The Place Holdings has entered into a non-binding memorandum of understanding (MOU) with Stellar Lifestyle, a business arm of SMRT Corporation, to jointly collaborate to shape the future of digital media and tap new opportunities in the digital economy.
Stellar Lifestyle is the largest managing agent of retail and advertising spaces in Singapore’s rail network.
As part of the collaboration, both parties aim to build Singapore’s first Sky Screen, a suspended video screen. The Sky Screen is envisaged to be a new attraction in Singapore that will be integrated with smart digital technology system and immersive media, boosting new business vibrancy and creating new possibilities in digital media solutions.
The idea of the Sky Screen is inspired by the iconic Shimao Tianjie Sky Screen, which is one of the largest sky screens in Asia. It has established a strong brand and continues to be a popular platform for various events, advertisements and media.
This deal comes on the back of The Place Holdings entering into a separate MOU to undertake two acquisitions that includes the licensing of the intellectual property rights for the use in the operation and management of Shimao Tianjie Sky Screen and the acquisition of certain assets and businesses relating to Shimao Tianjie Sky Screen.
Ji Zenghe, executive chairman of The Place Holdings says: “Through this strategic collaboration, we aim to combine our unique complementary strengths in enhancing smart commuting and creating innovative digital media solutions within this ecosystem.”
“With the Sky Screen’s visual extravaganza and technology features, we aim to contribute to the vibrancy and diversity of Singapore’s retail and tourism landscape by creating unique and engaging experiences. Together with Stellar Lifestyle’s extensive touchpoints across Singapore, there are significant opportunities to continuously improve our service offerings and experience to targeted audiences and to redefine the future of digital media solutions,” he adds.
Meanwhile, Seah Moon Ming, chairman of SMRT Corporation says: “As a financial, aviation and technology hub, Singapore is one of the most connected countries in the world. It is a good springboard for The Place Holdings and Stellar Lifestyle to showcase the convergence of 5G, new technologies and media concepts to bring greater value to businesses and consumers.”
Shares in The Place Holdings closed flat at 8.3 cents on March 31.
Photo: The Place Holdings