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S’pore furniture industry launches 3-year masterplan to drive business growth

Posted by Property Launch Invest on Sunday, 01 December 2013 in Property News

Singapore's furniture industry has launched a three-year masterplan to drive business growth. The SFIC said the plan encourages companies to "improve, innovate and integrate".

SINGAPORE: Singapore's furniture industry has launched a three-year masterplan to drive business growth.

Last year, Singapore accounts for just over 1 per cent or about S$5.74 billion of the global market share.

And the Singapore Furniture Industries Council (SFIC) said it is aiming to push that to 1.5 per cent by 2015.

The SFIC said the three-year plan encourages companies to "improve, innovate and integrate".

It includes better integration between the furniture industry and other relevant sectors, and one area is fostering closer partnerships with real estate developers.

SFIC said the large supply of new homes that will be coming on stream in Singapore in the next few years could help to boost the furniture industry.

There are also opportunities outside the country.

Ernie Koh, president of SFIC, said: "Asia is developing. As a result, there's a lot of projects coming up. Buildings, construction, and all that developers are working on.

“The furniture industry should collaborate with these people to go into the regional market to co-exist with them, with regards to the development."

The furniture industry in Singapore comprises close to 2,000 companies and hires about 20,000 workers.

Meanwhile, Serrano Holdings Pte Ltd received the Gold Furniture Manufacturer Award at this year's Singapore Furniture Industry Awards, which is organised by the SFIC.

The company has spent some S$2.5 million on new machinery to improve productivity and overcome the challenges of a tightening labour market.

It is also expanding aggressively overseas as the Singapore market becomes more saturated.

Sean O’Hara, general manager of Serrano Holdings Pte Ltd, said: "Right now we're in seven of the ASEAN countries. And we see that as a good starting point, so we want to go further into this and see if we can leverage on what we already have. We're looking at Myanmar, Cambodia, other markets in the region."

Source: 1st November 2013 Channel News Asia

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PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

S’pore furniture industry launches 3-year masterplan to drive business growth

Singapore's furniture industry has launched a three-year masterplan to drive business growth. The SFIC said the plan encourages companies to "improve, innovate and integrate".

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