Latest news with #Kwek
New Paper
12-07-2025
- Automotive
- New Paper
NDP 2025: Tank that bumped into traffic light had faulty part
A Singapore Armed Forces (SAF) tank that bumped into a traffic light during a National Day Parade (NDP) National Education show was found to have a faulty component that led to the loss of steering and braking power. Speaking to the media at an NDP media event on July 8, Colonel David Kwek, the co-chairman of the NDP 2025 Heartland Celebrations Committee, said preliminary investigations show that the incident resulted from "an isolated component" on the Leopard 2SG main battle tank (L2SG). "Out of an abundance of caution, we are doing more detailed reviews and the L2SG will resume its participation in the NDP mobile column and the heartland celebrations after all the necessary safety checks and clearances are completed," he said. The accident happened on July 5 during an NDP National Education show - a preview of the parade primarily for students. A video of the incident showed the tank unable to stop and bumping into a nearby traffic light when it made a right turn outside Parliament House and the Supreme Court. No injuries were reported and the tank remained within the cordoned area, away from the public. The accident did minor damage to the traffic light, which was left askew, but which has since been repaired. The tank is part of a mobile column, where military hardware is displayed, for NDP 2025. The Ministry of Defence earlier said the L2SG tank had experienced a technical issue and that the accident came after the mobile column segment of the parade. Col Kwek said the safety and well-being of the public and the crew are of paramount importance. The Straits Times has asked the Ministry of Defence (Mindef) whether this was the first time the component had experienced failure and on the expected duration of the checks. Mindef said it will give more details after the checks are done.
Online Citizen
08-07-2025
- Automotive
- Online Citizen
MINDEF: Faulty component caused SAF Leopard 2SG tank to lose control, hit traffic light
SINGAPORE: A Singapore Armed Forces (SAF) tank that collided with a traffic light during a National Day Parade (NDP) education show was found to have suffered a technical fault, resulting in a loss of steering and braking power. Speaking at a media event on 8 July, Colonel David Kwek, co-chairman of the NDP 2025 Heartland Celebrations Committee, said preliminary investigations indicated a fault in 'an isolated component' of the Leopard 2SG (L2SG) tank. He added that more detailed reviews would be carried out 'out of an abundance of caution'. The incident took place at around 7.20pm on 5 July, along North Bridge Road, following the Mobile Column segment of the NDP National Education (NE) Show 2. The tank was making a right turn outside Parliament House and the Supreme Court when it failed to stop and struck a traffic light. Footage of the incident showed the tank proceeding forward during the turn and bumping into the traffic light. Fortunately, no injuries were reported, and the vehicle remained within the cordoned area, away from the public. The L2SG was travelling below the 20km/h speed limit, and the crew had followed standard operating procedures. The vehicle itself sustained no damage. The traffic light suffered minor damage and was left askew but has since been repaired. The Leopard 2SG is part of the mobile column for NDP 2025, which showcases Singapore's military hardware during the parade. The Ministry of Defence (Mindef) had earlier confirmed that the accident occurred after the mobile column segment had concluded and was due to a technical issue. Colonel Kwek emphasised that the safety and well-being of both the public and the tank crew remain the top priority. He added that the tank, which leads the mobile column line-up, will resume participation in NDP 2025 events once all necessary safety checks and clearances are completed.
AsiaOne
08-07-2025
- Automotive
- AsiaOne
NDP 2025: Leopard tank which hit traffic light had faulty component, Singapore News
The incident involving a Singapore Armed Forces (SAF) tank from the National Day Parade (NDP) mobile column which bumped into a traffic light was caused by an isolated faulty component based on preliminary investigations. At a media event on Tuesday (July 8), Colonel (COL) David Kwek, co-chairman of the NDP 2025 Heartland Celebrations Committee, said the faulty component "led to the loss of steering and braking power". "The safety and well-being of the public and our crews are of paramount importance," said COL Kwek, who added that "more detailed reviews" are still ongoing. He said the Leopard 2SG Main Battle Tank (L2SG) will resume its participation in the NDP mobile column and the Heartlands Celebration only "after all the necessary safety checks and clearances are completed". During the NDP National Education show on July 5, an L2SG was captured bumping into a traffic light while making a right turn outside Parliament House and the Supreme Court. The Ministry of Defence issued a statement on July 6 saying that the L2SG experienced a technical issue at 7.22pm. "This resulted in an incident along North Bridge Road, where the tank came into contact with a traffic light," the ministry said, adding that the L2SG was travelling within the speed limit of 20kmh when the incident took place. No injuries were reported and the tank remained within the cordoned area, away from the public. The traffic light had minor damage, but has since been repaired. [[nid:719925]]
Business Times
16-06-2025
- Business
- Business Times
CDL raises S$150,000 for Assisi Hospice at carnival; aims to raise S$1 million
[SINGAPORE] On Sunday (Jun 15) at Assisi Fun Day 2025, two teams from City Developments Limited (CDL) battled it out in a four-legged relay race to move as many foam balls as possible by sandwiching them between their heads, shoulders and torsos. They had to complete this 14 m shuttle relay within three minutes. Supporters and partners of CDL pledged donations for every ball that was deposited at the finish point. In total, the two teams transported 59 balls and raised S$150,000. The relay race was held for this year's CDL Challenge, an annual signature charity event at Assisi Fun Day led by group chief executive Sherman Kwek since its inception in 2017. It aims to raise funds for Assisi Hospice. Kwek said: 'Our longstanding support of Assisi Fun Day remains a special tradition, with our staff and even some of their families coming together not just to raise funds but to build deeper connections with the community we serve.' Assisi Fun Day 2025, which is co-organised with CDL and is the hospice's biggest fundraising event of the year, aims to raise S$1 million by end-June. The funds will be used to provide care for patients with terminal illnesses and their families. Assisi Hospice is on track to grow its home care service to provide free care for 3,000 patients a year by end-2026. The carnival on Sunday attracted about 10,000 visitors to its more than 100 stalls, which comprised food and beverage vendors, workshops and games. More than 200 employees from the CDL Group volunteered to set up nine booths – four by CDL, four by Millennium Hotels & Resorts and one by Hong Leong Finance. Donations can be made here.
Business Times
04-06-2025
- Business
- Business Times
CDL to sell its 50.1% stake in South Beach development to partner IOI for S$834.2m
[SINGAPORE] City Developments Ltd (CDL) has agreed to sell its 50.1 per cent stake in office complex South Beach to project partner IOI Properties Group (IOIPG) for about S$834.2 million. The deal values the complex at about S$2.75 billion, which represents a premium of about 3 per cent over the latest valuation of S$2.67 billion as at Dec 31, 2024. The transaction is expected to result in a gain on disposal of about S$465 million for the financial year ending Dec 31, 2025, CDL said in a statement on Wednesday (Jun 4). Cash proceeds from the proposed divestment will allow CDL to reduce bank borrowings and improve net gearing ratio, the group said. Capital from the sale will also be used to pursue new acquisitions, invest in upcoming pipeline development projects and optimise capital management. Assuming that the deal had been completed at the end of FY2024, the group's net gearing ratio would have fallen to 103 per cent, from 117 per cent, CDL said. It would have logged earnings of S$638.5 million, up from S$190.8 million, had the deal been completed at the beginning of FY2024. Earnings per share would have risen to S$0.712, from S$0.213. 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 CDL's board believes the sale supports positive returns for the group's business and aligns with its strategic focus on capital recycling. It said the South Beach property has reached maturity and has been delivering 'strong occupancy and stable income', the group said. Post-sale, IOI will take full ownership of the complex. Sherman Kwek, CDL's group chief executive officer, said: 'Having fulfilled our vision for South Beach – from securing the land site via a rigorous tender process in 2007, navigating macroeconomic challenges, to transforming it into the high-performing, stabilised asset it is today – it is now time to crystallise its value.' The Norman Foster-designed complex in Singapore's central business district includes retail space, a 34-storey office tower, and a 45-storey building housing a JW Marriott Hotel. As of Mar 31, South Beach's office and retail components posted committed occupancy of 92.4 per cent and 92.5 per cent, respectively, CDL said on Wednesday. Major tenant Meta Platforms last year gave up seven floors of space at the office tower last year, with the exit bringing occupancy down to 92.4 per cent, compared with 94.4 per cent at the end of last year. CDL had acquired the site at a government land sale for nearly S$1.7 billion in 2007, with two foreign partners, a unit of state-owned Dubai World, and El-Ad Group. According to a Bloomberg report, the global financial crisis led to a yearslong delay in construction and the two partners exited the project, with IOI eventually taking a minority stake in 2011. The elder Kwek resisted allowing IOI to take an equal stake in order to maintain control, according to a biography published in 2023, Bloomberg said. In CDL's Jun 4 statement, chairman Kwek said: 'South Beach began as a bold vision to enhance Singapore's reputation as a global city, attract international investors and create a new icon that blends modern, sustainable architecture while preserving the site's conserved buildings.' IOIPG group CEO Lee Yeow Seng said: 'The acquisition of the 100 per cent equity stake in this landmark development marks a significant strategic expansion for IOIPG in Singapore. Combined with the IOI Central Boulevard Towers (ICBT) and the W Singapore – Marina View hotel, this acquisition will elevate the group's profile as one of the major landlords of premium office space and a prominent player in the hospitality industry within the Republic.' The Malaysia-listed group is controlled by the Lee family, which made its fortunes from palm oil. CDL shares rose about 1.6 per cent before a trading halt on Wednesday (Jun 4) morning. The group had said in 2024 that it aimed to divest S$1 billion in assets, and has announced about S$600 million in divestments so far. News of the South Beach sale comes in the wake of a public feud between father and son in CDL's Kwek family, which emerged in late-February. While chief executive officer Sherman Kwek and his father and chairman Kwek Leng Beng have since buried the hatchet, the younger Kwek acknowledged at CDL's annual general meeting in April that the dispute had hurt shareholders' confidence, and said that reducing the growing debt load is a priority.
