Singapore releases tools and resources to help businesses test, develop AI safety
Singapore has released tools and resources to help businesses create and deploy AI in a safer way. It's part of an effort to turn the country into a hub for AI trust — something it has been working on since 2019. The Global AI Assurance Pilot pairs businesses that use generative AI with those that can test it. Meanwhile, the Testing Starter Kit is a 125-page document that identifies common ways that generative AI models can go wrong. Nicolas Ng reports.
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CNA
39 minutes ago
- CNA
HK's New World Development 'actively engaged' with creditors on loan refinance
Hong Kong's New World Development said on Monday that it remains "actively engaged" with its creditors on refinancing of its existing loans and the discussions are ongoing.
Business Times
2 hours ago
- Business Times
Japan still a draw as Singapore property players look beyond Tokyo
[SINGAPORE] Japan's property market remains a firm favourite among Singapore-based property investors, who continue to deploy capital into the country despite global interest rates coming down. What has changed, however, is the type of Singapore investor making these plays and where they are looking. Rather than newcomers to the market, many of today's buyers are those who have already invested in Japan and are now looking to expand their portfolios more strategically. Melvin Chay, senior director of capital markets at Knight Frank Singapore, said: 'While we still see pockets of investors that previously never had Japan on their radar, much of the capital inflows today are follow-on investments from investors that entered the market in the last two to three years.' These investors, who are now more familiar with the Japanese market, are also venturing beyond traditional 'Tier-1' cities such as Tokyo and Osaka to areas such as Kyoto and Fukuoka – which offer higher yields of up to 5 per cent. Chay said that investors are willing to increase their risk appetites and look beyond Tokyo to combat rising interest rates and ensure returns. 'We're also seeing investors targeting opportunities with redevelopment or additions and alterations angles, signalling a willingness to go up the risk curve to drive returns,' he added. 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 Beyond the usual suspects The first half of this year saw brisk movement in the Japanese market. In June, for instance, Frasers Hospitality launched Yotel Tokyo Ginza in a tie-up with British hotel chain Yotel. The 244-room accommodation targeted at business and leisure travellers is located in Ginza, a shopping district popular among tourists in the Japanese capital. It is Yotel's first property in Japan. While the tie-up marks Frasers Hospitality's first investment and development project in Japan, the hotel is its second asset there. Its first, a 124-unit rental apartment in Osaka, was acquired through a joint venture with real estate investment firm Alyssa Partners. ' Property yields in Japan remain in the 3.5-4% range, creating a positive yield spread that remains highly attractive to investors. ' — Melvin Chay, senior director of capital markets at Knight Frank Singapore Other Singapore-based investors have also been ramping up their exposure. Early this year, real estate and private equity firm Patience Capital Group partnered with Hong Kong-based Gaw Capital to acquire Tokyu Plaza Ginza in Tokyo. It also raised 39 billion yen (S$343.4 million) for its Japan Tourism Fund to revitalise ski-resort towns such as Myoko in Niigata and Madarao in Nagano. CapitaLand Investment has likewise been active. In December 2024, it acquired four self-storage facilities in Osaka, and followed up in June 2025 with a mixed-use property in Tokyo. Others have cast their sights farther afield. Far East Hospitality Trust's first Japanese hotel acquisition, announced in February this year, was Four Points by Sheraton Nagoya. The trust's managers noted that the location – in central Japan – has vast potential for tourism, and grants travellers access to other destinations such as Nagano, Toyama, Kanazawa and Kyoto. Last year, CapitaLand Ascott Trust completed the acquisition of a 258-unit rental housing property in Fukuoka. More recently, it purchased two hotels, ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, for 21 billion yen. Why Japan still makes sense Even as global interest rates begin to decline, Japan's real estate market continues to present a compelling case for Singapore-based investors. The country's borrowing costs remain comparatively low. On Jun 17, the Bank of Japan maintained its benchmark short-term interest rate at 0.5 per cent, lower than that of most Asian markets. 'At the same time, property yields in Japan remain in the 3.5 to 4 per cent range, creating a positive yield spread that remains highly attractive to investors,' said Chay. Moreover, the yen's continued depreciation has made Japanese assets even more affordable for Singapore investors, enhancing the appeal of deals in both major cities and regional locations. ' Even if interest rates were to rise, Japan's interest rate is still among the lowest in the world. So you could still undoubtedly make a good yield spread here. ' — Jason Leong, head of investment and asset management at Frasers Hospitality Currently, S$1 is equivalent to about 113.58 yen. Five years ago, S$1 was equivalent to about 100.94 yen. This means that the yen has weakened about 12 per cent against the Singapore dollar over the last five years. 'Despite rising asset values in recent years, commercial real estate and hotel assets in popular tourist areas – such as Tokyo, Osaka and Kyoto – remain appealing to investors looking to grow their presence in Japan,' said Carmen Lee, head of investment research at OCBC. Japan's popularity among tourists is also translating into investor interest, particularly in the hospitality sector. Visitor arrivals hit a record 36.8 million in 2024, surpassing pre-pandemic highs. Jason Leong, head of investment and asset management at Frasers Hospitality, said that there is still 'a very visible yield spread' in hospitality property investments. 'Even if interest rates were to rise, Japan's interest rate is still among the lowest in the world. So you could still undoubtedly make a good yield spread here.' Frasers Hospitality is also confident in the growth of the Japanese market, he added. While there has been enormous growth in Japan tourism over the last decade, the tourism industry is not saturated yet, he noted. Looking ahead 'As one of the few mature markets with a relatively large investable stock in multiple cities and sectors, Japan will remain as a hot destination for Singapore property players,' said James Young, head of investor services for the Asia-Pacific, Europe, the Middle East and Africa at Cushman & Wakefield. Sectors such as hospitality, prime office and retail, senior housing, logistics and data centres continue to draw attention. Moreover, Singapore's market is limited in terms of assets available for acquisition. So most real estate investment trusts will look to add assets outside of the city-state for their earnings, said OCBC's Lee. While Japan remains hot, other markets are also warming up as global rates fall. 'The US, the UK, Australia and China selectively are now quite attractive from both pricing and long-term growth perspectives,' said Young. Investments in student housing and serviced apartments in cities such as London, Hong Kong, Sydney and Seoul are also likely to rise.
CNA
3 hours ago
- CNA
Increased building height limits near airports could boost land values, unlock urban growth: Analysts
SINGAPORE: Relaxing height limits for buildings near airports could improve land values and unlock urban space for various types of developments, analysts say. Their comments came after Minister for National Development Chee Hong Tat said in May that height restrictions on such buildings could be revised later in 2025, potentially paving the way for taller residential and commercial developments. Speaking in his portfolio then as transport minister, Mr Chee said the proposed changes could enable buildings in various areas across Singapore to be built higher - by up to 15 storeys more for residential use and up to nine storeys more for industrial and commercial purposes. The Civil Aviation Authority of Singapore has been working on this with the International Civil Aviation Organization, which is reviewing its height restriction requirements for the first time since the 1950s. Creating high-rise urban districts closer to airports can boost growth in sectors like tourism, hospitality and aviation-related services, as well as promote broader economic diversification, said Mr Hsieh Cheng-Hsien, an associate professor from the Singapore University of Social Sciences (SUSS). 'Through the safe optimisation of airspace facilitated by advanced navigation technologies, Singapore is well-positioned to improve land-use efficiency while maintaining stringent flight safety standards," he added. 'Areas previously restricted due to aviation constraints may be transformed into dynamic, economically productive urban centres." Singapore has two airports in Changi and Seletar, and four military airbases in Paya Lebar, Sembawang, Changi and Tengah. While the area immediately surrounding Changi Airport may be kept for industrial and warehouse use, neighbouring estates such as Changi, Pasir Ris and Tampines could expect to see taller public and private housing developments, said real estate professor Sing Tien Foo of the National University of Singapore's (NUS) Business School. He noted however that the noise from busy airport activities could still prevent residential development from being located too close. As for Seletar Airport, which caters to smaller private planes, revised height limits could "intensify" industrial and housing developments in the northern and northeastern coastal areas, Prof Sing said. Prof Sing said that for areas near Changi and Seletar airports, land intensity and total land value may increase in the short term, but property prices could decrease if taller buildings can be built with improved construction technologies. 'In the long-term, when the supply becomes more elastic and new space can be developed in the same towns and estates, prices could be moderated and stabilised,' he said. Dr Chua Yang Liang, head of research and consultancy at JLL Southeast Asia, also said any potential impact on property values would also depend on factors like corresponding adjustments to land betterment charges, construction costs and other financial considerations. ADVANCEMENTS IN AVIATION As cities around the world become more densely populated, there has been increasing pressure to free up land closer to airports. Although this might have seemed like a safety risk in the past, improvements in technology have made it safer for planes to fly in denser urban environments, said experts. Assoc Prof Hsieh, who heads a joint SUSS-Singapore Flying College programme, noted that modern planes are equipped with advanced flight management systems that enhance climb and descent profiles, support steeper approach angles and improve obstacle avoidance capabilities. Satellite-based navigation methods, too, now provide pilots with 'extremely precise' flight paths that minimise risks, said Mr John Tan, lead professional officer of aviation management at the Singapore Institute of Technology. 'Additionally, improved radar systems, advanced air traffic management tools and automated alert systems greatly improve pilots' situational awareness and allow quicker responses," he added. However, he warned that there were still risks with allowing taller buildings closer to airports, and that careful assessment would still be needed to guarantee safety. 'Taller buildings could increase risks such as obstructions in flight paths, disruption of radio navigation signals and complications during emergency situations," said Mr Tan. 'Buildings can also influence wind patterns, potentially creating turbulence during take-off and landing.' Any changes in height restrictions will require flight procedures to be updated for arriving and and departing flights, Mr Tan noted. Airport zoning maps, flight manuals and navigational charts must also be 'thoroughly revised". He said Singapore's approach so far to managing urban density near airports mirrored successful global cities like Hong Kong, Tokyo, and London. But Singapore stands out for its "integrated city planning, strict adherence to aviation safety standards and strategic use of advanced technology, all of which set an international benchmark for handling limited land around airports'.
