CNA938 Rewind - Stock take today: Tech is back, bullish EM currencies, US week ahead
CNA938 Rewind
On the daily markets analysis on Open For Business, Andrea Heng and Susan Ng speak with Vasu Menon, Managing Director, Investment Strategy, Wealth Management Singapore, OCBC Bank.
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Straits Times
2 hours ago
- Straits Times
Katong Plaza and Novotel on Kitchener Rd to be redeveloped
Katong Plaza and Novotel Singapore on Kitchener hotel were in the past two years sold to new owners. ST PHOTOS: AZMI ATHNI, ARIFFIN JAMAR New hotels to replace Katong Plaza and Novotel hotel in Kitchener Road SINGAPORE – The Novotel Singapore on Kitchener hotel and Katong Plaza are set to be replaced by new hotels. Both properties date back to around 1981, with the Kitchener Road hotel branded with different names along the way. They were in the past two years sold, and the new owners have recently secured at least provisional planning approvals from the Urban Redevelopment Authority (URA). Worldwide Hotels subsidiary Midtown Development has permission to redevelop the Kitchener Road property into a hotel with 1,625 rooms and 1,214 sq m of retail space. The hotel opened in 1981 as President Merlin Hotel – a part of the President Hotel and Shopping Complex that also included the President Shopping Centre which opened in 1970. The hotel was later rebranded as New Park Hotel in 1990 after a $30 million facelift. In 2007, it became Parkroyal on Kitchener Road, while the shopping centre was demolished in 2017 to make way for Centrium Square. In 2023, UOL sold Parkroyal on Kitchener Road for $525 million to Worldwide Hotels, a Singapore-based firm that owns chains such as Hotel 81 and Hotel Mi. The hotel reopened in November that year as the 543-room Novotel Singapore on Kitchener , a brand under French multinational hospitality company Accor . The hotel is on a freehold 7,780.1 sq m site and has a gross floor area of 37,827.71 sq m. A spokesperson for Worldwide Hotels told The Straits Times on June 3 that it is unable to share further details about the new hotel. Katong Plaza in Brooke Road, which opened around the start of 1981 , is set to make way for a hotel with 374 rooms and 537 sq m of retail space. The strata-titled mixed-use development near Marine Parade MRT station with 132 retail units and 14 residential apartments was in 2024 sold to Fragrance Group for $180 million . At the time of the sale, the building's owners had outline permission from the URA to convert it for hotel use. The existing building is on a freehold 3,162 sq m site and has a gross floor area of 9,488 sq m. The Fragrance Group did not respond to requests for comment. When ST visited the building on May 30, most of the retail tenants had vacated their units. Some were packing up and said they had to leave by end-June. A notice dated April 16, put up alongside minutes of the building's collective sale committee's meetings, stated that owners choosing to stay in the building until July 2025 will be responsible for covering all expenses such as air-conditioner and lift maintenance fees. Traditional Chinese medicine practitioner John Ng, 70, who has operated a clinic in the mall since April 2006, said he is disappointed to leave behind neighbours of almost two decades. 'We all knew each other and were very friendly. Everyone trusted each other and I could leave my clinic unattended, knowing others would help to keep watch,' said Mr Ng. He was in the process of relocating his clinic to Kreta Ayer in Chinatown . Items at a traditional Chinese medicine clinic being kept on May 31, ahead of the closure of Katong Plaza. ST PHOTO: AZMI ATHNI Mr Alan Cheong, Savills Singapore's executive director of research and consultancy, expects that the Katong site will house a mid-tier hotel, given the planned number of rooms. He also pointed out that the Kitchener Road hotel is likely to be an economy-tier type geared towards mass market tourism. He added that Worldwide Hotels' plan to triple the number of rooms is 'logical', as the move will help to boost its earnings. Asked if there is sufficient demand for rooms in the Farrer Park and Marine Parade areas to justify the planned supply, analysts said Singapore's hotel market has performed strongly in the past 12 to 18 months. Mr Edwin Loo, an associate director at real estate consultancy Cistri, said: 'Much of this growth is in the mid-market and upscale segments, reflecting Singapore's success in attracting event-focused visitors as well as visitors from emerging Asia who are willing to spend but remain price-sensitive given Singapore's relatively higher room rates when compared with other regional destinations.' But he noted that the site of Katong Plaza, which is next to Roxy Square, is relatively long and narrow. Mr Edwin Loo, an associate director at real estate consultancy Cistri, felt that the planned redevelopment of Katong Plaza would be boosted if neighbour Roxy Square is also roped in. ST PHOTO: AZMI ATHNI 'An integrated development incorporating both of these sites would have resulted in a better outcome in terms of land optimisation and urban design, especially considering the need to accommodate the extensive pickup, drop-off and coach parking requirements at the ground level and the potential for a larger site to provide greater amenity for the community,' he said. Ng Keng Gene is a correspondent at The Straits Times, reporting on issues relating to land use, urban planning and heritage. Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
4 hours ago
- Straits Times
No quit in Singapore defender Ryhan Stewart even as the going gets tougher in Lithuania
Fullback Ryhan Stewart taking part in a national team training session at Kallang Football Hub on June 3 ahead of the June internationals against the Maldives and Bangladesh. PHOTO: FOOTBALL ASSOCIATION OF SINGAPORE No quit in Singapore defender Ryhan Stewart even as the going gets tougher in Lithuania SINGAPORE – Ryhan Stewart had always dreamt of playing professionally in Europe and just as he celebrated accomplishing that goal after making his bow for Lithuanian top-flight side FK Riteriai in April, the Singaporean footballer witnessed the tumultuous nature of the sport. Days after his debut for the club, with whom he signed a two-year contract, media reports emerged that Riteriai were in financial turmoil. Suddenly, Stewart's career looked to be in limbo. Singapore-based sports marketing and player development firm Red Card Global, which had entered into an agreement to acquire Riteriai on Jan 20, pulled out of the deal and said it would be initiating legal action against the sellers for 'misrepresentation, breach of agreement and the unauthorised use of funds committed in good faith'. It left the Lithuanian top-tier club on the verge of bankruptcy. 'As a footballer, I know this career has its ups and down, there are a lot of highs and a lot of lows. So you can never get carried away. This is the real side of football,' said Stewart on June 3, after returning to Singapore for a national team training camp. Stewart, who has made seven starts and two substitute appearances for Riteriai since his transfer, had the option of leaving the club but the 25-year-old fullback decided to stay on. Stewart said: 'I feel the Lithuanian league is a good place to grow as a footballer. A lot of players come through here and go on to bigger leagues in Europe. 'I don't want to just go there and then just leave after two months. That's not what my initial plan was, so I want to stay and play as many games as I can and show what I can do.' On April 4, Riteriai said on their website that they are experiencing financial difficulties and attributed the situation to 'investors' unfulfilled obligations'. A report on the Baltic Football News website on May 16 stated that the club are up for sale. The report also added that 'the clock is ticking' and that 'the club now finds itself on the edge of collapse.' The Lithuanian Football Federation had already stepped in once, and transferred €50,000 (S$73,400) to Riteriai in early April to cover overdue wages and rent but LFF president Edgaras Stankevicius has said there will not be any additional help. When asked if he faced any issues, such as late payment of wages, Stewart said 'there's obviously been some difficulties' but declined to elaborate, stating that his club, coach and teammates have been 'very helpful'. His main objective, said the versatile player who can play as a fullback or winger, is to help his side avoid relegation. Fourteen matches into the 36-game A Lyga season, Riteriai are ninth out of 10 teams with two wins, four draws and eight losses. The bottom side will be relegated, while the ninth-placed club will face the second-placed team from the second tier in a two-legged play-off for the final place in the top flight. Adding that matches in Lithuania have been physically demanding – he runs almost 2km more per match than the 10km he clocked while in the Singapore Premier League (SPL) – Stewart believes he will benefit from the experience of being involved in a relegation dogfight. 'It's a good experience, because in the SPL there's no relegation, so you don't feel that pressure where every game and every point matters. Every single game is like a final,' said Stewart, who played in the SPL for Albirex Niigata, Warriors FC and the Young Lions, in addition to stints in Thailand with Chiangmai and BG Pathum United. 'We're ready to fight for each other and to try and get as many points as possible and help the club move higher up the league.' Riteriai coach Nikola Vitorovic also believes Stewart will emerge as a better player after his time in Lithuania. He said: 'In general, he is a good boy, a hard worker and I believe he has adapted well. He is defensively very good, very fast. 'He is working on being better with the ball when he is in attacking situations, but I expect that he will be a better player after his stint in Lithuania.' For now, the situation in Lithuania will take a back seat as Stewart shifts his focus to the Lions, who face Maldives in an international friendly at the Bishan Stadium on June 5, before the Asian Cup third-round qualifier against Bangladesh on June 10 at the National Stadium in Dhaka. All four teams in Group C have a point apiece after Singapore opened their campaign with a 0-0 home draw with Hong Kong at the National Stadium while Bangladesh held India to the same scoreline at Jawaharlal Nehru Stadium in Shillong on March 25. Only the winners of the six groups will qualify for the 2027 Asian Cup. Stewart, who has 25 caps, said: 'All of us are raring to go. We really want to show what we can do in the friendly and we're all fighting for our place for the qualifier too. Our plan is to win both games.' Deepanraj Ganesan is a sports journalist at The Straits Times focusing on football, athletics, combat sports and policy-related news. Join ST's Telegram channel and get the latest breaking news delivered to you.
Independent Singapore
4 hours ago
- Independent Singapore
'Would you like to have a go?' — Desmond Lee was asked if he wanted to try out Singapore's pink concrete-laying robot at NS Square
SINGAPORE: On a humid afternoon at the NS Square worksite in Marina Bay, National Development Minister Desmond Lee did something you don't often see a Cabinet member do: He grabbed a joystick. Beside him stood site engineer Ryan Lock, who guided the Minister through the controls of Singapore's newest construction marvel—a bright pink concrete levelling robot, humming steadily over a freshly poured slab. 'Would you like to have a go?' Ryan asked. 'Well, if you trust me, sure,' the Minister replied, nudging the machine gently into motion. It might've looked like a casual demo, but the implications are serious. This robot is Singapore's first laser-guided concrete screeding unit—a high-precision machine capable of levelling surfaces to within ±2 mm tolerance, twice as fast as a traditional crew. It operates via remote control with a 20-metre range, using an onboard navigation system that interprets digital construction drawings to move and level autonomously. More than just a tech showpiece, the robot frees up two to three workers per project, allowing them to shift into roles that are less physically demanding and more future-proof. See also Govt launches new employment pass to attract top foreign talent More than a robot — a sign of industry reform 'This is the first time this robot is deployed in Singapore,' Lee noted in a Facebook post after visiting the site. 'It is exciting to see the adoption of such technology in the Built Environment sector. I hope more construction firms will do so, and drive the transformation of the industry.' That transformation is already underway. Backed by BuildSG and the Building and Construction Authority (BCA), the robot is part of a larger national effort to modernise Singapore's traditionally labour-intensive construction sector. Under the Built Environment Industry Transformation Map, Singapore is pushing for greater adoption of robotics, digital planning tools, and automated manufacturing to remain globally competitive and environmentally sustainable. Robots, drones, and a new way of building Over the past year alone, the BCA has helped trial a wide range of technologies, including, Robotic rebar-tying machines, drone-based structural inspections, and fully automated loaders for materials handling. See also Lockdown News Singapore: No Need for Strict Measures, Says Expert The goal is to reduce reliance on manual labour, enhance jobsite safety, and raise the overall standard of construction quality. Also, it's not just policy speak. In April, BuildSG even took to social media to showcase other machines similar to the NS Square robot, encouraging firms to 'level up' their capabilities with automation. Singapore's construction sector is surging with S$53 billion in contracts projected for 2025, even as manpower quotas tighten and carbon targets take effect . The BCA says 23 robotics and automation solutions are already deployed across 56 projects—part of the refreshed Built Environment Industry Transformation Map that stresses Advanced Manufacturing & Assembly (AMA). Beneath the stage, a story of progress When NS Square officially opens in 2027, most Singaporeans will marvel at the fireworks, performances, and national displays it hosts. However, beneath their feet will lie a few layers of concrete laid not just by hand, but with the help of a machine—a symbol of how technology, when used right, can build better and lift people up at the same time. From levelling concrete to levelling up the industry's best practices, this pink robot is doing more than just paving ground—it's paving the way forward.
