CNA938 Rewind - A Letter to Myself: Having built car vending machines, Gary Hong now fuels connections for social good
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Business Times
an hour ago
- Business Times
Daiwa House Logistics Trust H1 DPU drops 8.6% to S$0.0224
[SINGAPORE] The manager of Daiwa House Logistics Trust (DHLT) on Friday (Aug 8) posted a distribution per unit (DPU) of S$0.0224 for its first half ended Jun 30, down 8.6 per cent from S$0.0245 in the previous corresponding period. This was attributed to higher interest expenses and lower realised exchange gains. The higher interest expenses were mainly due to new borrowings drawn for acquisitions and a higher interest rate as a result of the refinancing and restructuring of onshore yen borrowings in November 2024, said the manager. Net property income (NPI) for the period stood at S$22.5 million in Singapore-dollar terms, up 6.1 per cent from S$21.2 million previously, in light of the contributions from D Project Tan Duc 2 in Vietnam and newly added freehold logistics property DPL Gunma Fujioka in Japan. Gearing stood at 40.7 per cent as at Jun 30, with a weighted average lease expiry of 6.5 years. The interest coverage ratio including distribution for perpetual securities was 6.6 times, and portfolio occupancy was 93.2 per cent. For the Japan portfolio, NPI in yen terms declined 0.5 per cent this half year to 2.39 billion yen (S$20.8 million) from 2.4 billion yen in the corresponding year-ago period, as contributions from DPL Gunma Fujioka, DPL Ibaraki Yuki and DPL Kawasaki Yako were offset by vacancies and higher property-related expenses. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Gross rental income in yen was 1.1 per cent higher at 2.8 billion yen for the period, from 2.77 billion yen. The manager warned that new supply of logistics space in Japan is expected to decline due to rising costs for construction and land, though the fundamentals of the Japan logistics market are expected to remain strong. Industries such as e-commerce are expected to provide support for demand. As for Vietnam, its other market, DHLT's manager said occupancy rates for industrial and logistics facilities generally improved due to factors such as the growing economy and e-commerce activities. Jun Yamamura, chief executive of the manager, said: 'Apart from the vacated space in DPL Sendai Port, leasing activities have been healthy in H1 FY2025... We will continue to work on the remaining vacant space in DPL Koriyama and DPL Sendai Port.' The manager also stated that US trade policy is likely to bring about near-term uncertainty, even as long-term fundamentals of the logistics sectors in DHLT's operating markets remain healthy. 'We remain vigilant of the near-term market uncertainties as we continue to focus on improving the occupancy of the portfolio,' said Yamamura. Units of DHLT closed 0.9 per cent or S$0.005 higher at S$0.575 on Thursday.
CNA
3 hours ago
- CNA
Why are major car-sharing firms not stepping into the point-to-point void amid BlueSG's pause?
SINGAPORE: With BlueSG pausing its services, several major car-sharing firms told CNA they would not be filling the point-to-point void for now, although one did not rule out moving into that space in future. Car-sharing operators GetGo and Tribecar said a point-to-point service would be operationally more challenging and that they are focusing on enhancing their current offerings, while Drive Lah said it is "possible" they may consider such a service in future. BlueSG is suspending its operations from 11.59pm on Friday (Aug 8), in what it calls a 'strategic pause' as it prepares for a relaunch next year. The company is the only car-sharing platform that offers point-to-point services in Singapore. This allows users to pick up a car at one location and return it at another. Experts said its move to suspend operations was likely influenced by losses caused by an ageing fleet. OPERATIONALLY CHALLENGING GetGo's chief executive and co-founder Toh Ting Feng said a point-to-point car-sharing model would present "significant operational challenges". 'It requires a substantial investment in infrastructure, such as dedicated parking and charging stations across the island, and a complex logistical network to ensure vehicles are properly distributed and maintained,' he told CNA. "Our current model, which focuses on a 'point A to A' service, is a strategic choice that allows us to provide a reliable and consistent experience for our users without these complexities." GetGo said that since its launch in 2021, it has seen "sustainable growth" – from over 400 vehicles and 10,000 users, to around 3,000 cars and half a million users in three years. Similarly, Tribecar's co-founder Adrian Lee said it would be operationally more challenging and labour-intensive to offer point-to-point services, as cars could be parked in many different locations across Singapore. "The primary challenge is that the current regulatory and infrastructural framework does not support the entry of new players into the point-to-point space," he said. "Without a change in policy, it is not possible to launch such a service." When asked if Tribecar may have plans to offer point-to-point services, he said the company's primary focus is to ensure users in heartlands have sufficient vehicles that are readily available. Tribecar is only allowed to park registered cars that are specifically tagged to individual carparks that allow season parking. The company has a fleet of 1,400 vehicles, an increase from an initial 350 vehicles five years ago. Mr Lee said Tribecar has seen a 35 per cent year-on-year increase in users over the past five years and described the car-sharing sector as a "competitive market". Drive Lah's chief executive and co-founder Dirk-Jan Ter Horst said expanding into the point-to-point space was not on top of their list at the moment, but he did not rule out the possibility. Drive Lah's peer-to-peer model means car owners and commercial providers can rent out their vehicles on the platform, and users can lease these cars. Describing the company as an 'Airbnb for cars', Mr Ter Horst said the platform now has 275,000 users and about 2,000 cars. Explaining why moving into the point-to-point space was not currently a top priority, Mr Ter Horst said its model means owners want their cars to be returned to their homes. "We see the type of use cases where people take it a little bit longer, not just for half an hour but from point to point, but they return it. 'And actually, from a cost point of view, it still makes sense – because the cost for one day or renting for six hours may still be worth it instead of doing two point-to-point trips,' he added. When asked if Drive Lah may in the future own a fleet to provide point-to-point services, he said this was "certainly possible". Transport analyst Dr Terence Fan said he does not think car-sharing operators will move into the point-to-point service space immediately. The assistant professor at the Singapore Management University (SMU) noted barriers to entry, such as securing parking lots in sought-after locations and taking the time to grow to a "reasonable presence". 'The competition has grown significantly over the past few years. Now almost every medium-to-large housing estate has one or more dedicated car parks used by car-sharing operators,' Asst Prof Fan said. 'New entrants need to offer something more to be competitive.' ACCREDITATION There were 97 complaints about car-sharing services in the first half of this year, said the Consumers Association of Singapore (CASE) on Tuesday. These complaints included pre-existing defects, poor maintenance, billing issues, high insurance excess and service reliability. The watchdog said it was working with operators to develop a CaseTrust accreditation scheme for the sector. This is aimed at raising standards and giving customers peace of mind, said CASE president Melvin Yong. "Consumer education will also play an important role as more people use car-sharing services. CASE will work with the industry to educate consumers on how to safeguard their rights and prevent disputes when using car-sharing services," Mr Yong told CNA on Thursday. Car-sharing services are private commercial arrangements and are not regulated by the Land Transport Authority. All three car-sharing operators told CNA they supported the accreditation scheme. Tribecar's Mr Lee said it would "formalise the role of car-sharing as an integral part of Singapore's sustainable transport ecosystem and provide a clear set of standards for the industry". "We have advocated for tough, comprehensive standards that will not only challenge us but also our peers and future entrants," he added. "This is because we firmly believe that elevating the entire industry is the only way forward to ensure sustained growth and public trust." Similarly, Mr Toh believes accreditation and guidelines would provide consumers with greater transparency and confidence. GetGo is also working with CASE to develop the accreditation framework. 'GetGo fully supports any initiative that aims to raise industry standards and protect consumers,' he said. 'An accreditation scheme would formalise the high standards we already adhere to,' Mr Toh added. "It would provide consumers with greater confidence and transparency. We view this as a positive development for the entire carsharing industry." Mr Ter Horst welcomed the accreditation, but hoped there would not be too much administrative work involved for the private car owners on Drive Lah's platform. "What you don't want to do is to scare people off ... you want to reduce the barrier as much as you can," he added. Asst Prof Fan also supported the "proactive move" by CASE, saying it could provide incentives for operators to behave in a "transparent and responsible manner" if done properly. "I hope the proposed accreditation won't simply (be) biased towards incumbents, and can shield operators from unjustified comments (or) complaints," he added. MAINTENANCE Some users have complained about the condition of cars they used on car-sharing platforms. Both Tribecar and GetGo said their vehicles undergo regular maintenance at intervals recommended by the manufacturer, besides adhering to LTA's inspection requirements. GetGo's Mr Toh said the company also conducts routine checks and has a system in place for users to provide real-time feedback. Tribecar's Mr Lee said its cars are taken out of service to be maintained typically at 10,000km to 15,000km intervals as recommended by the workshops. Almost all vehicles in the company's fleet also undergo annual inspections, he added. Besides reports by users on vehicle issues, Tribecar also proactively contacts 'super users' in specific areas for their input on the vehicle's condition, Mr Lee said. Mr Ter Horst said Drive Lah does not face frequent reports of dirty vehicles or poorly maintained cars on its platform. Although the company does not fully control how people maintain their cars, Drive Lah may block owners from offering their car on the platform if an issue has not been fixed, he added. Mainly, owners who rent out their cars on Drive Lah keep them clean for their own use and personally maintain them, he explained. "And also, if I'm renting your car, I feel that I need to be a little bit more careful when I use the car and that means issues like dirty cars – we hardly see it," he added.
CNA
3 hours ago
- CNA
Commentary: As Singapore turns 60, what kind of society do we want to build?
SINGAPORE: Singapore will celebrate its 60th birthday tomorrow. While SG60 is a time of celebration, Prime Minister Lawrence Wong has also called it 'an opportunity for us to renew our commitment to Singapore.' Singapore has made important strides in partnering citizens. Recent policy shifts echo S Rajaratnam's vision of a 'democracy of deeds', where citizens partner with one another and the government to resolve issues and shape the future together. To build on this momentum and realise a democracy of deeds, we must deepen participation in lasting, inclusive and shared ways. CITIZENS AS CO-CREATORS IN POLICYMAKING While initiatives such as feedback unit REACH have made strides in citizen engagement, the government could go beyond consulting citizens to regarding them as partners in policymaking processes. This means involving them not only in giving feedback but in setting agendas, identifying problems and testing solutions. For example, expanding participatory budgeting at the town level on specific projects – following models in cities like New York, Chengdu and Sao Paulo – could empower residents to influence local spending and priorities, fostering a sense of rootedness and belonging. Building on programmes like HDB's Build-a-Playground, where residents contribute to designing neighbourhood playgrounds, citizens can also take greater roles in developing the estates they want to live in. MULTI-STAKEHOLDER PARTNERSHIPS Given the complexity of today's challenges – climate change, misinformation and an ageing population – collaborative partnerships are needed now more than ever. These challenges require a multi-sector approach. Governance could evolve to include businesses, civil society and academia working as equal partners. Each contributes unique strengths. Businesses bring innovation and resources, civil society offers advocacy and connections to communities, and academia provides research and facilitation. Philanthropic organisations such as The Majurity Trust and Temasek Foundation support emerging non-profit groups, such as those dedicated to helping vulnerable youths. Academic institutions like the Institute of Policy Studies (IPS) can serve as civic laboratories to test different citizen deliberation models, and community groups like M3 convene dialogues that bridge diverse stakeholders. Government initiatives can be complemented by a vibrant, citizen-led ecosystem. Providing funding, training and recognition for grassroots projects – while avoiding heavy-handed oversight – enables sustainable, community-driven solutions. Government efforts such as the SG Eco Fund, a S$50 million grant for ground-up initiatives to promote sustainability, and the Singapore Government Partnerships Office, launched in 2024 for people to find volunteer opportunities and share proposals, help citizens turn ideas into action. Complementing these, BAGUS Together, a 3P (people-private-public) partnership platform, provides resources for budding changemakers. However, citizens must actively embrace opportunities to be contributors and changemakers to make full use of these efforts. SHARED ASPIRATIONS These priorities are critical because Singaporeans increasingly seek not just to be consulted, but to be part of the decisions that shape their lives. The May incident in Tiong Bahru, where residents raised concerns over plans to repaint 14 HDB blocks purple, was turned into a moment of citizen participation. MP Foo Cexiang's decision to initiate townhalls and a community vote turned discontent into dialogue. This affirms that legitimacy today can be enhanced through active listening, deliberation, and shared decision-making. This incident is more than a local-level issue. It reflects a maturing democracy, where decisions made with citizens are stronger than those made for them. This ethos of citizen participation transcends party lines. During the General Election, opposition candidates also championed townhalls and deliberative platforms. Though formats vary, the consensus is clear: Deliberation grounded in citizens' lived reality strengthens policy legitimacy and signals a shared political aspiration. WHAT KIND OF SOCIETY WILL WE BUILD? As Prime Minister Wong mentioned at IPS' 35th Anniversary Conference, the refreshed social compact is less about 'I, me, and mine', and more about 'we, us, and ours'. Realising this vision demands that the government lead with openness, institutions remain adaptable and citizens embrace their role in shaping the future. SG60 is a call for all of us to unite; an invitation to lead a project or participate in the community – online, physically, or even via a survey on how you may feel about a situation. What matters, ultimately, is that we begin. A 'we' society cannot be delivered by government alone. It must be built by all of us. This is a choice each of us can make. The question now is not what the government will do, but what kind of 'we' society we will craft together.
