Each year 10,000 sudden cardiac arrest events occur in the workplace.1 CPR plus early defibrillation can more than double survival rates.2
Make sure your employees are ready to respond with high-quality CPR and a best-in-class AED from ZOLL® with:
• Real-time CPR feedback: Real-time feedback technology guides rescuers on optimal rate and depth of chest compressions to ensure the delivery of high-quality CPR.
• Interactive features: Step-by-step instructions and corrective guidance support users throughout the rescue.
• Rescue Ready®: Automatic self-tests verify functionality of the device, pads, and battery to ensure it’s ready when needed.
With a ZOLL AED to support you throughout the rescue, you’ll be ready to help save a life.
The Singapore Business Review is the highest circulating and best read business magazine in Singapore. Our online readership has an average of 215,000 unique viewers, according to Google Analytics. We won the Business Trade Media of the Year Award at the 2017 MPAS Awards.
out to
if
would like us to tell your story
karisse@charltonmediamail.com
SINGAPORE Charlton Media Group 101 Cecil St. #17-09 Tong Eng Building Singapore 069533 +65 3158 1386
Charlton Media Group Hong Kong Ltd Room 1006, 10th Floor, 299QRC, 287-299 Queen’s Road Central, Sheung Wan, Hong Kong www.charltonmedia.com
Times Printers Private Limited 16 Tuas Ave 5 Singapore 639340 www.timesprinters.com a member of Times Publishing Limited
at sbr@charltonmedia.com. To send a
Editorial Enquiries: If
include the word “Tim” in the subject line.
to the
Media Partnerships: Please email sbr@charltonmedia.com with “Partnership” in the subject line.
Subscriptions: Please email subscriptions@charltonmedia.com.
Singapore Business Review is published by Charlton Media Group. All editorial materials are covered by copyright and may not be reproduced without consent. Contributions are invited but copies of all work should be kept as Singapore Business Review can accept no responsibility for loss. We will, however, take the gains.
Sold on newsstands in Singapore, Malaysia, Hong Kong, London, and New York. Also out in sbr.com.sg with an online readership of 215,000 monthly unique visitors*.
status as a haven for property investors remains intact, thanks to realtors and architects who helped pushed the country to a holistic recovery in 2022. In recognition of their hard work, we feature 20 real estate agents and 20 architecture professionals under 40 who continue to rise to the occasion to face ongoing challenges. Plus, hear from these outstanding luminaries on where to invest one million dollars in real estate right now.
We chatted with Mike Harlow, General Manager of tour operator company Scott Dunn discussing why tourists now increasingly prefer ‘less adventurous’ travel itineraries. Read the interview on page 24. We also sat down with Andrew Sim, Executive Director of J&T Singapore, to talk about the company’s solution to address the lack of manpower. Read the exclusive interview on page 26.
NTT Ltd’s Asia Pacific CEO John Lombard also shares why it’s time for businesses to ditch Wi-Fi and switch to a private 5g network. Read the full story on page 28. Finally, we talked with Ronak Shah, President of GIA Singapore about the company’s plans to solve Singaporean SMEs’ underprotection against cyber threats. Read the exclusive interview on page 30.
Singapore Business Review is available at the airport lounges or onboard the following airlines:
Singapore Business Review is available at the following clubs and hotels:
American Club
Hollandse Club
Laguna National Orchid Country Club
Raffles Country Club Raffles Town Club RSYC
Seletar Club
Sentosa Golf Club Singapore Cricket Club Singapore Island Country Club Swiss Club
The Tanglin Club The China Club The Legends Fort Canning Park The Pines Club Tower Club Singapore Fullerton Hotel
Grand Plaza Park Royal Hotel InterContinental Le Meridien Orchard New Park Hotel Pan Pacific Raffles Hotel The Hilton The Regent Singapore The Ritz Carlton The Swiss Hotel Stamford Traders Hotel Singapore Darby Park And at 16 serviced residences
Singapore named most overworked country in APAC
Singapore is the most overworked country in the Asia Pacific Region, a study by workspace innovation company, The Instant Group, has found. Based on the study, Singapore also has the longest working hours per week at 45, followed by China at 42. The country also has an average annual leave of seven, which is amongst the lowest in the region, alongside Thailand, which has six, and China, with five.
The manufacturing industry has been the engine of Singapore’s economic growth since its inception. In 2018, the city-state was singled out as one of the best positioned countries for Industry 4.0 by the World Economic Forum with manufacturing contributing to 21.9% of Singapore’s nominal gross domestic product (GDP).
Top 5 countries where Singaporean companies are hiring
As Singapore continues to face a talent crunch, companies in the country have resorted to hiring from other countries with the Philippines and India (12%) being their top sources of talent. Apart from the Philippines and India, Singapore companies would often hire from the United States (11%), Indonesia (6%), and Canada (4%), according to Deel, a global compliance and payroll solution provider.
More than 5 in 10 employees will quit their jobs if not given a pay raise
Over 56% of employees said they plan to quit their current jobs if they will not be given a pay raise by 2023, a survey by job portal, Indeed showed. Indeed said some (37%) employees are even looking for higher-paying jobs already. According to the study, 60% of workers surveyed have not received a salary hike in the past year, whilst 16% have not seen an adjustment for two years or more.
Asia’s sustainability traction has been sluggish but singapore companies can usher in a new era
BY Yap Yien Li
Worldwide, one-third of all food produced is wasted every year. That 1.3 billion tonnes of food is enough to feed 2 billion people – enough to feed the world’s hungry twice, with plenty of leftovers. This wasted food is worth US$1 trillion annually, and with each kilogram of food creating carbon dioxide emissions, this waste is greatly costing the environment too.
BY Andrew Sim
Over the past few years, e-commerce’s popularity has soared tremendously, as restrictions on mobility drove more and more people to shop online. In fact, e-commerce values in Singapore alone skyrocketed by 87% in 2020 compared to the year before, according to a recent report by Google, Temasek, and Bain Southeast Asia.
HR & EDUCATION HR & EDUCATION HR & EDUCATION
Integrate data from any source, across all business systems, to create a single source of truth.
DocuSign helps organizations connect and automate how they prepare, sign, act on and manage agreements. As part of the DocuSign Agreement Cloud, DocuSign offers eSignature, the world’s #1 way to sign electronically on practically any device, from almost anywhere, at any time.
Today, over a million customers and more than a billion users in over 180 countries use the DocuSign Agreement Cloud to accelerate the process of doing business and simplify people’s lives.
NordVPN is the world’s most advanced VPN service provider, used by millions of internet users worldwide. NordVPN provides double VPN encryption, Onion Over VPN, and guarantees privacy with zero tracking. One of the key features of the product is Threat Protection, which blocks malicious websites, malware, trackers, and ads. NordVPN is very user-friendly, offers one of the best prices on the market, and has over 5,000 servers in 60 countries worldwide.
S P Jain School of Global Management (SP Jain) is an Australian business school with campuses in Mumbai, Dubai, Singapore and Sydney. The School offers a plethora of undergraduate, postgraduate, professional and doctoral programs with a motive of crafting leaders for the 21st century workplace. The learning experience provided by them is modern, relevant and truly global. Their full-time MBA programs have significant recognition as evinced through global rankings by Forbes, The Economist and The Financial Times to name a few.
To know more, please visit www.spjain.sg
Reach for Great financial expertise and award-winning financial tools.
Find the confidence you need to build a financially secure future with our award-winning financial management tool, the Financial Storyboard. With our tool and the expertise of our Financial Representatives, you can enjoy personalised data-driven insights and an interactive simulation of your various life goals and milestones. All to help you visualise your long-term financial needs and ensure you’re prepared for whatever life throws at you. Talk to us today!
Sandrasegeran said the fixed interest rates by HDB still serve as a desirable and stable choice for buyers avoiding risks.
But he warns that there could be a slowdown in resale transactions once banks register hikes in interest rates or adjustments made in HDB interest rates in October.
The unsuccessful applicants from the May Build-to-Order (BTO) and the Sale of Balance Flats (SBF) exercises may also have affected the increase in HDB resale market transactions, Sandrasegeran said.
“Unsuccessful applicants from the May BTO and the SBF exercises likely decided to switch to the resale market instead,” wrote Sandrasegeran.
The senior analyst also pointed out that couples, who are unsuccessful in the balloting for SBF exercise and immediately need a home to stay, were likely more to consider the HDB resale market.
According to PropNex’s analysis, flats in nonmature HDB estates accounted for more than half of the HDB resale volume in July.
Based on the flash sales, Sengkang, Punggol, and Yishun were the most popular towns for the month, accounting for a quarter of the month’s resale transactions.
Due to the rising interest rates and firm prices of resale flats in mature towns, they expect home buyers to continue to explore resale options in non-mature HDB estates.
HDB resale demand may have recovered in July but the figures have not returned to the trend before the December 2021 cooling measures were enforced, property analyst OrangeTee said.
Data from SRX and 99.co showed that the July 2022 HDB resale flats posted 2,363 units sold, which is a 10.5% increase from June. But OrangeTee said yearly, July figures are below the 12-month average sold.
“However, last month’s sales recovery may not be considered strong since it is below the monthly sales seen in 2021. When compared to a year ago, last month’s sales are 11.3% lower and below the 12-month average of 2,386 units from July 2021 to June 2022,” said OrangeTee in a statement.
The government’s build-to-order flats in different locations also lowered demand for HDB resale flats, OrangeTee also said.
In December 2021, the government revealed three new measures to cool down Singapore’s property market.
This includes increasing Additional Buyer’s Stamp Duty (ABSD) rates and tightening of Total Debt Servicing Ratio (TDSR) threshold and Loan-to-Value (LTV) Limit.
The government said prices for both private housing and HDB resale flats increased by about 9% and 15%, respectively, since the first quarter of 2021.
Resale market to moderate Comments from Huttons Asia showed that the count of HDB resale transactions improved in July after a quiet season.
Sellers were more realistic in their asking price, which allowed more sales for July.
“The number of deals involving cash over valuation is getting lesser. That had resulted in a smaller price gain in July compared to June,” it said.
It also sees that the pace of price gains in the HDB resale market is moderating and will stay this way for the rest of the year.
“Transaction volume should be around 27,000 flats and prices may increase up to 10% in 2022,” the report added.
For One Global Group Senior Analyst Mohan Sandrasegeran, the pickup in HDB resale transactions showed signs of confidence amidst the interest rates increasing.
“This demand may continue to drive a slight upside growth potential in HDB resale prices in non-mature towns,” PropNex said.
PropNex said the overall average sales of resale prices of four-room, five-room, and executive flats in non-mature towns inched up by between 0.7% and 1.7% from June to July.
PM Lee said international economic conditions have fundamentally changed
Theera of stable and low prices has already ended, said Prime Minister Lee Hsien Loong
In his National Rally Day speech, Lee said the cost of products was stable in the recent decades because globalisation was in full swing, international trade grew rapidly, and China’s economy was growing exponentially; however, this period is “now over.”
“The basic reality is that international economic conditions have fundamentally changed. It is not just the pandemic or the war in Ukraine,” the Prime Minister said.
“China’s growth and exports are slowing. Their costs are going up. Some
countries have raised tariffs against each other, particularly between the US and China,” he added.
These factors, according to Lee, have raised costs and pushed up inflation everywhere, including in Singapore.
Whilst Singapore does not have much influence on the global inflation picture, Lee said it is within the country’s power to make it more “productive and competitive.
“Then our workers can earn more, and more than make up for the higher prices of food, fuel and other imports. That way we can all become better off, in real terms,” he said.
Lee also underscored that Singapore
By 2030, the metaverse could be worth around US$3t to US$10tn and would make up 10%-40% of the digital economy, which is why it is expected that more players will enter this new realm.
For those planning to enter the metaverse and succeed in the space, DBS Head of Telecom, Media and Technology Research Sachin Mittal said there are three business models which they think can help them achieve such a goal.
First, Mittal said businesses should start to incorporate the metaverse into their existing business models to drive competitive differentiation. One way to do this is by virtualising a production line or a sale demonstration.
The second business model is creating or orchestrating new experiences in the metaverse. Examples of this are gaming, high-risk exploration, and social engagement.
These two business models focus on “contentdriven experiences.”
“The premise of the metaverse is an experiential offering engaging a wide band of human senses. Yet those senses need to be engaged in a way that sparks the imagination. Successful metaverses will be those with superior, immersive, and engaging content,” Mittal said.
In order for these two types of business models to remain sustainable, Mittal said companies must continuously create content that is engaging to customers.
“It also follows that just focusing on enabling a virtualised experience is insufficient. It must also drive a deeper underlying job to be done,” the DBS analyst said.
“An example would be a manufacturing process that is made better because of virtualisation or a virtualised hands-on test of a new car’s limits
is also “not helpless” despite it being a small and open economy which is heavily dependent on imports.
The prime minister said this in response to disruptions of physical supplies to Singapore, like Malaysia’s export ban on chickens.
“For quite a while now, we have been actively diversifying our import sources – building up adequate stockpiles of food and medical essentials; investing in agri-tech to make local farms more efficient and productive; pushing ahead with our “30 by 30 Goal”, to be able to produce 30% of our nutritional needs locally by 2030,” he said.
“It costs money to make our supplies more resilient. Buying from diversified sources means we do not just buy from the cheapest or the most convenient producer. Maintaining stockpiles requires space, and incurs costs - we have to air-condition your stocks –but we must think of it as paying for insurance,” he added.
Looking ahead, Lee said the government will continue to “plan forward” to have options and solutions when crises arise.
without the risk of a high-speed crash,” he added.
The last business model which DBS suggested is for players to provide underlying infrastructure and components of the metaverse.
The basic reality is that international economic conditions have fundamentally changed
With more than four in 10 Singaporean employees (46%) looking for new jobs, a way for companies to retain their employees is to offer them benefits which can meet their needs.
According to a survey by data provider WTW, Singaporeans want their employees to focus on the following benefits: retirement, health, and flexible work. Of these three, Singaporeans want flexible work the most.
Employees wanting their organisations to focus on retirement and health benefits is a reflection of their concerns for “long-term financial security,” according to WTW.
“Adding flexibility to the benefits package can help signal to employees that they are being heard and go further to delivering on their needs. When this happens, it’s a boost for employee retention. With a better understanding of how employees value their benefits, and how their needs are changing, companies have an opportunity to shape programmes that meet employees where they are and help boost workforce productivity.” said Eva Liu, Head of Strategic Development, Health & Benefits, Asia and Australasia, WTW.
Based on the study, even employees planning to stay with their current employers but who feel stuck are open to offers (20%).
The study added that 85% of employees more likely to remain with their organisations when their benefits package meets their needs.
“The findings suggest that employees continue to job hunt and there’s pressure for employers to find ways to better meet their needs, particularly on issues such as wellbeing, engagement, skills development and career structure to tip the scales so that employees choose to stay,” added Liu.
About 150,000 new homes can be built in the area once the base is moved out
1,000 units each, assuming 30,000 to 50,000 units will be planned for private housing in the area.
“This area is considered to be Outside of the Central Region (OCR). There should be healthy upgrader demand should new condos being built in the area. Moreover, due to the generous space available, larger land parcels or bigger condo projects offering ample facilities can potentially be built,” she said.
Sun, however, underscored that the redevelopment of Paya Lebar will not take place immediately, thus, the current supply crunch will not be resolved yet.
“This means that demand for housing, especially in the suburbs, will remain tight in the short term,” she added.
Meanwhile, Prime Minister Lee Hsien Loong also announced plans to lift building height restrictions in Paya Lebar and its surrounding areas once the airbase moves out.
According to Sun, the change may lift the en-bloc potential of some resale condominiums in areas around Paya Lebar, Marine Parade and Hougang.
can look forward to a more affordable housing supply following the relocation of the Paya Lebar Air Base (PLAB), according to a property expert.
OrangeTee’s Senior Vice President of Research & Analytics Christine Sun said once the airbase is relocated, 150,000 new public and private homes can be built in the future town.
“The ramp-up in housing units in Paya Lebar may help reassure Singaporeans that there will always be sufficient land to meet the housing needs of all Singaporeans,” the property expert said.
According to Sun, there could be around 100 to 130 build-to-order (BTO) launches from the Paya Lebar site ranging from 700 to 1,500 units for each project; this is if there are 100,000 to 120,000 units planned for HDB BTO flats.
“If five projects are launched per year, we can expect the BTO supply to last 20-25 years,” she added.
For private homes, Sun said there can be around 40 to 70 EC and condo launches with 500 to
“Some of the condominiums launched in the past that are below 20 storeys may have the potential for future redevelopment. These condominiums can be torn down and rebuilt to a much higher level in the future,” Sun said.
“There are 8,871 flats in Hougang and Marine Parade completed before/on 1980. These older flats could be redeveloped under Sers to better optimise the land use since the height restrictions have been lifted and taller flats can be built now,” the property expert added.
We can expect the BTO supply to last 20-25 years
Over half (54%) of Singaporeans between the ages of 45-64 have yet to plan their retirement, a study by wealth management services, St. James’s Place Asia, found.
According to the study, Singaporeans’ inaction towards retirement could be due to their lack of awareness, given that 57% of them do not fully understand the available financial products and services that can help them plan for retirement and manage immediate financial issues spurred by the COVID-19 pandemic.
Being unaware of these services, about 48% of those surveyed had to draw down from or reduce retirement contributions since the start of the pandemic.
Middle-aged Singaporeans (55%) were likewise unprepared for inflation, according to the study, which is why most of them (72%) are making lifestyle sacrifices now in the hope they can enjoy a better retirement.
In retirement, Singaporeans also anticipate that they will need to make further spending cuts, including reducing
expenditure on luxury goods (45%), social life (34%), and travel (30%).
Whilst Singaporeans lack preparation for retirement, 82% of those approaching such a stage said they have sought professional financial advice before making major financial decisions, with 90% saying the advice they received has been useful.
Singaporeans said they need advice most on investments (87%), insurance (74%) and retirement planning (72%).
Top sources of financial advice for Singaporeans over 45 years old are now independent advisers and banking relationship managers, surpassing family as the leading source of advice for almost every investment type. Receiving advice face-toface is critically important to 77% of this age group. For long-term planning, most would prefer to visit a financial adviser (51%) or their bank (31%) over engaging with a roboadvisory platform at just 14%.
“It is heartening to see that so many Singaporeans over 45 are receptive to financial advice as they approach
retirement, which is notably higher than for other age groups. This openness to advice is likely due to the increasing complexity of our financial affairs as we age, and the need to plan carefully to avoid passing on issues to the next generation,” Gary Harvey, CEO of SJP Singapore, said.
It offers an innovative curriculum designed with input from over 100 corporate leaders.
Withvarious firms across multiple industries around the globe taking steps to amp up its competitiveness and respective digital journeys, senior executives need to constantly innovate and widen their perspectives to keep up with changing customer demands and business practices. This is where Singapore Management University’s (SMU) Executive MBA (EMBA) programme steps in to present distinctive advantages for those looking to get an edge in today’s fast-evolving markets, resources and capabilities across Asia - just as it did for Julio Bellota, Cheng Lie Navigation Co.’s (CNC) managing director.
“The programme is extremely complete, in terms of Asia deep management business knowledge, where I have developed my international career for the last 10 years,” Julio said, after graduating from the programme in January 2022. “On top of the EMBA model being based on The Wharton University (University of Pennsylvania), it’s a great way to combine new learnings applied to my day-to-day business.”
Boasting an intensive curriculum designed with inputs from over 100 corporate leaders across Asia, SMU’s EMBA possesses distinctive modules, such as corporate strategy, crisis management and communication, innovation and growth management, and leadership in digital transformation. The curriculum, comprising eight segments, is revamped periodically to cover topics on current trends, as well as include individual coaching and blended learning for electives to augment the learning experience.
For Julio, the leadership, crisis management, financial modules and data analytics of the programme was extremely beneficial for his current role.
“The most memorable aspects of the programme were the real-life application exercises, like the crisis communication final exam, where reporters were brought in to confront us as the management team of an airline which faced a recent plane crash,” he highlighted, adding that the start-up and negotiation simulators were also memorable thanks to its real-world applications.
The accelerated programme is delivered in intense one-week sessions spread across the
year, wherein students will spend about six weeks at SMU in Singapore, as well as a week each at The Wharton School in Pennsylvania, the Sasin School of Management in Thailand, and the Antai School of Economics & Management (Shanghai Jiao Tong University) in China in order to provide students a global perspective with a focus on Asian businesses.
According to SMU, its EMBA students come from over 13 countries such as Australia, France, India, Indonesia, South Korea, Austria, and Mexico, and over half the class of each cohort is comprised of C-suite executives with 18 years of experience on average. “Special care is taken in forming the class of each cohort as a big part of learning in the EMBA comes from learning from each other,” the institution said.
Julio added that the experience in his cohort and level of positions from the alumni was beneficial for the undersigned to learn not only from the faculty but from his colleagues in class as well.
Given the curriculum’s intensity and immersiveness, which is structured to fit the busy schedule of senior executives, taking the graduate programme does not come without its challenges - which for Julio posed as a great learning experience and taught him how to adapt to new environments.
“Some major challenges were aligning the thinking and objectives with different people
from different industries, as well as aligning the time management with them when working on projects,” he explained. “However, they were overcome through being open, listening and humbly accepting all types of thinking, which brought me to success and a deeper knowledge of new industries and styles of leadership.”
As well, Julio credits the support from his family and management, which allowed him to efficiently juggle his work and graduate studies. “Key communication, and planning with all the stakeholders around my work and personal life, were key to my success,” he explained, highlighting how his team’s preparation, which included possible crisis and action anticipation, allowed them to run smooth day-today activities whilst Julio attended his graduate studies activities.
Overall, Julio underscored how SMU’s EMBA programme gave him a wider perspective in managing transversal functions and bigger responsibilities. “It has been fundamental, giving me the confidence to take higher positions, as I am doing today. It also helped me to have a clear process of design thinking and creating new strategies in facing the new challenges in my current organisation,” he explained.
“If you are ready to be out of your comfort zone and challenge yourself to take on a real lifetime commitment, then I highly suggest taking the SMU EMBA.”
If you are ready to be out of your comfort zone and challenge yourself to take on a real lifetime commitment, then I highly suggest taking the SMU EMBA
•Benefit from the collective experience of one of the most senior EMBA class profiles in the world
•Accelerated programme with minimal disruption to work: 8 segments over 12 months
•Expose to a relevant and innovative curriculum co-designed by over 100 business leaders in Asia
•Interact with world-class professors and business leaders at three top institutions in China (Antai School of Economics & Management, Shanghai Jiaotong University), Thailand (Sasin School of Management, Chulalongkorn University) and the USA (Wharton School, University of Pennsylvania)
about the SMU EMBA programme
MASTERS
Firms must seek a sustainability leader with an ESG mindset and green courses for workers.
Witha stricter employment pass application and the two-year work-from-home setup slowing down the productivity of Singaporeans, employers are met with yet another obstacle to hiring—filling in the company with employees to fill in sustainability roles.
Expert Jaya Dass from human resource consultancy firm, Randstad, said there is “high interest” for ESG (environmental, social, and governance) roles in the labour market but skills mismatch and the companies, themselves, lack the proper training to ensure they are hiring the right talent.
Amidst the Singapore Green Plan 2030 that was launched in 2021, ESG jobs demand went up to 257% in the past three years, according to job portal Indeed. National Trades Union Congress (NTUC) LearningHub’s Special Report 2022 on Sustainability showed that seven in 10 employers eye hiring talent for sustainability roles in the next two years.
“It’s difficult for companies to evaluate the skills and capabilities of these candidates, especially if it’s their first hire in this space. If there is no history or framework to know what to look out for in a job applicant, the company may run the risk of making the wrong hire, which would further delay the strategy implementation,” Dass said in an interview with Singapore Business Review.
Dass said green courses will likely be of interest to the younger generation, who are known for their activism against the climate crisis.
The youth, who are more exposed to the internet, have a greater sense of accountability and responsibility for their climate actions because they are more educated through content on what is happening with climate change, added Dass.
Citing a recent Amundi-ESG Investor study, Dass said the proportion of ESG investors is higher amongst the younger respondents than Generation X and baby boomers. About eight in 10 (82%) of Gen Zs are ESG investors and 65% are young millennials compared to Generation X and baby boomers with 41%.
The education industry is pivoting to make sure students can cater to the kind of demand that happens in green-based jobs
“I think that younger investors tend to be more aware of and committed towards environmental and social topicsincluding sustainable investing. They want jobs in which they can contribute towards this cause in a meaningful and purposeful way,” she said.
Dass emphasised the need for an internal sustainability team in firms that would align the company’s sustainable efforts with the country’s political initiatives.
An example of this is businesses producing coffee and how they look for raw products to push their ESG initiatives. If they are sourcing their raw goods from Africa, they are dependent on whether the African government is pushing for an environmental climate. If not, they will need to look for another country or region that is greener to support their production. Dass said it is also important in making sure the local workforce producing the coffee is implementing fair trade practices.
Another crucial factor for the success of the company’s ESG initiatives is the top management, Gabriel Nam, Partner at HR firm, Michael Page, told Singapore Business Review
With ESG standards being a new area to some businesses, juggling the implementation of sustainability efforts with other business priorities could be a challenge, Nam warned. “There are extra layers of considerations on ESG when making business decisions, and senior stakeholders may need to get familiar with,” he told Singapore Business Review.
“This means that they may not be able to visualise the real and immediate benefits of doing ESG; hence, there is a need to get buy-in from internal employees to successfully implement ESG,” he added.
If the benefits of investing in ESG efforts are not immediate, there could be “ESG fatigue” in the short to medium term.
Where the government comes in NTUC Learning Hub found in a study that employers need help in green skills training. 69% of employers are “somewhat open” to giving training to their employees on sustainability and 56% of business leaders polled need help to train their employees with relevant skills in sustainability.
As this happens, Dass encourages offering green courses that must also be in demand, not just for fresh talent but also for mid-level employees. Green courses must be inserted in other degrees. For example, finance degrees should also include courses about green financing.
“Education is pivoting to ensure that there is a steady output of ESG talent, and equipping students with the specialised skills they need to meet the rising demand for green jobs over the next three to five years,” Dass said.
For more on this story, go to https://sbr.com.sg/
The youth have a greater sense of accountability and responsibility for their climate actionsJaya Dass Gabriel Nam
Jurong’s “24K”, allows industry players to create a single environment for tracking all operational aspects of FM and/or Security, unlike in the past wherein the data being generated was siloed. These insights help Surbana Jurong understand where to best deploy its resources as the data collecting offers more transparency and is often real-time.
Whitcombe explained that the company had made big plans prior to the pandemic in terms of market expansion, especially in the area of managed services. However, the global crisis meant that the company had to put such plans on hold.
As the real estate industry gears toward a more sustainable future, adopting the latest trends and business strategies in its operations is now a more apparent imperative. For Surbana Jurong Group, the anticipation of this shift enables it to build up its core capabilities.
This includes facilities management technicians, data scientists and security forces to help clients draw intelligence from asset monitoring – from energy usage, health and safety indicators as well as machine learningbased tools that better predict and manage operational issues.
At the same time, one of Surbana Jurong’s core beliefs is that effective managed services are key to a sustainable future. Its facilities management, smart city solutions and security services teams are helping clients manage their assets more efficiently and sustainably for the long term. These teams are enabled by a deep understanding of operating environments, risks and opportunities underpinning asset performance.
Surbana Jurong’s Group Director for Managed Services Jason Whitcombe believes that today and in the near future, digitalisation is going to play an even bigger role in how the company helps its clients with their assets. He mentioned that digitalisation promises greater efficiency, lower cost, and more convenience.
“It gives us the opportunity to look at optimising operations for our clients that helps manage cost, in addition, we can benchmark their portfolio or their building against others to see how they compare,” he said.
Whitcombe added that common data environments and platforms like Surbana
Moreover, in helping clients optimise their assets, efficiency and costs, the company turns to the integration of services. Whilst such an occurrence is nothing new, it has gone through quite an evolution as managed services are bundled together more and more as clients looks to work with fewer suppliers and at the same time outsource more activity.
Whitcombe mentioned that the company is very fortunate that it has the key services clients are looking for under a single banner.
“That allows us to integrate and optimise our solution for our customers. Plus, it gives the customer an opportunity to outsource potentially more to us. And, we can make more decisions on their behalf,” he said.
He added that the key driver enabling integration is technology. This is something that Surbana Jurong has invested in aggressively over the last few years.
Surbana Jurong acquired S3 Innovate this year, a data-driven technology consultancy to form a new entity, SJI3, focused on providing digital and software engineering expertise in the built environment industry.
Surbana Jurong has built a digital platform or Common Data Environment (CDE) as well as several apps that can be plugged in, these include asset monitoring, energy management as well as a digital facilities management app that can be accessed remotely by SJ engineers and technicians. Through the digital platform, Surbana Jurong can undertake more predictive work. This means it can begin to move away from the typical planned maintenance and activities, and be smarter with how things are being done and how much money is spent. Whitcombe noted that there is a real commercial advantage to this.
“Fundamentally, we’re moving to much more data-driven solutions for our clients, and relying less on the traditional sort of planned methodology,” he said.
“Even though we are pivoting towards technology-driven solutions, to try to enter an overseas market and grow organically is very challenging,” he said. He added that whilst such is the case, there are a couple of attractive markets that the company can grow further. Amongst these markets is Australia, which Whitcombe noted to be a ‘very mature’ market when it comes to managed services, and where the company has a strong footprint with its infrastructure and urban business.
“Australia presents a great opportunity for us in Managed Services because we are already market leaders in the front-end plan and design area. We want to build on that and we have a great management team there, which really helps,” he said.
Whitcombe emphasised, however, that the company is looking at overseas expansion on a per-country basis. “We’ll do what we think makes the most sense for our business and our clients, ideally we want to go where we can develop synergies with existing SJ group companies,” he said.
Surbana Jurong sees a real opportunity for growth in bringing some of its business units together to offer end-to-end solutions, especially for large complex projects.
Whitcombe noted that the company has all the in-house tools and talent required to thrive in the market, and that is a clear advantage and opportunity for them.
Whilst he also acknowledged that the real estate industry is somewhat a late bloomer with technology, he said that digitalisation is expected to be a core part of the business along the way. He expressed his confidence in the future of managed services as it has been around for a long time as a means to lower cost and drive efficiency.
“Cities are expected to continue to grow over the coming decades; that’s likely to have a positive impact on the demand for managed services. On top of that, you’ve also got a lot more pressure now on governments and developers to produce and operate smart and sustainable buildings and communities,” Whitcombe said.
Surbana Jurong leverages in-house expertise to thrive in the market.
Phishing remains a huge problem, with reported incidents up to 5,020 within four years.
Itis the end of the line for SMS scammers in Singapore as Infocomm Media Development Authority (IMDA) rolled out a new SMS Sender ID registry (SSIR) that can block spoof messages “upfront and at source” This means that non inclusion in this new ID registry will automatically prevent spam messages that could be used for phishing.
Legal experts from Rajah and Tann and Drew & Napier LLC told Singapore Business Review that the IMDAdeveloped registry works better in ensuring businesses and organisations in Singapore are spoof proof as it takes a “more proactive” approach towards phishing.
The previous registry was discontinued on 7 March. It had a “blacklist-based” approach, wherein businesses and organisations would register their SMS sender ID, and a blacklist of lookalike SMS sender IDs would be circulated to SMS aggregators for automatic blocking, according to Lim Chong Kin, Head of Telecommunications, Media & Technology Practice at Drew & Napier LLC.
This approach, however, did not work efficiently in preventing phishing scams as it was “confirmation-based” and users still received spoof messages, according to Rajesh Sreenivasan, Head of Technology, Media and Communications for Rajah & Tann.
Lim explained that the reason why spoof SMSes were still delivered to some users is that, “potentially suspicious messages originating from non-approved aggregators would still have to be investigated before being added to the blacklist.”
“This method relied on businesses and organisations’ specifying their protected SMS sender IDs, as well as the approved aggregators authorised to send SMSes on their behalf,” Lim added.
“Under the new registry, which adopts a ‘whitelist-based’
Lim Chong Kinapproach, companies can register their protected SMS sender IDs against their Unique Entity Number (UEN). Telcos and SMS service providers will be required to check SMS senders against the registry, and SMSes sent under a registered sender ID will be blocked when the sender’s details do not match the registry’s records,” Lim explained.
If OCBC losing $13.7m due to phishing scams is not enough reason for businesses to be convinced to jump on board the national registry, Lim told them to at least do it to protect consumers.
Lim added that businesses who will register in the SSIR will also see a boost in consumer confidence and brand reputation, since the registry will provide them credible protection against the likelihood of their sender IDs being misused in SMS scams.
Sreenivasan, for his part, warned that businesses who wish to use SMS but did not conduct “baseline protection” such as registering at the SSIR can face significant liability when a breach comes up.
“It is a baseline corporate governance requirement for companies to have done this, because, without this registration, you’re facing potentially maximum liability for not even doing the minimum to protect your users from that number being spoofed,” the Rajah & Tann expert reiterated.
Cost is not prohibitive when compared with the potential risk of not using SSIR
As of April, about 25 organisations have registered about 1,000 protected SMS sender IDs in the registry.
When asked about plans to make the SSIR mandatory, Sreenivasan said doing so would be a “welcome move,” and a “necessary next step.”
“In Singapore, as in many other countries, businesses often cannot justify the budget for such registrations unless they are statutorily mandated because it incurs costs and companies need to be financially prudent,” Sreenivasan said.
“There are some arguments that this may increase the cost of doing business, but I think those arguments are misplaced because the cost is not in any way prohibitive when compared with the potential risk of not using the SSIR,” he added.
More than helping businesses avoid the risk of financial losses due to phishing, the SSIR also ensures that the trust levels of consumers in Singapore’s data protection system remain high, Sreenivasan said.
With a high level of trust from consumers, Singapore is on its way to becoming a model state for digital trade and digital economy.
“This is part of a larger series of steps that [the] government is taking to maintain and ensure the high cybersecurity trust levels for e-commerce and digital trade in Singapore,” he added.
As industries enter a new period of digitalisation in the workplace, the rising demand for tech skills for Industry 4.0—which focuses heavily on automation, data, and the Internet of Things (IoT)—also accelerates this movement. This signifies how the future of work will never be the same and will continue to evolve.
As technology is integrated into various industries, processes will be more automated to simplify lives and increase productivity, whilst heavily relying on data. This could range from automated cleaner robots and patrolling robots for physical manual work, to automation and conversion of data for desk work.
As such, companies are now relying on big data to improve business operations. It has also led to the high demand for tech jobs and opportunities as companies aim to undergo this trend.
For Lai Shumin, Data Analytics Trainer at tech educator platform Smartcademy, the data boom the past few years has inadvertently enabled the collection of massive amounts of data for organisations.
She noted that these companies can now tap into collected data and turn it into insights to improve and enhance their current business processes and offerings. This enables them to identify any bottlenecks or critical paths in their business processes. Data analytics insights will pave the way for informed decisions on improving workflows and practices within companies.
“I think companies should view these technologies as enablers. They can start by identifying pain points within the firm, or bottlenecks that they would like to work on. From there, they can decide how technology can be harnessed to improve these processes,” Shumin said.
With these advantages, companies can automate existing manual and tedious processes to allow for an easier data collection, which will then lead to a more optimised process.
Companies are also now challenged with finding the right talent to employ
whilst tapping into available Government schemes,” Shumin said.
Smartcademy offers proper training and education to help out companies in this regard.
As one of Singapore’s leading training providers for in-demand tech skills and career/workforce transformation, Smartcademy offers short but impactful courses related to data analytics and in-demand technologies. It allows for greater flexibility to those who are unable to commit full-time as most of its courses are held on weekends and can be completed in a month.
At the same time, its beginner-friendly courses are tailor-made to include industry-relevant projects and case studies to allow for well-rounded exposure and practical learning. There is typically at least one trainer and a teaching assistant present from the start to the end of the course for extended guidance.
Smartcademy’s students come from different walks of life, ranging from fresh graduates to mature learners. It is common for our students to land jobs relating to Data Analytics after completing Smartcademy’s course even though they graduated from an entirely different major.
these technologies. The trainer advised companies to either hire the right talent or upskill their existing employees to be equipped with the right skills.
“We are slowly moving towards a seamless, fully automated world, which will generate an impending surge in data availability. This will open up endless possibilities and potential for employees and businesses,” Shumin said.
Whilst she acknowledges that finding the right talent is not an easy task, businesses should also take the lead in encouraging employees to upskill through offering corporate upskilling and training courses.
“They can design new competency frameworks to map out, restructure, and overhaul the skills and capabilities of their employees every once in a while, and sufficient resources and budget should also be allocated for employee upskilling
For Shumin, these success stories are true testaments to demonstrate the importance of upskilling and expanding one’s skill sets.
“Ultimately, upskilling is not a one-man show. It boils down to the mindsets of both employers – in taking charge of employee learning and encouraging them, and working professionals—in taking charge of their own development and maintaining a positive and open mindset toward lifelong learning,” she said.
Smartcademy offers a range of beginner-friendly, in-demand, and IBFaccredited courses in Data Analytics, Blockchain, Digital Marketing, UX Design, and Design Thinking. Eligible Singaporeans/PRs can enjoy up to 90% in IBF funding support* and offset the remaining course fees via SkillsFuture Credits.
October 2022 intake is closing soon –apply now: https://bit.ly/3CJRS0r
Utilising data allows processes to be more automated, which leads to increased productivity and simplified operations.
We are slowly moving towards a seamless, fully automated world, which will generate an impending surge in data availability. This will open up endless possibilities and potential for employees and businessesLai Shumin, Data Analytics Trainer, Smartcademy CO-PUBLISHED
in-store experience
creativity. Dark stores are like distribution hubs of physical stores, said Sharma. These physical stores turned into dark stores, which are not open to customers but are used as store inventory and for brands to send out orders.
Online grocery store, HappyFresh, increased its dark stores in Singapore to allow an efficient shopping experience, bringing high-quality products to customers.
Since its launch, the online grocery’s users increased by 300%, month-on-month, to address growing demand.
The Buy Now, Pay Later (BNPL) schemes also received popularity in Singapore from 2020 to 2021 due to convenience and prudent economic climate, Quan Yao Peh, a Senior Research Analyst at Euromonitor International, said.
Whenborders reopened and travelling was revived, businesses figured that they needed to revive their physical stores—but they must be different from the pre-pandemic times. In a 2022 Singapore Retail Report study, consumers said that they now demand excitement and pleasure from their instore experience, because if they cannot get that, they would rather buy online.
According to Varun Sharma, Vice President of the unified CX platform , Emplifi, in the Asia Pacific and Japan, one way for retailers to create this excitement is to be “phygital.” They need to mix physical and digital strategies for a unified experience for consumers using digital datadriven customer insights and technologies.
To gather and use data analysis and insights, Sharma suggested utilising video-powered retail that involves video software that uses data to connect callers to an in-store expert to handle their queries.
“Video technology helps humanise digital communication between consumers and brands via their website—leveraging data insights such as how, when, and why customers are interacting,” he explained.
For example, Marks & Spencer has a “call the expert” video button, enabling their experts to pair with customers for a stronger chance of a sale. This live video service accommodated 28,000 one-on-one consultations of customers browsing furniture, menswear, and lingerie in the store, according to Marks & Spencer’s statement on 28 January 2022.
“This helps brands understand the customer journey better and provide a more personalised experience. With customer data, retailers can give shoppers exactly what they are looking for, boosting their sales potential, and cutting costs, too,” Sharma explained.
Another strategy retailers are using is called the dark stores. Despite the name, it can illuminate brick-and-mortar stores’
Video technology helps humanise digital communication between consumers and brand
Based on Euromonitor’s 2021 data, credit cards account for 61% of personal transactions.
“BNPL has been positioned as increasing the immediate affordability of goods and services, whilst allowing customers greater repayment flexibility compared to one-off spending,” Quan Yao said in an interview with Singapore Business Review.
To avoid turning BNPL to buy now, don’t pay later, businesses should consider the profile of their consumers.
“A millennial and Generation Z, someone who has just started working, is perhaps still in university and may not have that much disposable income at this point. The retailer needs to consider whether or not the BNPL implementation will allow them to better reach and capture the wallets of their target consumer,” said Quan Yao.
An example of a brand adopting BNPL is clothing brand, Pomelo’s, partnership with Atome, a BNPL mobile app, to allow customers to pay one-third of the total bill first. After their check out of items, their orders will be shipped and customers will get the items and pay other payments later with zero interest, 30 days apart.
Pomelo is currently operating three physical stores in Singapore which are in Nex, Jem, and 313@Somerset.
Cashier-less checkouts, AR zones Smart technology can also create seamless experiences for customers when they visit physical stores such as through cashier-less checkouts, voice-activated instore robotic assistants, dynamic merchandising tools, and shelf-monitoring solutions, explained Guillaume Sachet, Partner of Advisory Practice at KPMG, a professional services firm.
He added that these technologies can combat consumers’ frustrations such as long queues, insufficient stock of popular products, and navigating physical stores.
A brand that does this is Singapore’s Pick&GO, an AI convenience store, which resorted to AI technology to help customers walk and complete their payments in a matter of seconds.
Quan Yao said these cashier-less options are better suited for grocery retailers, which focus on convenience. It could be different for other retailers such as department stores and beauty specialists that need human expertise to entertain customer concerns.
KPMG expert Sachet also suggested AR zones within stores to elevate customers’ interactivity with products that may be on static display.
In JLL’s 2022 Singapore retail property report, furniture retailer, Castlery, established an AR-enabled store that featured modern living spaces via mobile applications. This helped customers visualise the furniture in their homes and improved customer experience at physical stores.
Since 2019, Castlery’s posted a six-fold increase in its revenue. Further, its modern pieces were sold in 300,000 houses globally.
Brick-and-mortar stores must also leverage customer experience as Singaporean consumers are bearing the brunt of rising inflation, which changes their way of spending.
These factors should push physical retail stores to “make adjustments” which will attract customers and generate sales, Sachet said.
Retailers can consider introducing or stepping up experiential components for shoppers. For grocery and food and beverage retailers, this could be in the form of sampling stations, self-serve bars, and demonstration stations. For clothing and apparel brands, leveraging AR to enable virtual product trials can refresh the experience whilst decreasing the hassle of physically trying on products, Sachet said.
“More than just a platform for showcasing products, physical stores are a community hub, which allows connections to be built between brand and customer,” the KPMG expert added.
Consumers are bound to spend more consciously with the rising inflation. In fact, a DBS survey showed that 42% of consumers said they will save more and spend less whilst 32% will look for cheaper alternatives.
“Retailers need to make the most of their brick-andmortar assets. One of the ways to do so is by integrating the ‘phygital’ concept as consumers turn into hybrid shoppers,” said Emplifi’s Sharma.
Sharma said businesses should tap omnichannel retailing, which allows customers to receive a unified experience of shopping through a mobile device, computer, or at a physical store.
This is due to the evolving demands of shoppers, who 67% of them in the Asia Pacific seek new products in-store whilst 66% seek new products on their mobile phones, as shown in Meta’s Seasonal Holidays Report.
“Setting up an omnichannel buying journey is no longer a nice to have option for businesses. Customers now want the flexibility to choose which channel suits them at a particular moment and expect to be able to contact businesses via multiple touchpoints,” said Sharma.
Consumers’ flexibility is also shown in Adyen’s 2022 Retail Report which found that 61% of consumers said they will be more loyal to a business that allows buying things online and returning in-store.
One way to do this omnichannel approach is to elevate the customer experience by speaking to a live customer
service agent on social media, logging an order online, and heading to the physical store to get the product.
UK cycle retailer, Ribble Cycles, does this by partnering with Emplifi Shopstream by Go Instore, which is a oneto-many video-streaming service. This service will allow customers access to a Ribble physical store, a Ribble expert, and its range of products online.
When live events were cancelled during the pandemic, Ribble used ShopStream to feature new products. The broadcast on their website, which was also live streamed on Facebook and Youtube, reached 10 times more attendees than launching these new products on a personal event.
One in four engaged visitors add products to their basket during a live stream on Emplifi’s ShopStream, with purchase rates rising to as much as 50% when moving to a one-on-one discussion with an associate.
Locally, an omnichannel approach is being done by Singapore Airlines (SIA) which uses the KrisShop offering, which allows customers to buy from the brand’s website or mobile app.
“Products on sale range from cosmetics to fragrance and electronics, and items can be delivered to the customer’s seat on their next SIA flight or directly to their doorstep in any part of the world,” said Sharma.
Sportswear firm, Decathlon Singapore’s omnichannel approach is Click and Collect, which uses its e-commerce and retail stores.
Through this setup, customers can purchase goods online and collect them at the nearest brick-and-mortar stores within two hours but only for general goods. For items like bikes, they can be collected within seven days.
Using retail technologies is also one of the strategies for brick-and-mortar stores, Quan Yao said.
He cited electrical and furniture retailer, Courts Singapore, as an example of this marketing strategy after the store set up quick response codes that activate a virtual mascot, Bitty the Mascot, which will help in virtual shopping.
“Generally, we see key themes around meeting consumers’ demands for product availability and a positive experience in-store trying the product. Stores should also be strategically located and easily accessible to their target consumer,” said Quan Yao.
For more on this story, go to https://sbr.com.sg/
It is the company’s way of promoting continuous learning amongst its employees.
ShopBack employees go to their newly renovated headquarters fittingly called “Campus” in Pasir Panjang, they go back in time and are treated to school-like spaces where they can hang out and collaborate with each other.
ShopBack employees can instantly get the back-toschool feeling when they enter the office’s assembly hall, which ShopBack’s Country General Manager Fern Nannaphat compares to a university auditorium.
According to Nannaphat, the assembly hall is a huge open space with multiple staircases where people can sit and hang out either during or after working hours. The hall also has a massive screen in the front used during town hall meetings and even has ping pong tables.
“A lot of ideas are coming up around the ping pong table area, at least for my team,” said Nannaphat, adding that it’s one of her favourite areas in the new office.
Apart from the assembly hall, other features of the headquarters that make the space campus-like is its library,
which houses books donated by employees, its meeting rooms equipped with whiteboards, and Y-shaped cluster seating arrangements.
“The meeting rooms, ping pong tables, and even the couches resonated with me going back to school,” Nannaphat added.
The property’s history Nannaphat said the property, which has been refurbished and transformed to become ShopBack’s regional hub, was actually an old school building managed by the Singapore Land Authority.
Turning the old school building into another place of learning, was ShopBack’s way of paying homage to the property’s history.
“This deliberate choice of location underscores the progressive enterprise’s emphasis on continuous learning at Campus,” the company said.
More than its physical features, what makes ShopBack’s
28,000 square feet office a true campus is how it allows employees to learn.
Nannaphat shared that ShopBack invites guest speakers who come to the office and give workshops or lectures to the office staff.
“As we are still a startup, we still need to learn a lot from the rest, even if we’re already an eight year old company,” Nannaphat added.
“Continuous learning speaks to two of ShopBack’s eight core values: Always Curious & Be Better Everyday,” the company said.
“We have all been working from home, so it’s like people coming back to school after the summer break. I think if all of us come back to the office again, that would really open our minds for collaboration,” Nannaphat said.
ShopBack’s Campus houses over 220 employees based
in Singapore for its regional marketing, engineering, compliance, payment, and financial services teams.
These teams in the new HQ will work to further expand ShopBack’s capabilities in its financial services. Recently, ShopBack acquired fintech company, hoolah, and also launched its latest payments feature, ShopBack Pay.
Employees, with the help of content creator studio Third Space, also get to create content for ShopBack on the ground floor of the office.
“Over the past eight years, we have observed the evolution of our business, from just an online platform to an omnichannel shopping ecosystem. With the launch of our headquarters here, we seek to further fulfil our mission to enhance the offerings provided by partnering merchants to bring our services to more shoppers in the region,” said Henry Chan, CEO and Co-Founder of ShopBack.
The new Guoco Midtown features five dimensions of office flexibility.
Workarrangements continuously evolving give rise to the need for flexible spaces. This challenges businesses to determine how much of the traditional office should developers retain or forego in designing a futureproof workspace. GuocoLand struck this balance in the new Guoco Midtown, a 3.2-hectare integrated mixed-use development in Singapore’s Downtown Core.
The development will feature more than 700,000 square feet of Grade A office space expected to house an additional 10,000 office workers, residents, and visitors.
GuocoLand Group General Manager (Asset Management) Valerie Wong told Singapore Business Review they tapped into their experience in Guoco Tower, and the tenants’ sentiments in designing a development that caters to flexible space needs. The first phase of Guoco Midtown is expected to be completed by the end of the year.
“In our current buildings, Guoco Tower and another building reference, we have a co-working operator that fulfils one level of flexibility, but we wanted to really be
a part of the integrated real estate solution for tenants,” GuocoLand’s Wong said.
“We looked at what our tenants requested–they wanted the extra meeting rooms, larger town hall, and MICE facilities for up to 200 persons. We looked at the best of traditional spaces and how this is layered and enhanced with flexible spaces.”
Five dimensions of flexibility Wong said Guoco Midtown fulfils the need to futureproof offices through five dimensions of office flexibility, particularly Flex in Core, Core to Flex, Flex Connect, Flex Lifestyles, and Flex Cloud. She added this helps ready tenants to make adjustments as needed for scenarios, such as a change in business cycles, or worse, in the case of another pandemic.
Under the Flex in Core dimension, GuocoLand ensured that the property will have highly efficient floorplates that allow tenants to design their office space as an activity-based workplace.
“For office space, it’s all about the efficiency and we built
that into the infrastructure – how the core of the building allows tenants to scale up, whether they want to pack 200 persons to 400 persons per floor whilst taking into account fire safety, efficient needs,” she said.
The Core to Flex concept will enable enterprises with their core office based in Guoco Midtown to lease additional dedicated, fitted-out swing spaces. Whilst Flex Connect will allow tenants to tap into a Network Hub annexe building that gives access to service-upon-demand office spaces and meeting facilities.
The Network Hub, spanning 80,00 square feet of space, is directly connected to the office tower. It offers a wide range of amenities, such as lounges, tech-enabled hybrid meeting and training rooms as well as conference facilities that can house up to 200 persons. The Hub also has office pods that have been soundproofed for virtual meetings.
“As a landlord, we have to see when they need to expand, and when they need short-term flexible spaces,” GuocoLand’s Wong said.
“By providing this network hub that offers flexible swing spaces, whether it is just small, for five persons, even up to customised enterprise office, we will allow our tenants to scale up,” she added.
Moreover, Guoco Midtown sought to bring its tenants an immersive work-live-play concept, through its Flex Lifestyle, with a focus on physical and mental wellness. In the Guoco Midtown Gardens, tenants may stroll within a 3.8-hectare landscaped area featuring a collection of 30 private and public gardens with over 350 species of plants.
Accredify and SMU Academy have come together to provide an e n t e r p r i s e g r a d e s o l u t i o n t h a t e n a b l e s o r g a n i s a t i o n s t o d r a m a t i c a l l y transform their workforce through targeted, relevant, and training and upskilling.
Through an intuitive digital app, Accredify Passport, organisations can identify skill gaps in their workforce and find recommendations on relevant courses to address those gaps, thus ensuring that they are future-ready with a highly motivated workforce that is truly best-in-class.
It has never been easier to equip your employees with the latest necessary professional skills and to incentivise them with unprecedented clarity on their career progression. The evolution of your workforce is only one simple app away.
Guoco Midtown will also have a 40-meter lap pool, a jogging track, and an event plaza that could function as an area for workouts or as an entertainment pavilion. Aside from its green deck, a Sky Garden will sit at the crown of the 192-metre-tall office tower.
On top of the garden and activity areas, Guoco Midtown will feature three retail clusters with an area totalling 50,000 square feet. Two luxury condominiums, the 219-unit Midtown Bay, and the 558-unit Midtown Modern will complete Guoco Midtown’s Flex Lifestyles concept.
Lastly, GuocoLand incorporated its flexibility concept into its IT infrastructure. Through Flex Cloud, Guoco Midtown tenants will be given access to private cloud service on-demand. This could in effect reduce the need for large data centres or server rooms.
Wong said building Guoco Midtown had been challenging as the GuocoLand worked towards catering to the needs of tenants coming from varying industries, such as insurance, life sciences, trading, finance, and even FMCG. But what GuocoLand looked into are the challenges businesses face today, particularly the short business cycles, and the struggle to retain talent.
“They like and appreciate that, as a landlord, we provide for their wellness, with Guoco Midtown’s 40- metre pool and green deck, that would help support their whole wellness and ESG initiatives for tenants,” she said.
“But it’s also very practical because, in a way when they plan their offices, they can literally turn 20% of their space,” she added.
We looked at the best of traditional spaces and enhanced with flexible spaces
Most travellers are looking to “reconnect” with their family and friends post-lockdowns
Territories across the globe may have started to open their borders, but luxury tour operator Scott Dunn said 2022 will remain a year of recovery, as tourists proceed with caution in planning their next trips.
“Guests are still being very mindful of when they travel, how they travel, and what they’re travelling for,” Scott Dunn General Manager Mike Harlow said.
Harlow observed most travellers are looking to “reconnect” with their family and friends. Some travellers, meanwhile, are planning to study or work overseas, such as in Europe and the United States.
“Guests want to continue to return to familiar destinations, so we’re seeing fewer bucket list trips, and less adventurous travel in the year ahead,” Harlow said.
“We’re already getting ready for a strong desire to get more adventurous into 2023, as the world continues to reopen.” In Singapore, particularly, guests are taking advantage of short breaks by travelling to places like Thailand, Vietnam, and Cambodia.
Travellers are expecting to have more flexibility given the constantly changing border restrictions and requirements in entering certain territories. This could be through offers that give more room to adjust dates or make changes in itineraries. Having detailed and updated information on border requirements would also be key for the industry.
Harlow advised that individuals planning to travel should book sooner than later. “Availability is challenging. If you are looking to travel, then definitely start to think about it sooner rather than later and start to have some conversations with experts and operators that can support you with those arrangements,” he said.
In terms of costs, Harlow said travellers have not faced much fluctuation in the overall cost, besides the charges in getting tests and other COVID-19-related expenses. Travel costs are expected to remain within their 2019 level as suppliers and partners will neither introduce discounts nor inflate costs.
“Unfortunately, I do think that the cost of travel will increase as 2022 goes on and go into 2023,” he said.
Where tourists are headed Europe is one of the destinations popular amongst tourists, particularly Spain, Italy, Greece, and Scandinavia. Switzerland and Lapland have also seen strong demand. Regions that implemented the vaccinated travel lane model in the middle of last year towards the end will also see an increased number of travellers.
“Almost just re-engaging and getting familiar with travelling to those destinations again, we’re seeing cultural experiences, historical tours, food, and wine are ever more popular,” Harlow said.
“Guests are travelling slower, spending more time in a
destination, and getting to understand the destination in a bit more depth,” Harlow added.
Outside of Europe, Singapore had also been in demand as a long-haul destination. But now, other parts of the Asia-Pacific region, such as Thailand, Sri Lanka, Cambodia, and Australia are also rebounding strongly.
Maldives has also been frequented by tourists at the beginning of 2022, particularly in March and the Easter holiday. This will likely continue, but Harlow said that as the world continues to reopen, travellers will start looking at other destinations, especially those that have a good infrastructure, and medical facilities, as well as an existing network that allows flexibility in their travels.
In ensuring it delivers a high-quality experience to its guests, Scott Dunn sends its team members to go on familiarisation trips that could last between two days up to four weeks and experience their services first-hand. The company also works closely with the businesses that provide accommodation.
Scott Dunn has also partnered with the people on the ground, who can keep them up to date on any changes imposed within territories by their respective governments. The firm then summarises this in the form of documentation, or through conversations with guests.
For the full interview, go to https://sbr.com.sg/
We’re already getting ready for a strong desire to get more adventurous into 2023Guests are travelling slower, spending more time in a destination (Photo: Mike Harlow, General Manager, Scott Dunn)
HSBC has been pioneering the exploration of digital assets to transform capital markets infrastructure in Asia, supporting the development of new technologies which promote economic growth and financial stability.
The pilot bond issuance, which replicated an issuance by Olam International in August 2020, was a First in Asia for digital syndicated public corporate bonds. Since then, HSBC has continued to partner with SGX and Temasek on their joint venture, Marketnode, launched in January 2021, to complete several successful digital bond issuances, including a S$1 billion perpetual securities issue by Singtel and S$600m of Perpetual Capital Securities at 2.55% by UOB.
Upskilling and automation together can help the logistics firm stay afloat.
the talent shortage is essential for every logistics firm in Asia. When international borders closed due to the pandemic, talents from other countries could not come into Singapore. J&T Express Singapore decided to look for a solution internally to address the lack of manpower.
“[During those times,] we cannot expect to be able to bring in someone well-versed in e-commerce and logistics altogether,” Andrew Sim, Executive Director of J&T Express Singapore, told Singapore Business Review
Instead, J&T Express Singapore tapped onto its existing employees and provided them with upskilling and training opportunities. In partnership with universities and tertiary institutions in Singapore, the company is also conducting programs to introduce students to the e-commerce logistics industry.
Sim believes that this effort alone cannot overcome the manpower crunch. The answer still lies in automation. J&T Express Singapore, therefore, upgraded its sorting machine that enhanced productivity, increasing throughput by six-fold an hour.
For J&T Express Singapore, four elements should always be improved: people, processes, software, and hardware. Failing to attract more talents and providing them with the necessary tools will result in high risks that the logistics company is trying to mitigate, Sim said.
However, the situation is improving since Singapore opened its borders as potential employees from other countries, such as Malaysia, can come in. With that, Sim is hopeful that the talent shortage will end this year.
In Singapore alone, e-commerce sales are expected to grow to $13.4b by the end of 2026, said Sim, citing a report by Facebook and Bain & Company.
Believing that logistics is the backbone of e-commerce, J&T Express has been investing, for two years now, in building its networks, warehouses, and new software processes to cope with the anticipated demand increase.
“We have been expanding our network to provide the widest reach to our brands so that they can geographically cover a greater range of consumers around the world,” J&T’s Sim added.
In terms of delivery, Sim said consumers are prioritising the convenience and traceability of their parcels. As such, J&T Express provides various delivery options wherein customers can either have their packages delivered straight to their doors or choose a pick locker station close to them.
Sim also said that they are working on developing islandwide J&T points where customers can collect their parcels.
To ensure traceability, consumers are provided with updates on the status of their delivery, starting from the
moment the parcel is picked up, to its arrival at the sorting hub, and lastly when it is sent out for delivery.
Customers are also now placing importance on the sustainability initiatives taken by the brands they purchase from, as well as their supply chain.
But implementing environmental initiatives is “not a onesize-fits-all type of solution” and has to be put into context, according to Sim.
The existing infrastructure and legislation should be considered. For example, whether there is the capacity to support a fleet of electric vehicles or if road systems can handle these changes.
J&T Express is doing its part in integrating environmental initiatives, such as recycling reusable packaging materials like cardboard, wooden pellets, and plastics, Sim said. Plastics are either reused or consolidated and taken to a recycling plant.
The logistics firm is also looking to tap into technology to help its fleet management system to streamline route planning so that drivers can travel more efficiently, thus, reducing their carbon footprint. For its warehouses, Sim said they are investing in replacing their halogen bulbs with LED bulbs to reduce temperature, extend the life of these bulbs, and reduce electricity usage.
For more on this interview, go to https://sbr.com.sg/
Standing out professionally is key to rising above the competition. A visit to this beautiful shophouse studio in downtown River Valley for a professional headshot guarantees a positive impression for your brand.
When communication is key to our clients
White Room Studio’s forte in communicating and understanding its corporate clients’ needs stems from more than a decade of corporate photography expertise, working with space and lighting in different companies, offices, and locations.
Having managed photoshoots involving more than 100 executives within a single location and being highly proficient in working within the guidelines of creative briefs from multinational companies, it is no wonder that companies chose and stay with White Room Studio for its ability to enhance the professional image of corporate individuals and teams.
in 2009, White Room Studio has since become Singapore’s leading commercial portraiture photo studio.
Named Tatler’s ‘Best Portrait Photographer’ for 6 years running, White Room Studio works with a myriad of companies nationwide. The studio’s corporate clientele comes from a diverse range of industries such as legal, finance, insurance, real estate, healthcare, shipping, and more. White Room Studio has successfully showcased companies’ unique corporate culture through photographs, and it is no mean feat that requires meticulous planning between their dedicated team of coordinators, photographers, and assistants.
At the studio, corporate clients can expect varieties of elegant and classy backgrounds inspired by unique colonial-style settings including both historical and contemporary décor, amongst others. Dedicated client services will all come immediately into play such as makeup and hair styling, wardrobe advice, lighting to retouching, all in one touchpoint of service.
White Room Studio performs equally well outside the studio. More often than not, it is the client’s requirements of corporate branding and lifestyle portraiture to be taken within the setting of their boardroom, lobby, and office space.
“Beyond artistic and technical expertise, companies need us to also understand their corporate culture and project the brand each company is trying to achieve,” says Elaine Lim, Creative Director of White Room Studio. “We are committed to giving them the best experience, and that means a high level of satisfaction in service and professionalism.”
This is why a dedicated concierge team exists to achieve that outcome. They collaborate with clients to make sure every step is seamless — from booking a session to the final delivery of the images.
The photos that White Room Studio produces ensure that confidence, unique charisma, and personality are captured, whether it is for an individual or executive group shot, in the most comfortable manner.
“In preparing to embark on my new journey as CEO of Singapore Institute of Directors, it is important to me to have an updated professional headshot so that I may communicate appropriately the brand of the organisation and what it does – empowering directors to champion corporate governance. In this regard, I’m glad I engaged the photography services of White Room Studio,” says Terence Quek, BBM, MSID.
“Not only did they provide professional advice and captured exactly the kind of corporate look I wanted to portray, they acceded to my
request to have my photo sent to me so I could use it in time for the organisation’s official announcement. Thank you to the team that assisted me that day at the studio.”
Exclusive services for executives on the go Clients can look forward to unwinding in the comfort of White Room Studio’s executive lounge before their shoot. Enjoy complimentary refreshments from a fine selection of coffee and tea, and free Wi-Fi.
Guests are also welcome to use the modern amenities available in the 2,400 sq ft studio — two changing facilities and a vanity room. Assistants are always ready to lend a hand if clients require a blazer or tie to complete their outfits.
To capture the best version of each individual, experienced photographers who work well with corporate executives provide directions on posing, down to the smallest details such as hand placements.
“A professional photographer is also your brand storyteller,” says Dan Yeo, Director of White Room Studio. “We work with our clients to understand their company’s spirit and personality, and our photos showcase these qualities,” he continues.
What is the end result? Forget about the usual stiff and one-dimensional shots. The images that White Room Studio produces will speak for themselves: confident, charismatic, infused with personality.
This dedication to the art of portrait photography makes White Room Studio a preferred partner to companies and business individuals both in Singapore and beyond its shores.
A private 5G network can provide coverage in spaces with metal obstructions, unlike Wi-Fi.
When businesses rely on Wi-Fi, they are at risk of not being able to make fast and accurate decisions in critical situations given its higher latency, meaning data is transferred and received slower than other types of connection. This risk can be eliminated if companies adopt a private 5G connection.
According to John Lombard, CEO, Asia Pacific, NTT Ltd., a private 5G network allows for loads of information or data from different IoT devices to be “collected at the edge” or be processed in real-time—a feature which they said a Wi-Fi network is “not cut” to do.
“It’s ultra-high bandwidth, super-low latency, and really ensuring that decisions can be made at the edge in realtime,” Lombard told Singapore Business Review.
Given that a private 5G network allows for real-time processing of data and thus faster decision-making, adopting such technology can make “any organisation more competitive and invite multiple opportunities to their business,” said Lombard.
“The success and savings derived from these benefits will then ripple out to the rest of the organisation, all the way to the customer,” Lombard added.
Another feature of a private 5G that is sought after by businesses is network security, which seven in 10 executives surveyed by research and insight provider, Economist Impact, said is not being provided by current connectivity and communications platforms.
Economist Impact added that a private 5G network can also provide “coverage in strategic locations, both indoors or outdoors, such as at manufacturing plants or ports” as well as “spaces with metal obstructions.”
“In contrast with relying on public mobile networks, access is limited to authorised devices, which not only allows for improved security standards but also limits network saturation, benefitting performance and reliability,” added the company.
For companies to reap the benefits of a private 5G network, Lombard said they should undergo a mindset shift and be really “eager” to adopt new solutions.
Lombard cited that several companies are still adamant to adopt a private 5G network given challenges such as infrastructure complexity and lack of technical skills and expertise available to deploy the technology.
For 44% of businesses, the main challenge in implementing a private 5G network is how to integrate it with their legacy systems and networks.
These barriers, however, can easily be overcome by using system integration services when engaging with
Private 5G ensures that decisions can be made at the edge in real-time
suppliers and “by outsourcing to a full suite service provider like NTT to implement and manage solutions,” according to Lombard.
According to Economist Impact, businesses also prefer outsourcing a private network from a managed service provider over adopting their own.
NTT has a private 5G network-as-a-service platform, which enables businesses to build their own 5G network with full control and data ownership across large coverage areas.
Its global connectivity solution also includes SIM and digital sim or eSIM support, carrier management and a global service delivery platform.
“We easily yet securely integrate private 5G into corporate networks and scale businesses with Networkas-a-Service and Device-as-a-Service capabilities with secure access to private apps using zero-trust network access and a Secure Access Service Edge framework,” Lombard said, adding that these solutions will be needed by companies if they wish to provide their workforce with a safe and reliable network.
To better illustrate how private 5G works, Lombard shared how it helps companies in the manufacturing/ automotive, healthcare, energy, and retail, which were amongst the most inclined industries to adopt the technology as per Economist Impact’s report.
In the manufacturing/automotive industry, what a private 5G network provides is effective communication between humans and machines.
“In an industry that relies on precise control and data prioritisation, businesses need a network that delivers and supports both connected and autonomous technologies,” Lombard said.
Amongst scenarios where a private 5G would be applicable include augmented reality driving experience, cloud-based control of autonomous transport systems, advanced driver-assistance and monitoring systems, etc.
In the energy industry, Lombard said private 5G is “particularly useful” for functions which require low latency networks such as monitoring and managing field devices remotely, and automated routing of power/energy.
A private 5G is not only for complex scenarios such as those in the manufacturing and energy industries.
According to Lombard, it can also help in simple situations such as ensuring a secure exchange of patient’s details, medical history, and test results within a hospital or making the exchange of payments between a seller and consumer faster.
With these opportunities which private 5G networks provide, Lombard believes the adoption of the technology will rise. True enough, over 51% of firms surveyed by Economist Impact said they plan to deploy the network within six to 24 months, whilst 94% believe that it will become a critical part of their operations in the next five years.
“Today, as network perimeters expand, the security capabilities of older connectivity technologies, such as Wi-Fi, are not always optimal. Business leaders need to implement connectivity solutions with improved data privacy, security and faster connection speeds if they’re to provide their workforce with a safe and reliable network,” Lombard said.
Only 17% of SMEs in Singapore are insured against cyber threats.
99% of the 560,000 registered businesses in Singapore are categorised under small and mediumsized enterprises (SMEs). Of these SMEs, only 17% are insured against ransomware attacks. That means only approximately 94,000 SMEs are prepared to face cyber threats, the biggest risk to businesses in this digital era, warned the General Insurance Association of Singapore (GIA).
In an interview with Singapore Business Review, GIA President Ronak Shah said the lack of awareness amongst SMEs is the main reason that keeps them from adequately protecting themselves.
“They don’t know how badly they’re going to be hit the moment a cyber breach occurs, how much it is going to cost them. How much data are they going to lose? Will they lose access to their clients? Will their business be shut down as a result?,” Ronak explained.
Ronak’s claim is backed up by QBE Singapore reporting that only 45% of SMEs are aware of cyber insurance. But what was prevalent in most organisations in Singapore is that they are confident that cyber-attacks will not happen to them.
“62% of SMEs have indicated that they would prioritise other things, rather than getting protected by insurance,” Ronak shared.
GIA has been relentless in promoting and advocating greater public and private and cross-sector collaboration. Through this, a more comprehensive understanding of cyber risks across industries will be built, with its main purpose being to provide valuable cyber propositions to protect vulnerable businesses.
What Ronak wants is for cyber insurance to be compulsory in Singapore.
“It is not different from if you’re driving a car, you need to have motor insurance. If you’re using a computer and you are connected to the internet, which pretty much everyone is, then the need for cyber insurance has never been greater,” he said.
“Cyber hygiene, or having the right approach to cybersecurity, should be the top priority for SMEs. Then they can reinforce that with the use of insurance. This is where cyber insurance comes into play,” he explained.
Apart from cyber hygiene, Ronak reiterates that the general insurance sector remains vigilant.
“With businesses and social activities resuming to pre-pandemic levels, the general insurance sector is also focused on monitoring the fraudulent activity in the motor insurance segment, and is actively continuing to strengthen its processes to combat fraud in that segment,” Ronak said.
Aside from focusing on pushing for public cyber insurance awareness, Ronak, who helmed GIA early in 2022, will also be pushing to elevate the culture and conduct standards in the insurance industry.
Singapore’s Insurance Culture and Conduct Steering Committee published three papers in 2022 providing best practice guidelines and recommended initiatives for stakeholders within the insurance ecosystem to elevate the culture and conduct standards of insurance companies, intermediaries, employees, and the insurance ecosystem.
Ronak said the fourth paper for general insurance intermediaries is already in progress and is expected to be published by the end of the year.
“The sector will also be working closely with the Ministry of Manpower to implement enhanced medical insurance coverage for work permits, and for S-pass holders. This would seek to improve the health and well-being of foreign workers here in Singapore. We are also in close partnership with the Ministry to ensure seamless implementation of the enhanced medical insurance model and aim to roll this out towards the end of 2022,” Ronak shared.
SMEs would prioritise other things, rather than getting protected by insuranceWhat Ronak wants is for cyber insurance to be compulsory in Singapore (Photo: Ronak Shah, President, GIA)
Not
18 months call the Lion City home, according to Wong.
“The SGX has been an attractive bourse of choice for both domestic and foreign trusts and this momentum is expected to continue however could be slowed due to prevailing economic headwinds,” Wong said.
Wong expects a “slight decline” in listings in the last six months of the year as global woes bare its claws against the economy with Singapore likely to be affected as well.
Instead of listings, companies may opt to look at other markets to raise money–the bond market especially receiving interest, even from already listed companies.
“There are many options and alternatives [such as] private capital, alternative listing venues and there is never a one size fits all in one’s bid to raise funds for growth and success,” Wong said. “Many listed entities are also looking at the bond market as a source of funds compared to equity markets. However, this may be challenging given rising interest rates.”
initial public offering (IPO) market may likely see no improvement in the last six months of 2022. The Lion City is riding the same bleak wave as the rest of the world, and the expected slowdown of economic growth will further put a damper on companies’ interest to go public, analysts told Singapore Business Review.
“Economic uncertainty brought about by higher interest rates, inflation combined with the forecast of recession, have dampened sentiments resulting in a more cautious investment appetite,” Christopher Wong, Singapore Head of Assurance, Ernst & Young LLP in Singapore, told Singapore Business Review
Stephen Bates, Partner and Head of Transaction Services, Deal Advisory, KPMG in Singapore, noted that the slowdown in particular reflected geopolitical tensions, the corresponding inflation in food and energy costs, and subsequent
increases in interest rates in the US and other markets. “Special purpose acquisition companies (SPAC) IPOs have also weakened given the depressed equity markets and rapid decline in prices for more recently listed entities,” he noted.
On the hopeful side, Singapore’s IPO market improved compared to the height of the pandemic, recording a total of 12 IPOs over the past 18 months. Six of these IPOs were in the first quarter of this year, with the second quarter recording another four IPOs–a strong improvement compared to just two for the whole of 2021, and just one more IPO shy of the 11 IPOs that took place in 2019, before the pandemic hit, according to Ernst & Young LLP.
This was thanks to locallyheadquartered companies going public. Nine out of the 12 companies who made public debuts in the past
Singapore’s bond issuances fell 62% to only US$4b in the first half (H1), compared to US$10.5b in H1 of 2021, according to data from EY.
One feature that notably characterised the 2021 IPO market was the introduction of SPACs by authorities in Singapore. In simpler terms, an SPAC is a “blank check” company that raises capital through an IPO for the purpose of acquiring an existing operating company, according to PwC.
The Singapore Stock Exchange (SGX) began listing them in September 2021, a move that catalyses Singapore’s IPO market moving forward, according to Bates. Three SPACs successfully listed on the SGX during the first half of 2022: Vertex Tech SPAC, Pegasus Asia SPAC, and Novo Tellus SPAC. They each successfully raised $208.03, $170m, and $150m, respectively.
All three SPACs are characterised
Economic uncertainty has dampened sentiments resulting in a more cautious investment appetite
by their intention to invest in technological companies. Indeed, the technology sector continues to outperform in the global IPO market.
“Private Equity (PE) and Venture Capital (VC) firms are now refocusing their 2022 investments towards technology that will fuel industry transformation over the next ten years and beyond. Fintech in the domains of climate change, supply chain, financial and crypto market infrastructure, artificial intelligence and agritech are attracting high interest,” Bates said, adding that EY expects SPACs to position the wider Southeast Asian region as one of the largest deal markets in APAC.
The full positive net effect of SPACs in the IPO market of Singapore and the wider Southeast Asian region, however, is not expected until 2023.
Tech and energy outperform Globally, listings from tech firms continue to prop up the IPO market. In the first six months of the year, there was reportedly a total of 120 IPOs from the sector, although the average deal size came down from US$293m to US$137m, according to data from the EY Global IPO trends Q2 report.
In terms of proceeds, the global energy sector has overtaken the lead with the average deal size of proceeds increasing from US$191m to US$680m.
EY expects that a greater focus on renewable sources of energy in the face of increasing oil prices will
help the sector continue to lead by proceeds from bigger deals.
“Further, environment, social, and governance (ESG) will continue to be a sector-agnostic key theme for investors and IPO candidates. As global climate change and energy supply constraints intensify, companies that have embedded ESG into their core business values and operations should attract more investors and higher valuation,” Bates said.
“ESG adoption, net zero investments, and impact investments are on the rise, fuelled by crossindustry demand and a desire to make an impact. As the momentum for these investment channels continues to gain steam, investors are refining and evolving their strategies,” Bates noted, adding that the recent Point Zero Forum is a good yardstick for the fintech space–indicating future investment into digital assets, as well as sustainable and embedded finance.
Wong echoed this sentiment. “In the next 12 months, high growth companies in the technology, energy, health care and industrial sectors should still very much be the mainstay of companies seeking to go public and raise capital,” he said.
The opposite story for REITs are notedly Singapore’s “most significant type of listing” representing 12% of Singapore’s overall stocks, generating an average dividend yield of 6.4%— amongst the highest in the region.
However, analysts do not expect any new REITs to list,
with the sector moving towards consolidation instead.
“Amidst the challenging global real estate market, the S-REIT sector has instead seen six successful consolidations since 2018 with one more merger–between Mapletree Commercial Trust and Mapletree North Asia Commercial Trust–currently ongoing with the respective unit holders’ approvals obtained in May 2022, as S-REITs seek economies of scale and competitiveness,” Bates said.
He added that given the current economic climate, any new REITs listed would likely be at a discount due to more favourable economic conditions. “We do not expect to have any significant REITs listed in the second half of 2022,” he added.
Wong also noted that the lacklustre appetite from REITs is just endemic to the downtrend felt across the global IPO ecosystem.
“That said, should such subdued sentiments continue on a prolonged basis, the market may start to lose depth. Hence, it is important that the SGX continues to be attractive to companies with IPO aspirations,” Wong said.
In the end, investor sentiment will depend on the state of the economy through 2023. “A robust economic environment will engender more IPOs as corporates address more opportunities for growth and expansion. Financial performance and track records should be healthier and this makes for a more compelling story for investors and stakeholders,” he said.
ESG will continue to be a sector-agnostic key theme for investors and IPO candidatesStephen Bates Christopher Wong Companies that have embedded ESG into their core business values and operations should attract more investors and higher valuation
After the imposition of a higher additional buyer’s stamp duty, residential property investment sales declined to 33.4%.
When Singapore implemented a new round of cooling measures in December 2021, analysts observed that increasing home prices have indeed been moderated. The downside, at least to the residential real estate market, is that it has driven investments out and towards commercial properties.
Just one quarter (Q1 2022) after imposing a higher additional buyer’s stamp duty (ABSD) on residential properties, the investment sales value of the residential sector declined by 9.1% to S$3.11b. This was opposed to the 165.9% quarter-on-quarter growth to S$5.81b in commercial real estate.
Over the same period, the share of residential properties in the total investment sales value dropped to 33.4% from 47.6% in the previous quarter. In contrast, commercial real estate investment accounted for 62.4%, a “significant” increase from 30.4%.
In Q1, investment activity grew by 34.4% QoQ to S$10.6b, largely led by commercial sales, Colliers data showed. Cushman & Wakefield also recorded “significant” Q1 growth in commercial investment sales of 19% QoQ. This was followed by notable deals, such as the acquisition of 79 Robinson Road for $1.3b, Golden mile Complex for $700m, and Twenty Anson for $599m, in the second quarter.
“Investor demand spilled over into the commercial sector. Amidst headwinds from rising interest rates and geopolitical tensions, Singapore continued to attract capital from private funds and family offices pursuing assets in prime locations,” Colliers said in a report.
Cushman & Wakefield Head of Research Singapore Wong Xian Yang said the cooling measures have particularly led to stricter selection criteria that have increased development risk for
moderate asset price inflation.
Despite this, JLL Asia Pacific remained optimistic as it observed Singapore is attracting more investors that are diverting their gaze from the usual markets, such as Japan, Australia, and China.
large residential sites.
“With this in mind, small to medium sites with a palatable quantum are more likely to be transacted in the current market,” Yang told Singapore Business Review
Regina Lim, Head of Strategic Advisory, Capital Markets, JLL Asia Pacific, said the added restrictions on future strata-subdivision of selected commercial properties in central business districts and the Central Area intensified the appeal of the now-limited stock of stratatitled office units.
JLL Asia Pacific estimated that real estate capital market deals in the first quarter of the year climbed by 134% year-on-year to S$7.8b, which is also double the quarterly average recorded between 2018 and 2019.
Investors’ ‘safe haven’
Amidst this growth, Singapore could still suffer from geopolitical uncertainties that disrupted the global supply chains and increased inflation and interest rates, Lim said. Whilst Singapore has yet to see its impact on demand for real estate assets, the high-interest rates will likely impact investors’ required rates of return, slow investments, and
“Institutional investors continue to seek to deploy capital into Asia as they are attracted by high urbanisation rates, rising incomes, and strong economic growth,” JLL Asia Pacific’s Lim said.
In recent months, the Singapore real estate industry saw the acquisition of office assets by Nuveen, PAG, JPM Asset Management, and KKR.
“We believe this is because the Singapore office market is at an inflection point given structural changes in Singapore’s global positioning, the office rental trajectory, and opportunities for asset revitalisation,” she said.
JLL Asia Pacific projected transaction volumes in 2022 will recover and return to their prepandemic level, translating to a 20-25% year-on-year growth; whilst a “moderate growth” in investments is expected in 2023.
Similarly, Yang expects the current economic climate to put some weight on investors’ activity but sees Singapore will continue to be competitive.
“Whilst investors are still looking to deploy capital, they are exhibiting more caution and looking at core assets which can generate a stable income, such as Singapore CBD offices or prime logistics,” he said.
Investor demand spilled over into the commercial sectorWong Xian Yang Regina Lim
For nearly a century, Crawford has led the industry through a relentless investment in people and the innovative tools that empower them. This unique combination enables us to provide unrivaled claims management solutions to insurance carriers, insurance brokers and corporations worldwide.
Learn more at
decision to reduce office space. In the current market, the challenge is to make the in-person office space more compelling such that the office will be a more conducive work location compared to the home,” Tay told Singapore Business Review.
Like the office market, the hospitality segment also won big from Singapore’s reopening. For the month of June, Wong said hotels saw a “very strong growth” coming on the back of pent-up demand.
Data from the Singapore Tourism Analytics Network showed that in June, Singapore hotels’ average room rate was at $238.32, up 63.1% year-onyear (YoY). In the same month, the average occupancy rate of hotels also jumped 22.6% YoY to 76.92%.
The hospitality market, however, is still playing catch up, according to Tay, given that borders just recently opened in April.
Property experts said the shift of consumption from goods to services has given the two markets a lift in 2022.
Over the last two years, the office and hospitality markets were severely impacted, but thanks to a shift of consumption from goods to services, these two sectors were finally able to turn the corner and kick start their journey to recovery.
“As Singapore’s economy and borders started to open and return to pre-pandemic normalcy, real estate sectors such as offices and hospitality that served the service industries saw higher investment demand and growth,” Wong Xian Yang, Head of Research of Cushman & Wakefield (C&W) Singapore, told Singapore Business Review in an exclusive interview.
Based on data from C&W, commercial investment volume surged to $7.2b in the second quarter (Q2), more than 2.5 times than the first quarter (Q1) 2022 figure. Meanwhile, data from JLL
showed that as early as March 2022, investment volume in the mid-market hotel segment had already surpassed half of its full-year record in 2021, transacting a total of $103m.
Wong said investors grew more confident and invested large sums of money into offices as more people returned back to the office and with the belief that the role of offices may change.
The property expert added that the office market had already achieved its “new normal” considering the prevalence of hybrid work. Wong said occupancy in the market stands at around 50% to 60%, quite close to the pre-COVID normal of 60% to 70%.
Knight Frank’s Head of Research, Leonard Tay, echoed this saying the office sector has seen “incremental recovery” this year.
“Now that everyone’s allowed back into the office without restrictions, office users have revisited their earlier
“It is challenging for them because they were in survival mode for the last two years. It takes new resources time to bring operational levels back to pre-pandemic occupancy levels, but at least they will have come to the end of a very dark tunnel now that travel is allowed,” Tay said.
Wong added that the sector remains under pressure since Chinese tourists are a significant source of tourism for Singapore, and China is still under strict quarantine measures.
“From April to December 2022, the segment’s recovery will be from a very low base, but 2023 should be the year of the beginnings of normalisation,” said Tay.
Whilst the office and hospitality markets are still in the beginning stages of their revival, the industrial sector is well on its way to the finish line of the race to recovery.
According to Tay, 2022 was the year where the industrial market recovered without serious disruptions, adding that real estate indicators remained relatively steady throughout the first half of the year, increasing incrementally to the tune of about 1% to 2% each quarter.
In Q2, Tay said the market was supported by “output expansions in
2023 should be the year of the beginnings of normalisation
electronics and precision engineering,” and was fueled by “continued demand for semiconductors and semiconductor equipment.”
“We also saw certain recordbreaking levels of foreign asset investment in manufacturing in the last few years, notwithstanding the pandemic. Investment in terms of developing new facilities, especially high value-added facilities,” Knight Frank’s Tay added.
C&W’s Wong said the industrial market is even “stronger than it was pre-COVID [and is] beyond the road to recovery,” mainly due to prevailing market trends such as e-commerce, increased focus on life sciences, and digitalisation.
Whilst the sector has “taken a step back” in terms of investments, Wong said it was only because of its very limited supply and lower pricing. Based on Colliers data, industrial sales declined 29.0% quarter-onquarter to $239m in Q2.
On the flip side, Tay said the market will likely stay on a steady recovery course, with prices and rents set to improve by about 3% to 5% for the whole of 2022.
Like the industrial market, the residential market is also a frontrunner in the recovery race; however, Wong said the segment is currently facing a hurdle: a shrinking saleable inventory.
“In the private residential market, the greatest challenge probably is putting new replacement stock or new product onto the market at a time when there is healthy buyer demand. Travel has also opened up, meaning there’s a promise of added demand from foreign homebuyers,” Tay said.
Based on data from Savills, the stock of unsold units hit a 16-year low of 14,087 by end of Q1 2022.
Tay said the stock likely dropped because developers did not acquire the typical levels of land supply during the pandemic years.
With dwindling stock, Tay foresees that the volume of transitions in the private residential home market will be “comparatively less than 2021.”
“This is not because of the lack of buyers, but because of the lack of new product or saleable stock. Sellers are also more reluctant to part with their homes unless they have secured a
replacement home,” Tay added.
In 2023, Tay said the market will likely perform the same, but warned that rising interest rates and inflation might dampen “some buyer demand” in the market.
With rising interest rates, C&W’s Wong said demand may shift to the suburban market or city fringe market where prices are cheaper.
“Nevertheless, fundamental homebuyer demand for owneroccupied homes remains strong because housing aspirations that have built up through the last 10 to 20 years of growing affluence should continue to supply the market with buyers,” Tay said.
Unlike the residential market, the retail segment will be much affected by the worsening global inflation.
According to Wong, the growth of retail rents might slow down this year as many retailers face “challenging operating conditions” like inflationary pressures, manpower constraints, and supply chain disruptions.
“The retail operating scene remains to be quite challenging because they face high operating costs,” Wong said.
On the flip side, Wong and Tay said Singapore’s reopening relaxation of measures has pushed the segment forward this year.
“The retail sector turned the corner, particularly from April 2022 this year. Since the removal of safe management measures in a compelling fashion, especially in the second quarter of the year, shopping and dining activity has returned to the market, bringing really long awaited relief to the retail sector,” Knight Frank’s Tay said.
Tay added that with borders reopening, the sector has been given
a “promise of broad-based recovery” after several false starts in 2021.
“The opening of borders has also allowed big mega events such as the Singapore Grand Prix. Bearing this in mind and the projection that the retail market will grow in the remaining months of the year, prime retail rents should grow by about a moderate 2% to 4% for the entire year,” Tay said.
Come 2023, Tay said the market will likely reach some level of normalisation, alongside the hospitality market.
After a year of holistic r ecovery, Wong and Tay said it is still uncertain how the market will perform in 2023, especially with recession fears looming across multiple markets.
“2023 will be the year of caution for the real estate market,” added Wong.
Wong and Tay, however, said that if and when recession actually happens, Singapore’s real estate market will be cushioned from its impact.
“Singapore can benefit from a ‘flight to safety’ response.
Investors like Singapore because of its stability in terms of political, regulatory, and pro-business environment, so I believe investments will continue, and this will support the overall property market in Singapore,” said Wong.
Tay echoed this, adding that Singapore is a stable location which can offer refuge for investors around the globe.
“Singapore is a safe haven, because as a destination for corporate offices, it is more stable in comparison to other spots in the world that might be affected by political and economic tensions,” he added.
Now, the challenge is to make the in-person office space a more conducive work location compared to home
Investors like Singapore because of its stability in terms of political, regulatory, and pro-business environmentLeonard Tay Wong Xian Yang
Amongst locations, realtors suggest the Core Central Region.
Decent-sized real estate properties in these mature locations are available at less than $1.2m.
dollars may not buy you much, but if you are planning to invest in residential real estate, consider these three things: the property must be near prestigious schools, it must be located within the Core Central Region, and look into the mass market.
George Tan, Managing Director of Savills Digital Residential Marketing, said one important factor is location.
Tan said buyers must consider areas that are well-demanded and have easy access to schools, MRT, malls, food and beverage (F&B) establishments, and places of recreation.
PropNex realtor, Andy Lim, echoed this, adding that buyers should particularly invest in properties within one kilometre of the prestigious schools.
In the residential market, Tan advised high-net-worth potential buyers to look at Districts 1, 2, 4, 6, 7, 9, 10, and 11, given that properties in these strategic areas have good rental demand.
Good developments in these areas include Perfect Ten, Hyll on Holland, Leedon Green, Bishopsgate Residences, 3 Orchard by the Park, and Klimt Cairnhill.
Lorraine Toh, Associate Director for Residential Services at Savills, also said District 10 will be a good place for investment since “large units are located within the prince central districts,” Toh said.
“This would present a timely opportunity for the well-heeled investor, international and local alike, to act upon such trophy properties when they become available for sale,” Toh added.
In terms of major sub-markets, Huttons realtors Oliver Tan and Brandon Loh suggested that buyers look into real estate projects in the Core Central Region (CCR) given that the gap between the Outside Central Region (OCR), the Rest of the Central Region (RCR), and CCR is narrowing.
Singaporeans typically prefer homes that can give them the security of a price appreciation after 5-10 years
“Generally, it depends on your budget. But the rule of thumb is that the higher the asset class, the better the profit,” Tan said.
“CCR homes will potentially increase from the current level of $2,801 psf to $3,400 psf,” added Tan.
As for specific properties in the CCR, Loh suggested Hyll on Holland and Leedon Green.
It will also be worth it for buyers to look at new launches in the RCR like The Landmark, said Loh.
Studying the Urban Redevelopment Authority’s Master Plan can also help buyers select which area they should invest in, said SRI realtor Jaslin Khoo.
Momentum in the mass market
For buyers with slightly over a million dollars, OrangeTee & Tie realtor, Christopher Ng, said they should invest in the mass market or the “private residential homes that are mainly catered for the average households or HDB upgraders.”
“Singaporeans typically prefer homes that are comfortable to stay in and can also give them the security of a price appreciation after five to ten years,” Ng added.
With the opening of the North-South Corridor, Canberra, Sembawang, and Woodlands are promising areas to consider.
“With recent launches becoming more expensive, resale properties are becoming attractive property options, too. It won’t be surprising to see a higher appreciation in resale prices, in time to come,” he added.
Looking at property type, OrangeTee & Tie realtor, Jane Tan said developments with en-bloc potential are a favourable investment given the “potential monetary rewards that come with en-bloc sales.”
For commercial investment properties, Tan said “freehold buildings with a land component can be a worthy investment as such assets have historically performed well in terms of capital appreciation.”
PropNex realtor, Athalia Soon shared the sentiment, saying that buyers should look for “undervalue freehold properties in the core central region,” given the latest cooling measures and the rising interest rates.
Another commercial property that realtors consider a good investment would be shophouses since they present an “opportunity to hedge against inflation and the volatility in the equity market and other asset classes,” said Yap Hui Yee, Senior Director of Savills’ Investment Sales and Capital Markets team.
For more on this story, go to https:// sbr.com.sg/
An expert from Savills said the market has become increasingly international in its outlook.
“Provide dedicated service with a good old-fashioned personal touch,” she added.
For the buyers, Lim advised them to “buy based on budget and needs,” instead of timing the market.
“Inflation, high mortgage rates and record high home prices are chipping away housing affordability...waiting may not be a viable option because there isn’t likely to be any significant improvements in the prices or the interest rates. I believe trying to predict what might happen next year is not the best home buying strategy,” ERA Realty’s Lim added.
Apart from client demands, realtors in Singapore also had to deal with changes in the real estate industry, which include the market being more driven by global challenges like inflation, rising interest rates, and the pandemic.
To keep up with the new realities, ERA Realty’s Division Director, Jazreel Lim said she had to change her mindset and the way she approached her clients.
Lim said she went back to “being a new agent” and worked to further expand her sphere of influence when she had difficulty selling in the first quarter of the year due to an all-time low inventory.
“In any market, referrals are usually the best source of leads…Simply put, if the fishes aren’t biting, I have to go where they are,” she told Singapore Business Review
According to Lim, she was only able to transact at least four homes in Q121, but in Q222, she had zero. In the same period, only 1,825 new private homes were sold in Singapore, a 47.8% decrease from the same period last year.
“I was panicking to see such a stark difference, but I think as real estate agents, we have to always keep cool. We have to understand that we can’t change the market, so what we can do is change our mindset and the
Provide dedicated service with a good oldfashioned personal touch
way we approach our clients,” Lim, the youngest amongst SBR’s most notable real estate agents under 40 for 2022, said.
In approaching clients, Lim said it’s important that realtors educate their buyers about the market and its current conditions.
“As long as we are able to educate buyers and help them with their decision making, that will help boost their confidence [into buying properties],” said Lim.
Lim said she educates her buyers by painting them a “proper picture” of what the market looks like, presenting them with charts and figures, and even helping them with proper planning.
Savills Senior Director, Investment Sales & Capital Markets, Yap Hui Yee, echoed the sentiment, adding that understanding what clients truly want and providing bespoke services based on their needs is the secret to success in the real estate industry.
“There isn’t an easy sale in the real estate market. The key to a successful sale is a combination of preparation, planning and understanding the market and your client’s needs and wish list,” Yap, who was recognised as amongst SBR’s most notable real estate agents under 40 for 2022, advised.
Another reality that realtors had to face, according to Yap, was the market becoming increasingly international in its outlook – be it marketing to overseas buyers or acting on behalf of offshore clients.
“Real estate has historically been viewed as a local phenomenon… but with the influx of international capital, it is almost impossible for real estate brokers to live in a vacuum and protect oneself from global influences,” Yap told Singapore Business Review.
This is why, she said, it is important for realtors to “now look beyond local and embrace this new global reality to surf the waves.”
“This is not to say that local is not important – it is, and it always will be – but factors including the solid international reputation, political stability have solidified Singapore as a safe harbour for wealthy international investors to navigate turbulent seas,” Yap added.
Admittedly, she said embracing this new reality and strategising how she could expand her reach globally was a challenge for her –but, thankfully, she had colleagues from different regions, which helped her have a more extensive global clientele. For more on this story, go to https:// sbr.com.sg/
status as a safe haven for property investors remains intact, thanks to the city’s realtors who were determined to push the city to a holistic recovery in 2022.
In recognition of their hard work, Singapore Business Review listed down 20 realtors under 40 who not only thrived in managing clients and negotiating deals but also displayed leadership in their respective communities amidst challenging times.
This year’s list comprises of realtors who are not only million sellers but are also mentors. This list is arranged from youngest luminary to oldest.
Jazreel Lim is ERA Realty Network’s Division Director. This 2022 marks her eighth year in the real estate industry. She has previously worked as an administrative assistant at an international real estate company before shifting to the industry fulltime in 2019. She utilises her knowledge in digital marketing and content creation for her real estate business.
Brandon Loh started his real estate journey in 2019, having transacted various types of properties and helping many clients manage their property portfolios and upgrade to their dream homes. In a short period, he won several accolades including Huttons’ Top Rookie Award and Millionaire for 2021. He also shares about Huttons tools to enhance the efficiency of other Huttons Champions.
PropNex Ambassador, Andy Lim has achieved Millionaire Producer for three consecutive years since 2020. He is a consistent Top 1% agent in the industry and leads a team of 40. He drives sales and rental of commercial and residential properties in Singapore. He also establishes contact with clients and negotiates business terms and legal parameters in relation to the acquisition and disposition of major locations and projects.
Firdaus Z joined the real estate industry in 2015 because he wanted to know how to gain wealth from property investments. He tapped into his passion for content creation, which was not prevalent in the industry back then. Now, he serves as ERA Realty Network’s Senior Marketing Director. He also mentors younger agents and inspires them to improve the industry.
Dulcie Liu is no stranger to overcoming obstacles or carving out opportunities for her clients. She has steadily built up a client base and a name for herself, as well as establishing record high sales prices for her clients and racking up multiple achievements along the way. Currently, she serves as ERA Realty Network’s Branch Division Director.
Chris Tee is currently a Division Director at ERA Realty Network. He has been in the real estate industry for six years and is aware of the importance of integrating traditional and digital marketing to stay ahead of the game. He has also recruited associates to inspire more people to achieve success in the industry.
Andreas Tan started out as a real estate salesperson at 23 after completing his national service. Since his first year in the industry, he has been recognised consistently as a top producer in the trade. He takes immense pride in honing his skills to better himself and his team of associates within the company. He is presently a District Division Director at ERA Realty Network.
Producer in 2021, Christina Tan has built a reputation on her savvy negotiations, uncompromising integrity, and cutting-edge marketing strategies. She has transacted more than $100m worth of properties and achieved more than $2m in sales commission in the past year. Tan earns the respect of her clients through her extensive market knowledge and unmatched commitment. Along with her accolades, Christina has consistently achieved the Millionaire Realtor title three times in her career.
Jane Tan has made a name for herself in the real estate industry, specialising in collective en-bloc sales. She became an Associate Deputy Group Director at OrangeTee & Tie in 2018, cementing her position as one of its top-performing agents. The flexibility, training, and technical support that OrangeTee provides enabled her to excel as an agent whilst managing other responsibilities.
Oliver Tan has been Huttons’ Millionaire for four consecutive years and has achieved feats in the firm. As a consistent top performer, his transactions range from HDBs to condominiums and GCBs. He has excellent interpersonal communication skills and actively shares his industry knowledge. His background in banking also helps him provide valuable insights to clients.
With extensive experience and an established reputation, Yap Hui Yee has been instrumental in helping high-net-worth individuals purchase their dream properties in Singapore’s competitive commercial property market. She is Savills Singapore’s Senior Director for Investment Sales & Capital Markets team. She sold a national monument for $85m despite competing with three other agents. She has previously brokered numerous commercial transactions worth S$980m.
Claire Tey began her career as a banker specialising in corporate real estate. She transitioned to the real estate industry upon gaining experience in Singapore’s property market. Initially specialising in the industrial market, Tey expanded her expertise to cover the residential and commercial sectors. Her performance rankings climbed steadily, being SRI’s Millionaire Agent in 2021.
Jaslin Khoo has always dreamed of working hard to provide the best for her family. She would take on all obstacles positively, accompanied by her cheerful personality. The trust and opportunities given to Khoo helped her achieve the Millionaire Achiever award in 2021—her most remarkable achievement by far.
Lorraine Toh currently serves as Savills Singapore’s Associate Director for Residential Services. Working hand-in-hand with her mentor, Toh focuses on prime residential assets globally. Her journey with Savills began in 2013, with her passion for real estate developing during her teenage years. She is well-versed in dealing with institutional funds, family offices, and high-net-worth individuals.
A Division Branch Director and two-time Millionaire Award Winner, Athalia Soon has attained the milestones dreamt of by many within just 3.5 years in the trade. She focuses mainly on residential and is always looking to help her clients to upgrade and multiply their property portfolios.
In her opinion, an achievement is when she places her client’s interests first.
Jie Ru Ng is a seasoned operator in the commercial office space market, achieving outstanding performance consistently. She was Savills Commercial Leasing’s top broker in 2020. With over 12 years of experience in the office and business park leasing market, Ng has represented tenants in renewals, relocation, and lease restructuring. Her commitment to her tenants involves lateral thinking and detailed implementation of bespoke leasing strategies to achieve optimal results which led many to become repeated clients.
Alifmirzan (Ya Alif) Bin Kamarudin, 38, OrangeTee & Tie Pte Ltd
Breaking away from the mainstream property market, Alifmirzan
Bin Kamarudin chooses to serve unconventional cases in the community, providing counsel to those in need. Alif has achieved remarkable success in the industry, regularly earning a place in OrangeTee’s Top 50 Achievers Awards since 2018.
Since joining Mindlink Groups in 2021, Linda Ho has found favour in controlling overhead expenses as a full-time property salesperson. She has been a consistent producer, with a majority of her sales attributed to new and resale development. There, she is empowered to provide valuable market insights to her clientele. The company has revolutionised the industry’s overriding remuneration through its innovations.
Christopher Ng has had a passion for the real estate industry since his school days, having pursued a bachelor’s degree in real estate. He is an independent agent with strong business fundamentals. He readily adapts to the fast-evolving demands of the industry. Since joining OrangeTee in 2016, he has regularly made it to the annual Top 50 Achievers list.
Lynn Ong started her real estate career after her graduation in 2010. Her industry knowledge allowed her to effectively assist clients in their journey.
She has been a consistent Top Producer for years and earned the Huttons Millionaire title in 2021 and 2022.
Her consistency also helped her clinch Champion Producer in Huttons for the first half of 2022.
Singapore’s architecture professionals continue to create spaces that can withstand global challenges. This year, Singapore Business Review recognises 20 award-winning architecture professionals under 40 who contributed to keeping Singapore as one of the world’s bestdeveloped cities. This year’s list consists of architects behind the Changi Airport Terminal 2 expansion, Resorts World Sentosa 2.0, and the National Centre for Infectious Disease & Centre for Healthcare Innovation. This list is arranged from youngest luminary to oldest.
Lina Heng has a keen interest in the effective design of public spaces. In Singapore’s nation-building efforts to deal with the pandemic, Lina was involved in various quick-built accommodation facilities like the Community Care Facility and Connect@ Changi, the world’s first purpose-built shortstay facility for business travellers.
As Executive Architect in Surbana Jurong, Lina was also involved in the JTC Poultry processing Hub, Singapore’s first one-stop poultry processing facility. She also worked on Temasek Shophouse, a heritage building built in the 1920s that was awarded the Urban Redevelopment Authority’s Architectural Heritage Award in 2019 and the Singapore Institute of Architects’ Architectural Design.
David Oktavianus is an Executive Architect in Surbana Jurong, and has worked on Temasek Shophouse, a heritage building built in the 1920s that was awarded the Urban Redevelopment Authority’s Architectural Heritage Award in 2019 and the Singapore Institute of Architects’ Architectural Design Merit Award in 2022. He is currently working on the extension of Temasek Shophouse, that will amalgamate the adjacent commercial conserved buildings.
David is also involved in SJ Campus, a Super Low Energy Building that will be the corporate headquarters of Surbana Jurong.
Eleanor Xu has worked on the design and project management of several projects, such as Sembcorp Marine Corporate Headquarters and other specialised buildings in shipyards. As Executive Architect in Surbana Jurong, she was also involved in several first-of-its-kind projects, such as the NUS School of Design & Environment 4, Singapore’s first new-build net-zero energy building, and a vertical aquaculture farm, the first vertical fish farm design in Singapore.
Joanne Gay is a senior associate at DP Architects. She believes that the derivation of good design is similar to solving simultaneous equations. She takes a longterm perspective to guide interim steps of design in order to achieve the final solution, which allows her to thrive in navigating complex projects. She contributes to the Healthcare architectural research and overall knowledge development of the Healthcare team for DP Architects’ offices.
Johann Lim is an associate at DP Architects. Passionate about innovative design and construction methods, he was part of the design team for the award-winning HomeTeamNS Clubhouse at Khatib, a recreational clubhouse for Singapore’s National Servicemen.
In 2016, the young architect was also involved in the RGB Pavilion that won Archifest’s pavilion competition.
3 Joanne Gay, 32, DP Architects Pte LtdConnect@Changi SJ Campus (credit - Safdie Surbana Jurong) HomeTeamNS Khatib, Singapore Sengkang General Hospital, Singapore NUS School of Design and Environment 4 (credit - NUS) 1 Lina Heng, 31, Surbana Jurong 2 David Oktavianus, 31, Surbana Jurong 4 Eleanor Xu, 32, Surbana Jurong
5 Johann Lim, 33, DP Architects Pte LtdJTC Poultry Processing Hub
Melvin Tan embarked on his architectural journey with DP Architects in 2014. He has been involved in designing and executing projects of various scales, including master planning, mixed-use development, and showflat construction since joining the design practice. His core interest is in residential projects, actively participating in residential feasibility studies, and conducting research on residential design trends, particularly in areas that focus on design, code, and technical aspects. Tan currently leads the team for Dairy Farm Residences—one of 13 URA prefabricated, prefinished volumetric construction residential land sales.
Jean Cheong is a senior associate at SAA Architects and is a highly motivated professional who actively pursues new skills and knowledge. She is currently leading the Bulim Infrastructure Phase 2 project and has led several multi-stakeholder teams to develop and manage some of the more complex projects along Singapore’s skyline.
Her background in architecture and real estate enables her to communicate effectively and understand many of her clients’ business perspectives, whilst her experience in contract administration and dispute resolution helps her to effectively deliver a range of projects.
Charles Arnal is a Senior Associate Director at SAA Architects and is one of the design leads in SAA’s design team. He has led numerous feasibility studies, competitions and building designs both in Singapore and overseas; he has also worked on various typologies.
He previously designed several projects across Europe and Africa before relocating to China, and finally Singapore. This broadened his exposure to different architectural and working styles.
Arnal was instrumental to many of SAA’s successful bids, including Woodlands Health Campus and the design of 10 underground MRT stations in Kuala Lumpur.
Ein Chang is a Senior Executive Architect at Surbana Jurong and is the signing Qualified Person for several A&A and tenancy works.
Ein advocates biophilic and sustainable design in his work and serves on the Singapore Institute of Architects Sustainability Committee.
Some of the high profile projects he has been involved in include Changi Airport Terminal 5, a 180,000 sq m biomedical business park development at Science Park Drive, and a 117,000 sq m multi-use ramp-up industrial factory at Ang Mo Kio. He is leading and has secured AEI projects within ION Orchard.
Registered architect Yew Hung Seng serves as a Studio Leader and Senior Architect for the Swan & Maclaren Architects’ Malaysia, Cambodia, China, and Africa geographic segments. With more than 12 years of experience, Hung Seng is jointly responsible for award-winning projects like the Station Façade Design for MRT Corp which won first prize at the RTS Link Station Façade Design Competition in 2020.
Hung Seng advocates a holistic design approach that considers the many facades and opportunities that shape a robust development experience.
Kwan Yeong Kang is a multi-disciplinary architectural strategist and a studio leader for Swan & Maclaren Architects’ Singapore and Philippines geographic segments.
His expertise spans various industries, typologies, and sizes — from new high-rise residential towers, hotels, and hospitals to familiar and intimate workspaces. He is jointly responsible for award-winning projects like Shanghai Raffles Hospital (China) for Raffles Medical Group, which won a Merit Award in 2021.
Stephen Lim is a senior associate at RSP Singapore and a registered architect with over 13 years of experience under his belt. At RSP, he is a key member spearheading the rejuvenation of Changi Airport Terminal 2 and Loyang Station.
He was also the lead architect for Canberra Station and one of the main architects for the Changi Airport Terminal 1 Expansion project. He obtained both his Bachelor’s and Master’s Degrees in Architecture at the National University of Singapore.
Having spent his formative years in Kuala Lumpur, Singapore, and Melbourne, RSP Singapore senior associate Teik Rong Khoo believes that great design lies at the intersection of craft, value-proposition, and collaboration.
He joined RSP in 2009, where he was a part of the design team that participated in many competitions and projects. He obtained his Master’s Degree in Architecture at the University of Pennsylvania.
Teik Rong Khoo currently oversees RSP’s projects in Cambodia and has been involved in other local jobs.
Usman Tan is a studio leader for Swan & Maclaren Architects’ Vietnam geographic segment. As a pragmatic Architectural lead, he integrates and orchestrates the Swan & Maclaren satellite offices in Ho Chi Minh and Hanoi to ensure deliverables are of quality and in their desired trajectory — on time, and within budget.
In less than seven years, Usman and his team delivered award-winning design solutions such as the Riverbay Vinh Yen for Song Hong Thu Do Group, which clinched a Gold Award at the Vietnam National Urban Planning Award in 2021.
A strong believer of form follows function, Joanne Ng’s design is guided by the desire to connect intricate spaces with people whilst being mindful of the economic and ecological impact of the built environment. This has enabled her to tailor architecture across typologies and scale that best fits the client’s vision and end-users’ need.
The senior associate at DP Architects leverages the power of technology to execute her design explorations. Upon graduation, she remained in her university to complete two research projects, focused on carbon footprint calculation in Singapore.
Junlin Ong is a senior associate at RSP Singapore and a registered architect. With over 13 years of experience over various typologies, she is key to the architectural execution for the One Pearl Bank, the tallest residential development in the OutramChinatown district. She obtained both her Bachelor’s and Master’s Degrees at the National University of Singapore.
Ong has also participated in multiple competitions. She shared that she sees the bigger impact of architecture today and how it can bring cities alive.
Atthaphon Bunya is a Thai Architect registered with ACT (Architect Council of Thailand) and ASA (The Association of Siamese Architects). His over 14 years of experience helped to deliver various residential, institutional, recreational, hospitality, religious, hotel, commercial, mixed-use and master projects.
The associate director and senior architectural executive of Swan & Maclaren (Thailand) has worked with commercial, entertainment, retail, and hospitality clients, including China LESSO, Samanea, and Hong Lai Huat Group.
Doreen Koh is currently a Vice President at CPG Consultants. Joining the company as an architect, Koh has been actively involved in several healthcare projects. Her current role as a project architect for several research projects requires leading in design development and management.
She was a key design team member of Ng Teng Fong General Hospital and has continued to apply the acquired healthcare knowledge by participating in ongoing design competitions, research and development projects.
Angel Neo Kae Yan is currently the Vice President for CPG Consultants, Healthcare Division. She has 15 years of experience, focusing on feasibility studies, masterplanning, design and project management of various healthcare facilities as well as health-oriented developments.
She was involved in medium-sized aged care facilities and medical centres to largescale health-oriented development projects around China, United Arab Emirates (UAE), Southeast Asia and Singapore.
Tan Kok Ming is an Associate Director at DP Architects and a registered architect. He was involved in River Wonders (formerly River Safari), Asia’s first river-themed animal attraction. He also saw the completion of the first phase of a well-loved recreation and leisure development of Downtown East.
Currently, Tan is the Superintending Officer’s Representative for the new five-storey SAFRA Clubhouse at Choa Chu Kang Drive, Singapore, which is targeted for completion in Q1 2023. He was also the Design for Safety Professional for the award-winning HomeTeamNS Clubhouse at Khatib.
Firms said professionals must be experts not only in design.
Ifthere is anything that changed in the past year in the field of architecture, it is that the industry has become integrated— from how architects are designing structures down to the way firms are transforming themselves.
Matthew Hon, Managing Director for Swan & Maclaren Singapore, said clients nowadays have different intentions with their properties, with some wanting to seek enhancement to their land for higher valuations.
“The scope of architecture has changed from a full service of design to completion of the development, to provide a certain level of a design package or even up to a certain stage of obtaining approvals,” Hon said.
In 2023, Hon sees that clients will like the firm to propose solutions on a full suite of integrated consultancy services. Because of this, Swan & Maclaren Singapore had to change the setup of its team in the architecture practice to become tomorrow’s built environment service and product solution.
“An office may no longer be solely full of architects of design and project architects but consist of individuals that carry a diverse background and skill set to package the proposal needed,” he added.
“Architects who only perform design may find themselves being challenged in its existence, with globalisation and the new interconnected world,” he added.
Integration will also be key to designing buildings in 2023, according to Doreen Koh, Vice President of Architecture, Healthcare Division, at CPG Consultants.
According to Koh, buildings will no longer be seen as “standalone structures but as part of the overall built environment intertwined with other infrastructure, transport, and community concerns.”
Domestically, a concern that the industry is focusing on is sustainability. According to Ivy
Koh, Director of SJ Architecture in Surbana Jurong, almost 40% of global carbon emissions today are from buildings and construction.
“The building and construction industry is expected to make an even more concerted push toward sustainable developments to meet the Singapore Green Plan 2030 and long-term net-zero aspirations, with further adoption of new technologies and approaches to building design for more energy-efficient buildings,” said Yong Fen Bok, Vice President for Architecture, Education Division, at CPG Consultants.
Junlin Ong, Senior Associate at RSP, said that there is a “driving need for the industry standards and approach on sustainability to improve, and to bring about greener results for the well-being of its occupants and the environment.”
The SIT University Punggol Campus, for example, was designed with the largest private Micro Grid (MEMG-Multi Energy Micro Grid) and a District Cooling System that powers and cools various spaces.
“We now have better clarity of the benefits and projected returns of investment from the adoption of a vision of net-zero carbon and sustainable smart buildings. Selection of sustainable materials and energysaving from Internet-of-Things (IoT) are also some of many ways to achieve this vision,” she added.
Apart from focusing on sustainability, architects are also going beyond aesthetics and designing buildings that ultimately benefit the community like open spaces with small pocket parks, and urban farms which encourage social connections.
Surbana Jurong has developed a high-density vertical farming concept, called Floating Ponds which allows farms to be commercially productive even on limited land areas.
“It is important for architects to adopt an immersive design process in understanding the needs of the community, and involving the community in the design and creation process where possible to create a sense of ownership,” said SJ’s Koh.
Currently, Koh said architects are already designing spaces that can accommodate multiple uses. Urban spaces for example, are being designed to be more controllable, manageable, modular where possible.
Architects who only perform design may find themselves being challenged in its existence with globalisation
“When in operation, quality indoor experience and thermal comfort will be achieved whilst running on clean and sustainable sources,” Ong said.
In 2023, Jean Cheong, Senior Associate at SAA Architects, said sustainability and regenerative architecture will remain on top of trends in the field.
Another way for firms to stay relevant in the field is by embracing and adopting digital technology.
According to RSP Singapore Senior Associate, Khoo Teik Rong there have been several emerging applications in the industry such as image generating software, DALLE.E and Midjourney.
For more on this story, go to https:// sbr.com.sg/
Thanks to the COVID-19 pandemic, hybrid work arrangements have become the norm globally for organisations across industries. Locally, a strong majority of Singapore companies (78%) are leaning towards maintaining a hybrid schedule, according to recent data from Milieu Insight. At the same time, employees are far less enthusiastic about going all-in on one work environment, with only 12% prefer working from the office all the time and only 10% wanting to work remotely full-time.
As companies in Singapore future-proof their workplaces, they must consider how they will address damaging trends, like ageism, and bridge generational gaps that have the potential to widen in the face of continued remote and hybrid work. Otherwise, in the quest to virtualise, companies will miss out on attracting, engaging and retaining age-diverse talent.
Hybrid working engages employees across age groups, including baby boomers, Generation X, millennials and Generation Z. As lifespans increase, many workers are deferring retirement and working longer. Baby boomers, being the eldest in the workforce and making up more than 11.7% of Singapore’s population, have been known to appreciate role clarity, autonomy and more structured work environments - and may have a hard time adjusting to workplace flexibility
Millennials grew up with technology and rely on it to perform their jobs better. Armed with smartphones and other gadgets, this generation is plugged in 24/7. They prefer to communicate online in their personal and professional lives. At the same time, they value cooperation and appreciation and seek both challenging and meaningful work.
Zoomers, the latest addition to the workforce, bring their own requirements and goals. This generation witnessed the great recession in 2008, pushing them to prioritise job security, training and upskilling. Unlike their predecessors, Generation Z grew up with phones in hand. However, studies suggest zoomers find more assurance in face-to-face communication and hands-on in-person training.
With the following pillars in place, companies with multigenerational workforces can set the foundation for an effective hybrid framework.
Companies must first embrace digital transformation to maximise virtual working models. Whilst baby boomers are stereotyped for being “tech-resistant,” a report from KPMG found children are increasingly teaching and influencing their parents. This dynamic is accelerating technology adoption across the board. For companies, the key is to provide digital training programs accessible from all devices and across all platforms so that employees—from Gen Z to boomers—can onboard, develop and upskill.
Diversity, equity and inclusion (DEI) is gaining traction in workplaces, with 90% of CEOs globally identifying initiatives in this area as a strategic and personal priority. However, the current momentum may not be strong enough to support multigenerational
workforces working remotely. It was reported seven in 10 Singaporebased employers have not introduced DEI policies. Meanwhile, an AARP survey in the US found nearly 80% of older employees have been negatively singled out for their age at work. On the other side of the same coin, according to research published by Harvard Business Review, younger employees may also be passed up for leadership roles or opportunities because of their age.
Against the pressures of the past two years, it may not be surprising that more than nine in 10 (92%) workers in Singapore are experiencing burnout. Amid the stress, each generation has its own pain points. For instance, baby boomers need to consider the risks the virus presents to their own health. Millennials, the new sandwich generation, are more likely to be in the position of simultaneously caring for children and ageing parents. Zoomers reported the highest stress levels of all the generations.
Shifting away from an “always-on” culture to one allowing better flexible scheduling and work-life balance can benefit workers of all generations.
Remote work practices are relatively new so hybrid frameworks must remain malleable, particularly when companies are looking to harness the talents of a multigenerational hybrid workforce. For example, in an age of continuous disruption, hybrid employees will need frequent, ongoing training so they can stay current on the most efficient ways to work. For all the differences in a multigenerational workforce, a onesize-fits-all training strategy is insufficient.
Most importantly, companies will need to listen to employees, building a hybrid framework that maximises productivity, increases engagement and empowers employees—across all ages, cultures and generations.
