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8M Real Estate Enters Agreement to Finalise Landmark Sale of 21 Carpenter

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8M Real Estate has entered into an agreement on the landmark sale of 21 Carpenter, an iconic heritage property that seamlessly merges the charm of yesteryear with contemporary luxury. In line with the company’s long-term commitment to community value, the sale of this mature asset will enable the reinvestment of these gains into new opportunities that align with its refreshed brand promise of sustainable, community-driven development.

Originally constructed in 1936 as a remittance house, 21 Carpenter comprises four conservation shophouses that have been expertly reimagined into a boutique hotel featuring 48 keys. The addition of a five-storey extension at the rear further enhances the property, creating a harmonious blend of historical elegance and modern sophistication.

Reflecting on the significance of this milestone, Darren Sabom, Managing Director, Investment Management of 8M Real Estate remarked,“We are pleased to have successfully executed our investment strategy with this sale, which unlocks new opportunities for growth. This achievement showcases the tangible benefits of our innovative asset management approach, and is a reflection of 8M’s commitment to sustainable and community-driven development.”

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The transaction sees Timemerchant Capital Pte. Ltd. acquiring the leasehold interest through the purchase of 100 percent of the shares in the holding and operating companies, with the financial terms remaining undisclosed. This deal represents the largest shophouse transaction by quantum in Singapore, eclipsing previous high-profile deals and underlining the scarcity and premium appeal of shophouse hotels in the region.

“Singapore’s status as a safe haven destination for hotel investors becomes more ironclad each year. The country continues to diversify its status as a bona fide global gateway market as an international travel destination, while its long-term economic fundamentals will ensure that its booming hotel sector will continue to attract a broader array from across the region and globe,” says Nihat Ercan, Chief Executive Officer, JLL’s Hotels & Hospitality Group, Asia Pacific.

Designed by WOHA Architects, 21 Carpenter has earned significant accolades, including the Singapore Institute of Architects (SIA) Design of the Year award and the Best Boutique Hotel award at the EdgeProp Excellence Awards 2024. These recognitions affirm the property’s pivotal role in setting new standards for design and sustainability in heritage hotel conversions. The deal also marks Timemerchant’s inaugural hotel acquisition in Singapore, a testament to JLL’s extensive network and its ability to bring innovative capital sources into emerging markets.

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Trinity Group Launches “Beli & Menang” Campaign for an Enhanced Living Experience

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Trinity Group has unveiled its ‘Beli & Menang’ Campaign to show appreciation to homebuyers for their continued support and to make the dream of homeownership more fulfilling and rewarding. The campaign, which runs until 30 June 2025, offers new homeowners of Trinity Sensoria the opportunity to win exclusive prizes valued at up to RM3 million. More importantly, this campaign helps ease the financial burden of furnishing their new homes, making homeownership even more rewarding.

Dato’ Neoh Soo Keat, Founder and Managing Director of Trinity Group Sdn Bhd, shared, “A home is not just a place; it’s a sanctuary for many. At Trinity Sensoria, we are committed to creating a living experience that enhances every moment of life, in line with our motto: Live Well, Live Secure. With our ‘Beli & Menang’ Campaign, we aim to do more than just provide high-quality homes, we’re focused on enriching the overall living experience. Additionally, we would like to do our part to ease the financial burden of furnishing a new home, ensuring our homeowners can enjoy their space from day one.

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“We want to celebrate our homebuyers by making their move-in experience as seamless and enjoyable as possible. This is our way of showing appreciation and offering them the chance to win furnishing prizes that will enrich their living experience as they settle into their new homes at Trinity Sensoria,” he added.

Exclusive Prizes Worth RM3 Million

Homebuyers of Trinity Sensoria will be automatically entered into the lucky draw when purchasing a unit between April and June 2025. The prize pool features a selection ofpremium rewards to enhance everyday living, including:

  • HABIB Gold Bars
  • Bosch Oven with Microwave
  • Gintell Massage Chair
  • LG Refrigerator
  • Recliner Sofa
  • 65-inch Sony TV
  • Robot Vacuum Cleaner
  • Dyson Air Purifier
  • Cash Prizes

A Rewarding Living Experience at Trinity Sensoria

Nestled in vibrant Beverly Heights in Ampang North, Trinity Sensoria is more than just a home – it’s a sanctuary offering the ultimate comfort, security, and style. Launched in November 2024, the development features a Five-Tier Protection System that integrates contactless technology, wellness-oriented design, physical wellness facilities, social wellness spaces, and mental wellness amenities.

The development also boasts an array of exceptional facilities, including an infinity pool, pickleball courts, a mini futsal court, an edible garden, an outdoor cinema, a Himalayan salt sauna, hydrotherapy pods, a gym, a multi-purpose hall, and a spa villa. These features create a peaceful and serene environment amidst lush greenery.

Beyond the innovative Five-Tier Protection System, homeowners also benefit from the Trinity Gold Assurance Programme, which exceeds industry standards with extended warranties and enhanced after-sales support. This initiative ensures exceptional quality while creating lasting value for future generations, reinforcing Trinity Group’s commitment to quality, security and long-term investment.

Slated for completion in 2028, Trinity Sensoria is being developed by Trinity Group, which has grown from a boutique property developer into an award-winning industry leader, recognised for its strong following and a reputable track record in delivering notable residential properties.

Visit the Trinity Sensoria Sales Gallery in Ampang to learn more about this exciting opportunity, or WhatsApp +603-8084 0808 to register your interest.

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Surbana Jurong Group appoints Lim Cheng Cheng as Group CFO

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Surbana Jurong Group (SJ) announced the appointment of Lim Cheng Cheng as Group Chief Financial Officer, effective 16 April 2025. Cheng Cheng will report directly to Group CEO Sean Chiao.

Cheng Cheng brings over three decades of experience across corporate finance, strategy, transformation, and investments in leading organisations. At Singtel, one of Asia’s leading communications technology groups, she held senior leadership roles including Group CFO, where she led financial strategy and contributed to growing its regional and digital businesses. More recently, she served as its Group Chief Corporate Officer, overseeing a broad Group portfolio including Legal, Risk, M&A, Procurement, Property, Corporate Shared Services, and the Group’s Corporate Venture fund.

Prior to Singtel, Cheng Cheng held senior finance roles at SMRT Corporation, Singapore’s leading multi-modal public transport operator, and Singapore Power, a major energy utilities provider, building a strong foundation in financial planning, investor relations, and procurement. Her appointment comes as SJ continues to evolve its Finance function to better support the Group’s strategic ambitions, strengthening financial discipline, improving financial reporting, and reinforcing business partnership across its global operating model.

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“Cheng Cheng’s appointment reflects our commitment to building a more agile, resilient, and performance-driven organisation,” said Sean Chiao, SJ’s Group CEO. “Her deep financial expertise and experience leading complex transformations will be invaluable, as we enter our next phase of growth globally.”

“SJ’s purpose of real impact, made together, is a clear commitment to creating lasting value for clients, communities, and stakeholders,” said Lim Cheng Cheng. “Its global ambitions and ongoing transformation present an opportunity for me to contribute in shaping a future-ready finance function that supports growth, drives accountability, and enables better decision-making across the Group. I’m excited by the opportunity.”

With Cheng Cheng’s joining, SJ continues to strengthen its leadership capacity to lead through change and build for the future.

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Canopy by Hilton to Debut in Tokyo

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Hilton, Mitsubishi Estate Co., Ltd. and TBS Holdings, Inc. announced the signing of the Canopy by Hilton Tokyo Akasaka as part of a mixed-use development project that will include offices, commercial facilities, theaters and halls, and hotels, directly connected to Tokyo Metro’s Akasaka Station.

Scheduled to open in 2028, Canopy by Hilton Tokyo Akasaka marks the debut of the brand into Tokyo and the Kanto region of Japan and will be the third Canopy by Hilton hotel in Japan. The Canopy by Hilton portfolio includes more than 40 open properties around the globe across 13 countries and territories. Each hotel offers an elevated stay experience through maximising local charm, refined design, and tailored food and beverages to suit guests’ preferences.

The Canopy by Hilton Tokyo Akasaka will be located on the 7th to 18th floors of a mixed-use building in the west block of the Akasaka area development project, “Akasaka 2-Chome and 6-Chome District Development Plan,” led by TBS and Mitsubishi Estate. The building will be 18 stories tall. The hotel will feature a total of 174 guest rooms, primarily around 31 square metres in size, including 24 suites. It will offer two dining options: a restaurant and bar, and a terrace café with panoramic views of the Akasaka area. Additional amenities will include a 77-square-metre meeting lounge, as well as a 24-hour fitness room.

The building will be directly connected to Akasaka Station on the Tokyo Metro Chiyoda Line. The lower floors are set to include theaters and halls, aiming to establish the building as a hub for entertainment in the Akasaka area. Its convenient location provides easy access to business districts and various tourist attractions across Tokyo. Additionally, limousine bus services to and from airports are planned.

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“We are truly honoured to announce the signing of the Canopy by Hilton Tokyo Akasaka in partnership with Mitsubishi Estate and TBS. In recent years, demand for lifestyle brands has been increasing in the hotel market. By introducing the Canopy by Hilton brand in Tokyo, one of the world’s top destinations, we will be able to cater to the diverse needs of our guests. We look forward to welcoming visitors from Japan and abroad and offering an experience that allows them to fully enjoy the charm of the Akasaka area,” said Joseph Khairallah, area vice president, head of Japan, Korea & Micronesia, Hilton.

“We are very pleased to welcome Hilton as the hotel operator for this mixed-use development aimed at establishing Akasaka as a hub for entertainment that reaches the world. With the first entry of the Canopy by Hilton brand in the Kanto region, we aim to further enhance the charm of the area, including its history and culture,” said Yuji Fujioka, Representative Corporate Executive Officer and Deputy President of Mitsubishi Estate Co., Ltd.

“We are very pleased to welcome Hilton, and to announce the development of Canopy by Hilton Tokyo Akasaka as part of this project. We look forward to creating new experiential value for visitors from both Japan and abroad through the synergy with our media content in the newly revitalized Akasaka area,” said Tatsuo Sugai, Executive Vice President & Board Director of TBS Holdings, Inc.

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Johnson Controls Launches Emiratization Engineering Programme

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Johnson Controls recently unveiled its Emirati Engineering Program, a first-of-its-kind training initiative in the UAE designed to empower the next generation of Emirati engineers and technical sales professionals. Launching this summer, the programme marks a significant investment in the development of Emirati talent, supporting the UAE’s Emiratization strategy and reinforcing Johnson Controls’ commitment to fostering a skilled workforce for the future of sustainable infrastructure.

A Vision for the Future of Emirati Talent

The two-year programme offers young Emiratis the opportunity to gain hands-on experience and specialised skills across key technical domains including Installation & Service Operations and Technical Sales. By providing structured rotational programs in these areas, Johnson Controls is equipping participants with the tools, mentorship, and exposure needed to excel in engineering and smart infrastructure sectors.

“We are proud to launch this unique initiative to develop the next generation of Emirati engineering experts,” said Devrim Tekeli, vice president and general manager, MEA, Johnson Controls. “The UAE is a leader in smart buildings and sustainable infrastructure, and engineering talent is essential in driving this transformation. This program will allow participants access to world-class training and career pathways to make a lasting impact in the industry.”

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A Structured Pathway to Engineering and Leadership Excellence

The Emirati Engineering Programme offers six structured rotations across the following key areas:

  • Installation & Service Operations – Engineering design interpretation, equipment installation, troubleshooting, and preventive maintenance.
  • Technical Sales & Customer Engagement – Product knowledge, market analysis, customer relationship management, and sales strategy.

Graduates of the programme will be skilled to assume leadership roles in engineering, project management or technical sales, supporting Johnson Controls’ mission to deliver smart, efficient, and sustainable solutions for the future.

Building Emirati Talent for a Sustainable Future

“Our Emirati Engineering Programme is more than just a career development initiative, it’s a testament to our long-term commitment to the UAE’s Emiratization Vision,” said Lama Gebara, senior HR director, MEA, Johnson Controls. “As customers increasingly seek holistic building partners with end-to-end expertise, fostering technical talent in our sector has never been more crucial. Students will have the opportunity to learn from a global leader at the forefront of solving the world’s biggest energy efficiency and sustainability challenges and become part of our 30,000 strong family of service technicians around the world.”

Applications for the Emirati Engineering Program are now open. Interested candidates can learn more and apply here.

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Diriyah Company Sets a Guinness World Record for the Largest Construction Safety Lesson

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Diriyah Company has set a new Guinness World Record for the largest construction safety lesson, with the participation of 2,864 workers in Diriyah’s Wadi Safar development. The record was achieved in collaboration with Al-Rashid Trading & Contracting Company (RTCC). The World Record certification ceremony was held at Diriyah Company’s head office on 14 April 2025. Jerry Inzerillo, Group CEO of Diriyah Company, attended the ceremony alongside official representatives from Guinness World Records.

The 30-minute safety lesson focused on the “Top Five Critical Safety Hazards in the Construction Industry” and was conducted by a single safety instructor. Touching on key health and safety measures directly relevant to their daily tasks, the lesson highlighted the importance of safe working practices and personal responsibility on-site and is part of a broader commitment to safety training. Ongoing assessments will be conducted on-site, and additional training will be provided by Diriyah Company’s Occupational Health, Safety & Security programme.

To accommodate the scale of the exercise, a dedicated outdoor venue was constructed with a specially designed stage, creating an environment conducive to learning while also supporting the official record attempt. To accurately measure participation and uphold the integrity of the record attempt, a structured entry and exit system using special gates was implemented. This method provided a precise number of attendees, ensuring compliance with the record requirements. Through this initiative, Diriyah Company not only set a new benchmark in construction safety training but also reinforced its solid commitment to workers’ well-being.

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Jerry Inzerillo, Group CEO of Diriyah Company, said: “This new world record, in which Diriyah’s project staff gathered in Wadi Safar, one of Diriyah Company’s masterplans covering an area of over 62 sq km demonstrates our unwavering commitment to safety and our goal of ensuring everyone returns home safely to their families. Our Health & Safety management system goes above and beyond to ensure and protect the welfare of employees, contractors and on-site teams working across the Diriyah project.”

Diriyah Company upholds the highest safety standards across its construction and development sites, reinforced by regular training sessions for both internal teams and external contractors. To date, Diriyah Company has achieved a Total Recordable Incident Rate (TRIR) of 0.015 for ongoing infrastructure projects.

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Linklaters Advises on Equinix’s First Green Bond Issuance in Singapore

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Reading Time: < 1 minuteLinklaters advised the joint book running lead managers on the green bond issuance of S$500m 3.50 percent notes due 2030 by Equinix Asia Financing Corporation Pte. LtdLinklaters advised the joint book running lead managers on the green bond issuance of S$500m 3.50 percent notes due 2030 by Equinix Asia Financing Corporation Pte. Ltd., a wholly-owned subsidiary of Equinix. This transaction marks the inaugural green bond offering by Equinix in the Singapore market and the first US corporate to access the Singapore dollar market in over five years.

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Equinix is a global digital infrastructure company specialising in data centres and interconnection services. Proceeds from the issuance will be used to finance or refinance eligible green projects. The Linklaters team was led by partner and head of Southeast Asia capital markets Amit Singh, with support from capital markets counsel Xunming Lim, managing associate Calvin Soon and associate Edward Lee.

Linklaters has a prominent reputation in the Asia capital markets, providing clients with practice expertise and commercial insights to capitalise on opportunities. With one of the largest teams focused on Southeast Asia, the firm has worked on numerous high-profile and landmark transactions.

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Contractor Sentiment Generally Positive as the Worst of Price Pressures Ease

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Reading Time: 2 minutesThe cost to fit out an office in key locations across Asia Pacific has continued to rise, although at a slowing rate, according to findings from Cushman & Wakefield’s Asia Pacific Fit Out Cost Guide 2025. The global real estate service provider’s annual report showed that fit out costs range from US$195 per square foot (psf) in Tokyo as the most expensive market, to US$58 psf in Jakarta as the least expensive. In Greater China markets, Hong Kong was at US$160, Beijing at US$100, and Shanghai at US$96.

Similar to previous years and in line with expectations, Japanese cities were the most expensive markets, while Southeast Asian cities were the most affordable locations for office fit-outs. While there was some fluctuation at a market level and within local currencies, the ranking of most to least expensive fit-out costs in US$ per square foot remained largely unchanged, though gaps have narrowed between some markets. Hong Kong was a notable market mover, moving up from ninth to fifth in the Asia Pacific listing, overtaking Auckland, Seoul, Sydney, and Melbourne, due to the strong US$ and, consequently, the HK$.

Report author Dr Dominic Brown said changes to local fit out costs were largely aligned with the economic outlook of each market and the related office leasing activity.

“As a region, Asia Pacific is one of the more expansionary, and we have seen more growth and slightly more positive sentiment about the market by contractors here than in other regions.

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“Measured by both contractor sentiment and actual cost, it appears that the worst of the pricing pressure from recent years has resolved and prices for raw materials are on the way down while tight labour markets continue to drive some wage inflation.”

In local currency, North Asian cities including Tokyo, Seoul and Osaka saw the greatest fit-out cost inflation of around 16 percent, followed by Australian cities, which averaged 11 percent. India recorded steady inflation of around 3 percent in most cities. In contrast, slower economic conditions in the Chinese mainland served to dampen contractor pricing change.

In the Chinese mainland, against the dual backdrop of a slowdown in domestic economic growth and escalating international trade conflicts, tenants have adopted a more cautious approach in their office leasing decisions. Meanwhile, the construction market continues to undergo structural adjustments, and the Consumer Price Index (CPI) has remained at a low level for a long period. Office fit out costs in Chinese mainland Tier 1 cities have seen a degree of decline compared to the previous year, as reflected in the 2025 report.”

Read the full report here.

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Aurecon Appoints Todd Battley as Australia Chief Executive

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Reading Time: 2 minutesInternational design, engineering and advisory company Aurecon has appointed respected industry leader Todd Battley as its new Chief Executive for Australia. Battley will work closely with incoming Group Chief Executive Officer Louise Adams and other members of Aurecon’s Group Executive Leadership Team to drive strategic growth across Australia and shape Aurecon’s global response to the future of engineering, design and advisory services.

Battley joins from AECOM where he held roles including Chief Strategy Officer and Chief Executive for Australia and New Zealand. Throughout his 29-year professional career he has developed a purpose-driven and collaborative leadership style focused on inspiring innovation and achieving business growth.

Incoming Aurecon Chief Executive Officer Louise Adams said society was currently in an era where complex problems required solutions based on engineering, science and technology combined with sound human judgement.

“We’re operating in a time of rapid change, with sustainability, urbanisation, and digital transformation at the forefront. This requires leaders with deep expertise and broad experience across varied industries and geographies,” said Adams.

“Todd has the capabilities and breadth of global experience to steer Aurecon to take advantage of opportunities particularly in the water, energy and infrastructure sectors, ensuring that we scale effectively while remaining agile and responsive to our clients’ needs.

“Todd’s extensive experience in strategy, coupled with his passion for people, clients, and performance, will drive Aurecon’s Australian business to even greater success.”

Battley said that Aurecon’s culture resonated with him deeply and he was looking forward to taking on this pivotal role.

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“I thrive on leading and inspiring teams, delivering meaningful impact and have a passion for innovation and integrating diverse capabilities to deliver seamless client service offerings,” said Battley.

“I’m looking forward to steering Aurecon to continue to innovate and do things differently. Within our sector, there is huge potential to scale our services, and in an increasingly cost-conscious environment, the key to our success will be delivering differentiated client service effectively.

“Aurecon’s purpose of bringing ideas to life and creating a better future for people and the planet aligns with my own values, and I’m looking forward to leading teams in an environment where collaboration, creativity, and a deep sense of responsibility thrive.”

Battley will join Aurecon’s Group Executive Leadership Team and lead the Australian Leadership Team. Battley is based in Brisbane, grew up in Townsville and graduated as a civil engineer from James Cook University in Queensland.

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Heatherwick Studio Wins Competition to Redesign Seoul’s Coex Convention Centre

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Reading Time: 2 minutesHeatherwick studio has been selected as the winner of the competition to reimagine the purpose and facade of the Coex Convention Centre in Seoul. The project is an opportunity to redefine the face of one of the most prominent conference and exhibition destinations in South Korea. In collaboration with the Korea International Trade Association (KITA), the design will transform the current generic glass structure into a gathering place, reflecting the ever-changing spirit of Seoul.

Currently, Coex spans 350 metres, with a largely unremarkable facade that fails to communicate the building’s role as a hub for trade, culture, and innovation for the country. The studio’s winning design introduces a bold concept inspired by the idea of a “Cabinet of Curiosities,” turning the conference centre into a destination to explore and a reason to come to the area even when not attending a formal event.

The design features modular ‘boxes’ of varying sizes stacked along the exterior, serving as ever-changing spaces for exhibitions, public engagement, and conference functions. The goal is to maximise material reuse to create a new facade that is open, engaging and unmissable – breaking away from the fortress-like appearance of the current structure.

Stuart Wood, Executive Partner and Group Leader at Heatherwick studio, said: “Ironically for places that bring people together, most convention centres feel imposing and uninviting and are often devoid of public activity. Our design will radically reinvent Coex to become a new cultural destination for the city of Seoul that attracts both locals and visitors alike. Varied and unusual, our ‘display case’ design offers endless potential to curate art, performance, dining, entertainment, and nature and is a true representation of Seoul’s creative power. We want Coex to become an irresistible place that is open, dynamic and always culturally relevant.”

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Beyond its aesthetic transformation, the project aims to integrate the building more seamlessly into the surrounding area. The ground floor will be reimagined as a public space, designed to offer a mix of activities that invite both visitors and locals to stay and explore. This new public realm will connect with the adjacent park giving the community of Gangnam a gathering space, whether attending an event or not.

At the upper levels, new indoor and outdoor spaces will support official events while also offering public access to a sky garden and viewing deck, providing expansive views of Seoul and the Han River. The experience is designed to remain relevant and exciting even when no major events are taking place at the venue. The studio’s proposal incorporates a strong commitment to sustainability, ensuring that Coex not only meets but also exceeds future environmental standards. The project prioritises:

  • Maximising material reuse
  • Enhancing energy efficiency
  • Improving indoor and outdoor environmental comfort
  • Fostering overall well-being for visitors and occupants

Slated to be completed in 2029, the project joins the studio’s growing portfolio in South Korea, which includes the reimagination of Nodeul Island on the Han River and a new vision for Hanwha Galleria in the district of Gangnam.