Daily Briefing: GIC not worried about emerging market woes; Grab sees revenue doubling to US$2b in 2019
And two adjoining Amoy Street conservation shophouses up for sale at $50m.
GIC is “not too perturbed” by emerging market woes as they are even getting some opportunities in some markets as a long-term investor, GIC CEO Lim Chow Kiat said.
Without going into specifics, he said there were stocks and bonds where valuations had previously seemed “a bit stretched”. The current market rout may have thrown up a “window of opportunity”, he added.
He added that the current flow of international capital out of emerging markets and back to the United States, where the US Federal Reserve is pushing to steadily increase interest rates, is not new.
“Money tends to flow back to the US because interest rates are higher. Over time, the value will emerge and the money will come back,” he said, while stressing that GIC sees the ongoing rout as a “shorter-term market concern”.
Grab expects the firm’s revenue to double to $2.75 (US$2b) due to its acquisition of Uber and the firm’s expansion to bike-sharing and digital payments, Grab co-founder Hooi Ling Tan said.
The firm is on track to raise US$3 (4.13b) of funding before the end of this year. That includes US$1b ($1.38b) from Toyota Motor Corp., the Japanese automaker’s biggest investment in ride-hailing to date.
Tan said Grab will make a big push in Indonesia, where revenue has tripled so far this year and it has a 65% share in the ride-hailing market. Food delivery GrabFood, currently available in 30 cities, will be expanded to more than 130 cities by the end of this year, Tan said.
“There’s more greenfield than in any other region in the world because technology hasn’t been able to truly shape the lives of the Southeast Asia region yet,” Tan said. “The second big area is to increase our operational presence in Indonesia.”
Two adjoining prime 4-storey conservation shophouse with a combined land area of 5,375 sqft is up for sale at $50m or 3,415 psf, CBRE revealed.
The site is zoned for commercial usage under the Chinatown (Telok Ayer) Conservation Area in the 2014 Master Plan. It is well-served by a passenger lift and reinforced concrete staircases. Prominently located along Amoy Street, the property enjoys approximately 14 metres of road frontage with high visibility. An open air public car park is located right in front of the property and public on-street parking lots are available along Amoy Street and the adjacent streets.
Landmarks nearby include major integrated developments such as Tanjong Pagar Centre, upcoming Frasers Tower, upcoming ASB Tower (former CPF Building) and Ann Siang Hill Park.
Nestled within the “Chinatown – Telok Ayer Conservation Area”, an area that exudes nostalgic charm, the location is home to an eclectic mix of restaurants, local eateries, cafes, bistro bars, gym, showrooms and offices. Situated in the heart of the CBD, the property is strategically located within a 2-minute walk to both Tanjong Pagar and Telok Ayer MRT Stations.
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