Latest news with #38Degrees
Business Times
4 days ago
- Business
- Business Times
Singapore private club 1880 suddenly closes under layers of debt; founders accused of holidaying in the past month
[SINGAPORE] Private members' club 1880 suddenly announced its permanent closure effective Tuesday (Jun 17), with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. This follows the abrupt closure of its Hong Kong branch on May 30. It was also building a six-storey beachside hotel in Bali that never opened. 1880 was founded in 2017 by Canadian entrepreneur Marc Nicholson, and occupies 22,000 square feet of space on the third level of InterContinental Singapore Robertson Quay. It has a restaurant, bar, spa and co-working space. A source told The Business Times that since Monday, a few club operators have stepped forward, offering to take over the local business. BT previously reported that at least two parties were looking into acquiring the club, one of which is said to be linked to a sovereign wealth fund. 'They see value in the operations of the Singapore business,' said the source. 'These are large players in the F&B lifestyle businesses in Singapore and Asia. Some are existing regional clubs without a presence in Singapore.' The source said the reason for the club's abrupt closure here is due to mounting pressure on Nicholson from the different creditors and suppliers. Staff and members left in the lurch Following the shock closure, staff and suppliers had been heading to the club to collect their belongings and seek answers. There appeared to have been a meeting in the afternoon, from which staff emerged looking dejected. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up BT was told that staff were particularly aggrieved as they claimed that Nicholson and his wife, Jean Low, 1880's co-founder and chief executive officer, had been on holiday in the past month. The couple were said to have been vacationing by a lake in Canada, and after their return, headed to Bali. Meanwhile, staff were keeping the business going amid the financial troubles but there was no communication about a potential closure. It was claimed that Nicholson put the club into liquidation upon returning from Bali. BT has not been able to reach Nicholson or Low. A wine supplier told BT that things were fine until around the middle of last year, when payments started getting delayed. 'We heard that the funds in Singapore were going to Hong Kong, where they had cash-flow problems,' she said. Her company is owed about two months' worth of payment, which is 'not that bad'. 'I heard some wine suppliers are owed five months or more payment.' BT understands that 1880 also owes some rent. A member, who joined soon after the club's founding about eight years ago, said she received an e-mail announcing the club's closure at 1.44 am on Tuesday. In it, Nicholson said the club and all its operations will cease immediately. 'Please do not come to the premises as the doors will be locked,' he wrote. 'My bigger issue is that I run my business at the co-working space there; it's my registered office address,' said the member who went to the club this morning to collect her mail. 'I also use the club for meetings and entertainment. Now it's a scramble to find a new registered address and divert all my mail.' Calling it 'really disappointing', she said members could have been given a heads-up, especially those who run their businesses at 1880. BT understands that there are more than 2,000 members in Singapore, and membership fees were reported to be around S$5,000, with monthly fees of S$245. Members were still getting weekly WhatsApp messages updating them on ongoing events for the rest of this week. Ben Jones, co-founder of another private members' club, Mandala Club, said he does not interpret 1880's closure as a systemic industry warning. 'Each club has its unique context,' he said. 'At Mandala Club, we're on a strong and profitable growth trajectory with exciting new developments in the pipeline both here in Singapore and overseas.' Jones is also open to hiring 1880 staff. 'We've engaged in productive conversations with several experienced professionals who have reached out.' Out of funds In his e-mail, Nicholson claimed that spend and frequency per visit of the club's members has been trending down, and that the company needed an injection and 'some efficiency optimisation'. 'We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. I was extremely excited believing in my heart that our future was secure and bright,' he wrote. 'We were, however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close.' He said details about the liquidation process and the creditors meeting 'will be forthcoming' and apologised to Low, investor and Singapore club chairman Luke Jones, stakeholders, staff and members. 'I am an entrepreneur. I had an idea and I tried to make it work. We created a brand that earned a reputation that brought opportunities for expansion that I could not resist. Call it hubris, arrogance, capitalism or stupidity, I am solely to blame for the failure of 1880.' A report by the South China Morning Post said that 1880 Hong Kong had about HK$20 million (S$3.3 million) of debt and owes wages to more than 100 staff. The club is also in rental arrears, having taken four storeys in Swire Properties' Two Taikoo Place office complex in Quarry Bay. 1880 Hong Kong started operating in November last year. But unlike the Singapore version, part of it is open to the public. In his e-mail to the Hong Kong members, Nicholson said 1880 Singapore will retain its brand and 'continue under a new group'; and that the Hong Kong members will be granted a one-year overseas membership to the Singapore club, as well as all reciprocal clubs around the world. Additional reporting by Bryan Cheong
South China Morning Post
4 days ago
- Business
- South China Morning Post
Singapore's 1880 club shuts down, 2 weeks after demise of Hong Kong branch
Private club 1880 in Singapore has abruptly closed down, two weeks after its cash-strapped Hong Kong branch folded, with its founder citing falling attendance and decreased spending by members for its demise, the Post has learned. In a letter sent to members on Monday at midnight and seen by the Post, founder Marc Nicolson said its local premises, located in InterContinental Singapore Robertson Quay, would be shutting down with immediate effect. He also revealed the club's holding company 38 Degrees and operating company 1880 Pte Ltd had been placed into provisional liquidation. Nicolson said in the letter that building 1880 had been a 'dream come true', but 'spending and frequency per visit of our members has been trending down'. He added that he was grateful and sorry to the club's board, staff and members, and told members not to visit the club's premises as 'the doors will be locked'. Nicolson said he had received three offers to invest in or acquire the club, and 'any one of these would have restored us to health and given a runway to building a global brand'. But he had ultimately been 'unsuccessful in getting those offers over the line' and was left without further funds to pay staff and suppliers.
Yahoo
4 days ago
- Business
- Yahoo
Private club 1880 Singapore suddenly closes, no funds to pay staff and suppliers; Singapore civil servants mid-year bonus will be 0.4 months: Singapore live news
Singapore private club 1880 suddenly announced on Tuesday (17 June) that it would permanently close, with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. According to CNA, which has seen a copy of the email, there were some insights provided into the closure of the business. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. The Singapore civil servant mid-year bonus 2025 will be 0.4 months, with junior-grade officers receiving an additional one-time payment of up to $400, said the Public Service Division (PSD). According to a statement on 16 June by the PSD, the mid-year bonus takes into account Singapore's economic performance in the first quarter of 2025, and the 'subdued economic outlook' for this year. Read more in our live blog below, including the latest local and international news and updates. Singapore private club 1880 suddenly announced on Tuesday (17 June) that it would permanently close, with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. Singaporean entrepreneur, Chris J Reed, shared a screenshot of the email on his LinkedIn account on Tuesday. However, aside from the closure announcement, the screenshot only said that details about the liquidation process and creditors meeting will be "forthcoming". According to CNA, which has seen a copy of the email, there were some insights provided into the closure of the business. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. "We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close." CNA reported that the email alluded to expansion as a reason for the failure. "We created a brand that earned a reputation that brought opportunities for expansion that I could not resist," the email stated. The club is located in Robertson Quay, and was founded by Marc Nicholson. It opened in late 2017. As of Monday, the club was still open to members and actively promoting on its social media account. View this post on Instagram A post shared by 1880 Singapore (@1880singapore) For more on the Singapore private club 1880 closing, read here. New private home sales in Singapore have dropped to a five-month low in May amid global tariff tensions. According to data released by the Urban Redevelopment Authority on Monday (16 June), developer sales dropped for a third consecutive month and there were only 312 units bought last month. Developers have grown more cautious amid Trump's tariffs and the slowed economic outlook for Singapore in the first quarter of 2025. There were no major launches in May – a factor that affected sales figures as well. The market's sluggish performance is expected to continue into June, typically a slow month due to school holidays. One project in the east sold fewer than 10 per cent of its 107 freehold units during its launch weekend earlier this month. For more on the slowing private home sales in Singapore, read here. Second-generation actress Tay Ying got hitched on Sunday (15 June) night to celebrity chef Wu Sihan at Orchard Hotel. Incidentally, this was the same venue where her parents, celebrities Hong Huifang and Zheng Geping, married 32 years ago. And yes, the choice was intentional, according to Chinese daily Lianhe Zaobao. Tay Ying shared the news of her wedding on Instagram on 16 June, and wrote, "We had the perfect wedding thanks to so many people. While we take our time to absorb everything that happened this weekend, here are some snippets of Day 2 of our wedding last night." View this post on Instagram A post shared by Tay Ying 郑颖 (@tayying_) The actress shared four photos from the night of the wedding, including a photo where she was accompanied by her father, and uncle and godfather, Hong Weiwen. The latter is the younger brother of her mother. The wedding was held at Orchard Hotel Singapore with 72 tables and about 700 guests. The guests included Christopher Lee and his wife Fann Wong, Yvonne Lim and her family, Florence Tan, Vincent Ng, Cassandra See, Chen Xiuhuan, Xiang Yun, Aileen Tan, Jin Yinji, Huang Biren, Tang Miaoling, Cherie Lim, Chen Tianwen, Chen Hanwei, Richard Low and Lin Ruping. Also on the guest list were younger artistes such as Elvin Ng, Romeo Tan, Rebecca Lim, Chantalle Ng, Desmond Tan, Hong Ling and her husband Nick Teo, as well as Denise Camillia Tan and Xixi Lim. For more on Tay Ying's wedding, read here. Acting Transport Minister Jeffrey Siow said there will be no major tweaks to the certificate of entitlement (COE) system in the short term. Instead, the focus now is on ensuring that all vehicles are equipped with on-board units (OBUs) for the next-generation Electronic Road Pricing (ERP) system. On 11 June, Siow explained to reporters, "The reality is there won't be space for every Singaporean to own a car in Singapore." Hence, the COE is the government's way of allocating this "scarce good". Siow also doesn't think that private-hire cars have driven up COE premiums. He said, "If we didn't have private-hire cars today, actually the reverse would be true, that a large number of these people will feel that they need to buy a car, and then... they will bid the price of the COE up." He also noted that the economics of a private-hire car are "much more efficient", pointing out that if a COE allocation would be better for a car that can be shared among a larger group of Singaporeans over a private car owner who drives his car twice a day only. Siow was also asked about private-hire driver hours. This was in light of the tragic death of 49-year-old driver Gavin Neo from a stroke, whom friends said often spent up to 15 hours behind the wheel to provide for his teenage son and daughter. The acting minister said the Land Transport Authority (LTA) does not regulate the number of hours that private-hire drivers should be on the road, and the unions have not called for such regulations either, as different drivers have different needs. The LTA will step in if accident rates for private-hire vehicles are much higher than private vehicles, but this has not been the case. Siow also said the question is whether ride-hailing platform Grab's incentive scheme should be tweaked, pointing out a very high-achieving incentive tier that few drivers are on. For more on Acting Transport Minister Jeffrey Siow's thoughts on transport challenges, read here. The Singapore civil servant mid-year bonus 2025 will be 0.4 months, with junior-grade officers receiving an additional one-time payment of up to $400, said the Public Service Division (PSD). According to a statement on 16 June by the PSD, the mid-year bonus takes into account Singapore's economic performance in the first quarter of 2025, and the 'subdued economic outlook' for this year. "Given the forecast of weaker gross domestic product (GDP) growth and the downside economic risks, the public sector unions and the Government will jointly monitor the economic performance for the rest of the year, and will calibrate the year-end payments accordingly," they wrote. Singapore's economy grew by 3.9 per cent on a year-on-year basis in the first quarter of 2025, said the PSD. Meanwhile, the Ministry of Trade and Industry maintained the GDP growth forecast of 0 per cent to 2 per cent for 2025. For more on the civil servant bonus 2025, read here. Singapore private club 1880 suddenly announced on Tuesday (17 June) that it would permanently close, with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. Singaporean entrepreneur, Chris J Reed, shared a screenshot of the email on his LinkedIn account on Tuesday. However, aside from the closure announcement, the screenshot only said that details about the liquidation process and creditors meeting will be "forthcoming". According to CNA, which has seen a copy of the email, there were some insights provided into the closure of the business. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. "We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close." CNA reported that the email alluded to expansion as a reason for the failure. "We created a brand that earned a reputation that brought opportunities for expansion that I could not resist," the email stated. The club is located in Robertson Quay, and was founded by Marc Nicholson. It opened in late 2017. As of Monday, the club was still open to members and actively promoting on its social media account. View this post on Instagram A post shared by 1880 Singapore (@1880singapore) For more on the Singapore private club 1880 closing, read here. New private home sales in Singapore have dropped to a five-month low in May amid global tariff tensions. According to data released by the Urban Redevelopment Authority on Monday (16 June), developer sales dropped for a third consecutive month and there were only 312 units bought last month. Developers have grown more cautious amid Trump's tariffs and the slowed economic outlook for Singapore in the first quarter of 2025. There were no major launches in May – a factor that affected sales figures as well. The market's sluggish performance is expected to continue into June, typically a slow month due to school holidays. One project in the east sold fewer than 10 per cent of its 107 freehold units during its launch weekend earlier this month. For more on the slowing private home sales in Singapore, read here. Second-generation actress Tay Ying got hitched on Sunday (15 June) night to celebrity chef Wu Sihan at Orchard Hotel. Incidentally, this was the same venue where her parents, celebrities Hong Huifang and Zheng Geping, married 32 years ago. And yes, the choice was intentional, according to Chinese daily Lianhe Zaobao. Tay Ying shared the news of her wedding on Instagram on 16 June, and wrote, "We had the perfect wedding thanks to so many people. While we take our time to absorb everything that happened this weekend, here are some snippets of Day 2 of our wedding last night." View this post on Instagram A post shared by Tay Ying 郑颖 (@tayying_) The actress shared four photos from the night of the wedding, including a photo where she was accompanied by her father, and uncle and godfather, Hong Weiwen. The latter is the younger brother of her mother. The wedding was held at Orchard Hotel Singapore with 72 tables and about 700 guests. The guests included Christopher Lee and his wife Fann Wong, Yvonne Lim and her family, Florence Tan, Vincent Ng, Cassandra See, Chen Xiuhuan, Xiang Yun, Aileen Tan, Jin Yinji, Huang Biren, Tang Miaoling, Cherie Lim, Chen Tianwen, Chen Hanwei, Richard Low and Lin Ruping. Also on the guest list were younger artistes such as Elvin Ng, Romeo Tan, Rebecca Lim, Chantalle Ng, Desmond Tan, Hong Ling and her husband Nick Teo, as well as Denise Camillia Tan and Xixi Lim. For more on Tay Ying's wedding, read here. Acting Transport Minister Jeffrey Siow said there will be no major tweaks to the certificate of entitlement (COE) system in the short term. Instead, the focus now is on ensuring that all vehicles are equipped with on-board units (OBUs) for the next-generation Electronic Road Pricing (ERP) system. On 11 June, Siow explained to reporters, "The reality is there won't be space for every Singaporean to own a car in Singapore." Hence, the COE is the government's way of allocating this "scarce good". Siow also doesn't think that private-hire cars have driven up COE premiums. He said, "If we didn't have private-hire cars today, actually the reverse would be true, that a large number of these people will feel that they need to buy a car, and then... they will bid the price of the COE up." He also noted that the economics of a private-hire car are "much more efficient", pointing out that if a COE allocation would be better for a car that can be shared among a larger group of Singaporeans over a private car owner who drives his car twice a day only. Siow was also asked about private-hire driver hours. This was in light of the tragic death of 49-year-old driver Gavin Neo from a stroke, whom friends said often spent up to 15 hours behind the wheel to provide for his teenage son and daughter. The acting minister said the Land Transport Authority (LTA) does not regulate the number of hours that private-hire drivers should be on the road, and the unions have not called for such regulations either, as different drivers have different needs. The LTA will step in if accident rates for private-hire vehicles are much higher than private vehicles, but this has not been the case. Siow also said the question is whether ride-hailing platform Grab's incentive scheme should be tweaked, pointing out a very high-achieving incentive tier that few drivers are on. For more on Acting Transport Minister Jeffrey Siow's thoughts on transport challenges, read here. The Singapore civil servant mid-year bonus 2025 will be 0.4 months, with junior-grade officers receiving an additional one-time payment of up to $400, said the Public Service Division (PSD). According to a statement on 16 June by the PSD, the mid-year bonus takes into account Singapore's economic performance in the first quarter of 2025, and the 'subdued economic outlook' for this year. "Given the forecast of weaker gross domestic product (GDP) growth and the downside economic risks, the public sector unions and the Government will jointly monitor the economic performance for the rest of the year, and will calibrate the year-end payments accordingly," they wrote. Singapore's economy grew by 3.9 per cent on a year-on-year basis in the first quarter of 2025, said the PSD. Meanwhile, the Ministry of Trade and Industry maintained the GDP growth forecast of 0 per cent to 2 per cent for 2025. For more on the civil servant bonus 2025, read here.
Yahoo
4 days ago
- Business
- Yahoo
Private club 1880 Singapore suddenly closes, no funds to pay staff and suppliers; Acting Transport Minister Jeffrey Siow talks COE system and other transport challenges: Singapore live news
Singapore private club 1880 suddenly announced on Tuesday (17 June) that it would permanently close, with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. According to CNA, which has seen a copy of the email, there were some insights provided into the closure of the business. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. Acting Transport Minister Jeffrey Siow said there will be no major tweaks to the certificate of entitlement (COE) system in the short term. Instead, the focus now is on ensuring that all vehicles are equipped with on-board units (OBUs) for the next-generation Electronic Road Pricing (ERP) system. On 11 June, Siow explained to reporters, "The reality is there won't be space for every Singaporean to own a car in Singapore." Hence, the COE is the government's way of allocating this "scarce good". Read more in our live blog below, including the latest local and international news and updates. Singapore private club 1880 suddenly announced on Tuesday (17 June) that it would permanently close, with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. Singaporean entrepreneur, Chris J Reed, shared a screenshot of the email on his LinkedIn account on Tuesday. However, aside from the closure announcement, the screenshot only said that details about the liquidation process and creditors meeting will be "forthcoming". According to CNA, which has seen a copy of the email, there were some insights provided into the closure of the business. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. "We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close." CNA reported that the email alluded to expansion as a reason for the failure. "We created a brand that earned a reputation that brought opportunities for expansion that I could not resist," the email stated. The club is located in Robertson Quay, and was founded by Marc Nicholson. It opened in late 2017. As of Monday, the club was still open to members and actively promoting on its social media account. View this post on Instagram A post shared by 1880 Singapore (@1880singapore) For more on the Singapore private club 1880 closing, read here. New private home sales in Singapore have dropped to a five-month low in May amid global tariff tensions. According to data released by the Urban Redevelopment Authority on Monday (16 June), developer sales dropped for a third consecutive month and there were only 312 units bought last month. Developers have grown more cautious amid Trump's tariffs and the slowed economic outlook for Singapore in the first quarter of 2025. There were no major launches in May – a factor that affected sales figures as well. The market's sluggish performance is expected to continue into June, typically a slow month due to school holidays. One project in the east sold fewer than 10 per cent of its 107 freehold units during its launch weekend earlier this month. For more on the slowing private home sales in Singapore, read here. Second-generation actress Tay Ying got hitched on Sunday (15 June) night to celebrity chef Wu Sihan at Orchard Hotel. Incidentally, this was the same venue where her parents, celebrities Hong Huifang and Zheng Geping, married 32 years ago. And yes, the choice was intentional, according to Chinese daily Lianhe Zaobao. Tay Ying shared the news of her wedding on Instagram on 16 June, and wrote, "We had the perfect wedding thanks to so many people. While we take our time to absorb everything that happened this weekend, here are some snippets of Day 2 of our wedding last night." View this post on Instagram A post shared by Tay Ying 郑颖 (@tayying_) The actress shared four photos from the night of the wedding, including a photo where she was accompanied by her father, and uncle and godfather, Hong Weiwen. The latter is the younger brother of her mother. The wedding was held at Orchard Hotel Singapore with 72 tables and about 700 guests. The guests included Christopher Lee and his wife Fann Wong, Yvonne Lim and her family, Florence Tan, Vincent Ng, Cassandra See, Chen Xiuhuan, Xiang Yun, Aileen Tan, Jin Yinji, Huang Biren, Tang Miaoling, Cherie Lim, Chen Tianwen, Chen Hanwei, Richard Low and Lin Ruping. Also on the guest list were younger artistes such as Elvin Ng, Romeo Tan, Rebecca Lim, Chantalle Ng, Desmond Tan, Hong Ling and her husband Nick Teo, as well as Denise Camillia Tan and Xixi Lim. For more on Tay Ying's wedding, read here. Acting Transport Minister Jeffrey Siow said there will be no major tweaks to the certificate of entitlement (COE) system in the short term. Instead, the focus now is on ensuring that all vehicles are equipped with on-board units (OBUs) for the next-generation Electronic Road Pricing (ERP) system. On 11 June, Siow explained to reporters, "The reality is there won't be space for every Singaporean to own a car in Singapore." Hence, the COE is the government's way of allocating this "scarce good". Siow also doesn't think that private-hire cars have driven up COE premiums. He said, "If we didn't have private-hire cars today, actually the reverse would be true, that a large number of these people will feel that they need to buy a car, and then... they will bid the price of the COE up." He also noted that the economics of a private-hire car are "much more efficient", pointing out that if a COE allocation would be better for a car that can be shared among a larger group of Singaporeans over a private car owner who drives his car twice a day only. Siow was also asked about private-hire driver hours. This was in light of the tragic death of 49-year-old driver Gavin Neo from a stroke, whom friends said often spent up to 15 hours behind the wheel to provide for his teenage son and daughter. The acting minister said the Land Transport Authority (LTA) does not regulate the number of hours that private-hire drivers should be on the road, and the unions have not called for such regulations either, as different drivers have different needs. The LTA will step in if accident rates for private-hire vehicles are much higher than private vehicles, but this has not been the case. Siow also said the question is whether ride-hailing platform Grab's incentive scheme should be tweaked, pointing out a very high-achieving incentive tier that few drivers are on. For more on Acting Transport Minister Jeffrey Siow's thoughts on transport challenges, read here. The Singapore civil servant mid-year bonus 2025 will be 0.4 months, with junior-grade officers receiving an additional one-time payment of up to $400, said the Public Service Division (PSD). According to a statement on 16 June by the PSD, the mid-year bonus takes into account Singapore's economic performance in the first quarter of 2025, and the 'subdued economic outlook' for this year. "Given the forecast of weaker gross domestic product (GDP) growth and the downside economic risks, the public sector unions and the Government will jointly monitor the economic performance for the rest of the year, and will calibrate the year-end payments accordingly," they wrote. Singapore's economy grew by 3.9 per cent on a year-on-year basis in the first quarter of 2025, said the PSD. Meanwhile, the Ministry of Trade and Industry maintained the GDP growth forecast of 0 per cent to 2 per cent for 2025. For more on the civil servant bonus 2025, read here. Singapore private club 1880 suddenly announced on Tuesday (17 June) that it would permanently close, with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. Singaporean entrepreneur, Chris J Reed, shared a screenshot of the email on his LinkedIn account on Tuesday. However, aside from the closure announcement, the screenshot only said that details about the liquidation process and creditors meeting will be "forthcoming". According to CNA, which has seen a copy of the email, there were some insights provided into the closure of the business. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. "We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close." CNA reported that the email alluded to expansion as a reason for the failure. "We created a brand that earned a reputation that brought opportunities for expansion that I could not resist," the email stated. The club is located in Robertson Quay, and was founded by Marc Nicholson. It opened in late 2017. As of Monday, the club was still open to members and actively promoting on its social media account. View this post on Instagram A post shared by 1880 Singapore (@1880singapore) For more on the Singapore private club 1880 closing, read here. New private home sales in Singapore have dropped to a five-month low in May amid global tariff tensions. According to data released by the Urban Redevelopment Authority on Monday (16 June), developer sales dropped for a third consecutive month and there were only 312 units bought last month. Developers have grown more cautious amid Trump's tariffs and the slowed economic outlook for Singapore in the first quarter of 2025. There were no major launches in May – a factor that affected sales figures as well. The market's sluggish performance is expected to continue into June, typically a slow month due to school holidays. One project in the east sold fewer than 10 per cent of its 107 freehold units during its launch weekend earlier this month. For more on the slowing private home sales in Singapore, read here. Second-generation actress Tay Ying got hitched on Sunday (15 June) night to celebrity chef Wu Sihan at Orchard Hotel. Incidentally, this was the same venue where her parents, celebrities Hong Huifang and Zheng Geping, married 32 years ago. And yes, the choice was intentional, according to Chinese daily Lianhe Zaobao. Tay Ying shared the news of her wedding on Instagram on 16 June, and wrote, "We had the perfect wedding thanks to so many people. While we take our time to absorb everything that happened this weekend, here are some snippets of Day 2 of our wedding last night." View this post on Instagram A post shared by Tay Ying 郑颖 (@tayying_) The actress shared four photos from the night of the wedding, including a photo where she was accompanied by her father, and uncle and godfather, Hong Weiwen. The latter is the younger brother of her mother. The wedding was held at Orchard Hotel Singapore with 72 tables and about 700 guests. The guests included Christopher Lee and his wife Fann Wong, Yvonne Lim and her family, Florence Tan, Vincent Ng, Cassandra See, Chen Xiuhuan, Xiang Yun, Aileen Tan, Jin Yinji, Huang Biren, Tang Miaoling, Cherie Lim, Chen Tianwen, Chen Hanwei, Richard Low and Lin Ruping. Also on the guest list were younger artistes such as Elvin Ng, Romeo Tan, Rebecca Lim, Chantalle Ng, Desmond Tan, Hong Ling and her husband Nick Teo, as well as Denise Camillia Tan and Xixi Lim. For more on Tay Ying's wedding, read here. Acting Transport Minister Jeffrey Siow said there will be no major tweaks to the certificate of entitlement (COE) system in the short term. Instead, the focus now is on ensuring that all vehicles are equipped with on-board units (OBUs) for the next-generation Electronic Road Pricing (ERP) system. On 11 June, Siow explained to reporters, "The reality is there won't be space for every Singaporean to own a car in Singapore." Hence, the COE is the government's way of allocating this "scarce good". Siow also doesn't think that private-hire cars have driven up COE premiums. He said, "If we didn't have private-hire cars today, actually the reverse would be true, that a large number of these people will feel that they need to buy a car, and then... they will bid the price of the COE up." He also noted that the economics of a private-hire car are "much more efficient", pointing out that if a COE allocation would be better for a car that can be shared among a larger group of Singaporeans over a private car owner who drives his car twice a day only. Siow was also asked about private-hire driver hours. This was in light of the tragic death of 49-year-old driver Gavin Neo from a stroke, whom friends said often spent up to 15 hours behind the wheel to provide for his teenage son and daughter. The acting minister said the Land Transport Authority (LTA) does not regulate the number of hours that private-hire drivers should be on the road, and the unions have not called for such regulations either, as different drivers have different needs. The LTA will step in if accident rates for private-hire vehicles are much higher than private vehicles, but this has not been the case. Siow also said the question is whether ride-hailing platform Grab's incentive scheme should be tweaked, pointing out a very high-achieving incentive tier that few drivers are on. For more on Acting Transport Minister Jeffrey Siow's thoughts on transport challenges, read here. The Singapore civil servant mid-year bonus 2025 will be 0.4 months, with junior-grade officers receiving an additional one-time payment of up to $400, said the Public Service Division (PSD). According to a statement on 16 June by the PSD, the mid-year bonus takes into account Singapore's economic performance in the first quarter of 2025, and the 'subdued economic outlook' for this year. "Given the forecast of weaker gross domestic product (GDP) growth and the downside economic risks, the public sector unions and the Government will jointly monitor the economic performance for the rest of the year, and will calibrate the year-end payments accordingly," they wrote. Singapore's economy grew by 3.9 per cent on a year-on-year basis in the first quarter of 2025, said the PSD. Meanwhile, the Ministry of Trade and Industry maintained the GDP growth forecast of 0 per cent to 2 per cent for 2025. For more on the civil servant bonus 2025, read here.
CNA
5 days ago
- Business
- CNA
Private club 1880 Singapore closes down, says it has no funds to pay staff and suppliers
SINGAPORE: Private members' club 1880 Singapore has informed members it will close permanently on Tuesday (Jun 17) and enter liquidation. The club, located in Robertson Quay, was founded by Marc Nicholson and opened in late 2017. On Monday, its social media accounts were still promoting upcoming events. The abrupt closure comes after 1880's Hong Kong branch shuttered on May 30, less than a year after opening. In an email seen by CNA, which was sent to members late on Monday night, 1880 Singapore provided brief reasons for the closure. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. "We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. "We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close." The email also stated that the club's holding company 38 Degrees and operating company 1880 have been placed into provisional liquidation, with details about the liquidation process and creditors' meeting to come. When CNA visited 1880 Singapore on Tuesday morning, the entrance was blocked. A sign on the third level, where the club is located, indicated it was "permanently closed". CNA has contacted 1880 for more information. 1880 Singapore offered social events and spaces, including a restaurant, bar, spa and co-working space. Past speakers it has hosted include foreign minister George Yeo, veteran diplomats Kishore Mahbubani and Bilahari Kausikan, and the host of Netflix series Mind Your Manners, Sara Jane Ho. South China Morning Post previously reported that 1880 Hong Kong was entering liquidation with debts of about HK$20 million (US$2.5 million).
