Industry News

SingWealth Holdings has officially launched PFPFA Malaysia Sdn Bhd, marking a significant step in its regional expansion strategy. The launch event, held at the Grand Hyatt Kuala Lumpur, was attended by key stakeholders, industry leaders, and regional partners. This move strengthens SingWealth’s commitment to providing integrated financial advisory solutions in Singapore, Malaysia, and Hong Kong.

The launch featured the signing of a Memorandum of Understanding (MOU) with Realion Group, the holding company of Edmund Tie & Company and OrangeTee & Tie. This partnership aims to combine SingWealth’s wealth management expertise with Realion’s real estate services, offering clients a comprehensive approach to wealth and asset management. Desmond Sim, Group CEO of Realion Group, highlighted the synergy between the two companies, stating, “This partnership brings together two key pillars of financial wellbeing—wealth and assets—offering a holistic and seamless service to clients.”

Jeffrey Chow, Executive Director and Group CEO of SingWealth Holdings, emphasised the significance of the expansion into Malaysia, stating, “Our expansion into Malaysia represents more than market growth—it reflects our continued commitment to delivering personalised, high-quality advisory services.” The establishment of PFPFA Malaysia positions the group to support local businesses, including those involved in the Johor-Singapore Special Economic Zone initiative.

SingWealth Holdings, with a presence in Singapore, Thailand, Malaysia, mainland China, and Hong Kong, continues to empower communities with financial stability and enhanced wellbeing through its subsidiaries. The company remains focused on delivering customised protection and wealth solutions, reinforcing its vision for long-term regional growth.
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China Construction South Pacific Development Co Pte Ltd (CCDC) recently hosted the Conference for Sustainable Development in the Construction Industry in Singapore, marking a significant step in its commitment to sustainable practices. The event, held on 16 July, gathered over 100 participants, including government officials and corporate executives, to discuss green and low-carbon transformation in construction.

CCDC has been a leader in sustainable development in Singapore since 1992, employing technologies such as Prefabricated Prefinished Volumetric Construction (PPVC) and Building Information Modelling (BIM). The company’s DfMA Centre, equipped with photovoltaic panels, contributes to an annual carbon emission reduction of 800 tonnes. CCDC’s efforts are in line with the Singapore Green Plan 2030, aiming for a sustainable future.

With the highest A1 qualification and a Green and Gracious Builder Scheme Star qualification, CCDC has completed 196 projects, with 41 more underway. These projects span residential, educational, commercial, and healthcare sectors, among others. Notably, one in every 20 homes in Singapore is built by CCDC.

At the conference, CCDC released its report, “Innovation Journey in Embracing Sustainable Construction,” highlighting its three decades of green building practices. Chairman Qian Liangzhong stressed the need for policy support, technological innovation, and collaboration in achieving green transformation. This aligns with National Development Minister Chee Hong Tat’s recent announcement of the Built Environment Decarbonisation Technology Roadmap, which identifies over 50 technologies to reduce carbon emissions in buildings.
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The Urban Redevelopment Authority’s (URA) Q2 2025 statistics reveal a 0.3% quarter-on-quarter decline in the office rental index for Singapore’s Central Region, following a similar growth in the previous quarter. This decrease is attributed to lower rents at new projects aimed at attracting tenants. The occupied office space increased by 9,000 square metres in Q2 2025, a notable recovery from the 1,000 square metre decline in Q1 2025, driven by the uptake of smaller spaces in newly completed projects.

Colliers’ research indicates that Grade A office rents remained resilient, with some premium buildings achieving higher rents despite global economic uncertainties. Tenants are favouring renewals over relocations or expansions, although some are moving to quality spaces to attract and retain employees whilst optimising efficiency and value per square footage. Landlords are responding by offering smaller spaces and various incentives to meet rental expectations, successfully driving occupancy in developments like IOI Central Boulevard, which is nearing full occupancy.

The demand for quality office space remains healthy, with rapid backfilling of vacated spaces, particularly those with quality fit-outs. With new supply not expected until 2027, vacancy rates in this segment are predicted to tighten further. The extension of the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes could lead to more office supply being redeveloped into mixed-use projects.

For the rest of 2025, office demand is expected to remain diverse across industries, with movements driven by changes in corporate operational requirements. Businesses may delay leasing decisions amid global monetary and trade policy uncertainties. Occupiers and landlords are likely to adopt a conservative approach, with landlords being more selective in tenant selection to maintain stable long-term occupancy. Despite these challenges, high office attendance and limited new supply are expected to support rental growth in Grade A offices.
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Income Insurance Limited and the National Council of Social Service (NCSS) have announced the launch of the Income OrangeAid Caregiver Support Accelerator Grant, a $10 million initiative designed to bolster the capabilities of Social Service Agencies (SSAs) in Singapore. This programme, set to run from 2025 to 2030, aims to address the mental well-being and retirement adequacy of caregivers, who, according to the NCSS’ 2024 Quality of Life Study, experience a lower quality of life compared to non-caregivers.

The grant will support up to 20 caregiver programmes, with each receiving up to $200,000 in the first two years and $100,000 in the third year. This funding is intended to help SSAs develop sustainable support systems for caregivers, ensuring they can maintain their well-being whilst caring for loved ones. Andrew Yeo, CEO of Income Insurance, emphasised the importance of this initiative, stating, “Caregivers are essential to the well-being of families, and we believe that when caregivers are better supported over time, it will have a multiplier effect in improving their families’ overall resilience too.”

The grant is part of Income Insurance’s broader commitment to invest $100 million in Singapore communities by 2030. It also aligns with the national call for stronger partnerships between the public, private, and people sectors to strengthen Singapore’s social compact. The first grant call will open in September 2025, with the second in 2027, and SSAs are encouraged to apply early to secure funding.
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Great Eastern has unveiled two pioneering insurance solutions designed to support Singaporeans through various life stages, from caregiving responsibilities to long-term wealth accumulation. The launch aims to alleviate financial pressures faced by the sandwich generation and offer capital-guaranteed investment options in today’s moderate return environment.

The first offering, GREAT Life Multiplier, is a whole-life plan providing affordable, multi-generational coverage. It includes a Parent Care Rider, offering late-stage critical illness protection for elderly parents without requiring medical assessments. This plan is particularly beneficial for young families and those balancing care for both children and ageing parents. “We recognised that the market lacked a single affordable solution that could address the pain points of young professionals and mid-career adults,” said Greg Hingston, Group CEO of Great Eastern.

The second solution, GREAT Index Income, is a capital-guaranteed endowment plan linked to the UBS Multi Asset Angle SGD Index. With a minimum investment of $36,500 (S$50,000), it caters to those seeking steady growth and flexibility. The plan offers annual payouts that can be withdrawn or reinvested, and includes death and accidental death coverage without the need for medical underwriting.

These offerings highlight Great Eastern’s commitment to innovation and addressing the real-life challenges of Singaporeans. By providing tailored solutions, the company aims to help individuals build wealth with confidence and security, even in a moderate return environment.
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Private home prices in Singapore increased by 1% in the second quarter of 2025, according to the Urban Redevelopment Authority (URA) property price index. This marks a quicker pace compared to the 0.8% rise in the first quarter.

The growth was primarily driven by higher price gains in the landed segment and the Core Central Region (CCR), where non-landed homes saw a 3% quarter-on-quarter increase, according to Christine Sun, Chief Researcher & Strategist, Realion Group. Notably, several units were sold at prices exceeding S$4,000 per square foot, with transactions including projects like Sculptura Ardmore and Skywaters Residences.

However, the overall sales volume of private homes, excluding executive condominiums, fell by 29.4% from 7,261 units in Q1 2025 to 5,128 units in Q2 2025. This represents the lowest sales volume since Q2 2024. New sale volumes experienced a sharp decline of 64.1%, whilst resale volumes saw a modest rebound of 2.3%. The primary market’s subdued performance was attributed to developers holding back launches during the June school holidays.

Rental prices also saw a slight uptick, with the URA rental index indicating a 0.8% rise in Q2 2025. This marks the fifth consecutive quarter of stabilised rental price changes within a -1% to 1% range. Despite macroeconomic uncertainties, including global trade wars, lower interest rates are expected to support rental market recovery.

Looking ahead, several new projects are anticipated to launch in the latter half of the year, potentially boosting sales transactions. Realion Group forecasts a 3% to 5% increase in prices for the whole of 2025, with 21,000 to 24,000 private homes expected to be transacted. The continued decline in interest rates is likely to enhance affordability, particularly for first-time buyers and investors. However, geopolitical uncertainties may lead to more cautious spending and investment decisions.
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The Housing Development Board (HDB) resale market experienced a 7.8% increase in transactions in the second quarter (Q2) of 2025, according to Huttons Data Analytics. Despite the uptick, the transaction volume of 7,102 was 3.4% lower than the same period last year, reflecting ongoing supply constraints in the market.

The demand for larger flats, such as 5-room and executive/multi-gen units, surged, driven by ex-private property owners and existing HDB owners seeking upgrades. Jurong West, Sengkang, Tampines, Woodlands, and Yishun emerged as the top five towns, accounting for 36.1% of total transactions.

Resale prices continued to rise, albeit at a slower pace, with a 0.9% increase in Q2 2025. This marks the smallest quarterly price rise since the circuit breaker in Q2 2020. The moderation in price growth is attributed to a reduced supply of flats meeting the Minimum Occupation Period (MOP), which typically command a premium.

Notably, the number of million-dollar flats reached a record 415 units, a 19.3% increase from the previous quarter. Toa Payoh, Bukit Merah, and Queenstown were among the estates with the highest number of such transactions.

Looking ahead, HDB’s July 2025 Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises, offering over 10,000 units, may alleviate some market pressure. However, the resale market is expected to remain tight, with prices projected to grow by 4% to 6% for the year. Huttons anticipates a total resale volume of 26,000 to 28,000 flats in 2025, with 1,500 potentially selling for over a million dollars.
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HSBC Life Singapore has announced the appointment of Ruhil Bairagi as its new Chief Operating Officer, effective 11 August 2025. Reporting directly to CEO Harpreet Bindra, Bairagi will oversee operations and transformation across the company’s life, health, and general insurance portfolios, aiming to enhance customer experience and build a future-ready operating model.

Bairagi brings over 20 years of international experience in the insurance sector. Before this role, he served as Global Head of Insurance Operations and Business Management for HSBC in Hong Kong. His career also includes senior positions in leading life and health insurance companies in the Middle East. Bindra expressed confidence in Bairagi’s expertise, stating, “His global outlook, deep subject matter expertise in operational transformation, and passion for innovation will be instrumental as we scale company operations to support the next phase of our growth.”

This appointment aligns with HSBC Life’s ambition to become Singapore’s preferred insurer and supports HSBC’s broader goal of being a leading wealth manager in the region. HSBC Life Singapore, a subsidiary of HSBC Insurance (Asia Pacific) Holdings Limited, offers a wide range of solutions catering to various client needs, including life, health, and wealth accumulation.

Bairagi’s leadership is expected to drive significant advancements in HSBC Life Singapore’s operational capabilities, reinforcing its position in the competitive insurance market.
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Green Link Digital Bank (GLDB) and 129Knots have announced a groundbreaking initiative to tackle liquidity challenges in the marine fuel industry. Launched on 25 July 2025, the partnership introduces a global embedded finance programme, allowing marine fuel sector participants to access working capital financing through 129Knots’ Origination-to-Distribution (OTD) platform.

The marine fuel industry, a significant operational cost in maritime operations, has historically been overlooked by traditional financing models, resulting in a multi-billion dollar liquidity gap. This initiative aims to bridge that gap by providing institutional-grade liquidity and structured receivables financing tailored to the industry’s needs.

The collaboration marks a pioneering effort to integrate a liquidity framework within the marine sector, offering solutions that extend beyond marine fuels to include alternative fuels procurement and energy transition financing. The platform is designed to evolve, supporting future financial products such as stablecoin-based settlements and programmable payment instruments.

Vikash Dhanuka, Founder and CEO of 129Knots, highlighted the transformative potential of the partnership: “Together with GLDB, we are enabling capital to move seamlessly across this value chain. This partnership solves the perennial problem of credit accessibility in the marine fuel industry.”

Melvin Teo, CEO of GLDB, emphasised the bank’s commitment to innovation: “Through Embedded Financing partnership with 129Knots, we are breaking down traditional barriers and embedding financial solutions right where businesses operate.”

This initiative not only addresses immediate liquidity needs but also sets the stage for future advancements in financial technology within the marine industry.
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Microsoft has announced the launch of its first research lab in Southeast Asia, Microsoft Research Asia – Singapore, to spearhead artificial intelligence (AI) innovation and talent development. Supported by the Singapore Economic Development Board, the lab will collaborate with local institutions to enhance Singapore’s innovation ecosystem and expand Microsoft’s global research network.

The Singapore lab will serve as a strategic hub within Microsoft’s global research network, focusing on deploying industry-transforming AI, pursuing frontier breakthroughs, and advancing responsible AI applications. By partnering with local entities, the lab aims to transform sectors such as healthcare, finance, and logistics. Notably, it will work with SingHealth to advance precision health and collaborate with the National University of Singapore (NUS) and Nanyang Technological University (NTU) to pioneer embodied AI and develop culturally aligned AI systems for Southeast Asia.

In addition to driving innovation, the lab is committed to nurturing AI talent and strengthening academic collaboration. It will work closely with institutions like NUS, NTU, and Singapore Management University (SMU) to advance research and provide future researchers with practical experience.

This initiative underscores Microsoft’s dedication to fostering a robust AI ecosystem in Singapore, positioning the city-state as a pivotal player in the global AI landscape. The lab’s efforts are expected to yield significant advancements in AI technology and talent development, benefiting various industries and contributing to Singapore’s economic growth.
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