Industry News

Lum Chang Creations (LCC), a leading urban revitalisation specialist in Singapore, is set to experience significant earnings growth, with projections indicating a 144% increase by the financial year 2025. This growth is attributed to the rising demand for conservation and interior fit-out works, spurred by the government’s commitment to preserving local heritage. LCC has initiated coverage with a “buy” recommendation and a target price of S$0.39, based on a 9.5x FY26 forecasted price-to-earnings ratio.

Founded in 2018, LCC has established itself as a dominant player in the niche market of urban revitalisation, holding an estimated 15.7% market share. The company has successfully completed high-profile projects, including the St James Power Station and the National Museum of Singapore. With a robust orderbook of S$123m as of 31 May 2025, LCC is poised for continued success.

The company’s impressive two-year revenue and earnings compound annual growth rates of 106% and 206%, respectively, from FY22 to FY24, underscore its strong performance. Key growth drivers include government incentives for heritage conservation, an increase in adaptive reuse of heritage buildings, and a thriving construction industry. The urban revitalisation sector is expected to grow at a 6.8% compound annual growth rate from S$380m to S$550m by 2027.

LCC’s business model boasts high margins and return on equity, with net margins around 10% and ROE above 30% over the past two years. The company maintains a strong cash position, with net cash of S$29m anticipated by July 2025. This financial strength supports its attractive dividend yield of 4.9% for FY26, making it a compelling investment opportunity.
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UniFuels Holdings Limited, a global marine fuel solutions provider based in Singapore, has successfully completed its first commercial paper issuance, raising $3m through the ADDX platform. The issuance was oversubscribed, indicating robust demand from accredited investors. The commercial paper, structured as short-term unsecured debt, was issued via ADDX’s digital investment platform, allowing UniFuels to diversify its funding sources and improve capital efficiency.

The proceeds from this issuance will be utilised for general working capital and to support UniFuels Singapore’s expanding operations across global trading hubs. Koh Kuan Hua, CEO of UniFuels, expressed satisfaction with the partnership with ADDX, stating, “This oversubscribed debut issuance is a strong signal of investor confidence in our business strategy and growth outlook.”

Inmoo Hwang, Group Managing Director of ADDX, highlighted the significance of the issuance, noting that it underscores UniFuels’ credibility and strategic direction. “We are pleased to support companies that take a disciplined approach to growth and capital access,” Hwang said.

This issuance marks a strategic milestone in UniFuels’ capital markets roadmap, as the company continues to leverage innovative infrastructure to support liquidity, working capital, and operational flexibility. Established in 2021, UniFuels has rapidly evolved into a dynamic company, delivering reliable fuel solutions across diverse markets and time zones, whilst supporting customers in achieving their operational and decarbonisation goals.
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The Singapore Department of Statistics has announced that the Consumer Price Index (CPI) for June 2025 experienced a slight decline of 0.1% compared to the previous month. However, on an annual basis, the CPI rose by 0.8%, indicating a modest increase in consumer prices over the past year.

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The Housing Development Board (HDB) has unveiled its July 2025 Build-to-Order (BTO) exercise, releasing 5,547 new flats across eight projects in Singapore. This launch includes a significant number of Prime flats and introduces new priority measures for singles and second-timer families. Kelvin Fong, CEO of PropNex, highlighted that this exercise is expected to see a higher demand due to these changes.

The July BTO exercise marks the first time singles receive priority access when applying for 2-room Flexi flats to live with or near their parents. Additionally, there is an increased allocation for second-timer families, with 3-room and larger flats seeing a higher quota. This is anticipated to boost demand from these groups, with application rates projected to be between 3 and 3.5 times, compared to 2.6 times in February 2025.

Prime flats make up 47% of the new offerings, the highest proportion since the classification framework’s introduction in October 2024. The subsidy clawback rates for these Prime flats have increased, with Clementi Emerald at 12% and other projects at 11%. Despite this, demand is expected to remain strong due to the attractive locations.

Projects like Clementi Emerald, Toa Payoh Ascent, and Alexandra Vista are expected to be particularly popular due to their proximity to MRT stations and local amenities. The Clementi Emerald project, with its shorter waiting time and strategic location, is anticipated to be in high demand. Meanwhile, the Sembawang Beacon project introduces the first BTO flats in the new Sembawang North estate, offering a variety of unit types.

Overall, the July 2025 BTO exercise is set to attract significant interest, particularly from singles and second-timer families, due to the strategic changes in allocation and the attractive locations of the projects.
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Moomoo Singapore has surpassed 1.5 million users, marking a significant milestone as it reaches one in two Singapore residents aged 20 to 70. This achievement was celebrated at MooFest 2025, held on 12 July at Suntec Convention Centre, which drew a record-breaking crowd of over 4,000 attendees. The event showcased Moomoo’s latest innovations, including the launch of Moomoo AI, a conversational investment assistant powered by large language model (LLM) technology, and an expansion into cryptocurrency trading.

The introduction of Moomoo AI aims to assist everyday investors in making informed, real-time decisions by providing holistic insights through a simple interface. Additionally, Moomoo remains the only online broker in Singapore licensed to offer crypto trading, with plans to introduce new products and analytics to meet the growing demand for portfolio diversification.

Gavin Chia, CEO of Moomoo Singapore, highlighted the company’s rapid growth, noting a 50% increase in users since April 2024. “Reaching 1.5 million users is more than just a milestone — it’s a reflection of how deeply moomoo Singapore is woven into the fabric of our nation’s financial and social ecosystem,” Chia stated.

MooFest 2025 also featured over 50 speakers from 30 financial institutions, discussing topics from macroeconomic shifts to AI-powered investing. The event emphasised practical education, helping investors navigate the evolving market environment. Moomoo’s commitment to innovation and education is further demonstrated by its plans to open boutique physical stores, blending digital convenience with personalised support.

Looking forward, Moomoo aims to continue expanding its AI tools and enhancing product accessibility, reinforcing its role in the digital asset ecosystem. The success of MooFest 2025 underscores Moomoo’s influence in shaping a smarter, more confident retail investing culture in Singapore and beyond.
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The Housing Development Board (HDB) has announced the launch of 5,547 flats across eight projects in its July 2025 Build-To-Order (BTO) exercise. This includes 2,601 Prime flats and 2,946 Standard flats. The exercise is part of HDB’s broader strategy to address housing demand, with a total of 10,579 flats launched so far this year and another 9,100 expected in October 2025.

The July 2025 BTO exercise also features more than 4,600 flats under the Sale of Balance Flats (SBF) exercise, with 1,733 already completed. This marks the largest supply of SBF flats since 2012, potentially easing demand pressure in the resale market, which has faced tight supply for a decade.

The clawback subsidy for the July 2025 BTO exercise is the highest to date, influenced by additional subsidies rather than proximity to the city centre. Notably, Clementi Emerald, despite being further from the city centre, has a higher clawback subsidy than other Prime BTO projects.

HDB is increasing the allocation for second-timer families by 5 percentage points, a move expected to ease demand for larger flats in non-mature estates. Additionally, singles will receive priority for 2-room flexi flats near their parents, potentially increasing competition for these units.

The deferred income assessment change may see more young couples qualifying for BTO flats, whilst the supply of 2-room flexi flats has decreased by 6.4% since February 2025. The application rate among singles remains high, reflecting ongoing demand.

Overall, the July 2025 BTO exercise is set to impact both the new and resale housing markets, with potential implications for future subsidy levels and housing policies.
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Temus, a digital transformation services firm based in Singapore, has announced a partnership with Amazon Web Services (AWS) and Digital Industry Singapore (DISG) to facilitate the adoption of artificial intelligence (AI) solutions among local businesses. Through the AWS AI Springboard initiative, 300 Singapore-based enterprises will receive support to integrate AI into their operations, with up to $440,000 (S$600,000) in cloud credits and training available.

The initiative aims to help businesses transition from AI discovery to practical implementation, enhancing operational resilience, customer experience, and workforce productivity. Temus will provide consulting services to ensure these firms can effectively scale AI solutions and develop sustainable AI capabilities.

Lai Yee Ng, CEO of Temus, emphasised the human-centric approach of the initiative, stating, “We believe that the true promise of AI lies in how it empowers people. Our partnerships with AWS and DISG are foundational to scaling this vision.” Megha Saxena, Director of Consulting & Design at Temus, added, “We work closely with organisations to ensure AI solutions enhance human capabilities, supporting teams through every stage of transformation.”

The programme targets high-impact sectors such as logistics, FMCG, real estate, and education, where AI is driving significant operational changes. For instance, logistics companies are developing AI-powered control towers for real-time decision-making, whilst educational institutions are using AI to manage academic queries and insights.

Temus, established by Temasek in partnership with UST, aims to support Singapore’s Smart Nation vision by providing digital transformation solutions across various sectors.
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The Housing & Development Board (HDB) has announced the launch of its July 2025 Build-To-Order (BTO) sales exercise, introducing 5,547 flats across seven towns in Singapore. This marks the second BTO launch of the year and includes a significant policy change allowing couples to defer income assessment for housing loans until key collection. This change is expected to enable more couples to qualify for higher loan amounts, potentially opting for larger or more expensive flats.

The BTO exercise features eight new projects in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands. Notably, 2,171 of these flats will have shorter waiting periods of three years or less, with Clementi, Bukit Panjang, and Sembawang among the locations offering these expedited options. Christine Sun, Chief Researcher & Strategist at Realion Group, anticipates that Clementi Emerald will be particularly popular due to its prime location and reduced construction time.

In addition to the BTO launch, the Sale of Balance Flats (SBF) exercise will offer 4,662 flats, adding to the 5,590 units released earlier this year. This brings the total SBF flats available in 2025 to over 10,000, the highest annual supply on record since 2016. The increased availability of SBF flats is expected to heighten competition in the resale market, potentially stabilising price growth.

Among the BTO projects, Toa Payoh Ascent is predicted to attract strong demand due to its proximity to MRT stations and prestigious schools. Meanwhile, Woodlands North Grove is expected to be popular for its future connectivity to Johor Bahru, Malaysia, via the upcoming Rapid Transit System link.

As the BTO and SBF exercises continue to evolve, these developments are set to impact Singapore’s housing landscape significantly, offering more options and flexibility for potential homeowners.
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Zurich Insurance Company (Singapore) Ltd. has announced the appointment of Michael Szwajda as the new Broker Relationship and Business Development Lead. Based in Singapore, Szwajda will focus on enhancing broker and customer relationships and expanding Zurich’s commercial insurance portfolio, particularly through Zurich Resilience Solutions (ZRS) across the region.

Szwajda, who began his career with Zurich in Switzerland as part of the Zurich Graduate Programme, brings over a decade of experience to his new role. He joins from Swiss Re, where he was the Industry Practice Lead for Professional & Financial Services, responsible for driving business growth across Europe and the Asia Pacific. His previous experience also includes a stint at Accenture in strategy consulting.

Liam Burrell, CEO Singapore and Head of Commercial Insurance, Asia, expressed enthusiasm about Szwajda’s return, stating, “I am delighted to welcome Michael (back) to Zurich. His strategic focus and action-oriented approach make him ideally suited for this role. With his broad international experience and proven track record in building strong partnerships, Michael will further strengthen our relationships and bring the best of Zurich to our broker partners and customers.”

Zurich Insurance Group, a global multi-line insurer with over 63,000 employees, continues to expand its services beyond traditional insurance, supporting customers in building resilience. The company is also involved in initiatives like the Zurich Forest project, which supports reforestation in Brazil’s Atlantic Forest. Szwajda’s appointment is expected to bolster Zurich’s strategic growth and partnership efforts in the region.
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Singaporean enterprises are cutting back on their AI budgets, allocating just 11.5% of their technology spending to AI this year, down from 15.5% in 2024, according to a new study by ServiceNow. Despite increased government support for AI adoption, firms are struggling with data security and governance issues, which are impeding the realisation of AI’s full potential.

The study highlights that only 26% of Singaporean enterprise leaders believe their organisations have reached a maturity level capable of transforming with AI. Furthermore, 29% reported no positive impact on gross margins from AI investments over the past year. The primary challenges identified include a lack of leadership alignment, unclear governance frameworks, and an overemphasis on technical upskilling without comprehensive enterprise readiness.

CK Tan, APJ Innovation Officer at ServiceNow, noted, “What we’re seeing in Singapore and across Asia-Pacific is that AI adoption is accelerating, but strategic clarity is lagging. Without a clear shared AI vision across the business, even the most promising AI investments struggle to deliver.”

Cybersecurity and governance gaps are significant barriers, with 21% of enterprise leaders citing data security and 15% pointing to governance deficits as major obstacles. The fragmented approach to AI innovation, with 72% of enterprises deploying AI through multiple task forces, exacerbates these issues, leading to reduced transparency and stalled returns.

Despite confidence in AI talent, with 31% of enterprises expressing assurance in their capabilities, the absence of strategic structures and governance frameworks limits effective AI deployment. ServiceNow is addressing these gaps by partnering with Nanyang Polytechnic to develop AI curriculum and research, aiming to equip students with practical skills for real-world applications.
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