Pidemco Land's pFission invests in Global Construction Hub, icFox International Ltd Singapore, 17 October, 2000
Singapore, October 17, 2000 - pFission Pte Ltd ("pFission"), the e-business arm of Pidemco Land, has entered into a Memorandum of Understanding (MOU) to invest US$ 5 million for a 20% stake in icFox International Ltd ("icFox"), a global construction advisory, planning and procurement hub.
icFox is being developed as the world's most comprehensive B2B advisory, planning and procurement hub by offering a suite of business enabling solutions for subscribers. icFox aims to fundamentally revamp the traditional way of managing and conducting business in the construction industry. It will have localized versions in various countries to facilitate different local requirements and conditions.
icFox's current shareholders include the world's biggest cost consultant the Davis Langdon & Seah (DLS) Group, Hongkong-listed Paul Y-ITC Group and Hanny Group. In addition to pFission, icFox is expected to include a major multinational conglomerate based and listed in Hong Kong and a major Chinese national construction materials group as shareholders by year-end.
Backed by industry heavyweights, this unique collaboration enables icFox to leverage on its shareholders' extensive network spanning 174 offices on five continents to springboard into regional and global markets.
Pidemco Land, pFission and DLS Singapore will jointly spearhead efforts to develop the Singapore extension of icFox.
Pidemco Land President Mr Liew Mun Leong said: "We are pleased to be part of this initiative to develop an international construction hub. This global exchange will enable the construction and property industries to build a network of strong interdependent relationships among its constituents."
He added: "For the Group, we also foresee significant procurement savings as one of the benefits of participating in the hub."
Executive Chairman of DLS Singapore and Director of icFox, Mr Seah Choo Meng said: "icFox will integrate DLS'' cost consulting expertise and extensive database with the latest internet technologies to deliver on-line solutions in order to enhance greater efficiency for the construction and property industries. DLS country offices worldwide are committed to rendering full support to icFox.
As an international company, Pidemco Land will be a valuable partner in helping icFox accelerate its globalization efforts."
icFox will enable the construction and property industries to render tender processes more efficient, streamline the supply chain, achieve economies of scale through bulk procurement, facilitate more effective project management, and provide better information access and exchange.
The strengths of the hub lie in three core business enablers:
a. e-Trading Exchange, which comprise two platforms:
- e-Tendering: a distinctive 'buy-side' solution which enables developers and clients to post their main tender documents electronically and invite bids from contractors and suppliers of all tiers.
- e-MarketPlace: a solution which enables participants to buy and sell products and services directly online.
b. e-Catalogue Editor: This is a premier multi-lingual online catalogue system allows sellers to post their product catalogue online in their own language using customised templates. The information could then be translated into various languages so that the potential buyers can view them in their desired languages, thus eliminating the language barrier.
c. e-Business Centre This comprises on-line project management and enterprise resource planning solutions offered in an ASP model, and supplemented by logistical, financial, insurance and legal advisories together with a comprehensive global construction database. icFox expects to derive its revenues from membership subscription, e-Trading Exchange and ASP solution fees. There will be no transaction fees and the hub is targeted to be profitable in its second full year of operation.
Subscribers are expected to include developers, project managers, architects, engineers, surveyors, contractors and sub-contractors, suppliers and manufacturers, government bodies, banks and insurance companies.
The Hongkong portal, launched in September this year already has more than 100 subscribers and is expected to triple by year-end. The Singapore portal is targeted for launch by year-end.
icFox intends to launch similar portals in China, Malaysia, the Philippines, Taiwan, South Korea, Thailand, Indonesia, Brunei and Australia within the next six months. By end 2001, it will also have links into Japan, Europe and South Africa. Plans are underway for entry into North America in early 2002.
icFox has partnered relevant business and technology leaders to provide the necessary hardware and software support. They include Hewlett Packard, SAP, Cephren, Broadvision, BNBM Digital, Veritas, FusionActive, SMS ShopFront and more particularly, Cyber Business Network and TX123, both home-grown solution providers from Singapore.
Issued by: Pidemco Land Limited
Date: October 17, 2000
Fact Sheet About The Companies
Pidemco Land Limited is a leading property developer, investor and manager of residential and commercial properties in Singapore. It has properties and investments in 24 cities and 12 countries in the Asia-Pacific region and in UK. The Group's portfolio includes serviced residences and shopping centers which are owned and/or managed by its Singapore-listed subsidiary Somerset Holdings. Pidemco Land is wholly-owned by Singapore Technologies Pte Ltd, a multinational corporation headquartered in Singapore.
pFission Pte Ltd, a wholly-owned subsidiary of Pidemco Land, was incorporated in March this year to "e-transfom" the Group and spearhead investments in the e-business arena. The company leverages on the Group's property knowledge to invest in and develop new e-solutions related to the property industry. Its investments include PropBuzz.com (an online property information advisory and listing database), OneRex (a broadband infrastructure network company) and eNabled Homes (a smart homes designer and providing broadband multimedia content aggregator).
Davis Langdon & Seah Group is a key component of the Davis Langdon & Seah International (DLSI) network, the world largest quantity surveying, cost engineering and construction cost consultant practice. DLSI has a total staff strength of over 2,000 in 80 offices covering five continents. DLSI offers global service backed by international and local experience in the construction industry. DLSI has been voted Top International Construction Cost Consultant consecutively for the past six years in the yearly poll conducted by World Architecture.
Paul Y.-ITC Group is a multinational and multi-discipline provider of construction, mining, resource, infrastructure and telecom services, property developer, precast concrete manufacturer and IT investor. Paul Y.-ITC is based and listed in Hongkong. The Group employs over 9,000 construction professionals in 60 offices worldwide. It has a significant market penetration in Hongkong, Singapore, Australia and New Zealand.
Hanny Group is an international manufacturing, sales and marketing group for magnetic and optical data storage media, consumer electronics and computer peripherals. More recently, it expanded its business into web publishing and providing applications solutions. Hanny Group is also an IT venture capitalist. Hanny is based and listed in Hongkong and currently employs over 1,200 staff worldwide.