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Weekly News Select
Dec 4, 2020 / Issue 49
Top News for the Week
• 'Calibrated' GLS, falling condo inventory could revive en bloc market: analysts
• Buyers snap up 28% of units at The Landmark on first day of launch
• Estates in prime locations to have good mix of flat types
• Singapore revs up for transportation of Covid vaccines
• PM Lee, Muhyiddin discuss KL-Singapore High-Speed Rail project
• Budget 2021 to seek growth opportunities
• More businesses set up in S'pore despite Covid-19 recession
• Resident incomes fell in June, but employment levels bounce back
• Singapore is world's second-most connected country in DHL ranking
• Singapore PMI continues reversal back to the norm
• Vaccines key to re-igniting travel; Moderna vaccine could be in Singapore in
December
Residential
'Calibrated' GLS, falling condo inventory could revive en bloc market: analysts
The "conservative" and "calibrated" release of residential supply under the first-half 2021
government land sales (GLS) programme is likely to revive interest in the en bloc market, analysts
said
.
Supply will rise by 17.2 per cent for H1 2021. There will be three private residential sites - one in
Lentor Central and two in Slim Barracks Rise - and one executive condominium (EC) site in
Tampines among confirmed list sites.
This also comes as the number of unsold residential units under development declined in Q3 2020
to 26,600 units, signalling undersupply in the primary market.
Huttons Asia's director of research Lee Sze Teck said the rise in supply is the first significant
increase in the supply of units since the second half of 2017.
Links to the story:
https://www.businesstimes.com.sg/real-estate/calibrated-gls-falling-condo-inventory-could-revive-en-bloc-market-
analysts
https://www.straitstimes.com/business/property/supply-of-land-kept-moderate-amid-economic-uncertainty
Buyers snap up 28% of units at The Landmark on first day of launch
Black Friday discounts did not distract a group of shoppers looking at bigger deals: homebuyers.
At The Landmark, a 396-unit, 99-year leasehold condo on Chin Swee Road, virtual balloting
started at 10am on Nov 28.
By 7pm that evening, buyers had snapped up 110 of the 120 units released. This translates to 92%
of units released, or about 28% of the total units in the development.
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Dec 4, 2020 / Issue 49
The average price of units sold was $2,250 psf as most of them were on the lower floors. About
50% of the units sold were said to be one-bedroom apartments, where sizes start from 495 sq ft,
and were priced from $965,250 or $1,950 psf. Most of the buyers were said to be Singapore
citizens.
The Landmark is next to the Pearl's Hill City Park, on the edge of the CBD, and close to the Outram
Park MRT interchange station which is currently an interchange for the East-West and Northeast
Lines. And when the Thomson-East Coast Line is up, it will be an interchange for three MRT
Lines, says Lee Sze Teck, Huttons Asia director of research. “The only other interchange for three
MRT lines is Dhoby Ghaut,” he adds.
Links to the story:
https://www.edgeprop.sg/property-news/buyers-snap-28-units-landmark-first-day-launch
https://www.straitstimes.com/business/property/strong-demand-for-landmark-units-on-launch-weekend
Loss-making private home resales bear watching as stimulus tapers off
The proportion of loss-making residential transactions in the secondary market has eased in recent
months after climbing in the second quarter (Q2) of the year, although some analysts say the
situation may bear monitoring as policy stimulus and support measures progressively taper off.
Still, the extension to the relief on mortgage repayments beyond the year-end will give a buffer to
some property owners in financial distress, analysts pointed out.
Links to the story:
https://www.businesstimes.com.sg/real-estate/loss-making-private-home-resales-bear-watching-as-stimulus-tapers-
off
https://www.businesstimes.com.sg/real-estate/balestier-unit-fetches-s35m-profit-in-october-sale-sentosa-apartment-
records-s62m-loss
https://www.straitstimes.com/business/property/spore-residential-property-market-remains-resilient-despite-
downturn
Estates in prime locations to have good mix of flat types
A range of housing types will be built in upcoming estates in prime locations such as the Greater
Southern Waterfront (GSW) to ensure that all public housing estates will have a good mix of
Singaporeans, said National Development Minister Desmond Lee.
These include smaller housing types such as two-room flats for seniors and rental housing for low-
income families, depending on the planning parameters and the needs of different housing types,
but are "deliberately injected", he said in an interview with Lianhe Zaobao.
"We may need a series of other measures to ensure that if resale is permitted for these flats, that
they remain affordable for generations to come," he said, without specifying the measures.
Mr Lee said HDB will seek public suggestions and feedback through engagement sessions over
the next few months. "We will want to make sure that these public discussions are held, people's
views are obtained, and then we can come up with a model that we could potentially apply in the
near term."
Links to the story:
https://www.straitstimes.com/singapore/housing/estates-in-prime-locations-to-have-good-mix-of-flat-types
https://www.businesstimes.com.sg/real-estate/hdb-lottery-conundrum-analysts-weigh-in-on-ways-to-mitigate-it
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Dec 4, 2020 / Issue 49
Commercial
Singapore commercial property investment deals dive, but should pick up next year
Singapore’s commercial property investment volumes have plunged as expected this year, with
US$2.7 billion achieved in the first nine months, against US$8 billion for the same period in 2019.
The 10-year average for commercial property investment volumes is US$7.7 billion. Commercial
properties include office, retail, industrial and hotel.
There are still some deals being finalised so 2020 full year could reach US$3.2 billion.
It expects 2021 will be better as investment volumes may hit US$5.6 billion given that Singapore
real estate remains attractive for investors, the real estate fund manager said in a recent
survey/outlook report.
A risk to watch out for in 2021 is a prolonged lockdown globally due to a resurgence in new
infections. This would have a impact on investments in Singapore for foreign investors (as at Q3
2020, more than 57 per cent of commercial investment volumes are cross-border, which is higher
than the 10-year average of 33 per cent).
Link to the story:
https://www.businesstimes.com.sg/real-estate/singapore-commercial-property-investment-deals-dive-but-should-
pick-up-next-year-savills
Barings to set up South-east Asia hub in Singapore
Investment management firm Barings is laying the groundwork for an office in Singapore to serve
as its hub for South-east Asia investment activities.
The office is expected to manage around US$1 billion in Asian equity strategies. It will be headed
by SooHai Lim, managing director and head of Asia equities ex-China.
The firm is understood to be in the process of securing a licence to operate. The office is expected
to open next year and will be staffed by seven, including four investment professionals for a start.
Link to the story:
https://www.businesstimes.com.sg/banking-finance/barings-to-set-up-south-east-asia-hub-in-singapore
Big tenants trading places as building owners make big changes
Amid the lull in the Singapore office leasing market, some occupiers continue to make relocation
plans.
CIMB Bank has leased more than 50,000 sq ft in the office podium of 30 Raffles Place, formerly
known as Chevron House, The Business Times understands. The development was refurbished
recently.
CIMB Bank will be relocating from Singapore Land Tower next door. Boston Consulting Group
is also expected to move from SingLand Tower to 79 Robinson Road, where it will occupy the top
two office floors. This is a new development that received Temporary Occupation Permit in late-
April this year.
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Dec 4, 2020 / Issue 49
Over at 79 Robinson Road, Boston Consulting Group is expected to occupy at least two floors:
levels 27 and 28. The monthly rental rate is likely to be in the low double-digit psf.
Link to the story:
https://www.businesstimes.com.sg/real-estate/big-tenants-trading-places-as-building-owners-make-big-changes
Retail
Shoppers flock to Orchard Road for Black Friday deals
Large crowds formed in Orchard Road to snag the best Black Friday offers despite keen
competition and deals from online retailers.
Shoppers cited a preference for appraising deals in person as a key reason for making the trip, as
well as the nostalgia factor at Robinsons' swansong annual sale.
Many shoppers said they had set aside the day to check out Black Friday sales.
While bargain hunters were out and about, The Straits Times found that the Orchard Road area
was less busy compared with past Black Fridays, as Covid-19 remains a consideration.
Shorter queues were noticed during a stroll down the main shopping stretch. Shops were also less
packed.
The mood was muted at Robinsons, which is holding its final Black Friday sale, although the 162-
year-old department store, which announced its liquidation last month, did attract some loyal
customers.
Link to the story:
https://www.straitstimes.com/singapore/consumer/shoppers-flock-to-orchard-road-for-black-friday-deals
Retail sales at Changi terminals plunge 74%
Business at Changi Airport's terminals have been hard hit as well, with retail sales plunging 74 per
cent this year.
At Terminal 1 and Terminal 3, which remain open, only about half of the outlets in the transit areas
are open. Terminal 2 is closed, after plans for upgrading works were brought forward, while
operations at Terminal 4 have been suspended owing to the low number of flights.
Checks by The Straits Times found that some businesses have left Jewel in the last few months.
These include d'Good Cafe, souvenir shop Little Red Dot Gifts, jewellery shop Risis and optical
retailer Vision Lab Eyewear.
Links to the story:
https://www.straitstimes.com/singapore/transport/retail-sales-at-changi-terminals-plunge-74
https://www.straitstimes.com/singapore/transport/changi-pivots-online-to-help-retailers
Government
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Dec 4, 2020 / Issue 49
Singapore revs up for transportation of Covid vaccines
Ahead of vaccines against Covid-19 becoming ready for distribution and use, the Civil Aviation
Authority of Singapore and Changi Airport Group (CAG) have set up a private-public taskforce
to identify and tackle the critical risks and challenges in the air transport of such vaccines, so that
they can be effectively delivered into Singapore and the region through Changi Airport.
Lim Ching Kiat, managing director of air hub development at the CAG, told The Business Times
that the taskforce has key air-cargo industry members; these include ground handlers, airlines,
logistics partners and relevant government agencies.
Link to the story:
https://www.businesstimes.com.sg/companies-markets/singapore-revs-up-for-transportation-of-covid-vaccines
Home loans need close tracking as GDP dip worsens household debt-to-GDP ratio:
MAS
There is "close monitoring" required of the housing market, and in particular, mortgages from
more vulnerable households, amid an uneven recovery in the labour market.
This comes as household-debt-to-GDP, while resilient, has reversed from its pre-pandemic decline
due to a sharply lower gross domestic product (GDP) this year, said the Monetary Authority of
Singapore (MAS) in its annual Financial Stability Review released.
Since the circuit-breaker period, household debt-to-GDP rose 1.9 percentage points to 65 per cent
in the second quarter, and a further 2.1 percentage points to 67.1 per cent in Q3, even though
outstanding overall household debt fell.
MAS said credit risk profile of housing loans remains sound for now, but as household resilience
is tied to employment and income, credit risk for housing loans could increase further if the
economic downturn persists.
Links to the story:
https://www.businesstimes.com.sg/government-economy/home-loans-need-close-tracking-as-gdp-dip-worsens-
household-debt-to-gdp-ratio-mas
https://www.straitstimes.com/business/economy/more-families-could-find-it-tough-to-make-home-loan-payments
S'pore, Tianjin sign pact to deepen cooperation in trade, development
Singapore and China's northern port city of Tianjin will be deepening cooperation in sustainable
and smart development, trade and investment, and people-to-people exchanges.
The two sides signed a memorandum of understanding (MOU) at the ninth Singapore-Tianjin
Economic and Trade Council meeting, which was held virtually this year.
It will spur development of the Jing-Jin-Ji region and promote collaborations related to the Belt
and Road Initiative, with opportunities for Singapore companies to participate in areas such as
Tianjin's green development.
Link to the story:
https://www.straitstimes.com/business/spore-tianjin-sign-pact-to-deepen-cooperation-in-trade-development
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www.huttonsgroup.comWeekly News Select
Dec 4, 2020 / Issue 49
PM Lee, Muhyiddin discuss KL-Singapore High-Speed Rail project
Prime Minister Lee Hsien Loong and his Malaysian counterpart Muhyiddin Yassin had a
discussion over video conference on the Kuala Lumpur-Singapore High-Speed Rail (HSR) project,
both leaders said in a joint statement.
They took stock of the progress of discussions on the project, and gained a good understanding of
Malaysia's and Singapore's respective positions, the prime ministers added. Their discussion
comes ahead of the Dec 31 deadline for the second and final extension of the suspension of the
bilateral project.
"Both sides will announce further details on the HSR project through a joint statement in due
course," the leaders said in their statement.
"Both prime ministers also reaffirmed the strong bilateral relations between the two countries
covering many areas of cooperation and the sincere desire to further strengthen these relations for
mutual benefit."
Link to the story:
https://www.straitstimes.com/singapore/pm-lee-muhyiddin-discuss-kl-singapore-high-speed-rail-project
Budget 2021 to seek growth opportunities
As Singapore heads into the new year with a record Budget deficit, the Government will have to
be prudent in spending and make every dollar count, even as it saves jobs and keeps the economy
afloat.
This was Minister in the Prime Minister's Office and Second Minister for Finance and National
Development Indranee Rajah's assessment of the challenges planners face as they prepare next
year's Budget.
She was addressing 150 Singaporeans at a virtual Singapore Together Emerging Stronger
Conversation (ESC) last night, to seek their views and suggestions on next year's Budget.
Link to the story:
https://www.straitstimes.com/singapore/politics/budget-2021-to-seek-growth-opportunities
Economy
Services sector sees reprieve in Q3, but revenue 9.5% lower than last year
Singapore’s services sector saw a 9.5 per cent year on year decline in revenue in the third quarter
of 2020, although receipts improved on a quarterly basis compared to Q2, according to the
Singapore Department of Statistics (SingStat).
Q3's year-on-year contraction however eased from the 13.4 per cent decline seen during Q2. The
figure excludes wholesale and retail trade and accommodation and food services.
On a quarter-on-quarter non-seasonally adjusted basis, overall business receipts grew 5.4 per cent
in Q3, compared to the low base of activities due to "circuit-breaker" measures imposed during
Singapore's partial economic shutdown in April and May.
Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
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www.huttonsgroup.comWeekly News Select
Dec 4, 2020 / Issue 49
All industries, except information and communications services, took less revenue in Q3 compared
to the same period last year. However, all of them, other than financial insurance, reported higher
receipts on a quarterly basis.
Links to the story:
https://www.businesstimes.com.sg/government-economy/services-sector-sees-reprieve-in-q3-but-revenue-95-lower-
than-last-year
https://www.straitstimes.com/business/economy/more-revenue-for-spores-service-sector-in-q3-than-q2
More businesses set up in S'pore despite Covid-19 recession
Despite Covid-19 tightening the noose around some businesses, more firms have been set up in
the past five months than in the same period last year, with experts describing this new wave of
entrepreneurs as a sign of confidence in Singapore's recovery.
About 5,500 to 6,400 new businesses were formed monthly between June and last month,
compared with about 5,300 a month over the same timeframe last year, checks by The Sunday
Times show.
There was particular interest in the wholesale trade and retail sectors, and experts believe this is
linked to the growth of e-commerce platforms as more people shop from home.
Links to the story:
https://www.straitstimes.com/business/companies-markets/more-businesses-set-up-in-spore-despite-covid-19-
recession
https://www.straitstimes.com/business/economy/more-firms-tipped-to-close-in-coming-months-say-experts
https://www.businesstimes.com.sg/government-economy/covid-19-prompts-spurt-in-new-small-businesses-like-no-
other-crisis
About 1,250 Shell employees to benefit from upskilling
The Singapore Shell Employees' Union (SSEU) has teamed up with Shell to set up a Joint
Capability Council (JCC) that will support training plans benefiting some 1,250 employees, out of
the oil major's more than 3,100 staff in Singapore.
This is in line with Shell's plan to repurpose its core business and its aim to cut its own carbon
dioxide emissions in Singapore by about a third within a decade, both organisations said in joint
statement.
Links to the story:
https://www.businesstimes.com.sg/government-economy/about-1250-shell-employees-to-benefit-from-upskilling
https://www.straitstimes.com/business/companies-markets/new-council-to-help-upskill-1250-shell-technicians
JPMorgan doubling Singapore private bankers for rich China clients
JPMorgan Chase plans to double the number of private bankers serving Chinese clients from
Singapore over the next two years, signalling its ambition to tap growth from Asia's second-largest
wealth market.
The US bank currently has more than a dozen relationship managers serving Chinese residents and
those on the mainland from Singapore, said James Wey, the new head of Southeast Asia private
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www.huttonsgroup.comWeekly News Select
Dec 4, 2020 / Issue 49
banking. "With rapid wealth creation in China, there is a need for insightful advice around how to
manage the new-found wealth," he said.
JPMorgan, ranked seventh among private banks in Asia excluding onshore China, competes with
Credit Suisse Group and Morgan Stanley in attracting Chinese entrepreneurs who become
billionaires after listing their companies' stocks.
Link to the story:
https://www.businesstimes.com.sg/banking-finance/jpmorgan-doubling-singapore-private-bankers-for-rich-china-
clients
Resident incomes fell in June, but employment levels bounce back
The income of Singaporeans and permanent residents in June fell for the first time in 16 years, but
resident employment levels have since bounced back to pre-Covid levels, the Ministry of
Manpower (MOM) has said.
Its findings on the impact of the pandemic in its annual Labour Force Singapore Advance Release
2020 report, show that the nominal median income for residents (Singaporeans and permanent
residents) dipped 0.6 per cent over the year to S$4,534 at the height of the circuit breaker in June.
The report, based on the mid-year Comprehensive Labour Force Survey, covers only the resident
workforce between June 2019 to June 2020.
The report noted that the employment rate remained high at 80.3 per cent for residents aged 25 to
64, the bulk of whom are in their prime working age. This was near the average in the last five
years (80.5 per cent).
Links to the story:
https://www.businesstimes.com.sg/government-economy/resident-incomes-fell-in-june-but-employment-levels-
bounce-back
https://www.straitstimes.com/singapore/jobs/median-income-of-residents-dips-for-first-time-in-16-years
https://www.straitstimes.com/singapore/jobs/mom-to-focus-on-overcoming-skills-gaps-for-new-jobs
https://www.straitstimes.com/singapore/jobs/non-pmets-hit-harder-see-steeper-rise-in-jobless-rates
https://www.straitstimes.com/singapore/parenting-education/review-to-ensure-ite-poly-grads-are-equipped-for-jobs
Singapore is world's second-most connected country in DHL ranking
Despite the coronavirus pandemic and the disruption in trade and capital flows and economic
downturn it caused this year, Singapore has been ranked the world's second-most connected
country.
It was ranked first for the size of its international flows in goods, capital, information and people
relative to its domestic economy, in the 2020 edition of the DHL Global Connectedness Index
(GCI). But Singapore missed out on the top spot in the overall GCI ranking to the Netherlands,
which scored a total of 91 points, by just two points. Both countries maintained their positions on
the list from the previous edition.
The GCI - compiled by Deutsche Post DHL Group in collaboration with the New York University
Leonard N Stern School of Business (NYU Stern) - is a detailed analysis based on more than 3.5
million data points that track the globalisation of 169 countries.
Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
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Dec 4, 2020 / Issue 49
The other top 10 positions in the overall ranking were taken by Belgium, the United Arab Emirates,
Ireland, Switzerland, Luxembourg, the UK, Denmark and Malta.
Links to the story:
https://www.businesstimes.com.sg/transport/singapore-is-worlds-second-most-connected-country-in-dhl-ranking
https://www.straitstimes.com/business/economy/singapore-ranked-second-most-connected-economy
DHL steps up hiring here as business surges
Deutsche Post DHL Group, the Bonn-based global transport and logistics giant, is increasing its
workforce in Singapore.
Delivery and shipment volumes have already risen to unprecedented levels as economies
worldwide recover from the shock of the coronavirus pandemic, DHL Express chief executive
John Pearson and DHL Express Singapore managing director Christopher Ong told The Straits
Times.
DHL Express, with a workforce of 1,600 here, has hired 57 permanent staff in the past two months,
ahead of another surge in volumes expected during the holiday season.
Link to the story:
https://www.businesstimes.com.sg/government-economy/singapore-pmi-continues-reversal-back-to-the-norm
Kelley Aerospace to invest $150m in projects, train 250 locals
The battered aviation industry took another step towards recovery with news that Kelley Aerospace
will invest around $150 million over the next five years on initiatives, including job creation and
manufacturing.
The projects will be undertaken at the company's first facility in Seletar Aerospace Park, a former
military airbase now home to global and home-grown firms.
Kelley Aerospace said it will train and upskill at least 250 locals to retrofit private jets and
manufacture carbon fibre for planes. It is also looking to open a flying academy to train pilots for
its jets.
Link to the story:
https://www.straitstimes.com/business/companies-markets/kelley-aerospace-to-invest-150m-in-projects-train-250-
locals
Singapore PMI continues reversal back to the norm
Singapore’s manufacturing sentiment continued to remain buoyant for the fifth straight month in
November, although the Purchasing Managers' Index (PMI) dipped marginally from the previous
month.
The November reading fell by 0.1 point to 50.4, marking a slower expansion than October,
according to the Singapore Institute of Purchasing and Materials Management (SIPMM).
A reading above 50 on the index indicates growth from the previous month, and one below 50
means a contraction.
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Dec 4, 2020 / Issue 49
The institute attributes the latest PMI reading to marginally higher expansion rates in the indices
of new orders and new exports, but this was offset by lower expansion rates of the inventory and
output indices and a faster contraction rate of the employment index.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-pmi-continues-reversal-back-to-the-norm
https://www.straitstimes.com/business/economy/factory-activity-expands-for-fifth-month
Hospitality
STB explains why stacking of tourism vouchers not allowed
The decision to prevent the stacking of SingapoRediscovers Vouchers was made so that the
tourism vouchers could benefit more businesses, said the Singapore Tourism Board (STB).
Singaporeans aged 18 and above can redeem the vouchers online for local attractions, hotel stays
and tours from Dec 1 this year to June 30 next year.
They can do so through five authorised booking partners: Changi Recommends, GlobalTix, Klook
and UOB Travel Planners, Traveloka, and Trip.com.
Link to the story:
https://www.straitstimes.com/singapore/consumer/stb-explains-why-stacking-of-tourism-vouchers-not-allowed
Vaccines key to re-igniting travel; Moderna vaccine could be in Singapore in
December
The air travel bubble (ATB) between Singapore and Hong Kong is not going to happen soon, and
some pundits think that this has raised the importance of having a vaccine to help restore
confidence in international travel.
The Civil Aviation Authority of Singapore (CAAS) announced in a press statement that the ATB
will be postponed to next year, but did not specify a date except to say that there would be a review
at the end of this month.
But it won't be a long wait for the Republic. American biotechnology company Moderna has
already approached Singapore authorities to approve its Covid-19 vaccine here.
Links to the story:
https://www.businesstimes.com.sg/transport/vaccines-key-to-re-igniting-travel-moderna-vaccine-could-be-in-
singapore-in-december
https://www.straitstimes.com/singapore/transport/hong-kong-travel-bubble-launch-put-off-till-next-year
https://www.straitstimes.com/singapore/health/moderna-seeking-hsa-approval-for-use-of-its-covid-19-vaccine-here
Singapore Oct visitor arrivals up, but still at a minuscule 13,400
Visitor arrivals to Singapore jumped 41.1 per cent to 13,400 in October, though the tourism
industry's performance remains a vast distance away from pre-pandemic times, according to latest
Singapore Tourism Board (STB) figures.
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Dec 4, 2020 / Issue 49
October arrivals were up from 9,500 in September, but incomparable to the 1.53 million arrivals
in October a year ago.
China, Indonesia and Malaysia were the top three sources of arrivals, as in September.
Gazetted hotels' room revenue was S$65 million, up from S$58 million in September, but still
down 82.4 per cent year on year.
The average occupancy rate continued to decline from its July peak of 66 per cent, reaching 56.7
per cent in October. This was down from 61.7 per cent in September and much lower than 87 per
cent a year ago.
The average room rate also rose to S$136, from S$116 in September, but was down 39.6 per cent
year on year.
Link to the story:
https://www.businesstimes.com.sg/government-economy/singapore-oct-visitor-arrivals-up-but-still-at-a-minuscule-
13400
Flurry of bookings under new tourism voucher scheme
The SingapoRediscovers voucher scheme got off to a strong start with a flurry of online bookings,
resulting in some offerings being sold out by midday.
As at 4.30pm Dec 1, the five appointed booking platforms had received more than 11,900
bookings, totalling about $1.86 million in vouchers and payments, the Singapore Tourism Board
(STB) said in a statement last night.
The $100 tourism vouchers credited to all adult Singaporeans have so far led to a good mix of
bookings across hotels, attractions and tours, said STB, adding that there has been healthy interest
in bundled packages.
Link to the story:
https://www.straitstimes.com/singapore/consumer/flurry-of-bookings-under-new-tourism-voucher-scheme
Industrial
Singapore to be Infineon's first global hub with AI in all job roles
German microchip maker Infineon Technologies will spend S$27 million over the next three years
to make Singapore its first global hub to see artificial intelligence (AI) embedded in every job
function.
The plan includes the upskilling of more than 1,000 of its 2,200 employees here, and the
deployment of about 25 unique AI projects covering the entire value chain of activities by 2023,
said Mr Chua Chee Seong, president and managing director of Infineon Technologies Asia Pacific.
He was speaking at a ceremony on Dec 1 to mark the company's 50th year in Singapore. The
Republic is home to Infineon's Asia-Pacific headquarters, a key node for its global distribution
channels and its only microelectronics research and development centre in the region, excluding
Greater China and Japan.
Links to the story:
https://www.businesstimes.com.sg/technology/singapore-to-be-infineons-first-global-hub-with-ai-in-all-job-roles
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Dec 4, 2020 / Issue 49
https://www.straitstimes.com/business/companies-markets/infineon-making-spore-its-first-hub-to-embed-ai-in-all-
job-roles
Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com
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www.huttonsgroup.comWeekly News Select
Dec 4, 2020 / Issue 49
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