Industry News

DKSH Business Unit Healthcare has launched the newly improved Hiruscar Ultra Scar Care Gel, designed to enhance scar healing in just four weeks. This advanced formula, introduced on 28 April 2025, incorporates a blend of Delisens, Centella Asiatica, and Panthenol, known for their skin-soothing properties, to accelerate wound healing and improve scar appearance.

Hiruscar, a leading scar care brand in Singapore, has developed this gel to provide immediate and long-term relief from the discomfort often associated with scars. The gel’s formulation includes Allium Cepa for its anti-bacterial properties, Niacinamide to lighten scar tissue, and Panthenol to maintain a healthy skin barrier. It is free from alcohol, parabens, and preservatives, making it suitable for all skin types.

Cheryl Tay, Assistant Manager of Marketing Management at Hiruscar, stated, “DKSH Healthcare is proud to enrich people’s lives by providing treatment for healthy skin and helping patients live with confidence. We are thrilled to introduce the improved Hiruscar Ultra Scar Care Gel, a game-changer in scar treatment.”

The launch marks a significant milestone for DKSH Healthcare’s Own Brands business, reflecting its commitment to innovation and consumer needs. The new gel is available at major pharmacies and online platforms like Shopee and Lazada.

DKSH, a Market Expansion Services provider, continues to grow its presence in the healthcare industry, offering a wide range of services across 36 markets.
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Marina Bay Sands (MBS) has reported a significant increase in its net gaming revenue for the first quarter of 2025, marking a 9% rise quarter-on-quarter and reaching 157% of pre-pandemic levels. This growth is attributed to a robust VIP market and an impressive mass market segment, bolstered by higher win rates and increased tourist arrivals due to recent visa exemptions and festive events.

Las Vegas Sands’ quarterly results revealed that MBS’ adjusted EBITDA surged by 13% to $605 million, the highest since its opening. The mass market’s gross gaming revenue (GGR) grew by 5%, whilst the VIP segment saw an 11% increase, despite a slight decline in rolling chip volume. The mass to VIP GGR mix for tables stood at 64% to 36% in Q1 2025.

The mass market achieved record earnings, with non-rolling chip volume slightly down by 1% but still significantly above pre-pandemic levels. Slot handle volume decreased by 11%, yet the overall mass market GGR rose by 5% due to higher win rates. Meanwhile, the VIP segment’s rolling chip volume remained stable, with a higher win rate of 3.7% contributing to the GGR increase.

Genting Singapore is expected to follow MBS’ growth trend, benefiting from increased tourist arrivals and spending during the festive period. The mass gaming segment and non-gaming revenue, such as hotel occupancy and theme park visits, are anticipated to drive growth.

Analysts maintain an optimistic outlook for Singapore’s gaming sector in 2025, driven by increased tourist visits and entertainment events. Genting Singapore is recommended as a buy, with a target price of S$1.12, offering a prospective dividend yield of 5.4%.
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Yangzijiang Financial Holding has announced its intention to spin off its maritime investments segment into a newly formed company, which will be listed on the Mainboard of the Singapore Exchange. This strategic move is designed to enable more focused capital allocation and enhance the strategic direction of the maritime investments business.

The proposed spin-off will see the creation of a dedicated maritime investment platform, known as the Spin-off Group, which will focus on unlocking value across the maritime value chain. This includes finance leasing, brokerage services, and broader investment participation. Ren Yuanlin, an industry veteran, will lead the Spin-off Group, leveraging his extensive expertise to drive long-term growth.

The Legacy Group, which remains after the spin-off, will continue to concentrate on funds, diversified asset management, and investment operations. The separation aims to provide each entity with tailored capital structures, enhancing operational efficiency and strategic focus.

Yangzijiang Financial believes this move will unlock shareholder value by allowing a clearer market valuation of each business. The company is currently in the preliminary stages of the spin-off and has appointed SAC Capital Private Limited as the financial adviser and issue manager for the process. Completion of the spin-off is targeted within 6 to 12 months, subject to regulatory approvals and market conditions.

The company has emphasised that the spin-off is still in the exploratory phase, and no definitive decisions have been made. Shareholders and potential investors are advised to exercise caution and consult professional advisers as necessary.
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Singapore banks are bracing for a challenging period as share prices have reached their peak, and downside risks to earnings are anticipated, according to a DBS Group Research note.

The report highlights that even if trade tensions de-escalate, the banks may still face potential downgrades in guidance whilst maintaining their dividend commitments.

The report provides a preview of the first quarter of 2025, indicating mixed net interest margins (NIMs) but strong performance in wealth fees and trading income. However, it advises caution regarding provisions. The analysis suggests a lack of catalysts for growth, prompting a recommendation to maintain a “HOLD” position on Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB), with dividend yields expected to cap any downside.

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The Johor Economic Tourism and Cultural Office Singapore (JETCO) has announced a series of strategic collaborations to strengthen tourism ties between Johor and Singapore. Revealed during a B2B Table Talk Session on 22 April, these initiatives aim to enhance visitor experiences and promote cross-border tourism opportunities.

JETCO’s Executive Chairman, Hasni Mohammad, highlighted the shared vision for tourism growth between Johor and Singapore, stating that JETCO acts as a bridge to facilitate partnerships benefiting both regions. The goal is to transform transit visitors into extended-stay tourists and day-trippers into repeat guests.

Johor offers significant attractions for Singaporean tourists, including world-class resorts like Desaru Coast and theme parks such as Legoland. For international visitors, Johor provides pristine beaches and lush rainforests, just a short drive from Singapore.

Key initiatives include a Digital Tourist Counter at Suntec City, in collaboration with WTS Travel, to provide real-time travel information and booking services for Johor-bound visitors. Additionally, the Johor Tourism Ambassador Programme with Les Clefs d’Or Singapore aims to equip concierge professionals with in-depth knowledge of Johor’s offerings.

These efforts align with Johor’s vision for the Visit Johor Year 2026 campaign, which aims to attract 12 million tourists. The campaign will focus on ecotourism, family attractions, and cultural heritage, supported by significant investments in tourism infrastructure.

Johor State Executive Councillor, Raven Kumar Krishnasamy, emphasised the importance of these partnerships in enhancing connectivity and promoting new travel experiences. As Johor prepares for Visit Johor Year 2026, these collaborations are expected to boost tourism and economic growth in the region.
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The Singapore Sustainable Finance Association (SSFA) has unveiled its first white paper, “Financing Our Natural Capital: A practical guide for FIs getting started on nature financing.” Released on 25 April 2025, the document provides financial institutions in Southeast Asia with practical guidance on managing nature-related risks and leveraging climate action momentum.

The white paper, developed by SSFA’s Natural Capital and Biodiversity Workstream, is a landmark initiative for the organisation, which was established in January 2024. It draws insights from over 25 industry members and features case studies illustrating the interdependence of nature and economics. With over 60% of Asia Pacific’s GDP reliant on nature, the depletion of natural capital presents significant risks and opportunities. A 2021 report by Temasek, the World Economic Forum, and AlphaBeta suggests that nature-positive investments could unlock $4.3 trillion and create over 230 million jobs in Asia by 2030.

The paper offers actionable suggestions for integrating nature into financial decision-making, highlighting sectors such as agriculture, mining, manufacturing, and real estate as highly dependent on natural capital. It aims to connect financial institutions, policymakers, and real economy players, translating global standards into relevant strategies for Asia’s sustainable future.

Gillian Tan, Assistant Managing Director at the Monetary Authority of Singapore, expressed support for the initiative, stating, “We welcome the launch of this industry-driven whitepaper on a topic of growing importance for the region.” Eric Lim, SSFA NCB Workstream Co-lead, emphasised the importance of treating natural capital as integral to economic value chains.

The white paper is available for download on the SSFA website, offering a roadmap for financial institutions to channel capital towards nature-resilient initiatives.
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Lady M Singapore has announced the launch of its latest creation, the Dubai Chocolate Mille Crêpes, available from 5 May to 30 June 2025. This limited-time offering draws inspiration from the viral Dubai chocolate bar, featuring layers of handmade crêpes with rich chocolate pastry cream and fragrant pistachio cream. The cake is topped with crispy kataifi, roasted pistachios, tahini, and piped chocolate cream, evoking the beloved flavours of knafeh.

The Dubai Chocolate Mille Crêpes is available for pre-order online, with limited quantities exclusively for whole cakes. Priced at $16 per slice at all Lady M boutiques and $198 for a whole cake online, this luxurious dessert is expected to attract significant interest. Customers are encouraged to secure their orders early to ensure they don’t miss out on this exquisite creation.

Lady M’s latest offering highlights the brand’s commitment to innovative and high-quality desserts, combining unique flavours and textures. The cake will be available for purchase in all Singapore Lady M boutiques and online, providing ample opportunity for dessert enthusiasts to indulge in this new culinary delight.
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Singapore’s real estate market in the first quarter of 2025 presented a complex picture, with private residential sales volumes reaching a four-year high for a first-quarter performance, despite a 2.3% quarter-on-quarter (qoq) decline to 7,261 units. According to Cushman & Wakefield, this decline follows three consecutive quarters of growth. New sales volumes fell by 1.3% qoq to 3,375 units, whilst resale transactions dropped by 3.7% qoq to 3,565 units. However, subsale volumes rose by 3.2% qoq to 321 units.

The market’s robust performance was highlighted by five out of six major projects launched in Q1 2025 selling over 50% of their units within the launch month. This contrasts with the same period in 2024, where only 40% of major new launches achieved similar sales. Private residential property prices saw a modest increase of 0.8% qoq, a slowdown from the 2.3% growth in Q4 2024, attributed to high-base effects from the previous quarter’s price spike.

In the office sector, Central Region rents grew by 0.3% qoq, reversing two quarters of decline. Despite global economic uncertainties, demand for premium office spaces remains, although cost concerns have tempered tenants’ willingness to pay premium rates. Category 1 office vacancy rates rose to 11.7%, driven by new completions like Keppel South Central.

Retail rents in the Central Region fell by 0.5% qoq, reflecting a two-tier market where prime malls continue to thrive, whilst weaker malls struggle. Orchard Road remains a key retail destination, with new flagship stores and international brands expanding amidst a recovering tourism sector.

Looking ahead, private residential sales volumes are expected to range between 20,000 and 24,000 units in 2025, with prices forecasted to grow by around 3% year-on-year. The office market anticipates stable demand for high-quality spaces, whilst retail faces ongoing challenges in weaker locations.
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Singapore is poised to face a technical recession in the first half of 2025, according to RHB Bank’s latest Global Economics and Market Strategy Report. The report, authored by Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, anticipates a 2.4% quarter-on-quarter contraction in GDP for the second quarter of 2025.

The report highlights that Singapore’s industrial production (IP) figures for March, which rose by 5.8% year-on-year, fell short of Bloomberg’s growth estimates of 8.1%. This underperformance, coupled with a revised 0.9% year-on-year rise in February, suggests a slowdown in the first quarter of 2025, with GDP growth expected to slow to 3.6% year-on-year and a 0.9% quarter-on-quarter contraction.

RHB has also revised its full-year manufacturing growth forecast for Singapore to 0.5% for 2025, whilst maintaining its full-year GDP growth projection at 2.0%, albeit with downside risks. The anticipated technical recession underscores the economic challenges Singapore may face in the coming months.

Gan’s analysis provides a crucial insight into the potential economic trajectory of Singapore, highlighting the need for strategic planning and policy adjustments to mitigate the impact of the anticipated downturn. As the situation unfolds, businesses and policymakers will need to remain vigilant and responsive to the evolving economic landscape.
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Seoul Garden, a pioneer in Korean dining in Singapore, is marking SG60 and its 42nd anniversary by offering special buffet privileges to national service personnel and seniors. From 6 May to 30 June 2025, current and retired national service members can enjoy weekday lunch buffets at discounted rates of $13.20 (S$17.90)++ for the Regular tier and $19.85 (S$26.90)++ for the Premium tier. Seniors aged 55 and above can indulge in a Tuesday lunch buffet for just $4.40 (S$6)++.

The initiative aims to express gratitude to those who have served the nation and to give back to the community during Singapore’s diamond jubilee. Andrew Lee, CEO of Seoul Garden Group, stated, “Seoul Garden is privileged to be so welcomed and supported by Singaporeans over 42 years. This year, we would like to give back to society, doing it in the best way we know how.”

Seoul Garden, known for its 2-in-1 smokeless grill and hotpot dining experience, offers a wide range of Korean favourites, including Spicy Kimchi Jjigae and Bulgogi. The restaurant chain, which paused buffet services during the COVID-19 pandemic, has resumed its offerings, much to the delight of its patrons.

As a Singapore-owned entity and a Brands For Good honouree in 2020, Seoul Garden has been recognised for its efforts in inclusivity and digitalisation. The special buffet offers are available at all six Seoul Garden outlets across Singapore, with reservations encouraged to secure a spot.
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