Industry News

The Ascott Limited, a lodging business unit of CapitaLand Investment, has announced its ambitious plan to double its portfolio in India to 12,000 units by 2028. This expansion, revealed at the 20th Hotel Investment Conference – South Asia in Mumbai, will see Ascott grow from approximately 5,500 units at the end of 2024. The company has already made significant strides in the first quarter of 2025, signing agreements for three new properties in Goa, Lucknow, and Thanjavur, adding 600 units to its current portfolio.

Ascott’s Chief Executive Officer, Kevin Goh, highlighted India’s potential as both an inbound and outbound market, citing the country’s growing middle class, rising disposable incomes, and improving infrastructure as key factors driving the hospitality sector’s growth. “Despite promising prospects, the supply of branded hotel rooms in India remains limited, creating a significant demand-supply gap,” Goh stated.

The company’s strategy includes a dual focus on geographic and brand expansion, with plans to strengthen its presence in Tier-1 cities like Bangalore, Chennai, and Hyderabad, whilst also targeting fast-growing Tier-2 and Tier-3 cities. Ascott is also introducing new brands such as lyf, The Crest Collection, and The Unlimited Collection to cater to the evolving needs of next-generation travellers and the demand for authentic cultural experiences.

Lee Ngor Houai, Ascott’s Chief Operating Officer for Europe, Middle East, Africa, South Asia, and China, emphasised the potential of India’s lesser-travelled destinations and the under-penetration of branded hotels in these areas. “We see strong potential in introducing lyf, our experience-led social living brand, to tap into the rise of India’s urban millennial and Gen Z workforce,” he added.

Ascott’s development team showcased its portfolio at the conference, aiming to connect with industry partners and explore further business opportunities. The company’s recent signings in Goa, Lucknow, and Thanjavur underscore its commitment to tapping into emerging markets and meeting the growing demand for high-quality accommodations.
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Cargill has officially opened its refurbished Innovation Centre in Singapore, a move supported by the Singapore Economic Development Board and Enterprise Singapore. This transformation aims to address the rapidly changing market needs and consumer preferences in Asia’s food sectors. The centre, which coincides with Singapore’s 60th birthday celebrations, serves as a regional hub for Cargill’s food innovation efforts.

The revamped facility is designed to offer global innovation expertise and consumer insights, helping customers stay attuned to Asian consumer needs. It features both experiential and lab-based facilities, bringing together customers, scientists, technologists, start-ups, and visionaries to push the boundaries of food innovation. Key upgrades include an expansive culinary suite, a modern kitchen inspired by quick-service restaurants, and a vibrant Chocolate Academy.

John Fering, Group President of Food APAC at Cargill, stated, “Our upgraded Innovation Centre in Singapore will deliver faster and better outcomes for customers by co-creating products that respond to local consumer tastes and diverse competitive landscapes across the region.”

The Asia Pacific foodservice market is projected to grow significantly, driven by an expanding middle class and the rise of online food shopping. Cargill’s recent Southeast Asia Indulgence consumer study highlights that flavour and sensory experiences are key purchase drivers, with consumers willing to pay more for unique tastes and innovative flavours.

Michelle Tan of the EDB emphasised the centre’s role in advancing next-gen foods and reinforcing Singapore’s position as a hub for food innovation. The centre’s transformation reflects Cargill’s commitment to developing new food technologies and solutions that anticipate future food trends across the region.
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Workplace discrimination in Singapore has surged by 8% over the past year, with 33% of workers experiencing bias in 2024, according to ADP’s People at Work 2025 report. This increase reverses the progress made in 2023 when discrimination levels dropped from 52% in 2022 to 25%. Singapore now surpasses the Asia Pacific average of 19%, underscoring the urgent need for improved workplace inclusion and equality.

The report reveals that discrimination extends beyond ethnicity and gender, affecting age and seniority. More than half of ethnic minority workers in Singapore (55%) face discrimination, whilst 27% of women and 34% of men report similar experiences. Globally, younger workers aged 18-26 are twice as likely to report discrimination compared to those aged 55-64.

Yvonne Teo, Vice President of HR, APAC at ADP, emphasised the detrimental impact of discrimination on employee morale and productivity. “Discrimination erodes employee morale and productivity, directly undermining business results and growth in the long term,” she stated. Teo advocates for embedding inclusion into every process, from recruitment to performance reviews, to address biases and foster a more inclusive culture.

In response to these findings, Singapore’s government introduced a Workplace Fairness Bill in early 2025 to promote fair and harmonious workplaces. As Teo noted, “Singapore’s Workplace Fairness Bill sets the stage; Now, employers must turn compliance into meaningful culture change.”

The report also highlights career barriers in Singapore, with a lack of personal drive and limited workplace support hindering career advancement. Despite these challenges, Singapore’s workforce prioritises pay for performance, with 23% citing it as the most important reason for staying with a company.
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Cushman & Wakefield has announced the sale of a unique 6-storey industrial building located at 10 Tampines Industrial Avenue 3, Singapore. This property, featuring cleanroom facilities and ancillary office space, is being marketed by Cushman & Wakefield as an exclusive opportunity for potential buyers. The building boasts a substantial land area of approximately 997,330 square feet and a gross floor area of about 1,905,831 square feet, with an unutilised plot ratio offering further development potential.

The property stands out with its 34-year remaining land tenure, a significant advantage over typical industrial leases of 20 to 30 years. Key features include a dual-source 50 MVA power supply, water cooling systems, vibration control, and ample loading bays, making it ideal for manufacturing operations. Its proximity to Singapore’s wafer fabrication parks and semiconductor companies enhances its appeal to businesses in these sectors.

Strategically positioned near major expressways and just 15 minutes from Changi Airport, the building is easily accessible and conveniently located near Tampines MRT station. Singapore’s robust infrastructure and strategic advantages have made it a hub for global semiconductor companies, with the electronics sector driving significant fixed asset investment in 2024.

Brenda Ong, Executive Director of Logistics & Industrial Markets at Cushman & Wakefield, highlighted the property’s appeal: “This trophy asset offers appealing plug-and-play solutions for occupiers who are looking to lower upfront costs and shorten downtime resulting from construction and regulatory approval processes.”

The property is available for sale via private treaty, with an indicative price of $380m. Interested parties are encouraged to contact Cushman & Wakefield for further enquiries and to schedule a viewing.
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Savills Singapore has announced the sale of two freehold strata-titled shophouses located in Singapore’s culturally rich districts. The properties, 6B Keong Saik Road and 290G Joo Chiat Road, are being marketed exclusively by Savills as a rare investment opportunity.

The shophouse at 6B Keong Saik Road is situated on the third floor within the Bukit Pasoh Conservation Area. It boasts excellent accessibility to Tanjong Pagar, Outram Park, and Maxwell MRT stations. Currently leased to an established tenant, this unit will be sold with the tenancy in place, offering immediate rental income. The guide price for this property is S$4.48 m.

Meanwhile, 290G Joo Chiat Road is a ground floor unit with a flexible layout, suitable for various uses such as F&B takeaway shops, medical, or wellness centres. This property, priced at S$5.08m, is located in a thriving enclave known for successful takeaway ventures like Petit Pain and Olsen Bakehouse.

Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the appeal of these properties, stating, “Freehold shophouses remain one of the most coveted asset classes among investors and buyers. This portfolio offers a rare and compelling entry point into Singapore’s tightly held shophouse market.”

Interested parties can acquire the shophouses individually or collectively and are invited to submit bids through an Expression of Interest exercise closing on 8 May 2025. With strong rental upside and long-term capital appreciation potential, these properties represent a unique opportunity in Singapore’s real estate market.
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Global payments and financial platform Airwallex has announced a remarkable 153% revenue growth in Singapore for the financial year 2024, driven by robust transaction volumes and a strong fourth quarter. The company also highlighted significant trends affecting small and medium enterprises (SMEs) in Singapore, which are expected to shape the business landscape in 2025.

Airwallex’s Singapore operations saw a 215% increase in Q4 revenue and a 192% rise in transaction volume year-on-year. The company expanded its local presence by partnering with brands such as Endowus, Love, Bonito, and Mighty Jaxx. Additionally, Airwallex increased its Singapore headcount by 58%, with a notable 98% growth in its Product, Engineering, and Design functions.

A recent study by Airwallex, involving 250 local business decision-makers, identified rising costs as the most pressing issue for SMEs, with 62% of respondents citing it as a concern. Other challenges include managing cash flow (48%), inflation (43%), and regulatory complexity (40%). The talent crunch remains a significant barrier, with 46% of SMEs struggling to find suitable manpower.

Despite these challenges, SMEs maintain an expansion-first mindset, with Southeast Asia, East Asia, and Central Asia being top destinations for growth. An impressive 96% of SMEs have adopted or plan to adopt digital and fintech platforms to enhance their financial operations, citing convenience, cost savings, and faster transactions as primary motivators.

Airwallex’s Head of Southeast Asia, Ershad Ahamed, emphasised the importance of understanding SME pain points to provide tailored solutions. “Our research shows they’re ready to grow and expand into new markets, despite the challenges they face,” he stated.

Founded in Melbourne and now headquartered in Singapore, Airwallex continues to expand globally, recently launching in New Zealand and acquiring CTIN Pay in Vietnam. The company has surpassed $600 million in annualised revenue and $130 billion in annualised transaction volume, further cementing its position as a leader in financial innovation.
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Teach For All has announced the launch of its Global Institute for Shaping a Better Future, set to open on 8 April 2025 in Singapore. This initiative seeks to create a global hub for learning, evidence generation, and leadership development, aiming to transform classrooms and education systems to better equip students for the future. The launch coincides with a Global Forum that will gather nearly 200 education leaders, policymakers, and philanthropists to discuss the future of education.

The Global Institute’s ambitious goal is to cultivate a movement of 10,000 agents of change across 100 countries by 2035. It aims to address global challenges such as climate change and inequality by fostering evidence-based learning and holistic student development, particularly for marginalised communities. Wendy Kopp, CEO and Co-founder of Teach For All, emphasised the importance of educators in shaping a better world, stating, “We believe that as educators, we have the greatest role to play in putting the world on a better trajectory.”

Based in Singapore, the Institute will leverage the city’s status as a global learning hub and engage local educators and regional partners. The Asia Community Foundation has committed S$10m to support the Institute’s pilot phase, with additional backing from DreamsAsia and Grab.

The Global Forum, running from 7 to 9 April, will feature a keynote by Andreas Schleicher, Director for Education and Skills at the OECD. Schleicher highlighted the need for ecosystems that support leadership and innovation, noting, “The Global Institute will serve as a platform that connects local insights with global learning.”

The Institute will focus on enabling global learning, translating evidence into practice, and developing collective leadership to drive systemic change in education.
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Australian lender Bizcap has officially launched its operations in Singapore, aiming to provide fast and flexible funding solutions to the country’s small and medium-sized enterprises (SMEs). Since its entry into the market, Bizcap has already facilitated over S$6m  in deals, establishing strong partnerships with local brokers and advisers. The company, which operates in Australia, New Zealand, and the UK, sees Singapore as a strategic hub for its Southeast Asia expansion.

Bizcap’s co-founder, Zalman Blachman, highlighted the demand for accessible funding in Singapore’s SME sector, similar to trends observed in other markets. “The SME segment is underserved, and there’s strong demand for faster, more accessible funding,” he stated. The company plans to expand into additional Asian markets over the next three years.

Bizcap’s lending model offers loan sizes ranging from S$5,000 to S$500,000, with plans to increase these amounts. The company utilises a flexible risk model that goes beyond traditional credit scores, employing automated bank statement aggregation and open banking integrations to assess business performance. This approach allows Bizcap to approve loans more frequently than traditional lenders.

Joseph Lim, Bizcap’s Asia Managing Partner, emphasised the company’s efficient processes, noting that the average assessment time during pre-launch testing was under four hours. “With our new systems coming online, we expect same-day funding to become a reality for eligible Singapore SMEs,” Lim said.

Bizcap’s partner-first approach includes lifetime commissions, dedicated support, and product education for brokers. The company offers two partnership models—Tick and Flick or broker-managed—to cater to different needs. Bizcap plans to introduce new products, such as a caveat-secured loan and a revolving line of credit, within the next 6 to 12 months, further enhancing its offerings for Singapore’s SMEs.
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GXS Bank has unveiled the GXS Reno Club, a new initiative aimed at making home renovations more affordable for consumers. With 17,000 new build-to-order (BTO) flat owners expected to receive their keys in 2025, the bank is targeting a significant market of homeowners who typically set aside around S$15,000 for home improvements.

The GXS Reno Club offers the first 1,000 consumers each month who take up a GXS FlexiLoan of at least S$15,000 over a 12-month period access to exclusive benefits. These include a preferential interest rate on their loans and enhanced savings on their GXS Savings Account balances up to S$20,000. To join, members must name their loan “RENOCLUB.”

The programme is supported by GXS Bank’s ecosystem partners, Grab and Singtel, providing members with exclusive deals. Jenn Ong, Head of Retail at GXS Bank, emphasised the financial strain renovations can impose, noting that costs for an HDB flat can range from S$35,000 to over S$80,000. “We created the GXS FlexiLoan with one question in mind: ‘Why should loans feel like shackles on your feet when it should help you soar?’” Ong stated.

The GXS FlexiLoan allows for multiple drawdowns without reapplying, and repayments can be made in instalments or in full without early charges. This flexibility is designed to accommodate the staggered payment nature of renovation projects.

To celebrate the launch, from 10 April to 30 June 2025, GXS Reno Club members will enjoy a 1% interest rate reduction on their first loan, additional bonus interest on savings, and discounts on home furnishings through Grab’s services. Members will also receive six months of free Amazon Prime subscription via cast.sg.
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The Monetary Authority of Singapore (MAS) has expressed its sorrow at the passing of Lee Ek Tieng, who served as the organisation’s Managing Director from November 1989 to December 1997 and as Deputy Chairman from January 1998 to December 2000. Lee is credited with guiding MAS through significant challenges, including the collapse of Barings Bank in 1995, and implementing vital regulatory measures to enhance financial stability.

Lee’s tenure at MAS was marked by his efforts to strengthen cooperation with regional central banks, fostering closer relationships through dialogue and collaboration. His leadership was instrumental in transforming MAS into a more transparent and cohesive organisation, with improved policy coordination across departments.

MAS acknowledged Lee’s legacy of stewardship and dedication to public service, which set high standards of excellence within the organisation. “He was instrumental in the transformation of MAS, fostering better coordination and integration of policies across departments, greater transparency as an organisation, and a more cohesive organisation,” the statement read.

The authority conveyed its deepest condolences to Lee’s family, recognising his exemplary leadership and sterling service. His contributions have left a lasting impact on MAS and the broader financial community.
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