Latest news with #CarmenLee
9 News
4 days ago
- 9 News
Perth couple, 60 and 52, jailed over car tyre drug plot
Your web browser is no longer supported. To improve your experience update it here A married couple will spend up to nine years in prison each over a drugs plot which saw them try and import 56kg of cocaine worth $18m from Switzerland hidden in car tyres. The man, aged 60, and his wife, 52, from Nollamara in Perth were found guilty last November and received their sentences yesterday. They were convicted of the attempted possession of a commercial quantity of unlawfully imported cocaine. ABF officers found packages of white powder stuffed behind the rims of the performance wheels at the Perth cargo facility. (Supplied) ABF officers found packages of white powder stuffed behind the rims of the performance wheels at the Perth cargo facility. The consignment was transferred to the AFP and forensic specialists found 56 packages of white powder, which contained 37.67kg of pure cocaine. The drugs were replaced before the tyres were delivered to a Nollamara home on 5 July, 2022. AFP acting Superintendent Chris Colley said drug traffickers were "motivated by greed and did not care about the harm they caused." (Supplied) The next day the couple used tools and knives to cut apart the car tyres to get the black plastic-wrapped packages of drugs inside. The father and son flew in from Sydney that week, collected the packages and headed to a hotel. They opened at least one of the plastic-wrapped blocks before dumping them all in a skip bin outside a shopping centre. The AFP arrested the pair, before searching the home. AFP acting Superintendent Chris Colley said drug traffickers were "motivated by greed and did not care about the harm they caused." The man, aged 60, and his wife, 52, from Nollamara Perth were convicted last November. (Supplied) "This amount of cocaine had the potential to be sold as about 280,000 individual street deals of 0.2 grams and put about $18.2 million in the pockets of criminals," he said. ABF acting Superintendent Carmen Lee said "the skills and vigilance of ABF officers at the border ensured this dangerous cargo was stopped before it could reach Australian streets." "This outcome should act as a warning to anyone considering drug trafficking. Do not be blinded by greed, you will be found out and face serious jail time," a/Supt Lee said. drugs Western Australia Australia crime Smuggling Perth police Perth CONTACT US Auto news: BYD speaks out about their ongoing battle with Tesla.
Business Times
06-07-2025
- Business
- Business Times
Reit-owned malls more likely to forgo higher rents for right tenant mix
[SINGAPORE] For Singapore-listed real estate investment trusts (S-Reits), rent increases are tempered by longer lease terms, a need to curate tenant mixes to drive foot traffic, and a focus on keeping their tenants' businesses viable. These considerations set them apart from private commercial landlords, who may act more freely in setting rents, said analysts. Their comments come amid mounting concerns over surging retail rents. Headlines have spotlighted businesses facing steep rent hikes. Flor Patisserie, a local bakery, announced plans to shut its doors in April 2025, after its landlord raised the rent of its shophouse unit by nearly 60 per cent. The food and beverage (F&B) sector also saw a record number of closures last year, even as large China retailers expanded their footprint in malls. Analysts said such sharp increases in rent are more typical among private landlords or in prime locations within malls. They also noted that strata-titled properties and shophouses operate under different motivations from institutional landlords. According to real estate consultancy Cushman & Wakefield, prime retail rents in both the Orchard and suburban areas have slightly surpassed pre-pandemic levels. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The prime monthly rent for the Orchard area rose from S$35.77 per square foot per month in 2019, before the Covid-19 pandemic hit, to S$35.83 psf in 2024. In suburban areas, the prime monthly rent rose from S$31.76 psf in 2019 to S$32.90 psf in 2024. However, there is no publicly available breakdown of rent rates for commercial properties between malls managed by S-Reits and private landlords, such as shophouses and strata malls. Rents not 'main priority' for S-Reits Rents are 'not always the main priority' of S-Reits as they place greater importance on tenant curation, said Sulian Tan-Wijaya, the executive director of retail and lifestyle at real estate consultancy Savills Singapore. On the other hand, private landlords tend to vary rent depending on their own strategies and objectives, and are more flexible with concepts and operating hours, she added. The structural differences in lease tenure also play a role. Private landlords often offer short leases of up to two years, while malls under S-Reits tend to sign tenants on longer terms of at least three years, with renewal options. This locks in rent levels and contributes to rental stability at malls managed by S-Reits, said Carmen Lee, head of investment research at OCBC. Nevertheless, the changing habits of consumers, as well as the increasing cost of running a business, can contribute to the perception that rents are rising faster, said analysts. They pointed out that the cost of manpower and utilities have also increased alongside rent, even as Singaporean shoppers go overseas or online to stretch their dollar. 'When sales are down, every cost, including rent, would naturally be high by comparison,' said Tan-Wijaya. The chief executive officer of Lendlease Global Commercial Trust Management, Guy Cawthra, said all malls have a spread of rents across their property, depending on the unit size, location and amenity, such as F&B or healthcare. There will 'undoubtedly be competition for tenants for the best space' in the best malls, which 'naturally' drives up rents, he noted. The trust is the manager of Lendlease Global Commercial Reit, which counts 313@Somerset, Parkway Parade and Jem among its retail properties in Singapore. Managing considerations S-Reits agreed that it was in their favour to ensure that tenants remain supported with sustainable rents. A spokesperson from CapitaLand Integrated Commercial Trust (CICT) said that it aims to strike a balance between supporting its tenants' growth and keeping its malls relevant to the needs of shoppers, while delivering long-term sustainable returns to its unitholders. CICT's retail portfolio includes prime malls such as Ion and Raffles City Singapore, as well as suburban malls such as Tampines Mall and Bukit Panjang Plaza. CICT works with tenants on their leasing arrangements to support their business needs. This includes tracking tenants' occupancy cost, which is the total rent as a percentage of total tenant sales. Its occupancy cost has remained below 19 per cent over the past seven years, with tenant sales consistently outpacing rent increases. Similarly, Cawthra said that Lendlease is 'highly aligned' with its tenants. 'We want them to succeed, (and we want to) maintain high occupancy and continue to provide a vibrant retail offering for our shoppers.' To that end, Lendlease monitors its tenant sales performance and supports them when required, such as through marketing and promotions. A spokesperson for Frasers Centrepoint Trust (FCT), which manages 10 properties, mostly suburban malls, said that the trust 'constantly curates and refreshes (its) tenant mix' based on consumer trends, as well as concept relevance and long-term viability of the tenant's business. The manager of Suntec Reit has taken a similar approach, introducing youth and family-oriented concepts at Suntec City to transform the mall into an 'experience hub' rather than a 'shopping destination'.
New Straits Times
22-04-2025
- Business
- New Straits Times
Singapore stocks headed for sixth day of gains; Asian currencies slip
KUALA LUMPUR: Singapore stocks rose for a sixth straight session on Tuesday, marking their longest winning streak in over four months, while recent gains in emerging Asian currencies fizzled out as the dollar steadied after a sharp drop. Singapore's Straits Times index rose up to 1.7 per cent, their highest since April 4, driven by top banks DBS Group and Oversea-Chinese Banking Corp. The city-state's defensive and high-yielding stocks, once sidelined for their limited growth outlook, have drawn renewed interest from foreign investors seeking steadiness through rampant volatility. "Singapore can be viewed as a safe haven in the current turbulent environment. It has an attractive dividend yield, resilient currency and multi sectors that are not directly exposed to tariffs," said Paul Chew, Head of Research at Phillip Securities. Investors were likely to remain focused on defensive sectors, with global markets expected to stay volatile in the coming months, said Carmen Lee, Head of OCBC Investment Research. Elsewhere in Southeast Asia, markets were mixed, with Jakarta up 0.9 per cent and Bangkok flat, while Taiwan fell 1.6 per cent to a near two-week low, tracking weak cues from Wall Street. In Malaysia, both the ringgit and the local benchmark index were trading in the red after an advance print on Monday showed gross domestic product moderating in the first quarter and prompted brokerages to revise their annual growth expectations. Brokerages Barclays and CGS International Securities downgraded their annual gross domestic product growth estimates for Malaysia, while Citigroup saw "downside risks" to annual growth. Currencies in the Philippines and Taiwan edged lower after hitting multi-month highs in earlier sessions. The South Korean won drifted marginally higher. Mizuho Bank's chief Asian FX strategist, Ken Cheung Kin Tai, said the lingering concerns over US reciprocal tariffs and US recession could dampen the risk appetite for emerging currencies. The Indonesian rupiah, among the worst-performing emerging market currencies globally, has depreciated around 5 per cent this year amid concerns over fiscal spending plans and capital flight driven by tariff fears. The currency was trading 0.3 per cent lower ahead of Bank Indonesia's policy decision on Wednesday, where the central bank is widely expected to stay pat on interest rates. The US dollar was trading 0.2 per cent lower at 98.18.
