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Business Times
5 days ago
- Business
- Business Times
Batam, Johor, Da Nang: Asean's new growth cities
[HO CHI MINH CITY] Infrastructure development and breakthrough incentives within special economic and trade zones are drawing global businesses, investors and talent beyond Asean's traditional metropolises to emerging 'second cities' such as Johor Bahru, Da Nang and Batam. While smaller and less globally known than capital cities or primary metropolises like Kuala Lumpur, Jakarta, or Ho Chi Minh City, these rising hubs are capturing attention for their investment potential, quality of life and innovation ecosystems. 'These shifts reflect a broader trend of decentralisation, synergistic and regional growth within Asean,' said Govinda Singh, executive director at Canada-based investment management company Colliers International. He added: 'What sets successful rising cities apart is their ability to enable ease of doing business, investment in infrastructure and long-term policy stability.' Why 'second cities' are taking off In today's competitive environment, he noted that investors seek clear value propositions, such as cost advantages, special economic zones, talent pipelines and logistics connectivity. 'Ultimately, it's not just about being cheaper than the capital cities; it's about leveraging comparative strengths, being smarter, more specialised and investment-friendly,' he added. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Sam Cheong, head of group foreign direct investment advisory at UOB, observed that traditional economic hubs like Singapore, Jakarta or Ho Chi Minh City are increasingly facing resource constraints to accommodate the needs of foreign direct investment effectively. This has given rise to the emergence of new hubs, especially those near established ones. The Business Times takes a closer look at these emerging cities that have been in the spotlight in recent years. Johor Bahru: Riding Singapore's ripple Johor Bahru's strategic southern location, less than 30 km from Singapore, positions it uniquely. The Johor-Singapore Causeway, a vital link handling over 300,000 daily crossings, is one of the busiest border checkpoints in the world. In January 2025, Malaysia and Singapore officially launched the Johor-Singapore Special Economic Zone (JS-SEZ), a cross-border initiative by both nations to harness the power of their proximity. Siva Shanker, chief executive officer of the estate agency at Rahim & Co International, said: 'With ongoing infrastructure projects and various incentives in place, the JS-SEZ presents compelling opportunities for business owners considering relocation or expansion in this region.' Amid the ongoing global trade headwinds, Dr Wong Chin Yoong, an economics professor at Universiti Tunku Abdul Rahman Malaysia, said that the potential of cities like Johor Bahru could drive greater intra-Asean collaboration, as the region requires a development strategy that buffers it from geo-economic risks. 'This necessitates greater intra-Asean interdependence through cooperative initiatives that minimise exposure to super power competition, enhance regional resource sharing, and cultivate Asean as a significant regional power in both production and consumption,' he said. The demand for Johor Bahru real estate is rising on the back of the progress made in the building of the railway shuttle linking Singapore and Johor Bahru and the establishment of the JS-SEZ. PHOTO: BT FILE Batam: Indonesia's fast-charging digital hub In Indonesia, Batam, located about 20 km south of Singapore, is also fast rising as a key hotspot for investments for data-centre operators, power developers and semiconductor manufacturers, giving Johor a run for its money as the top destination for companies expanding beyond the city-state. The growth is especially bolstered by Batam's Special Economic Zone perks and direct subsea cable links that tether it seamlessly to Singapore's digital backbone. For example, the Nongsa Digital Park, located on Batam's north-eastern tip and designed to support the digital economy, is a few kilometers away from the landing of 13 submarine cables that link it directly with various parts of Indonesia, Singapore, Malaysia and the US West Coast. The city's biggest win so far was Apple's landmark US$1 billion commitment to produce AirTags on the island, marking a major milestone in Batam's evolution into a regional tech and data hub. Nongsa Digital Park is a designated Special Economic Zone in Indonesia focusing on digital technology and tourism activities. PHOTO: NONGSA DIGITAL PARK Da Nang: From Vietnam's holiday haven to investment hotspot Da Nang, one of Vietnam's most popular tourist destinations, is now showcasing a new identity – that of an investment hub. The city is strategically located in central Vietnam, between the country's two major economic centres in the north and the south, Hanoi and Ho Chi Minh City, respectively. It is home to two deep-water ports, Tien Sa Port and the developing Lien Chieu Port, which are vital gateways in the eastern extremity of the East-West Economic Corridor, connecting Vietnam, Laos, Thailand and Myanmar across the Greater Mekong Sub-region. 'Naturally, the combination of the holiday lifestyle and the business lifestyle will be a magnet for a lot of people,' said Andy Khoo, managing director at Terne Holdings, a Singapore-based investment group. Starting January 2025, Da Nang became the first city in Vietnam officially approved to pilot a Free Trade Zone. Plans are afoot to develop it across 10 dispersed locations connected to Lien Chieu seaport and Da Nang International Airport. Another key driver is its designation as one of the two locations for Vietnam's international financial hub, along with Ho Chi Minh City, with 'unprecedented' financial mechanisms being developed and the authorities actively working to attract multibillion-dollar investments. Da Nang has allocated six land parcels for the development of the city's international financial hub, including the 9.7-hectare site overlooking the estuary of the Han River. Richard McClellan, founder and principal at Ho Chi Minh City-based RMAC Advisory, said: 'With a smaller scale than Ho Chi Minh City, Da Nang offers an ideal environment to experiment with new initiatives within a controlled and managed space.' Da Nang has allocated six land parcels for the development of the city's international financial hub, including the 9.7-hectare site overlooking the estuary of Da Nang's iconic Han River (above). PHOTO: JAMILLE TRAN, BT Ayutthaya: Thailand's 'Silicon Valley' Ayutthaya is an emerging city in Thailand's central-west economic corridor, where some 40 per cent of approved foreign investment projects in the first quarter of the year are located, said UOB's Cheong. The other up-and-coming city is Samutprakarn, which is in the Bangkok Metropolitan Region. These cities are part of the evolution of Thailand – traditionally known for its tourism industry – into an industrial powerhouse, particularly through its economic corridor initiatives. The strong infrastructure connectivity to ports and airports offers a geographical advantage for several of its rising hubs. 'These cities are within an hour's drive from Bangkok and are tipped to be the 'Silicon Valley' of Thailand,' he said. 'The availability of a higher-skilled labour force can be found in these cities, and strong policy support for these prioritised sectors is drawing more high-value investment.' Ayutthaya, 70 km north of Bangkok, was once the historic capital of a kingdom and is now a tourism hotspot. The city is also a key stop on the Thai-Sino high-speed rail system currently under construction. When completed, the high-speed rail will connect Bangkok to Nakhon Ratchasima, and ultimately to China via Laos, further strengthening its position as a potential logistics hub. Ayutthaya Historical Park in Ayutthaya. Ayutthaya is where one of the six stations on the Bangkok-Nong Khai high-speed rail project is to be located. The project is part of the broader Pan-Asian Railway Network. PHOTO: PIXABAY Additional reporting by Tan Ai Leng in Kuala Lumpur, Elisa Valenta in Jakarta, and Goh Ruoxue in Singapore
Irish Independent
15-05-2025
- Business
- Irish Independent
Pair of Georgian townhouses operate as 20-bedroom B&B
Selling agents Colliers International are quoting €5.75m for the property known as Avondale House at 40 and 41 Lower Gardiner Street which are interconnected adjoining Georgian terraced houses. Extending to 6,846 sq ft, this bed and breakfast offers 20 bedrooms, some of which are ensuite. Attractively restored, the protected structure retains many of its period features including cornicing, centre roses and coving on the ceilings as well as sash windows, original staircase, panel doors and wooden floors. At the heart of the property lies an open-plan kitchen and dining area which lends itself to communal guest uses and fostering a hospitable ambience. This is located at ground floor level where two hall floor reception areas are also located. At ground floor return, there are three bedrooms and two bathrooms as well as access to an upper courtyard with a derelict mews which also offers potential for extra bedrooms. Already the basement accommodates five bedrooms and four bathrooms and this level also opens to the rear courtyard with access to the original Georgian vaults which offers potential for creative uses. Gardiner Street has been one of Dublin's traditional hospitality streets for over a century because of its proximity to key transport nodes such as Connolly Station and Busáras as well as Dublin port and docklands. It is also to entertainment facilities such as the Abbey and Gate theatres, Croke Park and Temple Bar
Yahoo
08-05-2025
- Business
- Yahoo
Colliers International price target lowered to $155 from $165 at Scotiabank
Scotiabank analyst Himanshu Gupta lowered the firm's price target on Colliers International (CIGI) to $155 from $165 and keeps an Outperform rating on the shares. The company's Q1 results were in-line and management reiterated 2025 guidance, the analyst tells investors. The firm lowered its price target on the stock due to lower target EV/EBITDA multiple. Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on CIGI: Disclaimer & DisclosureReport an Issue Colliers Initiates Share Buyback Program with TSX Approval Colliers International announces normal course issuer bid Colliers International Reports Strong Q1 2025 Growth Colliers International Reports Strong Growth Amid Challenges Colliers Reports Strong Q1 2025 Results Amid Strategic Acquisitions Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-05-2025
- Business
- Yahoo
Christian Brothers list Wildwood's historic La Salle Retreat Center for sale
WILDWOOD, Mo. – The Christian Brothers of the Midwest, a Catholic religious order with deep ties to the St. Louis region, has listed its historic La Salle Retreat Center for sale after decades of hosting Catholic parish and school groups. The venue opened in 1886 and originally served as a school for young men studying to become Christian Brothers, a lay Catholic religious order focused on spiritual education. Over the years, it has taken on various roles, including as a novitiate training center and more recently a retreat center. The building transitioned into a retreat center in 1978 after the school closed due to declining enrollment and shifting educational needs within the order. Murder Solved in 20 Days: Inside the case that brought down a killer Located on 170 wooded acres in Wildwood, Missouri, the La Salle Retreat Center has long provided a quiet setting for spiritual reflection. But in recent years, the cost and time required for the Christian Brothers to maintain the expansive property have become unsustainable. The decision to sell stems from a combination of financial constraints, a declining number of Christian Brothers, and the significant upkeep required to preserve the historic site. According to an FAQ sheet on the sale provided to FOX 2, the Midwest District has already invested nearly $400,000 in renovations and safety upgrades since April 2023, with additional repairs expected to cost nearly $1 million. The property includes 74 guests rooms, offices, meeting rooms, a chapel and gymnasium totaling 69,000 square feet. It also includes grottoes, cave-like shrines whose future will be determined by the next owner, and a cemetery, which the Christian Brothers will continue to maintain, ensuring it remains undisturbed regardless of the property's sale. Additionally, the retreat center will continue to operate through the 2026-27 academic year, allowing time for a smooth transition. The Christian Brothers say the extended timeline is intended to minimize disruptions for groups that still regularly use the facility. Colliers International, an investment management property firm based in Clayton, Missouri, is leading efforts to sell the property. (CLICK HERE for the listing) As of now, a potential suitor has not yet been identified, and it could take up to two years to finalize a contract to complete the sale. Dennis DeSantis, executive vice president of Colliers International's St. Louis branch, told FOX 2 the property has been on the market for about a week. The group plans to send an offering memorandum to interested parties and has opted not to disclose a sale price on its listing due to per-acre considerations related to the property's sale. According to St. Louis County property records, the property, located at 2101 Rue De La Salle Drive, has an appraised value of around $12 million. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
