Tencent Music charges for more content as paying users drive profit beat | Anthony S Casey Singapore

A Tencent sign is seen during the fourth World Internet Conference in Wuzhen

A Tencent sign is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, Dec. 4, 2017. REUTERS/Aly Song/Files

BEIJING (Reuters) – China’s Tencent Music Entertainment Group said it had started charging for more of its content in the first quarter as the popularity of its pay-for-streaming services helped drive up profit to above expectations.

The company, controlled by Chinese tech giant Tencent Holdings Ltd, reported results for the second time since it went public in December and said paid users of its online music service jumped 27.4% to 28.4 million in the three months ended March 31.

Shares of the company, however, fell 3.6 percent in after-hours trading, in tandem with a sell-off in the broader market triggered by an escalation in the U.S-China trade dispute.

“As our users increasingly consume music content through streaming services, we are riding on this trend to gradually transition into a pay-for-streaming model over the coming years,” CEO Cussion Pang said in a statement on Monday.

Unlike Western peers such as Spotify Technology SA, Tencent Music generates only a fraction of revenue from music subscription packages, and instead relies heavily on services popular in China such as online karaoke and live streaming. The Swedish streaming service is a stakeholder in Tencent Music.

Tencent Music expects its decision to shift more music behind a paywall, including music from popular Taiwanese singer Jay Chou, to bring in more revenue generated.

While pay-for-streaming accounts for a very small percentage of Tencent Music’s total offering, the company is gradually adding to the list, Chief Strategy Officer Tony Yip said on a post-earnings conference call.

“It will take some time to promote a broader user adoption. We are seeing encouraging results so far, which gives us confidence this is the right strategy,” Yip said.

In the first quarter, the company earned 0.72 yuan per American depositary share, excluding items, beating analysts’ average estimate of 0.69 yuan, IBES data from Refinitiv shows.

Revenue growth of 39% to 5.74 billion yuan ($835 million), however, fell short of analysts’ estimate of 5.797 billion yuan.

“As Chinese consumers are getting more and more used to the paying model, and TME is the biggest company in the business, long-term prospect looks still very positive,” said Li Chengdong, a Beijing-based tech analyst.

The company also said its co-president and director, Guomin Xie, had resigned due to personal reasons and named Zhenyu Xie as its chief technology officer.

($1 = 6.8765 Chinese yuan)

(Reporting by Akanksha Rana in Bengaluru and Pei Li in Beijing; Editing by Sayantani Ghosh and Himani Sarkar)

Making money from music | Anthony S Casey Singapore

Despite a multi-billion dollar music industry in Australia, most musicians are just scraping by. Here are the Aussie music buffs fighting to change that, in different ways.

It might surprise you to learn that there’s a lot of money in Australia’s music industry. It contributed up to $6 billion to Australia’s economy in 2016.  And on a world scale, our music market is the sixth largest for overall revenues. Now, this may bring to mind musicians cruising on private jets and lounging poolside with endless champagne. But don’t let the billion dollar figure fool you.

In reality, Aussie musicians aren’t breaking the bank. Only a tiny fraction – 16 percent – of professional musos make more than $50,000 a year. Even well-known artists like singer-songwriter Montaigne have revealed they make a measly $200 per week.  Musicians face a list of challenges, from being squeezed out music venues and studios by noise complaints, to not having the time, money or business skills to launch a music career.  And as more Australians access music through streaming platforms like Spotify and Apple Music, cultivating a solid fan base – and making money from it – represents its own obstacles.

These platforms are now an important part of building an artist’s career, with about four million Australians paying to subscribe to a streaming service (that’s around one in every eight Australians). A small amount is paid per stream to the holder of the music rights (so the more streams the better).  The surge in streaming contributed to a five percent increase in the value of Australian recorded music in 2015, according to the Australian Recording Industry Association (ARIA). And in 2017, Australian and New Zealand artists collectively earned $62 million in royalties from Apple Music and Spotify.

But streaming isn’t hitting the right note for all musicians. While it’s boosted income for more niche artists and genres, other acts are reportedly struggling to cash in. And if an artist’s music doesn’t easily fall into a streaming playlist it’s harder to make money.  Spotify and Apple Music have also been criticised for underpaying artists.    In Australia, while commercial radio has quotas for local content, the streaming giants don’t.  In recent years, the body that collects royalties for musicians (APRA) has pushed for streaming services to commit to a minimum 25 percent of Australian music in their playlists. (The same figure governing commercial radio in Australia.)

So how can Aussie musicians really make a living?

Live Australian Music Venues

In episode six of The Few Who Do, co-hosts Jan Fran and Marc Fernell meet two music buffs tackling the challenge in different ways. Helen Marcou has been fighting to protect Melbourne’s live music scene and the livelihood of its musicians, who have been pushed out of venues and studios by noise complaints.  And, well-known singer-songwriter Clare Bowditch has been teaching other musicians the road to success by helping them develop the ‘skills to pay the bills’.

For ARIA-winning Bowditch — who was also named Rolling Stones Australia’s 2010 woman of the year and toured with Leonard Cohen — strong work ethic is in her blood. Her mother’s family got by in Amsterdam during World War Two by making hair curlers out of steel. And her father — one of five in a single mother family — got his first job at ten at a petrol station. “What they did teach me was the value of supporting yourself and making a living early,” says Clare Bowditch. “So I, like them, wanted to be able to contribute at least to be able to buy my own smokes you know,” she says.

In episode six, hear her story of success against the odds and how this has compelled her to help others by creating Big Hearted Business. It was designed to help train and mentor young creatives to make money. And make it last. “I realised the gap existed still. How do we teach creative people about business in ways that make sense,” she says.

Helen Marcou studio Australian Music

Helen Marcou, co-owner of Bakehouse Studios

Helen Marcou has been navigating the industry’s challenging landscape in a different way.  For almost 30 years, she and her partner Quincy have run Bakehouse recording studio in Richmond, Melbourne. In episode six, you’ll hear how the squeeze on musicians from residential development (and the noise complaints it’s brought) presented one of the greatest challenges to live music in Victoria.  “What that created was this scenario where there was no protection of live music in Victoria,” says Helen Marcou.

It might go without saying that without places to rehearse and play, live music would die – and with it, the livelihood of musicians. But Helen Marcou didn’t back down without a fight. She reveals the lengths she and others in the industry went to save live music in Melbourne. It’s got to do with something called Agent of Change and took years of lobbying government. But the outcome has rippled through Australia and beyond.

Find out more in episode six of The Few Who Do, hosted by Jan Fran and Marc Fennell.

____________

Over 16 episodes, Marc and Jan will tackle the big questions in society and culture today, and hear personal stories from Australians with big ambitions, entrepreneurs and small business owners advocating for change.

Because there is often more than one approach to our biggest problems, each episode, Marc and Jan will delve into different possibilities and get to know the people behind the ideas.

LISTEN TO EPISODE 6

_____________________________________________

Introducing ‘The Few Who Do’

Two hosts, one problem, two possibilities…

Presented by Jan Fran and Marc Fennell ‘The Few Who Do’ tackles the big questions in society and culture today.

Whose responsibility is it to make our streets safe for women? How will we support a growing population with dwindling food resources?

We’ll hear personal stories from Australians with big ambitions, entrepreneurs and small business owners advocating for change.

The Few Who Do is an SBS podcast with CGU Insurance.

Dropping into your feed March 1

 

Upcoming episodes of The Few Who Do will examine

  • Why are Australians risk averse?

Only a small numbers of Australian companies are developing bold global innovations. How do we inspire more ambition and innovation?

  • How do we secure our food future?

Global population is predicted to hit 10 billion by 2050. Coupled with extreme weather patterns caused by climate change, our daily meals will look a little different.

Guns N’ Roses Sues Colorado Brewery Over Guns N’ Rosé Beer – Bloomberg | Anthony S Casey Singapore

Guns N' Roses performs with singer Myles Kennedy after their induction into the Rock and Roll Hall of Fame in Cleveland in 2012. 
Guns N’ Roses performs with singer Myles Kennedy after their induction into the Rock and Roll Hall of Fame in Cleveland in 2012.  Photographer: Tony Dejak/AP

Los Angeles (AP) — The rock band Guns N’ Roses is accusing a Colorado brewery of piggybacking off their fame to sell beer and merchandise.

The band filed a trademark infringement lawsuit Thursday against Colorado-based Oskar Blues Brewery, which sells Guns ‘N’ Rosé beer and merchandise and bandannas the group says are associated with singer Axl Rose.

The complaint says Oskar Blues applied to trademark Guns ‘N’ Rosé last year and abandoned the effort after the band objected.

The lawsuit says the brewery is still selling the beer and the merchandise.

The band wants a court order blocking the brewery from misappropriating its name, destroying the products and turning over profits from Guns ‘N’ Rosé and other monetary awards.

Oskar Blues marketing director Kyle Ingram did not immediately return a telephone message seeking comment.

TikTok Is the New Music Kingmaker, and Labels Want to Get Paid – Bloomberg | Anthony S Casey Singapore

They’re seeking a better deal after they missed the rise of the social video platform and sold music rights for a flat fee.

May 10, 2019, 4:00 PM GMT+8
Lil Nas X performs onstage during the 2019 Stagecoach Festival at Empire Polo Field in Indio, Calif., on April 28, 2019. 
Lil Nas X performs onstage during the 2019 Stagecoach Festival at Empire Polo Field in Indio, Calif., on April 28, 2019.  PHOTOGRAPHER: MATT WINKELMEYER/GETTY IMAGES

Fitz and the Tantrums were wrapping up the tour for their third album last year when their label, Atlantic Records, told them that their song HandClapwas climbing the charts in South Korea. “We were shocked,” says Lisa Nupoff, one of the group’s managers. The Los Angeles-based pop band had never been there, or anywhere in Asia for that matter. But by April of 2018, HandClap had topped the international charts in the world’s sixth-largest music market, outperforming Camilla Cabello’s Havana, the most popular song in the world last year. A couple months later, the song surpassed 1 billion streams in China—even more than it had received in the U.S.

Nupoff credits much of the song’s success in Asia to TikTok, a social video app that allows users to record and share short clips of pranks, dance routines, and skits set to music. The song took off in South Korea after the 1Million Dance Studio troupe recorded a video set to the song, which other users replicated in their own videos. It went viral in China after a player of the video game PlayerUnknown’s Battlegroundsuploaded a film combining gunshots of a weapon from the game with HandClap to Douyin, TikTok’s China-only equivalent. “It was just fans listening to the song, posting videos, and doing dances in their homes,” Nupoff says.

TikTok and Douyin, both owned by the Chinese startup Bytedance Ltd., are propelling songs from obscurity to ubiquity overnight, rewriting the path to stardom for some acts. While Fitz and the Tantrums had already experienced success at home, the burst of fame on TikTok persuaded the band to focus on Asia as it rolls out its new album.

The list of acts that owe sudden success to TikTok grows by the day. Lil Nas X just scored a No. 1 song on the Billboard charts—and a record deal—after his song Old Town Road went viral on TikTok. And Supa Dupa Humble, a producer from Brooklyn, doubled his daily streams. “If you can get a song on Douyin, you suddenly get a viral impact,” says Simon Robson, the head of Warner Music’s Asian operations.

relates to TikTok Is the New Music Kingmaker, and Labels Want to Get Paid
Videos of web users dancing to HandClap became a phenomenon across much of Asia.

Musicians first met TikTok as musical.ly, a lip-syncing app founded in California and Shanghai in 2014 that had amassed more than 10 million daily users—mostly teens—by the middle of 2016. Music writers labeled it the new Vine, the now defunct short-form video app owned by Twitter Inc. Bytedance, which also operates one of China’s most popular news apps, saw enough potential in short music-enhanced video that it created its own service, Douyin, later that year. Douyin attracted 100 million users in less than 12 months; a separate app, TikTok, was created for outside the mainland.

Bytedance swooped in to acquire Musical.ly in November 2017 and folded it into TikTok, centralizing the pranks—and the music licensing—under one company. The app’s popularity has since surged. TikTok has been downloaded more than 1 billion times worldwide, and is available in more than 150 markets. It was the most downloaded free app in the world for a time last year.

The app’s sudden rise caught record labels off-guard and revived an old debate in the music industry: Is this new internet service giving artists free promotion, or simply getting rich off their work? Record labels have resisted hundreds of companies, including MTV and YouTube, that wanted to offer music for free and pay little in return. As paid streaming services Spotify and Apple Music have revived record sales in recent years, labels have tried to squelch any app that offers music for free.

TikTok, however, presented a new way to promote songs. Unlike YouTube, which features full songs, TikTok lets its users include only snippets of music in their 15-second clips. So record labels licensed TikTok the rights to music for a flat fee of only tens of millions of dollars, comparable to what record labels get from Spotify each week, to test what would happen. The growth of TikTok and the news app Toutiao has boosted the valuation of Bytedance to about $75 billion, making it one of the world’s most-valuable startups. That rankles the music labels, which are still being paid under the original low-priced deal. “When I left [last year], the industry said these deals are not going to work anymore,” says John Bolton, a music executive who helped Bytedance strike its previous deals with music companies. “It sounds like that still has not been figured out.”

Labels are now asking Bytedance for hundreds of millions of dollars in guaranteed licensing payments, and they’ve threatened to pull their music from the app’s library if they aren’t rewarded.

TikTok would be rather boring without music, says Yang Lu, the general manger of music for Bytedance, which is now planning its own paid music service. But he’s quick to add that the app has been beneficial to the music industry, by creating programs to support independent artists in China, Japan, and South Korea, and has teamed up with labels around the world to help promote releases. And there’s little question that Bytedance’s apps motivate music lovers: On any given day, as many as half the songs in the top 10 on Chinese music services have been made popular by TikTok or Douyin. “We are not a music promotion app,” Lu says. “But we did happen to have a huge impact on music promotion. We are a very positive force.”

Many artists agree. Supa Dupa Humble promoted his song Steppin on Instagram when he first released it in 2017. The track garnered more than 3 million streams, enough to earn Supa, whose real name is Tarique St. Juste, a deal with Roc Nation, an entertainment company founded by hip-hop mogul Jay-Z. Supa had never heard of TikTok when he first learned his song was going viral, but daily streams of Steppin on music services more than doubled as soon as people started including it on videos on the app. The song has since been streamed more than 19 million times. “It’s a meme world,” he says. “TikTok exposed us to a whole new set of fans.”

The challenge for artists like Supa is figuring out how to capitalize on that growth. HandClap was a hit before it got to China, reaching the top five on the alternative and rock charts in the U.S. in July 2016; it’s Fitz and the Tantrums’ first song to go double platinum. But it didn’t start to gather fans in South Korea until almost two years after its U.S. release. Listeners in South Korea and China know HandClapfrom watching app clips, but many have never heard of Fitz and the Tantrums.

The band will now travel to Asia in conjunction with the release of its fourth album. Nupoff has been working closely with Warner’s labels in South Korea and China to build relationships with streaming services in the region. “2018 was the year China and Korea exploded,” she says, “and 2019 is when we hope to harness it.”

Singapore Leading in Urban Innovation

Singapore Leading in Urban Innovation - Anthony S. CaseySingapore, located on the southern tip of peninsular Malaysia, was recently named one of the principal cities leading the way in urban innovation. This is due to Singapore’s distinctiveness as a region that’s able to blossom and endure, despite limited resources. Some of the other metropolitan included on this list are Medellín, Colombia; Houston, Texas; and Vancouver, British Columbia.

Singapore managed to find it’s way to the top of this list due to their ability to manage extremely limited resources. Despite setbacks, Singapore has been able to effectively promote education, maintain a government that’s reasonably free of corruption, and supports business. With very few resources to their name, Singapore has managed to be a financial, transport, and global commerce hub. The technology-ready island city-state frequently depends on the neighboring country Malaysia for its water, and imports nearly all of their food.  Also, approximately 30 percent of their population consist of non-permanent residents to stimulate the economy.

Singapore looks to the sea and sky to meet its water needs. Rainwater is treated to produce drinking water and water for flushing the toilet. Also, the two desalination plants can churn out 100 million gallons of water each day, using rainwater. There’s an ambitious wastewater reuse system in Singapore, which uses ultraviolet light as a disinfectant and advanced membrane filters. Though public water is sanitized to the point of it being safe for public consumption, it’s reserved for industry and air conditioning.

The bustling city is roughly the same size of New York City, and it’s considered to be “a city innovating under constraint.” More than other cities, Singapore was able to make significant use of limited space, and they’ve initiated “congestion pricing,” where drivers are charged when commuting into the business district during the bustling rush hour. Local government cap the number of vehicles that can be registered, and satellite devices track driving distances and adjusts tolls based on traffic. Motorists tend to pay quite a bit for commuting, but many have learned how to alleviate the financial burden of owning a car by doing their maintenance, utilizing carpooling services, and enrolling in gas station memberships.

Singapore’s ability to innovate has made the state attractive to tourists and real estate experts.

Manulife Prices Singapore IPO at the Top

Singapore is expecting the country’s biggest equity fundraising in nearly two years in retail investment.

Manulife US Real Estate Management Pte. Ltd. has started taking orders from retail investors for its US$470 million initial public offering.

Manulife US REIT said it will sell 566 million units, of which 169.54 million are being taken up by select investors.

 Read more at the Wall Street Journal.

Bigger is Better

In Singapore, bigger is better. Its buildings are getting higher and higher. People are moving to the city from all over the region and all over the world. Australians and Chinese are ready to support the city’s growth. And it’s growing, up and out, as the investment in real estate proves.

Singapore real estate investment trusts (REITs have grown into a $48 billion market since they first hit the ground running in 2002. In fact, they are the sixth-largest determining market capitalisation, according Bloomberg data. More than half of the 35 REITs listed in Singapore have a market capitalization of less than $1 billion, the data show. The city-state’s largest REIT, with assets of $5.6 billion, is the CapitaLand Mall Trust.

The trust has a market capitalization of S$730.5 million ($536 million). It focuses on industrial real estate assets. Read more about the gritty numbers on Bloomberg.

Last year, Singapore Exchange Limited (SGX: S68) launched a number of new stock market indices.

SGX S-REIT 20 Index, a market capitalisation-weighted index measures the performance of the twenty biggest, most influential, and most tradable REITs in Singapore’s stock market.

The index registered 5.2% in total returns from the start of 2016 to April 6th of 2016.

The REIT-focused index is diversified according to sector. The largest group are the Retail REITs.  These account for nearly 30% of the index. Thie big retailREITs to know are CapitaLand Mall Trust (SGX: C38U) and Mapletree Commercial Trust (SGX: N21U). Also, the index last year had a dividend yield of 7.2% with the highest yielding being CDL Hospitality Trust (SGX: J85) and Frasers Commercial Trust (SGX: ND8U).

Why is this important to acknowledge?

REITs matter. They need to be part of the overall system, as REITs that excluded from the broader index are significantly disadvantaged. Now that markets are bifurcating, many investors will only consider REITs included in indexes. For good reason. In Singapore, look out for these leaders!

 

Family-Friendly in a Modernized Joo Chiat

Joo Chiat Singapore

Singapore is a historic center bristling with a legacy of trade and commerce, marked with modern architectural feats at its central skyline. However, in the quaint town of Joo Chiat on the east coast, tradition reigns supreme.

Here, the picturesque neighborhood is known for its diverse cuisine that follows strict traditional recipes (including hand-rolled spring rolls and the city’s oldest Peranakan restaurant), storing offering collectible wares, and shophouses awash in playful pastels; Joo Chiat is Singapore’s very first heritage town.

The New York Times recently reports one story of a family putting their own mark on one of these classic 1920’s Singapore shophouses.

With a child on the way, Michael and Katherin Puhaindran decided to settle into one of Joo Chiat’s highly-coveted 1920s shophouses. The architectural style is characterized by terra cotta roof tiles, French double-shuttered windows, and ornate garlands of sculpted plasterwork. The largely Chinese style was codified by Sir Stamford Raffles in the nation’s first town plan in the early 1840’s. Chinese settlers first brought the style to Singapore even earlier than that, making it the predominant architectural style throughout the rest of the region.

There once were streets similar the those of the community of Joo Chiat. However, they were destroyed in the second half of the twentieth century to make way for Singapore’s luxury high-rises and office buildings. According to Jane A. Peterson of the New York Times, over half of the seven thousand traditional Singapore homes are under some degree of conservation protection.

However, much like San Francisco’s Victorian rowhouses and NYC’s brownstones, these classic Singaporean homes are in high demand, but short supply. The Puhaindrans thought, why not? They embraced  the chance to buy one of these cherished homes when the opportunity arose

However, despite its architectural grandeur, the interior of the home did not suit the needs of an active, contemporary family.

The Puhaindrans found architectural remodeling professionals RT+Q. They designed a space that could retain the traditional style of the shophouse while overhauling the general flow of the space. By extending the back half of the property, they added space and made the the rooms more useful. The result was a new three-story structure that connected the house with an breezy, open courtyard. It’s a rectangular space that spans 72 feet deep with two additional floors and modern appliances.

To accommodate their lifestyle, the new space allows the family to host parties and most importantly, it provides their daughter with enough space to frolic.

The new design also provides an abundance of natural light, while keeping the bottom floors cool during the warm summer nights. Within the new back-half structure, elements such as closets and bathrooms are conveniently enclosed in filigree screens or glass enclosures.

The renovation costed the Puhaindrans $1.5 million Singapore dollars, but it has increased the home’s total cost to $4 million. This is certainly a well-spent investment for a modern rendition of a traditional treasure.

You can find this original post on AnthonySCasey.org. If you would like to read more on Singapore real estate, follow me on twitter @AnthonySCasey1.

Mumbai’s Luxurious Heights

south mumbai

South Mumbai

Mumbai is seeing a construction boom, as more and more high-rise skyscrapers begin to take shape in the city’s skyline. In fact, three of the world’s ten tallest residential towers currently being built are located in Mumbai. One project that is sure to capture the world’s attention is Omkar 1973, a supertall high rise residential complex that will house India’s elite. Managing director of Omkar Realtors & Developers Mr. Babulal Varma describes the complex as a “dream project” in one of the world’s most densely populated cities.

The complex will consist of three towers towering more than 900 feet high on the site of a former Mumbai slum. Demand seems to be quite high in a city that houses over 53,000 individuals per every square mile.

Mr. Varma spoke with the New York Times, “Everyone wants to get away from the crowd,” People want to get “away from the noise… away from the pollution.”

Omkar 1973 is designed for India’s wealthy elite, offering “sky villas,” a running track, a pet spa, and of course, an infinity pool. Homes in the complex are priced up to 3 billion rupees, ($44 million) for a 57,000-square-foot triplex. The higher you get in the complex, the higher the price.

Mumbai is the financial center of the world’s 9th largest economy by nominal GDP. Because India’s upper class elites are already accustomed to modern cities like New York and Singapore, the advantage of having comparable luxury buildings within the nation’s financial hub is quite appealing. The demand to pull away from the city’s dense crowds and noisy streets is high, making these apartments sure sells for real estate executives. As a testament of to their anticipated success, the world’s largest residential tower – World One – is actually being built in Mumbai. World One, which is scheduled to be completed in 2017, will stand at a towering 1,400 feet. According to the developer, three bedroom apartments in the building will start at a whopping 150 million Rupees ($2.23 million).

The new towers, including Omkar 1973 and World One, are symbols of so much more than India’s economic progression in the twenty-first century. A mumbai-based banker, Pavan Kaushal – who recently bought a four-bedroom apartment on the 22nd floor of World One –  commented on the meaning of buying one of these apartments. “You have people [here] who come from very well-to-do backgrounds and a high place professionally or business-wise, industry leaders, top doctors and lawyers, the crème de la crème of Bombay society. Anyone who lives in this building has, in a sense, arrived.”

Although it is markedly more expensive, time-consuming, and technically involved to build higher, the city’s shortage of available land has pushed developers to look to the skies. Despite height limits put into place decades ago, the country is becoming increasingly lenient to developers aiming higher. A sure sign of positive growth for the Indian economy.

Follow @AnthonySCasey1 on Twitter to stay up to date on the latest international real estate news and information.

The Strength of Singapore’s Real Estate Market

Singapore is a global city.  In a world tense with harrowing geopolitical tension and economic insecurity, it’s a great place to live. It’s not just a great place to live for one or two years while doing business, but it’s an ideal country to make a permanent home. This is something the country has learned as more people come looking at high-end real estate.

Despite the levying of duties intended to cool Singapore’s market, demand for luxury homes remains high. 

CNBC recently reported on this predicted growth. They spoke with Ong Chih Ching, executive chairman of KOP, in a recent article. She stated, “We are talking about 8 to 10 million [Singapore] dollar ($5.59 to 6.99 million) properties, so that’s a lot of money.”

This revenue leaves more than enough profit more than enough for renovation, according to Ong Chih Ching.

She estimates it will take Singapore another two or three years for the city to fully get on track with world markets. 

One company invested in luxury projects is the ten year old Singapore-based real estate and hospitality company KOP. Their portfolio of high-profile projects such as the Ritz Carlton Residences, Singapore’s Prudential Tower, Franklyn Hotels & Resorts, and Hamilton Scotts, to name a few.

Dubai Holdings was the major shareholder in KOP. When Ong made a management buyout of the 51 percent stake that the group held in KOP, she launched her visibility as one of the most powerful entrepreneurs in Asia.  She was even named one of 50 Power Business Women in Asia by Forbes in 2014.

With big dreams and the spirit to realize visions in real estate, Ong is a powerful leader in Singaporean real estate. Her next project is a colossal indoor winter resort in anticipated to open 2019 in Shanghai. With an estimated building cost of 3 billion yuan ($455.89 million), KOP is working with Chinese developers and city developers toward its completion. 

With KOP and Ong at the helm, luxury real estate in Asia is alive and well.