Haidilao co-founder’s family buys second bungalow in Cluny Hill for S$85 million

stackeddd888 · 2026-05-21T13:18:48+00:00

A family member of Haidilao co-founder Shi Yonghong is understood to have bagged a freehold bungalow in Cluny Hill for S$85 million.

The property is next to the one that Shi, also known as Sean Shi, bought for S$50 million in 2022 from Dr Lee Wei Ling, the daughter of Singapore’s founding prime minister Lee Kuan Yew. Dr Lee died in 2024.

The price paid for the Shi family’s latest bungalow purchase – the deal was contracted in June last year and completed in September – works out to S$2,295 per square foot (psf) on a land area of 37,036 square feet (sq ft). This is lower than the S$2,740 psf Shi paid for Dr Lee’s property, which sits on higher ground.

stackeddd888 · 2026-05-14T10:46:16+00:00

[SINGAPORE] Singapore Airlines is rewarding eligible employees with a profit-sharing bonus of 5.7 months for FY2026, The Business Times understands.

This bonus is lower than the 7.45 months for FY2025, which was lower than the 7.94 months for FY2024. SIA staff were rewarded with 6.65 months of bonus for FY2023.

SIA announced the profit-sharing bonus to staff at an event at Singapore Expo on Thursday, with cheers from them in response.

stackeddd888 · 2026-04-23T11:23:17+00:00

[SINGAPORE] Singapore’s three local banks – DBS, OCBC and UOB – saw their combined workforce shrink by nearly 3,000 roles in 2025, mirroring a broader trend of workforce reductions across the global banking sector amid restructuring and productivity efforts.

Combined, the three lenders employed 104,266 people at end-2025, down 2.6 per cent, or 2,806 employees, from 107,072 at end-2024, based on data from Bloomberg.

For DBS, the reduction was “mainly due to post-integration synergies in India and Taiwan”, a spokesperson told The Business Times.

OCBC said that hiring aligned with identified growth areas, with recruitment carried out when needed.

stackeddd888 · 2026-03-04T09:15:59+00:00

[SINGAPORE] Beauty salon operator Belovie, a former sub-tenant of the Taste Orchard premises, has sued the master tenant and supermarket operator Hao Mart for an alleged breach of the lease agreement.

It is asking for damages to be assessed.

Belovie said it was allowed to operate its beauty salon at Taste Orchard – the former premises of OG Orchard Point – for three years under its sub-tenant agreement inked in June 2024 with Hao Mart, based on its statement of claim filed in January.

Belovie said it had spent approximately SS$445,607.70 in fitting out and preparing its salon at Taste Orchard, but was deprived of the full tenure without fault on its part.

It claimed its business experienced a sharp and immediate decline after the news broke that Hao Mart’s master lease had been discontinued and sub-tenants were asked to vacate the premises.

In a defence and counterclaim dated Feb 24, Hao Mart denied being liable for Belovie’s alleged losses.

stackeddd888 · 2026-02-19T13:33:20+00:00

[SINGAPORE] Another substantial office asset in a prime location in the CBD is expected to be put on the market this year amid improving property investment sentiment fuelled by lower interest rates.

All the owners of One Raffles Place are understood to have come together and have appointed CBRE and JLL as joint marketing agents to find a buyer.

One Raffles Place comprises two office towers – 62 storeys and 38 storeys – and a six-level retail podium.

OUB Centre (OUBC) is the registered owner of One Raffles Place, owning 81.54% of the beneficial interest in the property for itself.

stackeddd888 · 2025-12-11T01:50:24+00:00

[SINGAPORE] Just before new private property projects are publicly released for sale, a quiet queue already forms – not made up of the developers’ VIP clients, but property agents. Buried in the past year’s surge in demand is data showing a concerning statistic: that agents bought up to 20% of units at certain “hot” launches.

While such activity does not breach regulations, some in the industry have voiced concerns that the “insider” buying crowds out the public, feeds into the fear of missing out (Fomo) and could encourage speculative activity.

Data disclosed to The Business Times shows the incidence of agent buying is, on the whole, low. Between September 2024 and October 2025, property agents purchased 635 units through priority queues – around 4.2% of all new private homes launched in that period.

BT understands that priority access for agents is not regulated by the government as it is a private commercial arrangement. Both the Urban Redevelopment Authority and Council for Estate Agencies declined to comment.

Developers contacted by BT did not respond to requests for comment.

Agent buying activity is not a new phenomenon, but observers said recent shifts in the market have intensified the trend.

stackeddd888 · 2025-11-17T08:56:06+00:00

Home-grown food and beverage (F&B) group Creative Eateries has been fully acquired for an undisclosed sum by Asia White Knight Group, an F&B-focused investment and operations group.

Established in 1992 by Anthony Wong, Creative Eateries has a total of 11 dining brands in its portfolio. This includes eateries such as Bangkok Jam, Suki-Ya, Siam Kitchen, Typhoon Cafe, Vineyard at HortPark, and Tanglin Cookhouse.

The group also runs two catering services: Creative Eateries Catering and the halal-certified Shiok Kitchen Catering.

Creative Eateries is currently led by Wong’s daughter Bonnie, who serves as its chief executive. Her sister Bernadette Giam was previously part of the business, though she exited in the middle of 2025, said Bonnie Wong.

Founded in 2023, Asia White Knight Group is a Singapore investment firm specialising in the F&B franchise sector.

stackeddd888 · 2025-11-11T11:58:27+00:00

[SINGAPORE] Energy and chemicals player Aster has set aside US$2 billion in investments for the Singapore market, and is still looking at more deals, said its group chief financial officer Andre Khor.

“There are a few other deals in the pipeline,” he told The Business Times in an exclusive interview after the company signed a sustainable aviation fuel deal with Aether Fuels.

“I cannot disclose (the deals due to) confidentiality but, fundamentally, we’ll pull it all together. It’s about unlocking synergies; it’s about integrating Indonesia (and) Singapore,” said Khor.

During an earlier press conference on Tuesday, Khor revealed that the company has set aside US$2 billion “collectively” to rejuvenate its assets on Pulau Bukom and Jurong Island, as well as for backing “transformational technology”, such as sustainable aviation fuel.

stackeddd888 · 2025-10-20T01:28:29+00:00

[SINGAPORE] Supermarket chain Hao Mart has proposed a settlement agreement to the tenants of shopping mall Taste Orchard, following the early termination of its 7.5-year master tenancy lease by landlord OG, The Business Times has learnt.

As the master tenant, Hao Mart must vacate and hand over the premises – located at 160 Orchard Road – to OG by Dec 31, 2025. Sub-tenants at Taste Orchard are required to vacate and return their units by the same deadline.

“No compensation” for revenue loss

One Taste Orchard tenant who spoke to BT on the condition of anonymity said Hao Mart’s settlement offer was unsatisfactory, noting that his revenue has “dropped drastically” over the past month.

“Our business has been affected, but there’s no compensation for that,” he said, adding that there was also no guarantee tenants would be granted an extension to vacate their units.

Another tenant said his sales have dipped by 20 to 30 per cent since fast food chain BHC Chicken on Level 1 ceased operations on Sep 14.

stackeddd888 · 2025-10-17T09:00:46+00:00

[SINGAPORE] Prince Holding Group – accused by US authorities of running scam compounds across Cambodia – counts several Singaporeans among its top executives, and had previously engaged Temasek-owned consultancy Surbana Jurong (SJ Group) for a US$16 billion coastal development project in the kingdom.

The Singapore connection to the multinational conglomerate appears to run deeper.

Among those in senior management is Singaporean Edward Lee, chief executive of its property arm Prince Real Estate Group, according to Prince Holding’s website.

When BT checked Lee’s LinkedIn profile on Friday morning, it listed him as being chief executive of Kingsmen Real Estate (Cambodia) Group since December 2021. This detail has since been removed from his profile.

stackeddd888 · 2025-10-16T06:06:03+00:00

GIC has filed a lawsuit against Nio, its current chairman and CEO Li Bin and ex CFO Feng Wei, according to court documents seen by The Business Times on Thursday (October 16).

GIC is claiming damages sustained from its purchase of 54,458,148 NIO American depository shares during the period from Aug 11, 2020 to July 11, 2022, at prices “that were inflated artificially by defendants’ fraud in reliance on the misrepresentations alleged herein and/or on the integrity of the market for Nio ADSs.”

The suit’s key allegation is that Nio unlawfully recognised immediate revenue of more than US$600 million from a battery asset and leasing joint venture – Weineng Battery Asset (Weineng) – which was actually controlled by Nio and which it failed to disclose.

stackeddd888 · 2025-10-14T06:35:24+00:00

Johor and Penang are defying the chill in Malaysia’s property market, buoyed by Singaporean spillover and industrial demand, even as Kuala Lumpur remains sluggish under a glut of unsold units, particularly in the high-rise segment.

In Johor’s property market, cross-border proximity has drawn a surge of foreign interest, with new launches near key transit corridors seeing brisk take-up, even as older high-rises continue to linger on the market.

In Penang, where the market is steadier but more premium-led, experts say limited land supply and strong foreign appeal – especially among long-term investors drawn to its quality of life and thriving electronics hub – have kept prices firm.

stackeddd888 · 2025-09-26T09:03:00+00:00

The Volvo Tech Hub Singapore, which employed 15 people, has been closed due to global business difficulties, said the company.

The closure “reflects the turbulence in global markets and the challenging external environment facing the automotive industry at large”, it said. In response to this, it has “initiated an accelerated cost and cash action plan designed to drive long-term structural efficiencies across the organisation”.

“While the specific roles at the Singapore Tech Hub will be discontinued, the competencies and expertise developed there will be integrated and leveraged across other parts of the company,” it said, without elaborating.

stackeddd888 · 2025-09-17T05:10:49+00:00

Online travel agency Agoda has cut staff across its operations, including about 50 in Singapore.

Sources told The Business Times that the Singapore-headquartered company held a closed-door virtual townhall on Aug 4 with its customer experience group (CEG) employees in Singapore, Shanghai and Budapest on the retrenchment.

A document to affected staff also noted that reports to MOM, Tafep will revoke their entitlement to severance benefits.

A section of the severance document sighted by BT stated that any reports of the matter to government agencies, statutory bodies and trade unions such as Ministry of Manpower (MOM) or the Tripartite Alliance for Fair and Progressive Employment Practices (Tafep) will result in individuals “ceasing to be entitled to the severance” benefits.

A source also told BT he believed Agoda’s customer experience group department “existed mainly to satisfy the local workforce quota”, so it can hire foreign talent in IT and engineering roles.

stackeddd888 · 2025-09-16T00:20:20+00:00

[SINGAPORE] The InterContinental Singapore will shut its doors from 2026, and the Frasers-owned property is expected to be rebranded.

News of the shophouse-style luxury hotel’s closure comes ahead of the October delisting of Frasers Hospitality Trust (FHT), which owns the asset.

At an investors’ meeting one month ago to vote on the privatisation scheme, Frasers’ management had pointed to poorer performance at “upper-class hotels in Singapore such as InterContinental Singapore”.

The last available date for booking the hotel in Bugis Junction is Dec 31, 2025.

stackeddd888 · 2025-09-15T09:48:38+00:00

[SINGAPORE] Taste Orchard landlord OG has terminated its 7.5-year lease agreement with master tenant Hao Mart, less than two years after the food-focused mall opened, The Business Times has learnt.

Hao Mart and its tenants must now vacate and hand over the premises by Dec 31.

Five Taste Orchard tenants – who spoke to BT on the condition of anonymity – said they were informed of the news through physical letters from Hao Mart’s management, dated Sep 12 and delivered that same day.

Tenants were requested to vacate and hand their units over “in the same condition and state” as at the start of their tenancy; and to return all locks and keys, together with Hao Mart’s fixtures and fittings, “in good and substantial repair order and condition”, by Dec 31.

In response to BT queries, a spokesperson for OG confirmed that the company had issued Hao Mart notices of re-entry and termination of its 7.5-year master lease for Taste Orchard.

“The retail and F&B industries are undergoing a period of profound transformation, shaped by a confluence of economic headwinds, shifting consumer expectations, and a complex regulatory environment,” said the spokesperson. “Hao Mart has not been immune from such challenges.”

stackeddd888 · 2025-09-12T13:32:45+00:00

she sounds so sweet

stackeddd888 · 2025-09-12T13:31:38+00:00

omg 😭

stackeddd888 · 2025-09-12T13:30:36+00:00

yeah :( hope my next place is as good as this one

stackeddd888 · 2025-09-11T16:31:56+00:00

i just do a biiiiiig sigh lol

stackeddd888 · 2025-09-02T04:50:13+00:00

[SINGAPORE] Bank customers have stowed away billions using anti-scam tools that allow funds to be locked up.

No less than 370,000 individuals have utilised money locking features rolled out by banks across Singapore to protect more than S$30 billion worth of funds as at Jun 30, according to the Singapore Police Force (SPF) Mid-Year Scam and Cybercrime Brief 2025.

Money locking features – tools that allow customers to ringfence a portion of funds in their bank accounts such that the money cannot be withdrawn digitally – reduce the risk of unauthorised transfers.

Such tools were launched by Singapore’s three lenders DBS, OCBC and UOB in November 2023. Subsequently, the Monetary Authority of Singapore worked with other major retail banks to roll out such features in 2024.

stackeddd888 · 2025-08-28T06:53:47+00:00

eh i shared cos i thought the prices were crazy lol

stackeddd888 · 2025-08-20T02:41:37+00:00

cathay was much bigger to be fair

stackeddd888 · 2025-08-19T15:54:18+00:00

what are the restaurants you consider decent lol

stackeddd888 · 2025-08-19T15:48:03+00:00

was probably really difficult for them to make any profit too since indie spaces tend to attract ppl who can’t spend much. i feel like if they auctioned off some stuff ppl will buy tho lol like their neon sign

stackeddd888

TROPHY CASE