www.shaproperty.com

SINGAPORE: Singapore is more than three-quarters of the way to achieving its target of attracting 500 world-class companies to set up headquarters here by 2010.

The Economic Development Board said so far a total of 385 companies have chosen to make Singapore home, by basing their regional or international HQ operations here.

The latest eight were added to the list on Thursday, when they received their International HQ awards from newly-appointed Minister of State for Trade and Industry Lee Yi Shyan.

These include German car maker Volkswagen, Sweden's Electrolux, Blackwell Publishing Services of Britain and home-grown precision engineering firm Allied Technologies.

Together, these eight firms are expected to create some 875 jobs in Singapore, and generate about $213m in business spending a year.

Companies with the HQ status enjoy tax breaks.

Last year, 40 companies received the HQ status from EDB -- this is down from 2004's 54 companies.

EDB said a couple of the companies that got the HQ award on Thursday are implementing innovative business models at their Singapore operations.

For instance, Blackwell Publishing chose to site its first-ever publishing services centre here which will serve as a global manufacturing and distribution centre.

The company publishes academic journals and books. - CNA /dt