Industry News

ComfortDelGro has announced a significant financial performance for the first quarter of 2025, with profits after tax and minority interest (PATMI) rising by 19% to $48.3m compared to the same period last year. This marks the eighth consecutive quarter of continuous improvement for the group, highlighting its robust financial health and strategic growth.

The company’s PATMI margin also saw an improvement, increasing to 4.1% from 4% in the first quarter of 2024. This steady rise in profitability underscores ComfortDelGro’s effective management and operational strategies amidst a competitive market landscape.

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IREIT Global, a Europe-focused real estate investment trust, has successfully issued its inaugural S$85m green notes, due 2028, under its $1b Multicurrency Debt Issuance Programme. The issuance, which carries a 6.00% interest rate, was met with robust investor demand, reflecting strong confidence in IREIT’s strategic direction and its transformative project at Berlin Campus, known as Project RE:O.

Project RE:O aims to reposition Berlin Campus from a single-let office building into a vibrant, sustainable, and multi-functional destination. The net proceeds from the green notes will fund the initial phase of this transformation, focusing on establishing a premier hospitality hub. This includes converting a significant portion of the campus to accommodate two major international operators: Premier Inn, the UK’s largest hotel chain, will manage a 270-room hotel, and Stayery will feature 255 guest rooms, both under 20-year leases.

The transformation is set to diversify IREIT’s tenant base and income streams, enhancing the resilience and long-term appeal of its portfolio. Construction is expected to begin in the second quarter of 2025, with completion anticipated in early 2027. The project is committed to sustainability, targeting a minimum Leadership in Energy Environmental Design (LEED) Gold certification.

Peter Viens, CEO of the Manager, stated, “This successful and well-supported debut green bond issuance is a powerful endorsement of our strategy. The proceeds will kickstart the exciting first phase for Berlin Campus, creating a dynamic hospitality core.”

The issuance, managed by DBS Bank Ltd. and CIMB Bank Berhad, marks a strategic move towards greater collaboration with Singapore financial institutions, aligning with IREIT’s broader financial strategy to reduce asset encumbrance and diversify funding sources.
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Golden Agri-Resources Ltd (GAR) has reported a 47% year-on-year increase in net profit for the first quarter of 2025, reaching $55m. This surge is attributed to enhanced plantation output and a 27% rise in crude palm oil (CPO) prices, which averaged $1,156 per tonne. Despite a competitive market environment affecting downstream sales, GAR’s revenue grew by 19% to $3.04b.

The company’s EBITDA rose by 12% to $259m, maintaining a margin of 8.5%. Underlying profit also saw an increase, climbing to $89m. The reduction in foreign exchange loss further bolstered the net profit figures. GAR’s financial health remains robust, with an improved gearing ratio of 0.65 times and a net debt to EBITDA ratio of 0.41 times.

GAR’s upstream palm product output increased by 11% to 658,000 tonnes, whilst downstream sales volume decreased by 5% due to global economic conditions. The company continues to focus on enhancing plantation productivity and developing higher value-added products to sustain long-term growth.

In terms of sustainability, GAR is advancing its decarbonisation efforts, aligning with its Net Zero 2050 ambition. The company is also enhancing its supply chain traceability with the blockchain-powered SmartTrace system, aiding compliance with regulations like the EU Deforestation Regulation.

Looking ahead, GAR Chairman and CEO Franky O. Widjaja noted the potential easing of global vegetable oil supply constraints, despite challenges from weather patterns and geopolitical tensions. The company remains vigilant in observing market dynamics and macroeconomic conditions that could influence future trends.

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Brilliance Capital Pte. Ltd. has announced the sale of a rare freehold commercial building at 562 Serangoon Road, Singapore. This four-storey property, with a land area of approximately 2,336 square feet and a total floor area of 7,453 square feet, is available through an Expression of Interest closing on 9 July 2025.

The building stands out due to its non-conserved status, offering flexibility for redevelopment. Zoned as “Commercial” under the 2019 URA Master Plan, it allows for diverse uses such as serviced flats, co-living spaces, or lifestyle clinics, subject to approval. The ground floor has approved F&B use, enhancing its appeal for investors and business operators.

Strategically located near Farrer Park and Boon Keng MRT stations, the property benefits from high foot traffic and excellent connectivity. It is also close to shopping centres like City Square Mall and Mustafa Centre, and medical hubs such as Farrer Park Hospital. This positioning supports a steady demand for commercial activities.

Sammi Lim, Founder and Executive Director of Brilliance Capital, highlighted the property’s unique attributes, stating, “562 Serangoon Road offers freehold tenure, F&B approval, strata flexibility, and the freedom to enhance or reposition the building without conservation constraints. It is truly a rare gem.”

The building’s pure commercial zoning exempts it from Additional Buyer’s Stamp Duty and Seller’s Stamp Duty, making it an attractive option for both local and foreign investors. With a guide price of $17.2m (S$23.5m), this property presents a compelling opportunity for those seeking a strategic investment in Singapore’s vibrant city fringe.
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Singapore’s Prime Minister Lawrence Wong officiated the groundbreaking ceremony for Changi Airport’s Terminal 5 on 14 May 2025, marking a significant milestone in the airport’s expansion. Designed to handle 50 million passengers annually in its first phase, Terminal 5 will enhance Changi’s position as a leading air hub, leveraging state-of-the-art systems and extensive automation to meet growing travel demands.

Terminal 5 will integrate with existing terminals, allowing Changi to operate as a single air hub. The Singapore Airlines Group plans to consolidate its operations under one roof at the new terminal, which will also accommodate other carriers. The terminal’s design, inspired by Singapore’s blend of nature and urban life, aims to provide a “mega yet cosy” experience, according to Changi Airport Group CEO Yam Kum Weng.

The terminal will feature a ground transportation centre, enhancing connectivity with train, bus, and taxi services, and plans are underway to extend major rail lines to link Terminal 5 to the city centre. Additionally, the terminal will support air and sea connectivity, offering seamless travel options to neighbouring destinations.

Terminal 5 is set to be a Green Mark Platinum Super Low Energy building, incorporating clean energy solutions like a large rooftop solar system. It will also be equipped with advanced technologies for automation and sustainability, including contactless systems to reduce disease transmission.

The project, paused during the COVID-19 pandemic, resumed in 2022 with a focus on resilience and sustainability. Terminal 5 is part of the broader Changi East development, which includes industrial and urban districts aimed at bolstering Singapore’s aviation and business sectors. As construction progresses, Terminal 5 is poised to become a pivotal element in Singapore’s aviation landscape, supporting long-term growth and connectivity.
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PropNex Realty, Singapore’s largest real estate agency, has announced the launch of a tender for two freehold terrace houses located at 137 and 139 Devonshire Road. The properties, set to go on sale on 15 May 2025, have a guide price of S$14m, equating to S$1,629 per square foot based on the potential gross floor area.

The combined land area of the plots is approximately 285.2 square metres, and they are zoned for residential use with a plot ratio of 2.8 under the 2019 Master Plan. Situated in District 9, the site is within walking distance of Orchard Road, offering significant redevelopment potential. Subject to approval, the properties could be transformed into a six-storey serviced flat development. Additionally, the future owner may have the opportunity to acquire adjacent state land, further expanding the development footprint.

Tracy Goh, Head of Capital Markets at PropNex, expressed confidence in the property’s appeal, stating, “We expect strong interest for the property from family offices and investors seeking stable, recurring income and long-term value.” She highlighted the freehold status and strategic location as key factors for legacy planning.

The properties benefit from excellent connectivity, being just minutes from Somerset MRT station, and are surrounded by a vibrant mix of eateries and commercial offerings. The tender for these properties closes on 5 June 2025 at 3 pm, and they must be purchased collectively.
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Circles.Life, Singapore’s pioneering digital telco, has announced the launch of CirclesAI, offering subscribers free and unlimited access to OpenAI’s latest GPT-4.1 model. This makes Circles.Life the first telco in Singapore to embed such advanced AI capabilities directly into its mobile plans, excluding data-only plans. The new feature, available through the Circles.Life app, allows users to perform tasks such as document summarisation and budget analysis, aligning with Singapore’s Smart Nation initiative.

The introduction of CirclesAI is complemented by Carly, a GenAI-powered customer support agent integrated with Zendesk, providing immediate assistance within the app. This development underscores Circles.Life’s commitment to making premium AI services accessible, enabling users to incorporate AI into their daily routines without additional costs.

Hashim Muntazar, Country Head of Circles.Life, stated, “As Singapore pushes forward as an AI leader, telcos must evolve to deliver smarter digital services. CirclesAI gives our users early access to GPT-4.1 capabilities, and by offering this free through our mobile plans, we’re putting powerful tools directly in our users’ hands.”

Currently, CirclesAI and Carly are accessible exclusively via the Circles.Life app. The company plans to expand its AI-driven services, introducing personalised AI-powered perks and smarter connectivity solutions tailored to individual needs. Beyond AI, subscribers will continue to enjoy lifestyle perks worth up to $200, reinforcing Circles.Life’s dedication to providing value beyond traditional telco services.
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Singapore’s real estate market experienced varied performance in the first quarter of 2025, according to the latest report by Edmund Tie & Company. Investment sales totalled S$5.8b, an 11.6% decrease from the previous quarter but a 38.4% increase year-on-year. This was driven by six Government Land Sales (GLS) sites, contributing S$3.6b, as developers cautiously navigated rising development costs and economic uncertainties.

Office rents in Singapore rose by 0.3% quarter-on-quarter, reversing a two-quarter decline. The island-wide office occupancy rate dipped slightly to 94.5%, with net absorption reaching 518,000 square feet, supported by new developments like Keppel South Central. The demand for premium and Grade A office spaces remained strong, particularly in the Central Business District (CBD).

In the industrial sector, property prices increased by 1.5% quarter-on-quarter, with multiple-user factory prices rising by 1.9%. The occupancy rate held steady at 89.0%, whilst rental rates in the warehouse and logistics segment rose by 0.3%.

The retail sector maintained stability, with tourist arrivals at 4.3 million, indicating a return to pre-pandemic levels. However, the island-wide retail occupancy rate fell to 93.2%, as central area retail spaces faced selective leasing demand.

Looking ahead, Singapore’s real estate market is projected to reach S$20 to S$24b in investment sales for 2025. Despite challenges such as high borrowing costs and rising construction expenses, the market is expected to benefit from strategic opportunities and upcoming GLS tenders.
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Dupixent, a biologic medicine developed by Sanofi and Regeneron, has been approved by the Health Sciences Authority (HSA) in Singapore as an add-on maintenance treatment for adults with uncontrolled chronic obstructive pulmonary disease (COPD). This approval follows similar endorsements in the EU, US, and China, and is based on two phase 3 studies demonstrating significant reductions in exacerbations and improvements in lung function and quality of life compared to placebo.

The approval marks a significant milestone as Dupixent is the first biologic medicine available for COPD patients in Singapore. COPD, a progressive lung disease, affects approximately 6% of the population and is a leading cause of death. Weeling Quek, Head of Immunology at Sanofi Southeast Asia and India, stated, “With the Singapore approval of Dupixent for COPD, we are not just launching a new indication; we are igniting a beacon of hope for countless individuals.”

The phase 3 studies, BOREAS and NOTUS, involved 1,874 patients and showed a 30% and 34% reduction in the annualised rate of moderate or severe COPD exacerbations over 52 weeks, respectively. Additionally, patients experienced rapid improvements in lung function and health-related quality of life. Safety results were consistent with Dupixent’s known profile, with common adverse events including viral infections and headaches.

This approval is part of Sanofi and Regeneron’s broader effort to transform COPD treatment by targeting inflammation pathways. Dupixent’s approval in Singapore offers new hope for patients with this debilitating disease, potentially improving their quality of life and reducing hospitalisations.
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Cariflex Pte Ltd, a leader in polyisoprene rubber latex, has inaugurated the world’s largest polyisoprene latex plant on Jurong Island, Singapore, following a substantial investment of over $355m. The facility, officially opened on 14 May 2025, aims to meet the rising demand for high-quality synthetic latex used in medical and protective applications.

The plant’s inauguration was attended by Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Tan See Leng, alongside other distinguished guests including the Ambassador of the Republic of Korea, Hong Jin Wook, and executives from DL Chemical and Cariflex. The new facility, spanning 61 hectares, is strategically positioned to serve Southeast Asia’s critical manufacturing sites for surgical gloves and condoms.

Cariflex CEO, Ryu Sang Woo, highlighted Singapore’s advantages, stating, “Singapore’s thriving financial, innovation, and logistics hubs, along with a highly skilled workforce and strong IP protection, made this the ideal choice for our investment.” The plant, which began construction in 2022 and commenced operations in November 2024, is designed for modular expansion to accommodate future demand growth.

The opening of the plant aligns with Singapore’s push to develop high-value, innovation-driven industries, creating approximately 80 new permanent roles, primarily filled by Singaporeans. Cariflex has invested in talent development through training programmes in Brazil and Korea, focusing on operations, safety, quality, and digital systems. This expansion reinforces Cariflex’s leadership in the global polyisoprene latex market, doubling its 2023 manufacturing capacity.
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