APAC retail markets’ rocky recovery, and more news

For PropertyGuru’s real estate news roundup, APAC’s retail markets appear to have bottomed out even if recovery remains soft. In other headlines, Manila Central University launches the Philippines’ first Cybersecurity Posture Assessment Lab which assesses and enhances the cyber resilience of organisations. Lastly, a study shows a growing trend towards digital payment technologies in Singapore.

APAC retail revives

Retail’s rocky road in the region has been well documented as rents have been hit by e-commerce from 2018, followed by COVID from January 2020 and, once things were beginning to normalise, the Ukraine War (early 2022) and widespread interest rate hikes by Central Banks. Savills reports the good news that retail markets appear to have bottomed out even if recovery remains soft.

Our hopes of a ‘V’ have been replaced by more modest expectations of an ‘L’ but nonetheless, most markets saw some growth late last year except Seoul where oversupply and tepid demand took rents down. There are reasons to hope however, as economic growth begins to take hold, inflation trends down, supply capacity comes back on stream and demand revives. The IMF expects Asia-Pacific to contribute 60 percent to global growth in 2024.

Despite China’s woes, India and Southeast Asia are emerging as key growth drivers. China looks set for GDP growth rates of around 4 percent per annum out to 2030 according to Oxford Economics and headwinds include an overleveraged housing sector, rising land and labour costs, high unemployment (especially among the young) and the prospect of an increasingly protectionist world.

MCU sets up a lab to assess and boost cyber resilience in the Philippines

Manila Central University (MCU) launched the Philippines’ first Cybersecurity Posture Assessment Lab (CPAL) which assesses and enhances the cyber resilience of organisations amid rising online threats.

“I hope CPAL can be a key initiative that can contribute to bolstering the cybersecurity posture of organizations, strengthening the prevention and protection against cybersecurity attacks,” Private Sector Advisory Council Digital Infrastructure, Cybersecurity Matter Expert Larry S. Galang said at the launch on 10th July.

The facility, located inside the university, can conduct an organization’s risk assessment and give recommendations to improve the mitigation of threats and vulnerabilities, according to BusinessWorld.

“Cybercriminals have a very fertile opportunity and ground for them to exploit and to gain financial advantage, considering the volume of data and money moving in the digital arena,” Department of Information and Communications Technology (DICT) Secretary Ivan John E. Uy said at the event.

Xero report reveals Singapore’s shift to digital payments

Xero has unveiled its “I Want To Pay That Way” report, highlighting a significant shift towards digital payments among Singapore’s younger consumers, urging small businesses to adapt to these changing preferences. Conducted by Lonergan Research, the report is based on survey responses from 1,000 consumers and 506 small business leaders in Singapore.

The study shows a growing trend towards digital payment technologies in Singapore, driven by strong government support for a digitally connected society. The survey revealed that over three-quarters of Singapore consumers (76 percent) use credit or debit cards for payments.

CFOtech Asia reports that younger generations, particularly Generation Z, are leading the transition towards digital payment methods. As per the report, 68 percent of Gen Z consumers in Singapore prefer PayNow, with approximately 29 percent using GrabPay. This shift aligns with Singapore’s Smart Nation goals, which aim to build a robust digital economy.

The Property Report editors wrote this article. For more information, email: [email protected].