Industry News

Allianz Insurance Singapore has unveiled a pioneering initiative, Recycle My Tyres, offering free tyre recycling to all drivers in Singapore. This programme, launched in collaboration with Global Enviro Technology, allows drivers to drop off used tyres at participating workshops, where they will be transformed into valuable materials such as recycled carbon black, syngas, and steel using advanced RF plasma pyrolysis technology.

The initiative aims to address the growing pressure on landfills by providing a sustainable disposal option for tyres, aligning with Singapore’s broader environmental goals. Ong Bi Ying, Chief Operating Officer of Allianz Insurance Singapore, stated, “As an insurer, we see first-hand the impact mobility has on our environment. That’s why we’re taking this step, not just for our customers, but also for the wider community of drivers who care about making more sustainable choices.”

Global Enviro Technology, a leader in sustainable waste management, will partner with Allianz to track the number of tyres collected and estimate the carbon savings achieved through recycling. This data will help raise awareness about the environmental benefits of the programme.

The Recycle My Tyres initiative is open to the general public, allowing any driver to participate by visiting participating Allianz-authorised workshops. This effort marks the first insurer-led tyre recycling initiative in Singapore, setting a precedent for sustainable automotive waste management. For more details and to locate a participating workshop, interested individuals can visit Allianz’s dedicated microsite.

ISDN Holdings, a company listed on the Singapore Exchange (SGX), is positioning itself for long-term growth through strategic expansion and diversification. The company has seen its renewable energy segment’s revenue more than double in the first half of 2024, whilst other segments have remained stable. This growth is part of ISDN’s broader strategy to ensure continued expansion across its various business operations.

The company has faced challenges with declining revenue and profitability between the financial years 2021 and 2023. In response, ISDN Holdings is actively working to improve its financial performance. The management has outlined plans to address these issues, focusing on enhancing revenue streams and operational efficiency.

ISDN Holdings operates in four main business segments, with renewable energy showing significant growth. The company is exploring strategies to maintain momentum across all segments, ensuring balanced growth. This approach includes leveraging existing strengths and exploring new opportunities within the industry landscape.

The company does not currently have a fixed dividend policy, which allows it flexibility in reinvesting profits to support its growth initiatives. This strategic decision aligns with ISDN’s focus on long-term sustainability and expansion.

In summary, ISDN Holdings is committed to strengthening its market position through strategic diversification and expansion. The company’s focus on renewable energy and operational improvements is expected to drive future growth, positioning it well for the evolving market demands.
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CapitaLand Ascendas REIT (CLAR) has announced its business updates for the first quarter of 2025, highlighting significant investments totalling $458.2 million across the US and Singapore. These strategic moves are aimed at generating new income streams and enhancing portfolio value. Notably, CLAR completed the acquisition of the DHL Indianapolis Logistics Centre for $153.4 million, a modern Class A logistics property with an 11-year lease term, ensuring income stability. Additionally, the redevelopment of 1, 1A, and 1B Science Park Drive in Singapore was finalised for $300.2 million, achieving a 95% leasing milestone.

The REIT’s operational performance remains stable, with a healthy portfolio occupancy of 91.5% as of 31 March 2025. The average portfolio rental reversion for leases renewed in Q1 2025 stood at +11.0%, with expectations for a positive mid-single digit range for the full year. The portfolio’s weighted average lease expiry by gross revenue is stable at 3.8 years, providing further income stability.

CLAR’s disciplined capital management is evident with a healthy aggregate leverage of 38.9% and a stable weighted average all-in cost of debt at 3.6%. The REIT maintains a strong financial position, supported by an A3 credit rating, which facilitates access to a wide range of funding options at competitive rates.

With a well-diversified portfolio of approximately 1,780 tenants across more than 20 industries, CLAR is committed to prudent capital management and closely monitoring the global economic environment. The REIT’s proactive asset management and strategic investments position it well to navigate upcoming challenges.
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Frasers Centrepoint Asset Management Ltd., the manager of Frasers Centrepoint Trust (FCT), has announced a robust performance for the first half of 2025, reporting a Distribution per Unit (DPU) of 6.054 pence, up from 6.022 pence in the same period last year. This increase reflects a positive trend in rental reversions and occupancy rates across its retail portfolio.

FCT’s gross revenue for the period rose by 7.1% year-on-year to $184.4 million, whilst net property income increased by 7.3% to $133.7 million. The Trust’s committed occupancy remained high at 99.5%, and rental reversions averaged a 9.0% increase. Shopper traffic and tenant sales also saw year-on-year growth of 1.0% and 3.3%, respectively.

Richard Ng, CEO of FCAM, highlighted the strategic acquisition of Northpoint City South Wing for $1.17 billion as a significant step in strengthening FCT’s position in Singapore’s suburban retail market. The acquisition was supported by a successful capital raise of approximately $421.3 million through private placement and preferential offering.

Looking ahead, FCT anticipates continued growth driven by population increases from new housing developments and rising household incomes. The Trust plans to focus on strategic acquisitions and proactive capital management to enhance its portfolio value. Despite potential challenges from interest rate fluctuations and rising operating expenses, FCT remains optimistic about maintaining its business resilience due to its focus on essential trades and services.

The asset enhancement initiative at Hougang Mall, which began in April 2025, is part of FCT’s ongoing efforts to refresh its retail offerings, with 64% of the spaces already pre-committed. The initiative is expected to complete by the third quarter of 2026.
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Retail investors in Singapore have been actively reshaping their investment strategies in response to the volatile performance of the Straits Times Index (STI) throughout April. Data from the Singapore Exchange (SGX) reveals significant net buying and selling activities among retail investors, particularly in the first half of the month.

During the period from 1 to 14 April, retail investors were net buyers of several key stocks, including DBS Group Holdings, Oversea-Chinese Banking Corporation, and United Overseas Bank. However, the trend shifted in the latter half of the month, with net selling observed from 15 to 23 April. This shift reflects the broader market’s fluctuating conditions, as investors seek to navigate the uncertainties.

In addition to individual stock movements, the Singapore Real Estate Investment Trusts (S-REITs) sector has also seen notable activity. Despite a rebound in the iEdge S-REIT Index, which rose by 5.9% from 11 April, both institutional and retail investors have been net sellers of S-REITs over the past two weeks. Institutional investors recorded net outflows of $26.8 million (S$36.6 million), whilst retail investors reversed their earlier buying trend with net sales amounting to $47.1 million (S$64.4 million).

The market’s volatility has prompted investors to reassess their portfolios, with many turning to educational resources to better understand investment strategies. The SGX Academy offers programmes to help investors navigate the complexities of the market, focusing on topics such as the impact of interest rate changes on REITs and effective investment strategies.

As the market continues to evolve, investors remain vigilant, adjusting their approaches to align with the shifting economic landscape. The ongoing developments in the STI and S-REIT sectors will likely influence investment decisions in the coming months.
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Manulife Singapore has introduced the Signature Indexed Universal Life Select (III), a pioneering insurance solution designed to offer high-net-worth individuals (HNWIs) enhanced growth potential and robust protection amidst economic volatility. This first-in-market product provides access to five globally recognised indices, including the S&P 500, Hang Seng, and Euro Stoxx 50, allowing for extensive portfolio diversification.

The new policy, SIULS (III), is crafted to help HNWIs preserve, grow, and transfer wealth across generations. It features a 0% return floor to protect investments from market downturns and an Automatic Premium Spread (APS) option that smooths market fluctuations by distributing index allocations over 12 months. Thomas Lee, Chief Product Officer of Manulife Singapore, emphasised the importance of resilient financial strategies, stating, “Traditional investment strategies alone may no longer suffice.”

SIULS (III) addresses the increasing demand for diversification and safer assets, as highlighted by a Lombard Odier report indicating that 56% of Singapore’s HNWIs are adopting such strategies. The policy offers competitive returns, with participation rates varying by index and a loyalty bonus of 0.8% per annum from Policy Year 11 onwards. It also includes whole life coverage for death and terminal illness.

The policy’s flexibility allows for premium adjustments and penalty-free withdrawals from Policy Year 11. Policyholders can shift premiums between Fixed and Index Accounts, adapting to market conditions and personal financial goals. This adaptability ensures continued growth potential in unpredictable financial climates.

For more information, visit Manulife Singapore’s website.
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Knight Frank Singapore’s latest report reveals a significant rise in auction listings for Q1 2025, with a 51.1% increase from the same period last year. The report, led by Sharon Lee, Head of Auction & Sales, highlights the potential impact of global tariffs and a looming trade war on the property market.

The number of auction listings rose to 136, marking a 7.1% quarter-on-quarter increase. This surge was unexpected given the typical slowdown during Chinese New Year. Mortgagee sales dominated the listings, with 83 compared to 43 owner sales. Residential properties accounted for 45.6% of the listings, whilst industrial properties made up 23.5%.

The success rate for auctions improved to 5.1%, with seven properties sold, generating a total gross sale value of $8.7 million (S$11.9 million). Notably, a two-bedder flat in D’Ecosia fetched a 14.7% premium over its opening price.

The report attributes the rise in mortgagee sales to the delayed effects of high interest rates from 2023 and 2024. Residential mortgagee listings increased from 25 to 37, whilst commercial and industrial mortgagee listings remained steady.

Looking ahead, Knight Frank anticipates continued growth in mortgagee sales throughout 2025, driven by financial stress from prolonged high interest rates and potential global economic disruptions. Despite current buyer interest, the market may face challenges as uncertainties persist. Knight Frank maintains an auction success rate projection of around 5% for the year.
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Cushman & Wakefield has announced the sale of a freehold bungalow on Swiss Club Road, Singapore, priced at $18.5 million. The property, located in the prestigious Swiss Club GCB enclave, is available through an Expression of Interest campaign closing on 3 June 2025.

The bungalow sits on an elevated 846.9 square metre plot, offering privacy and architectural flexibility. Currently, a two-storey dwelling occupies the land, which can be used immediately or redeveloped. The price translates to approximately $2,029 per square foot, making it an attractive entry point into one of Singapore’s most exclusive residential areas.

Despite its tranquil setting, the property boasts excellent connectivity via major roads and expressways, and is near King Albert Park and Sixth Avenue MRT stations. It is also conveniently located near popular destinations such as Orchard Road and Holland Village. Families will benefit from its proximity to top schools, including Methodist Girls’ School and Hwa Chong Institution.

Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, stated, “We continue to see very strong demand for prime landed homes, especially those with solid fundamentals. Houses in this enclave are tightly held and rarely available. The Property ticks all the boxes: freehold status, a prestigious address, and a regular-shaped, elevated site.”

The property’s strategic location, coupled with upcoming developments like the Cross Island Line, enhances its investment appeal.
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Suntec REIT and CapitaLand Ascott Trust have both demonstrated resilience in their recent financial performances, according to reports by Maybank IBG Research. Suntec REIT reported a 3.4% year-on-year increase in its first-quarter distribution per unit (DPU), driven by operational improvements and reduced financing costs. Meanwhile, CapitaLand Ascott Trust saw a 4% rise in gross profit for the same period, attributed to accretive recycling and enhanced property performance.

Suntec REIT’s occupancy rates remained stable, with positive rent reversions in both office and retail sectors, although these are moderating. The company’s debt metrics are stable, with a reduction in debt costs due to lower refinancing rates. Analyst Krishna Guha maintains a “Hold” recommendation on Suntec REIT, citing its fair valuation with a 5.5% yield and a price-to-book ratio of 0.6.

CapitaLand Ascott Trust, on the other hand, is focusing on resilience by enhancing its asset portfolio. Despite challenges from increased operating expenses, the trust’s revenue per available unit (RevPAU) grew by 4% year-on-year, largely due to higher occupancy rates. However, the absence of major events in Singapore led to a decline in RevPAU on a same-store basis. The trust’s gearing increased due to ongoing asset enhancements, but debt cost and coverage ratios remained stable. Guha recommends a “Buy” for CapitaLand Ascott Trust, highlighting its focus on reconstitution and stable distribution.

Both Suntec REIT and CapitaLand Ascott Trust are navigating market challenges with strategic initiatives aimed at maintaining stability and growth. As they continue to adapt, their performances will be closely watched by investors seeking resilient investment opportunities in the real estate sector.
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Thunes, a Singaporean B2B fintech firm, has successfully raised $150 million in its Series D funding round, led by Apis Partners and Vitruvian Partners. This marks the largest funding round in Thunes’ history, achieved amidst challenging capital market conditions. The company plans to use the funds to accelerate its expansion in the United States, having recently acquired licences across 50 states, pending regulatory approval.

The funding will also bolster Thunes’ Direct Global Network, which currently spans 130 countries, 80 currencies, and 550 direct integrations, facilitating real-time payments in complex markets. As the cross-border payments market grows towards a $150 trillion opportunity, Thunes is well-positioned to capture a significant share. CEO Floris de Kort stated, “Thunes’ latest funding round is a clear validation of our strategy and our commitment to sustainable growth.”

Apis Partners’ Matteo Stefanel praised Thunes for revolutionising global cross-border payments through robust technology and financial strategy. “Thunes’ impressive growth record and positive EBITDA performance even in these unprecedented times clearly underpin the trust of its Members and their ability to scale effectively,” he said.

Vitruvian Partners’ Tassilo Arnhold expressed pride in partnering with Thunes, highlighting the company’s strategic vision and commitment to innovation. “We are delighted to support Thunes in their mission to continuously set and exceed industry benchmarks,” Arnhold commented.

With this new capital, Thunes aims to redefine global cross-border payment standards, driving growth and innovation in the fintech landscape.
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