about 74 years. The CLSA-managed fund completed a major refurbishment of the 35-storey building in 2017, after paying S$530.8 million for the property in a deal entered into in late-2016. Analysts have estimated the refurbishment cost at S$30 million-plus.
Singaporeans' love of food borders on obsession, so it will come as no surprise that Christmas here is more an excuse for extravagant feasting than gift-giving. They usually spend more on food, rather than presents or outfits, over the festive period, a survey by e-commerce firm Picodi showed. It found that, on average, a person here spends US$334 (S$457) during Christmas, with US$142 splashed out on food, compared with US$114 on gifts and US$78 on outfits. Singaporeans ranked 18th in terms of Christmas spending in the poll of 34 countries, below nations such as the Czech Republic, Britain and Finland. The study was conducted earlier this month among more than 13,000 people around the world in countries where Christmas or its equivalent is celebrated during this period. In Singapore, 414 people took part in the poll. Food businesses agreed they usually see a surge in sales during the festive season.
Snap and sip as your hair gets snipped
Chez Vous: HideAway, which opened early Dec 2018 after a two-month renovation costing $350,000, has positioned itself as a spa-meets-hair salon, in a bid to move away from the typical transaction-based experience in the hairdressing industry. Its brand director Eugene Teo, 32, says: "Usually, when you go to a hair salon, you sit for a few hours, get your hair done, pay and leave. It's efficient, but not very fun. The door, brightly lit in neon yellow, opens into a dimly lit Renaissance-themed reception area. There are other themed areas, including a millennial pink private room for VIP guests and a retail section in blue and yellow, where customers can pose with their new hairdo for photos. The 1,800 sq ft Chez Vous: HideAway sits in the office section of the building and fits 15 chairs. The older outlet occupies a slightly bigger space at 2,000 sq ft with 30 chairs and looks like a runof-the-mill salon offering typical hair services. The salon has also upped its service game. Customers are served butterfly pea tea upon arrival and can choose from among four scalp-friendly essential oils to be used in the products during their appointment.
Singapore's factory output surged by 7.6 per cent year on year last month, continuing its rise despite talk of a slowdown in the manufacturing sector as the global electronics market quietens. Analysts doubt that the trend can continue, with some predicting a worse 2019 for the manufacturing sector. November 2018's performance surprised economists, who had expected output to grow by 4.2 per cent, a Bloomberg consensus poll showed. It also surpassed October 2018's 5.5 per cent growth, which was revised up from an earlier estimated 4.3 per cent rise. Excluding the more volatile biomedical manufacturing sector, industry output expanded by 5.3 per cent year on year in Nov 2018, according to data from the Singapore Economic Development Board (EDB). Manufacturing grew by 2.8 per cent on a month-on-month basis in November 2018. The biomedical cluster remains the biggest growth driver, expanding by 18.5 per cent year on year, higher than October 2018's 13.1 per cent rise.
JTC launches last 4 industrial sites under confirmed and reserved lists for H2 2018
JTC has launched the last four industrial sites under the confirmed and reserved lists for the second half of the 2018 Industrial Government Land Sales (IGLS) Programme. Two sites are available for tender and two sites for application, meaning their tender will be triggered if a developer's indicated minimum price in its application is acceptable to the state. This is as opposed to confirmed list sites which are launched according to schedule, regardless of demand. The sites for tender comprise a 20-year leasehold, 1.23 hectare parcel at Jalan Papan (Plot 1), which is the last of six confirmed list sites for the second half of 2018 IGLS Programme, and a 30- year, 2.09 ha reserve list plot at Woodlands Avenue 12 whose tender was triggered by a committed bid price of not less than S$36 million.