Industry News

The Singapore strata commercial market experienced varied outcomes in the second half of 2024, with strata office sales showing improvement whilst the retail sector faced challenges. Knight Frank Singapore’s Executive Director, Mary Sai, highlighted that both strata office and retail units offer niche opportunities for business occupiers and non-institutional investors.

The strata office market concluded 2024 with 325 units sold, amounting to a total sales value of $1.1m, a slight year-on-year decline of 2.6%. However, on a half-yearly basis, sales value increased by 50.3% to $686.6m in H2 2024. Notable transactions included the sale of a unit at Solitaire on Cecil for $55.2m. The Downtown Core, Rochor, and Orchard areas saw the highest sales volumes.

In contrast, the strata retail market saw a 1.3% decline in total sales value to $214.8m, with 115 deals closed in H2 2024. The average unit price rose by 6.8% to $3,010 psf. Most transactions were under $4m, indicating interest from smaller business owners and investors.

Looking ahead, the strata office market is expected to remain stable, with a projected transaction value of about $1b for 2025. However, the retail sector may continue to face challenges due to inflationary pressures and a strong Singapore Dollar, with sales expected to range between $400m and $500m in 2025.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

Life Science Incubator (LSI) has unveiled Singapore’s largest co-working laboratory at Elementum, a premier life sciences complex within one-north.

The launch event, officiated by Senior Minister of State Low Yen Ling, marked a significant expansion for LSI, which has tripled its lab space to accommodate the increasing demand for high-quality laboratory environments.

This new facility aims to support startups, entrepreneurs, and multinational firms in scaling their operations.

Located in JTC’s one-north business park, the state-of-the-art laboratory offers a range of flexible lab and office solutions, including open lab spaces, private suites, and tailored lab solutions. “Our mission at LSI is to remove barriers for life sciences startups and innovators by providing the critical infrastructure they need to accelerate breakthroughs,” said Zeïna Henni, Director of LSI.

Singapore continues to be a leading destination for biotech investment, with $28b allocated in 2024 under the Research, Innovation and Enterprise 2025 plan.

This investment reinforces Singapore’s status as a top biotech hub in Southeast Asia. John Ratcliffe, CIO of Altea Investments, highlighted the importance of the new facility, stating, “This co-working laboratory will provide the critical space and resources needed for startups, researchers, and global firms to accelerate advancements in biotechnology and medical innovation.”

Looking ahead, LSI plans to expand into the broader Asia-Pacific region, with Australia as its next key market. This move is part of LSI’s strategy to leverage its established relationships within Australia’s life sciences sector, aiming to launch its first location there later this year.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

Western Australia has emerged as the leading destination for Singaporean travellers, experiencing a remarkable 19% growth in visitors from June 2023 to June 2024.

With 99,000 Singaporean tourists during this period, the region has solidified its position as the largest Asia-Pacific market and the second-largest global market for Western Australia.

Family travel has seen a significant surge, with 35,000 family visitors recorded in June 2024, marking a 106% increase from the previous year.

This growth has boosted Western Australia’s share of Singaporean visitors to Australia from 27% to 29%. Additionally, solo travel has gained popularity, with 35% of Singaporean visitors travelling alone, a 4% increase year-on-year (YoY).

Singaporeans spent $233m in Western Australia in the year ending June 2024, accounting for 21% of their total expenditure in Australia. Ava Ang, Country Head for Tourism Western Australia, Singapore & Malaysia, stated, “Western Australia offers a unique combination of world-class natural beauty, immersive cultural experiences, and opportunities for rejuvenation, which resonate deeply with travellers from Singapore.”

Looking forward to 2025, key travel trends include wellness retreats, multi-generational travel, and off-the-beaten-path adventures. Broome is becoming a favourite destination, with Jetstar Asia launching direct flights from Singapore to meet demand.

Activities such as whale watching, pearl farm tours, and Aboriginal cultural experiences are drawing Singaporean tourists seeking unique adventures.

Western Australia’s diverse offerings continue to attract Singaporean travellers, reinforcing its status as the top Australian destination for this market.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

Cornerstone, a Singapore-based independent financial advisory, has launched CyberFender, a pioneering cyber insurance solution tailored for small-to-medium enterprises (SMEs) in Singapore.

This initiative comes as a response to the alarming statistic that 73% of Asia-Pacific SMEs experienced cybersecurity incidents in 2023, with inadequate security measures cited in 44% of cases.

CyberFender, developed in collaboration with global insurer QBE and cybersecurity firm ESET, aims to provide a robust digital safety net for these businesses.

CyberFender offers extensive coverage to safeguard critical business assets against threats such as data breaches, business interruptions, and cyber extortion. It also covers incident response and recovery costs, thus providing both financial and operational protection.

Leonard Tan, Managing Director of Cornerstone, stated, “We recognise that recovery from cyber-attacks can be costly and challenging for SMEs. This is why we partnered with QBE and ESET to deliver robust, easy-to-use cyber defence solutions.”

The importance of such a solution is underscored by QBE Singapore’s survey, which revealed a rise in businesses without cyber risk protection from 9% in 2023 to 19% in 2024.

Moreover, ESET’s report highlighted that one in four cybersecurity incidents involved ransomware. Ronak Shah, CEO of QBE Singapore, emphasised the necessity of addressing SMEs’ needs in the current cyber risk landscape.

CyberFender is now available through Cornerstone’s financial advisors, offering SMEs a vital tool to mitigate cyber risks and maintain customer trust.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

The shophouse market in 2024 experienced its quietest year since 1998, with only 84 caveated transactions, according to Huttons’ latest report.

Despite a slight recovery in interest from the previous year’s low, the transaction volume remained well below the historical average of 200 transactions per year from 1995 to 2023. The total transacted value of these shophouses was $683.6m, marking a 38.9% decline from 2023’s $1.1b.

Investors have shown a preference for shophouses priced between $5m and $15m, with more than half of the transactions falling within this range. Shophouses with permission to operate food and beverage (F&B) outlets are particularly attractive due to their potential for higher returns. Notably, almost half of the transactions in 2024 occurred in District 8, likely due to its appealing city fringe location and competitive pricing compared to Districts 1 and 2.

The Rail Mall transaction stood out as the largest shophouse deal of the year, sold by Paragon Reit for $78.5m in June 2024. This sale surpassed the previous record of $74.8m for a row of shophouses along Jalan Sultan in March 2022.

Looking ahead, investors remain optimistic about the resilience and wealth-preserving qualities of shophouses, attributed to their scarcity. The recent interest rate cuts in the last quarter of 2024 are expected to lower borrowing costs, potentially stabilising transaction volumes and values in 2025.

This article was selected and published by a human editor, but the content was AI-generated. If you notice any errors, please report them to contact@newsflashasia.com.

Seatrium Limited has signed a Memorandum of Understanding (MOU) with BP Exploration & Production Inc. (bp) for the Tiber Floating Production Unit (FPU) project in the Gulf of Mexico. This agreement marks their second collaboration in the region, following the Kaskida FPU project.

The Tiber FPU will involve Seatrium providing engineering, procurement, construction, and commissioning (EPCC) services. The unit is designed to enhance operational efficiency and safety, meeting the rigorous demands of deepwater production. Located approximately 300 miles southwest of New Orleans in the Keathley Canyon area, the Tiber discovery is strategically positioned to support bp’s deepwater assets.

Both companies will jointly define the initial works and EPCC scope under the MOU. However, the contract award for the Tiber project is contingent upon bp’s final investment decision, expected later in 2025. This collaboration builds on the successful partnership between Seatrium and bp on the Kaskida FPU, which reached its final investment decision in 2024.

The Tiber project aims to leverage technological advancements and lessons learned from the ongoing Kaskida project. It will utilise Seatrium’s proven topsides single lift integration methodology, ensuring operational excellence and efficiency. This initiative underscores Seatrium’s commitment to advancing deepwater production capabilities and strengthening its partnership with bp.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

DBS has announced significant senior-level appointments, effective from 1 April 2025, as part of its strategy to nurture talent from within.

Derrick Goh, currently the Head of Group Audit, will transition to the newly created position of Group Chief Operating Officer (COO), where he will oversee the Operations and Transformation Group and join the Group Executive Committee. Meanwhile, Koh Kar Siong, the present Group Head of Corporate and SME Banking, will take over as Group Head of Audit and become a member of the Group Management Committee.

Derrick Goh, who joined DBS in 2008, has held various senior roles, including leading the regional Treasures and Treasures Private Client wealth management business. Koh Kar Siong, with DBS since 2003, has extensive experience across different business units and geographies, having previously led SME Banking in Singapore.

Additionally, Jimmy Ng, the current Group Head of Operations, will retire from executive duties on 1 July 2025. He will continue to contribute as a Senior Advisor for the bank’s artificial intelligence initiatives until the end of the year. DBS CEO Piyush Gupta praised Ng’s contributions, stating, “Jimmy introduced data and analytics, as well as agile ways of working, to the bank long before they were mainstream.”

These appointments underscore DBS’s commitment to developing internal talent and ensuring leadership continuity. The bank’s focus on innovation and transformation remains a priority as it continues to leverage digital technology to shape the future of banking in Asia.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Savills Singapore has announced the sale of two adjoining ground floor strata retail units at Peninsula Plaza, a landmark mixed-use development in Singapore’s City Hall district.

The units, which offer a combined strata area of 104.5 square metres, are positioned with high visibility along North Bridge Road, making them an attractive proposition for businesses and investors alike.

Peninsula Plaza, a 999-year leasehold property, is a 30-storey development featuring a six-storey retail podium and a 24-storey office tower. Its strategic location offers excellent connectivity, including a sheltered link to the City Hall MRT Interchange.

The area is a bustling commercial and cultural hub, surrounded by key destinations such as Funan, Raffles City, and CHIJMES.

Nick Chan, Associate Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the units’ prime positioning: “Strategically positioned along the ground floor of Peninsula Plaza facing North Bridge Road, the two units are arguably the best within the development with prominent frontage. The units benefit from consistently strong footfall every day.”

With the Urban Redevelopment Authority’s (URA) restrictions on strata subdivision for new developments in the City Hall area, opportunities like this have become increasingly rare. The properties offer a 3% yield to investors, which is uncommon for prime ground floor retail units.

The guide price for the units is set at £10.9m, and they can be purchased individually or as a pair. Both foreigners and companies are eligible to purchase, with no additional buyer’s or seller’s stamp duty imposed.

Interested parties are invited to submit their offers via Private Treaty.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

MedTech Catapult, a national initiative spearheaded by the Agency for Science, Technology and Research (A*STAR), officially launched on 12 February 2025 at Biopolis, Singapore.

This $38m  project aims to fast-track the development and commercialisation of high-value life science instruments and medical devices, addressing key challenges faced by medtech innovators in product engineering, regulatory approval, and scalable manufacturing.

The launch event was officiated by Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, who also unveiled a local supplier and contract manufacturer directory. This directory is designed to connect medtech product owners with local partners, fostering co-innovation and efficient production scaling.

MedTech Catapult’s mission is to bridge the gap between concept and market for medtech products by collaborating with clinicians, regulators, and industry experts. The initiative supports projects like Castomize’s Remouldable Orthopaedic Cast and Dornier MedTech’s Smart System for Enhanced Laser Lithotripsy, leveraging its expertise in design, development, and manufacturing optimisation.

Dr Mary Kan, Programme Director for MedTech Catapult, emphasised the importance of the new directory, stating it reflects the initiative’s commitment to supporting Singapore’s medtech ecosystem. “This directory serves as a vital tool to connect product owners with a network of partners offering specialised capabilities,” she said.

The establishment of MedTech Catapult underscores Singapore’s dedication to advancing healthcare solutions and solidifying its status as a global leader in medtech innovation.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore’s life insurance industry has reported a robust 19.7% year-on-year (YoY) growth in 2024, achieving $5.87b in total weighted new business premiums, according to the Life Insurance Association, Singapore (LIA Singapore). This growth, primarily driven by an increase in annual premium business, highlights the sector’s resilience amidst challenging economic conditions.

Investment-linked plans (ILPs) were a significant contributor, surging 41% YoY, as consumers sought wealth accumulation options amidst economic uncertainty. Regular premium ILPs, which help mitigate market timing and volatility, saw increased uptake. Non-participating products also grew by 19.2% YoY, whilst participating products saw a slight decline of 2.7% YoY.

The industry also made progress in narrowing Singapore’s protection gap, with a 3.6% YoY increase in total sum assured for the year. Health insurance coverage expanded, with approximately 40,000 more Singaporeans and Permanent Residents covered by Integrated Shield Plans (IPs) by the end of 2024. In total, 2.97 million lives, or 71% of Singapore residents, are now protected by IPs.

Dennis Tan, President of LIA Singapore, expressed optimism about future growth, citing rising consumer awareness and demand for sustainable insurance products. However, he noted the challenge of medical inflation, expected to rise by 12%  in Singapore, necessitating collaboration among insurers, the medical community, and policymakers to keep healthcare premiums affordable.

The final quarter of 2024 saw an 11.1% YoY growth in total weighted new business premiums compared to the previous year, driven by a 27.9% YoY increase in annual premium products. However, single premium products experienced a 26.3% YoY decline in the same period. The industry paid out $18.12b in claims in 2024, marking a 33.4% increase from the previous year.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.