mapping

As prepares for its latest urban makeover, we look at what this ambitious city- state has achieved over past transformations

As an Asia-focused real estate investment and capital management company, we believe in the value of building strong relationships with our customers, business partners and investors. Through these, we are able to grow together and A public a create business communities that share in the rewards of our collective success.

Value through We appreciate the support of all our business tion by m a pletree group communities and are proud to be an active member of every one of them. You cannot put a price on partnerships partnerships but at Mapletree, we appreciate the value that they create.

www.mapletree.com.sg space use / travel / retail revolution hotspot business space As a Southeast Asian economic hub, Regardless of the industry, a business Singapore is famed for its attention to should think of the space it occupies contents detail. How has that helped the country to as an asset that can affect productivity 01/15 evolve its land use policy to stay relevant? and profits. But where does one begin? issue

business space We go in-depth into the operations of three Mapletree tenants to examine their smart space solutions

About Mapletree Mapletree Investments Pte Ltd (Mapletree) is an Asia-focused real estate developer, investor and capital manager headquartered in Singapore. We provide space solutions to businesses large and small through our network of office, business park, logistics and industrial properties, which are located across Asia's key gateway cities. We constantly strive to create spaces that allow people to live, work and play, and have developed an array of mixed-use developments and retail-lifestyle properties that meet this aim. With a S$S25 billion regional real estate portfolio, we are supported by offices in Singapore, China, Hong Kong SAR, Japan, South Getty Images (Singapore); Rebecca Toh (Samsung Experience Centre) Korea, Malaysia, Vietnam and India. For more information about Mapletree, visit our website at www.mapletree.com.sg

VivoCity was designed by Toyo Ito. Photos: The mall's design draws from qualities news insight retail travel inside space for rent of the bay waters adjacent to the site. About Mapping Published three times a year by Mapletree, Mapping is a magazine focused An insightful look into We shine a spotlight Shopper habits are South Korea's Incheon Mapletree Examine the Mapletree on real estate happenings and trends, with the bulk of stories angled to the issues that will on the issue of changing rapidly, is a buzzing city, one From business forays properties around the allow readers to better utilise and understand space in these contexts. Andre Chiote affect property markets precinct rejuvenation, as technology that boasts sights outside Asia and region that are for rent, We also profile tenants of Mapletree, their businesses, as well as their in 2015 and Mapletree's revolutionises the way just as exciting as its into new regions, to from efficient offices approaches and philosophies on space utilisation – which we hope will exciting HarbourFront we make purchases. neighbour, Seoul. We highly successful and perfect for any company, serve as inspiring examples. We hope this magazine will be an engaging read. If you would like to and Alexandra How can malls adapt present the inside heartwarming CSR to industrial complexes provide feedback on Mapping, or are a Mapletree tenant who would like precincts to this changing scoop on the sights to efforts, Mapletree had offering varying unit

to be featured, drop us a note at [email protected] Cover Illustration: landscape? enjoy while you are there an exciting 2014 sizes to meet your needs welcome note hotspot Singapore: Building a Masterpiece Singapore’s latest land use Master Plan, made official last year by the Urban Redevelopment Authority (URA), reflects that the country needs For months, we sat brainstorming, planning, researching and to continually reinvent its areas then writing, to put together a magazine that would provide our stakeholders, in particular our tenants, with stories that we hope will help them to better understand and use their Many property consultants who commented on the draft plan when it real estate. was released in November 2013 had said Now we present the revamped Mapping magazine. To be that the task ahead is an exciting, albeit published three times a year, readers can find a broad range of daunting one. Among key challenges is the planned transformation of suburban stories under permanent sections that cover different real estate estates such as Woodlands into vibrant sectors, from retail to commercial to industrial and logistics. residential and business hubs to further In this inaugural issue, Hotspot delves into the history of decentralise Singapore, which they point out will take more than just setting aside land planning in Singapore and the key priorities that have plots of land for modern office buildings, helped shape the city-state and its land use policies. Then turn high-rise residences and shopping malls. to Insight, which shares the process of redevelopment at the Yet large-scale projects to revitalise parts of Singapore are not new. Older developer level, by exploring the rejuvenation of the Alexandra residents will remember how the country and HarbourFront precincts undertaken by Mapletree. transformed itself from slums and Don't miss Business Space, which looks at how companies, squalor into a modern, lush and green country that is now a major commercial no matter how large or small, can better tap the space they have to hub. Today, Singapore is deemed by the boost productivity and in turn, the bottomline. Then theory meets United Nations as the only slum-free city practice, as three companies show how they utilise their space. in the world1. Neither is Singapore new to That's a quick selection of the innovative sections on offer in Published by Novus Asia Contributing Editor Luke Clark decentralisation. Many commercial hubs the new Mapping, but it's not all that is in this issue. So turn the Creative Director Richard MacLean such as the Alexandra and HarbourFront Photo Editor Haryati Mahmood Senior Writer Daniel Seifert precincts exist outside of the Central page, and see for yourself what this bumper issue has available. Art Director Bessy Kim Junior Designer Erika Wong CEO Simon Cholmeley Founding Partner Rosemarie Wallace Chief Financial Officer Marie Lyte Creative Services Manager Kwan Gek Lian Traffic and Production Manager Pearlyn Kwan Contributors Andre Chiote, Quentin Gabriel, Rebecca Toh, Young Jin Lee

MCI (P) 120/01/2015 Gardens by the Bay, Marina Bay Sands, the Singapore Printed by Flyer and Marina Barrage NPE Print Communications Pte Ltd all pictured here clockwise License Number: L004/12/2014 from left, are just some of the developments that have 1. State of the World’s Cities 2008 / 2009 report by United Nations Habitat. transformed Singapore's skyline in recent years

Editor, Felda Chay Source: 02 03 hotspot

Business District (CBD), providing quality This meant changing Singapore’s services, with facilities and buildings that space to businesses including many urban landscape. Previously, the city-state will enhance and preserve the cultural multinational corporations (MNCs). took on a ring formation where all core vibrancy of the nation. Here, we go back in time and look at activities took place at its centre; now the By 2000, waterfront apartments along some of the considerations that have plan was for Singapore to develop regional the and the influenced Singapore’s land use policy, centres across the island – each with their area were developed. Business parks such and how the country has continuously own commercial, sub-regional and fringe as International Business Park and refreshed itself – a large part of which centres. Business Park were added, while regional involves creating vibrant commercial, A commercial development was also centres in , East and retail and residential hubs – to meet envisioned at , which will Woodlands were underway. Reclamation the needs of its growing economy and form the new Downtown. New industrial works allowed for the formation of Jurong population. areas and business parks would be Island for the petrochemical industries. developed in areas such as , Changi At the same time, Singapore’s economy 1971 - 1990 North, and Woodlands North. boomed. Post-independence Singapore’s first Overall, urban planners hoped to build HarbourFront Centre document guiding land use was the a Singapore whose land constraints would 2001 - 2010 Bank of America Merrill But much remained to be done, as city 1971 Concept Plan. It recognised the not hinder economic growth; a lush and Lynch HarbourFront need to develop proper housing for the green Singapore with waterfront housing planners predicted a decade ago. Work population. Another priority was to set and homes located close to gardens, parks to plan Singapore’s land use in the new aside land for activities that would ignite and recreational areas; where the needs millennium started in 2000. This time, strong economic growth. of the population are met by widely views from over 5,000 Singaporeans were The plan led to the clearing of available social and community support sought. Singapore’s slums and the development of new high density towns and industrial estates such as , the Singapore Above The Singapore Changi , and a high capacity and Planning for Growth and Greenery In colonial Singapore, there was almost Airport is world-renowned for efficient transportation network. It also its features designed to provide no legal control over land development, comfort to weary travellers, created new “corridors” of urbanised but 1959 marked a turning point. like indoor greenery. It has areas such as Tampines and . Legislation was passed, requiring become a symbol of Singapore's developers and landowners to obtain development from just being The plan guided the country’s a trading centre (below), to an development through to the 90s, permission from the government aviation hub that moves over planning authority before they could 53 million passengers a year and formed the foundation for rapid develop any land. Left Bishan- Park, economic and wealth growth in Subsequently, Singapore's first pictured here, is an example of the country's commitment to Singapore. Master Plan was approved by the colonial provide more green recreational government to better guide land use in spaces for its citizens the city. Even in those days, a key priority 1991 - 2000 was decentralisation. Among other Having seen considerable development things, the plan proposed a greenbelt to in 20 years, city planners started to restrict continued expansion of the city recognise the longer term threat of area, and the growth of three new towns overloading the Central Area and began beyond the existing city region. pursuing a policy of decentralisation – to However, in the late 1960s, Singapore's new leaders saw an urgent develop new commercial areas outside of need to clear the country of its slums to the central region. better support economic growth, as well as meet the housing needs of a rapidly growing population post-independence. A Concept Plan was thus drawn up in 1971. It would be a more flexible and responsive proposal on the long Business as Usual range (think 40 years) land use and Those who think business parks are a relatively transportation system for Singapore. new concept in Singapore will be surprised to It focuses on principles and policies for know that such developments have been talked land use, rather than detailed proposals

about since 1990. Planners back then envisioned Quentin Gabriel and land use maps. that business parks "will meet the needs of the It is an evolving document, reviewed new generation of information-based and high once every 10 years, that takes in the technology industries. They will be workplaces and country's changing circumstances and Illustration: businesses in attractive environments, side-by- needs. side with housing and recreational facilities. The Today, the Concept Plan remains workplaces will be state-of-the-art premises. a critical part of urban planning for

Some are likely to have recreational facilities such Getty Images Singapore, and forms the foundation of as gymnasiums, parks, running and cycling tracks the Master Plan, which guides Singapore's

and waterways all close at hand". Photos: development over the medium term. 04 05 hotspot

Left VivoCity, Singapore's would ease facets of high-density living. largest shopping mall, opened in 2006 and features 140,000 To meet the public transportation sqm of retail floor area needs of the population and enhance Right Marina Bay at night. The area has emerged to connectivity across the island, the period become a vibrant new also saw the start of two new MRT lines: business hub and extension of the CBD the North East Line, and the Circle Line. They came on top of the existing East West Line and North South Line.

2011 and beyond In the last few years, while Marina Bay has quickly gained a reputation as Singapore’s new financial district, other

VivoCity regional and sub-regional centres have come up to provide spaces to companies Singapore Cruise Centre large and small, housing anything from their headquarters to back-end

The objective was to transform Following the government’s 2005 Singapore into a “thriving world announcement to develop two large-scale class city in the 21st century”, with an integrated resorts in a bid to attract more internationally recognised financial and tourists and MICE (meetings, incentives, business hub, and a distinct identity conferencing, exhibitions) tourism, that is culturally more vibrant with an Resorts World and Marina Bay expanding arts scene. It would bustle Sands now decorate the city-state’s with fun and excitement with a wide skyline. Plans were also in the works to variety of family-friendly entertainment transform Singapore from a Garden City, options available. into a City in the Garden, starting with The policy of decentralisation would the creation of Gardens by the Bay at remain a priority to allow Singapore’s Marina Bay. economy to continue growing without The rising population over the years taxing the city’s core. meant that Singapore had to increase Yet to build Singapore as a global and enhance facilities and amenities that MBC II

financial hub, the majority of financial cater to the needs of families and the Mapletree and service sectors would have to elderly. Older housing board estates were Business City be located within the CBD to create revamped to be denser, and also include

Quentin Gabriel Green leisure space synergies and critical mass for the sector. barrier-free facilities, seamless transport This would potentially lead to higher and pedestrian links, as well as water- demand for space in the central region, and energy-saving features in flats. At operations. They include Tampines, Illustration: which could be met by the new Marina the same time, the push for Singapore Changi, , one-north and more Bay CBD. to be a green city continued to gain recently, the District. By the end of the decade, the first traction, with landscaped carparks and Over the longer term, a new southern Getty Images phase of Marina Bay had sprung up. sky gardens created, as this 'softer' aspect waterfront city will extend from Marina

Photo: Bay through to the Terminal. Already, this area Did you know? Singapore's growing population and Population in millions (comprising residents and non-residents) GDP per capita (at current market prices) is seeing rapid development, with top 1 Four interesting facts about Singapore's land development economy over the years quality integrated business park project Mapletree Business City and Singapore’s 6 S$70,000 largest shopping mall VivoCity located

5 S$60,000 in the region. After the relocation of the existing City Terminal and Pasir S$50,000 4 Panjang Terminal, almost 1,000 ha of Singapore's planners recognised In 1991, the government talked about The 1991 Concept Plan As early as 1990, the government very early on that the country a "Year X" in which Singapore's land envisaged the development of had already visualised a new S$40,000 waterfront land would be freed up needed more land to fuel its mass would increase to 730 sq km Ð new towns in Pulau Ubin. That commercial area at Marina South. 3 and redeveloped into commercial and S$30,000 growth. Land reclamation has a 25% increase from 1967. Today, it however changed with the 2001 Today, the Marina Bay waterfront housing developments. 2 since played a major role in meaures about 716 sq km, suggesting Concept Plan. Had Singapore business district consists of a S$20,000 The creation of a liveable and highly shaping Singapore. From 1967 that the city-state still has room to stuck to its original plan, many clutch of commercial, residential, connected green city will also remain to 1990 alone, Singapore saw its grow. By 2030, planners expect Singa- more Singaporeans could well hotel and entertainment Singapore Department of Statistics 1 S$10,000 land mass grow from 587 square pore needs to be 766 sq km to poten- be living and commuting to and developments spanning 360 key priorities of the government’s land

kilometres (sq km) to 626 sq km. tially house over six million people. from Pulau Ubin today. hectares (ha) of prime land. Source: 0 S$0 use policy. 1970 1980 1990 2000 2010 2013 06 07 news

A look at what to Tapering: Industrial "confirmed list" government land sales (hectares). expect of property Government Sale of markets in 2015, from a Industrial Land to Moderate Source: MTI 20 stabilising industrial Tapering continues from 2014 H1 H2

sector to a slower pace 16 of rental increases in The Singapore government will continue to taper the amount of the prime office sector land for sale under its industrial land sales programme for the 12 in singapore first half of this year, amid signs that the Singapore industrial property market is stabilising. 8 For the first half of 2015, nine sites totalling 6.46 hectares (ha)

will be offered on the confirmed list, said the Ministry of Trade 4 and Industry. This represents about half of the 12 ha of state land that was released in each of the six-month periods in 2014. It is 0 also the lowest half-yearly quantum since the first half of 2011. In the last few years, the government has significantly released 2010 ¥ 2011 ¥ 2012 ¥ 2013 ¥ 2014 ¥ 2015 more land in a bid to moderate industrial prices and rentals. This year, about 2.6 million square metres (sqm) of new industrial space is expected to come onto the market, while Prime Office Rents to Continue Uptrend another 1.9 million sqm will become available in 2016. But increases are likely to be capped given slower economic growth Positive Outlook Singapore's prime office rents are set to continue rising in 2015 given the limited for HCMC Retail supply coming on stream. Experts expect just 1.15 million square feet (sq ft) of new City set to welcome at least office space to become available this year compared with 1.87 million sq ft in 2014, and they believe the upcoming supply will be fully absorbed by the market. This will five banner retail projects, likely lift rents in 2015, including SC VivoCity although the increase is likely to be less than The retail market in Ho Chi Minh what was seen in 2014, City (HCMC) is expected to build as expectations of on the momentum of the last slower economic growth three months of 2014 and continue will likely keep rental performing well in 2015. increases to between According to CBRE Vietnam, 5% and 7%, predicted HCMC will welcome five new retail Knight Frank. developments in the beginning A larger amount of 2015, which collectively will of new office space Left Smiles and add more than 100,000 sqm of is expected only in enthusiasm at the Reitas launch retail gross floor area (GFA) to the 2017, with about 4.7 market. One shopping mall that is million sq ft due to be as a leading market for REITs. Currently due to open is SC VivoCity, which completed. This includes REIT Association the S-REIT market ranks third in Asia- is located in District 7 and boasts Marina One, a mixed- Pacific, behind Australia and Japan. 62,000 sqm of retail space. Another use development by Launches The association will also represent the shopping centre, Vincom Thu Duc, Temasek Holdings and Association to promote S-REIT industry to engage authorities opened in January and offers Malaysia’s Khazanah Singapore as a leading market for with the aim of improving the REIT 27,860 sqm of retail space. Nasional, which will add regulatory environment here, as well The retail market in the city about 2 million sq ft of REIT listings in the region as provide education and research has fared well, given its huge office space. opportunities to foster a better population – eight million – which To advance the growth of the Singapore understanding of REITs. has the highest income per capita real estate investment trust (S-REIT) Reitas has 42 members as of November rate in Vietnam. Opportunities sector, industry players have come 2014. They comprise professionals in the for growth are also set to rise as together to form the REIT Association of REIT sector such as trustees, investment Vietnam has committed to a World Singapore (Reitas), which was launched banks, lawyers and accountants, as Trade Organization agreement Top and left A larger in November 2014. Chaired by Mapletree’s well as 16 REIT managers whose trusts that allows foreign retailers to set supply of office space is up businesses with 100% foreign only expected to come on Group Chief Investment Officer, Chua make up more than 70% of the market stream in 2017 Tiow Chye, Reitas will promote Singapore capitalisation of S-REITs. capital from January 2015. 08 09 insight

Centre can hop over to VivoCity for About Alexandra Precinct lunch, a quick spot of shopping or an The 13.5-ha Alexandra Precinct sits just outside Singapore's Central Business District (CBD), and comprises Mapletree Business City (MBC), PSA Building and the adjoining errand run, by using the linkways that Alexandra Retail Centre (ARC), as well as The Comtech, which is being redeveloped into connect both buildings – protecting MBC II and will be completed in 2016. them from rain and shine. After a tiring To develop MBC, Mapletree tore down three blocks of low-yielding and under-utilised warehouses which made up Alexandra Distripark. Today, MBC's tenants, most of which day at work, they can let their hair down are multinational corporations, enjoy a lush landscape and amenities such as a sky gym at the nearby St James and party the with a 44-metre heated lap pool, an air-conditioned food court and a string of cafes and night away. restaurants located within the development or over at ARC. This notion of complementary use is the cornerstone principle behind Mapletree’s work to redevelop the area. It involves careful and deep thought on what the right mix of office, retail and amenities space should be. As Amy Ng, Chief Executive Officer of Mapletree Commercial Trust It is a task that takes a bold vision, space remains relevant regardless of What does it take for a Management Ltd which manages execution capabilities and financial evolving business demands and economic developer to transform VivoCity as part of its portfolio, says: “The strength. Getting the initial space mix conditions. This process demands both tracts of land into success of a precinct comes in many ways, wrong, or mis-timing the release of judgement and patience. “It’s scientific, in both through synergy and integration, as space onto the market, may prove self- the sense that there’s a calculation as to a thriving precinct? well as meaningful segregation. defeating. what the value is. But it is hard to be very Mapping gains insights “Whether it is the HarbourFront “You’ll cannibalise your business, precise – because you’re talking about from Mapletree, which Precinct or the Alexandra Precinct, and the value will drop. So for us, that taking a long-term view. This is why you redeveloped large parts Mapletree’s focus is to find calibration is: what quantum do we perform very elaborate and multiple of Southern Singapore complementary uses for the available allocate to each use, and take a position simulations even after a project’s space and integrate them as one. We’re on? And to then say, okay this amount of direction is decided.” looking at everything – the use mix space is sufficient for now.” This entire process requires the among the residential, commercial and This is why it is important to developer to possess a wide range of skill office components; the circulation flows phase the completion of a large-scale sets. “The ability to first create, and then within the developments right down to development. It is also the reason why conceptualise, develop, complete, attract The task involved revitalising old the location of the entrances and exits; there are still some land banks remaining tenants, manage the asset well, create a developments sitting on the 24-hectare and even the external traffic flows. It’s within the precincts today. community and finally make reasonable (ha) HarbourFront Precinct, and the about creating synergies and tapping our Put simply, “the success of a returns – it is one whole cycle,” says Ng. 13.5-ha Alexandra Precinct. The journey cross-management capabilities to activate development lies not just in building the And in terms of Mapletree’s business started in the early part of the new the land parcels,” says Ng. product but also drawing quality tenants strategy, once the asset performance is millennium, and continues today. She admits that it’s a rather and managing it well, resulting in the fairly stabilised, holding it in an efficient The original developments that sat on complicated process where getting the dollar value creation”, explains Ng. vehicle, for instance, a real estate some of these plots include the former mix right requires careful calibration. The difficulty levels of this already investment trust (REIT), allows the public World Trade Centre which was built in “When you have a big precinct, you challenging task is raised a few notches to participate in the ownership of an 1977; St James Power Station, built all the really have to study very thoroughly the because it is not all science and asset that generates relatively stable way back in 1926; and aging industrial alternative land uses, and make sure that mathematical calculations. Added into cashflows. The long-term nature of the facilities known as the Alexandra your decision is really best use, in terms the equation is the need to develop business strategy can at times seem Distripark. of creating a product that is well-received, an understanding of the tenants and daunting especially for stakeholders who Today, World Trade Centre has been and will also achieve the best value.” what they want, and ensure that the want to see fast results, notes Ng. transformed into a modern office-cum- Yet over time, the patience and efforts retail building known as HarbourFront prove worth the wait. For her, there is Centre, and its old exhibition halls a sense of achievement in building a The Art and have made way for Singapore’s largest community that thrives, where there is shopping mall, VivoCity. The exterior a successful ecosystem in place within of St James Power Station has been which people and businesses can flourish. regenerated to its former glory, and while “What’s rewarding is when you’re able its days as a coal-powered power station Science of About HarbourFront Precinct to put all these dimensions together to are long over, it is now Singapore’s largest The 24-ha HarbourFront Precinct was formerly known as Maritime create a financially viable project that nightlife and entertainment complex. Square. Back then, it included the World Trade Centre and its adjoining enhances the value of the entire location. exhibition halls, ageing warehouses and outdated office buildings. Together, the three developments It now features VivoCity, HarbourFront Centre, St James Power “And bringing quality tenants who Precinct make up a part of what is known as the Station, and office buildings such as Bank of America Merrill Lynch are happy here, and who like being HarbourFront Precinct, and it is easy to HarbourFront, HarbourFront Towers One and Two, and Keppel Bay Tower. here – that satisfaction goes beyond the The wide array of amenities available at VivoCity and HarbourFront see that they complement each other. Centre serves the numerous multinational corporations housed within financials.” Rejuvenation Office workers housed at HarbourFront the precinct as well as the large residential catchment nearby. 10 11 Business Space

Left How do you places a huge emphasis on employing compartmentalise and prioritise space? It is not management philosophies such as Lean, always as easy as this image which calls for the use of tools and makes it seem. Companies are using their facilities in strategies to help minimise wastage – of increasingly intelligent ways the time taken to locate a product, for in a bid to lower costs and maximise staff efficiency instance. This helps to raise efficiency – a The Space trait that Menlo’s clients expect, and can be what makes or breaks a logistics firm.

Think Small, Win Big Adopting an efficient approach when it comes to using space can lead to Challenge significant boosts in productivity. And given the increasingly dynamic and competitive global marketplace, What a tech giant, a where businesses need to – and often desserts specialist do – make timely size adjustments to “When you walk around and a global logistics respond to the varied market conditions, the warehouse, you'll operator can tell making the best use of each and every us about managing inch one has can help companies better see that everything is brave tough times. business space Equally important to the efficient labelled, from the flow use of space is its interior design and of where forklifts should atmosphere – which is particularly relevant to businesses with retail go, to silhouettes of operations. cleaning tools on racks.” Lam Shun Yin, an Associate Professor at the Division of Marketing and Desmond Chan International Business at Nanyang Managing Director for Menlo, South Asia Walk the floor with Chan and find out why small Business School, says that the physical details matter in the logistics business on page 18 surroundings of a store, ranging from music and lighting to layout and Samsung, Awfully Chocolate, Menlo signage, can influence a customer’s Logistics. These radically different decision to enter, or skip a visit. Then brands inhabit vastly different business once inside, with the right setting and segments and spaces and yet, they also product placement, they can in turn be share some fascinating similarities. encouraged to linger and purchase, he As with most businesses, these brands notes. each utilise space – a resource that is as A business that knows this well is time] all our stores evoke a sense of valuable and limited as employees or raw Awfully Chocolate, a Singapore brand space and simplicity. materials. But some industry insiders specialising in chocolate treats that has “Finally, we ask ourselves whether the say that the importance of an efficiently blossomed to expand across Asia, wowing architecture of the space is sustainable. planned working space is something that “For us, the location customers with its high quality desserts. Does it require a disproportionate is too often overlooked. needs to speak to us as Across its outlets – which range from amount of resources to maintain? If as small as under 40 sqm to over 100 it does, then it's not good design. And scaling solutions a place that is not just sqm – Awfully Chocolate maintains that's not something you can ever say This is something that logistics supply convenient to get your a minimalist and uncluttered layout, about an Awfully Chocolate store.” chain company Menlo would never be where all furniture and equipment The dessert specialist’s focus on store accused of. As a company making use chocolate fix, buta place are fitted into the space to prevent design shows that it understands how of millions of square metres (sqm) of overcrowding the area. This, says the to work its space to bring in earnings. warehouse flooring around the world, with some appealing firm, is to give customers a sense of After all, the need to fight for customers’ where a single space is often required characteristic. The spirit spaciousness – regardless of how small attention and keep them satisfied in a to store the products of not one but an outlet may be. highly competitive retail landscape is a many clients, it understands the need to of the place must speak Overall, its aim in the space sphere is growing challenge. maximise this resource as best as it can. to you.” to use good design to stand out amid the This translates into employing sea of shops and competitors. Sensory Experiences intelligent layouts and ensuring that Lyn Lee Awfully Chocolate describes its Drawing attention is something Rebecca Toh (Desmond Chan); Chiharu Kuwajima (Lyn Lee) Awfully Chocolate Co-Founder each of its facilities is highly organised. Find out more about Lee's recipe for a memorable stores in this manner: “Each store is a that is relevant not just to the retail

And this is why the logistics firm Photo: store on page 16 statement in itself… but [at the same business, but applies to all businesses 12 13 Business Space

operating client-facing spaces. Samsung understands this. The company’s Enterprise Experience Centre in Singapore, set up to showcase its wide range of smart technologies to corporate clients, pays extra care to create the right experience. Light streams in from its large windows, while several potted plants have been placed in the 2,000 square foot (sq ft) area for pleasing visual notes. The centre has also cleverly integrated six mirrored surfaces located in strategic corners to allow the space to look bigger. A study by marketing professors at “We adopted an the National University of Singapore experiential, open and Chinese University of Hong Kong proved in their 2011 paper, Shaping concept solutions area, Consumer Imaginations: The Role where our customers of Self-Focused Attention in Product Evaluations1 that mirrors offer another and partners can fully benefit. As Lam notes, “when people experience Samsung’s imagine themselves using the products they evaluate, their evaluations of these latest technologies.” products could improve. “The authors showed that the Andy Sim General Manager of Enterprise Business, Samsung presence of a mirror in an environment How did Samsung achieve this? Find out on page 20 directed people’s attention to themselves – thus enhancing such imagination when they inspected products. As a result, they evaluated certain products more favourably.”

Profitable Choices Injecting such insight into space planning 1 2 3 may seem like a lot of extra work to some, but the result can be significant where it counts. According to a case study quoted by the Center for Climate 1 and Energy Solutions, an IT company in California saw absenteeism drop by 45% Menlo Logistics Ð Benoi Floor space: 50,000 sqm and employee productivity increase 5% 21 Benoi Sector when it upgraded its 76,000 sq ft building Mapletree Benoi Logistics Hub to include skylights. Workers no longer Singapore 629853 complained of end-of-day headaches, and energy bills were slashed by half. Inside the Business Space 2 Such savings would no doubt come in Samsung Asia Pte Ltd Amid the challenges of rising business costs and a labour crunch, companies in Singapore need handy for many a company. Floor space: 11,700 sqm to look at ways to raise productivity Ñ something that the Singapore government is also trying 30 Pasir Panjang Road, #17-31/32 to encourage. Space can be better utilised to manage costs and boost the bottomline. Here, we Mapletree Business City Singapore 117440 venture deeper into the worlds of Awfully Chocolate, Menlo and Samsung, and explore how each of them are working with the space they have to grow a sustainable business. 3

Awfully Chocolate Ð VivoCity Floor space: 38 sqm // 16 "We realised that as people moved more to dine in, they seemed to crave cosier spaces." – Awfully Chocolate 1 HarbourFront Walk // 18 "We believe it is important for staff to understand the current state of activities. That's why we Rebecca Toh #01-156, VivoCity 1. Hung, Iris W. and Robert S. Wyer Jr. (2011), “Shaping Consumer encourage staff to walk the spaces where the work is being done." – Menlo // 20 "It's a tactile environment, Singapore 098585 Imaginations: The Role of Self-Focused Attention in Product Evaluation", Journal of Marketing Research, 48 (April), 381-392. Photo: where customers can touch, feel and experience our smart technologies." – Samsung

14 15 Business Space

How do you preserve “So now we look within, to what your niche roots while creative aspect we want to enhance for the period, and translate that into the expanding into mass space.” spaces? And so as Awfully Chocolate expands, its outlets staunchly preserve an indie feel, even as the group adapts to new surroundings. Depending on whether the outlet is takeaway or dine in, the feel may also change, adds Lee. “The original stores were very bright. But we realised that as people moved more to dine in, they seemed to crave cosier spaces.” Opening in new markets also brings

other issues to the fore. “Specifically Awfully Chocolate on space consideration, there’s a lot of designed a space that ensured a comfortable cultural stuff we had to adapt to. In layout for staff to work China they’re used to things on a larger efficiently, and customers scale. Small spaces don’t work in China,” to indulge in comfort Sweet says Lee. Meanwhile, the brand continues to dream big, and believes that being different from the competition (which has stiffened over the years) is key to growing bigger. Success But what exactly does being different entail? Says Lee: “Our history and culture are quite unique from the typical cake shop or chocolate brand. Awfully There is no doubt that chocolate is loved The spirit of the place must speak to you.” Chocolate’s founders were not formally by all, with cocoa one of the most traded In 2007, Awfully Chocolate expanded trained in retail or culinary disciplines, Less is More "The shops generally deploy a minimalist and commodities. The average Australian, into VivoCity – marking the first time it we were passionate about food, design uncluttered layout. This gives the customer a sense German and Italian consumes over four set up shop in a mall. This represented a and good corporate governance, and did of space and simplicity when he or she enters kilogrammes of chocolate a year – and game changer for the firm and helped to not fear to challenge industry practice the store. All equipment and furniture are fitted Asia is catching up. The region is expected enlarge its reach beyond a niche group that others assumed was the only way to into the space without crowding it. Regardless of the size of the store, there is always a sense of to munch its way to become a chocolate of followers. Says Lee: “I recognise that do something." You might say that’s the spaciousness." - Extract from Awfully Chocolate's consumption powerhouse. moving into a more mass location – and brand’s sweet spot. company profile Lyn Lee is doing her part. The self- there’s nothing more mass than a mall – dubbed “accidental entrepreneur” co- means you’re less edgy. But I’ve always founded Awfully Chocolate in 1998, and thought it was a very fair trade-off.” started off selling just one product: a That, however, meant that Awfully chocolate cake, but not just any chocolate Chocolate needed to tinker with the cake. Awfully Chocolate wanted to sell design philosophy for its stores, says Lee. the best chocolate cake one could find “When Awfully Chocolate first started in Singapore. Seventeen years on, it has 17 years ago, there was a conscious spread that philosophy overseas to nine effort to make each store different, cities across Asia, and to other chocolate- while retaining key features. We would based products from luscious dark look at the surroundings such as the chocolate ice cream to chocolate truffles neighbourhood or the Upper and cold poached chocolate. Thomson neighbourhood and create a But as the brand capitalises on its look that blended with the area's unique successes in Singapore and a growing characteristics while standing out with sweet tooth in Asia, it strives to build the Awfully Chocolate touch as well. As uniqueness and soul into each new outlet. the company grew and started getting Says Lee: “For us, the location needs to spaces in malls, however, it was harder to speak to us as a place that is not just take inspiration from the surroundings, Rebecca Toh convenient to get your chocolate fix, but a because malls generally give you a blank

place with some appealing characteristic. space to work with. Photos: 16 17 Business Space

warehouse advocating workers to think waste, and implement remedies. Lean. It lists the ‘seven wastes’ that blight Menlo does this by putting to work warehouses around the world, including: a Lean strategy known as value stream driving a forklift without a load, piling mapping – basically flow charts which products in places that create congestion, use symbols to reflect its inventory and time spent fixing defects, and even the information flow. These charts make motion of picking a product off the floor it easy for employees to analyse and rather than sending it into storage. understand its operations, in turn helping Putting up posters advocating them to identify areas for improvement. the Lean approach is part of visual According to Chan, Menlo uses management – crucial to ensuring that value stream mapping for a variety of all staff work Lean. This is done by processes, major or minor. introducing visuals from “at a glance” “We believe it is important for staff to boards to signages to markings, which act ‘see’ and understand the current state of as cues to staff. activities. That is also why we encourage Chan explains: “When you walk staff to walk the spaces where the work around the warehouse, you’ll see is being done to get the actuals. We tell that everything is labelled, from the them: Go to the actual place, observe the flow of where forklifts should go, to actual product, process or service and get silhouettes of cleaning tools on racks, the actual facts and data. This allows you which instantly highlight when even the to see for yourself what’s actually going smallest broom is in use. on,” adds Chan. “These increase productivity and These may seem like small steps, minimise safety issues.” but they add up, as do the cost savings. At Menlo, Lean is a 360-degree system Globally, Menlo has generated annual that engages employees and spaces at savings of up to US$70 million thanks all levels, adds Chan. In particular, it to Lean, reveals Chan. This trim system encourages all employees to identify clearly adds up to fat savings.

apparel to wine to automotive and In a large space where pallets of goods move throughout aircraft parts to even chemicals. the day, Menlo must maximise Its largest facility here is located at the work efficiency and minimise wastage of all resources – five-storey warehousing and distribution every second counts in the Delivering centre Mapletree Benoi Logistics Hub logistics business (MBLH). In this microcosm of the work that is done every day at Menlo’s warehouses worldwide, 93 employees Energy Efficiency manage 73 shipping and receiving bays, at Mapletree Benoi Storage processing as many as 4,500 inbound Logistics Hub deliveries and 9,200 shipping orders for local and regional distribution a year. The numbers say it all: managing the sheer load that goes in and out of MBLH’s doors, and ensuring that the goods Solutions reach their destinations in good time Advanced lifts use sleep mode features to conserve How do you ensure that There are obvious advantages to working without being overly labour intensive, is energy a 50,000-sqm warehouse out of a large space. But while size does a challenge. runs as smoothly as matter, in a business as fast-paced as It’s not easy, admits Desmond logistics, it’s also about how you use it. Chan, Menlo’s Managing Director for possible? That’s a fact Menlo Logistics has South Asia. That is why the company learned over 25 years, growing to operate utilises Lean, a tried and tested process Reflective glass windows in 20 countries and managing over 20 management system that focuses and sun-shading increase thermal efficiency million sq ft of warehouse space. on lowering costs, increasing quality In Singapore since 2001, Menlo now and workflow and most importantly, operates from eight warehouses, many eliminating waste. of which have been built specifically to And in a large space like its 50,000-sqm Rebecca Toh cater to the special needs of its clients facility at MBLH, waste adds up. Chan Lighting systems are

and their products, which range from points to one of many posters in the Photos: triggered by movement

18 19 Business Space

How do you ensure The centre is is one of the smartphone leaders with innovative, triangular-designed air- designed to replicate your Enterprise Centre environments across popular models like the GALAXY S series conditioner and the modern cooker hob – various industries from and GALAXY Note series. But Samsung to a classroom equipped with a Samsung impresses customers? finance to education to retail spaces is more than that, and the experience 75-inch screen that, really, is masking centre is about engaging corporate its true identity as an Interactive leaders on how Samsung’s smart Whiteboard that one can write and technologies can transform the business draw on, using Samsung's touch-screen world too, says Sim. technology. To allow visitors to fully grasp the Thereafter, visitors move on to various expansive suite of products and solutions industry showcases that demonstrate that Samsung offers, the centre puts how Samsung can cater to a wide range together an experiential showcase of the of business needs. Screens that Impress group’s latest products and solutions And yet the changing industry Many screens are on proud display at the centre, by clusters, such as finance, hospitality, showcases hardly jar visitors, because but perhaps most eye-catching is the Interactive education, retail and home. each flows comfortably and easily to the Whiteboard, which piques many a visitor's curiosity. Highly interactive, it acts as a next-gen So within that 2,000 sq ft space, next. presentation tool. Features include the ability to visitors can find themselves transported As Sim explains: “We believe write notes on a Samsung mobile device and send it from Smart Home – looking exactly like creativity and dynamism thrive on being onto the board, move onscreen images using hand gestures, and transform handwriting into digitised a snazzy, modern condo complete with open and breaking down boundaries. text instantly. Samsung appliances like a smart TV, an That is why we adopted an open concept for the experience centre, rather than build cubicles and compartments across the different zones." Showcasing Smart Technologies

Enhancing the open concept are a myriad of little touches: large windows that let in natural light, multiple In 2013, Samsung opened its Enterprise between 60-80 corporate clients each mirrored surfaces that expand the Experience Centre in Singapore – back month. Inside, they experience for spacious feel of the room, and several then among the first of such spaces to themselves the latest smart technologies well-placed potted plants. All are geared open outside the technology giant’s home that Samsung has to offer. towards creating “a set-up that is country of South Korea. Andy Sim, General Manager of intimate, comfortable and interactive”, This was an important milestone Enterprise Business at Samsung, Sim adds. for the company, as it demonstrated outlines what the space is all about. “Our “The centre encapsulates our Samsung’s commitment to drive Enterprise Experience Centre is designed constant pursuit to push the boundaries innovative technologies in the country's to provide a tactile environment, where and lets us demonstrate the possibilities enterprise market. customers can touch, feel and experience of how our convergent technologies can Since then, the 2,000 sq ft centre our smart technologies.” transform the way enterprises conduct has been the crown jewel of Samsung’s Most people, says Sim, are familiar their business. It also represents a centre Rebecca Toh already-impressive offices at Mapletree with Samsung as a consumer electronics of excellence, where we continually

Business City, receiving visits from brand. This is not surprising as Samsung Photos: push the limits for our customers.” 20 21 retail Mapletree’s Asia Presence

south korea japan

china

india

vietnam

malaysia Area enlarged

shopping malls singapore around the world are reinventing themselves, adapting to the new The Great needs and wants of shopper habits

Office Industrial/ Logistics Retail Residential / Serviced Retail Business Park Apartment Singapore Singapore Singapore Saitama Singapore Singapore Tochigi Greater China Greater China Greater China Tokyo Greater China Greater China Beijing Beijing Chongqing Foshan Foshan Foshan Foshan Guangzhou Malaysia Hong Kong SAR Shanghai Revolution Perhaps it was your first date, or buying Hong Kong SAR Shanghai Hong Kong SAR Pasir Gudang Shanghai Xi'an Shanghai Shanghai Port Klang Xi'an your child’s first school bag or even India Tianjin Puchong Malaysia catching up with long-lost friends; much Japan Bangalore Wuxi Senai Malaysia Kuala Lumpur as we may take it for granted, some of Chiba Xi'an Shah Alam Kuala Lumpur Penang Tokyo Malaysia Zhengzhou Subang Jaya Penang life’s more significant events would have Vietnam taken place in a mall. Malaysia Japan South Korea Vietnam Hanoi Our affectionate reflections involving Kuala Lumpur Vietnam Aichi Anseong-si Ho Chi Minh City Binh Duong Chiba Icheon-si such mall settings underscore the Vietnam Gifu Pyeongtaek-si significance of shopping centres in our Hanoi Hiroshima Yeoju-gun everyday lives. And after some sound and Ho Chi Minh City Hokkaido Yongin-si Ibaraki noise in recent times about their possible Above Birmingham Kanagawa Vietnam often credits itself as the fate in today’s digital world, a newer and Kyoto Bac Ninh UK's 'second city' after more complex picture about the future

Miyagi Binh Duong Getty Images London, in large part due to its many bustling of shopping malls is emerging.

Photo: shopping malls Simply put, brick and mortar shops

22 23 retail

are here to stay. Though just like our proving popular in some retail segments Below Reebonz, a luxury Adamczyk predicts that retailers that goods online retailer, opened own lifestyles, they too are set for radical and an increasingly efficient means of Reebonz SPACE, a boutique started off with physical stores are set

transformations that involve, among serving the customer. complete with private to ramp up their interactive offerings. duration VIP areas, magazines and other things, injecting virtual elements For instance, more than 50% of complimentary refreshments This can help them strengthen the into the retail experience while at the international discount department store Opposite page Partnering relationships they share with customers. Airbnb, IKEA offered a few same time bumping up the physical operator Walmart’s online sales are lucky Australians the chance “We can expect more stores to offer shopping experience. Call it a merger of picked up in stores, while for consumer to sleep in-store for a night, engaging and personalised in-store as well as dinner the best of both worlds. electronics firm Best Buy, the proportion experiences to encourage customers to reach is around 40%, notes McKinsey. Former give brick and mortars another chance,” creativity THE MULTI CHANNEL EXPERIENCE online pure plays such as Oak Furniture she says. Ironically, what will keep stores open is Land and sofa.com have opened physical These include providing consumers the new shopper: the Millennials – those stores that now generate as much as 60% with product experiences where they born from the early 1980s to the early of sales. can experience a product’s weight and 2000s who have taken to online retailing material, and be guided through its the fastest and the cause of the initial ENGAGE AND PERSONALISE functionality by well-trained staff. gloomy predictions for malls. Given this desire among consumers for But to do that, retailers need to raise effectiveness It turns out that Millennials, too, the multi channel experience, Forbes’ service standards, says Tang Wee Sung, prefer to actually see, feel and try on fashion and retail correspondent Alicia chairman of CK Tang Ltd, which runs the items in person. Online retailers are TANGS department stores in Singapore, Pop-up Economy starting to realise this, and are opening during an interview with Channel Tips and Tricks: brick and mortar shops to address this NewsAsia in December last year. Pop-up stores and temporary events aren't just for small retailers and brands: preference. In Singapore, popular online “Other things they can do is to cross- McDonald's, Tesco and eBay are just a few global names that have tried their hand at such fashion retailers such as KissJane and sell – if somebody buys a shirt, suggest attention grabbers. "Pop-ups test concepts, help landlords fill retail space," noted a Wall Traceyeinny have, in recent years, taken a tie. If somebody buys a dress, suggest Street Journal headline approvingly. So what are some concepts that have caught shoppers' eyes? As you can see from the examples here, pop-ups can encompass everything from up space in shopping malls. Reebonz, a pair of shoes or handbag. Every one of food to art and traditional retail Ñ brands are limited only by their imagination. which sells new and pre-owned luxury our sales people should be like a personal items through online sale events, has shopper.” opened a retail outlet that it calls Some retailers with physical shops are Artsy Reebonz SPACE. also raising their game by injecting fun Andy Warhol in Lisbon Meet the pop-up for pop art. For this innovative project, It makes sense for retailers to have into the mix in a bid to leave a lasting a design team carved out space in a mall atrium for presences in the physical and virtual impression: like Airbnb and IKEA’s 1,500 metal paint cans. The result was an eye-catching worlds. Management consulting firm partnership to sell a night’s stay in the labyrinth that guided visitors through Andy Warhol's life and works. Thanks to its innovative and fun design, in just McKinsey & Company, in a December furniture retailer’s showroom in Sydney three months, the installation drew 100,000 visitors. 2014 article called Making stores matter last year. in a multichannel world, says that having physical stores can provide online BUILDING LOYALTY Sensory retailers with a competitive advantage. While a shopping mall’s footfall is often Scents in the City Internationally, it notes that some used as a measure of success, retailers are SC Johnson's Glade, known for their scents and air multi channel retailers have seen growth motivated by actual buyers. And to retain fresheners, erected its first-ever pop-up boutique in New York's Meatpacking District. Designed to 'sell feelings', in their online sales and penetration customers and build sales, many brands it featured five interactive areas themed around scents. among consumers who live near their and stores are beginning to seek loyalty This included the 'Scent Lab', a mosaic wall made up of stores. “Click and collect” – the idea of in the virtual world – something that is 1,500 scented candles. making a purchase online and collecting expected to continue, predicts McKinsey. the product in a physical store – is In a separate paper called Future of Emotive Chocolate with a Twist Chocolatiers Milka set up a vending machine in an Argentinian public square. To get free chocolate bars, strangers had to hold hands to link the vending machine to the company mascot, a cow. But the cow moved further away each time, forcing more and more people to join in, and creating a campaign that literally grew organically.

Festive Retail Mapletree continues to revitalise the retail tenant mix in its malls such as Festival Walk, a portfolio Game-changing property of Mapletree Greater China Commercial Digital Versus Reality Trust, in Hong Kong SAR. Oysho, the sister brand eBay took itself offline, literally, when it opened a London of international clothing retailer Zara, was among pop-up in the fashionable West End. The Christmas- the new retailers brought in. Specialising in themed boutique sold over 350 items provided by eBay lingerie, beachwear and leisurewear, Oysho opened sellers, providing customers with a chance to run their

its Hong Kong SAR flagship store at Festival Walk FG+SG Architectural Photography (Warhol); Glade/SC Johnson (Glade); eBayink (eBay) hands over products before buying something on their during the first half of this year, alongside brands mobile device. In five days, it attracted 2,500 customers.

such as Sonia by Sonia Rykiel. Photos:

24 25 travel

Left Many retail spaces, such as Dubai's WAFI Mall, are realising they need to provide a stunning visual experience to attract consumers to a shopping experience The Grand Incheon Arrival

Step inside south Korea’s third largest city, to enjoy a charming portside metropolis that effortlessly embraces the country’s past and future ›

the shopping mall published in late 2014, beyond traditional shopping. the consultancy said: “They (retailers) As London-based financial are extending their relationships with correspondent Chris Wright tells customers to before and after the mall Mapping: “Even more than is already the visit. This is about engaging customers case, the visit to the mall will be social through compelling content and creating – and will be about entertainment and deeper bonds with them through social leisure as much as it is about purchasing.” media and proprietary sites and apps, as He anticipates that developers will well as loyalty programmes.” increasingly push the envelope with American trend monitoring company mixed-use developments that house PSFK notes that retailers do this by shopping, food & beverage options, relaying key information such as product entertainment, and family-centric details, reviews and promotions, to accommodation. shoppers’ mobile devices (subject, of He cites Dubai’s Mall of the World course, to the Personal Data Protection project, expected to claim the title of the Act in the Singapore context). world's largest shopping complex, which Such targeted marketing efforts will is slated to also include 100 hotels, 20,000 in turn allow retailers to track customer apartments, 7 kilometres of climate purchases – and customise suggestions controlled promenades, an indoor theme and special offers based on the individual park, and a theatre district. Wright adds consumer’s preferences. that industry investors predict the next generation of city malls will be places DESTINATION SHOPPING where shopping is combined in equal Mall managers also play an integral parts with entertainment and leisure Incheon airport served 41 million passengers in

role to enhance the physical shopping facilities. Corbis (WAFI Mall), Getty Images (Incheon International Airport) 2013, making it one of the experience. They now need to provide In short, he says: “It’s about creating busiest airports in Asia

consumers with experiences that go well destinations in their own right.” Photos:

26 27 travel

If location is everything, then Incheon Samsung, which set up its investment world in the late 19th century – and is about as close to a perfect business destination for biotechnology at the from these locations, you can get a feel travel venue as visitors to South Korea bustling Songdo International City. of the country’s earlier architecture, can find. Positioned just 36 kilometres as well as its ancient soul. The hour- (km) west of South Korea’s capital city ARRIVING NOW long stroll covers 2 km, beginning and of Seoul, the city of Incheon is the Arguably the most internationally ending conveniently at Incheon station. country's third largest, boasting 2.9 famous aspect of the Incheon experience You first pass through the First Paeru, million residents in its own right. From is its airport. Incheon International a colourful ancient gate marking the here, ferries cross to and from China, Airport is South Korea’s largest, and is entrance to Chinatown, then head up while its bustling Chinatown and world- ranked among the world’s best. the hill northward towards Jayu Park acclaimed international airport offer In terms of attractions, the airport and its distinctive statue of US war guests a compelling glimpse of South rates highly for both traditional and hero General Douglas McArthur, who Korea both old and new. novel reasons. Its quick immigration in 1950 led a daring operation behind processes, bright and airy lighting THE MAIN EVENT and design, and seamless transport Incheon’s superb accessibility to port connections sit well with time-conscious and air connections, and close proximity business travellers. to Seoul, makes it a good option as a For those with time to kill, consider meetings and conventions hub – or exploring the airport’s more unique an ideal spot for those looking for a features, including the Korean Cultural strategic yet affordable business or Street, complete with replica giwa (tiled logistics base. roof) houses and jeongja (pavilions). Attesting to the fact that the city has There’s also a Korean Culture Museum; come of age in terms of its international seven tranquil garden spaces, an ice- standing, Incheon recently successfully skating rink, and a traditional jjimjilbang hosted the 2014 Asian Games. Kicking (bath house). off in September 2014, the 16-day event And if you are thirsty for cuteness featured 439 events across 36 sports, and and a coffee, pay a visit to the themed saw the coastal city play host to 13,000 Charlie Brown Café or Hello Kitty Café athletes and officials, as well as some for some light-hearted fun. 7,000 media. While the Games were a stirring PORTSIDE STORY international endorsement of its For those visiting Incheon for business, international credentials, Incheon’s step out for this highly recommended status as a business centre was already walk, to get your bearings and a little well-established. The city was named fresh air, by exploring the city’s port South Korea’s first free economic zone and Chinatown areas. While Incheon Above In 1883, just 4,700 enemy lines, in what would prove a key in 2003, and has attracted leading in places feels like one of Korea’s most people lived in Incheon. moment in the historic Battle of Inchon. Today, it is home to multinational companies to establish a modern cities, it is also where the some 2.9 million people Head downhill by the steps and presence – including technology giant country first opened its doors to the Left The eye-catching along the road, to the renovated Jung- Tri-bowl, in Jungyang Park, was constructed to gu District Hall, first built in 1883; then commemorate the Global turn left for a modern splash of fun, Fair & Festival held by the bottle-cap mosaic facade of café-bar Incheon in 2009 Bboya. Make your way to the Incheon Open Port Museum, set in a charming LOCAL KNOWLEDGE If you had a spare Sun- Here in Incheon, Sorae- th Incheon resident day off and wanted to pogu is a nice fish mar- 19 century building. Below it, you’ll Young Jin Lee shares go somewhere nearby ket. You can just pick see the renovated brick warehouses some insider tips to relax and unwind, some live fish, and take of the studio and exhibition spaces about the city with where would you go? them to the restaurant Mapping: "I love aircrafts and in the market to sit and comprising the Incheon Art Platform. flying. There is a very eat. Ideally, visit with a Back up the hill next, and the Qing and Favourite place in nice observatory by local, to help ensure a Japan Concession Area Boundary Stairs, Incheon for a sense of the Incheon Interna- better price." the life and vitality: tional Airport Ñ so I'd which are lined with stone lanterns, lead "I would go to Central pack a sandwich, and Name one great thing to a fascinating statue of Confucius at Park in Songdo. This go see the runway from to buy while you're the top. To its left, three murals depict is much smaller than there." there, and where to the Central Park in buy it: "In Ganghwa-do, historic scenes from the classic Chinese Manhattan, but it's still Must-try dish or a there's a big ginseng novel Romance of the Three Kingdoms. a very nicely tailor- style of food: "My first market. Ganghwa-do Beyond and inside Chinatown, the made area. You can choice would always is famous for ginseng: Corbis (Tri bowl), Getty Images (Incheon City) ride a boat taxi in the be going to a market in here you can buy the red paper lanterns indicate you’re in

lake too." any city in the world. best in the world." Photos: Chinatown proper. It was here that the 28 29 inside mapletree

famous dish jajangmyeon (noodles in Below As a global leader in the manufacture of a savoury sweet black bean sauce) was electronics, many public A snapshot of how invented – there is a museum to explain spaces in South Korea, including Incheon, brim with Mapletree has grown Commercial site acquired Contributed to the endowment LEED accreditation its origins, and of course plenty of great high-tech LED lighting and bigger and stronger in Hong Kong SAR. The fund of the Singapore Institute in India. The Global places to try the dish itself, before you screens Was raised for two Japan- site is situated in an of Technology. Mapletree Technology Park received wander back into the station. in the past year, and focused private funds. area earmarked as the now has bursary programmes the Leadership in Energy continued to meet the The two funds will territory's new Central established with five Singapore and Environmental Design strengthen Mapletree's Business District tertiary institutions (LEED) precertification Gold SEOUL FOOD varied needs of current portfolio of Japan office level, bringing the number of After your daytime business in and logistics assets Mapletree properties with and future tenants LEED certifications to five Incheon is done, it would be a crime not to explore South Korea’s capital, especially for some food and drinks. Once overlooked, Korean cuisine has now truly gone global. For a fun night out, a great street-side experience is the galmaegi-sal at Mapo Jeong Daepo, an to genuine Korean dining. authentic no-frills, Korean pork-over- You can’t leave this country without Mapletree charcoal barbeque, that sees delicious a tipple: if you’re not brave enough scrambled eggs cooked for you right in to sample its potent vodka-like grain Expands the pork fat – a dish that is truly hard spirit, soju, try instead the makgeolli, a to resist. The restaurant is on the road tangy and milky white rice drink that is behind the Seoul Garden Hotel, with just as distinctively Korean. Sanchez, a Outside Asia, the nearest subway station being Mapo. basement bar near downtown, offers 19 Or if you are entertaining business varieties of makgeolli. It is best reached and into partners, a more refined experience can from Anguk station via Exit 1 and 50 be found at East Village, a restaurant in metres along on the right. Inside, amid Serviced Itaewon between the fire station and Jeil the friendly, local atmosphere, the Communications, that has a reputation bespoke drinks are hand-mixed to share, for its confident yet respectful approach in a friendly and stylish atmosphere. Apartments

Mapletree expanded into the serviced apartment business with the signing of a joint venture agreement with US- based corporate housing and serviced apartment provider Oakwood Worldwide in April 2014. The joint venture will draw on Mapletree’s expertise in Asia and Oakwood’s strengths in North America and Europe to develop more than 100 Oakwood branded properties worldwide over five years. Soon after announcing the joint venture, Mapletree made its first serviced apartment acquisition in the US. Oakwood Silicon Valley, previously known as The Cascades Apartments, is a 184-unit freehold apartment complex located in Sunnyvale, the heart of Silicon Valley. The property is wholly-owned by Mapletree, and asset enhancement initiatives to transform this un-serviced residential rental property into a modern serviced apartment are in the works. Mapletree will continue to source for Top The picturesque 184- suitable investment opportunities with

Corbis room apartment complex is situated in Silicon the support of Oakwood to further grow

Photo: Valley, the global tech hub its serviced apartment portfolio.

30 31 inside mapletree Mapletree A Year in CSR: Strengthens Bursaries and Investments Cookouts in Japan Mapletree continued to invest in local communities during the year. A strong believer that tertiary education should not be limited to those who can afford it, Mapletree donated S$500,000 to the endowment fund of Singapore Institute of Technology (SIT), Singapore’s fifth LEED Accreditation for First tertiary institution, during the second half of 2014. With this, Mapletree has Development in India established bursary programmes with all five of Singapore's universities. By contributing S$500,000 to each of the Mapletree showcased its capital Below Energy efficient university’s endowment funds, Mapletree management capabilities once again with In line with Mapletree’s aim to be a buildings are increasingly currently offers over 30 bursary awards the closing of two Japan-focused private developer of environmentally sustainable common around the world, as businesses strive to to financially needy students annually. funds MJOF and MJLD, raising JPY65 buildings, the Group’s information From top to bottom become more eco-friendly Separately, several staff Corporate billion and JPY51 billion in committed As Asia's economic hubs, technology park development Global Hong Kong SAR and Tokyo Social Responsibility (CSR) initiatives capital respectively. First Technology Park, located in Bangalore, boast some of the most were carried out in 2014 which were MJOF seeks to invest in completed and competitive property India, was awarded the Leadership markets in the world aimed at encouraging staff volunteerism yielding office space located primarily on in Energy and Environmental Design Commercial in the community. In June, for instance, or around the fringe of Tokyo's Central (LEED) precertification Gold level. a staff CSR programme was launched Business District (CBD) and within the An internationally recognised Site in Hong where Mapletree staff were called to Greater Tokyo area, while MJLD will benchmark for green buildings, submit ideas which would involve staff primarily invest in logistics development Mapletree now has five developments participation in smaller but deserving assets and select completed logistics Kong SAR with LEED accreditations. causes. Three staff ideas were chosen, assets in Japan. Mapletree will continue to incorporate with each group given funding support The successful closing of the two environmentally sustainable designs in Acquired of S$5,000. Then in October, an internal Japan private funds comes after its developments, as green buildings can staff cookout was held at Mapletree’s Mapletree raised a US$1.4 billion China- deliver cost savings to both the building headquarters at Mapletree Business focused fund in August 2013 called the owner and its tenants. City (MBC) during lunch time. Called Mapletree China Opportunity Fund II Mapletree snapped up its first Hong Mapletree LunchIn, staff purchased (MCOF II), which was awarded ‘Asia Kong SAR commercial site in Kwun Tong, home-cooked meals and desserts Capital Raise of the Year’ at the 2013 Kowloon East, in January 2014. prepared by staff volunteer cooks. A Global PERE awards. Strategically located within an existing total of S$25,000 was raised, all of which key office cluster which is earmarked as went towards HealthServe, a non-profit Hong Kong SAR's new CBD, Mapletree community development organisation “The successful plans to develop a Grade-A office building that offers medical aid and counselling to spanning a total gross floor area of 61,344 migrant workers, and the disadvantaged closing of the two square metres (sqm) on the 5,112 sqm site. and poor in the local community. Japan-focused private The development is slated for completion in 2017 and will meet the funds comes after growing demand for high quality, large and column-free office space by financial Mapletree raised institutions, and insurance and logistics a US$1.4 billion companies, which have started to consolidate their operations in this area. China-focused fund The site in Kowloon East is the in August 2013 called second land award for Mapletree in 12 months. Mapletree had earlier won the the Mapletree China bid for a logistics site in Tsing Yi. Opportunity Fund II.” 32 33 space for rent Looking for office, retail, industrial or logistics space? Find what you need here.

Woodlands Central 33 / 35 Industrial Estate Road 3 Vietnam Singapore 739256 / 739257 Tunes for Mapletree Bac Ninh Logistics Park Contact: Leisha Tam Industrial No. 1, Street 6, Phone: +65 6377 6510 Vietnam - Singapore Industrial Park Bac Ninh, Email: [email protected] Tenants: MBC Phu Chan Commune, Tu Son Town, Contact: Denise Low Bac Ninh Province, Vietnam Singapore Phone: +65 6377 9427 Contact: Bach Ngoc Van Email: [email protected] Phone: +84 937 425 995 Gets Jazzy 2 North Unit sizes available: 240 ~ 1,400 sqm 2 Avenue 5, Email: [email protected] Singapore 554911 Unit sizes available: 2,600 sqm (from August 2015) Contact: Ng Hui Yan Vietnam Phone: +65 8500 0657 Mapletree Binh Duong Logistics Park 18 L2-1 Tao Luc Road No. 5 (VSIP II), Email: [email protected] Mapletree Business City @ Binh Duong Vietnam - Singapore Industrial Park II, Unit sizes available: 1,500 ~ 2,800 sqm Binh Duong Industry - Service - Urban Complex, Binh Duong Industry - Service - Urban Complex, Thu Dau Mot City, Hoa Phu Ward, Thu Dau Mot City, 6 Serangoon North Binh Duong Province, Vietnam Binh Duong Province, Vietnam 6 Serangoon North Ave 5 Contact: Nguyen Hoang Phuong Dung Contact: Kimberly Nguyen Singapore 554910 Phone: +84 938 612 687 Phone: +84 938 612 771 Contact: Darren Lu Email: [email protected] Email: [email protected] In July 2014, the series Phone: +65 6377 6727 Unit sizes available: “ Unit sizes available: 4,482 sqm (from April 2015) Email: [email protected] 20 units - 1,000 sqm (Factory) Mapletree continued to engage tenants featured Polkadot Contact: Philomena Loh Ready by April 2015 at its Singapore flagship development, Phone: +65 6377 7485 a Email: [email protected] MBC, through a series of entertaining + Moonbeam, Unit sizes available: 450 ~ 4,600 sqm arts performances. ukulele jazz duo, and Initiated in 2013, Arts in the City (AITC) Basin 1 - 6 Kallang Place / Kallang Avenue Office is a series of arts performances and popular vocal group Singapore 339153 workshops held at MBC throughout the Contact: Nana Cai Logistics year that sees Mapletree partner the MICappella.” Phone: +65 6377 7488 Email: [email protected] Singapore National Arts Council (NAC) to bring the Above A group of children Contact: Eileen Keak arts closer to the working community. listen to an energetic musi- Phone: +65 6377 6550 HarbourFront Centre cal duo, flanked by patrons China Email: [email protected] 1 Maritime Square In the process, AITC provides working of MBC enjoying a pleas- Singapore 099253 Contact: Alvin Ho Mapletree Wuxi New District Logistics Park professionals with more opportunities ant break from work Contact: Kathleen Ong Phone: +65 6377 7477 Jing Yi Rd & Qiang Zhai Rd, Phone: +65 6377 6178 for artistic engagement. Email: [email protected] Wuxi, Jiangsu Email: [email protected] Unit sizes available: 83 ~ 550 sqm Contact: Lee Li In July 2014, the series featured Unit sizes available: 42 ~ 1,100 sqm Polkadot+Moonbeam, a ukulele jazz duo, Phone: +86 21 2316 7772 / +86 139 1277 7196 Kulicke & Soffa Corporate Headquarters Email: [email protected] HarbourFront Tower One and popular vocal group MICappella. 23A Serangoon North Ave 5 Unit sizes available: 3,600 ~ 4,800 sqm 1 HarbourFront Place, Singapore 554369 In November, AITC partnered NAC’s Singapore 098633 Contact: Darren Lu Mapletree Fengdong (Xi'an) Logistics Park Contact: Angeline Goh Arts in Your Neighbourhood series to Phone: +65 6377 6727 Shang Hang Rd & Feng Chan Rd, Phone: +65 6377 6654 bring two consecutive days of arts Email: [email protected] Xi'an, Shaanxi Email: [email protected] Contact: Philomena Loh Contact: Shell Wu performances by contemporary dance Unit sizes available: 1,251 sqm Phone: +65 6377 7485 group Frontier Danceland, and local Phone: +86 21 2316 7770 / +86 186 2189 1890 Email: [email protected] Email: [email protected] HarbourFront Tower Two opera group New Opera Singapore. Held Unit sizes available: 280 ~ 3,200 sqm Unit sizes available: 2,900 ~ 4,000 sqm 3 HarbourFront Place, at MBC’s Open Plaza during lunch time, Singapore 099254 TIC Tech Centre these performances were well-received Mapletree Chongqing Logistics Park Contact: Angeline Goh 25 Pandan Crescent, Hua Fu Rd & Outer Ring Highway, Chongqing Phone: +65 6377 6654 by the MBC community, which enjoyed Singapore 128477 Contact: Vivi Liao Email: [email protected] the lively arts performances while taking Contact: Jean Liow Phone: +86 21 2316 7770 / +86 158 2303 0526 Unit sizes available: 360 sqm Phone: +65 9638 9433 a respite from work. Email: [email protected] Email: [email protected] Unit sizes available: 4,000 ~ 5,000 sqm Mapletree Anson In addition to hosting regular AITC Unit sizes available: 3,000 ~ 15,000 sqm 60 Anson Road, performances at MBC, Mapletree also Mapletree (Tianjin) Airport Logistics Park Singapore 079914 The Signature extends venue sponsorship at its malls to (Non-bonded) Contact: Michelle Chan 51 Changi Business Park Central 2 No. 1 & 3, No 5 Rd, Phone: +65 6377 6168 local arts groups to showcase their talent. Singapore 486066 Tianjin Airport Logistics Park, China Email: [email protected] A strong supporter of the arts, Mapletree Contact: Toh Xinyi Contact: Khriztopher Phay Contact: Chay Pui Leng Phone: +65 6377 7482 is a long-standing recipient of NAC’s Phone: +86 21 2316 7770 / +86 138 1025 2964 Phone: +65 6377 6167 Email: [email protected] Email: [email protected] Email: [email protected] Patron of the Arts award. Unit sizes available: 140 ~ 3,700 sqm Unit sizes available: 2,300 ~ 10,000 sqm Unit sizes available: 870 ~ 1,920 sqm 34 35 space for rent

PSA Building 460 Alexandra Road, Singapore Hong Kong SAR Singapore 119963 HarbourFront Centre Contact: Michelle Chan Mapletree Hong Kong Management Limited 1 Maritime Square, Phone: +65 6377 6168 Suites 2001-2, 20/F, Great Eagle Centre, Singapore 099253 Email: [email protected] 23 Harbour Road, Wanchai, Hong Kong Contact: Kathleen Ong Contact: Chay Pui Leng Phone: +852 2918 9855 Phone: +65 6377 6178 Phone: +65 6377 6167 Fax: +852 2918 9915 Email: [email protected] Email: [email protected] Unit sizes available: 42 ~ 1,100 sqm Unit sizes available: 150 ~ 1,502 sqm India PSA Vista Vietnam Mapletree India Management Services Private Limited 20 Harbour Drive, 3rd floor, Envision Technology Center, Singapore 117612 SC VivoCity #119, EPIP Area Phase I, Contact: Stella Tan Tan Phong Ward, District 7, Whitefield, Bangalore 560066, Phone: +65 6377 6182 Ho Chi Minh City Karnataka, India Email: [email protected] Contact: Pitchuda Pungkraiwut Phone: +91 80 4939 0800 Unit sizes available: 95 ~ 341 sqm Phone: +65 9710 0786 Fax: +91 80 4939 0700 Email: [email protected] Contact: Josephine Cobero Vietnam Phone: +84 908 094 088 Email: [email protected] Japan Mapletree Business City @ Binh Duong Unit sizes available: 40 ~ 1,300 sqm Mapletree Investments Japan Kabushiki Kaisha Binh Duong Industry - Service - Urban Complex, Omori Prime Building, level 10, Thu Dau Mot City, 6-21-12- Minamioi, Shinagawa-ku, Binh Duong Province, Vietnam Tokyo 140-0013, Japan Contact: Nguyen Hoang Phuong Dung Phone: +81 3 6459 6469 Phone: +84 938 612 687 Fax: +81 3 3766 3133 Email: [email protected] Unit sizes available: 190 ~ 250 sqm Mapletree Offices Malaysia Welcome to Incheon's most prestigious Singapore Mapletree Malaysia Management Sdn. Bhd. Welcome to Incheon's most prestigious A-18-5, 18th Floor, Northpoint Office, property in the heart of Songdo. Mapletree Investments Pte Ltd Mid Valley City, 1 Medan Syed Putra Utara, property in the heart of Songdo. 10 Pasir Panjang Road, #13-01, 59200 Kuala Lumpur, Malaysia Mapletree Business City, Phone: +603 2283 3128 Singapore 117438 Fax: +603 2283 6128 Phone: +65 6377 6111 Oakwood Premier Incheon is the only 5-star premium serviced residence in Incheon. Fax: +65 6273 2753 Retail South Korea OakwoodResiding on Premier the upper Incheon floors is ofthe the only Northeast 5-star premium Asia Trade serviced Tower, residence the tallest in buildingIncheon. Residingin Korea, onit offersthe upper spectacular floors of panoramic the Northeast views. Asia Trade Tower, the tallest building China Mapletree Korea Management Co., Ltd Offeringin Korea, signature it offers spectacular premium amenities panoramic and views. services including 24-hour concierge, 4F, The Exchange Seoul, security and daily maid service, each apartment is also fully furnished and equipped China Shanghai Mapletree Management Co., Ltd 45 Mugyo-Dong, Jung-gu, Offering signature premium amenities and services including 24-hour concierge, Unit 401, Silver Court, Seoul 100772, Korea securitywith a gourmet and daily kitchen. maid service, each apartment is also fully furnished and equipped VivoCity Xi'an No. 228 South Xizang Road, Phone: +82 2 6742 3200 with a gourmet kitchen. 155 South Second Ring Road West, Huangpu District, Shanghai 200021, China Fax: +82 2 6742 3230 Ideally located in Songdo International Business District in Incheon, which is positioned Xi'an, China Phone: +86 21 2316 7677 Ideallyto be the located vibrant in newSongdo business International hub in Northeast Business DistrictAsia, Oakwoood in Incheon, Premier which Incheonis positioned is just Contact: Vivian Xu Fax: +86 21 2316 7700 to20 be minutes the vibrant away newfrom business the Incheon hub Internationalin Northeast Asia,Airport Oakwoood and adjacent Premier to the Incheon city's is just Phone: +86 186 9184 4699 Vietnam convention center and shopping malls. Email: [email protected] Beijing Mapletree Huaxin Management 20 minutes away from the Incheon International Airport and adjacent to the city's Unit sizes available: 100 ~ 300 sqm Consultancy Co., Ltd Mapletree Vietnam Management Consultancy Co., Ltd convention center and shopping malls. Suite 5BCD1 Tower B, Gateway Plaza, 18 L2-1 Tao Luc 5 Street (VSIP II) 18 Xiaguangli, East Third North Road, Vietnam Ñ Singapore Industrial Park II, Malaysia Chaoyang District, Beijing 100027, China Binh Duong Industry Ñ Service Ñ Urban Complex, Phone: +86 10 5793 0333 Hoa Phu Ward, Thu Dau Mot City, Jaya Shopping Centre Fax: +86 10 5793 0300 Binh Duong Province, Vietnam Jalan Semangat, Section 14, Phone: +84 650 3543 688 Petaling Jaya, Selangor, Malaysia Guangzhou Mapletree Huaxin Enterprise Fax: +84 650 3767 678 Contact: Nora Ashikin Management Consultancy Co., Ltd Phone: +601 7330 0040 Floor 1, Block 4, Zone 1, South Station Enterprise City Email: [email protected] No. 6 Gangkou Road, Guicheng Street, Contact: Noor Aniza Nanhai District, Foshan Phone: +601 9230 6088 Guangdong 528251, China For details and reservations, please visit www.OakwoodAsia.com/Incheon Email: [email protected] Phone: +86 757 8199 3980 Unit sizes available: 12 ~ 408 sqm Fax: +86 757 8199 3974 BANGALORFor detaE BANGKOils and reK se BEIJINGrvations, CH pleasENGDe visiU GUANGZHOUt www.Oakwo odAsiaHANGZH.coOUm/I nchHONGeon KONG HYDERABADBANGALORE INBANGKOCHEONK JAKARTA BEIJING MANILACHENGD UMU GUANGZHOUMBAI PUNE SEOULHANGZH SHOUAN HONGGHAI TOKYOKONG 36 HYDERABAD INCHEON JAKARTA MANILA MUMBAI PUNE SEOUL SHANGHAI TOKYO mapping

As singapore prepares for its latest urban makeover, we look at what this ambitious city- state has achieved over past transformations

As an Asia-focused real estate investment and capital management company, we believe in the value of building strong relationships with our customers, business partners and investors. Through these, we are able to grow together and A public a create business communities that share in the rewards of our collective success.

Value through We appreciate the support of all our business tion by m a pletree group communities and are proud to be an active member of every one of them. You cannot put a price on partnerships partnerships but at Mapletree, we appreciate the value that they create.

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