The Business Times - March 08
Leading operator and developer of carrier neutral data centres, Global Switch, launched its Singapore Woodlands data centre at a ceremony held yesterday.
"Global Switch Woodlands marks our 12th world class data centre, and has increased our footprint to 4,000,000 square feet of technical space," said John Corcoran, CEO of Global Switch.
The data centre was launched in collaboration with China Telecom Global Limited (CTG), a wholly owned subsidiary of China Telecom Corporation Limited, and Daily-Tech, a developer and operator of data infrastructure across China.
Tricia Song, Head of Research:
Proliferation of internet-enabled devices and the increase in number of global internet users, growth in video streaming and file sharing, and increased popularity of e-commerce and social networking are driving exponential growth in data creation and data storage needs.
Singapore remains at the forefront and a key location for the deployment of data centres in Asia. Besides Global Switch, other major data centre operators in Singapore include SingTel, Equinix, Keppel Data Centres, ST Telemedia. Google and Facebook have also actively invested in data centres in Singapore. Google has started construction of its third data centre in Singapore in August 2018. Facebook is also building a SGD1.4 billion data centre in Singapore, its first in Asia.
The Business Times - March 09
The Singapore Academy of Law (SAL) will unveil a co-working space for small law firms at the upcoming State Courts Towers along Havelock Road.
Clicks @ State Courts, which stands for collaborative law, innovative co-creation and knowledge-sharing, will open in the first quarter of 2020, the same time State Courts Towers is expected to be operational.
The law academy hopes that by helping small law firms cut operational costs and inefficiencies through providing shared amenities and facilities - such as meeting rooms and office equipment, these firms can focus on adopting technology at their law practices. In turn, they can continue to provide accessible and affordable legal services to the man-in-the-street.
Duncan White, Head of Office Services:
As we see the coworking offering in the market evolve and change, the basis of the function of flexible space remains the same and that is - driving flexibility and providing an environment that spurs collaboration and innovation. As we have seen to-date, dedicated flexible space offering allows professionals from any industry to come together and share experiences and build new innovative solutions within their sectors. Clicks @ State Courts should come as a welcome environment for legal professionals who would have access to physical space located on-site at the State Courts. It could help to optimise their operational costs to a certain degree, and more importantly enable accessibility and collaboration within the space. This will be the first legal sector flexible working environment on offer in the market.
The legal sector will continue to be an important occupier segment in Singapore, a regional and global legal hub. A recent Colliers Research report found that Singapore is one of the top destinations for legal services firms, owing in part to its strong rule of law, as well as excellent human factors. The city state was ranked second, after Hong Kong and ahead of Tokyo. Click here
for the report.
The Business Times - March 11
Amid more muted home-buying sentiment, residential property developers appear to be more easily contented with lower sales rates.
Over the weekend, Oxley moved about a third of its residential and commercial units at 1953, a six-storey mixed development at the corner of Balestier and Tessensohn roads - a result that marketing and sales director Eugene Lim said was "encouraging in these current market conditions".
Of the 58 residential units, Oxley sold 19 at an average price of S$1,875 per square foot (psf), and of the 14 commercial units, it sold three at an average price of S$3,185 psf.
Tricia Song, Head of Research:
Given an abundant pipeline of launches and developers reluctant to drop prices, we expect takeup at new launches to start slower than last year. The sales takeup of 1953 of 33% or 19 out of 58 units was encouraging, especially taking into account the average price of SGD1,875psf, which is at a premium to its comparable projects such as Sturdee Residences (99-year leasehold, average achieved price of SGD1,556 psf since launch in April 2016) and City Square Residences (freehold, average achieved price of SGD1,572psf in 2018).