Famed Singaporean cafe scraps plans for Bay Area
Now, those plans are dead. Killiney Kopitiam will not open a previously announced flagship restaurant at Westfield Valley Fair in Santa Clara, the shopping center confirmed, and the chain has abandoned its other stateside expansion efforts.
Amanda Toh Steckler, Killiney Kopitiam's U.S. franchisee and a former Palo Alto resident, said she has decided to retire and focus on her family.
Killiney Kopitiam opened to long lines in Palo Alto in 2020. Former Chronicle restaurant critic Soleil Ho named it one of the city's best restaurants. At the time, Steckler was planning a massive expansion: 62 locations over the next eight years, including four more in the Bay Area. None ever materialized.
The Palo Alto Killiney Kopitiam closed in late 2023, but the owners said it would reopen at the Westfield mall the following spring. For over a year, fans waited for news of its arrival. In February, the business promoted a ticketed preopening party for the new location, but abruptly canceled it several days before.
Steckler also teamed up with Bay Area chef Nora Haron to open SanDai, an upscale Southeast Asian restaurant in Walnut Creek, and a next-door Indonesian coffee shop called Kopi Bar. Both closed in June. Haron said she now plans to open more locations of the coffee shop this and next year.
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San Francisco Chronicle
9 hours ago
- San Francisco Chronicle
Famed Singaporean cafe scraps plans for Bay Area
When Singapore's oldest cafe, Killiney Kopitiam, opened its first U.S. outpost to much fanfare in Palo Alto five years ago, it came with an ambitious plan to launch dozens of locations throughout the West Coast. Now, those plans are dead. Killiney Kopitiam will not open a previously announced flagship restaurant at Westfield Valley Fair in Santa Clara, the shopping center confirmed, and the chain has abandoned its other stateside expansion efforts. Amanda Toh Steckler, Killiney Kopitiam's U.S. franchisee and a former Palo Alto resident, said she has decided to retire and focus on her family. Killiney Kopitiam opened to long lines in Palo Alto in 2020. Former Chronicle restaurant critic Soleil Ho named it one of the city's best restaurants. At the time, Steckler was planning a massive expansion: 62 locations over the next eight years, including four more in the Bay Area. None ever materialized. The Palo Alto Killiney Kopitiam closed in late 2023, but the owners said it would reopen at the Westfield mall the following spring. For over a year, fans waited for news of its arrival. In February, the business promoted a ticketed preopening party for the new location, but abruptly canceled it several days before. Steckler also teamed up with Bay Area chef Nora Haron to open SanDai, an upscale Southeast Asian restaurant in Walnut Creek, and a next-door Indonesian coffee shop called Kopi Bar. Both closed in June. Haron said she now plans to open more locations of the coffee shop this and next year.
Time Business News
17 hours ago
- Time Business News
Differences Between Commercial and Residential Property Tax in Indonesia
Property ownership in Indonesia comes with tax obligations, and understanding the differences between residential and commercial property tax is essential for both local and foreign investors. These two categories are treated differently under Indonesian tax regulations in terms of rates, calculation methods, and usage limitations. Tax Rates and Calculations Estate properties, such as abodes or condos, are typically subject to lower acreage tax (PBB – Pajak Bumi dan Bangunan) rates compared to commercial properties, including workplace structures, retail outlets, and storehouses. The acreage tax for residential genuine estate is normally 0.1% of the accountable selling esteem (NJOP), whereas commercial belongings can be taxed at higher progressive charges, particularly if situated in top zones. In some territories, the neighborhood administration may impose higher taxes on properties that are utilised for income-producing activities, even if the property is categorized as residential, which renders the characterization crucial. Categorization for it, is a pivotal determinant in judging no matter if a property falls under residential or commercial utilization. Residential properties are meant for residing intentions, and any deviation from this employ—such as managing a home-based business enterprise or transforming the space into a rental unit—may necessitate extraordinary licenses and could trigger reclassification. On the other hand, commercial properties are designated for business activities and are typically positioned in zones where supporting infrastructure, accessibility, and business permits are readily available. This zoning variance affects not only taxes but in addition compliance duties such as building codes. While commercial land has revenue streams from rents and strategic positioning, its high valuations from the annual NJOP calculation contribute to elevated property tax burdens that enlarge the costs of maintaining such spaces. In contrast, residential plots found farther from urban cores frequently see reduced NJOP assignments, translating to more reasonable yearly outlays. The government stipulates the NJOP routinely, establishing the base for gauging the taxes due. Properties generating income through their functions and spots gain loftier NJOP ratings, resulting in larger PBB duties that inflate the price tag of conducting commercial operations over the long haul. Housing in the 'burbs or countryside commonly take pleasure in lower assessments, bringing about more lenient contributions to public coffers. Indonesia exempts tax for certain homeowners of low-income residential houses or properties whose value is under a level. Tax exemptions are generally not for commercial houses, which are taxed in addition by VAT (for rentals or sale), BPHTB (Bea Perolehan Hak atas Tanah dan Bangunan), and taxation of rental incomes. This makes home property more attractive for first-time purchases or existing residents, while owners of commercial property need to be more strategic in their tax strategy. Commercial property owners typically have more demanding reporting requirements, especially if the property is income-yielding. These include VAT returns, business license renewals, and even financial audits if it is done under a business firm. The owners of residential properties are mostly focused on making annual PBB payments unless they rented out or sold the property. During purchase or sale of property, both residential properties and commercial assets are liable for BPHTB (usually 5% of the sale price). But in case of commercial property where VAT is applicable (10%), this is quite a heavy burden. The buyers must compute these charges during due diligence so they don't come as an unpleasant surprise. Investors must weigh the long-term fiscal costs of maintaining either type. Though residential property provides more stable appreciation and lower maintenance taxes, commercial property can potentially provide higher returns via rental provided that taxes and operating costs are well controlled. However, regulatory restrictions on commercial property could be greater, especially where there is intense local government regulation. Residential and commercial property in Indonesia are taxed differently, depending on the investor's budget, business objectives, and risk tolerance. Residential property is typically cheaper and legally simpler to own, while commercial property offers greater benefits but also carries a relatively higher tax burden. You can consult a tax expert or notary, such as ILA Global Consulting, before deciding to purchase local property. TIME BUSINESS NEWS
CNBC
a day ago
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Singapore's stock market is soaring. And the bull run is just getting started, experts say
Once seen as a small, "unexciting" market for income-seeking investors, Singapore equities have taken a sharp turn upwards, surging to record highs, with major banks and market watchers signaling that the rally is just getting started. Building on its strong gains from last year, the benchmark Straits Times Index has advanced nearly 10% so far in 2025 , outperforming the U.S. benchmark S & P 500 and several regional peers. Singapore's stock market is drawing interest from institutional and retail investors alike, helped by a potent combination of equity market reforms, rising dividends, foreign fund inflows and country's enduring appeal as a geopolitical safe haven, said market watchers. "We are in a bull market. And I'm going to tell you today that this is still a baby bull," said Thilan Wickramasinghe, head of research at Maybank. "There's still a lot more to run." The STI is currently up more than 23% since its April 9 low, data from LSEG showed. What's driving the market? According to Aberdeen's investment director of Asian equities Xin-Yao Ng, Singapore's stock surge is rooted in its "safe-haven status," buoyed by a strong currency, ample fiscal reserves, and a shareholder yield that's better than several developed markets. High dividends are a major draw, said Ng. According to CLSA research, Singapore's average dividend payout ratio of 60% is second only to Australia's at 74% in Asia-Pacific according to CLSA Research. The Southeast Asian nation's market appeal is also lifted by how the Singapore dollar has been strengthening against the greenback, appreciating about 6% year to date, with Jefferies reportedly forecasting that the currency could reach parity with the dollar in the next five years. For foreign investors, an appreciating local currency like the Singapore dollar can significantly boost returns. When overseas funds buy Singaporean assets, their gains are eventually converted back into U.S. dollars, and a stronger Singapore dollar increases the dollar value of their returns. Beyond yield, their is also macroeconomic stability, Ng added. Singapore's second-quarter GDP rose 4.3% year on year, up from 4.1% in the first quarter, signaling resilience in services and domestic demand. While telecommunications and the utilities sectors have led the early stages of this rally, Maybank's Wickramasinghe noted that institutional money was just beginning to rotate into other segments including real estate investment trust or REIT offerings and consumer stocks. Singapore Telecommunications — known as Singtel — a dominant telecoms player, is up more than 28% year to date. Utilities firms Sembcorp Industries and Union Gas Holding have gained 38% and 18%, respectively, so far this year. "For the institutions, it's been a very, very early stage of getting into this market," he said. "That's why I'm saying there is still a lot more for this market to run," Wickramasinghe said. He also flagged the impact of government firepower and infrastructure investment. "We haven't seen a construction boom like this in 10–15 years … that's going to help so many companies, not just the big caps, but the small- and the mid-caps as well." In real terms, 2025 construction demand — value of construction contracts to be awarded — is forecast between 35 billion and $39 billion Singapore dollars, 0.3% to 11.7% higher than pre-COVID levels in 2019, according to the Building and Construction Authority . A more recent driver is also the Monetary Authority of Singapore's equity market development program or EMDP, which aims to inject $5 billion Singapore dollars into local small- and mid-cap stocks to revitalize market liquidity. The first tranche of $1.1 billion Singapore dollars has already been allocated to three institutional fund managers, who are required to co-invest their own capital and adopt active trading strategies — a move designed to lift market liquidity and trading activity. Re-rating prospects JPMorgan now expects the STI to hit 4,500 under its base case — and 5,000 in a bullish scenario — upgrading its outlook on the back of falling interest rates, SGD strength, and capital inflows. Hitting 5,000 would mean a more than 20% jump from current levels. "Singapore equities still offer one of the best combinations of yield, currency strength, and potential inflows among ASEAN markets," the bank wrote, upgrading the real estate sector and tipping small- and mid-caps as likely beneficiaries in the second half of the year. Morgan Stanley shares the optimism, calling 2025 a turning point for the Singapore market. "Singapore embarked on an unprecedented campaign of equity market reforms … this could ignite significant interest and confidence in the Singapore stock market globally," the bank said. It forecasts a re-rating in valuations, with price-to-book ratios potentially rising from the current 1.7 to 2.3 by 2030 — comparable to Australian and Taiwanese markets. Higher P/B valuation multiples imply investors expect the market to generate stronger returns. The investment bank's bull case sees the MSCI Singapore index doubling within five years, fueled by IPO inflows, digital infrastructure expansion, and AI-led productivity gains. "Now is the time to build exposure to this dynamic and enterprising market," Morgan Stanley said. Liquidity trap warnings Not all investors are leaning into the rally. Citibank warned of a potential "liquidity trap" as money piles into small-cap stocks in anticipation of EMDP deployment. "Retail investors are selling large-cap index stocks and are skewed towards less liquid SMIDs [ small and mid-size companies] ," Citi said. Even though the MAS initiative may allow for further liquidity injections through 2025, the bank cautioned investors against chasing lower quality small- and mid-caps at the risk of "being left holding the proverbial bag if or when the liquidity party ends." Morgan Stanley also noted structural risks including tariff-induced slowdowns, U.S.-China rivalry, and the possibility of Singapore losing market share to rival hubs such as Hong Kong, Tokyo, or the United Arab Emirates, if reforms stall or new listings remain elusive.
