Industry News

WOGI, a leading digital rewards and incentives platform in Asia, has announced the acquisition of UNIQGIFT, a prominent provider of customised reward programmes in Singapore. The acquisition, finalised in late May, is part of WOGI’s strategy to enhance its merchant partnerships and deepen client relationships across Asia. Alongside this acquisition, UNIQGIFT’s CEO, Gregory Imbert, has been appointed as WOGI’s Chief Operating Officer (COO).

Imbert will spearhead WOGI’s partnerships and strategic alliances, oversee product development, and drive operational excellence across key Asian markets, including Singapore, Malaysia, Hong Kong, Indonesia, Thailand, Vietnam, Japan, and Sri Lanka. This move aims to bolster WOGI’s enterprise support and expand its global reach. Viktor Anastanov, CEO of WOGI, stated, “This strategic alignment reflects our commitment to intentional growth and client focus, enabling enterprises to manage personalised rewards and incentives at scale.”

The integration of UNIQGIFT into WOGI’s operations unlocks new value for both clients and merchant partners. Clients previously limited to Singapore-only reward offerings can now access WOGI’s broader solution suite and regional service infrastructure. Merchant partners will benefit from exposure to a wider client base, facilitating new opportunities for regional campaigns and initiatives.

WOGI, backed by Blackhawk Network, continues to innovate in the digital rewards sector, offering a platform that combines local insight with global reach. The company is committed to providing seamless, scalable experiences across Asia and beyond, supported by enterprise-level security and compliance certifications.
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Grand Venture Technology Ltd has announced a robust start to the financial year 2025, reporting a 44.8% year-on-year increase in revenue for the first quarter. The company attributes this growth to the rising adoption of artificial intelligence (AI) and strong demand in the semiconductor segment, alongside resilient performances in the Life Sciences and Electronics, Aerospace, Medical, and Others (EAMO) sectors.

The semiconductor segment experienced a remarkable 62.4% increase in revenue, driven by heightened demand for high-bandwidth memory testers and test equipment. This growth was further bolstered by contributions from new front-end semiconductor customers. Meanwhile, the Life Sciences segment saw a 28% rise, benefiting from existing customers shifting their products to Asia and new wins in automated sample preparation equipment. The EAMO segment also grew by 25.8%, supported by a $3.1m contribution from newly onboarded ACP Metal Finishing.

The company’s net profit after tax rose by 27.7% year-on-year, reflecting improved margins as Grand Venture Technology continues to optimise its operating leverage. The company is on track to achieve its revenue guidance of $90m to $96m for the first half of FY2025, representing a growth of 31.7% to 40.5% year-on-year.

Looking ahead, Grand Venture Technology anticipates continued robust growth in the semiconductor sector, driven by AI and high-performance computing adoption. The company is also expanding its services in the aerospace sector in China, aiming to strengthen its value proposition and wallet share. With minimal exposure to US tariffs and a strategic focus on Asia and Europe, Grand Venture Technology is well-positioned for sustained growth.
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The recent government land sale (GLS) tender for the Lakeside Drive site attracted six bids, marking a resurgence in developer interest following a lacklustre response to previous tenders. Leonard Tay, head of Research at Knight Frank Singapore, noted that despite concerns over development costs, the site’s attractive attributes have drawn attention. The Lakeside Drive site is poised to benefit from the government’s vision for Jurong Lakeside as a vibrant, mixed-use precinct, potentially becoming Singapore’s second Central Business District.

The top bid of $608m, translating to $1,132 per square foot per plot ratio (psf ppr), exceeded expectations. This suggests that future selling prices could start above $2,300 psf, with averages between $2,400 and $2,500 psf, depending on project design and finishes. Local demand, particularly from HDB upgraders in nearby areas like Bukit Batok and Jurong East, is anticipated to drive interest in the site.

Strategically located next to Lakeside MRT station on the East-West Line, the site offers excellent connectivity across Singapore. Its proximity to Jurong Lake Gardens and established primary schools such as Shuqun and Rulang enhances its appeal to families. Additionally, the area’s substantial industrial employment zone, with nearly 220,000 workers, may attract executives seeking a convenient commute.

The Lakeside Drive tender reflects developers’ confidence in the Jurong Lakeside area’s long-term growth potential, aligning with the government’s plans for the region.
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Twilio’s latest State of Customer Engagement Report highlights a growing disconnect between Singaporean brands and their consumers, despite increased AI adoption. The report, based on a survey of over 7,600 global consumers and 637 business leaders, reveals that whilst 90% of local organisations rate their customer engagement as good, only 57% of Singapore customers agree. This gap has widened from 20% to 33% since last year.

The report shows that Singaporean businesses have significantly increased their use of AI to personalise customer experiences, with 94% now analysing customer data for insights, up from 66% in 2024. However, these efforts have not translated into higher customer satisfaction. Only 33% of consumers feel that brands often personalise their engagement, falling below the regional average of 41%.

This disconnect has tangible consequences, with 38% of consumers considering abandoning brands and 70% likely to abandon purchases if engagements feel impersonal. Conversely, 94% of consumers are more inclined to make purchases when engagements are personalised in real time.

Robert Woolfrey, Vice President of APJ Communications at Twilio, emphasised the need for brands to adopt a more transparent and human-like approach to AI interactions. “When brands focus on delivering individualised experiences that feel human and relevant, they will be better positioned to build deeper, more meaningful relationships with their customers,” he stated.

The report also underscores the importance of human involvement, with 75% of consumers valuing human-like AI interactions and 50% preferring to speak to a person if AI fails. Transparency remains crucial, as 52% of consumers want to know when they are communicating with AI.

The future of customer engagement, according to Twilio, lies in individualisation—creating relevant, timely, and trustworthy interactions. Brands that invest in transparent, data-driven, and AI-powered strategies will be best positioned to earn trust and deepen customer relationships.
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A record-breaking 143 HDB resale flats were sold for at least $1,000,000 in May 2025, according to the latest 99-SRX Media Flash Report. Despite a slight dip in overall resale volumes, prices continued to climb, increasing by 0.1% from April 2025. The report suggests that buyers with substantial budgets are opting for spacious HDB homes in prime locations due to high condo resale prices and limited inventory.

The report highlights that the momentum from April’s million-dollar flat sales likely carried over into May. The general election on 3 May may have prompted some buyers to finalise deals early, anticipating potential policy changes. Luqman Hakim, chief data & analytics officer at 99.co, noted that this urgency could have contributed to the elevated number of high-value transactions.

In terms of room types, prices for 4-room, 5-room, and Executive flats increased by 0.2%, 0.2%, and 2%, respectively, whilst 3-room prices saw a slight decrease of 0.1%. Year-on-year, prices for all room types rose, with Executive flats experiencing the highest increase at 10.2%.

The highest transacted price for a resale flat in May was S$1,568,380 for a 5-room flat at Pinnacle@Duxton. In Non-Mature Estates, the top price was $1,150,000 for an Executive flat at Hougang Central.

The report also detailed that 58.4% of resale volumes came from Non-Mature Estates, with the remaining 41.6% from Mature Estates. Notably, Toa Payoh recorded the highest number of million-dollar flat transactions, followed by Bukit Merah and Queenstown.
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GigaDevice, a prominent semiconductor company based in Beijing, has inaugurated its global headquarters in Singapore. This strategic decision, announced on 3 June 2025, aims to bolster the company’s international growth by enhancing customer engagement and strengthening its supply chain and ecosystem across key markets. The Singapore hub will serve as a central platform for global coordination and product innovation.

Founded in 2005, GigaDevice has swiftly built a competitive portfolio, with its SPI NOR Flash holding the second-largest global market share at 20.4%, and ranking seventh in the 32-bit general-purpose microcontroller (MCU) segment. The company caters to various sectors, including industrial, automotive, consumer, and the Internet of Things (IoT), and is known for its reliable and innovative semiconductor solutions.

As demand for smart, connected technologies rises, particularly in industrial automation and automotive electronics, GigaDevice is focusing on innovation and ecosystem collaboration. Jennifer Zhao, CEO of Global Business at GigaDevice, stated, “We chose Singapore not just for its strategic location, but for its clarity, consistency, and global ambition.”

Singapore’s infrastructure, pro-innovation environment, and talent pool make it an ideal location for GigaDevice’s global headquarters. The company plans to expand its international presence and build a more connected and agile global ecosystem from its new base. This move underscores Singapore’s status as a premier technology and business hub, offering a foundation for global scalability and agility.
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ST Engineering has announced a significant five-year maintenance, repair, and overhaul (MRO) contract with Air Cairo, marking the company’s expanding footprint in the Middle Eastern aviation market. The contract involves supporting the LEAP-1A engines that power Air Cairo’s Airbus A320neo fleet, with services to be conducted at ST Engineering’s MRO facility in Singapore. The first engine is expected to be inducted in mid-2025.

The partnership with Air Cairo, a new customer for ST Engineering, underscores the company’s growing reputation as a leader in engine overhaul services. Captain Ahmed Shanan, chairman and CEO of Air Cairo, expressed satisfaction with the collaboration, stating, “We are pleased to form a partnership with ST Engineering, the globally recognised leader in engine overhaul, to support the maintenance of the LEAP-1A engines powering our Airbus A320neo.”

Tay Eng Guan, head of Engine Services at ST Engineering, highlighted the strategic importance of the contract, noting, “This latest contract demonstrates increasing confidence in our expertise as a Premier MRO provider for the LEAP engines, whilst marking another significant step in expanding our LEAP engine support for Middle Eastern operators.”

ST Engineering is the first independent MRO provider in Asia designated as a Premier MRO provider in CFM International’s LEAP open MRO ecosystem. The company achieved testing capabilities for the LEAP-1A and LEAP-1B engines at its Singapore facility in 2024 and is currently expanding its capabilities to include full MRO services. This contract with Air Cairo is expected to further solidify ST Engineering’s position in the competitive aviation market.
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City Developments Limited (CDL) has emerged as the top bidder in the Urban Redevelopment Authority’s (URA) government land sales (GLS) tender for the Lakeside Drive site, offering $608m. This bid translates to a land rate of $1,132 per square foot per plot ratio (psf ppr), marking one of the highest rates for an Outside Central Region (OCR) residential GLS plot in recent years.

The tender attracted six bids, with the second-highest bid of $1,025 psf ppr submitted jointly by Frasers Property and MJR Investment, an affiliate of Mitsubishi Estate Group. The bid spread, with a 25% difference between the highest and lowest bids, indicates varying assessments of the site’s potential amongst developers.

The Lakeside Drive plot is strategically located near the Lakeside MRT station and offers proximity to schools and the Jurong Lake District (JLD). It also promises scenic views from the nearby Jurong Lake Gardens. Despite these advantages, there is some uncertainty about the depth of private housing demand, given slower sales at recent launches in Jurong and the absence of new condo launches in Jurong West for nearly nine years.

Wong Siew Ying, Head of Research and Content at PropNex, noted, “We anticipate there could be possible pent-up demand for private homes in this area, including from HDB upgraders who are currently residing in the Jurong area.”

The last major project in the area, Lake Grande, achieved a strong take-up rate of over 60% during its launch in July 2016 and sold out by 2018. With the top bid land rate, the average selling price for the future development on the Lakeside Drive plot is estimated to be above $2,400 psf.
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Developers have shown a cautious approach at the Urban Redevelopment Authority (URA) tender for the Lakeside Drive site, which closed recently. The site, located next to Lakeside MRT, received six bids, with the highest bid of $608m or $1,132 per square foot per plot ratio (psf ppr) submitted by CDL entities. This comes amid a backdrop of slowing new home sales and economic headwinds due to tariff uncertainties.

The number of bids for the Lakeside Drive site was notably lower than previous tenders in the area. Comparable sites, such as Lake Grande, Lakeville, and Lakefront Residences, received 9, 12, and 14 bids, respectively, when tendered between 2010 and 2015. The recent Bayshore site tender in March 2025 also saw eight bids, highlighting the tempered enthusiasm for the Lakeside Drive site.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that the response was weaker than expected given the site’s proximity to the MRT station and several schools. The Lakeside Drive site is the first Government Land Sales (GLS) tender in the vicinity in a decade, with the last being Lake Grande in 2015, which drew nine bids and was sold at a land rate of $630 psf ppr.

Looking ahead, the new development at Lakeside Drive could potentially launch at prices starting from $2,300 psf. This reflects the ongoing demand for residential properties in the area, despite the current economic challenges. The cautious sentiment among developers may continue to influence future tenders in the region.
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Strata industrial sales in Singapore have plummeted to a five-year low, with only 351 transactions recorded in the first quarter (Q1) of 2025, according to Savills Research. The decline is attributed to investor caution due to reconfiguring supply chains and increasing business costs, which have led to postponed expansion plans.

Despite the sluggish sales, the JTC multiple-user factory price index rose by 1.9% quarter-on-quarter (QoQ) in Q1. Savills noted that 30- and 60-year leasehold property prices also saw growth, increasing by 3.3% and 1.2% QoQ, respectively. This trend suggests a preference for assets with manageable financial commitments during uncertain economic times. Conversely, freehold property prices fell by 0.7% QoQ.

In the rental market, factory and warehouse segments maintained stable leasing momentum, with a 1.3% year-on-year (YoY) increase in total leasing volume. However, businesses are adopting a cautious approach, delaying leasing decisions and reassessing space needs. Warehouse logistics emerged as the most active segment, with a 6.1% increase in tenancies from the previous year.

Looking ahead, lease renewals are expected to dominate industrial space demand, as landlords offer incentives to retain tenants. Multiple-user factory rents are projected to rise by up to 3% this year, whilst warehouse and business park rents are likely to remain flat due to older developments offsetting higher rents from new facilities.

Ashley Swan, executive director of Commercial & Industrial at Savills Singapore, remarked, “The Singapore industrial market remained fairly resilient in the face of continued economic uncertainty.” Alan Cheong, Executive Director of Research & Consultancy, added, “The imposition of tariffs by the US has raised economic uncertainties, affecting corporate decision-making and slowing transaction velocity.”

The cautious sentiment is expected to persist, impacting business expansion plans and industrial space demand throughout the year.
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