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Time of India
6 days ago
- Business
- Time of India
Data centre focused REIT debuts in Singapore, biggest in years
A real estate investment trust (REIT) focused on data centres made a lukewarm debut on the Singapore exchange Monday, in the city-state's biggest listing in eight years. Valued at US$773 million, the trust NTT DC REIT is backed by the city's sovereign wealth fund and Japan's NTT group . It is expected to give a much-needed boost to the Singapore Exchange (SGX), which has seen lacklustre interest for major listings in recent years. Data centres are an area of phenomenal growth owing to the global need to store massive amounts of digital data and run energy-intensive artificial intelligence tools. NTT DC REIT closed at its offer price of $1.0 per unit on the SGX, after opening at $1.02 and rising to as much as 1.03 after trading began at 2pm (0600GMT). It was the biggest listing on the exchange since 2017, when fiber network-centred NetLink NBN Trust raised Sg$2.3 billion (US$1.8 billion). NTT DC REIT is backed by Singapore's GIC, one of the world's biggest sovereign wealth funds, and Japan's telecommunications giant NTT Group. The NTT Group, through its global data center business NTT GDC, is the world's third-largest data centre provider, according to the IPO's prospectus. It has a portfolio of six data centres in Singapore, Austria and the United States valued at $1.6 billion. Singapore is a leading hub for data centres in Asia, with its strategic location at the crossroads of submarine cable routes providing connectivity to the region and beyond. From 2024 to 2027, the power used by data centres is expected to rise at a compounded annual growth rate of 27.5 percent, following double-digit expansion over the past five years, the prospectus said. Song Seng Wun, economic advisor at financial services firm CGS International Singapore, said the offer allows investors to ride on the artificial intelligence (AI) boom to diversify their assets. "Demand for data centres is a straightforward proposition because of the demand generated by AI and everyday use of technology," said Song. It is a "less risky investment" compared to assets that are more vulnerable to geopolitical developments and the changing tariff landscape, he told AFP. The listing is also a "feather in the cap of SGX which has been playing second fiddle to Hongkong for a while now," he said.
Time of India
6 days ago
- Business
- Time of India
Data centre focused REIT debuts in Singapore, biggest in years
Singapore: A real estate investment trust (REIT) focused on data centres made a lukewarm debut on the Singapore exchange Monday, in the city-state's biggest listing in eight years. Valued at US$773 million, the trust NTT DC REIT is backed by the city's sovereign wealth fund and Japan's NTT group . It is expected to give a much-needed boost to the Singapore Exchange (SGX), which has seen lacklustre interest for major listings in recent years. Data centres are an area of phenomenal growth owing to the global need to store massive amounts of digital data and run energy-intensive artificial intelligence tools. NTT DC REIT closed at its offer price of $1.0 per unit on the SGX, after opening at $1.02 and rising to as much as 1.03 after trading began at 2pm (0600GMT). It was the biggest listing on the exchange since 2017, when fiber network-centred NetLink NBN Trust raised Sg$2.3 billion (US$1.8 billion). NTT DC REIT is backed by Singapore's GIC, one of the world's biggest sovereign wealth funds, and Japan's telecommunications giant NTT Group. The NTT Group, through its global data center business NTT GDC, is the world's third-largest data centre provider, according to the IPO's prospectus. It has a portfolio of six data centres in Singapore, Austria and the United States valued at $1.6 billion. Singapore is a leading hub for data centres in Asia, with its strategic location at the crossroads of submarine cable routes providing connectivity to the region and beyond. From 2024 to 2027, the power used by data centres is expected to rise at a compounded annual growth rate of 27.5 percent, following double-digit expansion over the past five years, the prospectus said. Song Seng Wun, economic advisor at financial services firm CGS International Singapore, said the offer allows investors to ride on the artificial intelligence (AI) boom to diversify their assets. "Demand for data centres is a straightforward proposition because of the demand generated by AI and everyday use of technology," said Song. It is a "less risky investment" compared to assets that are more vulnerable to geopolitical developments and the changing tariff landscape, he told AFP. The listing is also a "feather in the cap of SGX which has been playing second fiddle to Hongkong for a while now," he said.
New Straits Times
01-07-2025
- New Straits Times
Singapore anti-scam law allows police to seize bank accounts
SINGAPORE: Singapore police can now seize a person's bank account if there is proof they are being scammed, according to legislation that came into force Tuesday. The law, which passed in January, allows authorities to halt bank transactions if there is compelling evidence an account holder is about to transfer money to a scammer, even if willingly. Previously, police were powerless to stop potential scam victims from transferring money even if it was clear they were being cheated. The restriction will see the individual's bank accounts, ATM access and credit facilities suspended, while still allowing them to withdraw funds for daily living expenses. The law "enables the police to better protect targets of ongoing scams", the Ministry of Home Affairs said in a statement on Monday. "The restriction order is necessary for the protection of the individual. (It) will be issued only as a last resort, after other options to convince the individual have been exhausted," it added. The restriction had a time limit of 30 days that could be renewed a maximum of five times. One example cited in parliament to support the law's passage was the case of a 64-year-old woman who was duped into parting with Sg$400,000 (US$315,000) by a supposed lover. So-called romance scams have ballooned into a massive criminal industry. Countries in East and Southeast Asia lost an estimated US$37 billion to cyber fraud in 2023, according to the UN Office on Drugs and Crime (UNODC) report. Data cited in Singapore's parliament during the debate on the law showed that "self-effected transfers" accounted for 86 per cent of all scam reports and 94 per cent of losses from January–September last year. Eugene Tan, an associate professor of law at the Singapore Management University, told AFP in January that while the law could appear intrusive, the government saw scams as a "social menace that imposes a burden on society and the victim's family."
The Sun
01-07-2025
- The Sun
Singapore anti-scam law allows police to seize bank accounts
SINGAPORE: Singapore police can now seize a person's bank account if there is proof they are being scammed, according to legislation that came into force Tuesday. The law, which passed in January, allows authorities to halt bank transactions if there is compelling evidence an account holder is about to transfer money to a scammer, even if willingly. Previously, police were powerless to stop potential scam victims from transferring money even if it was clear they were being cheated. The restriction will see the individual's bank accounts, ATM access and credit facilities suspended, while still allowing them to withdraw funds for daily living expenses. The law 'enables the police to better protect targets of ongoing scams', the Ministry of Home Affairs said in a statement on Monday. 'The restriction order is necessary for the protection of the individual. (It) will be issued only as a last resort, after other options to convince the individual have been exhausted,' it added. The restriction had a time limit of 30 days that could be renewed a maximum of five times. One example cited in parliament to support the law's passage was the case of a 64-year-old woman who was duped into parting with Sg$400,000 ($315,000) by a supposed lover. So-called romance scams have ballooned into a massive criminal industry. Countries in East and Southeast Asia lost an estimated $37 billion to cyber fraud in 2023, according to the UN Office on Drugs and Crime (UNODC) report. Data cited in Singapore's parliament during the debate on the law showed that 'self-effected transfers' accounted for 86 percent of all scam reports and 94 percent of losses from January-September last year. Eugene Tan, an associate professor of law at the Singapore Management University, told AFP in January that while the law could appear intrusive, the government saw scams as a 'social menace that imposes a burden on society and the victim's family'.
Khaleej Times
05-03-2025
- Business
- Khaleej Times
Singapore splashes millions to flush out dirty toilets
Already renowned for its cleanliness, Singapore will spend $7.5 million to upgrade and deep clean public toilets at coffee shops, the environment ministry has said. A "Public Toilets Taskforce" was formed by the ministry last year to identify lavatories that consistently fared poorly in cleanliness surveys. However, "toilets that demonstrate excellence in design and cleanliness will be able to apply for HTP (Happy Toilet Programme) certification", said the ministry in a statement Tuesday. The Happy Toilet Programme, run by Singapore's Restroom Association, was launched in 2003, primarily to grade public toilets from a single star to a maximum six-star rating. "In total, we spend almost three years of our lives in the toilet; it's natural and it's normal, so let's learn to say, 'Wow! That's a great toilet!' and tell our friends about it," the Restroom Association's website says. Under the new scheme, coffee shop operators can apply for government funding for up to 95 per cent of toilet renovation costs, capped at $50,000. There are grants for deep cleaning as well. Singapore has a global reputation for its cleanliness and it is often hard to find litter in public spaces. After independence in 1965, Singapore authorities poured capital and resources into changing local mindsets on littering as well as forging a clean and green city. Besides boosting tourism, the pristine image of the city-state and praise from foreign visitors became an important source of pride for citizens during the initial nation-building decades. The government has run countless anti-littering campaigns and there are heavy fines for littering -- and not flushing public toilets after use. Failing to flush carries a maximum fine of Sg$150 ($110), with second-time offenders facing a Sg$500 fine. The environment ministry said legislation and law enforcement were critical to set standards for public toilet cleanliness. More than 1,000 "enforcement actions", including fines and warnings, were taken last year against premises owners and managers for not having clean toilets, the ministry said.
