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Business Times
08-07-2025
- Business
- Business Times
Having GIC as a cornerstone investor in NTT DC Reit's IPO is a good move for the market too
THE listing by Japanese telecom giant's NTT data centre real estate investment trust (Reit) is a welcome fillip for the local equities scene – it will be Singapore's largest Reit initial public offering (IPO) in more than a decade. With a sponsor in global player NTT, there is the potential for NTT DC Reit to become the Asia-Pacific's largest listed data centre Reit, say analysts. A notable aspect of this listing is sovereign wealth fund GIC's involvement as a cornerstone investor. It is investing around US$100 million – no small beer – for a 9.8 per cent stake in the Reit, making it the second-largest shareholder after sponsor NTT. One has to go back quite a few years to find a previous example of GIC's stake in a Singapore-listed company. In 2008, GIC took a stake in logistics company GLP. Subsequently, GLP listed on the Singapore Exchange (SGX), with GIC as the single largest shareholder. Its assets were in China and Japan, despite it being a Singapore-listed firm. GLP was eventually privatised in 2017. NTT Reit has a Singapore asset, but the rest of its assets are overseas, including in Northern Virginia, the largest data centre market in the world; another of its assets is in Vienna, Austria, a fast-growing data centre market. 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 Singapore is, meanwhile, the second-largest market in the Asia-Pacific for data centres, according to the Independent Market Research report for the third quarter of 2024. Over the years, calls have been made for GIC to support the Singapore equities market, given its deep pockets. Back in 2016, the Singapore Business Federation mooted a proposal to allow for the wider use of Central Provident Fund (CPF) monies to invest in local equities. And last year, as the Singapore stock market was struggling with a raft of delistings and a dearth of IPOs, the Society of Remisiers (Singapore) also spoke up for GIC's involvement in the local equity marketplace. In July last year too, Member of Parliament Liang Eng Hwa asked whether the government would consider the suggestion from some industry players that GIC allocate some investment funds to SGX. Then-second Minister for Finance Chee Hong Tat had replied that GIC's mandate was to preserve and enhance the international purchasing power of Singapore's reserves, especially for crisis needs. This means that GIC's investment decisions must 'aim to achieve good long-term returns for Singapore'. 'GIC must, therefore, continue to make professional investment decisions, and the government should not direct or interfere with GIC's investment decisions.' However, the sovereign wealth fund can 'invest in appropriate Singapore companies if these companies have a global footprint and generate good returns for GIC's portfolio', Chee had said. In the whole scheme of things, GIC's US$100 million investment in NTT DC Reit is but a tiny proportion of its entire portfolio. It nonetheless sends a helpful signal to the local bourse that large listings are back. While SGX has excelled on the derivatives front, it is the lack of exciting IPOs and the languishing equities trading volume that has drawn criticism. Having an institutional investor such as GIC participate in an IPO adds credibility to the deal. GIC's presence could even spur retail participation in the market, something which has been sorely lacking for some time. GIC's brand name could even work its magic with existing listed companies overseas. As the SGX seeks to bring in secondary listings, GIC could use its clout with other listed companies to suggest that they consider Singapore as an alternative listing venue. Could this be the playbook in which GIC helps attract companies to the SGX? Such moves support the local exchange, yet are aligned to GIC's mandate of investing in companies with a global footprint. As the competition for listings intensifies, especially with capital continuing to flow to the United States, the moves by the Monetary Authority of Singapore's Equities Review Group to revive the local bourse are all to be welcomed. If our sovereign wealth funds and investment agencies play a more active role, that would be equally welcome.
Straits Times
30-04-2025
- Business
- Straits Times
GE2025: Estate improvements don't come on ‘silver platter'; MPs must justify needs, says Liang Eng Hwa
Even after they get the green light, MPs need to continuously engage with various stakeholders to get the projects off the ground, said PAP candidate Liang Eng Hwa. ST PHOTO: MARK CHEONG GE2025: Estate improvements don't come on 'silver platter'; MPs must justify needs, says Liang Eng Hwa Follow our live coverage here. SINGAPORE - Improvements in constituencies do not come on a 'silver platter', but through MPs who advocate for changes, said PAP candidate Liang Eng Hwa. Even after they get the green light, MPs need to continuously engage with various stakeholders to get the projects off the ground, and it takes experience to do this well, he added at a PAP rally at Beacon Primary School on April 30. 'It's actually naive to think that it doesn't matter who is your MP', and that agencies would work on 'auto-pilot' to carry out such projects, Mr Liang said. This was one of several points he made during the rally to respond to what the Singapore Democratic Party (SDP) candidates, including its chairman Paul Tambyah, have said during the election campaign. Mr Liang and Prof Tambyah are again contesting Bukit Panjang SMC, which the opposition narrowly lost in GE2020. The PAP candidate pointed out that many of the town's improvements - such as the construction of two flyovers that link the town to the Kranji Expressway and two new hawker centres - were not originally planned. Residents had told him their concerns about the traffic situation in the area worsening with the construction of new HDB flats there, Mr Liang said. He then brought those concerns to the Land Transport Authority, and then-Transport Minister Lui Tuck Yew, before the $344 million project was approved. 'SDP says those are taxpayers' money. Yes… it's government funding, but I secured the funding for the benefit of Bukit Panjang residents,' he said. Throughout his campaign trail, Prof Tambyah has referred to Singapore's civil service and government agencies as professional and apolitical, and said the PAP takes credit for the work of public servants. He asked voters not to fall for the 'rooster syndrome' - arguing that projects and services in housing estates will continue even if the SDP is voted into parliament on May 3. Rooster syndrome refers to the belief that one event is attributed to a preceding one, like the notion that roosters' crowing would cause the sun to rise. 'It's not autopilot, it doesn't come to you on a silver platter, as what SDP may seem to suggest,' Mr Liang said in response. 'We have to build a case up, lobby, push and justify.' Having been an MP for almost 20 years, he said he has learned how government agencies work and how best to present cases to them for approval. 'It requires continuous and sincere engagements with partners and stakeholders, you need to build relationships and trust - then coming together to bring about the best outcome for residents,' said Mr Liang. In SDP's rallies, Prof Tambyah has pledged to run the town council without EM Services - a company that manages several of Singapore's town councils. Mr Liang said the PAP will run both Holland-Bukit Timah and Bukit Panjang under one town council if it wins both again. This arrangement would allow residents to enjoy economies of scale in areas such as maintenance and landscaping works. In a post-rally interview, Mr Liang was asked about Prof Tambyah's comments the day before about Bukit Panjang residents facing municipal-level issues, such as the lack of lift access in older HDB blocks. In response, Mr Liang said there are 10 blocks where residents faced lift access issues, of which eight were resolved. He added that 'the site is really very challenging; you've got to almost punch a hole somewhere,' but that HDB is looking into solutions. 'I am fairly confident that we can get the lift done, not because (Prof Tambyah) mentioned it, but because it's already in the works.' He pointed to the improvements to his ward in recent years, including the completion of a polyclinic and several day-care centres, and promised to do more if re-elected. Other than Mr Liang, Mr Edward Chia was the only PAP candidate who spoke at the rally, with Foreign Minister Vivian Balakrishan also seen among the spectators. Mr Chia - a candidate for the Holland-Bukit Timah GRC - described Mr Liang as a responsible MP, pointing out that the latter had continued with his MP work while undergoing treatment for nose cancer in 2023 . Additional reporting by Christine Tan Join ST's WhatsApp Channel and get the latest news and must-reads.
CNA
30-04-2025
- Politics
- CNA
GE2025: Liang Eng Hwa says ‘naive' of Paul Tambyah to think estate projects will continue on ‘autopilot'
SINGAPORE: The People's Action Party (PAP) candidate for Bukit Panjang SMC Liang Eng Hwa on Wednesday (Apr 30) said it was "naive" of his sole election opponent to think that constituency projects would continue on "autopilot" under a new Member of Parliament (MP). "In most of my years of serving as an MP and in Bukit Panjang town, actually a major part of my effort is to work with the bureaucracy to bring much-needed projects to Bukit Panjang," said Mr Liang, the incumbent for the single-seat ward, ahead of Singapore's May 3 General Election. "It is not like it is autopilot. It doesn't come to you on a silver platter as what SDP may seem to suggest." He was responding to a rally speech by the Singapore Democratic Party's Bukit Panjang SMC candidate Paul Tambyah on Tuesday (Apr 29), where the party chairman said estate projects and services would continue even if SDP candidates were elected in place of PAP ones. Dr Tambyah linked this to Singapore's civil service and government agencies being among the most professional and apolitical in the world. At his own rally in Bukit Panjang on Wednesday, Mr Liang agreed that the civil service and government agencies were indeed professional and efficient, but noted that they could also reject projects that did not "align with their current plans or objectives" or that they have no budget for. "And that is why MPs like myself, we play an important role in advocating for our residents," he said. "It is not always smooth-sailing. In fact, most of the time it is not." "So, it is actually naive to think that it doesn't matter who is your MP – that agencies will do all these things for you; to carry out these projects for you. It's not the case," said Mr Liang. He described MPs as bridging the gap between the agencies and residents. Mr Liang cited some examples, including how he worked with the Ministry of Transport and Land Transport Authority to build the Senja-Kranji Expressway link to reduce traffic congestion in the area. He also pointed to how he initiated the construction of two hawker centres, and started bus service 972 to improve connectivity. "You can't be telling your voters ... don't worry what the MPs have done. Someone will get elected, the things will continue and be delivered," said Mr Liang of Dr Tambyah's comments. "But in reality, in-principle approval projects still require a lot of pushing to get it off the ground," he added. "These are things that an experienced MP like myself can do better ... and get it going, and see it to fruition." "TALK IS EASY": EDWARD CHIA Earlier in the night, the PAP's candidate for Holland-Bukit Timah GRC Edward Chia also spoke in praise of Mr Liang. "As elected Members of Parliament we are responsible for our constituents. When it comes to responsibility, the person who has best lived by this principle is my friend, my mentor, Mr Liang Eng Hwa," he said, pointing out how Mr Liang first served as an MP for Zhenghua ward in Holland-Bukit Timah and later Bukit Panjang SMC for the past 19 years. "Mr Liang is not just a ground MP - he is a complete MP. He is both firmly on the ground with you, understanding your everyday needs; and a strong voice in parliament, shaping national policies that impact all of us," said Mr Chia. Mr Chia also warned that while the opposition had raised various ideas during campaigning, "ideas alone are not enough". "When elected, words must turn into action. If all the opposition promises is to 'speak up' for you, then you need to ask - you really need to ask – is that all you're getting?" said Mr Chia. "Because talk is easy; talk is cheap. Talk alone doesn't build homes, create jobs, or raise wages to cope with the cost of living." He said the opposition can speak but "cannot deliver". "And in the end, it is all of us – all of us – who bear the consequences of empty promises." "Ultimately this election is about whom we can trust to be responsible for securing your hopes and your futures," said Mr Chia.
AsiaOne
24-04-2025
- Politics
- AsiaOne
GE2025: Party Political Broadcasts and SDP rally on April 25, Singapore News
The Singapore Democratic Party (SDP) will be the only party holding a political rally tomorrow (April 25), on the first night of Party Political Broadcasts (PPB). The rally will be held from 7pm to 10pm at Beacon Primary School for the electoral division of Bukit Panjang SMC. SDP's Prof Paul Tambyah will again face off against the People's Action Party's Liang Eng Hwa in the upcoming polls. AsiaOne will livestream the rally on Facebook and YouTube. There were a total of five rallies today. PPB will be on free-to-air television and radio for the eight parties with at least six candidates to share their campaign messages. The English broadcast will be available on Mediacorp Channel 5 at 8pm and on CNA at 9pm. The second round of PPB will take place on May 1. Police advisory Police said rally attendees are encouraged to take public transport as large crowds are expected at the rallies. They should also prepare for traffic diversions, lane closures and slower traffic. The pick-up and drop-off points for ride-hailing services may be affected as a result. Carparks in the vicinity of the rally sites are restricted to season-parking holders only. Vehicles found illegally parked or causing obstruction may be towed away. The Civil Aviation Authority of Singapore will prohibit the flying of unmanned aircraft and conduct of other aerial activities, such as kite-flying and hoisting of captive balloons, over all rally sites from 6pm to 11pm. The police also banned the following list of items at the rallies: Firearms/ Firearms/parts of firearms, including empty magazines and spent cartridges Live bullets or blanks Air pistol/rifle or parts Spear gun Explosive/blasting cap/dynamite/corrosive substance Fireworks/firecrackers Parang/machete Bearing scrappers Walking stick with dagger Antique pistol/gun Stun gun Baton/t-baton Night stick Signal flare and other flammable materials Handcuff Tear-gas spray/pepper spray Nanchaku Knuckle duster Crossbow Industrial acid Bulletproof vest Keychain in the shape of a bullet or gun Wooden/metal spear Lighter in gun, pistol, bullet, grenade shape Toy gun which resembles an actual gun Kirpan Any sharp or long objects, such as knives, that can be used as a weapon Glass bottles Laser pointers Unmanned aircraft Canned items including canned drinks
