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Commercial Property

MacPherson Industrial Complex sold above asking price

The MacPherson Industrial Complex in Singapore has been sold for $75.5m (S$103.888m), exceeding its asking price by 17%, according to ETC, the sole marketing agent for the sale. The tender, which closed on 22 May 2025, attracted 12 competitive bids, highlighting strong investor interest in the property.

The 8-storey complex, located at 5 Lorong Bakar Batu, sits on a freehold land parcel of approximately 4,590.3 sq m and boasts a gross floor area of 11,613.07 sq m. The site is zoned for “Business 1” use under the URA Master Plan 2019, with a plot ratio of 2.5. Its strategic location offers excellent connectivity via major expressways and proximity to Potong Pasir MRT Station.

Swee Shou Fern, Head of Investment Advisory at ETC, expressed satisfaction with the sale’s outcome, stating, “We are pleased with the overwhelming response to the sale, which drew 12 competitive tender submissions. The exceptionally strong interest reflects not only the strategic attributes of MacPherson Industrial Complex, but also continued investor confidence in Singapore’s industrial real estate — especially freehold assets in prime city-fringe locations.”

The legal proceedings for the collective sale were managed by Terra Law LLC. The site benefits from its proximity to lifestyle amenities and retail centres, making it an attractive investment for potential buyers. The successful sale underscores the robust demand for industrial real estate in Singapore, particularly in prime locations.
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Financial Services

Trust Bank reports strong growth in 2024

Trust Bank has announced its full-year financial results for 2024, highlighting significant growth and innovation. The bank’s customer numbers soared to 974,000 by December 2024, reaching 1m early in 2025, making it the fourth largest retail bank in Singapore. This growth was largely driven by word-of-mouth, with over 70% of new customers coming from referrals.

The bank’s deposit balances doubled to $2.8b (S$3.8b), up from $1.4b (S$1.9b) the previous year, thanks to the launch of Trust+ and the popularity of gamified savings pots. Customer lending balances also saw a substantial increase of 156%, rising from $0.22b (S$0.3b) to $0.59b (S$0.8b), following the expansion of personal loan offerings and the introduction of a cashback card.

Revenue for 2024 increased by 148%, reaching $71m (S$97m), whilst costs rose by only 4%, demonstrating the scalability of Trust Bank’s modern, automated platform. Operating losses narrowed to $68m (S$93m) from $94m (S$128m) in 2023.

CEO Dwaipayan Sadhu expressed optimism about the bank’s progress, stating, “2024 was a fantastic year for Trust. We saw continued strong financial progress as we move towards profitability. Our growth has been driven by the continued growth in our customer base and the rapid expansion of our range of innovative products and services.”

Trust Bank also maintained its status as a top-rated bank on the Singapore Apple App Store and received numerous industry accolades, including being named the best digital bank in Singapore by The Asian Banker. As the bank continues to innovate, it aims to enhance customer experiences by making banking easy, transparent, and rewarding.

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Economy

Singapore’s core inflation rises due to health insurance

Singapore’s core inflation rate increased by 0.5% month-on-month in April, reversing a 0.1% decline in March, according to a report by UOB Global Economics and Markets Research. The year-on-year figure also rose to 0.7%, surpassing both market expectations and UOB’s forecast of a stable 0.5% rate. This uptick was primarily attributed to higher non-cooked food prices and a significant rise in health insurance premiums, linked to the phased increase in MediShield Life premiums.

The recent rebasing of the Consumer Price Index (CPI) has amplified the impact of rising insurance premiums, with the weight of health insurance in the 2024-based CPI nearly tripling compared to 2019. This change has had a pronounced effect on the core inflation reading. Within the non-cooked food category, notable price increases were observed in canned and fresh fruits, meat, and rice.

Despite these pressures, overall price increases remain contained, with several CPI categories, such as clothing and footwear, experiencing year-on-year declines. A notable exception was a 10% hike in water prices, which contributed to a rise in utilities and other fuels.

UOB maintains its full-year 2025 core inflation forecast at 0.7%, with potential downside risks due to weaker external demand and possible excess supply from China. The report suggests that the Monetary Authority of Singapore (MAS) may further ease monetary policy in July by flattening the Singapore dollar nominal effective exchange rate (S$NEER) slope to zero percent appreciation, given the current economic outlook.
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Hotels & Tourism

Wiggle Wiggle transforms Singapore Flyer with themed capsules

The Singapore Flyer is set to offer a unique experience as it partners with Wiggle Wiggle to introduce the world’s first Wiggle Wiggle-themed Giant Observation Wheel Experience. From 23 May to 28 September 2025, five capsules on the iconic wheel will be transformed into vibrant, retro-themed spaces, providing a whimsical journey 165 metres above the ground.

Each ticket for the Wiggle Wiggle capsules includes a 30-minute rotation, promising an exclusive ride filled with playful surprises and photo opportunities. The themed capsules aim to create memorable experiences for visitors, combining the thrill of the observation wheel with the charm of Wiggle Wiggle’s distinctive designs.

This collaboration marks a significant addition to Singapore’s tourism offerings, enhancing the appeal of the Singapore Flyer as a must-visit attraction. The initiative is expected to draw both locals and tourists, eager to experience the unique blend of art and entertainment.

The Wiggle Wiggle-themed capsules are part of a broader effort to revitalise the Singapore Flyer, ensuring it remains a dynamic and engaging destination. As the city continues to innovate its attractions, this partnership highlights the creative potential of themed experiences in enhancing visitor engagement.

With the introduction of these themed capsules, the Singapore Flyer not only reinforces its status as a landmark but also sets a precedent for future collaborations that blend creativity with iconic structures.
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Leisure & Entertainment

BTS Jin’s new video showcases Singapore’s landmarks

BTS member Jin has released the official music video for “Don’t Say You Love Me,” the main track from his second solo album, Echo, in collaboration with the Singapore Tourism Board and BIGHIT MUSIC. The video, launched globally on 16 May, features Singapore’s iconic landmarks and hidden gems, offering a unique visual experience that complements Jin’s emotive music.

The music video, set against Singapore’s vibrant cityscape, includes stunning visuals of the National Gallery Singapore, the Singapore Flyer, Gardens by the Bay, and Anderson Bridge. It also highlights local favourites such as Keng Eng Kee Seafood and Goldhill Plaza. This collaboration aims to showcase Singapore’s diverse culture, nature, and architecture to a global audience.

An official from BIGHIT MUSIC expressed that the collaboration beautifully combined the charm of Singapore’s scenery with the message Jin hopes to convey through his music. Serene Tan, Executive Director, North Asia, Singapore Tourism Board, noted, “We hope that people around the world will come to see and experience Singapore from a new perspective through the music video.”

The video is available on HYBE LABELS’ YouTube channel and has been cross-posted on the Singapore Tourism Board’s social media platforms. This collaboration not only highlights Singapore as a dynamic travel destination but also enhances the storytelling of Jin’s music, offering fans a fresh perspective on the city.
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Economy

Singapore’s CPI falls 0.3% in April 2025

The Singapore Department of Statistics has reported a 0.3% decline in the Consumer Price Index (CPI) for April 2025 compared to the previous month. However, on a year-on-year basis, the CPI has increased by 0.9%.
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Information Technology

Tianlong Services launches AI compliance solutions

Tianlong Services, a corporate and accounting service provider in Singapore, has unveiled an AI-driven corporate secretarial compliance suite designed to simplify compliance processes for startups, small and medium-sized enterprises (SMEs), and growth-stage companies. The new suite, launched on 23 May 2025, aims to transform traditionally manual tasks into efficient, error-resistant processes through automation and intelligent workflows.

The suite automates key functions such as ACRA filings, share capital changes, board resolutions, and annual returns. “Our goal is simple. We are looking to make corporate secretarial compliance effortless, accurate, and affordable,” said Kay Teng, CEO of Tianlong Services. The AI-powered solution includes features like AI-driven document management, smart KYC (Know Your Customer) and due diligence, and predictive compliance monitoring set to launch in Q4 2025.

Tianlong Services offers tiered pricing plans starting at $218 per year, ensuring affordability without compromising on quality or regulatory adherence. The hybrid model blends automation with expert human oversight, providing white-glove onboarding and flexible support via email, WhatsApp, or phone.

This launch positions Tianlong Services as a regtech disruptor, offering a reliable alternative to outdated manual systems. With regulatory automation gaining traction in Singapore’s corporate sector, the firm’s solutions arrive at a crucial time for businesses seeking smarter compliance methods.
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Healthcare

Osteopore and QCH launch trial for temporal hollowing

Australian-Singaporean company Osteopore Limited has partnered with Queensland Children’s Hospital (QCH) to initiate a clinical trial addressing temporal hollowing in children post-cranial vault remodelling surgery. The trial, led by Dr Yun Phua, aims to recruit five paediatric patients by the end of 2026, with follow-up lasting 12 months post-surgery.

The study will evaluate the feasibility of using a 3D-printed, patient-specific polycaprolactone-tricalcium phosphate (PCL-TCP) onlay scaffold, combined with bone marrow aspirate and platelet-rich fibrin (PRF), to restore the frontotemporal contour in affected children. Temporal hollowing, a common issue following cranial vault remodelling for craniosynostosis, affects up to 40% of patients.

Current treatments involve materials like hydroxyapatite and porous polyethylene, typically used when patients reach maturity. The PCL-TCP scaffold offers potential advantages, including support for bone growth and the possibility of implantation through a smaller incision.

Dr Phua highlighted the trial’s potential to enable earlier correction of temporal hollowing, stating, “With a scaffold that can remodel with cranial growth, this trial has the potential to enable earlier correction of temporal hollowing in the paediatric age group, instead of waiting until adulthood.”

The trial has received approval from the Human Research and Ethics Committee at Children’s Health Queensland and is supported by Maddox’s Helping Hand Foundation. Shelley Porter, Director of the Foundation, expressed optimism about the trial’s impact, noting, “We look forward to seeing the outcome of this trial, and the positive impact this treatment could have not only on the patient, but their family.”
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Cards & Payments

Sphere and DCS Card Centre transform credit card rewards

In a pioneering move, Sphere, an Australian eco-tech firm, has partnered with DCS Card Centre to allow Singaporean credit card users to convert their rewards into carbon offsets. Starting in early June, consumers can use up to 8% of their Visa Platinum Card spend to support environmental projects, such as reforestation, through a card-linked app.

Sphere CEO Shaun Lordan highlighted the significance of this innovation, stating, “For the first time, consumers can use rewards points to offset carbon emissions and aid biodiversity by investing in accredited environmental projects.” He emphasised the importance of individual action, noting that 70% of global emissions stem from consumer purchases.

This initiative is part of Sphere’s broader strategy, which includes partnerships with major banks in Asia, such as Sacombank and Techcombank in Vietnam, and Maybank and Public Bank in Malaysia. Sphere is also collaborating with Visa to extend its carbon insight and action technology to banks across 100 markets worldwide.

Lionel Lee, Senior Managing Director of Consumer Cards at DCS Card Centre, expressed pride in the partnership, stating, “We’re proud to partner with Sphere, offering our cardholders the power to make a positive environmental impact with every transaction.”

Sphere’s technology, developed in collaboration with Swinburne University of Technology, enables seamless integration of carbon action tech for financial institutions and merchants. This innovation underscores Sphere’s commitment to sustainability and its role in driving eco-friendly consumer behaviour.
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Financial Services

Moody’s affirms Maybank Singapore’s A1 ratings

Moody’s Ratings has affirmed Maybank Singapore Limited’s (MSL) A1 long-term foreign and local currency deposit ratings, maintaining a stable outlook. The affirmation reflects the bank’s robust asset quality, stable funding, and liquidity, alongside moderate profitability. MSL’s A1 deposit ratings are bolstered by a high probability of support from the Singaporean government, given its significant market share and status as a domestic systemically important bank.

The bank’s problem loans ratio is expected to remain below 1% over the next 12 to 18 months, supported by its focus on low-risk housing and auto loans. MSL’s credit reserves, which exceed 133% of its problem loans as of 31 December 2024, provide a buffer against potential losses. However, the bank faces risks from its rapid loan growth, increased focus on small and medium-sized enterprise loans, and external economic factors such as US trade policies.

MSL’s return on tangible assets is projected to stay moderate at around 0.5% in the coming months. Its cost-to-income ratio remains higher than other Singaporean banks due to smaller economies of scale. The bank’s Common Equity Tier 1 ratio rose to 16.2% by the end of 2024, though it is expected to moderate as MSL optimises capital through loan growth and dividends.

An upgrade of MSL’s ratings is unlikely, given its alignment with its parent company, Malayan Banking Berhad. However, a downgrade could occur if Maybank’s support diminishes or if MSL’s asset quality deteriorates significantly.
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